黄仁勋发表这番言论之前，英伟达的主要客户 Meta、亚马逊、谷歌和微软在过去两周内相继公布了最 新财报。它们告诉投资者，计划大幅增加在人工智能基础设施方面的投入。 来源：环球网 【环球网科技综合报道】2月7日消息，英伟达 CEO黄仁勋在节目中表示，科技行业在人工智能基础设 施方面不断增长的资本支出是合理、适当且可持续的。原因在于所有这些公司的现金流都将开始增长。 华尔街对支出激增的反应不一，Meta和Alphabet的股价上涨，但亚马逊和微软的股价却受到冲击。 黄仁勋说："只要人们继续为人工智能付费，人工智能公司能够从中获利，它们就会不断翻倍、翻倍、 翻倍、翻倍。"（思瀚） ...

Group 1 - The core point of the article is that major tech companies, including Amazon, Google, Microsoft, and Meta, are significantly increasing their capital expenditures for 2026 to a total of $660 billion, which is a 60% increase from 2025 and more than double the spending in 2024 [1] Group 2 - Amazon's capital expenditure is projected to reach $200 billion, exceeding market expectations by $50 billion, which led to an 8% drop in its stock price during pre-market trading [3] - Microsoft reported a staggering 66% increase in quarterly data center spending and revealed a significant risk exposure to OpenAI, with 45% of its $625 billion future cloud contracts linked to the startup, raising concerns about over-reliance on a single client [5] - Alphabet, Google's parent company, plans to double its capital expenditure to $185 billion despite its annual revenue surpassing $400 billion, which negatively impacted its stock price [5] Group 3 - Despite strong growth in cloud business revenues and a 14% increase in total annual revenue to $1.6 trillion, market sentiment remains pessimistic, with analysts noting that the scale of spending is "staggering" [6] - Analysts believe that high capital expenditures indicate that AI strategies will take longer to yield returns, leading to a shift in investor sentiment from initial "AI frenzy" to a "mini pause," with a focus on profit statements [6] - Apple emerged as a winner by outsourcing most of its AI infrastructure costs through an agreement with Google, adopting a "pay-as-you-go" model, resulting in a capital expenditure of only around $12 billion last year, which even saw a 17% decline in the last three months [6] - Thanks to strong sales of the iPhone 17 and a low-risk AI strategy, Apple's stock price increased by 7.5% [6]

来源：市场资讯 （来源：价值研学社） 昨夜，美股暴力反弹了！ 美三大指数周五收盘全线暴涨，道指涨2.47%、史上首次站上5万点大关，创下历史里程碑；标准普尔 500种股票指数上涨1.97%，逼近历史高位；纳斯达克综合指数上涨2.18%，科技股成为反弹核心引擎。 大型科技股普遍上涨，表现最突出的是芯片股，成为本轮反弹的"领头羊"：ARM、超微电脑涨超11%， 西部数据、AMD涨逾8%，英伟达涨近8%，博通涨超7%，希捷科技、台积电涨逾5%，芯片产业链全环 节集体走强，反映出市场对半导体行业需求复苏的强烈预期。 除核心科技股外，一些小型科技概念股尤为活跃，细分赛道表现惊艳，其中量子计算、无人机、核电概 念股成为三大亮点。 与此同时，加密货币、贵金属等板块也同步大幅反弹。加密货币市场整体回暖，直接带动加密货币相关 产业链上市公司股价集体走强，板块整体涨幅显著；贵金属板块，凭借兼具避险与抗通胀的双重属性， 在全球流动性宽松预期下，成为资金的重要配置方向，白银、黄金相关产业链整体表现强势。 那么，发生了什么？ 引发全球风险偏好飙升、带动美股全线反弹的核心变量，是美伊核谈判取得突破性进展，中东紧张局势 出现实质性缓和。 ...

Core Viewpoint - Chip stocks experienced a rally due to expectations of increased spending on AI data centers by major companies like Amazon and Alphabet, leading to significant gains for companies such as Nvidia, Advanced Micro Devices, and Broadcom [1][12]. Company Performance - Nvidia's stock rose by 7.8%, Advanced Micro Devices surged 8.3%, and Broadcom climbed 7.1%, contributing to a 5.7% increase in the PHLX semiconductor index [1][12]. - CrowdStrike and Palantir both saw increases of over 4%, while the S&P 500 Software & Services index added 2.4%, ending a streak of seven consecutive sessions of losses [6][12]. - Roblox's stock rallied nearly 10% after projecting fiscal 2026 bookings above estimates, while Reddit's stock fell 7.4% despite forecasting first-quarter revenue above analysts' expectations [9][12]. Market Trends - The Dow Jones Industrial Average surpassed the historic 50,000 mark, with the S&P 500 climbing 1.97% to 6,932.30 points and the Nasdaq gaining 2.18% to 23,031.21 points [7][12]. - Nine of the 11 S&P 500 sector indexes rose, with information technology leading at a 4.1% increase, followed by a 2.84% gain in industrials [8][12]. - The S&P 500 energy sector index reached a record high, along with industrials and consumer staples [8][12]. Investor Sentiment - There is a noted volatility in the AI-related trade, but analysts believe there is real demand for AI products and a necessity for significant spending to support this growth [3][12]. - Over half of S&P 500 companies reported quarterly results, with approximately 80% exceeding analysts' expectations, significantly higher than the typical beat rate of about 67% [9][12].

Group 1: Core Insights - The article presents a weekly roundup of the top 50 keywords in the AI sector, highlighting significant developments and trends in the industry [2] - Key players mentioned include Tencent, Anthropic, Google, and NVIDIA, indicating a competitive landscape in AI advancements [3][4] Group 2: Categories and Summaries - **Computing Power**: Tencent's HPC-Ops open-source initiative is noted as a significant development in enhancing computational capabilities [3] - **Models**: Various AI models are highlighted, including Sonnet 5 from Anthropic and Qwen3-Coder-Next from Alibaba, showcasing ongoing innovation in model development [3][4] - **Applications**: Google is actively developing AI applications such as Chrome AI and Genie 3, while Tencent is involved in the public testing of its Yuanbao platform [3][4] - **Technology**: NVIDIA's Earth-2 open model is mentioned, indicating advancements in AI technology and its applications [4] - **Events**: Significant events include SpaceX's acquisition of xAI and record revenue reported by Google, reflecting the financial impact of AI developments [4] - **Opinions**: Various viewpoints are shared, including discussions on the authenticity of AI outputs and the competitive landscape in AI innovation, particularly in China [4]

Market Overview - The US stock market experienced a significant rally, with the Dow Jones Industrial Average surpassing the 50,000 points mark for the first time in history, closing at 50,115.67 points, up 2.47% [3] - The S&P 500 index rose by 1.97% to 6,932.3 points, while the Nasdaq Composite increased by 2.18% to 23,031.21 points [3] - Weekly performance showed mixed results, with the Dow gaining 2.5% while the Nasdaq fell by 1.84% and the S&P 500 dipped by 0.1% [3] Sector Performance - Major technology stocks saw a boost, with the US Technology Seven Index rising by 1.02% [4] - Semiconductor stocks performed well, with the Philadelphia Semiconductor Index surging, AMD increasing by over 11%, and Broadcom rising by over 7% [8] Individual Stock Highlights - Nvidia's stock surged by 7.81%, closing at $185.41 per share, with a total market capitalization of $450.55 billion [8] - Tesla's shares rose by 3.48%, while Microsoft and Apple also saw increases; however, Amazon fell by 5.62%, Google by 2.5%, and Meta by 1.31% [7][8] Chinese Stocks - Chinese stocks listed in the US saw a general increase, with the Nasdaq Golden Dragon China Index rising by 3.71% [9] - Notable performers included Alibaba, which rose over 3%, Baidu increasing by over 5%, and Li Auto rising by over 6% [10] Commodity Market - Spot gold prices surged nearly 4%, reaching a high of $4,971.39 per ounce, and currently trading at $4,966.61 per ounce [12] - Spot silver prices also saw a significant increase, breaking $78 per ounce with a daily rise of 9.7% [14] Federal Reserve Insights - Federal Reserve Vice Chairman Jefferson indicated that the current interest rate stance is appropriate for a stable economy, despite inflation remaining above the 2% target [17] - The Fed's recent rate cuts have brought rates to a range of 3.5% to 3.75%, aligning with market expectations for a neutral level that neither stimulates nor suppresses the economy [18]

Core Viewpoint - UBS Group significantly reduced its holdings in major technology stocks during the fourth quarter of 2025, with only a slight increase in Meta among the "Magnificent 7" tech stocks [2][3]. Group 1: Holdings and Changes - UBS disclosed a reduction in its portfolio, with a total market value of $616.68 billion, a decrease of 5.65% quarter-over-quarter [2]. - The top five holdings as of the end of 2025 were Nvidia ($14.45 billion), Microsoft ($13.56 billion), Apple ($12.11 billion), Broadcom ($8.23 billion), and Amazon ($7.99 billion), collectively accounting for 14.52% of the investment portfolio [3]. - In Q4 2025, UBS reduced its stake in Nvidia by 10.47% (10.04 million shares), Apple by 10.57% (5.27 million shares), Microsoft by 7.64% (2.32 million shares), Google by 9.05% (2.21 million shares), Amazon by 4.57% (1.66 million shares), and Tesla by 15.09% (0.71 million shares) [3][4]. Group 2: Financial Performance - UBS reported Q4 2025 total revenue of $12.1 billion, exceeding analyst expectations and up from $11.6 billion year-over-year [5]. - Net profit attributable to shareholders increased by 56% year-over-year to $1.2 billion, surpassing the forecast of $919 million [5]. - Wealth management business saw a net inflow of $8.5 billion, significantly lower than the expected $27.4 billion, with a notable outflow of $14.1 billion from the U.S. wealth management sector [5][6]. Group 3: Future Outlook - UBS's CEO indicated that net new assets in the Americas wealth management division are expected to turn positive in 2026, although challenges are anticipated in the first half of the year [6]. - The investment banking division contributed significantly to the overall profit, with a 34% increase in operating profit driven by market volatility [6].

据悉，四家科技巨头的资本支出规划均剑指人工智能工具市场主导权，彭博社数据显示，四家公司2026年的资本支出预算均接近或超过过去三年总和，单家 支出规模也将刷新过去十年最高纪录。如此庞大的支出规模，业内称其先例仅能在上世纪90年代电信泡沫时期，或是19世纪美国铁路网建设、战后州际公路 投资、罗斯福新政救济计划中找寻参照。数据显示，这一支出规模较去年同期预计增长60%，背后是成排搭载昂贵处理器的服务器落地，也引发了一系列连 锁反应：相关领域借贷规模创历史新高，能源供应紧张问题加剧，开发商与担忧水电成本上涨的社区间的矛盾也随之凸显。同时，市场担忧这四家在美经济 活动中占比持续提升的企业，其巨额支出可能扭曲建筑支出、GDP、耐用品及就业报告等宏观经济数据，让整体经济表现看似更趋健康。 【环球网财经综合报道】据彭博社等外媒报道，全球人工智能赛道竞争日趋白热化，美国四大科技巨头Alphabet、亚马逊、Meta、微软公布2026年资本支出 计划，总额高达约6500亿美元，这笔巨资将主要投向数据中心新建及配套设备布局，规模创下本世纪以来新高，也成为全球数据中心建设浪潮加速的重要推 手。 DA Davidson分析师Gil ...

Core Viewpoint - UBS Group significantly reduced its holdings in major tech stocks during the fourth quarter of 2025, with only a slight increase in Meta among the "Magnificent 7" tech giants [1][2]. Group 1: Holdings and Changes - UBS disclosed a reduction in its holdings of key tech stocks including Nvidia, Microsoft, Google, Apple, Amazon, Micron Technology, and Tesla [1][2]. - The total market value of UBS's securities as of the end of 2025 was $616.683 billion, reflecting a 5.65% decrease from the previous quarter [1]. - The top five holdings were Nvidia ($14.452 billion), Microsoft ($13.563 billion), Apple ($12.111 billion), Broadcom ($8.228 billion), and Amazon ($7.988 billion), together accounting for 14.52% of the investment portfolio [2]. Group 2: Specific Stock Reductions - In Q4 2025, UBS reduced its stake in Nvidia by 10.47% (10.04 million shares), in Apple by 10.57% (5.27 million shares), in Microsoft by 7.64% (2.32 million shares), in Google by 9.05% (2.21 million shares), in Amazon by 4.57% (1.66 million shares), and in Tesla by 15.09% (0.71 million shares) [2][3]. - UBS also reduced its holdings in Micron Technology by 1.62 million shares, bringing its total to 8.39 million shares, and in Oracle by 0.22 million shares, reducing its holdings to 11.31 million shares [3]. Group 3: Financial Performance - UBS reported a total revenue of $12.1 billion for Q4 2025, exceeding analyst expectations and up from $11.6 billion year-on-year [4]. - The net profit attributable to shareholders grew by 56% year-on-year to $1.2 billion, surpassing the analyst estimate of $919 million [4]. - Wealth management business saw a net inflow of $8.5 billion, significantly lower than the previous quarter's $37.5 billion and below market expectations of $27.4 billion [5]. Group 4: Market Reactions and Future Outlook - Following the earnings report, UBS's stock price fell by 5.92% and 2.41% on consecutive days [5]. - UBS's CEO indicated that the wealth management sector in the Americas is expected to see positive net new assets in 2026, despite anticipated challenges in the first half of the year [5]. - UBS's investment banking division contributed significantly to the overall profit, with a 34% increase in operating profit driven by market volatility [6].

景林向美国SEC提交的最新13F表显示，在截至去年12月31日的四季度末节点，中国知名私募的美股持仓市值达到40.4亿美元，谷歌（Alphabet）升至第一大 重仓股。 | BY CHANGE IN % PORTFOLIO | BY L | > | く BY CHANGE IN % PORTFOLIO | BY L > | | --- | --- | --- | --- | --- | | Name | % Change | | Name | % Change | | GOOGL Alphabet Inc. Class | 11.18% | | NVDA NVIDIA Corp | 6.13% | | AVGO Broadcom Inc | 2.1% | | META Meta Platforms Inc | 4.01% | | PDD PDD Holdings Inc | 1.13% | | NBIS Nebius Group NV | 1.91% | | INTC Intel Corp | 0.93% | | XBI State Street SPDR S& | 1.05% | | FUTU Futu H ...