Friday, May 1, 2026
谷歌亚马逊“爆炸性AI获利”背后有诡？一半来自....
美国四大科技公司4月29日一齐发布财报，证实他们在人工智能（AI）方面的资本支出，达到了前所未见的成长。这四家公司上季总计花费1,306.5亿美元资本支出，并计划今年花费近7,000亿美元。而他们的获利也显示其押注正获得回报；Google母公司字母上季获利跃增81%，亚马逊AWS也写下15季来最快成长。
但这几家公司财报中的注脚，却对这些获利的来源做出了截然不同的解释。在字母创纪录的626亿美元获利中，约有一半（约287亿美元）完全不是来自搜寻广告、云端服务，或任何该公司的产品，而是来自其对持有的未上市企业股权价值的更新，最主要是AI新创Anthropic，在日前宣布加码投资400亿美元前，字母对Anthropic的持股估计为14%。
亚马逊也展示类似数据，甚至更加直接。该公司在财报中表示，第1季净利“包含来自投资Anthropic的非营业利益当中的税前利润168亿美元”，这超过了亚马逊上季税前获利的一半。
亚马逊在回应财星杂志（Fortune）询问时表示，获利冲高是受到Anthropic的新一轮筹资和亚马逊将部分可转换债券转换为优先股所致。该公司对Anthropic的80亿美元投资，如今已价值超过700亿美元。
曾在哥伦比亚商学院担任兼任讲师的税务会计顾问威连斯表示，会计本身并无争议。持有未上市公司股权的公司，需在新一轮筹资订定价格时更新股权价值。
但不同之处是，真正带动获利成长的是什么。当你拥有像是苹果之类上市公司的股权时，其价值是来自于公开市场，也就是数百万的机构投资人与散户买家和卖家。但若是Anthropic，其价值则是来自同意在最新一轮筹资中注资的一小群投资人。
字母和亚马逊是属于后者这群投资人之一。当他们投资Anthropic愈多钱，或承诺为其花费数十亿美元在云端容量，那将会帮助推升Anthropic的估值愈多。而当Anthropic的估值上升时，字母和亚马逊的持股价值也会跟着上升。他们在财报列表中将此增长记为获利。
讲得再白话一点，只要这些公司愈投资Anthropic，他们就有愈多获利可以报告，而且Anthropic不必付给他们半毛钱。
威连斯表示：“他们可以控制或影响自己一部分资产的价值，这件事十分有趣。而且他们还能透过与该实体进行商业交易来更新价格。这一点或许有些值得讨论的空间。”
这并非科技大厂首次获利受到私人AI投资获益的大幅影响。2025年第1季，字母公布了一笔高达80亿美元的未实现利益，引发了关注，直到彭博报导指出这笔收益来自SpaceX。到了去年第3季，这笔利益还增加至107亿美元。亚马逊也每季都会公布其Anthropic持股的相关收益。
但本季这会引起注意是因其规模：字母369亿美元的股权收益是先前最高纪录的逾三倍，Anthropic据传正在进行一场会使其估值达到9,000亿美元的谈判，也暗示下次获利可能会更大。
威连斯表示：“他们可以控制或影响自己一部分资产的价值，这件事十分有趣。而且他们还能透过与该实体进行商业交易来更新价格。这一点或许有些值得讨论的空间。”
这并非科技大厂首次获利受到私人AI投资获益的大幅影响。2025年第1季，字母公布了一笔高达80亿美元的未实现利益，引发了关注，直到彭博报导指出这笔收益来自SpaceX。到了去年第3季，这笔利益还增加至107亿美元。亚马逊也每季都会公布其Anthropic持股的相关收益。
但本季这会引起注意是因其规模：字母369亿美元的股权收益是先前最高纪录的逾三倍，Anthropic据传正在进行一场会使其估值达到9,000亿美元的谈判，也暗示下次获利可能会更大。
ZS stock | 7% gain | Compared to ZS, CRM, NOW, TEAM - Choose Zs is optimal solution
Why Zscaler (ZS) Stock Is Up Today
What Happened?
Shares of cloud security platform Zscaler 
ZS jumped 2.5% in the morning session after strong earnings and upbeat forecasts from several peers boosted the broader software sector.
The gains appeared driven by positive sentiment across the software-as-a-service (SaaS) space. For instance, enterprise software maker Atlassian saw its shares surge after lifting its annual forecast, which in turn lifted peers like Salesforce and ServiceNow.
Similarly, Twilio's stock jumped after it reported first-quarter revenue that beat estimates and raised its own forecast, with its CEO highlighting artificial intelligence as a catalyst. This positive news from peers helped create a favorable environment for software stocks, which some strategists noted had been underperforming the broader market and were potentially positioned for a comeback.
What Is The Market Telling Us
Zscaler’s shares are quite volatile and have had 18 moves greater than 5% over the last year. In that context, today’s move indicates the market considers this news meaningful but not something that would fundamentally change its perception of the business.
The previous big move we wrote about was 10 days ago when the stock gained 4.1% on the news that cybersecurity stocks rebounded as analysts projected potential gains from the adoption of AI models.
The momentum was catalyzed by a KeyBanc survey of CIOs, which revealed a positive impact on cyber budgets within the next year due to Anthropic's Mythos AI model. Leading cybersecurity platforms are expected to benefit from the projected growth as enterprises expand their security budgets to stay ahead of the latest threats.
Zscaler is down 36.7% since the beginning of the year, and at $139.58 per share, it is trading 58.5% below its 52-week high of $336.27 from November 2025. Investors who bought $1,000 worth of Zscaler’s shares 5 years ago would now be looking at only $772.93.
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