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 OpenAI能否顺利完成新一轮巨额融资，已不仅是其自身的生存问题，更成为了决定整个AI板块交易逻辑的关键变量。 虽然市场传言显示OpenAI下一轮融资规模可能高达1500亿至1700亿美元，若该消息属实， 将确保其资金链维持至2030年，并有望推动整 个AI板块大幅上涨 。 然而，现实层面的不确定性正在增加。 据 华尔街见闻此前文章 称，黄仁勋1月31日明确澄清，尽管芯片巨头"绝对会参与"OpenAI的最新一轮融资，但金额绝非外界猜测的那样巨 大。 2月2日，据华尔街日报称， 这一资金缺口引发了连锁反应，直接冲击了为OpenAI提供算力的甲骨文。 甲骨文此前将与OpenAI签订的3000 亿美元合同计入剩余履约义务（RPO），支撑了其股价早前的飙升。 分析指出， 如今，随着核心投资方出资意愿的调整，投资者开始质疑OpenAI是否有能力支付这笔天文数字般的费用，以及甲骨文将其全额 计入账目的会计处理是否审慎。 报道指出，目前，甲骨文正面临两难境地： 一方面需通过发行股票筹集资金以捍卫其投资级信用评级，另一方面则需应对 ...

Core Viewpoint - Microsoft (MSFT) is perceived as a potential "safe stock" amid the current AI boom, but its stock recently plummeted nearly 12% following the release of its Q2 FY2026 earnings report, marking the largest single-day drop since the COVID-19 pandemic began [2][3] Group 1: Market Reaction and Performance - The recent drop in Microsoft's stock is seen as an overreaction by the market, driven by emotional responses rather than fundamental changes [6][23] - Despite the stock's decline, Microsoft's fundamentals remain healthy, with a forward P/E ratio of only 25.7, indicating attractive valuation [9][22] - The company's Q2 FY2026 results showed solid performance, with a significant increase in commercial orders, which rose 228% year-over-year, reflecting strong demand [14][23] Group 2: Capital Expenditure and Cash Flow - Microsoft’s capital expenditure as a percentage of total revenue rose to 46.1%, higher than analysts' expectations, raising concerns about potential impacts on return on investment [16][19] - The company reported a free cash flow loss of $1.7 billion in Q2 due to aggressive capital spending, which was anticipated by analysts [7][19] - Despite short-term cash flow pressures, analysts believe that once capital expenditure growth normalizes, free cash flow will rebound strongly [19] Group 3: Future Outlook - Microsoft's guidance for Q3 FY2026 indicates a projected revenue growth of 16.7% year-over-year, with Azure cloud services expected to continue growing, albeit at a slightly slower rate [11][21] - The significant backlog of commercial unfulfilled orders, totaling $625 billion with an average weighted duration of 2.5 years, supports a positive revenue outlook [14] - The current market sentiment reflects a reset of expectations, positioning Microsoft as the lowest valued among the seven major tech giants, suggesting a potential buying opportunity [22][24][25]

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 【摩尔线程 AI Coding Plan 上线】 据了解，红包只是千问 APP 春节攻势的一部分。昨日，千问宣布投入 30 亿启动"春节请客计 划"，这不仅是阿里历史上春节活动投入最大的一次，也是今年春节大厂 AI 大战中的最高手 笔。 与传统春节红包玩法不同，千问 APP 此次依托阿里生态，打通淘宝闪购、飞猪、大麦、盒马 等核心业务，用户在抢红包的同时，还能体验到用 AI 买电影票、订酒店、点奶茶等"说句话就 能办成事"的全新生活方式。 【 OpenAI 为苹果电脑单独推出 Codex 应用】 2 月 2 日， OpenAI 为其人工智能（ AI ）编程助手 Codex 推出了独立应用，目前已在苹果 电脑上可用，该应用暂时向所有使用苹果电脑的 ChatGPT 用户开放。 OpenAI 表示，该应用旨在让软件开发人员能够轻松地同时管理多个 AI 智能体（ AI Agents ...

Core Viewpoint - The upcoming earnings season is expected to provide significant insights into various sectors, including technology, healthcare, energy, consumer goods, real estate, and finance, with major companies set to report their quarterly results [2][3][5]. Technology Sector - Major tech companies such as Amazon (AMZN), Google parent Alphabet (GOOG, GOOGL), AMD, Qualcomm (QCOM), and others will report earnings, focusing on AI spending, cloud service demand, and advertising trends [2][3]. - Amazon is anticipated to show a profit increase of approximately 4% year-over-year, with revenue growth of about 12%, driven by resilient e-commerce and AWS cloud services [15][19]. - Google is expected to report a profit growth of around 23% and revenue growth of about 16%, with a significant focus on its Gemini AI applications and cloud service profitability [12][14]. Healthcare Sector - Pfizer (PFE) is projected to see a decline in both revenue and profit, with expectations of $25.6 billion in revenue and $1.58 in EPS [8][9]. - Analysts are divided on Pfizer's outlook, with some maintaining a "buy" rating due to its strong pipeline in oncology and vaccines, while others express concerns over profit margins and growth pressures [10][12]. Consumer and Media Sector - Companies like Disney (DIS) and PayPal (PYPL) will report earnings, with Disney expected to see a profit decline of about 10% year-over-year, but analysts remain optimistic about its long-term growth strategy [5][6]. - Disney's expansion into new markets, such as the Abu Dhabi theme park, is seen as a positive long-term investment [5][6]. Energy and Materials Sector - Key players like ConocoPhillips (COP) and Phillips 66 (PSX) will disclose earnings, reflecting the ongoing dynamics in the energy market [3]. Real Estate and Finance Sector - The earnings reports from companies like Simon Property Group (SPG) and Prudential Financial (PRU) will provide insights into the real estate and financial sectors' performance [3].

来源 | 美股投资网 美东时间1月30日周五，特朗普通过社交平台正式宣布，他将提名凯文·沃什（Kevin Warsh）为下一任美联储主席人选，接替任期将于2026 年5月届满的鲍威尔。 特朗普在帖文中称沃什是"备受尊敬、不会让人失望"的人选。 以下文章来源于美股投资网 ，作者StockWe.com 美股投资网 . 美国洛杉矶投资公司，TradesMax.com为美股投资者提供美股行情和投资策略的专业网站。一支有着多年华尔街投资银行工作经验的美籍分析师团队，提供 公司研究报告、美股交易技巧、美股软件、美股开户指南、微信客服niugu88，微博美股投资网 在提名消息发酵的同时，早盘公布12月PPI通胀数据，不仅同比增长3.0%超出预期，核心PPI更是飙升至3.3%，为近半年最大单月涨幅。这意 味着生产端价格压力并未明显缓解，再次打击了市场对快速降息的预期。 | Metric | Actual | Estimate | | --- | --- | --- | | PPI final demand (MoM) | +0.5% | +0.2% | | PPI ex. food, energy (MoM) | +0.7% ...

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 【Kimi K2.5成为OpenClaw首个宣布免费使用的主力模型】 在2月1日医疗人工智能协同创新论坛上，华为发布"行业AI梦工厂"智慧医疗专区，同时联合瑞 金医院发布RuiPath智慧病理一体机。具体而言，华为云将面向基层医院和医生，发布业界首 个智慧病理云边端解决方案，同时与爱康集团合作，面向个人打造健康管理智能体，同时打造 全国首个面向医疗行业的医疗AI社区。 【小鹏全球首款AI汽车正式开启海外大规模发运】 2月2日，新款小鹏P7+作为全球首款AI汽车，正式开启海外大规模发运，从江苏连云港启程， 销往全球18个国家。作为小鹏汽车首款面向全球的车型，2026款小鹏P7+在全球36国发布， 同步正在奥地利格拉茨工厂推进本地化生产，预计今年4月将在25个欧洲市场开始交付。 【2026支付宝集福新增"健康福"，由健康AI"蚂蚁阿福"发放】 2026年春节"支付宝集福啦"活动将 ...

Core Viewpoint - The article discusses the dramatic fluctuations in the precious metals market, particularly focusing on the unprecedented drop in silver and gold prices, which were driven by speculative trading and external market influences, including U.S. political developments [4][6][10]. Group 1: Market Dynamics - Silver prices experienced a historic drop of 26% in one day, marking the largest decline ever recorded, while gold fell by 9%, representing its worst single-day performance in over a decade [4]. - The surge in metal prices prior to the crash was attributed to speculative buying from various investors, including individual traders and large commodity funds, pushing prices to record highs [6][10]. - The trading environment was described as "parabolic" and "frenzied," with significant volatility observed, particularly during Asian trading hours [5][6]. Group 2: Influencing Factors - The immediate trigger for the price drop was the announcement of President Trump's intention to nominate Kevin Warsh to lead the Federal Reserve, which strengthened the U.S. dollar and led to profit-taking among investors [4][13]. - Concerns over the independence of the Federal Reserve and geopolitical tensions contributed to the rising prices of metals, as investors sought alternatives to the U.S. dollar [6][10]. - The trading volume for the iShares Silver Trust (SLV) surged to over $40 billion, making it one of the most actively traded securities globally, compared to its previous daily volume of less than $2 billion [7][10]. Group 3: Future Outlook - The market's recovery may depend on China's demand for metals following the recent sell-off, with traders observing the opening of the Shanghai Futures Exchange for signs of renewed interest [14]. - Despite the recent downturn, there is potential for a rebound as retail investors are expected to enter the market ahead of the Lunar New Year, although there is a cautious sentiment surrounding silver [14]. - New measures announced by several Chinese banks to mitigate risks associated with personal gold accumulation products may impact the broader trends in the global metals market [14].

作者 Envision Research ，内容为转载编译，仅为呈现不同市场观点与研究视角，并不意味着本公众号对文中观点结论认可。 对牛鞭效应不熟悉的读者可以先了解：这一效应指企业普遍会高估自身所需的库存规模，高估的原因多种多样，比如担心错失销售机会、对需 求判断过度乐观、担忧供应链中断等。 在分析师看来，这些因素都和亚马逊四季度表现高度相关 —— 四季度叠加假日购物季，同时关税不确 定性持续发酵。亚马逊上一季度大概率已出现牛鞭效应的核心迹象。 亚 马 逊 与 牛 鞭 效 应 首先，上一季度亚马逊的库存规模出现了明显攀升。 对于亚马逊这类成长型标的，分析师建议投资者像关注其他盈利指标一样重视库存数据， 这一思路源自投资大师彼得・林奇的核心观点： 和其他存在较多解读空间的财务数据不同，库存是一项歧义较低的指标。 林奇也曾阐述，库存水平是判断商业周期的关键信号。尤其对于周期 性行业，库存积压是明确的预警，意味着企业（或行业）在需求已经走弱的情况下仍在过度生产；反之，库存消耗则是行业复苏的早期信号。 在此背景下，我们来看亚马逊最新资产负债表中的财务数据： 公司库存规模近几个季度持续上行。2024 年第三季度，库存为 ...

Core Viewpoint - The article discusses the recent volatility in the gold and silver markets, highlighting significant price fluctuations and the factors driving these changes, including geopolitical tensions and market dynamics [4][5][7]. Group 1: Gold Market Analysis - Spot gold experienced a dramatic price movement, reaching a historical high of $5596.7 per ounce before dropping to $5105, resulting in a nearly $500 daily fluctuation [4]. - The largest single-day drop in gold was recorded at $319, following a previous record increase of $240 [5]. - Analysts suggest that investors are using precious metals to offset losses in other assets, with a rebound in the dollar adding pressure to gold prices [5][7]. Group 2: Market Sentiment and Technical Indicators - The relative strength index (RSI) for gold surged above 90, indicating potential overbought conditions, while silver's RSI reached around 84 [8]. - Market analysts express concerns about a possible correction due to the bubble-like conditions and the dominance of liquidity over fundamentals [8]. - Geopolitical tensions, concerns over the independence of the Federal Reserve, and rising government budget deficits have significantly contributed to the surge in gold prices since the beginning of 2023 [8]. Group 3: Future Price Predictions - UBS Global Wealth Management maintains that gold remains an attractive asset and a strong hedge, predicting that gold prices could reach $6200 per ounce in the first three quarters of the year due to increased investment activity [9]. Group 4: Margin Adjustments - The Chicago Mercantile Exchange (CME) announced an increase in margin requirements for certain gold and aluminum futures contracts, effective January 30 [10][11]. - Additionally, the margin for COMEX copper futures was raised by 20% to $12,000 [12].

Core Viewpoint - The article discusses the rapid development of artificial intelligence (AI) technology and its implications for various industries, highlighting both opportunities and risks associated with AI adoption. Group 1: AI Disruption and Risks - Jon Gray, President of Blackstone, emphasizes that the greatest risk posed by AI is the rapid disruption of specific industries, citing examples such as JPMorgan using AI to replace proxy advisory services [5] - Blackstone is actively assessing the risks associated with AI disruption, while also recognizing the potential for AI to drive significant productivity gains and enhance profit margins across many sectors [5] Group 2: Power Supply Risks - A report indicates that up to 151 million Americans face a high risk of power shortages or blackouts in the next five years due to extreme weather, fragile natural gas systems, and surging electricity demand [6] - The North American Electric Reliability Corporation (NERC) highlights that the threat level has significantly increased compared to the previous year, driven by aging infrastructure and the overload from expanding data centers [6] Group 3: Mergers and Acquisitions - SpaceX is reportedly considering a merger with Tesla or xAI, reflecting Elon Musk's strategy to integrate his business ventures [7][8] - Investors are pushing for the feasibility of a merger between SpaceX and Tesla, as well as a potential integration with xAI before an initial public offering (IPO) [8] Group 4: Software Sector Concerns - Concerns over AI disrupting traditional software licenses and workflows have led to a bear market for software stocks, with ServiceNow experiencing a 10% drop [9] - The North American Technology Software Index ETF (IGV) fell by 5.4%, marking its largest single-day decline since April 2025, and has dropped approximately 22% from recent highs, indicating a formal entry into bear market territory [9] Group 5: Major Corporate Developments - Amazon is reportedly in talks to invest up to $50 billion in OpenAI, with the latter's valuation potentially reaching $830 billion [12] - Apple reported first-quarter revenue of $143.76 billion, exceeding expectations with a 16% year-over-year growth, driven by strong iPhone sales [13][14]