超微Q1业绩不及预期，股价大跌8.72%。对于疲软营收，公司归因于设计订单升级，导致部分预期收入从第一季度转移到2026财年第二季度。超微宣布 近期已获得超过120亿美元的设计订单，公司维持全年业绩预期不变，并重申2026财年营收至少达到330亿美元。 23日，人工智能服务器制造商超微电脑表示，目前预计Q1营收为50亿美元，而此前的预测为60亿至70亿美元。根据伦敦证券交易所汇编的数据，分析 师此前预计该公司第一季度营收为65.2亿美元。公司将销售额下降归因于设计订单升级，导致部分预期收入从第一季度转移到2026财年第二季度。 美股盘中，公司股价下挫，跌超6%，盘前跌幅一度超10%。 尽管营收未达预期，但超微宣布近期已获得超过120亿美元的设计订单 ，客户已要求在第二季度交付。该公司还报告称，其Nvidia GB300、B300、 RTX Pro和AMD 355X LC产品的需求"强劲"，这些产品已开始发货。 "超微新发布的 AI 液冷解决方案获得了客户的高度认可，众多关键客户正在加大跨季度的大规模部署力度。我们看到客户需求正在加速增长，我们的 AI 市场份 额也在不断扩大，我们重申 2026 财年营收至少 ...

特朗普政府正计划深度介入关键科技领域，考虑以联邦资金换取IonQ等多家量子计算公司的股权。此举延续了其"政府即股东"的产业政策，旨在让纳税 人分享高科技发展的红利，此前已通过类似方式入股芯片巨头英特尔。 特朗普政府或计划将其对关键经济领域的干预提升至新高度，通过谈判获取多家量子计算公司的股权，以换取联邦资金支持。 10月22日，据媒体援引知情人士消息，包括IonQ、Rigetti Computing和D-Wave Quantum在内的多家公司，正在与美国商务部就此展开谈判。作为获 得专项技术资金的协议的一部分，政府将成为这些公司的股东。据悉，讨论中的最低资金额度为每家公司1000万美元。 这一动向是特朗普政府一系列"政府即股东"举措的最新例证。特朗普与商务部长卢特尼克此前已明确表示，既然纳税人的资金为企业提供了财务支持和 官方背书，政府就理应分享其上行收益。此前的案例包括今年8月，政府同意将向芯片巨头英特尔提供的近90亿美元拨款转为股权，从而获得其近10% 的股份。 对于投资者而言，政府的潜在入股为高速发展的量子计算行业带来了双重信号。一方面，这被视为对该行业战略价值的强力认可，可能吸引更多资本关 注；另一方 ...

马斯克的AI帝国梦想依旧宏大，但其步伐正变得更为谨慎。尽管他将特斯拉的未来描绘为由AI和"机器人军队"主导，但他同时推迟了Optimus机器人的 量产表，原计划为今年量产。Robotaxi服务的扩张计划也从"覆盖50%美国人口"收窄至8到10个城市。 特斯拉的未来不再仅仅是电动汽车。在10月22日的第三季度财报电话会议上，首席执行官马斯克几乎没有花时间讨论汽车市场，而是将叙事重心彻底 转向人工智能、自动驾驶出租车（Robotaxi）和人形机器人擎天柱Optimus，宣称公司正处于将AI带入现实世界的"关键拐点"。 然而，马斯克也同时下调Optimus和Robotaxi的近期推进目标，显示出即便是最激进的技术愿景，在落地时也必须面对现实挑战。 他预计，到2025年底，特斯拉将在奥斯汀的部分地区移除Robotaxi内的安全驾驶员，并 将该服务扩展至8到10个城市，较此前覆盖50%美国人口的目 标明显收窄 。同时，专为完全自动驾驶设计、不含方向盘和踏板的Cybercab计划于2026年第二季度开始生产。 对于Optimus，马斯克给出了一个更为谨慎的更新时间表， 其生产线启动时间推迟至2026年底前 。他直言不讳地 ...

Core Viewpoint - The appointment of Japan's first female Prime Minister, Sanae Takaichi, is expected to drive valuation expansion in the Japanese stock market through growth strategies, corporate governance reforms, and improvements in ESG ratings, potentially doubling the price-to-earnings (P/E) ratio [1][3][4]. Group 1: Morgan Stanley's Analysis - Morgan Stanley predicts that if the government implements growth strategies and corporate governance reforms, the expected growth rate of companies could increase by 0.5 percentage points, while the cost of capital could decrease by 0.5 percentage points, leading to a potential doubling of the expected P/E ratios for the Nikkei Index and TOPIX [4][5]. - The growth strategies advocated by the Liberal Democratic Party and the Japan Innovation Party are expected to enhance corporate earnings growth expectations and expand P/E ratios through market-friendly policies such as fiscal stimulus, tax cuts, deregulation, and innovation support [4][5]. - Morgan Stanley emphasizes the significance of improving ESG ratings, suggesting that Takaichi's leadership may reduce Japan's ESG risk premium, potentially attracting foreign investors back to Japanese stocks as a signal of commitment to governance reforms [5][6]. Group 2: Citigroup's Perspective - Citigroup highlights that despite the ruling coalition not having a majority in both houses, support from smaller conservative parties and independents allows Takaichi's government to effectively push policies, which are expected to drive the Japanese stock market upward [7][8]. - The bank maintains its forecast that the TOPIX index will reach 3,400 points by December 2025 and 3,500 points by March 2026, while the Nikkei 225 index is projected to hit 51,000 points and 52,500 points in the same timeframe, viewing 50,000 points as merely a "checkpoint" rather than a terminal point [3][10]. - Citigroup outlines key policy expectations from Takaichi's government, including tax relief for families facing income declines, investment promotion in growth sectors, and measures to stabilize wages and prices, which could potentially boost the Japanese economy and stock market [8][9].

周杰伦在社交媒体喊话好友魔术师蔡威泽"再不出现你就完了"，因上亿元新台币比特币投资纠纷。蔡 威泽代操比特币投资后，以"账户被锁定"为由拒绝提领，随后失联，还款本票成空头支票。业内猜测 蔡威泽失联或与10月加密货币暴跌、全网爆仓190亿美元有关，疑似高杠杆炒币爆仓后无法交代。事件 凸显加密货币代持风险。 据媒体报道，周杰伦已通过律师启动法律程序。这起纠纷凸显了加密货币代持的法律灰色地带——私 钥控制即资产控制，一旦账户权限被他人掌握，资产就会彻底脱离实际所有人掌控。 这一事件为加密市场参与者敲响警钟。在区块链世界里，"不是你的钥匙，不是你的币"的警示再次得 到验证，即便是明星投资者也难以幸免于熟人代持的陷阱。 从挚友到债主的戏剧性转变 近日，周杰伦在社交媒体上公开喊话多年好友、魔术师蔡威泽，一句"再不出现，你就完了"将一场涉 及上亿元新台币（约2321万元人民币）的比特币投资纠纷推向公众视野。 据媒体报道，日前，这位流行天王通过Instagram发布寻人动态，称 这位"把自己也变不见的魔术 师"已彻底失联 。蔡威泽此前为周杰伦代操比特币投资，但在2025年初以 "账户被技术问题锁定"为由 拒绝提领资产 ，随后从 ...

Core Viewpoint - Beyond Meat is experiencing a speculative trading frenzy, driven by news of Walmart expanding its distribution, despite the company's ongoing struggles with declining sales and significant debt issues [1][5][10]. Group 1: Stock Performance and Trading Activity - On October 22, Beyond Meat's stock price surged by 112% during trading but ultimately closed down 1.1% at $3.58, although it recorded a weekly gain of over 450% [3][5]. - Over 2 billion shares of Beyond Meat were traded on Wednesday, making it the second most traded stock in the U.S. market, with options trading reaching an all-time high [2][3]. - A record 1.9 million call options contracts were traded on Tuesday, with some bets predicting the stock price could rise to $9 or even $40 [6]. Group 2: Company Challenges and Analyst Sentiment - Beyond Meat has faced three consecutive years of declining sales, and its stock price has dropped significantly since its IPO, which saw initial enthusiasm for plant-based meat alternatives [10][11]. - Analysts remain skeptical about the company's future, with no buy ratings and multiple sell and hold ratings, indicating a lack of confidence in the stock's recovery [5][10]. - The company recently announced a debt swap agreement that led to a significant dilution of shareholder equity, causing the stock price to plummet by 49% [5][11]. Group 3: Market Dynamics and Retail Investor Behavior - The recent trading activity has been characterized by a resurgence of retail investor enthusiasm, particularly on platforms like WallStreetBets, where discussions about a potential short squeeze have gained traction [7][9]. - Approximately 64% of Beyond Meat's tradable shares have been sold short, indicating a high level of bearish sentiment among institutional investors [7]. - The expansion of distribution through Walmart, which includes a new six-pack value offering, was seen as a potential catalyst for stock price recovery, although analysts caution that consumer sentiment towards meat alternatives remains a significant hurdle [8][9].

当被问及在订单达到特定门槛时是否会扩大生产能力时，GE Vernova CEO的回答并非百分之百的肯定。其次，他预计电力和电气化业务的资本支出将 在明年达到顶峰，这暗示着增长轨迹可能比一些观察家预期的更短。 触发此次抛售的核心，是投资者对Strazik在电话会上言论的解读。在AI电力需求空前高涨、公司订单应接不暇的背景下，市场原本期待管理层释放更为 激进和乐观的信号。 晨星分析师Castelli指出，Strazik的两个表态让投资者感到不安。 一场由AI引爆的电力需求盛宴，正因行业龙头的一席"谨慎"言论而遭遇寒流。 作为AI电力基础设施热潮中的核心受益者，GE Vernova周三公布的季度业绩超出预期， 但首席执行官Strazik在电话会议中关于产能扩张的表态不够坚 决，并透露电力和电气化业务的资本支出将在明年见顶，这暗示增长周期可能比部分投资者预期的更短。 这番言论令市场神经紧绷。GE Vernova股价在盘中一度暴跌9%，创下六个月来最大单日跌幅，最终收跌超过1.5%，市值一日蒸发。这股抛售潮迅速 蔓延至整个AI供电概念板块，同行Vertiv Holdings Co.和Eaton Corp.股价分别一度下 ...

Core Strategy and Business Progress - The core strategy of the company is to implement artificial intelligence in the real world, positioning itself as a leader in the real-world AI sector with the highest industry intelligence density. Key business advancements include the launch of Full Self-Driving (FSD) and Robotaxi, which are set to fundamentally change transportation patterns. The energy storage business, including Powerwall and Megapack, aims to enhance energy output efficiency through grid storage. The updated corporate mission is "sustainable prosperity," focusing on creating a world without poverty and ensuring quality healthcare for all through Optimus and autonomous driving technology [1]. Financial and Delivery Performance - In Q3 2025, the company achieved record-breaking figures in delivery volume, deployment, total revenue, energy business gross profit, energy business profit margin, and free cash flow. Delivery volume growth was driven by strong performance across regions, with Greater China up 33%, Asia-Pacific up 29%, North America up 28%, and Europe, the Middle East, and Africa up 25%. The primary growth driver was the new Model Y series, with 2025 being designated as the "Year of Model Y" [1]. Robotaxi Business - Robotaxi operations are improving, with Austin achieving operations without a safety driver and accumulating over 250,000 miles. The Bay Area still has safety drivers in place, with over 1 million miles driven. The company plans to remove safety drivers in Austin by the end of the year and expand to 8-10 metropolitan areas. The total mileage for supervised FSD usage has reached 60 billion miles, demonstrating excellent safety performance. The main barrier to unsupervised FSD deployment is regulatory approval, with ongoing discussions with regulators in China and Europe [3][4]. FSD Technology and Upgrades - FSD V14 features a new software architecture prioritizing safety, with initial versions potentially lacking in smoothness, which will be optimized in future updates. The core algorithms and architecture for Robotaxi and consumer FSD are aligned, with minor functional differences. Future upgrades will enhance reasoning capabilities and optimize parking decisions through Tesla's Reality Simulator [4]. Production Capacity and Expansion Plans - The company plans to reach an annual production rate of 3 million units within 24 months, with the Cybercab model, optimized for full autonomous driving, expected to launch in Q2 2026. The demand for unsupervised autonomous driving is anticipated to drive user purchases without the need for additional incentives. The company does not plan to sacrifice short-term profits for scale, as long-term growth is expected to enhance profitability through scale effects and technological premiums [7]. Energy Storage Business - Demand for Megapack and Powerwall remains strong, with orders extending into next year. The Megablock product has received high customer recognition and will begin shipping from the Houston factory in 2026. The demand in the AI and data center sectors is significantly increasing, with Megapack becoming a key choice for large-scale data centers and utilities due to its ability to enhance grid reliability [9]. Financial Performance and Capital Expenditure - In Q3 2025, automotive business revenue grew by 29% quarter-over-quarter, with a slight increase in profit margin from 15% to 15.4%. This growth was driven by material cost optimization and economies of scale. The capital expenditure for 2025 is projected at approximately $9 billion, with a significant increase expected in 2026 to support business expansion and AI initiatives [15][16]. Other Business Segments - The service and other business segment showed significant improvement in Q3, primarily due to enhancements in insurance and service center operations. This segment includes costs related to Robotaxi operations, paid supercharging, used car sales, and parts sales [17]. Shareholder Meeting and Proposals - The core voting matters for the shareholder meeting on November 6 include two compensation proposals and the re-election of three directors. The company seeks shareholder support for these proposals to ensure the stability of its long-term strategic initiatives, particularly concerning key projects like Optimus [20].

高盛认为，当前的抛售主要是由投机性头寸平仓和白银市场的溢出效应导致，并非基本面恶化。真正的"聪明钱"，包括各国央行、超高 净值人士和长期资产配置机构在内的结构性买盘仍在持续流入。而由于大型机构投资者配置需求的苏醒，4900美元/盎司的目标价甚至 存在"上行风险"。 追风交易台消息，10月22日，高盛分析师Lina Thomas和Daan Struyven发表研报， 重申其2026年底4900美元/盎司的目标价，并强 调这一预测甚至存在"上行风险" 。 高盛认为，当前的抛售主要是由投机性头寸平仓和白银市场的溢出效应导致，并非基本面恶化。真正的"聪明钱"，包括各国央行、超 高净值人士和长期资产配置机构在内的结构性买盘仍在持续流入。 高盛进一步强调由于大型机构投资者配置需求的苏醒，4900美元/盎司的目标价甚至存在"上行风险"。周三现货黄金一度跌至4000美 元关口上方，但随后受支撑反弹。 尽管本周黄金价格一度累跌超8%，但高盛依然保持坚定的看涨立场。 报告进一步揭示了金价未来更大的潜在驱动力，即 大型长期资本配置者的持续入场 。 与投机性资金的快进快出形成鲜明对比，高盛强调，支撑金价长期走牛的"粘性"（stick ...

PrimaLend Capital Partners专注于为次级借款人服务、向汽车经销商提供融资。该公司的主要客户 是"边卖车边放贷"的汽车经销商，这类经销商主要面向低收入借款人。据其网站显示，该公司的产品 包括应收账款、房地产和汽车库存融资。 根据提交给德克萨斯州北区法院的文件，PrimaLend披露的资产和负债均低于5亿美元。知情人士透 露，债权人包括加拿大帝国商业银行（CIBC）和阿马里洛国家银行（Amarillo National Bank）。两 家机构均拒绝对此置评。 PrimaLend公司表示，已在破产法院寻求出售其业务，并将在破产程序中继续为自身的借款人提供贷 款和服务。公司还称，已从现有贷款方获得破产融资承诺。 PrimaLend Capital Partners在与债权人谈判数月、未能按时支付利息后申请破产，成为美国经济中 面向低收入消费者领域最新出现的压力信号。PrimaLend的破产申请发生在另一家"边卖车边放贷"经 销商Tricolor Holdings破产的几周之后。摩根大通首席执行官戴蒙上周警告称，信贷领域可能会出现 更多问题，当你看到一只蟑螂，通常还会有更多。 当地时间周三，总部 ...