（原标题：?全球最大主权财富基金"恐高"? 2025年下半年减持英伟达(NVDA.US)等美国科技巨头） 智通财经APP获悉，根据挪威政府最新公布的一份持仓清单，规模高达2.2万亿美元的挪威主权级别财 富基金在2025年下半年减持了美国股市最大规模科技巨头股票仓位，其中包括其长期以来的第一大持仓 ——即AI芯片超级霸主英伟达(NVDA.US)。截至年末，负责管理该基金的挪威央行投资管理公司 (Norges Bank Investment Management，NBIM)已削减其前四大科技巨头持仓，除英伟达外还包括苹果公 司(AAPL.US)、微软公司(MSFT.US)以及谷歌母公司Alphabet(GOOGL.US)。 该主权财富基金将芯片巨头英伟达的持股比例从6月底的1.32%降至年末的1.26%，同时将微软的持股比 例从1.35%降至1.26%，但是这两家科技巨头仍是该基金最有价值的前五大投资之一，其后依次为 Alphabet和云计算与电商巨头亚马逊公司(AMZN.US)。苹果则是该主权财富基金第二大投资。作为简化 投资组合战略的一部分，该主权财富基金退出了摩尔多瓦、冰岛等国股市，同时选择新增约旦和巴拿 ...

根据挪威政府最新公布的一份持仓清单，规模高达2.2万亿美元的挪威主权级别财富基金在2025年下半 年减持了美国股市最大规模科技巨头股票仓位，其中包括其长期以来的第一大持仓——即AI芯片超级 霸主英伟达(NVDA.US)。截至年末，负责管理该基金的挪威央行投资管理公司(Norges Bank Investment Management，NBIM)已削减其前四大科技巨头持仓，除英伟达外还包括苹果公司(AAPL.US)、微软公司 (MSFT.US)以及谷歌母公司Alphabet(GOOGL.US)。 NBIM成立于1990年代初，其投资遵循挪威财政部设定的基准系统指数，因此其进行主动操作的空间有 限。其投资组合覆盖股票、固定收益、房地产与可再生基础设施，且均在挪威境外。 从"美欧地缘政治博弈"的视角看，挪威主权财富基金(NBIM/GPFG)在2025年下半年小幅减持英伟达、苹 果、微软、Alphabet这类美股科技龙头，其深层意义更像是在这些占据市场高额权重的科技巨头估值来 到历史高位之际"去权重集中度 + 降政治尾部风险"，而不是"大举撤离美国或者看空AI投资主题"。 挪威NBIM本就严格贴近财政部设定的基准指数 ...

智通财经APP获悉，根据挪威政府最新公布的一份持仓清单，规模高达2.2万亿美元的挪威主权级别财富基金在2025 年下半年减持了美国股市最大规模科技巨头股票仓位，其中包括其长期以来的第一大持仓——即AI芯片超级霸主英 伟达(NVDA.US)。截至年末，负责管理该基金的挪威央行投资管理公司(Norges Bank Investment Management， NBIM)已削减其前四大科技巨头持仓，除英伟达外还包括苹果公司(AAPL.US)、微软公司(MSFT.US)以及谷歌母公 司Alphabet(GOOGL.US)。 该主权财富基金将芯片巨头英伟达的持股比例从6月底的1.32%降至年末的1.26%，同时将微软的持股比例从1.35%降 至1.26%，但是这两家科技巨头仍是该基金最有价值的前五大投资之一，其后依次为Alphabet和云计算与电商巨头亚 马逊公司(AMZN.US)。苹果则是该主权财富基金第二大投资。作为简化投资组合战略的一部分，该主权财富基金退 出了摩尔多瓦、冰岛等国股市，同时选择新增约旦和巴拿马。 在几乎同一时期，该主权基金对美国资产的总体敞口并未显著下降：到2025年末其大约52.9%资产仍在美国 ...

Core Viewpoint - Google DeepMind's new model, AlphaGenome, expands AI's predictive capabilities to the complex realm of the human genome, achieving state-of-the-art (SOTA) performance in genomic predictions [1][9]. Group 1: Model Capabilities - AlphaGenome can simultaneously predict 11 different gene regulatory processes, capturing complex interactions within genes [3][11]. - The model accurately analyzes gene splicing mechanisms, identifying how a single gene can produce multiple proteins and when errors occur that lead to diseases [4][8]. - It has demonstrated the ability to predict mutations related to diseases, such as accurately reconstructing pathogenic mutations in the TAL1 gene associated with leukemia [6][23]. Group 2: Performance Metrics - AlphaGenome has achieved SOTA performance in 22 out of 24 evaluations related to genomic trajectory predictions and outperformed existing models in 25 out of 26 direct disease association tasks [14][9]. - The model's predictive performance includes a 49% success rate in identifying regulatory directions for GWAS-related variants, significantly surpassing traditional methods [21]. Group 3: Technical Architecture - The model employs a hybrid architecture combining CNN and Transformer technologies, allowing for high-precision genomic predictions [30][31]. - AlphaGenome's input window extends to 1 million base pairs, enabling it to cover most interactions between remote enhancers and promoters [36]. - The training process utilizes a large-scale dataset covering both human and mouse genomes, ensuring the model learns universal rules of gene regulation across different physiological environments [37][38]. Group 4: Training Strategy - AlphaGenome implements a two-phase training strategy to balance generalization and inference efficiency, including a pre-training phase with strict cross-validation and a distillation phase for model refinement [40][41]. - The training incorporates rigorous data augmentation strategies to enhance the model's robustness against unseen mutations [43].

谷歌宣布，将Gemini 人工智能功能整合至Chrome浏览器，是次引入的Gemini功能包括图像生成工具 Nano Banana、主打个人化应用的Personal Intelligence，以及具代理式功能的Auto Browse，用户只需输 入单一指令，便可指示浏览器在网络上自动完成多项任务。 同时，谷歌亦为Chrome推出全新设计，在 浏览器右侧新增 面板，让Gemini聊天 机器人于用户上网期间保持随时可用状态。 ...

Core Insights - Norway's $2.2 trillion sovereign wealth fund has reduced its stakes in major US tech firms, including Nvidia, Apple, Microsoft, and Alphabet, by the end of 2025 [1][2] Group 1: Investment Adjustments - The fund cut its stake in Nvidia from 1.32% to 1.26% and in Microsoft from 1.35% to 1.26%, while still maintaining these companies among its top five investments [2] - The total number of companies held by the fund decreased to 7,201, having exited over 1,000 companies in the last six months of 2025 [3] Group 2: Portfolio Strategy - The fund's strategy includes simplifying its portfolio, which led to exiting stock markets in Moldova, Iceland, Croatia, and Estonia, while adding investments in Jordan and Panama [3] - Approximately 53% of the fund's investments are concentrated in the US across all asset classes, with significant holdings in US Treasuries, Japanese government bonds, and German bunds [3] Group 3: Geopolitical Considerations - An advisory panel has indicated that the fund needs to enhance its preparedness for increasing geopolitical risks, including tariffs and financial sanctions [4] - The fund faced criticism from US Republican lawmakers for its decision to sell out of Caterpillar Inc. last year [4] Group 4: Fund Overview - Norges Bank Investment Management, which manages the fund, operates under a benchmark index set by Norway's finance ministry, limiting its scope for active investment moves [5] - The fund's investment portfolio includes equities, fixed income, real estate, and renewable infrastructure, all outside of Norway [5]

Microsoft topped revenue and earnings estimates in its fiscal 2026 second quarter. But shares slid Wednesday evening as Azure failed to deliver meaningful growth upside. In-line guidance did little to change that narrative, which has been hurting the stock. Revenue increased about 16% year over year to $81.28 billion, beating the Street consensus estimate of $80.26 billion, according to data from LSEG. Earnings per share increased 28% from last year to $4.14, ahead of the $3.97 estimate, LSEG data showed. Q ...

钛媒体App 1月29日消息，根据最新公布的持股清单，挪威规模达2.2万亿美元的主权财富基金在2025年 下半年减持了美国大型科技股，包括其最大持股英伟达。到年底，负责管理该基金的挪威银行投资管理 公司已经减持了其前四大科技股，其中包括苹果、微软和Alphabet。该基金在6月底至年底期间，将英伟 达股份从其投资组合中1.32%的占比减持至1.26%，同时将其持有的微软的股份从1.35%减持至1.26%。这 两家公司仍然是该基金价值最高的五大投资之一，紧随其后的是Alphabet和亚马逊。苹果位列第二。 （广角观察） | | | June 30 Ownership | Yearend Ownership | | --- | --- | --- | --- | | | | (%) 6月30日所有权 | (%) 年末持股比例 | | Name 姓名 | Industry 行业 | (%) | (%) | | NVIDIA Corp NVIDIA 公 | Technology 技术 | 1.32 | 1.26 | | ID | | | | | Apple Inc 苹果公司 | Technology 技术 | 1.2 ...

前言 《电报解读》是一款主打时效性和专业性的即时资讯解读产品。侧重于挖掘重要事件的投资价值、分析 产业链公司以及解读重磅政策的要点。即时为用户提供快讯信息对市场影响的投资参考，将信息的价值 用专业的视角、朴素的语言、图文并茂的方式呈现给用户。 ①存储芯片+英伟达，用于DDR的产品已进入小批量测评，芯片元件产品已批量用于英伟达GPU，这家公 司产品获得数据中心、AI-GPU等领域客户认可。 ②端侧AI+光通信+谷歌，这家公司是谷歌Gemini AI端 侧硬件核心芯片供应商，布局FTTR光纤技术，构建多维通信矩阵助力端云互联。 ...

Core Viewpoint - US small-cap stocks are experiencing a notable moment, with expectations that this trend will continue due to macroeconomic factors such as falling interest rates and economic growth [1][12]. Group 1: Market Performance - The Russell 2000 Index recently ended its longest streak of outperforming large caps since 1996, but strategists remain optimistic about small caps as a way to capitalize on a broadening bull run in the stock market [1][12]. - Small caps outperformed the S&P 500 for the first 14 trading days of the year but have since trailed behind [4][14]. Group 2: Economic Factors - Expectations for small caps are based on a combination of strong economic growth and declining interest rates, which are seen as macro forces that can drive these stocks higher [3][14]. - The potential for AI to act as a productivity booster is expected to benefit small and mid-cap stocks, which typically start from a lower profitability base [8][14]. Group 3: Investment Strategies - Analysts recommend going long on regional banks, transportation stocks (excluding airlines), and the consumer discretionary sector as part of a strategy to invest in small caps [9][14]. - There is a belief that fiscal stimulus, including tax reforms, will provide a boost to small caps in fiscal 2026 due to their exposure to the US economy [9][14]. Group 4: Market Characteristics - Small caps are characterized as "the most American equities," deriving more of their revenues domestically compared to larger peers, which positions them well for benefiting from a potentially broadening US economy [10][14]. - The cumulative market value of the Russell 2000 is $3.6 trillion, which is less than the market capitalizations of mega-cap companies like Apple, Alphabet, and Nvidia [12][14]. Group 5: Risks and Volatility - As larger investors rotate into the small-cap space, there is a risk of increased volatility due to the relative low liquidity of these stocks, which may lead to larger price swings [10][11][14]. - Analysts suggest that heightened volatility will become a norm rather than an anomaly in the small-cap market [11].