英伟达、微软、亚马逊商谈投资 OpenAI。 ...

亚马逊五月扩大OpenAI云 服务器租赁合作。 ...

Core Insights - Nvidia, Amazon, and Microsoft are in discussions to invest up to $60 billion in OpenAI [1] Group 1 - The potential investment amount of $60 billion indicates significant interest from major tech companies in the AI sector [1]

（原标题：?全球最大主权财富基金"恐高"? 2025年下半年减持英伟达(NVDA.US)等美国科技巨头） 智通财经APP获悉，根据挪威政府最新公布的一份持仓清单，规模高达2.2万亿美元的挪威主权级别财 富基金在2025年下半年减持了美国股市最大规模科技巨头股票仓位，其中包括其长期以来的第一大持仓 ——即AI芯片超级霸主英伟达(NVDA.US)。截至年末，负责管理该基金的挪威央行投资管理公司 (Norges Bank Investment Management，NBIM)已削减其前四大科技巨头持仓，除英伟达外还包括苹果公 司(AAPL.US)、微软公司(MSFT.US)以及谷歌母公司Alphabet(GOOGL.US)。 该主权财富基金将芯片巨头英伟达的持股比例从6月底的1.32%降至年末的1.26%，同时将微软的持股比 例从1.35%降至1.26%，但是这两家科技巨头仍是该基金最有价值的前五大投资之一，其后依次为 Alphabet和云计算与电商巨头亚马逊公司(AMZN.US)。苹果则是该主权财富基金第二大投资。作为简化 投资组合战略的一部分，该主权财富基金退出了摩尔多瓦、冰岛等国股市，同时选择新增约旦和巴拿 ...

Summary of Earnings Call Company and Industry - **Companies Mentioned**: STX (Seagate Technology), ASML, TXN (Texas Instruments), QRVO (Qorvo) - **Industry**: Technology, specifically focusing on data storage, semiconductors, and electronics Key Points and Arguments STX (Seagate Technology) - **Earnings Performance**: - Revenue of $2.83 billion, up 22% year-over-year, compared to a previous quarter's growth of 21% and market expectations of $2.74 billion, which was approximately 18% growth [7][6] - EPS of $3.11, exceeding market expectations of $2.83; Non-GAAP gross margin at 42.2% vs. expected 40.8% [7] - **Market Commentary**: - Management described an "exceptionally strong" data center environment, expecting demand to offset typical seasonal declines [9] - Nearline capacity fully allocated through CY26, with plans to accept orders for 1H27 [12] - **Pricing Trends**: - Revenue per TB remains stable with a modest increase in $/TB expected to continue, indicating a potential shift in pricing dynamics [12] - **Growth Drivers**: - Incremental storage-server demand linked to AI workloads, with data centers remaining the core driver of growth [9] TXN (Texas Instruments) - **Earnings Performance**: - Q4 revenue of $4.423 billion, up 10.4% year-over-year, aligning with market expectations [24][26] - Q1 guidance midpoint of $4.50 billion, indicating a 2% quarter-over-quarter increase and 10.6% year-over-year growth [24] - **Market Commentary**: - Management expressed optimism about industrial recovery and data center strength, with improving orders and backlog [23] - Data center business expected to grow approximately 70% year-over-year [26] - **Pricing Trends**: - Management anticipates low single-digit price declines (~2-3%) in 2026, emphasizing the impact of annual negotiations [26] QRVO (Qorvo) - **Earnings Performance**: - Q4 revenue and EPS were better than expected, but Q1 guidance was approximately 12% below market expectations [32][35] - **Market Commentary**: - Management attributed revenue gaps to weakness in Android and planned exits from lower-margin models [35] - Concerns about the sustainability of profitability amidst declining Android sales and competition [41] - **Growth Drivers**: - Focus on transitioning to higher-quality, more durable programs, with expectations of gross margins above 50% despite revenue declines [42] ASML - **Earnings Performance**: - Stock price increased by 5% due to bookings of €13 billion, significantly exceeding expectations [45] - **Market Commentary**: - Management highlighted strong progress with customers and revenue guidance implying 4-20% year-over-year growth for 2026 [46] - **Growth Drivers**: - Continued demand in semiconductor capital expenditures, with a focus on high-volume manufacturing tools [46] Additional Important Insights - **Market Sentiment**: - The overall sentiment in the technology sector appears positive, driven by strong earnings reports and optimistic guidance from key players [1][2] - **Investment Considerations**: - The discussions around pricing stability and growth in data center demand suggest potential investment opportunities in companies like STX and TXN, while QRVO faces challenges that may impact its valuation [18][22][42]

贾西指出，尽管亚马逊去年初已预判关税冲击并提前备货，但库存已在秋季消耗殆尽，新一轮补货使美国关税影响显现在商品成本中。 此外，贾西在论坛期间透露，不同卖家应对美国关税策略各异：有的将成本转嫁消费者，有的自行吸收维持销量，还有的采取折中方式。亚马逊平台正与分 销商协作，试图将价格维持在"消费者可接受的最低水平"。 近日，亚马逊首席执行官安迪·贾西在达沃斯世界经济论坛上首次公开承认，美国加征关税已对平台商品价格产生实质性影响。这一表态标志着亚马逊平台 正式迎来价格调整期，美国关税成本正逐步传导至消费者端。 然而，零售业务利润率本就有限，行业营业利润率通常处于中等个位数区间。若商品成本整体上涨10%，内部消化空间非常有限。 值得注意的是，这颠覆了亚马逊此前释放的信号。过去一年，亚马逊多次强调美国关税影响有限，并通过扩大品类、提升履约效率对冲风险。但现实是，美 国关税已成为不可忽视的因素。 甚至2025年4月，亚马逊曾考虑在售价中单独标注"关税费用"，因白宫批评而搁置。这种政策不确定性，要求卖家更具应变能力。 在消费者端，贾西观察到美国市场仍具韧性，消费者持续购物但更青睐高性价比商品，对高价非必需品趋于谨慎。这种消费 ...

智通财经APP获悉，根据挪威政府最新公布的一份持仓清单，规模高达2.2万亿美元的挪威主权级别财富基金在2025 年下半年减持了美国股市最大规模科技巨头股票仓位，其中包括其长期以来的第一大持仓——即AI芯片超级霸主英 伟达(NVDA.US)。截至年末，负责管理该基金的挪威央行投资管理公司(Norges Bank Investment Management， NBIM)已削减其前四大科技巨头持仓，除英伟达外还包括苹果公司(AAPL.US)、微软公司(MSFT.US)以及谷歌母公 司Alphabet(GOOGL.US)。 该主权财富基金将芯片巨头英伟达的持股比例从6月底的1.32%降至年末的1.26%，同时将微软的持股比例从1.35%降 至1.26%，但是这两家科技巨头仍是该基金最有价值的前五大投资之一，其后依次为Alphabet和云计算与电商巨头亚 马逊公司(AMZN.US)。苹果则是该主权财富基金第二大投资。作为简化投资组合战略的一部分，该主权财富基金退 出了摩尔多瓦、冰岛等国股市，同时选择新增约旦和巴拿马。 在几乎同一时期，该主权基金对美国资产的总体敞口并未显著下降：到2025年末其大约52.9%资产仍在美国 ...

21世纪经济报道新质生产力研究院综合报道 早上好，新的一天又开始了。在过去的24小时内，科技行业发生了哪些有意思的事情？来跟21tech一起 看看吧。 【巨头风向标】 马云最新发声：AI时代不要再犹豫用不用AI，而是怎么教孩子用好AI 近日，在马云乡村公益基金会"腊八之约"活动上，马云通过视频的方式，和乡村教师们聊起了一个困惑 的话题：AI时代，乡村教育会不会被AI甩下？"AI时代，不要再犹豫用不用AI，而是怎么教我们的孩子 去用好AI。有了AI，我们的教育，不再是让孩子去和AI比拼计算和记忆，而是让孩子保持好奇，好奇 心才是算力的源泉。因为AI时代的鸿沟其实不是技术的鸿沟，而是好奇心、想象力、创造力、判断力 和协同能力的鸿沟。"马云说。他认为，AI时代未来的教育不是让孩子背得更多，记得更多，而是让他 们想得更有趣，想得更有创意，想得更加独特。"AI时代，我们的教育不是让一千个学生给出同样一个 正确的答案，而是让一千个学生学会提出一万个不同的好问题。"马云说。据悉，马云乡村教师计划是 由马云公益基金会于2015年发起的公益项目，通过资金支持与专业培训提升乡村教育质量，每年评选 100名教师，每人提供10万元资 ...

Microsoft Corp.'s spending surged to a record high and cloud sales growth slowed, sending the shares down sharply amid investor concerns that it could take longer than expected for the company's AI investments to pay off.Capital expenditures for the fiscal second quarter hit $37.5 billion, up 66% from a year earlier and exceeding analyst estimates for $36.2 billion.The Azure cloud-computing unit posted a 38% revenue gain during the quarter when adjusting for currency fluctuations, just meeting analysts' pro ...

Core Viewpoint - Amazon has announced a significant layoff of approximately 16,000 corporate positions, marking the second round of large-scale layoffs since October of the previous year, totaling around 30,000 positions in three months, which represents about 10% of its corporate and tech workforce [1][3][4] Group 1: Layoff Details - The layoffs are part of a broader strategy to streamline management layers and enhance accountability within the organization, as stated by Amazon's Senior Vice President Beth Galetti [1][4] - Affected employees in the U.S. will receive a 90-day transition period to find new roles, and those who do not secure a new position will receive severance pay and benefits [1][4] - The layoffs primarily affect white-collar positions across key sectors such as Amazon Web Services (AWS), retail, Prime Video, and human resources [5][6] Group 2: Financial Implications - Amazon's Q3 2025 financial report indicates that the company has incurred $1.8 billion in special expenses related to the layoffs, which is a significant financial burden [4] - The company's Q3 net sales increased by 13% year-over-year to $180.2 billion, exceeding market expectations, while net profit reached $21.2 billion, showing a nearly 40% increase [7][8] - AWS revenue grew by 20% year-over-year to $33 billion, marking the strongest growth since 2022, highlighting the importance of this segment in Amazon's overall strategy [7] Group 3: Strategic Shift - CEO Andy Jassy is focused on reshaping Amazon's corporate culture to eliminate bureaucracy and operate more efficiently, akin to a large startup [5][6] - The layoffs are seen not only as a cost-cutting measure but also as a necessary step to flatten the organizational structure and adapt to changing market conditions [5][10] - Amazon is significantly increasing its capital expenditures, raising its full-year guidance to $125 billion, with a focus on AI and data center investments, indicating a strategic pivot towards future technologies [8][9] Group 4: Industry Context - The trend of layoffs is not isolated to Amazon; the tech industry has seen approximately 700,000 layoffs over the past four years, reflecting a broader shift towards efficiency rather than growth [9][10] - Other tech giants, such as Meta and Pinterest, are also reallocating resources towards AI, indicating a collective industry movement towards optimizing operations in response to economic pressures [9][10]