Vanguard’s senior economist Shaan Raithatha warns that the AI capital expenditure boom may carry “hidden risks”.Hyperscalers are on track to borrow more than $400 billion this year to fund their AI buildouts. That is more than double the $165 billion raised through debt markets across all of 2025.Vanguard’s economist points to the concern that strong moats and cash flows may be masking the true scale of AI debt exposure; with special purpose vehicles, off-balance-sheet financing and long-term lease obligati ...

The market is really concerned about one thing right now: artificial intelligence (AI) spending. It's understandable; many of the AI hyperscalers are dumping a boatload of money into this technology, and there hasn't really been a return on investment. The market would rather see some of that money go toward proven technologies or strategies that can provide a return on capital. I think AI will provide that, but investors have to be patient. The market isn't usually a patient entity. For the most part, e ...

(Bloomberg) --Berkshire Hathaway Inc. slashed its holding in Amazon.com Inc. by more than 75% in the fourth quarter, while also building a stake in the New York Times Co. — Warren Buffett's last new bet as chief executive officer. Processing ContentThe conglomerate acquired 5.1 million shares of the media publishing company in the three months through December, a stake worth $351.7 million at year-end, according to a regulatory filing Tuesday. Berkshire first bought a stake in Amazon in 2019. Buffett, 95, ...

Core Insights - Amazon has discontinued its Blue Jay warehouse robotics project shortly after its introduction, indicating not all robotic initiatives are successful [1][2] Group 1: Blue Jay Project - Blue Jay was a multi-armed robot designed for sorting and moving packages, unveiled in October for same-day delivery facilities [2] - The development of Blue Jay took only about a year, significantly faster than previous robots, attributed to advancements in AI [2] - The project was launched as a prototype, which was not clearly communicated in the initial press release [3] Group 2: Future Plans - Amazon plans to utilize the core technology from Blue Jay in other robotics manipulation programs, reallocating employees who worked on Blue Jay to different projects [3][4] - The company continues to innovate in robotics, having introduced the Vulcan robot, which is designed for storage compartments in warehouses and can interact with objects using advanced sensory technology [4] Group 3: Robotics Development History - Amazon has been developing its internal robotics program since acquiring Kiva Systems in 2012, which laid the groundwork for its fulfillment operations [7] - The company surpassed 1 million robots in its warehouses as of July last year, showcasing its significant investment in automation [7]

分析师认为，亚马逊云服务与零售业务均处在推动并受益于技术进步与消费行为变化的有利位置。展望 未来，亚马逊存在两大关键催化剂，有望推动估值修复并重塑投资者对其ROIC的信心。 其一是亚马逊云服务有望实现30%以上的增长并保持强劲的订单积压。尽管短期增长仍受算力与数据中 心投放节奏制约，分析师对其底层需求充满信心，并看好持续加码的数据中心投资对中长期增长的支撑 作用。其二是"代理式电商"。摩根士丹利认为，亚马逊将通过AI购物助手Rufus扩大垂直领域优势，并 与OpenAI、Gemini、Meta(META.US)等横向代理形成协同，凭借全面准确的商品与价格比较、丰富的 SKU与高效配送，进一步提升消费者使用价值与渗透率。 摩根士丹利分析师Brian Nowak及其团队指出，亚马逊目前股价约对应2027年GAAP每股收益19倍，隐 含约20%的前瞻盈利增长率；按PEG口径计算，较同业折价约40%。尽管市场对AI相关资本开支的投资 回报率(ROIC)仍存疑虑，该行认为，亚马逊在其覆盖的公司中是"最被低估的GenAI(生成式人工智能)赢 家"。 智通财经APP获悉，摩根士丹利表示，亚马逊(AMZN.US)仍是其首选标 ...

Core Insights - Both AWS and Amazon's retail business have significant opportunities to leverage AI for financial gains [1] Group 1 - AWS is positioned to benefit from AI advancements, enhancing its cloud services and offerings [1] - The retail segment of Amazon can utilize AI to improve customer experience and operational efficiency [1]

When Jeff Bezos said that one breakthrough technology would shape Amazon’s destiny, even Wall Street’s biggest analysts were caught off guard. Fast forward a year and Amazon’s new CEO Andy Jassy described generative AI as a “once-in-a-lifetime” technology that is already being used across Amazon to reinvent customer experiences. At the 8th Future Investment Initiative conference, Elon Musk predicted that by 2040 there would be at least 10 billion humanoid robots, with each priced between $20,000 and $25,000 ...

Group 1 - Tech stocks are showing signs of recovery as dip buyers return, with notable companies like Apple and Amazon involved in this rebound [1] - The software sector's valuations were considered stretched prior to the recent market drawdown, indicating potential corrections in stock prices [2] - There is uncertainty regarding the allocation of capital expenditures (CapEx) towards memory versus real capacity, with a reported 60% growth in CapEx raising concerns about its impact on revenue growth [3] Group 2 - A shift in how companies are judged is occurring, with new metrics such as token consumption being introduced to assess long-term revenue visibility [4] - Companies that can demonstrate revenue visibility through new metrics like token consumption or backlog may see their multiples improve, while others may remain in a "penalty box" until they do [5]

U.S. equity markets are showing robust momentum during midday trading this Wednesday, February 18, 2026, as investors shake off recent "AI fatigue" in favor of a renewed focus on economic resilience. A wave of better-than-expected economic reports released this morning has bolstered confidence in a "soft landing" scenario, even as the market braces for the release of the Federal Open Market Committee (FOMC) minutes later this afternoon.Major Indexes Show Broad GainsAs of midday, the major market indexes are ...

北京时间2月19日凌晨，美股周三午盘维持涨势，科技股领涨。交易员正等待美联储最新政策会议纪要 的公布。 道指涨258.53点，涨幅为0.52%，报49791.72点；纳指涨267.29点，涨幅为1.18%，报22845.68点；标普 500指数涨51.96点，涨幅为0.76%，报6895.18点。 英伟达股价走高。周二有报道称，Meta Platforms宣布将在其数据中心建设中使用数百万块英伟达芯 片。 此外，同为"科技股七巨头"成员的亚马逊上涨约1%，此前监管文件显示著名投资者比尔-阿克曼的潘兴 广场（Pershing Square）基金在第四季度将其在这家电商巨头的持股增加了65%。这使得亚马逊成为该 基金的第三大重仓股。 在此之前，亚马逊遭遇连续九天的下跌。从2月2日到上周五，该股市值下跌了约18%，创下自2006年以 来最严重的连跌纪录，市值蒸发超过4500亿美元，原因是投资者质疑其人工智能支出计划的价值。 美光科技收到关注，此前著名对冲基金经理大卫-泰珀（David Tepper）的Appaloosa Management增持这 家芯片制造商。 作为美联储偏爱的通胀指标，PCE将让人们更深入地了解 ...