South Korea's KOSPI turned lower; SK Hynix fell 3.2%.

微軟將在今晚美盤後公佈財報，德意志銀行維持對微軟的“買入”評級，目標價定爲550美元。由於AI投資，此次財報毛利率料將同比收窄2.4個百分點至66.2%，但嚴格的費用控制將使營業利潤率保持在44.0%的韌性水平。 德銀認爲微軟20倍的遠期市盈率已經極具吸引力，預計未來幾年每股收益（EPS）將保持中雙位數增長。市場對以下幾點的擔憂已經超過合理水平： 1、雖受內存漲價影響，但德銀將其2027財年資本支出預測上調至2380億美元，強調約2/3的投入用於創收資產，且可通過AI基礎設施的強勁定價和費用控制來抵消毛利壓力。 2、至於過度依賴OpenAI的風險，德銀認爲OpenAI與微軟的合同期較長，只看未來24個月，OpenAI在積壓訂單中的實際佔比約25%-30%，明顯低於市場認爲的45%。 3、業務層面，2027第一財季收入預計將達到896億美元，增速提升至15.5%。Azure預計增長40-41%，當前增長主要受限於供應（算力容量）而非需求。M365受Copilot採用、E3向E5遷移以及新出的E7套餐推動，ARPU（每用戶平均收入）持續增長。 綜合來看，雖然個人計算（MPC）板塊略顯疲軟，但微軟通過全棧AI變現和嚴格的運營成本管理，正處於利潤持續複利增長的理想軌道上。

According to The Information, Google (GOOG.O) last week agreed to backstop up to $44 billion of third‑party data‑center lease payments if tenants default. The amount is up from about $6.5 billion as of end‑September and reflects support for selling Google's TPUs as an alternative to NVIDIA chips to customers including Anthropic. Sources said Alphabet has provided lease guarantees for roughly 2.4 GW of capacity across about ten projects; those sites are unfinished and the guarantees are not yet active. Company executives said they expect TPU revenue to exceed the financial obligations created by these guarantees.