Alphabet Inc. is looking to raise about $15 billion from a US high-grade dollar bond sale, according to people with knowledge of the matter, adding to a borrowing spree by companies at the forefront of the artificial intelligence investment boom. Massive cloud-computing companies known as hyperscalers are expected to spend more than $650 billion this year to expand AI infrastructure. Since last year, the group has flooded the market with debt that investors have so far eagerly absorbed, although concerns ...

据美联社报道，相关审判预计持续6至8周，包括"元"公司首席执行官马克·扎克伯格在内的多名技术大 佬预计将出庭作证。报道说，这将是这些技术企业首次在陪审团前进行辩护，此案判决结果将对其业务 以及如何与使用其社交媒体平台的儿童和青少年打交道产生深远影响。 此案被告是脸书和优兔分别所属的企业"元"公司和"字母表"公司。另有两家社交媒体原本也在被告之 列，但此前已达成庭外和解。 有专业人士将此案与先前要求烟草企业对吸烟人士进行赔偿的案件相提并论。 控方提到的此案受害人是姓名缩写为"KGM"的19岁少女。她称，过早使用社交媒体导致她手机成瘾， 进而加重了她的抑郁症状和自杀倾向。控方说，被告方的产品并非"附带"伤害到原告，每个被告就其产 品设计所作出的"有意"选择"直接"对原告造成了伤害。 技术企业不承认其产品有意伤害儿童及青少年。这些企业援引各自多年来采取的一系列保障措施，称对 第三方在其平台上发布的内容不负有责任。 就社交媒体设置导致青少年成瘾的控诉，美国加利福尼亚州洛杉矶高等法院定于9日开庭审理。脸书、 优兔等知名社交媒体平台所属企业的创始人或高管将作为被告方出庭作证。由于今年美国多地还有不少 类似官司待审，这场审 ...

科技巨头今年计划大幅增加资本支出，这几乎会让亚马逊、谷歌和元宇宙平台的自由现金流消耗殆尽。 这将迫使其中部分企业做出艰难抉择，比如是否终止股票回购，或是进行更多举债。 好消息是，这些科技巨头均具备进一步举债数千亿美元的能力，远超其当前的负债规模。 近年来，多数科技巨头开始通过分红和股票回购的方式向股东返还现金，谷歌和元宇宙平台便是双管齐 下的代表。但今年这一举措或难以为继 —— 为扩大人工智能算力而产生的资本支出，几乎会吞噬企业 经营活动产生的全部现金。 谷歌和元宇宙平台已开始缩减股票回购规模。不过，取消分红一事却棘手得多，因为两家企业均在 2024 年才首次推出分红政策，而这一政策此前显著提升了其股票对投资者的吸引力。 亚马逊则无需面临这一难题：该公司自 2022 年起便未进行过股票回购，且从未实施过分红。但据标普 全球市场情报数据显示，亚马逊今年计划资本支出达 2000 亿美元，高于分析师预估的 1780 亿美元经营 活动现金流，这意味着与其他两家企业不同，亚马逊今年必然会出现现金消耗。 去年 11 月，亚马逊发行了 150 亿美元债券以充实现金储备，截至 12 月 31 日，其手持现金达 1230 亿美 ...

今年最具话题性的交锋，发生在 Anthropic 和 OpenAI 之间。作为挑战者，Anthropic 选择了一种极具攻击性的策略。在他们推出的健身教练篇中，年轻人 向 AI 寻求健身建议，结果正说到关键处，AI 系统为了商业利益强行插入了一条增高鞋垫的口播广告。 这则广告辛辣地讽刺了竞品在聊天中植入广告的行为，结尾那句"Ads are coming to AI. But not to Claude."（广告正在入侵 AI，但在 Claude 这里没有）， 精准击中了用户对广告的恐惧。 今年的超级碗结束后，很多人有一个共同感受：AI 广告多得有点不正常。 从聊天机器人、智能助理，到可穿戴设备、生成式内容工具，AI 几乎占据了广告时段的半壁江山，甚至被调侃为"AI Bowl"。 超级碗从来不只是体育赛事，它更像一块放大镜，每一年，最有钱、最焦虑、也最渴望被理解的行业，都会集中出现在这里。 当 AI 在超级碗集体刷屏，本质上说明两件事：一是 AI 行业已经从技术竞赛阶段，进入大众心智争夺阶段；二是这些公司开始意识到，技术本身不再足 够，必须讲清楚你和普通人的关系。 从这个角度看，2026 年的超级碗，是 AI ...

Core Viewpoint - Google is reportedly planning to replace Chrome OS with a new operating system called "Aluminium OS," which is based on Android, raising concerns about the potential loss of Chrome OS's advantages as a cloud-based system [6][10]. Group 1: Chrome OS Characteristics - Chrome OS is fundamentally different from traditional PC operating systems, focusing on being a "cloud computer" that primarily runs web applications [3]. - The advantages of Chrome OS include low hardware requirements, allowing it to run on devices with lower specifications than mainstream smartphones, thus keeping device prices low [3]. - Its cloud-based nature makes Chrome OS ideal for educational and office environments, as it allows institutions to restrict access to specific online applications and limit local data storage [5]. Group 2: Concerns About Aluminium OS - The transition to Aluminium OS, which is based on Android, may compromise the cloud computing attributes of Chrome OS, as Android typically requires higher hardware performance [8]. - The new system aims to support more local applications, potentially enhancing productivity for tasks that require local processing, such as video editing and AI training [8]. - However, the shift to a more local storage-oriented system could lead to decreased security and manageability, raising concerns for existing Chrome OS users [10]. Group 3: Potential Benefits and Challenges - Aluminium OS is reported to be compatible with x86 hardware, which could enhance the performance of third-party Android emulators on Windows platforms [11]. - While there may be potential benefits in developing an "Android PC" ecosystem, the transition period could pose challenges for users accustomed to the security and simplicity of Chrome OS [11].

Elon Musk’s AI chatbot Grok is experiencing rapid user adoption, with app downloads jumping 43% month over month in January, according to data from Similarweb shared on X.Musk Highlights Strong PerformanceMusk wrote on X on Monday, “Grok downloads surge 43% month over month!” responding to a post by X Freeze, a page on X that tracks AI and tech metrics.Monthly Active Users Jump 30%According to the Similarweb data shared by X Freeze, Grok’s monthly active users rose from 48 million in December to 62 million ...

道达尔将启用其在得州的两处太阳能站点，提供10亿瓦的发电能力——在15年内相当于280亿 千瓦时的可再生能源。这两个太阳能站点将在第二季度开始建设。 道达尔美国可再生能源业务副总裁马克-安托万·皮尼翁表示，此次协议是道达尔在美国签署的规 模最大的可再生电力购电协议。道达尔目前已通过其持有50%股份的加州可再生能源公司 Clearway，间接向谷歌供应电力。Clearway近期签署了总规模达1.2吉瓦的协议，向美国三个 电力市场的数据中心提供电力。 谷歌清洁能源与电力总监威尔·康克林在一份声明中表示："我们与道达尔的协议为当地电力系统 新增了必要的发电能力，提升了整个地区可获得的、价格可负担且可靠的电力供应水平。" 在多数石油巨头趋于收缩可再生能源投资的背景下，道达尔选择逆势而行，持续在天然气发电厂 之外加大对可再生能源的投入，并在电力市场放松管制、价格波动较大的地区扩展其电力业务， 这些地区包括得州的ERCOT电力市场——在那里价格波动能够创造颇具吸引力的交易机会。 法国油气巨头道达尔(TTE.US)周一签署了两项长期协议，将向谷歌(GOOGL.US)位于得克萨斯州的数 据中心供应太阳能电力，以把握人工智能推 ...

Group 1 - The potential IPO of SpaceX is a significant financial storyline in 2026, with discussions ongoing between SpaceX and investment banks [1] - A merger between SpaceX and xAI has been announced, valuing the combined entity at $1.25 trillion, which adds intrigue to the potential IPO [2] - The merger is seen as strategically beneficial, aligning with Musk's long-term vision of integrating SpaceX with Tesla, which recently approved a $2 billion investment in xAI [3][4] Group 2 - The technological synergy between xAI and SpaceX is highlighted, as SpaceX's data collection capabilities can enhance AI applications, particularly in autonomous systems and predictive modeling [5][6] - Satellites and rockets are described as distributed processors, facilitating new use cases in AI execution, emphasizing the importance of space in the AI landscape [6] - Alphabet is identified as a top investment pick at the intersection of AI and space exploration, with a significant presence in the space economy alongside its diverse AI ecosystem [7]

Investment Rating - The report maintains a "Buy" rating for several key companies in the communication and AI computing chain, including沃尔核材, 奥飞数据, 锐捷网络, 中国移动, 新易盛, 中际旭创, 万国数据, 天孚通信, and 亨通光电 [8][39]. Core Insights - The North American cloud service providers (CSPs) have shown a significant increase in capital expenditures, with a year-on-year growth of 66.64% in Q4 2025, totaling $117.6 billion. This trend is expected to continue into 2026, with a projected capital expenditure of $570.77 billion, reflecting a 53.2% increase [2][12][13]. - Major CSPs such as Microsoft, Amazon, Meta, and Google are optimistic about their capital spending for 2026, with Microsoft estimating $115.2 billion, Amazon $161.3 billion, Meta $123.7 billion, and Google $170.5 billion [2][12][13]. - The report emphasizes the potential for growth in the global AI computing chain, including components like optical modules, liquid cooling, copper connections, and switches, driven by the increasing demand for computing power [1][11]. Summary by Sections Market Overview - The communication index fell by 6.95% last week, while the Shanghai Composite Index and Shenzhen Component Index decreased by 1.27% and 2.11%, respectively [1][11]. Key Companies and Dynamics - The report identifies a primary investment theme in the communication industry for 2026, focusing on the AI computing chain, with recommended companies including 中际旭创, 新易盛, 天孚通信, and others [3]. - The report highlights the strong performance of the four major North American cloud providers, collectively known as MAMG, which includes Microsoft, Amazon, Meta, and Google, with a total capital expenditure of $372.55 billion in 2025 [2][12]. Company Recommendations - Specific companies are recommended for investment based on their growth potential and market position, including: - 沃尔核材 (Target Price: 43.21) [39] - 奥飞数据 (Target Price: 31.17) [39] - 锐捷网络 (Target Price: 102.51) [39] - 中国移动 (Target Price: 126.20) [39] - 新易盛 (Target Price: 476.71) [39] - 中际旭创 (Target Price: 626.68) [39] - 万国数据 (Target Price: 45.83) [39] - 天孚通信 (Target Price: 211.92) [39] - 亨通光电 (Target Price: 25.73) [39]

道达尔美国可再生能源业务副总裁马克-安托万.皮尼翁表示，此次协议是道达尔在美国签署的规模最大 的可再生电力购电协议。道达尔目前已通过其持有50%股份的加州可再生能源公司Clearway，间接向谷 歌供应电力。Clearway近期签署了总规模达1.2吉瓦的协议，向美国三个电力市场的数据中心提供电 力。 谷歌清洁能源与电力总监威尔.康克林在一份声明中表示："我们与道达尔的协议为当地电力系统新增了 必要的发电能力，提升了整个地区可获得的、价格可负担且可靠的电力供应水平。" 在多数石油巨头趋于收缩可再生能源投资的背景下，道达尔选择逆势而行，持续在天然气发电厂之外加 大对可再生能源的投入，并在电力市场放松管制、价格波动较大的地区扩展其电力业务，这些地区包括 得州的ERCOT电力市场——在那里价格波动能够创造颇具吸引力的交易机会。 法国油气巨头道达尔(TTE.US)周一签署了两项长期协议，将向谷歌(GOOGL.US)位于得克萨斯州的数据 中心供应太阳能电力，以把握人工智能推动的电力需求快速增长。道达尔将启用其在得州的两处太阳能 站点，提供10亿瓦的发电能力——在15年内相当于280亿千瓦时的可再生能源。这两个太阳能站点将 ...