U.S. stock futures are pointing to a higher open on Thursday, January 22, 2026, signaling an extension of Wednesday's robust relief rally. Investors are keenly awaiting key inflation data, particularly the Personal Consumption Expenditures (PCE) price index, which is the Federal Reserve's preferred gauge, alongside weekly jobless claims and revised GDP figures. The positive sentiment in premarket trading follows a significant de-escalation of geopolitical tensions that had weighed on markets earlier in the ...

Core Viewpoint - The upcoming earnings season for major tech companies will be heavily influenced by artificial intelligence (AI) investments, with a focus on how these companies can monetize their substantial investments in AI technology [3][4]. Group 1: AI Investment and Financial Performance - Major tech companies like Amazon, Google, Meta, and Microsoft are planning to significantly increase their investments in AI data center infrastructure, with Amazon projecting $125 billion in 2025 and further increases in 2026 [6]. - Google has raised its 2025 capital expenditure forecast from $85 billion to between $91 billion and $93 billion, with substantial growth expected in 2026 [6]. - Meta's capital expenditure for 2025 has been adjusted to a minimum of $70 billion to $72 billion, with a notable increase in spending anticipated for 2026 driven by AI infrastructure costs [6]. - Microsoft has indicated that its capital expenditures will exceed $88.2 billion in 2025, with a record $34.9 billion spent in the first quarter of 2026, primarily on data centers and AI tool development [7]. - Market expectations for revenue growth are high, with Amazon's AWS projected to grow by 21%, Microsoft's commercial cloud by 25%, Google's cloud by 35%, and Meta's overall revenue by 30% [7]. Group 2: Market Dynamics and Stock Performance - The "Seven Giants" of the tech sector are experiencing divergent stock performances, with only Alphabet and Nvidia outperforming the S&P 500 in the past year [11]. - Apple has faced criticism for its insufficient investment in AI, leading to stock performance lagging behind the S&P 500 [11]. - Tesla's stock has also underperformed due to slowing electric vehicle sales, highlighting the varying fortunes among the "Seven Giants" [11]. - Analysts suggest that the market is beginning to differentiate between companies that can successfully leverage AI investments and those that may struggle, indicating a shift in investment strategies [12]. Group 3: Future Trends and Opportunities - The focus is shifting towards "AI beneficiaries," companies that will benefit from increased productivity and efficiency through AI applications, particularly in sectors like healthcare, industrial, and finance [12][13]. - AI investments are expected to lead to significant changes in corporate restructuring, productivity improvements, and profit enhancements across various industries [13]. - There is a growing preference for investing in companies involved in AI infrastructure, as well as sectors that may not be directly related to AI but will benefit from its advancements [13].

更早之前，当亚马逊AWS已经在云计算市场占据半壁江山时，谷歌云（GCP）仍一度被视为"追随者"， 但如今凭借AI原生云的定位，成为全球第三大云服务商，增速持续领跑行业。 从搜索引擎的绝对垄断，到安卓系统占据全球移动设备七成以上份额，从云计算的后发先至，到AI时 代的技术引领，谷歌成立二十多年来，几乎在每一个关键技术转折点都踩准了节奏。 与之形成鲜明对比的是，微软有比尔·盖茨、萨提亚·纳德拉，亚马逊有杰夫·贝佐斯，苹果有史蒂夫·乔布 斯、蒂姆·库克，这些CEO的个人光环几乎等同于公司符号。而谷歌的历任CEO，无论是埃里克·施密 特、拉里·佩奇，还是如今的桑达尔·皮查伊，都显得低调内敛，甚至在大众认知中"存在感不强"。 更值得玩味的是，科技行业对"管理文化"的讨论，多集中在微软的刷新、亚马逊的Day1、苹果的极致 产品主义，谷歌的决策逻辑却始终像一个黑箱。它没有喊出振聋发聩的管理口号，也没有形成可复制 的"爆款方法论"，却总能在复杂的市场博弈中做出正确选择——以至于时至今日，在浪潮迭起的时代变 化里，这家公司从未落跑，市值更是超越苹果，成为全球第二极。 这背后，究竟隐藏着怎样的运作模式？ 驱动谷歌持续做对决策的" ...

We recently published 15 Stocks on Jim Cramer’s Radar.  Alphabet Inc. (NASDAQ:GOOGL) is one of the stocks on Jim Cramer's radar. Over the past couple of months, Jim Cramer has turned increasingly optimistic on Alphabet Inc. (NASDAQ:GOOGL). Several factors have driven his optimism. Early on, these included enthusiasm for YouTube and the firm’s dominance in the search engine market. More recently, Alphabet Inc. (NASDAQ:GOOGL)’s Gemini AI platform has landed on the CNBC TV host’s radar. He correctly predicte ...

Core Insights - Google has made a significant move into the AI e-commerce sector with its AI model Gemini, which now offers a complete AI shopping service to U.S. users, allowing them to make product recommendations and place orders directly within the AI chat interface [1][3] Group 1: AI Shopping Service Launch - Gemini has partnered with major e-commerce platforms such as Walmart, Shopify, Etsy, Wayfair, and Target to enhance its shopping capabilities [3] - The initial pilot with Walmart focuses on daily necessities and fresh produce, integrating with offline inventory systems to reduce stockouts [3] - Payment service providers like Visa, Mastercard, Stripe, and Adyen have been integrated to facilitate transactions within the chat interface [3] Group 2: Competitive Landscape - The rise of AI shopping has intensified competition among major players like Google and Amazon, as they vie for dominance in the "entry point" for consumers [5] - OpenAI's ChatGPT has already established a shopping feature that allows users to complete the entire shopping process from conversation to payment, prompting Google to respond aggressively [5][19] Group 3: Comprehensive Shopping Experience - Google has introduced an open-source Universal Commerce Protocol (UCP) to streamline the shopping experience across platforms, enabling Gemini to execute the entire shopping process without separate integrations for each e-commerce channel [6] - Users can interact with Gemini to refine their shopping needs, such as requesting specific product styles or colors [7] Group 4: Data and Functionality - Gemini can compare product specifications and track price changes for users, notifying them when products reach their desired price points [9] - The AI can also contact local stores to confirm product availability and promotions, providing users with comprehensive information [11] Group 5: Business Agent Introduction - Google has launched a Business Agent that acts as a pre-sales assistant, providing interactive responses to consumer inquiries based on brand-specific knowledge [13] - Brands like Lowe's, Reebok, and Michael's have already integrated with the Business Agent, allowing them to gain insights and offer promotions based on user data [13] Group 6: Market Dynamics - Google's advertising revenue, which is heavily reliant on search and YouTube ads, faces potential disruption from AI shopping models that bypass traditional ad channels [16][18] - In 2024, Alphabet's total revenue was $350 billion, with search and YouTube ads accounting for approximately 66.9% of that revenue [16] Group 7: Comparison with ChatGPT - Both Gemini and ChatGPT utilize external product databases from platforms like Walmart and Shopify, but Gemini has the advantage of accessing Google's extensive product data through Google Shopping [20][21] - Google Shopping contains 45 billion structured product data entries, which enhances Gemini's ability to provide relevant shopping recommendations [21] Group 8: Emergence of Competitors - A wave of AI companies is entering the e-commerce space, with tools like Perplexity's "Buy with Pro" and OpenAI's Operator enabling direct purchases within chat interfaces [24] - Major retailers are collaborating with AI models to integrate instant checkout features, further blurring the lines between traditional e-commerce and AI-driven shopping [24]

Big Tech is pouring hundreds of billions into AI capital expenditure.But the question on every investor’s mind is: where’s the money?The good news? Today’s AI investments are backed by actual revenue. Here’s how three tech giants are turning AI hype into hard cash.Meta: The AI Advertising MachineMeta Platforms (NASDAQ: META) may have the clearest monetisation story of the trio.The social media giant’s AI-powered ad tools now generate a US$60 billion annual run-rate. That’s not a projection — that’s real mon ...

Core Viewpoint - Google has been operating under intense pressure in the AI sector, with CEO Demis Hassabis emphasizing the company's commitment to maintaining its leadership in AI technology through rigorous work and innovation [2][4][10]. Group 1: Google's AI Strategy and Developments - The release of Gemini 3 is seen as a pivotal moment for Google, marking its return to the forefront of the AI industry [4]. - Hassabis highlights Google's unique position as the only company with full-stack AI capabilities, integrating research, computing power, data, hardware, and products into a cohesive system [4][12]. - The company is focused on developing "Physical AI," which aims to create systems that understand and interact with the real world, with significant advancements expected in the next 18 to 24 months [4][20]. Group 2: Competitive Landscape and Global AI Dynamics - Hassabis does not view China's AI advancements, particularly DeepSeek, as a significant threat, suggesting that Western narratives may exaggerate the situation [5][24]. - He acknowledges ByteDance's rapid progress, estimating that they are only about six months behind the technological frontier [5][24]. - The majority of breakthrough technologies in modern AI have originated from Google, with approximately 90% of key advancements attributed to its research efforts [5][32]. Group 3: Future of AGI and Societal Implications - Hassabis predicts a 50% chance of achieving Artificial General Intelligence (AGI) by 2030, emphasizing the need for several critical technological breakthroughs to reach this goal [8][26]. - He describes AGI as a system that must possess complete human cognitive abilities, including the capacity for scientific innovation and problem formulation [8][28]. - The transition to a "post-scarcity era" is anticipated, where AI could fundamentally change the nature of work and human purpose, raising philosophical questions about the meaning of life when traditional work is no longer necessary [9][39]. Group 4: Technological Challenges and Research Focus - Current AI systems still face challenges in stability and performance across different domains, which must be addressed before widespread adoption can occur [39]. - Hassabis emphasizes the importance of continuous learning and the development of robust algorithms as essential components for future AI systems [31][39]. - The collaboration with Boston Dynamics is highlighted as a significant step towards integrating AI into robotics, with prototypes expected to be tested in the coming years [22][20].

克雷西 发自 凹非寺 量子位 | 公众号 QbitAI 谷歌来给考生送福利了！ 从现在起，备考SAT的学生可以免费通过Gemini进行模拟考试，分数立等可取，还能帮你讲解错题。 谷歌CEO劈柴哥表示，这对学生党来说是一个大好的消息。 除了劈柴哥的个人号的75万阅读，谷歌官号还有两百多万网友在线围观。 而且不少人都对这个功能赞不绝口，还有网友在许愿能不能支持其他考试。 这次，我们也简单体验了一下这套模拟考试流程，接下来就一起看看。 实测用Gemini备考SAT 谷歌这次确实没少下功夫，直接拉来了老牌机构The Princeton Review，把那一整套经过验证的SAT模拟题全都塞进了Gemini里。 有网友表示，刚花了1500美金买princeton review的冤种真的是亏大了。 打开实际体验一下，它还真不是随便编几道题糊弄。 在对话框里敲一句「I want to take a practice SAT test.」，就能召唤出这套全真模拟考试系统。 整个测试结构基本复刻了真实的SAT流程，分成了Reading and Writing与Math两大块，每一块又细分成两个章节，难度也是循序渐进的。 而且它给 ...

Core Viewpoint - The fourth quarter of 2025 experienced a sharp 5% sell-off followed by a quick recovery, with global stocks reaching all-time highs, influenced by concerns over a potential AI bubble and subsequent strong earnings from NVIDIA [4][5]. Portfolio Performance & Attribution - The Polen Global Growth Composite Portfolio returned -2.5% gross of fees and -2.7% net of fees in Q4 2025, underperforming the MSCI All Country World Index, which returned +3.3% [7]. - Top relative contributors included Eli Lilly, Alphabet, and Shopify, while Oracle, Paycom Software, and CoStar Group were the largest detractors [7][8]. - Eli Lilly's stock rallied over 40% in Q4 due to strong financial results and a favorable agreement on drug pricing, despite earlier concerns [8]. - Oracle's performance reversed from the previous quarter, primarily due to skepticism regarding its future revenue tied to OpenAI, impacting its stock negatively [9]. Portfolio Activity - New positions were initiated in Tencent Holdings and Spotify, while positions in Sage Group, Willis Towers Watson, ICON Plc, and Workday were eliminated to fund these investments [10][11]. - Tencent has shown consistent earnings growth of over 30% annually for the past three years, and its valuation is considered reasonable for sustainable revenue growth [11]. - Spotify is viewed as a leading streaming network with significant growth potential, expecting over 20% annual free cash flow growth for the next five years [12]. Outlook - The datacenter capital expenditure cycle is expected to continue, driven by increasing demand and supportive government policies, suggesting a favorable environment for growth in revenues and earnings for key players [17]. - The portfolio is positioned to deliver above-average earnings growth, with a focus on sectors outside of the AI and datacenter themes, ensuring resilience regardless of market drivers [18].

Group 1 - Oil stocks generally rose, with CNOOC (02883) up 4.32%, PetroChina (00857) up 3.33%, CNOOC (00883) up 2.98%, and Sinopec (00386) up 3.01%. International oil prices saw a slight increase, with WTI crude oil futures for February closing at $60.62 per barrel, up 0.43%, and Brent crude oil futures for March at $65.24 per barrel, up 0.49% [1] - CATL (03750) fell over 4%, down 4.4% as of the report. A report from Citi raised concerns about CATL's growth prospects due to slowing EV sales in China, rising lithium prices, and reduced export VAT rebates [1] - Kintor Pharmaceutical (02171) rose nearly 4% after announcing a clinical collaboration with Dispatch Bio to initiate a Phase I clinical trial in China by 2026 for a treatment method targeting solid tumors [1] Group 2 - Guoxia Technology (02655) surged over 7% following a strategic cooperation agreement with Shuneng Electric to enhance collaboration in the energy storage sector [2] - Kingsoft Biotech (01548) dropped over 6% after its affiliate Legend Biotech's stock fell more than 11%. Kingsoft reported that Legend's CARVYKTI had a net sales of approximately $555 million for Q4 [2] - Hong Kong real estate stocks saw a general rise, with Hysan Development (00014) up 5.17%, Sun Hung Kai Properties (00016) up 3.36%, and Wharf Real Estate (01997) up 4.02%. A report from Citi indicated a recovery in Hong Kong property prices, predicting a continued upward trend, albeit at a moderate pace due to tempered interest rate cut expectations [2] Group 3 - Baidu Group (09888) rose nearly 5%, with a cumulative increase of over 40% in the past two months. The company launched the official version of its Wenxin large model 5.0, featuring 2.4 trillion parameters [3] - Pacific Basin Shipping (02343) increased over 9%, reaching a new high of HKD 2.96, benefiting from a rise in the Baltic Dry Index, which increased by 74 points or 4.3% to 1803 points [3] - GDS Holdings (09698) rose nearly 3% after announcing the sale of shares in DayOne for $385 million, recovering approximately 95% of its investment principal with a return rate close to 6.5 times [4] Group 4 - The US stock market saw an expansion in gains, with the Nasdaq up 1%. Notable tech stocks like Intel (INTC.US) rose 11.72%, reaching a market cap of over $250 billion, the highest in four years [5] - The storage sector continued to strengthen, with Micron Technology (MU.US) up 6.61% and Western Digital (WDC.US) up 8.49%. Counterpoint Research indicated that the storage market has entered a "super bull market" phase, surpassing previous highs due to increased demand from AI and server capacity [5] - The Nasdaq Golden Dragon China Index surged 2%, with popular Chinese stocks like Bilibili (BILI.US) up 5.65% and Baidu (BIDU.US) up 8.17% [6]