以下文章来源于硬AI ，作者专注科技产研的 硬AI . AI时代，快人一步~ 来源 | 硬AI Visa全球市场集团总裁Oliver Jenkyn预计，随着支付巨头与人工智能企业的合作加速， 2026年"AI辅助购物"全面进入主流视野。 "到了2026年，AI支持的购物方式将全面普及。无论是在ChatGPT还是其他平台，智能助手将深度介入并协助我的购物决策。" 他还表示，从"AI辅助决策"进化到更高级的"代理式商务"（Agentic Commerce）——即由AI机器人全权代理完成支付和购买——尚需时 日。 目前的阻碍并非技术，而是消费者的心理惯性。Jenkyn分析称，大多数用户在接受AI的建议后，仍倾向于保留最终支付的控制权，"许多人 还是会点击链接，按传统方式亲自完成交易。" 因此，代理式商务的落地将呈现分层渗透的特征： 洗衣液、咖啡伴侣等标准化、高频次的日常必需品订单 ，预计将率先突破信任壁垒，由AI 代理自动完成。 全 球 支 付 巨 头 加 速 卡 位 面对这一即将到来的范式转移，全球支付巨头正加速卡位，试图在消费者转向聊天机器人这一新流量入口时占据身位。 Jenkyn透露，Visa目前正与行业内所 ...

在此需说明，分析师并非认为人工智能本身缺乏发展持续性，相反， 分析师 预计它将继续保 持高速增长。 真正面临风险的，是那些投入到数据中心、图形处理器、冷却系统、供电及布线等领域高达数 千亿美元的人工智能资本开支 —— 未来的人工智能技术，根本无需如此庞大的硬件投入规 模。 在数据中心支出缩减的潜在风险面前，没有哪家企业比英伟达受到的冲击会更大。 如今，该公司的绝大部分营收和利润都来源于为数据中心提供相关产品。 人 工 智 能 资 本 开 支 增 长 难 以 为 继 的 原 因 以下 13 点，正是 分析师 认为当前人工智能资本开支增长无法持续的核心依据： 1. 未来人工智能的能耗将显著降低。 deepseek公司以及即将落地的脉冲神经网络就是有力例 证，这类神经网络在闲置时可自动停机以实现节能。深度求索公司，即便未采用英伟达的图形 处理器，也研发出了具备竞争力的大型语言模型。 7. 新技术落地周期远超预期。 自动驾驶领域的案例表明，这类技术要熟练应对复杂任务，所 需时间往往比预想中更长。 关键在于技术要能真正成熟可用。马斯克等人十年前就承诺推出自动驾驶汽车，而谷歌旗下的 自动驾驶公司Waymo出行，直至如今才 ...

整理 | 美股研究社 在这个快速 变 化的 时代， 人工 智能技术正以前所未有的速度发展，带来了广泛的机会 。 《AI日 报 》致力于挖掘和分析最新的AI概念股公司和市场趋势，为您提供深度的行 业 洞察和 价 值 分析。 A I 快 报 【Skild AI采购星动纪元灵巧手，全直驱技术成主流】 获软银与英伟达联合投资的美国具身智能独角兽Skild AI（估值140亿美元）敲定核心硬件选 型，正式采用中国企业星动纪元自研的全直驱五指灵巧手XHAND1作为末端执行器。此前，韩 国Rainbow Robotics、英国Humanoid AI及Extend Robotics等海外头部厂商均已采纳该方 案，标志着中国核心部件正式切入全球人形机器人高端供应链。 【AQ升级为"蚂蚁阿福"，发力"健康+"战略】 汤自研的日日新Seko系列模型，包括SekoIDX、SekoTalk等图像与视频生成多模态模型所构 建的技术底座。 七 巨 头 日 报 【 英伟达收购SchedMD 】 英伟达 今日宣布收购了总部位于犹他州的软件公司SchedMD，该公司为高性能计算和人工智 能提供开源工作负载管理系统。 SchedMD 被认为是 S ...

市场钟摆的摆动往往会走过头，且在两个方向上皆是如此。眼下，这种情况似乎正发生在甲骨 文公司（ORCL）身上。 在与 OpenAI 敲定巨额合作订单后，甲骨文的曾一度陷入非理性繁荣，众多投资者也纷纷上调 评级、转为看涨。 但分析师认为，经历此番下跌后，股价已充分反映了相关执行风险，因此重申对甲骨文的 强力 买入 评级。 【如需和我们交流可扫码添加进社群】 甲骨文最新季度财报显示，营收同比增长 14.2%，达到 161 亿美元，但这一数据未达 16% 的预期增速。 值得肯定的是，云计算业务营收同比大增 34%，超额完成 "增幅超 30%" 的业绩指引，目前 该业务营收占比已接近公司总营收的 50%。 | | | | | | Fiscal 2025 | | | | | | | | | Fiscal 2026 | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | Q1 | | Q2 | | Q3 | | Q4 | | TOTAL ...

以下文章来源于金十数据 ，作者金十数据 金十数据 . 金十数据官方服务号。汇聚金融投资行业的各类数据和资讯，数据资讯快、准、全。 来源 | 金十数据 特朗普政府的重要经济学家凯文·哈塞特（Kevin Hassett）在12月初曾是明显的领跑者，但前美联储理事凯文·沃什（Kevin Warsh）近来 已重新成为有力的竞争者。 预测市场Kalshi在周一下午给出沃什的胜算为48%，而哈塞特为41%。另一预测平台Polymarket显示沃什的胜率为49%，哈塞特为43%。 这场美联储职位竞争的格局变化，发生在特朗普上周五向《华尔街日报》表示他倾向于在"两个凯文"之间做出选择之后，也发生在华尔街重 量级人物——摩根大通首席执行官杰米·戴蒙（Jamie Dimon）发出支持沃什的信号之后。 此外，一些经济学家和美联储观察人士对哈塞特可能获得此职位表示担忧，称他过去对特朗普政策的拥护姿态过于明显，可能不适合领导以 独立性著称的美国央行。美国全国广播公司财经频道（CNBC）的一篇报道也称，能在总统面前说得上话的人士中，有人反对哈塞特的候选 资格，他们担心如果债券市场认为哈塞特是特朗普的"口袋人选"，可能会引发市场动荡。 研 ...

以下文章来源于硬AI ，作者专注科技产研的 硬AI . AI时代，快人一步~ 来源 | 硬AI 人工智能（AI）的万亿级数据中心热潮，正在催生一个全新的战场：外太空。科技亿万富翁埃隆·马 斯克和杰夫·贝佐斯，在火箭和卫星领域的长期竞争之后，正将赛道延伸至轨道AI数据中心，试图将 庞大的计算基础设施搬离地球。 12月10日，据《华尔街日报》援引知情人士报道，马斯克旗下的SpaceX计划使用升级版的"星 链"（Starlink）卫星来承载AI计算负载，并将此技术作为其股份出售的一部分进行推介，该计划可 能使SpaceX公司估值达到8000亿美元。与此同时，一位知情人士称，贝佐斯的蓝色起源（Blue Origin）也已组建一个团队，就轨道AI数据中心所需的技术进行了超过一年的研发。 这场竞赛的参与者远不止这两位巨头。 据报道，OpenAI的首席执行官Sam Altman也曾研究收购 火箭运营商的可能性，以在太空部署AI计算能力。谷歌等科技巨头同样在积极布局。这一新兴趋势 预示着AI和航天两大行业的潜在交汇，其核心驱动力在于解决AI在地球上日益增长的能源消耗难 题。 尽管支持者对利用太空无限太阳能的前景感到兴奋，但将 ...

Core Viewpoint - Adobe has delivered strong quarterly performance with double-digit revenue growth and a steady increase in Annual Recurring Revenue (ARR), yet the market perceives it as a mature company facing growth stagnation, leading to declining valuation multiples [1][2][6]. Financial Performance - In Q4 of FY2025, Adobe's revenue reached $6.19 billion, a 10% year-over-year increase, with non-GAAP earnings per share of $5.50, up 14% [4]. - The company generated over $10 billion in operating cash flow and completed nearly $12 billion in stock buybacks, reducing the number of outstanding shares by over 6% [5]. - The subscription business remains the core growth engine, with AI-driven revenue now accounting for over one-third of total business [5][15]. AI Integration and Growth - Adobe has fully integrated AI technology into its product suite, with a significant increase in the usage of generative credits, maintaining an ARR growth rate above 10% [2][5]. - The number of large customers with over $10 million in ARR has grown by over 25%, exceeding 150, and new order volumes have reached historical highs [5]. Market Position and Valuation - Adobe is compared to PayPal, as both companies hold leading positions in their respective fields and generate stable cash flows, yet both have seen valuation multiples contract due to competitive pressures [8][11]. - Adobe's ARR growth rate is projected at approximately 11% for FY2025 and 10.2% for FY2026, down from previous rates of 15%-20%, which supported higher growth valuations [11][12]. Competitive Landscape - Adobe faces intense competition from platforms like Canva and Figma, as well as Microsoft's Copilot and various large language models, which threaten its market position [11][12]. - The market's perception of Adobe has shifted from a "structural winner" to a "potentially disrupted traditional giant" [12]. Future Outlook - If Adobe can maintain an ARR growth rate above 10% and continue to commercialize AI effectively, its valuation could shift from a "stagnant growth software company" with a 15x P/E ratio to an "AI-enabled compounding business" with a 20-22x P/E ratio [17]. - The current P/E ratio relative to growth is below 1, indicating that Adobe is an attractive investment opportunity [18]. Strategic Direction - Adobe's strategy focuses on controlling the entire workflow and content supply chain rather than just providing one-off services, which is seen as a correct direction [20]. - The success of this strategy will ultimately determine whether Adobe can expand its competitive moat or if it will diminish [20]. Conclusion - Labeling Adobe as the "new PayPal" reflects an overly pessimistic market sentiment, while its core business fundamentals remain strong [23]. - If management executes its strategy effectively, maintaining a 10% ARR growth and a 45% profit margin, the current valuation may appear highly attractive in hindsight [24].

Group 1 - Disney has entered a three-year licensing agreement with OpenAI, allowing the use of over 200 characters and environments from Disney, Marvel, Pixar, and Star Wars for generating social short videos on the Sora platform. Disney will invest $1 billion in OpenAI and will utilize OpenAI's API and ChatGPT for new product development [5] - Elon Musk's xAI has partnered with the Salvadoran government to launch the world's first national AI education program, aiming to implement personalized AI tutoring across public schools in El Salvador over the next two years [6] - Eight leaders in the AI industry, including NVIDIA's CEO Jensen Huang and OpenAI's CEO Sam Altman, were named as "Persons of the Year" by Time magazine, highlighting their influence on the future of AI [7] Group 2 - SoftBank is exploring potential acquisitions, including data center operator Switch, with discussions ongoing regarding a valuation of approximately $50 billion for Switch [8] - Apple lost an appeal in its long-standing dispute with Epic Games, with the court ruling that Apple violated a lower court's order by charging developers a 27% commission on transactions outside the App Store [10] - OpenAI launched its advanced AI model GPT-5.2, which is expected to enhance user experience in various applications, while Google shares fell over 2% following the announcement [11][13] - NVIDIA plans to host a private summit addressing power shortages affecting data centers, indicating the impact of energy constraints on AI development [14] - Tesla's U.S. sales dropped to a near four-year low in November, despite the introduction of cheaper versions of its popular electric vehicles, with total sales declining nearly 23% year-over-year [15]

Core Viewpoint - Cisco has reached a historical high for the first time in over 25 years, closing at a price that surpasses its previous peak during the internet bubble [1]. Group 1: Cisco's Performance - Cisco's current market capitalization is $317 billion, significantly lower than its peak market cap of $550 billion in 2000 [2]. - Investors who bought Cisco stock at the 2000 peak are finally seeing a profit, although the current valuation is much lower than it was at that time [2]. Group 2: Comparison with Other Companies - General Electric (GE) also recently surpassed its historical high, reaching $314.28 in October before stabilizing around $280 [6]. - GE's current market cap has decreased by several hundred billion dollars compared to its 2000 valuation, and the company has undergone significant restructuring and asset divestitures over the past two decades [6]. - The current GE is focused on the aerospace sector, making it difficult to directly compare with its 2000 counterpart, which was a large diversified industrial group [6]. Group 3: Historical Context - The peak of the internet bubble occurred in March 2000, with the Nasdaq index reaching its highest point [6]. - Among the top ten companies by market capitalization in the Russell 1000 index at that time, only Microsoft has maintained a strong performance, with a cumulative increase of over 700% since its peak in late 1999 [7]. - Cisco and GE are the only two companies from that era that have recently returned to their historical highs, while Intel and Nokia have not yet recovered to their 1999-2000 peak prices [7].

以下文章来源于金十财经 ，作者金十小金 金十财经 . 每日8点，为您呈上金融投资行业的国际动态、财经数据和市场观察。 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：主席鲍威尔、副主席威廉姆斯、巴尔、鲍曼、柯林斯、库克、杰斐逊、穆萨莱姆以及沃勒。 投票反对的有米 兰，其倾向于在本次会议上将联邦基金利率目标区间下调1/2个百分点；以及古尔斯比和施密德，他们倾向于本次会议维持联邦基金利率目标 区间不变。 来源 | 金十财经 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 ...