#美股七巨头财报 2025 The financial reports of the 'Seven Giants' in the US stock market for the year 2023 showed a divergence: Microsoft (Azure cloud revenue increased by 40%), Meta (advertising revenue increased by 21%), and Apple (iPhone sales rebounded) performed steadily, with net profits increasing by 12%, 36%, and 7% respectively; Amazon (AWS growth rate of 19%) and Alphabet (cloud business growth rate slowed to 30%) faced market skepticism due to a surge in capital expenditures (over $300 billion in total); Tesla's net profit plummeted by 71% year-on-year, making it the only company with both revenue and profit declines. The common challenges in the industry are highlighted: an explosive increase in investment in AI infrastructure (Microsoft, Meta's capital expenditures expected to reach $80 billion and $70 billion by 2026) but limited short-term returns, compounded by the impact of DeepSeek's low-cost technology and geopolitical trade frictions, the valuation logic for tech stocks is shifting from 'growth narrative' to 'profit verification'.