Core Viewpoint - Goldman Sachs warns that Friday's short covering only addressed about 20% of the recent short positions backlog, indicating a potential for larger rebounds on Monday unless short sellers double down on their bearish stance [1][9]. Group 1: Market Dynamics - This week, the U.S. market experienced unprecedented volatility across asset classes, driven by a massive short-selling campaign by hedge funds, which culminated in a brutal short covering on Friday [1][3]. - According to Goldman Sachs' prime brokerage data, hedge funds recorded the highest single-day short selling of U.S. stocks since 2016, with a short-to-long ratio reaching 2.5 to 1 [3][4]. - The short-selling wave affected not only the stock market but also precious metals and cryptocurrencies, leading to significant declines in gold, silver, and Bitcoin [3]. Group 2: Sector Analysis - The information technology sector was the worst performer, with short selling reaching the second-largest scale in the past five years, and a short-to-long ratio of 5.4 to 1 [5]. - The software industry was particularly hard hit, accounting for 75% of the net selling in the information technology sector, while semiconductor and IT services saw net buying [6]. - Eight out of eleven sectors experienced net selling, with the largest dollar-denominated declines in information technology, consumer discretionary, consumer staples, industrials, and real estate [4]. Group 3: Market Sentiment and Recovery Signals - A key turning point in market sentiment occurred on Thursday, with institutional investors beginning to buy into the IGV (software sector ETF), which saw a 12% increase on Wednesday, marking the largest single-day increase of 2023 [7]. - Following this, Friday's market saw a significant short covering rally, with Goldman Sachs' most shorted stock basket surging 8.8%, the second-largest single-day increase since 2022 [8][9]. - Despite the rally, Goldman Sachs cautions that only about 20% of the short positions were covered, suggesting that further short covering could continue [9].

Core Viewpoint - Hims & Hers Health Inc's stock plummeted 12.6% after the FDA issued a warning regarding the sale of unapproved compounded GLP-1 drugs, indicating a significant regulatory challenge for the company [1]. Regulatory Actions - The FDA is taking decisive actions against companies like Hims & Hers that sell compounded drugs as alternatives to approved treatments, aiming to protect consumers from unverified products [3]. - The FDA's intervention follows Hims & Hers' aggressive expansion, including the launch of a compounded semaglutide tablet priced at $49 per month, which the company claims is designed to enhance absorption [3]. - The FDA has warned that companies cannot claim unapproved compounded products are equivalent to FDA-approved drugs, indicating a tightening of regulations [3]. Competitive Landscape - Novo Nordisk, the manufacturer of the popular drug Wegovy, has responded by labeling Hims & Hers' new product as "unapproved, misleading, and untested," and plans to take legal and regulatory action against the company for "illegal mass compounding" [3]. - Novo Nordisk emphasizes that it remains the only manufacturer producing a legally approved oral semaglutide tablet using proprietary absorption technology [3]. Company Positioning - Hims & Hers executives argue that their platform provides essential accessibility and personalized services for patients who prefer non-injection methods [4]. - The company claims to have invested years in building the necessary infrastructure to offer personalized options to patients [4]. - The FDA's recent stance indicates an escalation in actions against misleading direct-to-consumer advertising, following previous warnings about unverified claims regarding compounded drugs [4]. Market Implications - The regulatory crackdown creates a volatile environment for telehealth investors, as Hims & Hers faces significant survival threats since its inception [5]. - The market is closely monitoring whether the FDA will follow through on its threats of legal action without prior notice, which could impact Hims & Hers' promised affordability [5].

Core Viewpoint - A portion of institutional funds is beginning to enter the market for "bottom-fishing" in software stocks that have recently experienced significant declines, agreeing with Jensen Huang's positive outlook on software stocks, suggesting that the market has misjudged strong software giants focused on "AI + core operational processes" [1][4] Group 1: Market Dynamics - The narrative of a "Software-mageddon" is gaining traction, with significant sell-offs in the software sector following the launch of new AI tools by Anthropic, leading to a notable drop in the S&P 500 Software & Services Index, which has fallen approximately 30% since its recent peak at the end of October [3][9] - The software sector faced its most severe sell-off since 2022, with the S&P 500 Software & Services Index experiencing a decline of over 5% in a single day, extending its losing streak to eight consecutive trading days [3][9] - Concerns about AI's impact on traditional SaaS business models have intensified, particularly following the introduction of Anthropic's AI tools, which are designed to handle complex workflows traditionally managed by SaaS providers [7][8] Group 2: Institutional Perspectives - Some institutional investors are starting to view the recent sell-off as an opportunity, believing that high-quality software companies embracing AI may soon experience a technical rebound [4][10] - Analysts from major financial institutions, including Goldman Sachs and Wedbush Securities, suggest that the selling pressure may have peaked, indicating potential for a market bottom and a return of institutional capital to the software sector [16][18] - Rick Sherlund, a prominent analyst, emphasizes that the software industry undergoes significant transformations every 10 to 15 years, and the current AI-driven changes may lead to a new bull market rather than a decline [20] Group 3: Long-term Outlook - Despite fears that AI could completely replace enterprise software, many analysts believe that AI will instead reshape the profitability trajectories of software companies, with a focus on enhancing existing platforms rather than replacing them [12][14] - The market's panic over AI's potential to disrupt software is viewed as exaggerated, with many analysts asserting that established companies with robust platforms, like SAP, will likely benefit from AI advancements [5][19] - The ongoing transition from consumer-facing AI applications to enterprise applications is expected to drive explosive growth in demand for reasoning and computational capabilities [20]

Why Asia Can't Undo Decades of Falling Fertility Rates 作者：丹尼尔·莫斯是彭博观点专栏作家，主要报道亚洲经济。此前，他曾担任彭博新闻社经济版 执行编辑。 摄影师：罗斯兰·拉赫曼/法新社/盖蒂图片社 新加坡已收到警告。这个城邦国家长期以来一直在努力提高生育率。但尽管政府出台了一系列激 励措施，夫妇们对生育更多子女没有兴趣。 大多数发达国家都面临着同样的挑战。 超低生育率 是快速发展和生活水平提高的必然结果。 韩国、日本、中国的生育率都远低于2.1，人口学家认为，2.1是社会自我维持的临界值。 乏实质性提升的情况下，如此低的生育率引发了人们对移民、机器人技术和人工智能等因素的深 刻思考。此外，新加坡人口老龄化问题日益严重；政府已发出警告，新加坡很快将成为一个"超 老龄化"社会。 与日本、韩国和中国不同，新加坡致力于吸引所需劳动力，尤其是在其视为战略要地的行业，例 如科技、工程和金融。在某些重要方面，新加坡比其他同类国家更有优势应对挑战。 然而，这种 优势也存在局限性：自2011年选举失利以来，执政党一直强调，人口增长不会以牺牲公民就业 为代价。 政府就此放弃 ...

由于道指采用价格加权方式计算，这些股价较高的成分股，对指数的影响力明显高于按市值加权的指数。此外，波音近期股价同样持续走强，也 对道指形成支撑。 回顾走势，自2024年5月首次站上4万点后，道指虽经历阶段性震荡，但整体趋势向上。根据道琼斯市场数据，这是该指数历史上最快完成从4 万点到5万点的1万点跨越。强劲的企业盈利、展现韧性的美国经济，以及去年美联储的降息举措，共同推动了整体股市重心上移。 Bolvin Wealth Management Group总裁Gina Bolvin表示，道指突破5万点"与其说是庆祝，不如说是一次确认"。她指出，市场已经适应了更 高利率、更慢的增长节奏以及全球不确定性，却仍能继续走高，这表明投资者信心真实存在，2026年的市场焦点将更多回归企业基本面，而非 货币政策。 周五，美股全面走强，道琼斯工业平均指数大涨逾1200点，涨幅约2.5%，盘中首次突破5万点整数关口，收报50,115.67点，创下历史新高。 自2025年底以来，美股涨势逐步由科技板块向更广泛领域扩散，这一趋势显著利好道指成分股。尽管道指同样包含英伟达(NVDA.US)、苹果 (AAPL.US)和微软(MSFT.US ...

Core Viewpoint - Biogen's forecast for 2026 profits exceeds Wall Street's average expectations, indicating that significant cost-cutting measures are mitigating the impact of declining sales from its multiple sclerosis (MS) products [1][3]. Financial Performance - Biogen reported Q4 2025 total revenue of approximately $2.279 billion, a year-over-year decline of 7%, but still above Wall Street expectations. Adjusted earnings per share (EPS) were $1.99, also exceeding analyst forecasts [4]. - For the full year 2025, total revenue reached $9.891 billion, reflecting a 2% year-over-year increase, with adjusted EPS at $15.28, down 7% year-over-year, both surpassing Wall Street expectations [4]. - The company anticipates a mid-single-digit percentage decline in overall revenue for 2026, continuing the operational pressure on its MS treatment business [3][4]. Product Performance and Pipeline - The revenue from new drugs, particularly Leqembi, is crucial for Biogen's growth. In 2025, combined revenue from Leqembi, Skyclarys, Zurzuvae, and Qalsody approached $1 billion [4]. - Leqembi's sales in Q4 2025 were approximately $134 million, up from $121 million in the previous quarter, but growth is constrained by systemic bottlenecks in the healthcare system [5][7]. - Biogen is focusing on reducing reliance on neuroscience by enhancing its rare disease portfolio through acquisitions and shifting research emphasis towards immunology [6][9]. Strategic Initiatives - CEO Chris Viehbacher has implemented strict cost discipline, including job cuts and the removal of certain drugs from the development pipeline, to support new product growth [7]. - The company is seeking FDA approval for a subcutaneous administration of Leqembi, which could improve accessibility and differentiate it from competitors [9]. - Biogen is also awaiting key trial data for several experimental drugs, including a new Alzheimer's treatment and litifilimab for lupus, which could further diversify its product offerings [10].

SemiAnalysis分析指出，Claude Code已占据GitHub代码提交的4%，预计2026年底超20%，标志着AI智能体技术进入规模化商用拐点。它正重构全 球15万亿美元的信息工作市场，并推动Anthropic季度营收增量超越OpenAI。传统软件商业模式面临根本冲击，而微软等巨头陷入平衡云服务增长与保 护核心产品的战略两难。智能体竞争已从生成响应转向实现可交付成果，整个行业正转向效率为王的实战阶段。 该报告强调， Claude Code不仅改变了编程形态，更预示着AI智能体将重塑全球约15万亿美元的信息工作市场。 目前，Anthropic依托该技术实现营收 快速增长，其季度年度经常性收入（ARR）增量已超越OpenAI，反映出AI智能体赛道的竞争格局正发生结构性变化。 这一趋势已引发产业链的深度响应。埃森哲已签署协议，计划在金融、医疗及公共部门培训3万名专业人员使用Claude，成为目前规模最大的企业级部 署案例。与此同时， 传统软件与SaaS商业模式面临根本性挑战。 分析指出，相当多的领域都将受到影响。 随着Claude Code（和Cowork）的兴起，智能体的总市场规模远大于大型语言模型本 ...

Core Viewpoint - The CEO of Nvidia, Jensen Huang, emphasized that the current surge in AI infrastructure spending is driven by extremely high computational demands, marking it as the largest infrastructure build-out in human history. He believes that as long as people continue to pay for AI, companies will profit from it [1][3]. Group 1: AI Infrastructure Spending - Huang stated that the capital expenditure in AI infrastructure is reasonable, appropriate, and sustainable, with a projected total of approximately $650 billion from major clients like Meta, Amazon, Google, and Microsoft by 2026, representing a 60% increase from 2025 [5][8]. - The spending from these four companies is expected to surpass the GDP of many medium-sized economies, with Meta's capital expenditure potentially rising by 87% to $135 billion [5][8]. - Nvidia's stock rebounded significantly after Huang's comments, with a daily increase of over 7.7%, reversing a five-day decline [3]. Group 2: Profitability and Demand for AI - Huang indicated that AI companies are starting to become profitable, and the demand for AI infrastructure will continue for the next seven to eight years. He noted that AI has become "very useful and very powerful" with a high adoption rate [6][7]. - Specific examples were provided, such as Meta transitioning its recommendation systems to generative AI, and Amazon's AWS utilizing Nvidia chips to enhance product recommendations [7]. - Huang highlighted that Nvidia's GPUs, including older models, are still in demand, reflecting ongoing needs for AI computational power [7]. Group 3: Market Reactions and Concerns - Despite the optimism from Huang, there are significant concerns among investors regarding the efficiency of AI investments and potential overcapacity, leading to a market sell-off that resulted in a loss of approximately $1.35 trillion in market capitalization for major tech companies [5][10]. - Analysts have drawn parallels between the current software industry and the newspaper industry during the internet boom, suggesting that the software sector may face similar disruptions [5]. - The market sentiment is influenced by fears surrounding the massive capital expenditures required for AI development and the uncertainty of returns, with some analysts questioning the economic viability of these investments [10][11].

这些监管评论是在诺和诺德股价周三在哥本哈根暴跌17%之后发出的，此前该公司提前发布了2026年的悲观展望。 诺和诺德预计2026年的销售额和营业利润将下降5%至13%，这一前景远弱于分析师预期。 首席执行官Mike Doustdar在一份声明中表示："2026年，诺和诺德将在日益竞争激烈的市场中面临定价压力。" 他补充道："然而，我们对Wegovy片剂在美国推出后的早期良好接受度感到非常鼓舞，我们仍然相信我们有能力在未来几年推动销量增长。" 这一展望标志着该公司的明显转变，自2021年Wegovy推出以来，该公司的收入和利润已连续多年实现两位数增长，推动了减肥治疗需求的激 增，并使诺和诺德在2024年成为欧洲市值最高的上市公司。诺和诺德表示，其预测面临的压力反映了实际定价下降——特别是在美国——竞争 加剧，以及司美格鲁肽（Wegovy和Ozempic的活性成分）在美国以外某些市场的专利到期。 丹麦制药商诺和诺德公司(NYSE:NVO)(CSE:NOVOb)股价周五大幅上涨，收复了前两个交易日的部分重挫损失，此前美国食品药品监督管理局(FDA)表 示将打击大规模推广未获批准的仿制药。 该公司的美国存托凭证(AD ...

Core Viewpoint - Kongsberg Gruppen's stock surged significantly after reporting strong fourth-quarter results that exceeded market expectations, driven by continued defense demand across its business segments [1][3]. Financial Performance - The fourth-quarter revenue reached 16.8 billion Norwegian Krone, approximately 5% higher than market consensus, while operating profit soared to 2.46 billion Krone, about 22% above expectations [3]. - The operating profit margin expanded to 14.7%, compared to the market forecast of around 12.7% [3]. - The defense and aerospace segment showed exceptional performance, with sales increasing by 44% year-on-year to 7.9 billion Krone, surpassing consensus expectations by nearly 6% [3]. - Operating profit for the defense and aerospace segment rose to 1.48 billion Krone, with a profit margin of 18.7%, significantly higher than the market expectation of approximately 15% [3]. Demand and Orders - Analyst Marie-Ange Riggio from Morgan Stanley noted that the quarterly performance was driven by strong demand for missiles and air defense systems, highlighting a favorable project portfolio that supported profitability [3]. - The defense and aerospace segment received approximately 22.5 billion Krone in orders during the quarter, resulting in an order-to-sales ratio of about 2.8 times [3]. - The group's order backlog reached a record 157 billion Krone by year-end, providing nearly three times the sales coverage, with around 125 billion Krone from the defense and aerospace segment and 98 billion Krone specifically related to missiles and air defense systems, indicating robust demand in this area [3]. Maritime Sector Performance - The maritime segment also delivered solid quarterly results, with revenue of 7.6 billion Krone, approximately 6% above consensus expectations, and operating profit of 836 million Krone, slightly exceeding forecasts [3]. - Aftermarket activities remained a key driver, accounting for over half of the segment's revenue [3]. Future Outlook - The company did not provide formal guidance but indicated that it expects to secure good orders and maintain steady growth through 2026 [4]. - Riggio emphasized the strong performance in the fourth quarter of 2025, which exceeded market consensus, but noted the need for more financial information regarding two entities that are crucial to the stock narrative [5].