谷歌云接触AI编程初创公司Replit，试图挑战Anthropic和Cursor。 市场有风险，投资需谨慎。本文不构成个人投资建议，也未考虑到个别用户特殊的投资目标、财务状况或需要。用户应考虑本文中的任何 意见、观点或结论是否符合其特定状况。据此投资，责任自负。 风险提示及免责条款 ...

People walk next to the Google Cloud logo, during the 2025 Mobile World Congress (MWC) in Barcelona, Spain, March 4, 2025.Google Cloud announced Thursday a multi-year partnership with artificial intelligence coding startup Replit, giving the search giant fresh firepower against the coding products of rivals, including Anthropic and Cursor. Under the partnership, Replit will expand usage of Google Cloud services, add more of Google's models onto its platform, and support AI coding use cases for enterprise cu ...

ANCHOR REPORT Global Markets Research 2 December 2025 Asia AI Semi & Server AI bubble? Less likely when supply is constrained AI bubble? We think AI demand is real and fast influencing everyone's life. The "bubble" concern is from the huge (and some circular) investment numbers over the next five years (and elevated valuation accordingly). However, it takes a long way from today to 3-5 years out as the supply chain (e.g. semi, component and power supply) obviously did not prepare for such skyrocketing deman ...

高利率导致美国房地产市场疲软，成交量下降，新建房屋重置成本上升， 高房价和高租金并存。数据中心领域投资规模大，未来 1-2 年仍将供不 应求。 美国 IPO 市场活跃度提升，数字货币公司上市成热点。AI 领域存在泡沫 风险，但需求强劲。证监会主席建议分散投资，勿过度集中于少数 AI 巨 头。 增加了财政压力，通过降息可以减轻这一负担。 综合来看，美联储内部对是否 降息存在明显分歧，一部分理事主张预防性降息以防止经济衰退，而另一部分 则反对。因此，在即将召开的会议上，美联储是否会选择降息仍有待观察，但 从上述分析中可以看出，有一定概率会采取行动来调整当前的货币政策。 10 月份美国政府关门对数据收集和美联储政策有何影响？ 10 月份美国政府关门持续了 43 天，导致大量数据永久性丢失。由于许多数据 通过问卷调查收集，而在关门期间这些调查无法进行，因此错过的这段时间的 数据无法补回。这种情况使得美联储在制定政策时处于"盲飞模式"，缺乏关 键的经济数据支持。 美联储理事会目前的构成及其成员立场如何？ 美联储降息，还是不降息？20251204 摘要 美国通胀虽有所回落，但仍具不确定性，社会对可负担性讨论热烈，降 通胀 ...

2025.12.04 本文字数：2885，阅读时长大约5分钟 作者 |第一财经 后歆桐 标普500指数重新逼近历史新高。但数据显示，美股科技股在本轮美股行情中未能一如往常成为领涨板 块，市场对人工智能（AI）泡沫的担忧导致AI概念龙头股英伟达、微软等股价受到拖累。 但随着科技股、AI概念股走势落后，华尔街两大机构——贝莱德（BlackRock）和美国银行（Bank of America）近期都开始反驳"AI泡沫"论，并表示本轮AI热潮是由真正的企业投资、收益和生产率增长推 动的，而非21世纪00年代互联网泡沫那样的非理性繁荣。 贝莱德投资研究所所长博威（Jean Boivin）称，鉴于AI继续以"前所未有"的规模和速度扩张，将AI热潮 描述为泡沫是"不完整的"。 10月底以来领涨板块有变 根据媒体汇编数据，自10月28日标普500指数上一次创纪录收盘以来，礼来公司（Eli Lilly&Co）、红衣 主教健康股份有限公司（Cardinal Health Inc.）和渤健公司（Biogen Inc.）等生物医药类企业股票跻身表 现前十榜，分别上涨28%、26%和21%，生物医药板块整体录得10.7%的涨幅，领涨美 ...

2025.12. 04 本文字数：2885，阅读时长大约5分钟 作者 | 第一财经 后歆桐 标普500指数重新逼近历史新高。但数据显示，美股科技股在本轮美股行情中未能一如往常成为领涨 板块，市场对人工智能（AI）泡沫的担忧导致AI概念龙头股英伟达、微软等股价受到拖累。 相比之下，自10月28日以来，标普500信息技术指数同期反而整体下跌了4.2%，"美股科技股七巨 头"（下称"美股七巨头"）的股票整体下跌1.3%，仅谷歌母公司Alphabet仍录得18.1%的涨幅。AI 领军股英伟达跌去9.7%，AI领军企业股整体下跌8.4%，AI软件股整体下跌8.5%。 而在4月美国总统特朗普宣布关税政策导致大幅抛售后，科技股在4月8日~10月28日期间始终领涨标 普500指数的上一轮反弹。"美股七巨头"期间上涨69.8%，英伟达期间上涨108.8%。AI领军企业股 整体上涨124.2%，AI软件股整体上涨67.9%。10月29日，科技板块在标普500指数中的权重还一 度创下历史新高，达到约36%。 这被市场人士解读为，由于对股票高估值以及在AI算力、基础建设方面的巨额支出能否换来切实利润 的担忧越发盛行，美股投资者对AI ...

Group 1 - Harding Loevner's Global Equity Strategy reported a gross return of 2.62% and a net return of 2.52% for Q3 2025, underperforming the MSCI All Country World Index and MSCI World Index, which returned 7.74% and 7.36% respectively [1] - Year-to-date, the strategy has risen 10.61% net, compared to 18.86% for the MSCI All Country World Index and 17.83% for the MSCI World Index [1] - The last six months have been characterized as one of the strongest momentum phases in over 70 years, with high-momentum stocks outperforming low-momentum stocks by 45 percentage points, largely driven by advancements in AI [1] Group 2 - Alphabet Inc. (NASDAQ:GOOG) was highlighted as a key stock, with a one-month return of 12.36% and a 52-week gain of 83.94% [2] - As of December 03, 2025, Alphabet Inc. closed at $320.62 per share, with a market capitalization of $3.86 trillion [2] Group 3 - The investor letter noted that the focus on "AI winners" is shifting, with a 70% turnover in Bank of America's US AI Beneficiaries Index this year [3] - Despite initial fears regarding Alphabet's search business being overshadowed by AI chatbots, the company's AI offerings for businesses are gaining traction, with its Gemini models having an enterprise user base three times larger than ChatGPT's [3] - Alphabet has regained its position among the "winners" in the AI space due to its strong technical offerings and progress in AI [3]

Core Insights - Alphabet Inc. (GOOG/GOOGL) shares are currently trading at approximately $320, reflecting a 27% increase since the last analysis, significantly outperforming the broader sector's return of about 2.7% [1] Group 1 - The stock performance indicates that the market may be recognizing the company's potential and value [1]

Core Viewpoint - The article addresses a significant question that has been on the minds of many investors recently, indicating a growing concern or interest in market trends and investment opportunities [1] Group 1 - Investors are increasingly focused on a trillion-dollar question, suggesting a pivotal moment in the market that could influence investment strategies [1]

Core Viewpoint - The article emphasizes a personal investment strategy focused on growth and dividend income, aiming for an easy retirement through a portfolio that prioritizes compounding dividend income and growth [1]. Group 1: Investment Strategy - The strategy involves creating a portfolio that generates monthly dividend income, which is enhanced through dividend reinvestment and annual increases [1]. Group 2: Stock Positions - The article mentions a beneficial long position in shares of major tech companies including GOOGL, AMZN, META, MSFT, NVDA, and AAPL, either through stock ownership, options, or other derivatives [1].