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 ...

Core Viewpoint - The article discusses the escalating competition among global tech giants for electricity supply, driven by the increasing energy demands of AI development, highlighting China's significant advantage in power generation capacity compared to the U.S. [5][6][12] Group 1: Electricity Demand and Supply Challenges - Tech giants are entering a "power grab" as AI's energy needs surge, with Meta, Microsoft, and Google forming partnerships with nuclear power companies to secure long-term electricity contracts [8][9][11]. - The U.S. energy consumption is projected to reach a historical high of 29,000 terawatt-hours by 2026, while AI data centers are expected to consume 20%-25% of U.S. electricity by 2030 [5][12]. - The average annual electricity growth rate is only 2%-4%, creating a significant supply-demand gap as AI's energy requirements grow exponentially [12][14]. Group 2: U.S. Energy Infrastructure Issues - The lengthy approval process for new energy projects in the U.S. can take 7-10 years, with over 50% of projects being rejected, leading to delays in meeting energy demands [19][20]. - Aging infrastructure, with over 70% of transmission lines built before the 1970s, exacerbates the energy supply issues, particularly in tech-heavy regions like California and Texas [20][21]. - The conflict between tech companies' energy consumption and local residents' electricity costs has led to significant price increases, with some areas seeing a 200% rise in electricity bills [22][24]. Group 3: China's Energy Advantage - China is projected to add approximately 470 gigawatts of new power generation capacity by 2025, seven times that of the U.S., which is only expected to add 64 gigawatts [26][28]. - The establishment of a nationwide power grid in China allows for efficient energy distribution, overcoming geographical limitations and ensuring a stable supply for AI development [29][30]. - The cost of electricity in China's western regions is significantly lower than in the U.S., providing a competitive edge for Chinese AI companies in terms of operational costs [31][32]. Group 4: Strategic Importance of Energy in AI Competition - The article emphasizes that energy supply is becoming a strategic resource in the AI competition, with countries needing robust energy systems to support technological advancements [37][38]. - The geopolitical implications of energy resources are highlighted, with the U.S. engaging in actions to secure energy supplies globally, reflecting the critical role of energy in future technological competition [40].

Core Insights - Apple's AI division is experiencing significant turbulence, with a notable exodus of talent, particularly from its AI ranks, as the company struggles to keep pace with competitors in the artificial intelligence sector [2][12] - The decision to outsource some technology to Google has caused dissatisfaction among staff, contributing to the ongoing talent drain [2][9] Departures and Talent Loss - Recent exits from Apple include Yinfei Yang, Haoxuan You, Bailin Wang, and Zirui Wang, with Yang starting a new company and You and Wang joining Meta [1][12] - Zirui Wang and Apple executive Stuart Bowers have joined Google DeepMind, which is assisting Apple in developing core AI models for new features, including an upgraded Siri [3][12] Organizational Changes - Apple's AI efforts underwent a major reorganization last year, with CEO Tim Cook relieving AI chief John Giannandrea and assigning responsibilities to software head Craig Federighi [6][12] - The Foundation Models (AFM) team, responsible for the underlying technology of Apple's AI platform, has faced scrutiny due to delays in new Siri features and a lackluster reception of current AI offerings [7][12] Product Development - Apple is preparing two new versions of Siri: a near-term update utilizing personal data for queries and a more ambitious chatbot-style overhaul set for later this year, both powered by models developed by Google's team [9][12] - The company continues to rely on its own models for on-device Apple Intelligence features, although it is unlikely to depend on external partners indefinitely due to competitive pressures in the AI landscape [11][12] Financial Performance - Despite reporting over $85 billion in iPhone sales, Apple's AI challenges have contributed to a stock slump this year, complicating efforts for a turnaround [5][12]

法庭文件显示，历经五年多激烈且艰难的诉讼，才终于形成一份和解方案。2020年，原告用户诉称，在谷歌应用程序被关闭、位置共享功能被禁用、屏幕被 锁定等情况下，谷歌仍能通过对安卓用户手机进行特殊设置，收集其移动蜂窝数据。 值得关注的是，与类似案件通常主张侵犯用户隐私不同，原告律师格伦·萨默斯（Glen Summers）认为，谷歌非法收集用户数据并用于产品研发和个性化广 告推送的行为构成了"非法侵占财产"，即一方未经允许占有他人财产。萨默斯表示，一旦和解协议达成，此案将成为史上和解金额最高的"侵占财产案"。 和解协议提到，谷歌将支付1.35亿美元（折合人民币约9.4亿元），赔偿对象包括自2017年11月12日起，所有使用搭载安卓系统移动设备的用户，每位成员的 赔偿金上限为100美元。据第三方公司的估测，美国安卓系统用户约占整个移动市场的40%。 和解协议明确了针对谷歌的一系列整改措施。包括停止被用户指控的非法数据收集和传输行为；修改谷歌应用商店的服务条款，披露数据收集的相关情况， 并为用户提供数据传输"一键关闭"按钮；在修改安卓系统手机初始设置时，必须获得用户的明确同意等。 1月29日，谷歌同意支付1.35亿美元解 ...