人工智能市场已达到一种狂热的程度，许多分析师将其与互联网时代相提并论。如今基础设施的赢家不 再是思科，而是英伟达(NVDA.O)，其AI芯片是模型开发的核心，并且被其他所有正在建设AI数据中心 的主要科技公司所依赖。英伟达的市值高达4.5万亿美元，大约是思科当前市值的14倍。 虽然市场低迷淘汰了许多互联网宠儿，但思科在剧变中幸存下来。它最终开始增长和扩张，通过一系列 收购实现业务多元化，例如在2006年收购机顶盒制造商Scientific-Atlanta，随后又收购了包括Webex、 AppDynamics、Duo和Splunk在内的软件公司。 随着周三的上涨，思科的市值达到3170亿美元，但这仅使其成为美国第13大最高市值的科技公司。近年 来，该股的表现远远落后于科技巨头，而这些巨头一直是围绕人工智能的新热潮的中心。 在2000年初，很少有公司像思科(CSCO.O)那样炙手可热，其网络设备是当时互联网繁荣的支柱。 周三，思科的股价首次超过了其在互联网泡沫时期的峰值。该股上涨近1%，收于80.25美元，突破了此 前于2000年3月27日创下的、经拆股调整后的历史纪录80.06美元。也正是在当年的同一天，思科超 ...

Core Viewpoint - Investor Michael Burry warns that the Federal Reserve's resumption of Treasury purchases indicates an increasing dependency of the financial system on Fed support rather than stability [1] Group 1: Federal Reserve Actions - The Federal Reserve has decided to halt the reduction of its balance sheet and plans to purchase approximately $35 billion to $45 billion in Treasury securities monthly, expected to start in January [1] - This decision comes after the Fed has reduced its assets by about $2.4 trillion since 2022, marking the end of quantitative tightening (QT) [1] Group 2: Financial System Vulnerability - Burry highlights the increasing fragility of the U.S. banking system, which required about $2.2 trillion in support before the banking turmoil of 2023, compared to only $450 billion in 2007 [1] - He suggests that the current reliance on over $3 trillion in Fed support is a sign of weakness rather than strength [1] Group 3: Market Dynamics - Burry questions the timing of the Fed's actions, noting that the Treasury has been issuing more short-term securities to avoid raising 10-year Treasury yields, implying a strategic coincidence in the Fed's focus on short-term purchases [1] - He argues that the Fed's pattern of expanding its balance sheet after each crisis helps explain the strong performance of the stock market [1] - Burry warns that this approach could lead to the complete nationalization of the U.S. bond market, with the Fed owning all $40 trillion of U.S. debt [1]

Core Viewpoint - Oracle's stock price fell nearly 12% after reporting revenue below expectations and announcing an increase in data center spending by $15 billion to meet AI-related demand, reflecting market caution regarding high investments and short-term returns [1] Financial Performance - Oracle reported quarterly revenue of $16.1 billion, a 14% year-over-year increase, but below analyst expectations [1] - The company achieved a net profit of $6.1 billion, boosted by a $2.7 billion pre-tax gain from selling semiconductor company Ampere to SoftBank [1] - Oracle raised its capital expenditure forecast for the fiscal year by over 40% to $50 billion, with quarterly spending reaching $12 billion, significantly above the market expectation of $8.4 billion [1] Debt and Financial Strategy - Oracle's long-term debt increased to $99.9 billion, a 25% year-over-year rise [1] - The company is increasingly relying on debt for expansion, with Morgan Stanley projecting net debt could rise to approximately $290 billion by 2028 [3] - Oracle issued $18 billion in bonds in September and is negotiating to raise an additional $38 billion in debt financing [3] AI and Cloud Strategy - Oracle is competing with larger cloud giants like Google, Amazon, and Microsoft to provide large-scale computing power for AI companies such as OpenAI and Anthropic [1] - The company added 400 megawatts of data center capacity in the last quarter, with ongoing construction for large data center clusters for OpenAI proceeding smoothly [2][3] - Oracle's cloud infrastructure business generated $4.1 billion in revenue last quarter, which was below expectations, raising concerns about the company's reliance on a few large clients like OpenAI [2][3] Management Insights - Co-CEO Clay Magouyrk stated that even if OpenAI does not fully utilize the contracted computing power, there is sufficient demand from other clients to fill the gap [3] - CFO Doug Kehring mentioned that the company is leasing data center capacity to reduce direct borrowing, with a 15-year lease signed for the Abilene project, allowing Oracle to defer payments until the centers are completed [4]

他表示："根据近期企业盈利、工资谈判、日元在外汇市场的贬值以及与政府的对话等发展，日本央行 越来越明确地相信可以在即将到来的12月会议上加息。"这位经济学家预计，日本央行将在2026年6月加 息，随后在2027年1月和7月继续加息。 据一位前委员称，日本央行行长植田和男的政策路径可能包含到2027年进行多达四次加息，其中在下周 被广泛预期的举措之后，还将有三次加息。 "他们可能认为自己已经完全落后于形势了，"前官员早川英男（Hideo Hayakawa）在周三接受采访时表 示。"植田可能会暗示，这次加息不是本轮加息周期的终点。" 早川英男发表上述言论之际，外界普遍预计日本央行将在12月19日将借贷成本上调至0.75%，这是自1 月以来的首次行动。此次事件的市场焦点将在于央行如何定性未来的政策路径。 "他们可能会回到大约每六个月加息一次的节奏，"早川英男说。他表示，终端利率可能在1.5%左右， 这意味着在下周预期的行动之后，还需要再加息三次。 美银经济学家Takayasu Kudo早些时候也在一份报告中写道，在日本央行于12月18日至19日的会议上将 目标利率从0.5%上调至0.75%之后，预计将每六个月继续提 ...

Core Viewpoint - Record leasing rates and tariff concerns have led to unprecedented trading volumes, prompting investors to increase their allocation in precious metals for portfolio diversification, while adjusting the ratio of silver to gold [1] Group 1: Silver vs. Gold Performance - Over the past 12 months, silver prices surged by 92%, while gold saw a rise of approximately 56% [2] - Silver reached a 13-year high of over $35 per ounce in early June and has now approached a historical peak of nearly $63 [2] - The strong performance of silver has reignited discussions about whether it can become a reliable alternative to gold [6][7] Group 2: Investment Demand and Market Dynamics - Investment demand for silver has significantly increased, with exchange-traded product (ETP) holdings rising by about 18% as of November 6 [2][3] - The net supply-demand balance for silver is at its tightest level on record, with ETF demand increasingly impacting this imbalance [3] - The U.S. government's designation of silver as a critical mineral has added uncertainty, as details on subsequent actions are still awaited [4] Group 3: Economic Factors Influencing Precious Metals - Lower interest rates, particularly following a recent 25 basis point cut by the Federal Reserve, are expected to benefit precious metal prices [5][6] - The correlation between the Federal Reserve's easing policies and the demand for both gold and silver suggests that silver may also gain from these conditions [5][6] - The industrial demand for silver, driven by sectors such as solar energy and electric vehicles, is contributing to its strong market performance [7] Group 4: Long-term Perspectives on Silver - Silver has historically been viewed as a substitute for gold, but its recent performance has outpaced that of gold [7] - The structural supply gap in the silver market, which has persisted for five years, shows little sign of resolution, further enhancing its appeal to investors [7] - Despite silver's rising profile, reserve asset managers have not yet recognized it as a viable long-term holding, indicating a potential barrier to its acceptance as a true alternative to gold [7]

Core Viewpoint - Record leasing rates and tariff concerns have led to unprecedented trading volumes, prompting investors to increase their allocation in precious metals for portfolio diversification, while adjusting the ratio between silver and gold [1] Group 1: Silver's Performance - Over the past 12 months, silver prices have surged by 92%, compared to a 56% increase in gold prices [2] - Silver reached a 13-year high of over $35 per ounce in early June and has now approached a historical peak of nearly $63 [2] - The CEO of the Silver Institute noted that 2025 is expected to be a dramatic year for the silver market, with record prices and unprecedented liquidity tightness [2] Group 2: Investment Demand - Investment demand for silver has significantly increased, with ETP holdings rising by approximately 18% as of November 6 [2][3] - The net supply-demand balance for silver is currently at its tightest level on record, with ETF demand increasingly impacting this imbalance [3] - The decision to classify silver as a critical mineral by the U.S. government has added uncertainty, as details on subsequent actions are still awaited [4] Group 3: Economic Factors - Lower interest rates, following a recent 25 basis point cut by the Federal Reserve, have been beneficial for precious metal prices, including silver [5][6] - The correlation between the Federal Reserve's easing policies and the demand for silver is significant, with industrial demand also playing a crucial role [7] Group 4: Silver as an Alternative to Gold - The rapid rise of silver relative to gold has reignited discussions about whether silver is becoming a reliable substitute for gold [7] - Silver's strong performance is attributed to rising industrial demand and a structural supply gap that has persisted for five years [7][8] - While silver is increasingly viewed as an alternative to gold, reserve asset managers historically have not considered silver worthy of long-term holdings [8]

Group 1 - Central banks worldwide are selling dollars and increasing gold reserves, with gold becoming a key hedge against rising dollar risks amid the Federal Reserve's third interest rate cut this year [1] - Gold demand is primarily driven by central banks seeking to hedge dollar exposure, helping to stabilize gold prices above $4,000 per ounce [1] - Compared to historical levels, central banks' gold allocations remain low, with non-monetary investors showing even lower allocations [1][4] Group 2 - The ongoing bull market for gold, which has lasted 25 years, saw a significant acceleration in prices starting in 2022, driven more by uncertainty than inflation [2][4] - Central banks are increasingly replacing part of their dollar reserves with gold, a trend that began after the Russia-Ukraine conflict in 2022 [6] - Countries like Poland, Brazil, Uzbekistan, Indonesia, Turkey, and China have significantly increased their gold purchases, with Poland alone purchasing over 1 ton in October [7] Group 3 - Economic strategist David Rosenberg emphasizes that central banks recognize gold as a low-allocated asset, with current gold reserves at 25% of total reserves compared to a historical average of 35% [7] - The annual growth rate of gold supply is estimated at 1%, while demand is growing at 2.5%, indicating a significant supply-demand imbalance [7] - Despite record high gold ETF holdings, only 1% of global investment portfolios are allocated to gold, down from nearly 25% in the early 1980s [7] Group 4 - Silver is also gaining traction, with its price doubling from pre-pandemic lows, and it is expected to continue rising due to its industrial applications [9] - The recent geopolitical uncertainties have made strategic commodity reserves increasingly important, highlighting the need for security in commodity procurement [12] Group 5 - The Federal Reserve's dovish stance contrasts with other central banks, which may lead to favorable conditions for gold as monetary and inflation risks shift [13]

分析师表示，由于美联储会议的鹰派程度不及预期，亚洲各类资产都将获得一定程度的缓解。 他们表示，美元走弱将提振亚洲地区货币，同时美联储的流动性注入将利好短期债券和高评级信贷，周 期股和出口股预计也将受益。 以下是部分市场观察人士的观点： AT Global Markets首席分析师尼克·特威代尔（Nick Twidale） ： "美联储如期降息且美股上涨后，亚洲市场今日开局乐观，这合乎情理。" "不过，我对昨晚的降息能给全球市场带来多大动力持保留态度，因为前瞻性指引也并不鸽派。我认 为，在市场消化美联储主席鲍威尔的表态期间，未来几个交易日可能会出现相当震荡的走势。" "就市场而言，美联储和鲍威尔采取了非常'中间路线'的立场。总体来看，我认为略偏鹰派——美联储 暗示2026年再降息一次，而市场至少希望两次。不过，他们的表述极为开放，这也是未来几日市场会震 荡的原因。" 野村证券高级策略师伊藤孝（Takashi Ito）： "联邦公开市场委员会（FOMC）会议未引发重大担忧，加之2026年国内生产总值（GDP）预期上调、 通胀预期下调，这对股市是利好。在日本，这将为汽车股带来顺风，假以时日，房地产相关股也可能吸 引 ...

男生普通话版 下载mp3 女声普通话版 下载mp3 粤语版 下载mp3 西南方言版 下载mp3 东北话版 下载mp3 上海话版 下载mp3 今日优选 美联储：降息25个基点，在未来30天内购买400亿美元短债 特朗普批评鲍威尔：降息幅度太小，可以翻倍，应降至全球最低 特朗普：美国在委内瑞拉附近扣押一艘委油轮，此举合法 加拿大央行如期按兵不动 美国第三季度劳动力成本增速降至四年最低 据悉Meta全力转向闭源模型 中国财政部发7500亿元特别国债"借新还旧"，不增加财政赤字 上期所调整白银期货相关合约交易保证金比例和涨跌停板幅度 市场盘点 周三，美联储如期降息25个基点，本月将进行400亿美元净资产购买。美元指数在剧烈波动中下跌，最终收跌0.60%，报98.65；基准的10年期美债收益率最 终收报4.1550%，对美联储政策利率敏感的2年期美债收益率收报3.5530%。 美联储宣布连续第三次降息后，现货黄金一度重回4230美元上方，最终收涨0.48%，报4228.55美元/盎司；现货白银日内大涨逾1美元，续创历史新高，最终 收涨1.89%，报61.81美元/盎司。 美国在委内瑞拉海岸扣押油轮，油价扭转跌势收盘走高 ...

12月11日，美联储以9-3的投票比例将基准利率下调25个基点至3.50%-3.75%，为连续第三次会议降息。政策声明删除了对失业率"较低"的描述。最新点阵图 维持2026年降息25个基点的预测。 另外，美联储将于12月12日开始的30天内购买400亿美元国库券，以维持充足的准备金供应。 利率决议全文 可用的数据表明，经济活动正以温和的步伐扩张。今年以来就业增长放缓，失业率截至9月有所上升。更近期的指标与上述情况一致。通胀较年初有所上 升，仍处于偏高水平。 委员会的长期目标是实现最大就业和2%的通胀率。经济前景的不确定性依然处于高位。委员会密切关注其双重使命两端的风险，并认为近数月就业方面的 下行风险有所上升。 在评估适当的货币政策立场时，委员会将继续监测最新信息对经济前景的影响。如果出现可能阻碍实现委员会目标的风险，委员会将准备适时调整货币政策 立场。委员会的判断将考虑广泛的信息，包括劳动力市场状况、通胀压力与通胀预期，以及金融与国际形势的发展。 委员会认为，准备金余额已下降至充足水平，并将按需启动购买短期美国国债，以在持续基础上维持充足的准备金供应。 投票支持此次货币政策行动的有：主席杰罗姆·鲍威尔（Je ...