Core Viewpoint - The news highlights a bullish sentiment towards Alphabet Inc. as demonstrated by the Oriental Harbor Investment Master Fund's purchase of shares in the Direxion Daily GOOGL Bull 2X Shares ETF, which aims to amplify daily returns of Alphabet through swap agreements [2][6]. Group 1: ETF Overview and Performance - The Direxion Daily GOOGL Bull 2X Shares (GGLL) ETF is designed to provide investors with 2 times the daily return of Alphabet shares, utilizing swap agreements to enhance exposure [5][8]. - As of January 26, 2026, GGLL's price was $108.79, reflecting a significant one-year price change of 140.5% [3][4]. - The ETF has an estimated $1.06 billion in assets under management (AUM) and a dividend yield of 3.66% [4]. Group 2: Investment Activity and Implications - Oriental Harbor Investment Master Fund acquired 177,587 shares of GGLL, with an estimated transaction value of $15.12 million, and the position's value increased to $22.30 million by quarter-end due to price appreciation [2][3]. - The purchase raised GGLL's weight in the fund to 2.42% of its 13F assets under management, indicating a strategic bullish outlook on Alphabet [3]. Group 3: Alphabet's Financial Performance - Alphabet's search revenue rose to $56.6 billion in Q3 2025, up from $49.4 billion in 2024, contributing to a total company sales increase of 16% year-over-year to $102.3 billion [9][10]. - The successful integration of AI into Google search results has not detracted from Alphabet's revenue generation capabilities, suggesting a strong investment case for Alphabet stock [10]. Group 4: Investment Strategy Considerations - The GGLL ETF is intended for short-term tactical trading, making it suitable for investors looking to capitalize on short-term price movements in Alphabet shares rather than long-term investment [11].

Core Viewpoint - Waymo, a subsidiary of Alphabet, is planning a new funding round aiming to raise approximately $16 billion, with a company valuation nearing $110 billion [1] Funding Details - Alphabet will invest about $13 billion into Waymo, while the remaining funds will come from new investors including Sequoia Capital, DST Global, and Dragoneer [1] - The funding round is expected to be completed by February [1] Previous Valuation - In the previous funding round conducted in October 2024, Waymo's valuation exceeded $45 billion, with Alphabet leading that round [1]

Core Insights - Alphabet has attracted significant interest from institutional investors, becoming a top holding for several hedge fund billionaires by the end of Q3 2023 [1] - The company has regained its status as a leader in artificial intelligence, overcoming initial investor fears regarding the impact of AI on its core Google search business [2] Investment Appeal - Alphabet's stock was considered undervalued at the beginning of 2025, leading to increased interest from prominent investors [2] - The company is now viewed as one of the best-positioned AI firms for future growth [2] Technological Advantages - Alphabet possesses a comprehensive AI stack, highlighted by its Tensor Processing Units (TPUs), which provide a structural cost advantage for running AI workloads [4] - The TPUs have been integrated into Alphabet's ecosystem and are available for customer deployment through Google Cloud, creating an additional revenue stream [4] AI Model and Product Integration - Alphabet's Gemini large language model (LLM) is recognized as one of the best AI models globally and is integrated across its products, enhancing Google Search with AI-powered features [5] - The introduction of AI Mode allows users to switch seamlessly between traditional search and an AI chatbot, improving user experience [5] Distribution and Monetization - Alphabet's advantages in distribution and advertising remain strong, with ownership of the Chrome browser and Android OS positioning it as a primary internet gateway [6] - The extensive ad network enables effective monetization of both search and AI chatbot users [6]

据知情人士透露，Alphabet Inc.旗下的自动驾驶部门Waymo寻求在一轮融资中按将近1100亿美元估值筹 集约160亿美元。谷歌母公司Alphabet将向这家自动驾驶出租车公司提供约130亿美元，其余部分将来自 其他投资者，包括新加入的红杉资本、DST Global和Dragoneer Investment Group。据知情人士透露， Waymo可能会在2月份完成这轮融资。2024年10月份，该公司按超过450亿美元估值进行了最近一轮融 资。 ...

Core Viewpoint - Baillie Gifford continues to focus on technology and growth sectors, maintaining a global perspective despite a reduction in total assets held to $120 billion, down $15 billion from the previous quarter [1]. Holdings Overview - As of Q4 2025, Baillie Gifford holds a total of 265 companies with assets amounting to $120 billion, reflecting a decrease of $15 billion from Q3 [1]. Top Holdings - The firm remains heavily invested in global technology and consumer giants, with a notable emphasis on Latin American e-commerce platform MercadoLibre, and Nvidia leading the portfolio, indicating confidence in the long-term potential of AI infrastructure [4]. Top Buys - Significant increases in holdings include: - Axon Enterprise (AXON) with an additional investment of $860 million - Medline Inc (MDLN) with $437 million - Rocket Lab (RKLB) with $399 million - Google-A (GOOGL) with $373 million - Duolingo (DUOL) with $357 million - The firm shows strong interest in vertical technology sectors, particularly in safety technology and education [5][6]. Top Sells - The firm has reduced its positions in: - Datadog Inc (DDOG) by $1.01 billion - Cloudflare (NET) by $990 million - Shopify (SHOP) by $680 million - BioNTech SE (BNTX) by $630 million - Meta Platforms (META) by $590 million - This indicates a strategic retreat from cloud computing and vaccine-related companies, likely based on valuation and growth switching logic [7][8]. New Positions - New investments include: - Medline Inc (MDLN) with $437 million - United Therapeutics (UTHR) with $157 million - MongoDB (MDB) with $112 million - BillionToOne (BLLN) with $104 million - Silvergate Capital (SVM) with $35 million - The new positions reflect Baillie Gifford's exploration in emerging fields such as rare disease treatment and databases, showcasing a commitment to long-term tracking in technology and healthcare [9][10].

Core Viewpoint - Wall Street's main averages experienced a decline as investors assessed recent company earnings and focused on the implications of Kevin Warsh's selection as Federal Reserve chair [2]. Group 1: Company Earnings - Major S&P 500 companies, including Alphabet (GOOGL), Amazon (AMZN), AMD (AMD), Merck (MRK), and Pfizer (PFE), are set to release their quarterly financial results in the week ending February 6 [4]. - Earnings spotlight for Monday includes Palantir (PLTR) and Walt Disney (DIS) [5]. - Earnings spotlight for Tuesday features AMD, Merck, PepsiCo (PEP), Amgen (AMGN), and Pfizer [5]. - Earnings spotlight for Wednesday includes Alphabet and Eli Lilly [5]. Group 2: Economic Data Releases - Key economic data releases include S&P Global Manufacturing PMI, ISM Manufacturing Prices, and ISM Manufacturing PMI for January on Monday [3]. - JOLTS Job Openings data for December is scheduled for release on Tuesday [3]. - ADP Nonfarm Employment Change, S&P Global Services, and Composite PMI for January will be released on Wednesday [3]. - Initial Jobless Claims data is due on Thursday, while Nonfarm Payrolls and Unemployment Rate for January are set for release on Friday [3].

格隆汇1月31日｜有报道称，英伟达CEO黄仁勋私下批评了他所描述的OpenAI缺乏纪律的经营方式，并 对OpenAI面临的来自谷歌和Anthropic等公司的竞争表示担忧。黄仁勋对此表示，对OpenAI不满意是 "无稽之谈"，我相信OpenAI，他们所做的工作令人难以置信，他们是我们这个时代最具影响力的公司 之一，我非常喜欢与萨姆共事。 ...

Group 1 - Pfizer and AMD are scheduled to release their financial reports [2] - Google and Amazon will also announce their earnings [2] - The European Central Bank and the Bank of England are set to publish important economic data [2] Group 2 - The U.S. ADP employment report for January will be released [2] - The U.S. unemployment rate and seasonally adjusted data for January will be published [2] - China's official reserve data for January will be announced [2]

Core Viewpoint - The U.S. government has entered a shutdown, expected to end on Monday, while major companies like Google, Amazon, and AMD are set to report earnings this week [1]. Group 1: Market Overview - Dow Jones futures, along with S&P 500 and Nasdaq futures, will open on Sunday evening [1]. - The stock market, including the Dow Jones index, experienced a decline following President Trump's announcement regarding the Fed chair pick [1]. Group 2: Company Earnings - Google-parent Alphabet (GOOGL), Amazon.com (AMZN), Eli Lilly (LLY), Palantir Technologies (PLTR), and Advanced Micro Devices (AMD) are highlighted as key players in the upcoming earnings reports [1]. - Google is currently in a buy zone ahead of its earnings report scheduled for February 4 [1]. - Amazon is expected to announce significant job cuts, with 16,000 layoffs in its latest round [1].

市场策略丨深度报告 [Table_Title] AI 革命和泡沫分析框架（一）：AI 的 1998—— 科网泡沫再审视 %% %% %% %% research.95579.com 1 丨证券研究报告丨 报告要点 [Table_Summary] 本文对科网泡沫复盘，希望以史为鉴，对当下 AI 产业演进过程提出一些思考。衡量泡沫是否存 在主要有八大维度，可以分为三个层面。宏观：叙事催化剂和杠杆水平；产业：故事性、应用 场景、未来竞争格局、商业模式；市场：经验不足的投资者、纯粹可投资标的。从宏观环境整 体来讲，美国当前的经济环境不及科网泡沫时期，流动性相比当时更好。产业端来讲，商业模 式能否闭环，企业能否产生最终盈利是市场最为关注的问题。而市场端来看，当前估值水平和 市场构成相比科网泡沫时期更优。 分析师及联系人 [Table_Author] 戴清 SAC：S0490524010002 SFC：BTR264 请阅读最后评级说明和重要声明 2 / 26 %% %% %% %% research.95579.com 2 [Table_Title AI 革命和泡沫分析框架（一 2] ）：AI 的 1998—— 科网泡沫 ...