Core Viewpoint - Michael Burry warns about Alphabet Inc.'s plan to issue 100-year bonds, drawing a comparison to Motorola Solutions Inc.'s decline after a similar move in 1997 [1][2][3] Group 1: Alphabet's Bond Issuance - Alphabet is planning to issue 100-year bonds as part of a significant bond sale [4] - The bond sale will include debt in dollars, British pounds, and Swiss francs with varying maturities [5] - The sale will feature sterling debt with maturities ranging from three to 100 years, and Swiss franc debt with maturities from three to 25 years [5] Group 2: Motorola Comparison - In 1997, Motorola was among the top 25 companies in both market cap and revenue in America, and its brand was the most valuable in the U.S. [2][3] - Following the issuance of long-term debt, Motorola's market position declined, and it was overtaken by Nokia in the cell phone market in 1998 [3] - Today, Motorola ranks as the 232nd largest company by market cap, with only $11 billion in sales [3] Group 3: Broader Context and Concerns - Burry has previously criticized tech giants like Microsoft and Alphabet for heavy investments in AI infrastructure, which he believes may soon become obsolete [6] - He has also expressed skepticism about the sustainability of the AI chip boom, particularly in relation to Nvidia Corp. [6]

Core Insights - The article discusses the professional background and expertise of Brett Ashcroft-Green, a CERTIFIED FINANCIAL PLANNER™ and founder of Ashcroft Green Advisors, highlighting his experience with high-net-worth families and in private credit and commercial real estate financing [1] Group 1 - Brett Ashcroft-Green has extensive experience working with high-net-worth and ultra-high-net-worth families [1] - He has a background in private credit and commercial real estate mezzanine financing [1] - His professional experience includes several years living and working in China, and he is fluent in Mandarin Chinese [1] Group 2 - Ashcroft Green Advisors is a registered investment advisory firm based in Nevada [1] - The firm collaborates with leading commercial real estate developers such as The Witkoff Group and Kushner Companies [1]

Core Viewpoint - Goldman Sachs (GS.US) reported a total market value of $810 billion in its Q4 2025 13F filing, reflecting a decrease of approximately 1.22% from the previous quarter's $820 billion [3][4]. Holdings Summary - In Q4 2025, Goldman Sachs added 671 new stocks, increased holdings in 3027 stocks, and sold out of 555 stocks. The top ten holdings accounted for 22.11% of the total market value [3][4]. - The turnover rate for the portfolio was 17.6%, with the top 20 holdings held for an average of 17.35 quarters and the top 10 for 24.4 quarters [4]. Top Holdings - The top five holdings included: 1. Nvidia (NVDA.US) with approximately 166.66 million shares valued at about $31.08 billion, representing 3.83% of the portfolio, a decrease of 0.82% from the previous quarter [5][6]. 2. Apple (AAPL.US) with approximately 90.99 million shares valued at about $26.94 billion, representing 3.32% of the portfolio, an increase of 2.60% [5][6]. 3. Microsoft (MSFT.US) with approximately 51.36 million shares valued at about $24.84 billion, representing 3.06% of the portfolio, a decrease of 5.86% [5][6]. 4. SPDR S&P 500 ETF (SPY.US) with approximately 32.92 million shares valued at about $22.45 billion, representing 2.77% of the portfolio, a decrease of 9.01% [5][6]. 5. Alphabet - A (GOOGL.US) with approximately 52.19 million shares valued at about $16.34 billion, representing 2.01% of the portfolio, an increase of 1.47% [5][6]. Trading Activity - The top five purchases by percentage change in the portfolio were GOOGL, AAPL, AAPL Call options, DIA, and TSLA Call options [8]. - The top five sales included SPY Put options, QQQ Call options, SPY Call options, MSFT, and IWM Put options [7]. Cryptocurrency Exposure - Goldman Sachs disclosed a significant exposure to cryptocurrencies, holding over $2.36 billion in digital assets, which accounted for 0.33% of its reported investment portfolio [9]. - The bank held approximately 21.2 million shares of various spot Bitcoin ETFs valued at $1.06 billion, a decrease of 39.4% from the previous quarter [11]. - The bank also held approximately 40.7 million shares of spot Ethereum ETFs valued at about $1 billion, a decrease of 27.2% [11]. - Notably, Goldman Sachs increased its holdings in newly launched spot XRP and Solana ETFs, with values of $152.2 million and $108.9 million, respectively [11].

Core Insights - A significant number of QDII active funds have outperformed the Nasdaq 100 ETF and S&P 500 ETF over the past two years, contrary to the common belief that active funds struggle to beat indices [1]. Fund Performance - The top-performing fund, "E Fund Global Growth Select A" managed by Zheng Xi, achieved a return of 170.48% over the past two years, surpassing the Nasdaq 100 ETF by over 130 percentage points [1]. - Other notable funds include "Jia Shi Global Industry Upgrade A" with a return of 109.37% and "Hua Xia New Era RMB" at 107.72% [1]. - The performance of these funds is attributed to significant adjustments in their holdings, particularly in overseas computing power and semiconductor stocks [4][6]. Stock Holdings - Zheng Xi's fund made substantial adjustments in Q2 2025, heavily investing in stocks like Nvidia, Broadcom, AMD, and Microsoft, which contributed to a 43.28% increase in Q2 and a 20.4% rise in Q3 [4]. - The fund's net value continued to rise, with a 132.32% increase since April 8, 2025, and a maximum drawdown of only 8.75% [6]. Comparison with Other Funds - Other funds such as "Jia Shi Global Value Opportunity RMB" and "Hua Bao Nasdaq Select A" also performed well, but did not match the impressive returns of "E Fund Global Growth Select A" [11][13]. - Funds focused on AI applications, innovative pharmaceuticals, and cryptocurrency concepts, like "Wan Jia Global Growth One-Year Holding A," showed more balanced holdings but did not achieve the same level of performance [9]. Market Trends - The overall market trend indicates that while the Nasdaq index has been relatively flat since November, the semiconductor stocks held by these funds have continued to rise, mitigating currency losses and widening the performance gap with the Nasdaq ETF [16]. - The strong earnings growth of major U.S. companies supports the ongoing rise in the stock market, with the median earnings growth of the Russell 3000 reaching a four-year high [30].

微软(MSFT.US)位列第三，持仓约5136万股，持仓市值约248.39亿美元，占投资组合比例为3.06%，较 上季度持仓数量减少5.86%。 来源：智通财经网 根据美国证券交易委员会(SEC)披露，高盛(GS.US)递交了截至2025年12月31日的第四季度持仓报告 (13F)。 据统计，高盛第四季度持仓总市值为8100亿美元，上一季度总市值为8200亿美元，环比下降约1.22%。 在第四季度的持仓组合中，高盛新增671只个股，增持3027只个股，清仓了555只个股。其中，前十大持 仓标的占总市值的22.11%。 | 2025-12-31 P | | | --- | --- | | 13F Activity | | | Market Value | $0.81t, Prior: $0.82t | | Inflows (Outflows) as % of Total MV | (-2.4403)% | | New Purchases | 671 stocks | | Added To | 3027 stocks | | Sold out of | 555 stocks | | Reduced holding ...

在前五大重仓标的中，英伟达(NVDA.US)位列第一，持仓约1.67亿股，持仓市值约310.81亿美元，占投资组合比例为3.83%，较上季度持仓数量减少0.82%。 苹果(AAPL.US)位列第二，持仓约9099.21万股，持仓市值约269.41亿美元，占投资组合比例为3.32%，较上季度持仓数量增加了2.60%。 微软(MSFT.US)位列第三，持仓约5136万股，持仓市值约248.39亿美元，占投资组合比例为3.06%，较上季度持仓数量减少5.86%。 智通财经APP获悉，根据美国证券交易委员会(SEC)披露，高盛(GS.US)递交了截至2025年12月31日的第四季度持仓报告(13F)。 据统计，高盛第四季度持仓总市值为8100亿美元，上一季度总市值为8200亿美元，环比下降约1.22%。在第四季度的持仓组合中，高盛新增671只个股，增 持3027只个股，清仓了555只个股。其中，前十大持仓标的占总市值的22.11%。 | 2025-12-31 | | | --- | --- | | 13F Activity | | | Market Value | $0.81t, Prior: $0.82t | | ...

以下文章来源于字母AI ，作者苗正 字母AI . 聚焦前沿科技，抢先看到未来。 这让全球游戏产业正在经历一场前所未有的危机。 祸不单行，AI技术的革新换代，也让游戏开发者们感到了危机。 生成式AI正以超出预期的速度替代游戏开发的每一个环节。从美术素材到NPC对话，从关卡生成到音效配 乐，AI工具正在大规模替代传统人力。 谷歌发布Genie 3世界模型的那一天，甚至直接引起了游戏公司股价集体暴跌。 如果AI能在一分钟内生成"类塞尔达"游戏，那么开发一款游戏就需要好几年的游戏厂商们，还有存在的必要 吗？ 正是这两股力量同时作用，才让整个行业出现了重塑的先兆。 来源 | 字母AI（ID:faceaibang） 作者 | 苗正 过去三十年，英伟达的显卡一直在推动游戏产业向前发展。《赛博朋克 2077》、《荒野大镖客 2》这些 3A 大作，都建立在显卡性能不断进步的基础上。 没有英伟达这三十年的持续研发，就没有今天规模超过3000亿美元的全球游戏产业。 但这个故事突然停止了。英伟达宣布无限期推迟新一代游戏显卡的研发，官方给出的理由是"内存供应受限， 优先供应数据中心"。 然而，恐慌之下，游戏行业真正的护城河也在显现，因 ...

作者 Daniel Schönberger ，内容为转载编译，仅为呈现不同市场观点与研究视角，并不意味 着本公众号对文中观点结论认可。 当下很难对谷歌给出明确判断并为投资者提供清晰指引。 一方面，谷歌盈利能力强劲，在未来 可能达万亿美元规模的 AI 市场中，具备成为领军者并占据主导地位的实力；即便持续大手笔 投入，公司资产负债表依旧稳健，债务规模有限，手握巨额现金及短期投资储备，自由现金流 表现亮眼。另一方面，头部 AI 企业的竞争日趋白热化，我们不禁要问：数万亿美元的 AI 投资 是否具备合理性？这些投入终有一日能否转化为同等规模的营收和利润？ 即便 AI 泡沫破裂，谷歌无疑会是幸存者之一，公司经营状况良好、资产负债表扎实。但市场 情绪的转向可能导致几乎所有企业股价下跌，AI 概念股首当其冲，投资者或将面临巨额账面亏 损。若 AI 炒作热潮戛然而止，谷歌暴跌 50% 甚至更多，并非没有可能。 尽管分析师对谷歌的投资态度趋于谨慎，但市场显然有不同看法：近三个月里，谷歌不仅大幅 跑赢同期仅上涨 3% 的标普 500 指数，其自身涨幅也十分可观。 【如需和我们交流可扫码添加进社群】 即便如此，分析师仍需重申：对谷 ...

The European Commission (EC) has granted unconditional approval for Google's proposed acquisition of cloud security company Wiz, stating that the deal does not present competition concerns within the European Economic Area (EEA). Google's $32bn all-cash agreement to acquire Wiz was first announced in March 2025. The Commission reached its decision following a detailed market investigation, which included collecting feedback from customers and competing providers in the cloud security and infrastructure se ...

Core Viewpoint - The market is showing a strong demand for Alphabet's "century bonds," indicating investor confidence in the company's long-term prospects amid the ongoing AI arms race [1] Group 1: Market Reaction - Investors are aggressively purchasing Alphabet's century bonds, reflecting a bullish sentiment towards the company's future growth potential [1] - The issuance of these long-term bonds is seen as a strategic move by Alphabet to capitalize on the current AI boom [1] Group 2: Industry Context - The AI arms race is intensifying, with major tech companies competing to lead in AI technology, which is driving investor interest in related financial instruments [1] - Alphabet's position in the AI sector is perceived as strong, contributing to the attractiveness of its long-term debt offerings [1]