Policy and Re2026-10-02 11:20:42Market report says EU to step up scrutiny of Microsoft and Amazon cloud businessesA market report cited by ChainCatcher said the European Union is set to subject the cloud businesses of Microsoft and Amazon to tighter scrutiny. The companies named in the report are Microsoft (MSFT.O) and Amazon (AMZN.O). No further details were provided on the timing, scope, or specific measures tied to the reported review. The item was published by ChainCatcher under the policy and regulation category.140
Alibaba2026-09-22 09:29:43Citi keeps Buy on Alibaba, says AI buildout could lift cloud revenueCiti analysts said Alibaba could see more upside from the expansion of its artificial intelligence business. The call follows a target set out by CEO Eddie Wu, who said the company aims to reach 20 gigawatts of AI infrastructure capacity by fiscal year 2033. Citi said that scale could push Alibaba’s external cloud revenue to $160 billion, above the bank’s earlier forecast of $100 billion for fiscal year 2031. The firm kept its Buy rating on Alibaba and maintained a HK$189 price target. The note ties Alibaba’s AI infrastructure push directly to expectations for stronger cloud revenue over the coming years.440
Zhipu2026-09-07 06:29:20Jefferies Slashes Zhipu Target Price to HK$1,183.79, ARR Guidance Beat Raises Sustainability ConcernsJefferies has lowered its target price for Zhipu to HK$1,183.79 from HK$1,299.80, maintaining a hold rating. The report notes Zhipu's 2026 annual recurring revenue guidance of $2.4 billion exceeded expectations, but sustainability is questioned due to high August base, uneven computing supply, concentrated clients, and low switching costs. Cloud gross margin may improve in H1 2026 but could decline in H2 due to new domestic GPU clusters and Coding Plan resumption. Jefferies raised 2026-2029 revenue forecasts by 37%-119% and cut net loss estimates by 14%-21%, while reducing cloud segment valuation from 50x to 30x ARR. The firm prefers full-stack cloud platforms like Alibaba and ByteDance over independent AI labs.790
Tencent2026-08-13 05:22:41JPMorgan keeps Tencent at Overweight, says AI monetization will be the key testJPMorgan maintained its Overweight rating on Tencent Holdings (0700.HK) and kept its price target at HK$690 in a research note dated Aug. 13, framing the company as being in the middle of an AI investment cycle that runs through 2026 and 2027. The bank said 2026 could mark a low point for earnings growth, with adjusted EPS expected to rise about 2%, before growth recovers to a 10% to 15% range in 2027 as AI monetization starts to offset investment costs. The note pointed to Tencent’s second-quarter results, including revenue of 204.8 billion yuan, up 11% year over year, and non-IFRS net profit of 68.4 billion yuan, up 9%. It also highlighted 22% growth in marketing services revenue, 17% growth in domestic games, and 9% growth in fintech and business services. JPMorgan estimated quarterly spending on new AI products such as Hunyuan, Yuanbao, CodeBuddy, WorkBuddy and Xiaowei at about 10.5 billion yuan, above roughly 8.8 billion yuan in the first quarter. The bank said investors may read flat sequential profit and negative reported free cash flow as signs of stalled growth or cash burn, but argued Tencent’s core businesses still support the current AI push. It is now watching Hunyuan 4, deferred recognition of WorkBuddy paid-tier revenue, and testing and possible commercialization of WeChat agent Xiaowei.1610
AI2026-08-02 08:14:17Big Tech earnings split shows investors are starting to punish unchecked AI spendingInvestor skepticism toward artificial intelligence spending became clearer in the latest round of Big Tech earnings, as post-results stock reactions diverged sharply across the sector. Meta fell as much as 8% after hours after issuing a disappointing quarterly revenue outlook and posting its lowest free cash flow in years, a result the market read as a sign that heavy AI bets are driving costs higher. Microsoft moved the other way, closing up nearly 16% after reporting its fastest cloud growth in four years and signaling that it would rein in new capital expenditure this year. The rally added $450 billion to its market value in a single session, setting a record for one-day gains by an individual stock. Amazon also rose 15% after earnings, helped by upbeat cloud revenue and the fastest growth in that business in four years, which eased concerns over returns on massive AI outlays. Bob Lang, founder and chief options strategist at Explosive Options, said investors were bound to grow tired of endless spending by hyperscalers, making the positive reaction to tighter spending discipline unsurprising.1810
Microsoft2026-07-30 00:22:46Microsoft says Azure demand still exceeds capacity, with nearly 90% of cloud revenue coming from customers outside top model firmsMicrosoft said on its earnings call that Azure demand continues to run ahead of available capacity, while newly deployed AI infrastructure is able to generate economic returns within the same quarter it is brought online. The company also said free cash flow is expected to return to positive growth in fiscal 2027 as the pace of capital expenditure growth slows. Chief Financial Officer Amy Hood disclosed that Microsoft’s Cloud business generated $214.4 billion in revenue in fiscal 2026, and that Azure annual revenue topped $100 billion for the first time. She also said nearly 90% of cloud revenue came from customers outside frontier model developers such as OpenAI and Anthropic, pointing to a broader base of enterprise AI demand across industries rather than reliance on a small group of leading AI model companies. As of publication, Microsoft shares were up 8.83% in after-hours trading.1890
Alphabet2026-07-22 23:53:46Alphabet shares fall 4.24% after hours as higher capex outlook overshadows earnings beatAlphabet reported stronger-than-expected results for the second quarter of 2026, posting earnings per share of $9.11 and revenue of $11.98 billion, both above Wall Street expectations of $2.88 and $11.651 billion. Even so, the stock fell in after-hours trading as investors focused on the company’s higher full-year capital expenditure forecast and possible margin pressure in coming quarters. According to BIT (bit.com) market data, Alphabet shares dropped to $327.4 after the close, down 4.24%. The company raised its 2026 capex forecast to $19.5 billion-$20.5 billion from a prior range of $18 billion-$19 billion. Management said the increase reflects accelerated capacity delivery to meet demand, with about 60% of spending going to servers and 40% to data centers and network equipment. Alphabet also said demand for AI infrastructure remains strong, though supply constraints are still limiting the pace of capacity delivery. Management flagged potential margin pressure in the third quarter from the use of third-party capacity, while the integration of Wiz is expected to create a short-term headwind in 2026. The company said demand for Search, YouTube, and cloud is expected to remain strong, and that AI features should drive greater usage and improve monetization. Most revenue from TPU system sales is now expected to be recognized in 2027 rather than 2026.1330
Tencent2026-07-13 04:31:45Daiwa cuts Tencent target price to HK$670, raises AI capex forecastDaiwa said in a July 13 research note that Tencent Holdings is expected to lift its AI capital expenditure outlook, a move the broker believes will put pressure on the company’s medium-term earnings. The firm lowered its 2026 to 2028 earnings-per-share forecasts by 1% to 6% to reflect that impact. The biggest revision was to AI spending. Daiwa raised its 2026 AI capex forecast for Tencent from RMB 108 billion to about RMB 181 billion, citing a stronger commitment to AI investment and improved chip supply. It said heavier depreciation would weigh on earnings in the near to medium term, though it could also support faster cloud business expansion and monetization of AI demand, which it expects may start to show from the second half of 2026. Daiwa also noted that Tencent’s gaming business growth has slowed against a high comparison base, while its market share gains remain intact. The broker kept its “buy” rating on Tencent but cut its target price from HK$700 to HK$670.1380
