重磅数据搅动美联储降息前景。 北京时间12月16日晚间，美国劳工统计局一次性公布了10月和11月的非农就业数据，其中显示，美国11 月失业率却意外升至4.6%，创下2021年9月以来的新高。有分析称，这很可能是促使美联储进一步降息 的关键因素。 非农数据公布后，交易员押注美联储2026年将降息两次。据CME"美联储观察"，美联储明年1月降息25 个基点的概率一度升至26.6%，数据公布前这一概率为22%。受此影响，美元指数直线跳水，一度跌破 98，为10月6日以来首次。美股三大指数集体低开后，震荡分化，纳指拉升翻红，大型科技股多数收 涨。 另据最新消息，美国总统特朗普将于当地时间周三面试另一位美联储主席候选人——美联储理事克里斯 托弗·沃勒（Christopher Waller）。在所有被考虑的美联储主席人选中，沃勒在《华尔街日报》10月对经 济学家的调查中被评为首选，华尔街普遍对沃勒评价较高。 重磅数据出炉 从修正数据来看，美国就业市场正加速"降温"。美国8月非农新增就业人数由-0.4万人修正至-2.6万人； 9月份非农新增就业人数由11.9万人修正至10.8万人。这意味着，美国8月和9月新增就业人数合计下 ...

Group 1 - Investors are concerned about the high valuations in the AI industry, leading to cautious trading and a collective decline in the three major U.S. stock indices on Monday, with the Dow Jones down 0.09%, S&P 500 down 0.16%, and Nasdaq down 0.59% [1] - The sell-off in AI infrastructure stocks continues, with major companies like Broadcom and Oracle experiencing significant declines. Broadcom's stock fell 5.59% and Oracle's stock fell 2.66% on Monday, marking a four-day decline of over 18% for Broadcom and 17.7% for Oracle [5] - Oracle's AI infrastructure business is increasingly reliant on debt financing, raising concerns about the potential for debt growth to outpace profit growth [5] Group 2 - European investors expect the Bank of England to cut interest rates by 25 basis points this week, boosting market risk appetite and leading to gains in banking and retail stocks. The UK stock market rose by 1.06%, France by 0.70%, and Germany by 0.18% [7] - International oil prices fell, with light crude oil for January delivery closing at $56.82 per barrel, down 1.08% [8]

Market Performance - The major U.S. stock indices showed mixed results, with the Nasdaq slightly up while the S&P 500 fell for the third consecutive day [1] - The Dow Jones Industrial Average closed at 48,114.26, down 302.30 points (-0.62%), while the Nasdaq rose by 54.05 points (+0.23%) to 23,111.46, and the S&P 500 decreased by 16.25 points (-0.24%) to 6,800.26 [2] Sector Performance - Large technology stocks experienced gains, with Tesla rising over 3%, reaching a historic high and increasing its market value by $48.5 billion (approximately 341.5 billion RMB) to $1.63 trillion, surpassing Broadcom to become the seventh-largest company in the U.S. by market capitalization [2] - The oil and energy sectors faced significant declines, with British Petroleum dropping over 4% [2] - Cryptocurrency and computer hardware sectors saw notable increases, with Hut 8 rising nearly 4% and Strategy and SanDisk both up over 3% [2] Chinese Stocks - The Nasdaq Golden Dragon China Index fell by 0.34%, with several Chinese stocks experiencing declines, including Yipeng Energy down 6.5% and Lingzhang Portal and Xiaoying Technology both down over 4% [2] - Conversely, Dingdong Maicai surged over 11%, Pony.ai increased by over 7%, and Zhihu rose by over 3% [2] Commodity Market - The oil market experienced a significant drop, with WTI crude oil futures falling below $55 per barrel for the first time since February 2021, closing down over 2.8% [3][4] - Year-to-date, WTI crude oil futures have declined approximately 22%, marking the worst annual performance since 2018, while Brent crude has dropped nearly 20%, the worst since 2020 [4] Cryptocurrency Market - Following a significant drop, the cryptocurrency market saw a near-total rebound, with Bitcoin rising above $87,000, up 2.21% [6] - Despite the rebound, analysts suggest that Bitcoin may soon reach new lows, potentially falling below $80,000 [5]

Core Viewpoint - The market reaction to Broadcom's (AVGO.US) and Oracle's (ORCL.US) earnings reports was considered an overreaction, with UBS raising its revenue expectations for Broadcom's AI semiconductor business, projecting revenues to exceed $60 billion in fiscal year 2026, nearly tripling year-over-year [1][4]. Group 1: Earnings and Market Reaction - Broadcom's stock experienced a significant decline, losing 17% over two days following the earnings report [1]. - UBS held an investor meeting with Broadcom's management, which led to an upward revision of performance expectations based on management's comments regarding AI semiconductor revenue [1][3]. Group 2: Order Backlog and Revenue Projections - The company reported an AI business order backlog of $73 billion, covering an 18-month period, but management indicated that actual delivery timelines would be closer to 12 months [4]. - In Q4, total order backlog increased by 50% quarter-over-quarter, with AI semiconductor orders doubling; excluding a new $11 billion order from Anthropic, the remaining backlog still increased by $20-25 billion, primarily from Google and Meta [4][9]. - Broadcom anticipates that the $21 billion rack order for Anthropic may be delayed until fiscal year 2027 due to preparation progress [4][7]. Group 3: Profit Margins and Business Segments - The company reaffirmed that the gross margin for its XPU business is approximately 55%, while the AI networking business has a gross margin of about 80% [5][8]. - The overall gross margin for the $21 billion revenue from racks is expected to fall within the 45%-50% range due to the inclusion of resale components [5]. - Broadcom's management expressed confidence that AI business revenue growth in fiscal year 2026 will exceed current market expectations, with revenue projections for fiscal year 2027 raised to $135 billion, surpassing market consensus by 2% [6][8]. Group 4: Market Dynamics and Strategic Outlook - Broadcom noted a trend where AI labs are capturing more market share that was originally expected to be enterprise-level AI markets, as companies increasingly opt for services from providers like OpenAI and Anthropic rather than fine-tuning large models themselves [10]. - The company is open to flexible monetization models for custom chips, including potential licensing agreements, which could enhance overall gross and operating profit margins [10].

Market Overview - The US stock market continued to decline on December 16, with ongoing volatility despite better-than-expected employment data for November [1] - The November non-farm payrolls increased by 64,000, contrasting with a decrease of 105,000 in October, while the unemployment rate rose to 4.6%, the highest since 2021 [1] Employment Data Insights - The Bureau of Labor Statistics (BLS) did not release the October unemployment rate due to data collection issues caused by a government shutdown [1] - Analysts suggest that the weak employment report supports previous rate cuts but does not provide strong backing for significant future easing [1][1] Federal Reserve Outlook - The employment report is expected to intensify debates within the Federal Reserve, as current data is heavily influenced by disruptions [1] - The next inflation data is anticipated to be a key market driver entering the new year [1] Oil Market Dynamics - WTI crude oil futures fell below $55 per barrel for the first time since February 2021, with intraday declines exceeding 3% [3] - The oil market is on track for its worst annual performance in nearly seven years, with WTI down approximately 22% year-to-date [6] Gasoline Prices - Gasoline prices in the US have dropped below $3 per gallon, marking a four-year low [7] - The decline in oil prices is attributed to OPEC+ members increasing production after years of cuts and the potential for reduced geopolitical risks, particularly regarding peace negotiations between Ukraine and Russia [7]

投AI & 全球配置会员闭门直播 下载小帮知道APP，看直播更流畅 本页内容不构成任何形式的投资建议或推荐。投资有风险，交易需谨慎！ 风险提示 & 声明 请注意，所有内容不构成任何形式的投资建议或 ◎川帮规划 本页内容不构成任何形式的投资建议或推荐。投资有风险，交易需谨慎！ 创始人介绍 小帮规划创始人、CEO ℃ 小帮规划 · 哈佛大学统计学硕士 · 师从诺贝尔经济学奖得主- "期权之父"罗伯特·莫顿 曾就职于国际顶尖金融机构（摩 根士丹利〟德意志银行、雪湖资 本）,项目累计超过50亿美元 16年专业投资经验 7年投资者教育及家庭资产规划 ● 服务经验 具备证券、投顾、基金从业资格、 ● 推荐，各位观众需要作出自己的投资判断。 9小帮以及小帮合作的任何IP无法保证用户100%artV ωιές l 超规划 © 川梨规划 瓣视辣钱。 投资有风险，交易需谨慎! 重点内容"*** 主要内容;科研 1、甲骨文、博通业绩 2 2、特斯拉Robotaxi、甲骨文数据中心、英伟达订单最新情况 3、美联储降息的关联事件进展 4、中国、印度、日本宏观经济数据分析 ω段 (○川碧柳圳 新产品运行， ◎川帮规划 (6)) 以下基金 ...

Core Viewpoint - Broadcom's impressive AI growth is overshadowed by concerns regarding profit margins, leading to a significant decline in stock value despite strong sales performance [1][2]. Financial Performance - In the fiscal fourth quarter, Broadcom reported revenue growth of 28% year-over-year, reaching just over $18 billion, with semiconductor solutions revenue increasing by 35% and infrastructure software revenue by 19% [6]. - AI semiconductor revenue surged by 74% year-over-year in the same quarter, with expectations to double to $8.2 billion in fiscal Q1 2026 [7]. Profitability Concerns - Management indicated that the growing AI segment, while boosting sales, is expected to dilute gross profit margins, projecting a one percentage point decrease in gross margin for fiscal Q1 compared to the previous quarter [8][9]. - Adjusted EBITDA is forecasted to be about 67% of revenue for the quarter, down from 68% in fiscal Q4 [8]. Market Valuation - Broadcom's market capitalization stands at $1.6 trillion, with a forward price-to-earnings ratio of approximately 36, raising concerns about the sustainability of its valuation given the anticipated gross margin pressure [10][12]. - The company generated $26.9 billion in free cash flow in fiscal 2025, returning $17.5 billion to shareholders, including a 10% increase in quarterly dividends to $0.65 per share [10][11]. Investment Outlook - The current stock price around $340 leaves little room for disappointment, suggesting that a more favorable entry point would require either a significant reduction in valuation or several quarters of better-than-expected results [12][13].

Group 1 - Broadcom Inc. (NASDAQ:AVGO) has had its price target raised by Truist from $365 to $500, maintaining a Buy rating, citing a strong earnings performance and higher guidance [1] - The company's fiscal fourth quarter revenue reached a record $18.01 billion, representing a 28% increase year-over-year, with adjusted EPS climbing 37% to $1.95, surpassing Wall Street expectations [1][2] - Revenue associated with AI surged 74% year-over-year, marking the 11th consecutive quarter of accelerating growth, driven by high demand for AI-related products [2] Group 2 - CEO Hock Tan reported unprecedented demand for Broadcom's AI accelerators, AI switches, and other data center products, highlighting significant customer activity [2] - AI start-up Anthropic placed a substantial order of $11 billion, following a previous $10 billion order, indicating strong market interest in Broadcom's offerings [2]

Just like there’s an app for everything, there’s an ETF for every market need. And that’s very good news for investors who, like me, see big technology stocks as three things right now: Iconic, and deservedly so Highly appreciated as a group, though some more than others Very vulnerable to a correction, or worse My old adage is that “any stock can go up in value at any time, for any reason. The difference between one stock and another, or one ETF and another, is the degree to which big-loss poten ...

Core Insights - Astera Lab (ALAB) and Broadcom (AVGO) are key players in the AI infrastructure market, focusing on high-speed connectivity solutions like PCIe and CXL retimers and switches [1][2] - The AI Infrastructure Market is projected to grow from $87.60 billion in 2025 to $197.64 billion by 2030, with a CAGR of 17.71% [2] Astera Lab (ALAB) Overview - Astera Lab is experiencing broad-based demand across its product lines, particularly in Scorpio P-Series fabric switches and Aries PCIe 6 retimers, with the latter contributing over 20% of third-quarter revenues [3][10] - The company is expanding its portfolio to meet the growing demands of AI infrastructure, including plans to deliver custom connectivity solutions using its COSMOS architecture and new photonic chiplet capabilities [4] - UA Link presents a significant growth opportunity, combining PCIe memory semantics with Ethernet speed, expected to generate a multibillion-dollar market opportunity by 2029 [5] - ALAB has a strong partner base, including Microsoft, NVIDIA, AMD, Micron Technology, and Intel, enhancing its market position [6] Broadcom (AVGO) Overview - Broadcom is enhancing its presence in the PCIe retimers market with advanced solutions that improve signal quality and extend PCIe connection reach [7] - The company reported a 65% year-over-year growth in AI revenue for fiscal 2025, reaching $20 billion, driven by AI semiconductors and infrastructure software [8] - Broadcom's AI networking segment has a $10 billion order backlog for AI switches, contributing to a total AI-related order backlog of $73 billion in the fourth quarter of fiscal 2026 [9][10] - Innovative products, such as the Brocade X8 Directors and Brocade G820 switch, are crucial for Broadcom's expansion in enterprise AI applications [11] Stock Performance and Valuation - In the past six months, ALAB shares gained 54.6%, while AVGO shares increased by 36.2%, with ALAB's outperformance attributed to its diversified product portfolio [12] - Both ALAB and AVGO shares are currently considered overvalued, with ALAB trading at a forward Price/Sales ratio of 21.11X and Broadcom at 18.02X [14] - The Zacks Consensus Estimate for ALAB's 2025 earnings is $1.78 per share, indicating a 111.90% year-over-year rise, while Broadcom's estimate is $9.20 per share, reflecting a 34.90% year-over-year increase [16] Conclusion - Both ALAB and AVGO are well-positioned to benefit from the growing AI infrastructure market, but AVGO is seen to have higher growth potential due to its substantial AI backlog and diversified revenue streams [20] - Astera Labs' strong fundamentals and expanding partnerships reinforce its leadership in connectivity solutions, while Broadcom's robust order backlog and innovative products support its market position [20][21]