Core Viewpoint - Citi warns of a "severe supply shortage" in the global storage chip market by 2026, driven by the proliferation of AI agents and a surge in AI CPU memory demand, leading to a significant increase in storage chip prices [1][2]. Pricing Power Shift - The pricing power in the storage memory market is expected to shift entirely to sellers, with a structural data growth driving this change. Citi has revised its 2026 DRAM average selling price (ASP) growth forecast from +53% to +88% [2]. Server DRAM Price Surge - Server DRAM prices are projected to skyrocket by 144% in 2026, up from a previous forecast of +91%. For instance, the price of the mainstream 64GB DDR5 RDIMM is expected to reach $620 in Q1 2026, a 38% increase from the earlier estimate of $518 [3]. NAND Flash Market Outlook - In the NAND flash sector, Citi has raised its 2026 ASP growth forecast from +44% to +74%, with enterprise SSD ASP expected to increase by 87%. This indicates a highly aggressive seller's market, with pricing power firmly in the hands of major storage players like Samsung [8]. Samsung Electronics Profit Forecast - Due to favorable pricing conditions, Citi has significantly revised its profit outlook for Samsung Electronics, projecting an operating profit of 155 trillion KRW in 2026, a 253% increase year-on-year, compared to a previous estimate of 115 trillion KRW. Consequently, the target price for Samsung has been raised from 170,000 KRW to 200,000 KRW [8]. Divergence in Market Predictions - There is a notable divergence between Citi and Nomura regarding market predictions. Nomura anticipates a 46% increase in DRAM prices and a 65% increase in NAND prices for 2026, while Citi's forecasts are much more aggressive at 88% and 74%, respectively. This difference stems from varying interpretations of demand dynamics, particularly the impact of AI agents on data generation [9]. Supply Chain Constraints - The supply side is facing significant physical limitations, particularly due to a shortage of cleanroom availability, which is constraining supply expansion in the global storage industry. Even if manufacturers decide to increase production, substantial supply growth will be limited until mid-2027 [10][11]. Long-term Supply Bottlenecks - The transition to advanced manufacturing processes, such as moving to 1C-nanometer technology, is expected to reduce wafer production capacity by 10% to 15% initially, further complicating the supply situation. This mismatch between supply and demand underpins Citi's bold predictions for DRAM price increases [12].

华见早安之声 请各位听众升级为见闻最新版APP，以便成功收听以下音频。 市场概述 美国司法部对美联储主席鲍威尔调查，美国市场周一开盘时，股债汇三杀，金银和加密货币上涨。随后市场很快消化了这一消息，美股、美债从日低反弹。 标普500抹去盘中跌幅并收创历史新高。小型股表现出色。特朗普呼吁信用卡公司将利率上限定在10%，Capital One跌近8%、美国运通跌超4%。谷歌市值 突破4万亿美元，公司确认与苹果达成多年期AI技术合作。 中概股指数大涨4.3%，阿里涨超10%。人民币创2023年5月来最高。 美债收益率收高，但远低于早盘的高点，10年期收益率微涨1个基点。美联储独立性受质疑，美元终结连涨、较日高一度跌近0.6%。 比特币日内振幅近2.6%，较昨日尾盘微涨。 避险需求叠加疲软美元，贵金属价格飙升。现货黄金涨近2%，一度突破4600美元。期银飙升7.6%。市场关注伊朗局势，WTI原油涨1.8%。 亚洲时段，A股成交额再创新高，沪指豪取17连阳，AI应用、商业航天大爆发，港股智谱狂飙30%，沪银涨超14%。 要闻 中俄只能在美方控制下购买委内瑞拉原油？外交部发言人毛宁表示，拉美国家都是主权独立的国家，有权自主 ...

市场有风险，投资需谨慎。本文不构成个人投资建议，也未考虑到个别用户特殊的投资目标、财务状况或需要。用户应考虑本文中的任何 意见、观点或结论是否符合其特定状况。据此投资，责任自负。 美国总统特朗普12日下午在社交媒体发文称，任何与伊朗进行商业往来的国家，其与美国的所有商业往 来都将面临25%的关税。该命令即日起生效。（新华社） 风险提示及免责条款 ...

Meta正集结一支高管团队管理其数十亿美元的数据中心项目，以支撑其追求"超级智能"所需的基础设施投资。此举凸显全球科技巨头在AI竞赛中对基础设施 的激进押注。 美东时间12日周一，Meta宣布，任命曾美国总统特朗普第一个任期的高级顾问Dina Powell McCormick为公司总裁兼副董事长，专注于与政府及投资者就AI 项目展开合作。几小时后，Meta的CEO马克·扎克伯格宣布，提拔两名高管领导名为Meta Compute的内部组织，监督公司全球数据中心及其供应商合作关 系。 特朗普周一在Truth Social上发帖祝贺Powell McCormick的任命，称扎克伯格作出了"绝佳的选择"，称赞她是"出色且极具才华的人士，曾以实力和卓越表现 为特朗普政府服务"。 "华尔街最资深女高管之一"加盟Meta Powell McCormick去年4月加入Meta董事会，8个月后意外辞职。她本周将以总裁兼副董事长的身份重返Meta，直接向扎克伯格汇报工作。Meta的发言人确 认，她将指导公司的整体战略，特别专注于AI基础设施的工作。 Meta周一发布的声明称，McCormick"在全球金融最高层的经验，以及她在全 ...

美国司法部对美联储主席鲍威尔展开刑事调查，这一事件标志着白宫与美联储冲突升级至前所未有的高 度，消息公布后美国股债汇三杀。 据路透报道，美国司法部已就美联储总部翻修项目向美联储发出大陪审团传票，并对美联储主席杰罗姆 ·鲍威尔展开刑事调查。鲍威尔随后发表声明称，该行动并非围绕其国会证词或翻修工程本身，而是源 于美联储坚持基于自身判断制定利率政策。 调查仍处于早期阶段，是否会进入正式起诉程序尚不明朗。但在市场看来，关键并不在于法律结果本 身，而在于央行独立性首次以司法调查的形式，被直接拉入政治博弈。这类变化并不需要真正"落锤"， 仅仅进入不确定状态，就足以影响定价。 市场反应直接印证了这一逻辑，美元走弱，美股与美债承压，黄金则明显走强。这一资产价格组合，并 非基于对经济数据（如增长或通胀）的重新评估，而是市场对制度与治理风险即时上升的典型反应。 短期：风险偏好收缩，"外汇 / 贵金属先动" 在短期层面，市场反应高度集中，表现为美元走弱、股指承压与黄金价格上行的典型避险组合。 推动这一变化的核心动力，并非来自通胀或就业等传统经济数据，而是由治理风险本身带来的不确定性 冲击。盛宝银行策略师恰鲁·查纳纳指出，此类事件会 ...

【苹果选择谷歌Gemini驱动将于今年面世的AI版Siri】 苹果公司正与谷歌联手，为其计划于今年晚些时 候推出的Siri等产品提供人工智能功能支持。 一份声明显示，这项为期数年的合作伙伴关系将依托谷歌 的 Gemini 模型和云技术，来构建苹果未来的基础模型。 苹果在声明中写道："经过仔细评估，我们认 定谷歌的技术为'苹果基础模型（Apple Foundation Models）'提供了最强大的基础。我们非常期待这一 合作为用户开启的创新体验。"（CNBC） 风险提示及免责条款 市场有风险，投资需谨慎。本文不构成个人投资建议，也未考虑到个别用户特殊的投资目标、财务状况或需要。用户应考虑本文中的任何 意见、观点或结论是否符合其特定状况。据此投资，责任自负。 ...

Core Viewpoint - The investigation into Federal Reserve Chairman Jerome Powell by the U.S. Department of Justice has raised concerns about the independence of the central bank, leading to increased risk aversion in the market and a surge in gold prices, which reached a historical high of $4,620 per ounce, with a daily increase of 2.4% [1][3][7]. Group 1: Investigation Details - The investigation is part of a broader effort by the Trump administration against the Federal Reserve, which has included attempts to dismiss board member Lisa Cook and calls for aggressive interest rate cuts [3]. - The focus of the investigation is on a $2.5 billion renovation project at the Federal Reserve headquarters and whether Powell misled Congress regarding the scope of the project [3][10]. - Powell has denied the allegations, stating that the threat of criminal charges is a consequence of the Federal Reserve's commitment to setting interest rates based on public interest rather than presidential preferences [3][10]. Group 2: Market Reactions - Financial markets are exhibiting a typical risk-averse trading pattern, with U.S. stocks, bonds, and the dollar all under pressure, while funds are flowing into precious metals [4]. - U.S. stock index futures have collectively declined, with the S&P 500 futures down 0.5% and the Nasdaq 100 futures down 0.7% [4]. - The 10-year U.S. Treasury yield has risen by 3 basis points to 4.20%, and the dollar index has dropped by 0.4%, marking the largest single-day decline in nearly three weeks [4]. Group 3: Institutional Perspectives - Multiple institutions believe that the market turmoil is driven by a re-evaluation of the political risks associated with the Federal Reserve [8]. - Analysts from Allspring Global Investments and Fidelity International noted that any event questioning the independence of the Federal Reserve increases uncertainty in U.S. monetary policy, potentially leading to a weaker dollar and rising inflation expectations [8]. - Morgan Stanley and Lombard Odier have indicated that the current situation may lead to greater pressure on the dollar and U.S. Treasuries, with expectations of a steeper yield curve due to more aggressive rate cut forecasts [9]. Group 4: Future Implications - The investigation coincides with Powell's term as Federal Reserve Chairman ending in May, with Trump reportedly having selected a successor [11]. - Powell's term as a board member will continue until January 2028, but it remains unclear whether he plans to stay on after this year [11].

Group 1 - Hassett clarifies that Trump's views on interest rates are unrelated to the Justice Department's investigation of the Federal Reserve, emphasizing the independence of both institutions [1] - He criticizes the Federal Reserve's restrictive monetary policy, attributing the current lack of economic prosperity in the U.S. to these policies [1] - Hassett confirms that the renovation project of the Federal Reserve's headquarters has significantly exceeded its budget, indicating a discrepancy with Chairman Powell's previous testimony [1] Group 2 - On employment issues, Hassett refrains from determining whether a 4.4% unemployment rate signifies "full employment," attributing recent high layoff numbers to federal government downsizing and the deportation of illegal immigrants [2] - He asserts that government economic policies are effective and predicts that measures aimed at strengthening domestic manufacturing will lead to more hiring in the second half of the year [2] - Hassett expresses interest in potentially succeeding as the Chairman of the Federal Reserve [2]

Core Insights - A global competition around low Earth orbit satellite internet is intensifying, with various countries and commercial space companies aiming to challenge SpaceX's dominance in satellite communications, which is tied to both commercial interests and national security [1] Group 1: SpaceX Developments - The FCC has approved SpaceX to deploy an additional 7,500 second-generation Starlink satellites, bringing the total approved to 15,000, with approximately 9,400 currently operational [2] - SpaceX is projected to complete 154 launches by 2025, accounting for over 80% of total U.S. launches, and controls nearly two-thirds of active satellites globally [2] - The FCC has set strict deployment deadlines for SpaceX, requiring 50% of the second-generation satellites to be operational by December 2028 and the remaining by December 2031 [2] Group 2: European Initiatives - The European Space Agency has approved a record €22 billion funding plan, with approximately €900 million allocated to support five startups aiming to enhance Europe's launch capabilities [3] - Germany's Isar Aerospace is one of the leading challengers, having raised over €500 million and planning to produce more than 30 rockets annually [3] - Geopolitical factors, including tensions with the U.S. and the implications of the Russia-Ukraine war, are driving Europe to strengthen its space sector [3] Group 3: Canadian Efforts - Canada is investing nearly CAD 183 million over three years to improve domestic launch capabilities, with Kepler Communications recently launching 10 low Earth orbit satellites [5] - Kepler aims to enhance its optical relay network, utilizing advanced technology to significantly improve data transmission speeds [5] - The Canadian government has allocated CAD 81.8 billion over five years to bolster defense capabilities, which includes support for space initiatives [5] Group 4: Japanese Plans - Japan is developing a "Japanese version of Starlink" with a budget of ¥150 billion (approximately USD 960 million) to support domestic satellite communication services [6] - This initiative is driven by concerns over reliance on foreign satellite communications, especially highlighted during natural disasters [6] Group 5: Indian Challenges - India's ambitions in the global commercial space sector are facing setbacks due to recent launch failures, raising concerns about the reliability of its rockets [7] - Despite these challenges, India continues to show growth potential in heavy-lift capabilities, successfully launching its largest rocket for commercial purposes [7] Group 6: Chinese Developments - China is accelerating its reusable technology updates, which could significantly reduce launch costs and facilitate the deployment of low Earth orbit satellites [9] - The country has applied for frequency resources for over 200,000 satellites, indicating a strategic national focus on satellite communications [9]

这项立法标志着国会在2012年通过《股票法案》后，首次在限制议员股票交易方面取得实质性突破。尽 管此前多次尝试推动更严格的交易限制，但都未能成功，而此次提案获得了跨党派和选民的广泛支持。 提高违规处罚力度 该法案在禁止议员购买个股的同时，仍允许他们买卖多元化投资基金。现有个股持仓无需强制出售，但 建立了强制性的预先披露机制，议员如计划出售特定个股，必须在至少7天、不超过14天前提交公开通 知。如改变主意，可在特定日期前撤回通知。 众议院共和党正在推动一项禁止国会议员购买个股的法案，这是多年来国会在限制议员利用内幕信息获 利问题上取得的重大进展。该法案获得了共和党领导层和各派系的广泛支持，有望在本周进入委员会审 议程序。 根据华尔街日报报道，威斯康星州共和党众议员、众议院行政委员会主席Bryan Steil主导起草了这项名 为"禁止内幕交易法案"的法案，计划于当地时间周一正式提交。众议院议长Mike Johnson已承诺在委员 会审议后尽快安排全院投票。 该法案将禁止参众两院议员购买新的个股，但允许交易多元化投资基金。议员无需出售现有个股持仓， 但如计划出售须提前7至14天公开通知。违规者将面临至少2000美元 ...