In this article Alphabet's rare 100-year sterling bond is the latest sign of late-cycle exuberance in credit markets, strategists say, as tech hyperscalers ramp up borrowing to historic levels to fund vast data center and AI infrastructure buildouts. The century bond — the Google-owner's debut issuance in sterling — is part of a broader multi-tranche, multi- currency borrowing drive totaling some $20 billion. The offering spans maturities across dollars, euros and sterling, and includes a debut bond in Swis ...

Core Viewpoint - The article highlights the expertise of Michael Del Monte as a buy-side equity analyst with a focus on technology, energy, industrials, and materials sectors, emphasizing his extensive background in professional services across various industries [1]. Group 1 - Michael Del Monte has over a decade of experience in professional services, which includes sectors such as Oil & Gas (O&G), Oilfield Services (OFS), Midstream, Industrials, Information Technology, Engineering, Procurement, and Construction (EPC) Services, and consumer discretionary [1].

[Table_Summary] 2026 年第 5 周，通信板块下跌 6.91%，在长江一级行业中排名第 31 位；2026 年年初以来， 通信板块下跌 1.86%，在长江一级行业中排名第 29 位。北美算力链财报更新：谷歌云利润率 跃升至 30%创历史新高，AWS 收入增速 23.6%创近三年新高，两大云巨头 26 年资本开支指引 均高速增长，AI 算力基建保持高强度投入。Lumentum 及 Coherent 两家光通信龙头业绩高增， InP 光芯片产能紧缺催生长协锁定模式，高速光芯片、光模块放量，第二曲线 CPO/OCS 快速 成长。坚定看好 AI 与算力主线。 分析师及联系人 [Table_Author] 于海宁 SAC：S0490517110002 SFC：BUX641 丨证券研究报告丨 行业研究丨行业周报丨通信设备Ⅲ [Table_Title] 通信周观点：云巨头 Capex 指引跃增，InP 产能 紧缺催生长协 报告要点 通信设备Ⅲ cjzqdt11111 [Table_Title 通信周观点：云巨头 2] Capex 指引跃增，InP 产 能紧缺催生长协 [Table_Summary2] 板块 ...

资料来源：同花顺，国联民生证券研究所预测; （注：股价为 2026 年 2 月 9 日收盘价；未覆盖公司数据采用同花顺一致预期） 电子行业周报 云厂商 capex 高增，光模块+NPO/CPO 共进 glmszqdatemark 1）光入 Scale up 层是纯增量，NPO 和 CPO 在柜内实现从 0-1 的突破，为 CPO 和 NPO 提供了较大的空间，中际旭创等公司在 Scale up 层也有产品部署。2）Scale out 层在未 来还是以可插拔光模块为主。Coherent 认为未来十年，可插拔的光模块在 scale out 和 scale across 中依旧是主流方案。3）NPO 目前在国内外云厂商的接受度更高，国内产业 链更有优势。 重点公司盈利预测、估值与评级 | 代码 | 简称 | 股价 | | EPS（元） | | | PE（X） | | 评级 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | （元） | 2024A | 2025E | 2026E | 2024A | 2025E | 2026E | ...

行 宏观经济风险；行业竞争加剧的风险；供应链波动加大的风险；AI 技术迭代 速度不及预期的风险；AI 应用落地效果不及预期的风险。 行 行业周报 业 海外云厂商资本开支高增，AI 应用商业化拐点临近 研 究 证 券 研 究 报 告 ——计算机行业周报 分析师： 连天龙 SAC NO： S1150525070002 2026 年 02 月 12 日 计算机 证券分析师 连天龙 liantl@bhzq.com 022-23861563 重点品种推荐 虹软科技 增持 近三月行业指数走势图 相关研究报告 云计算提价印证高景气，AI 应用迎来多点催化——计算 机行业 2 月投资策略展望 2026.02.05 海外 AI 助手 Clawdbot 出圈， AI 应用催化密集——计算机 投资要点： 行业要闻 （1）字节跳动最新视频生成模型 Seedance 2.0 开启内测； （2）Anthropic 发布新一代 AI 模型 Claude Opus 4.6。 公司公告 （1）紫光股份：发布 2026 年度向特定对象发行 A 股股票预案； （2）并行科技：发布购买资产的公告； （3）中船汉光：发布关于公司投资建设项目的公告。 ...

上海证券指出，大模型持续升级，例如Anthropic推出Claude Opus4.6，具备"AI代理团队"功能并能 处理百万tokens上下文窗口，在金融分析等专项测试中行业领先；OpenAI发布最强编程模型GPT-5.3- Codex，在多项基准测试中表现优异。北美大厂业绩亮眼，资本开支持续加码，如Alphabet、Meta、亚 马逊和微软的营收与利润增长强劲，且均计划在2026年显著提升资本支出。国内大厂亦开启春节AI大 战，腾讯、阿里、字节和百度纷纷投入资源推广AI应用。 风险提示：提及个股仅用于行业事件分析，不构成任何个股推荐或投资建议。指数等短期涨跌仅供 参考，不代表其未来表现，亦不构成对基金业绩的承诺或保证。观点可能随市场环境变化而调整，不构 成投资建议或承诺。提及基金风险收益特征各不相同，敬请投资者仔细阅读基金法律文件，充分了解产 品要素、风险等级及收益分配原则，选择与自身风险承受能力匹配的产品，谨慎投资。 每日经济新闻 （责任编辑：张晓波 ） 创业板人工智能ETF国泰（159388）跟踪的是创业板人工智能指数（970070），单日涨跌幅限制达 20%，该指数聚焦于在创业板上市的人工智能相关企业 ...

Investment Rating - The industry investment rating is "Positive" (maintained) [6] Core Insights - Domestic large models have been intensively released around the Spring Festival, initiating an AI arms race. Notable releases include DeepSeek's new model with a context processing capability of 1 million tokens, GLM-5 which ranks first globally in programming and agent testing, and ByteDance's Seedance 2.0 aimed at revolutionizing video creation [1][2] - The usability of agents is increasing, with large models transitioning from chat to collaboration. Claude Opus 4.5 can autonomously program for 5 hours, and AI coding agents are expected to double their task handling time every 4 months starting from 2024-2025, compared to a 7-month doubling period from 2019-2024 [2] - The demand for inference is expected to rise due to large-scale applications, with significant increases in token consumption for agent execution compared to dialogue scenarios. The cost of generating a 5-second 720P video is approximately 4 RMB, with Seedance costing about 2.3 RMB, indicating a substantial cost advantage over manual production [3] Summary by Sections Model Updates - MiniMax's M2.5 model is set to launch soon, currently in internal testing for the MiniMax Agent product. Other updates include GLM-5 from Zhizhu, which has achieved state-of-the-art capabilities in coding and agent functions, and DeepSeek's new model with a context window increased to 1 million tokens [7] Related Companies - Key companies mentioned include MiniMax, Zhizhu, Yunsai Zhilian, UCloud, Capital Online, Qingyun Technology, Wangsu Technology, and Nanxing Co. [4]

以下文章来源于蓝点网 ，作者山外的鸭子哥 根据谷歌近期更新的支持文档，现在所有 新申请 Google Voice 手机号码的用户都必须完成身份验证措施， 只有完成验证后才能使用这个号码发送和 接收短信、拨打和接听电话 ，也就是说没有完成验证的情况下号码基本无法使用。 那要完成身份验证需要提供什么材料呢？答案是法定身份证明文件，例如身份证、护照或者驾驶证等，谷歌会采用自动化流程进行审核，但也可能触发人 工审核机制需要谷歌工作人员手动审核证件。 为什么要进行身份验证呢？ 谷歌给出的说法主要是打击滥用，可以防止黑灰产利用 Google Voice 号码发送垃圾短信和进行其他恶意行为，这也是谷歌为满足监管机构的要求而做出 的改变。 并且为防止黑灰产利用漏洞进行验证，谷歌也仅允许有限的身份验证次数，即如果某个账号提交几次身份证件都未通过验证，那这个号码可能就无法再提 交验证。 蓝点网 . 科技资讯、软件工具、技术教程，尽在蓝点网。蓝点网，给你感兴趣的内容 #软件资讯 推进实名制打击滥用行为：谷歌宣布 Google Voice 号码需要完成身份验证后才能使用，此政策仅限于新申请号码的用户。申请后用户必须提交身份证件进行验 ...

Core Insights - Alphabet's stock has declined approximately 7% recently, amidst a broader downturn in tech stocks, but the underlying business performance remains strong [1][2] - The company reported exceptional fourth-quarter results, with revenue growth accelerating to 18% year-over-year and earnings per share increasing by 31% [4][2] AI as a Catalyst - AI is significantly driving Alphabet's business growth, particularly in Google Cloud, which saw a 48% year-over-year revenue increase and a 55% sequential backlog growth to $240 billion [5][4] - The search business is experiencing unprecedented usage growth, attributed to AI enhancements, while YouTube is also benefiting from AI tools, with over 1 million channels utilizing them daily [5][4] - Alphabet's generative AI app, Gemini, has reached over 750 million monthly active users, indicating strong momentum in AI initiatives [6] Capital Expenditure Plans - The company plans to invest between $175 billion and $185 billion in capital expenditures by 2026 to expand compute capacity and support AI initiatives [7] - These investments are aimed at improving core Google services and meeting increasing enterprise customer demand [7] Diversified Growth - Alphabet's fourth-quarter operating income was $35.9 billion, with approximately 15% derived from the rapidly growing Google Cloud business [8] - The company experienced 17% year-over-year growth in both "Google search and other" and "Google subscriptions, platforms, and devices" segments, while YouTube advertising revenue rose by 9% [9][8] Valuation and Market Position - With AI expected to enhance various business segments, Alphabet's current price-to-earnings ratio of about 29.5 appears attractive [10] - Although significant spending may impact margins in the short term, the long-term benefits of these investments are anticipated to strengthen competitive advantages and growth potential [10]

本文首发于公众号"私募排排网"。 （点击↑↑ 上图查看详情 ） 最新披露数据显示， 截至2025年四季度末，"木头姐"凯茜•伍德（Cathie Wood）旗下方舟投资共持有208只股票，持股市值总计约为151亿美 元，环比上季度减少17亿美元。其中最新建仓8只个股、加仓110只个股、77只个股被减仓，清仓8只个股，整体持仓变动较大，前十大重仓股持 仓占比高达41.72%。（ 点此领取持仓名单 ） "木头姐" 四季度美股重仓TOP20 资料来源:美国证监局官网,整理自私募排排网。截至日 | | 排序 公司代码 | 公司简称 | 持股数量 | 变动比例 | 持有同信 | 持仓占比 | 2025年涨跌 | | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | | (万美元) | | (%) | | 1 | TSLA | 特斯拉 | 2914492 -18.81% 131070.51 | | | 8.70% | 11.36 | | 2 | SHOP | Shopify | 3978898 -17.38% 64048.31 | | | 4.25% | 5 ...