$Meta(META)$ 26年capex指引大概涨了60%~70%，估计1200亿左右(一般最后会略超); $微软(MSFT)$ 25年四季度资本开支375亿，299亿购买硬件设备，业绩会QA特意提了一句: 我们GPUs的生命周期已经全部被预订 (on the GPU contracts, that we've talked about, including for some of our largest customers, Those are sold for the entire useful life of the GPU, and so there's not the risk to which I think you may be referring. Hopefully, that's helpful.)。老登股$英伟达(NVDA)$ 盘后应声微跌，老黄又得要饭了