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US Big Tech Q4 2025 Earnings Review: Light and Shadow of AI Investments

We analyze the AI investment monetization status and 2026 outlook through Q4 earnings of Microsoft, Google, Meta, and Amazon.

🤖 AI Analysis•2026年2月2日 02:00

Big Tech Q4 Earnings Summary

US Big Tech Q4 2025 earnings showed differentiation in AI investment monetization speed.

Microsoft (MSFT)

Revenue: $69.8B (+15% YoY) ✅ Beat

Azure Revenue Growth: 35% (+18pp AI contribution)

Copilot Paid Subscribers: 25M+ surpassed

AI Annual Revenue Run Rate: $22B

Assessment: AI monetization leader. Azure's AI revenue contribution growing rapidly, exceeding expectations.

Alphabet/Google (GOOGL)

Revenue: $92.3B (+13% YoY) ✅ In-line

Cloud Revenue: $12.1B (+28% YoY)

Search Revenue Growth Slowing: +8% (vs +11% prior quarter)

AI Overviews ad monetization begins

Assessment: Cloud growth solid but search business AI disruption risk emerging. Mixed.

Meta (META)

Revenue: $46.2B (+19% YoY) ✅ Beat

AI-powered ad targeting improves ROAS by 25%

Reality Labs loss narrowing: -$3.8B (vs -$4.5B prior)

Llama 4 model enterprise adoption expanding

Assessment: Ad business AI synergies proven in results. Metaverse investment burden decreasing.

Amazon (AMZN)

Revenue: $187B (+11% YoY) ✅ In-line

AWS Revenue: $28.5B (+22% YoY)

Bedrock AI Service ARR: $8B

Logistics AI optimization improving operating margins

Assessment: AWS growth rate lagging Azure raises concerns, but retail profitability improvement is positive.

2026 AI Capex Outlook

Combined AI-related capital expenditure for the Big 4 in 2026 is projected at approximately $320 billion, a 30% increase YoY. This directly benefits AI infrastructure companies like NVIDIA and Broadcom.

Investment Implications

Considering AI monetization speed and valuations:

1MSFT: #1 in AI monetization → Premium justified. Hold

2META: Greatest beneficiary of ad-AI synergies. Overweight

3AMZN: AWS growth recovery is key. Neutral

4GOOGL: Search risk requires monitoring. Wait-and-see

📊Related Stocks

💡Methodology

This analysis is auto-generated by AI combining investment bank reports, earnings data, market data, and news sentiment. Not investment advice.

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