智通财经APP获悉，根据美国证券交易委员会(SEC)披露，摩根士丹利递交了截止至2025年12月31日的第四季度持仓报告(13F)。整体来看，大摩Q4持仓变化 呈现出"维持核心科技主线、降低指数化敞口、强化主动精选能力"的特征。 据统计，大摩第四季度持仓总市值为1.67万亿美元，上一季度总市值为1.65万亿美元，环比上升1.2%。该基金在第四季度的投资组合中新增了454只个股， 增持了4007只个股，减持了3028只个股，清仓了415只个股。其中前十大持仓标的占总市值的22.15%。 | 2025-12-31 | | | --- | --- | | 13F Activity | | | Market Value | $1.67t, Prior: $1.65t | | Inflows (Outflows) as % of Total MV | (-0.0994)% | | New Purchases | 454 stocks | | Added To | 4007 stocks | | Sold out of | 415 stocks | | Reduced holdings in | 3028 stocks ...

【字节跳动芯片团队将开始规模化招聘，多款云端芯片已量产部署】据知情人士消息，字节跳动芯片研发团队将开始规模化招聘，具体招聘城市涵盖北 京、上海、深圳等，所需职位包括芯片架构、soc设计等。该知情人士透露，字节跳动芯片研发团队目前核心集中于芯片设计环节，围绕公司自身业务开 展专用硬件定制与优化，面向云端场景研发多款采用先进半导体工艺的复杂芯片，以提升性能、降低算力成本。"目前字节芯片团队已实现多次一版成功 流片，早期多个项目进入量产部署阶段，覆盖多个主流先进工艺节点，整体研发与落地节奏稳步推进。"前述知情人士称。对此，字节方面未予回复。 （蓝鲸新闻） 【极佳视界具身基础模型GigaBrain-0.5M*发布，世界模型原生范式再突破】2月13日，继GigaBrain-0.1斩获RoboChallenge全球第一后，极佳视界 （GigaAI）推出性能更强的GigaBrain-0.5M*，以世界模型原生新一代范式，重新定义具身智能落地能力。 作为依托世界模型实现自我进化的VLA大模型，GigaBrain-0.5M*在家庭叠衣、服务冲煮咖啡、工业折纸盒等真实机器人任务中，实现数小时零失误、持 续稳定运转，把物理世界AI ...

Group 1 - The core viewpoint of the article is that Bridgewater, the world's largest hedge fund, has disclosed its U.S. stock holdings report as of the end of 2025, indicating significant changes in its investment strategy [1] Group 2 - In Q4 2025, Bridgewater increased its holdings in technology stocks such as Micron Technology, Oracle, NVIDIA, and Amazon [1] - The fund also increased its investment in gold stocks, specifically Newman Mining [1] - Conversely, Bridgewater reduced its positions in stocks like Google and Microsoft [1]

Core Insights - The significant investment in artificial intelligence (AI) infrastructure is becoming a major economic driver, with most businesses aiming to utilize these tools for revenue growth and cost reduction [1] - Alphabet (NASDAQ: GOOGL) is highlighted as a comprehensive investment opportunity in the AI sector, involved in various aspects of the industry [2] Group 1: Alphabet's AI Initiatives - DeepMind, Alphabet's AI research lab, is developing Tensor Processing Units, enhancing its technological capabilities [3] - Google Cloud reported a 48% year-over-year revenue growth and a 30% operating margin in Q4, driven by strong demand for AI products and services [3] - Alphabet's consumer-facing apps, including the Gemini app with 750 million monthly active users, are being enhanced by AI, improving ad targeting for its customers, which account for 72% of its revenue [4] Group 2: Investment Considerations - Alphabet's shares are trading at a forward price-to-earnings ratio of 28.8, indicating a reasonable valuation with strong earnings growth potential in the coming years [4] - Despite being a leading AI investment opportunity, Alphabet was not included in a recent list of the top 10 stocks recommended by the Motley Fool Stock Advisor, which suggests caution for potential investors [5]

Group 1 - Major tech companies are increasingly borrowing to compete in the artificial intelligence sector, raising concerns among debt investors about their ability to manage this debt [1][4] - The market for credit derivatives has seen significant growth, with many high-grade Big Tech companies now having active credit derivatives contracts, which were virtually nonexistent a year ago [2][3] - The demand for hedging against potential defaults is expected to rise as investments in artificial intelligence are projected to exceed $3 trillion, primarily funded through debt [4][5] Group 2 - The number of dealers quoting credit default swaps (CDS) for companies like Alphabet and Amazon has increased significantly, indicating heightened market activity and interest in these financial instruments [7][8] - Despite the rising debt levels, hyperscalers like Alphabet are currently able to secure financing easily, as evidenced by a recent $32 billion debt sale that attracted overwhelming demand [9]

Core Viewpoint - Alphabet's stock fell 5.29% this week, reflecting broader market trends and investor concerns over significant capital expenditures and regulatory challenges [1]. Group 1: Stock Performance - Alphabet's stock closed at $306.02, down 5.29% for the week, which is a sharper decline compared to the S&P 500's 1.29% drop and Nasdaq-100's 1.27% drop [1]. - Year-to-date, Alphabet is down 2.48%, underperforming both the S&P 500 and Nasdaq-100 indexes [1]. Group 2: Capital Expenditures - Alphabet announced a capital expenditure (CapEx) guidance of $175-185 billion for 2026, aimed at AI buildout and cloud expansion, which has raised concerns about near-term profitability [1]. - To fund this expansion, Alphabet issued $20 billion in bonds, including a rare 100-year sterling bond worth £1 billion, which contributed to a further decline in stock price [1]. Group 3: Regulatory Developments - EU regulators approved Alphabet's $32 billion acquisition of Wiz, clearing a significant antitrust hurdle, which provided a temporary boost to the stock [1]. - However, regulatory pressures persist, with the European Publishers Council filing an antitrust complaint against Google regarding its AI Overviews, and the UK's Competition and Markets Authority enforcing app store changes [1]. Group 4: AI Infrastructure Expansion - Alphabet announced Project Mica, a $10 billion data center campus in Kansas City, requiring up to 500 megawatts of power, and secured a 15-year, 1 GW solar capacity agreement with TotalEnergies for Texas data centers [1]. - The company increased its stake in TeraWulf to 14%, supporting the expansion of the Lake Mariner data center as TeraWulf shifts focus from bitcoin mining to AI infrastructure [1].

视频模型Seedance 2.0、图像模型Seedream 5.0 Lite连续刷屏后，2月14日，字节跳动正式宣布推出豆包 大模型2.0（Doubao-Seed-2.0，简称豆包2.0）系列。 其中，在语言模型基础能力上，豆包2.0 Pro旗舰版取得IMO、CMO数学竞赛和ICPC编程竞赛金牌成 绩，数学和推理能力达到世界顶尖水平。 自2023年，豆包大模型初始测试版上线，2024年正式对外发布，豆包代际模型版本更新已经过去近一年 半时间。其间持续在文本基础、多模态强化、深度思考、Agent（智能体）执行等方面更新，直至此次 版本，在2.0全能力升级。 此次备受关注的2.0版本，具备全栈模型矩阵 + 多模态理解 + 企业级 Agent + 极致成本四大差异化优 势，已跻身全球第一梯队，成为 Agent 时代的关键玩家。在多项公开测试集上表现突出，接近Google Gemini3，和具备更高性价比。 字节跳动官方明确表示，旗舰版豆包2.0 Pro"面向深度推理与长链路任务执行场景，全面对标GPT 5.2与 Gemini 3 Pro"。从技术参数到产品定位，豆包2.0与Google Gemini的相似性正在从" ...

These companies have more diversified businesses than the computer chip giant.Nvidia (NVDA 2.21%) is officially the largest company in the world by market capitalization. The computer chipmaker that dominates the artificial intelligence (AI) field has grown at an insatiable rate over the last few years, making investors rich in the process.That does not mean it will repeat over the next few years. Today, Nvidia trades at a premium price-to-earnings (P/E) ratio, faces competition from its own customers, and ...

炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 来源：AI产品阿颖 Seedance 2.0 出来之后，我觉得所有人都该重新回味一下 Demis 那个判断。甚至我个人感觉，字节和 Google 的模型差距，可能已经缩小到一两个月了。 我越来越觉得，评价一个模型好不好，方式正在变。 Benchmark 肯定依旧重要，但真正有说服力的，是用户的口碑传播。因为现在模型已经司空见惯了，能 力到底强不强，用两次就知道了。 不知道 DeepSeek V4 最近还会不会来。来的话，还能不能像去年那样，在全球范围引起一轮振奋。 但至少这周，Seedance 2.0 让我们重新感受到了去年那种时刻。真的很激动。 记得前段时间 DeepMind CEO Demis Hassabis 在一次访谈里说过，字节跳动距离 Google 这样的头部公 司，大概只差六个月。不是一两年，是六个月。 Demis 平时表达很克制，没有咋咋呼呼。所以我当时听到他说这个判断，愣了下。关键的是，他提到中 文公司时，只点了字节。 坦白讲，在那个时间点，我心里是存疑的。那时候国内模型很多家都在冲 SOTA，榜单成绩此起彼伏， 并没 ...

当中国即将踏入丙午马年春节之际，大洋彼岸的美股市场却正在经历一场罕见的"寒流"。 标普500指数本周下跌1.4%，为去年11月以来最大跌幅，且在本周五（2月13日）的交易中，超过40只 成分股出现超过3倍标准差的异常波动，这是高盛交易员记忆中的最高水平。从物流、软件到金融、保 险，AI颠覆预期的多米诺骨牌正以摧枯拉朽之势冲击着美股多个板块。一个关键问题随之而来：AI是 否已经不再是美股增长引擎，而是变成了"估值粉碎机"？ 图片来源：视觉中国 标普500指数前一交易日仅15只个股出现异常波动，周五就激增至40只，这很可能不是简单的回调，而 是市场微观结构层面的信心塌方。物流板块成为重灾区，C.H. Robinson作为美国最大的第三方物流与货 运经纪公司之一，其股价波动往往被视为行业风向标，周五其遭遇8倍标准差的暴跌，陷入程序化止损 盘与恐慌性抛售形成的"死亡螺旋"。科技巨头也集体领跌，苹果、亚马逊、微软、Meta成为指数最大拖 累。 尤其触目惊心的是，亚马逊股价九连跌，创下自2006年以来最长连跌纪录，继微软之后也正式跌入技术 性熊市，即从重要高点下跌20%及以上，标志着市场对"AI受益者"的叙事可能彻底反转 ...