Dividend Payouts Are Latest Sign of Big Tech’s Financial Muscle
股息支付是大科技公司财务实力的最新体现

After years of chasing growth at all costs, tech firms are taking a page from the playbook of old-school value businesses — paying a dividend. Throwing off more cash than they can spend, the shift to a regular payout provides more evidence for the companies’ financial strength.
多年来不惜一切追求增长的科技公司正在借鉴老派价值企业的做法——支付股息。这些公司产生的现金超过了他们能够花费的金额，转向定期支付提供了更多证据，证明了这些公司的财务实力。

Various technology firms have introduced quarterly payouts this year, and while the yields are small, the news sparked huge rallies as investors took the initiations as a sign the group can continue to deliver robust cash flows.
今年，各种科技公司推出了季度分红，尽管收益较小，但这一消息引发了巨大的涨势，投资者将这些举措视为该集团能够持续提供强劲现金流的迹象。

Alphabet Inc. last month announced a dividend of 20 cents a share, sparking a 10% gain in the shares of the Google parent. Meta Platforms Inc. in February introduced a 50-cent dividend, which contributed to a historic pop in the stock. Salesforce Inc. and Booking Holdings Inc. also launched dividends this year.
Alphabet Inc. 上个月宣布每股派息 20 美分，导致谷歌母公司股价上涨了 10%。Meta Platforms Inc. 于二月份推出了每股 50 美分的股息，这导致股价创下历史新高。Salesforce Inc. 和 Booking Holdings Inc. 今年也推出了股息。

“Dividends will be table-stakes for big tech going forward,” said Mark Iong, an equity fund manager at Homestead Advisers. “I think if you don’t pay one, it will now be taken as a sign your business is more volatile.”
“未来，大型科技公司支付股息将成为标准配置，” Homestead Advisers 的股票基金经理马克·艾恩表示。“我认为，如果你不支付股息，现在将被视为你的业务更加波动的迹象。”

The new dividends in some cases were accompanied by sizable buybacks, demonstrating a renewed focus on shareholder returns as artificial intelligence acts as a tailwind to growth, a combination that investors expect will continue to support share price gains.
在某些情况下，新的股息伴随着大规模的股票回购，表明人工智能作为增长的助推器，公司重新聚焦于股东回报，这种组合预计将继续支持股价上涨，投资者对此寄予厚望。

“What’s exciting is they are doing dividends and buybacks simultaneously, while also cutting costs and growing, which is them stepping on the pedal for profits across the board,” Iong said.
"令人兴奋的是，他们同时进行股息和股票回购，同时削减成本和增长，这是他们全面提升利润的举措，" Iong 说。

Among the so-called Magnificent Seven, only Amazon.com Inc. and Tesla Inc. don’t pay a dividend. “It will be difficult for Amazon to not follow suit,” Iong said.
在所谓的“七巨头”中，只有亚马逊和特斯拉不支付股息。"亚马逊很难不效仿，" Iong 说。

Reached for comment, an Amazon spokesperson pointed to the company’s recent earnings call, during which Chief Financial Officer Brian Olsavsky said the focus is on capital expenditures and repaying debt, as opposed to shareholder returns. Tesla on its website said it doesn’t anticipate paying any cash dividends for the foreseeable future.
就评论而言，亚马逊发言人指出公司最近的收益电话会议，首席财务官布赖恩·奥尔萨夫斯基表示重点是资本支出和偿还债务，而不是股东回报。特斯拉在其网站上表示，未来可预见不会支付任何现金股息。

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Nvidia Corp.’s 4 cent per share quarterly dividend represents a yield of 0.02% and hasn’t been raised since 2018. The chipmaker generated $28 billion in cash last year and returned less than $400 million to investors in dividends and $9.5 billion in stock buybacks. Cash from operations is expected to more than double to $58 billion in the current year, according to average analyst estimates compiled by Bloomberg.
英伟达公司每股季度股息为 4 美分，代表收益率为 0.02%，自 2018 年以来未曾上调。这家芯片制造商去年创造了 280 亿美元的现金，并向投资者支付的股息不到 4 亿美元，股票回购为 95 亿美元。根据彭博社汇编的平均分析师预测，预计今年的营运现金将超过 580 亿美元。

Shares of Facebook’s parent company are up about 35% this year, while Alphabet is up 21%. Both have outperformed the 7.9% gain in the Nasdaq 100 Index.
Facebook 的母公司股价今年上涨约 35%，而 Alphabet 上涨 21%。两者均表现优于纳斯达克 100 指数的 7.9%涨幅。

High cash flow and solid balance sheets are a core reason why megacap technology stocks are well liked on Wall Street. The six biggest megacaps are projected to generate more than $416 billion in combined free cash flow this year.
高现金流和稳健的资产负债表是为什么华尔街喜欢超大市值科技股的核心原因。预计六家最大的超大市值公司今年将共计产生超过 4160 亿美元的自由现金流。

Buybacks Remain in Favor
回购仍受青睐

Still, repurchasing stock — which supports earnings per share by reducing share count — remains the favored way for these companies to return money to shareholders. The Magnificent Seven have spent almost $58.5 billion on buybacks this year, while allocating less than $11 billion on dividends, according to data compiled by Bloomberg.
然而，回购股票仍然是这些公司向股东返还资金的首选方式，通过减少股数来支持每股收益。根据彭博编制的数据，这七家公司今年几乎花费了 585 亿美元用于回购股票，而在股息上的支出不到 110 亿美元。

Meta’s dividend came with a $50 billion buyback, while Alphabet’s was paired with a $70 billion repurchase authorization. Apple Inc. — which started paying a dividend more than a decade ago — last week announced the largest buyback in US history: $110 billion, exceeding the previous record of $100 billion it set in 2018.
Meta 的股息伴随着 500 亿美元的回购，而 Alphabet 的则配备了 700 亿美元的回购授权。苹果公司——十多年前开始支付股息——上周宣布了美国历史上最大规模的回购：1,100 亿美元，超过了它在 2018 年创下的 1000 亿美元的先前纪录。

“These companies are still in the thrall of buybacks, and the dividend yields aren’t significant, but I think it is very telling that these companies are moving in this direction,” said Daniel Peris, a senior portfolio manager at Federated Hermes and the author of several books on dividend investing.
“这些公司仍然受到回购的影响，股息收益并不显著，但我认为这些公司朝着这个方向发展非常值得关注，” Federated Hermes 的高级投资组合经理丹尼尔·佩里斯说道，他也是几本关于股息投资的书籍的作者。

“As a dividend investor, a maturing company declaring a dividend is a good sign, but it is only meaningful if the yield adds up, and we’re not there yet,” Peris said.
“作为一名股息投资者，一家宣布分红的成熟公司是一个好迹象，但只有当收益累积起来时才有意义，而我们还没有达到那一步，”佩里斯说。

The tech firm’s dividend payouts are relatively small, with the indicated yields for both Meta and Alphabet below 0.5% and Apple’s barely higher. To compare, the yield of the S&P 500 Index is 1.37%.
这家科技公司的股息支付相对较少，Meta 和 Alphabet 的指示收益率均低于 0.5%，而苹果公司的收益率略高。相比之下，标普 500 指数的收益率为 1.37%。

Still, dividends are partially meant to encourage long-term ownership, and the impact compounds over time. Microsoft’s yield is around 0.7%, but that has added up. Over the past 20 years, shares have climbed about 1,500%. Including dividends, however, the rally tops 2,400%.
然而，股息部分是为了鼓励长期持有，并且随着时间的推移影响会逐渐增加。微软的收益率约为 0.7%，但这已经累积起来了。在过去的 20 年里，股价上涨了大约 1500%。然而，包括股息在内，涨幅超过了 2400%。