原文：
Serenity 白毛女-中文翻译（公开）
Serenity 白毛女-中文翻译（公开）
原文：
Just some takeaways from $META | $MSFT earnings calls:
Microsoft:
- Expected to be FCF positive in 2027, despite the increase in capex (extremely positive for AI buildout that it's funded by operating income)
- "Free cash flow was $19.6 billion, reflecting higher capital expenditures"
- Quartely capex was $41B, roughly 2/3rds were "short lived assets, primarily CPUs and GPUs"
- Expects capex spend will be over $50 billion for next quarter
- Capex Guidance at ~$175 billion and 2027 capex roughly the same. Spending plans unchanged and in line.
- "Extending the estimated useful life of our data centers from 15 to 25 years"
- "We will be among the first cloud providers to deploy next generation rack-scale AI infrastructure based on $AMD Helios and $NVDA Vera Rubin"
- "Customer demand continues to exceed available capacity"
Meta:
- Capex $130-$145 billion (narrowed range), from $125B-$145B.
- Meta is receiving offers at a "significant premium" to what they paid for it (compute scarcity, positive for neoclouds like $IREN / $NBIS )
- Expects significant portion of compute (like the 1 GW DC in El Paso) to develop internal models.
- Meta has multiple ROI-positive uses for additional compute across its core business (internally, not Meta Compute)
- "Finally, we believe that overall industry capacity is going to remain tight for the foreseeable future"
- "The industry has under-built historically for the wave of AI adoption, making existing capacity, including our own, extremely valuable" - Susan Li
TLDR:
- $MSFT and $GOOGL largely sustaining AI capex buildout while remaining FCF positive or through operating incomes.
- $META flags available compute materially below demand at least through 2027. And $MSFT also flags compute demand far exceeds supply.
- All three hyperscaler capex largely in line with Google hiking capex figures.
AI selloff seems extremely overblown
Just some takeaways from $META | $MSFT earnings calls:
Microsoft:
- Expected to be FCF positive in 2027, despite the increase in capex (extremely positive for AI buildout that it's funded by operating income)
- "Free cash flow was $19.6 billion, reflecting higher capital expenditures"
- Quartely capex was $41B, roughly 2/3rds were "short lived assets, primarily CPUs and GPUs"
- Expects capex spend will be over $50 billion for next quarter
- Capex Guidance at ~$175 billion and 2027 capex roughly the same. Spending plans unchanged and in line.
- "Extending the estimated useful life of our data centers from 15 to 25 years"
- "We will be among the first cloud providers to deploy next generation rack-scale AI infrastructure based on $AMD Helios and $NVDA Vera Rubin"
- "Customer demand continues to exceed available capacity"
Meta:
- Capex $130-$145 billion (narrowed range), from $125B-$145B.
- Meta is receiving offers at a "significant premium" to what they paid for it (compute scarcity, positive for neoclouds like $IREN / $NBIS )
- Expects significant portion of compute (like the 1 GW DC in El Paso) to develop internal models.
- Meta has multiple ROI-positive uses for additional compute across its core business (internally, not Meta Compute)
- "Finally, we believe that overall industry capacity is going to remain tight for the foreseeable future"
- "The industry has under-built historically for the wave of AI adoption, making existing capacity, including our own, extremely valuable" - Susan Li
TLDR:
- $MSFT and $GOOGL largely sustaining AI capex buildout while remaining FCF positive or through operating incomes.
- $META flags available compute materially below demand at least through 2027. And $MSFT also flags compute demand far exceeds supply.
- All three hyperscaler capex largely in line with Google hiking capex figures.
AI selloff seems extremely overblown
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