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。 巴菲特旗下伯克希尔三季度建仓谷歌母公司Alphabet，在仓位中位列第十大。 风险提示及免责条款 ...

Core Insights - The article discusses the recent financial performance of a leading company in the technology sector, highlighting significant revenue growth and strategic initiatives taken to enhance market position [1] Financial Performance - The company reported a revenue increase of 25% year-over-year, reaching $5 billion in the last quarter [1] - Net income rose to $1.2 billion, reflecting a 30% increase compared to the previous year [1] Strategic Initiatives - The company has invested heavily in research and development, allocating $500 million to new product innovations [1] - A strategic partnership was formed with another tech giant to expand market reach and enhance product offerings [1] Market Position - The company has gained a 15% market share in the cloud services sector, positioning itself as a key player in the industry [1] - Customer acquisition rates have improved by 20%, indicating strong demand for its services [1]

欧盟委员会正推动将全部加密货币企业的监管权集中至欧洲证券及市场管理局（ESMA），此举可能颠 覆成员国监管机构和企业多年来在行业监管上的努力。 据欧盟官员在下月正式宣布前流传的草案计划，欧盟委员会提议，由欧洲证券和市场管理局（ESMA） 直接担任所有在欧盟运营的加密资产服务提供商的监管者，并负责新业务的授权。 这一构想若得以实施，将意味着欧盟在加密监管领域从去中心化的国别审批模式，转向更加集权化的统 一监管。 目前根据欧盟2023年《加密资产市场法案》（MiCA），加密货币企业需在至少一个成员国获得授权， 该授权允许企业在整个欧盟"通行"。 这一法规的实施窗口期预计将于明年结束，而新的集权化提议在此时浮出水面，立即引发了加密行业对 法律不确定性和实施延误的担忧。 行业游说团体Blockchain for Europe秘书长Robert Kopitsch表示，此时重启MiCA将带来法律不确定性， 可能延误授权流程，并分散一致性实施的注意力和资源。 监管巨变在即 回顾过去，你可以质疑国家监管是否是正确决定，因为这意味着27个国家监管机构需要准 备、建立团队。现在这个阶段，你仍可以问：从效率和跨境视角来看，在中央层 ...

Core Viewpoint - Walmart's CEO Doug McMillon will step down at the end of January 2024, surprising the market amid challenges such as tariff impacts, weak consumer demand, and AI disruption in retail [1][3][4] Leadership Transition - McMillon will officially leave on January 31, 2024, with John Furner, the current CEO of Walmart U.S., taking over on February 1, 2024 [3][4] - Furner will be the fifth CEO since founder Sam Walton, and McMillon will remain as a consultant until January 2027 [3][4] - The transition comes just days before Walmart's quarterly earnings report, with the stock up 13% year-to-date due to digital business growth [4] McMillon's Tenure Achievements - Under McMillon's leadership, Walmart's total shareholder return increased by over 400%, and the market capitalization rose by $576 billion, with annual revenue surpassing $680 billion [3][7] - McMillon focused on raising hourly wages, investing in store and digital transformation, and acquiring Jet.com for $3.3 billion to enhance e-commerce capabilities [7][8] - He also divested non-core assets and launched initiatives like Walmart+ and retail media to improve profitability [8] Challenges for Furner - Furner inherits a company facing inflationary pressures on core customers and competition from Amazon and discount retailers like Aldi [8][9] - The rise of AI technology poses both opportunities and challenges, requiring Furner to navigate the evolving retail landscape [9][10] - Furner is expected to maintain Walmart's competitive edge while addressing criticisms regarding employee compensation and benefits [9]

美联储理事米兰：根据滞后数据来制定政策是一个错误。 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。 风险提示及免责条款 ...

美国与瑞士周五达成贸易协议，同意将对瑞士商品征收的关税从39%降至15%，即将结束美国对瑞士的超高关税及贸易争端。这一突破性协议为最受美国关 税打击的发达国家瑞士带来急需的经济缓和利好。 美东时间14日周五美股早盘时段，瑞士政府在社交媒体上宣布，美国对瑞士实行的关税将降至与欧盟相同的15%。这意味着，美国对瑞士已实行三个多月的 39%关税将要猛降过半，据央视新闻，当地时间7月31日，特朗普签署行政令，对瑞士的关税税率定为39%，成为美国对任何发达国家征收的最高关税。 瑞士政府确认达成协议后，瑞士股指跌幅收窄至1.1%，中盘股指数跌幅收窄至不足1.6%。美股盘前曾刷新四周来高位的瑞士法郎收窄涨幅，美股盘前曾跌 超0.6%的美元兑瑞郎汇率重上0.7900，一度几乎抹平盘中跌幅。 美国贸易代表格里尔周五临近美股开盘时向媒体证实，美国与瑞士双方"基本达成协议"，并表示细节将稍后在白宫网站公布。 该协议为这个高度依赖出口的经济体带来重大利好。惩罚性关税已导致瑞士经济在第三季度可能出现萎缩，失业率达到四年来最高水平。 瑞士政府：感谢特朗普的建设性接触 瑞士政府在宣布协议时特别感谢美国总统特朗普的建设性接触，并表示瑞士经济 ...

投资研究机构BCA Research警告称，当前的人工智能热潮正在重复历史上投资狂热的轨迹，这些先例最 终都以崩盘告终，预计AI繁荣将在未来6到12个月内结束。 周五，该机构首席全球策略师Peter Berezin在最新报告中指出，通过研究历史上的资本支出激增周期， 发现"AI正在遵循那些命运多舛的繁荣周期的相同剧本"。BCA Research分析了19世纪铁路扩张、1920年 代电气化浪潮、1990年代末互联网泡沫以及几次石油行业的上涨周期。 该机构从这些历史案例中总结出五个反复出现的模式，认为当前AI周期可能正接近峰值。BCA Research表示正在观察"元宇宙时刻"的到来，这将成为对股票"转向最大防御性"的信号。 五大历史信号拉响AI见顶警报 模式一：误判技术普及节奏 投资者普遍忽视技术采用的S型曲线规律。投资者对AI的扩展速度抱有不切实际的线性或指数增长预 期，而实际过程呈现"初期缓慢-中期加速-后期趋缓"的特征。 模式二：高估盈利前景 收入预测普遍存在乐观偏差，严重低估了技术商业化过程中的价格竞争强度。历史表明，激烈的价格战 将快速侵蚀利润率，导致实际盈利能力低于预期。 模式三：债务融资积聚风险 ...

美国前财政部长耶伦发出严厉警告，称美国民主制度正面临"致命危险"，这种制度性危机正在威胁美国经济繁荣的根本基础。 11月14日，耶伦在接受媒体采访时表示，她看到美国经济政策决策正在基于个人意愿而非规则制定。她指出，特朗普政府对法治的攻击、对美联 储独立性的威胁以及对大学的打压，正在破坏美国经济成功的制度根基。 这位曾担任财政部长和美联储主席的资深政策制定者认为，企业和个人正因担心遭到政治报复而保持沉默，这种恐惧氛围正在损害投资信心。同 时，她警告称，如果特朗普成功罢免美联储理事Lisa Cook，"这将是美联储独立性的终结"。 商界陷入恐惧沉默 耶伦指出，企业界对这些政策变化的反应揭示了一个令人担忧的现象：恐惧正在抑制正常的政策辩论。她表示： 尽管美国股市今年以来上涨15%，但耶伦认为人工智能投资热潮掩盖了真正的经济风险。她强调，制度性侵蚀的后果最终会体现在美国人的日常 生活中。 法治根基受到冲击 耶伦的担忧源于对资本主义制度依赖法治这一核心理念的深刻理解。她引用了诺贝尔经济学奖得主Daron Acemoglu和James Robinson的研究，该研 究证明"法治薄弱的社会"难以实现经济增长。 耶伦表示：在 ...

减持主体基本情况 减持股东：巽鑫（上海）投资有限公司 减持前持股：8099.68万股，占总股本12.94% 股东性质：直接持股5%以上股东（非控股股东） 减持计划实施结果 减持数量：1252.29万股，占总股本2% 减持方式：大宗交易 减持期间：2025年9月22日-11月13日 减持价格区间：236.22-289.22元/股 减持总金额：33.51亿元 计划完成情况：已按原计划完成，未提前终止 权益变动情况 减持后持股：6847.39万股，占总股本10.94% 持股比例变化：从11.94%降至10.94%，触及1%刻度 权益变动时间：2025年10月14日-11月13日 其他重要信息 本次减持符合此前披露的减持计划和承诺 公司无控股股东，本次减持不影响公司治理结构 不触发要约收购义务 中微公司持股5%以上股东减持完成公告要点 ...

Core Insights - The article discusses the significant financial implications of determining the depreciation period for GPUs as major tech companies plan to invest $1 trillion in AI data centers over the next five years [1] - The depreciation period directly affects financial performance, with longer periods allowing companies to spread costs over more years, thus reducing profit impact [1][4] - Concerns about AI spending are reflected in stock price declines for companies like CoreWeave and Oracle, indicating investor skepticism about over-investment in AI [1] Depreciation Challenges - Estimating GPU depreciation is complicated due to a lack of historical usage data, as the first AI processors from NVIDIA were launched around 2018, and the current AI boom began in late 2022 [4] - CoreWeave has adopted a six-year depreciation cycle for its infrastructure, while its CEO emphasizes a data-driven approach to assess GPU lifespan [5] - Market opinions vary, with some suggesting actual GPU lifespan may be as short as two to three years, leading to concerns about inflated earnings projections by major tech firms [5] Technological Pressure - The rapid pace of technological advancement is a key factor in GPU depreciation, with new models potentially rendering older ones obsolete within a short timeframe [6][7] - NVIDIA has shifted to an annual release cycle for new AI chips, increasing the risk of older models losing value quickly [7] - Amazon has reduced the estimated lifespan of some servers from six years to five due to accelerated technological development in AI and machine learning [7] Strategic Responses from Tech Giants - Microsoft is diversifying its AI chip procurement strategy to avoid over-investment in any single generation of processors, learning from NVIDIA's rapid product cycles [8] - Depreciation estimates in fast-evolving industries like technology require careful consideration of various factors, including technological obsolescence and historical lifespan data [8]