当模型不再稀缺，真正稀缺的，是能把模型变成现金流的能力。 2月9日，摩根大通证券（中国）发布研究报告《中国人工智能行业：全球布局与模型创新驱动新一代领军者》，首次覆盖中国独立大模型厂商智谱与 MiniMax。 报告开宗明义：中国人工智能行业正从"百模大战"阶段，迈向以商业化落地能力、模型创新实力及全球化布局为决定成败之关键的阶段。中国AI市场 正在迅速整合， "具备实力且资金充足的模型开发商数量已从超200家缩减至不足10家。" 摩根大通犀利指出， 国内AI行业最大的利润池恐将流向掌握分发的平台巨头 ；而独立厂商的突围，则取决于谁能通过"结构性中立"找到生存缝隙 ——智谱向内深耕高合规的本地化部署，MiniMax向外拓展高溢价的全球市场。 这一判断的背景并不复杂。报告指出，随着模型训练成本、算力获取门槛和商业化难度持续上升，资本与算力的硬约束开始主导行业结构。换句话 说， 行业已经不再奖励"能不能做模型"，而是奖励"能不能长期活下来"。 在摩根大通看来，这一阶段的核心变化在于：模型能力逐步趋同；资金消耗呈指数级上升；客户开始更关注"交付能力、稳定性与可持续性"。 这意味着， 大模型竞争的主线，正在从技术竞赛， ...

Britain's competition watchdog has secured new commitments from Apple and Google to change how their mobile app stores operate, as the UK rolls out stronger oversight of dominant digital platforms. ...

Alphabet's bond issuance in the U.S. on Monday saw intense demand and was more than five times oversubscribed. The appeal of one hundred-year bonds, though, is more nuanced. ...

Group 1 - The current Trump administration's "mercantilist" approach is evident in its chip tariff strategy, which is more about negotiating with chip manufacturers than a definitive goal [1] - Reports indicate that the U.S. plans to exempt major tech companies like Amazon, Google, and Microsoft from upcoming chip tariffs due to their investments in AI data centers, with exemptions linked to TSMC's investment commitments [1][4] - The U.S. government has announced a 25% tariff on certain imported semiconductors and related equipment, citing national security threats, while noting that only 10% of the chips needed are produced domestically [3] Group 2 - The new plan allows TSMC to allocate exemption quotas for its U.S. clients based on their investment levels in the U.S., aiming to encourage more domestic chip manufacturing [4][5] - TSMC has committed to investing $165 billion in expanding its U.S. production capacity, with the U.S. government closely monitoring the integrity of tariff and rebate measures [5] - Major U.S. tech companies are projected to invest $700 billion in AI infrastructure by 2026, nearly double last year's total, with significant portions allocated for data centers and advanced chips [6] Group 3 - The AI investment surge is reshaping the economic landscape, leading to increased demand for memory chips and computing components, which is causing shortages in parts needed for traditional consumer electronics [6] - European investments in AI, such as the €20 billion announced by France, are significantly lower than the investments by U.S. tech giants, highlighting challenges in financing AI development in Europe [7] - The reallocation of labor and materials in the U.S. to support large tech projects is driving up construction costs and exacerbating housing crises in various cities [7]

Group 1 - Alphabet has sold bonds worth $20 billion in a seven-part offering [1] - The bonds have maturities extending out to 2066 [1] - The purpose of the bond sale is to fund the company's increasing spending on artificial intelligence infrastructure [1]

Group 1 - Dow futures rose by 0.09%, S&P 500 futures increased by 0.10%, and Nasdaq futures gained 0.07% [1] - Philips reported Q4 2025 earnings with a 1% year-over-year sales increase to €5.1 billion and an adjusted EBITA of €770 million, exceeding market expectations, leading to a 6.89% stock increase [2] - Cisco launched a new AI network chip, "Silicon One G300," expected to enhance AI computing task speeds by 28%, utilizing TSMC's 3nm process technology [2] Group 2 - Alphabet, Google's parent company, initiated its first issuance of Swiss franc bonds and British pound bonds, with maturities ranging from 3 to 100 years [2] - TSMC reported January sales of NT$401.26 billion, a 36.8% year-over-year increase and a 19.8% month-over-month rise, leading to a 3.09% stock increase [2] - BP's Q4 earnings showed a benchmark replacement cost profit of $1.54 billion, aligning with analyst expectations, but the full-year net profit of $7.49 billion fell short of the $7.58 billion forecast, resulting in a 4.9% stock decline [2] Group 3 - AstraZeneca's 2025 total revenue reached $58.739 billion, an 8% year-over-year increase, with growth in biopharmaceuticals, oncology, and rare diseases, and plans for significant investment in China [3] - AppLovin's stock rose by 3.5% after a short-seller retracted allegations against a major shareholder, ensuring the protection of legal rights [3] Group 4 - Eli Lilly announced a $2.4 billion acquisition of Orna Therapeutics to gain CAR-T therapy technology, aiming to produce cells in vivo rather than in the lab [4] Group 5 - Optical communication stocks saw a pre-market surge, with Redo Technology up over 17%, Astera Labs rising over 5%, and Corning increasing by over 1% [5]

整理 | 美股研究社 在这个快速 变 化的 时代， 人工 智能技术正以前所未有的速度发展，带来了广泛的机会 。 《AI日 报 》致力于挖掘和分析最新的AI概念股公司和市场趋势，为您提供深度的行 业 洞察和 价 值 分析。 A I 快 报 【百度加速出海，百度百科推出国际版 BaiduWiki 】 2 月 10 日，百度搜索正式推出"全球搜"功能及百度百科国际版 BaiduWiki 。作为出海战略 的重要落地，"全球搜"实现了对全球千亿级优质内容的深度索引与理解，并已无缝嵌入文心助 手。该功能通过接入全球地图及 MCP 服务生态，打通了从海外信息获取 to 机酒门票预订的 跨境交易闭环。 同日上线的 BaiduWiki 首批支持英、法、西、俄、日五大语种。依托多 AI 智能体模型协同翻 译技术，该平台已完成 100 万精选中文词条的转化上线，涵盖图文、视频及人物关系图谱， 标志着百度知识服务正式构建起全球化服务能力。 【阿里千问推出新一代图像生成基础模型 Qwen-Image-2.0 】 【豆包官宣总台春晚互动玩法】 2 月 10 日，豆包宣布"豆包过年"新春活动正式开启，活动期间将为用户发放新春红包。此 外， ...

Another trillion-dollar stock has become the apple of billionaires' eyes.For much of the last three decades, investors have had a game-changing technology or hyped trend to capture their attention and capital. Some of these popular trends include the advent and proliferation of the internet, genome decoding, nanotechnology, 3D printing, blockchain technology, cannabis, and the metaverse.But on rare occasions, two growth-altering trends have coexisted. Right now, investors are privy to the evolution of artif ...

2月10日，据知情人士称，现代汽车寻求到2028年向谷歌的自动驾驶子公司Waymo供应5万辆IONIQ 5自 动驾驶汽车。鉴于每辆车的价格估计约为50,000美元，该合同价值可能为25亿美元。（新浪财经） ...

Core Viewpoint - Alphabet is launching an unprecedented financing campaign globally, having completed a record $20 billion bond issuance and is now entering the European market with Swiss franc bonds and rare 100-year pound bonds to meet its $185 billion AI infrastructure investment needs [1]. Group 1: Bond Issuance Details - Alphabet has begun selling Swiss franc-denominated bonds with maturities of 3, 6, 10, 15, and 25 years, marking its first entry into the Swiss bond market [1]. - The company is also planning to issue its first pound bonds with maturities of 3, 6, 15, 32, and 100 years, which would be the first issuance of such long-term bonds by a tech company since Motorola in 1997 [1]. - The recent bond issuance is driven by Alphabet's announcement of a record capital expenditure plan of $185 billion for this year, which is double last year's spending and exceeds the total of the past three years [1]. Group 2: Demand and Market Trends - The $20 billion dollar bond issuance attracted over $100 billion in peak subscription orders, making it one of the strongest demand corporate bond issuances in history [2]. - The strong market demand led to significant pricing tightening, with the 3-year bond pricing at a premium of only 0.27 percentage points over U.S. Treasuries, down from an initial discussion of 0.6 percentage points [2]. - The issuance trend is part of a broader financing wave in the tech sector, with the five major AI cloud computing giants issuing $121 billion in corporate bonds last year, compared to an average of $28 billion from 2020 to 2024 [3]. Group 3: Future Projections - Morgan Stanley projects that borrowing by cloud computing giants will surge from $165 billion in 2025 to $400 billion [3]. - The total investment-grade bond issuance is expected to reach a record $2.25 trillion this year, driven by the current wave of bond issuances [3]. - Bloomberg industry research estimates that capital expenditures for AI, cloud infrastructure, and data centers will total $3 trillion by 2029 [3]. Group 4: Market Concerns - The surge in bond issuance is raising concerns about bond valuation pressures, with expectations that the large volume will widen corporate bond spreads [4]. - Current market conditions are likened to those of 1997-98 or 2005, indicating potential credit performance issues, although not necessarily at the end of a cycle [4].