These stocks trade at about the same price tag as the S&P 500.The "Magnificent Seven" group of stocks is a well-known cohort that makes up the world's largest companies. It includes:Nvidia (NVDA 2.21%)AlphabetAppleMicrosoft (MSFT 0.16%)AmazonMeta Platforms (META 1.48%)TeslaThese seven stocks have been great investments over the years, but rarely are they called cheap. However, I think we're nearing that point, and some of these stocks could be scooped up at a fairly attractive valuation compared to just a f ...

AI投入失控、债务上行、投资回报周期不明，四大云厂商绩后市值蒸发万亿，市场焦点转向"财力撑不撑得住"。高盛预测超大规模 云厂商未来三年资本开支将逼近1.4万亿美元，现金流告急引发债务激增，导致CDS交易升温。目前Alphabet的CDS合约规模约有 8.95亿美元，Meta约有6.87亿美元。 最新一轮财报披露后，美国四大超大规模云厂商合计市值回吐逾1万亿美元 ，投资者对AI基础设施投入失控、现金流承压与债务上 行的担忧，正在同时压低股价并推高信用对冲需求。 据彭博报道，围绕Meta和Alphabet等发行人的单名CDS在过去一年明显活跃， 目前Alphabet的CDS合约规模约有8.95亿美元， Meta约有6.87亿美元。 在资本开支指引持续抬升的背景下，高盛预计超大规模云厂商 2025年至2027年的资本开支合计接近1.4万亿美元。 摩根士丹利则预计超大规模云厂商今年 借款规模将达到4000亿美元，高于2025年的1650亿美元。 股权端的"万亿美元回撤"与信用 端的"对冲热"，正在共同重估"大厂风险"的定价。 投资者加速撤离科技股 微软股价较近期高点下跌 27%，亚马逊下跌 21%，Meta下跌 16 ...

最新一轮财报披露后，美国四大超大规模云厂商合计市值回吐逾1万亿美元，投资者对AI基础设施投入失控、现金流承压与债务上行的担忧，正在同时压低 股价并推高信用对冲需求。 微软股价较近期高点下跌27%，亚马逊下跌21%，Meta下跌16%，Alphabet下跌11%。市场的核心疑问从"AI值不值"转向"资本开支撑不撑得住"，担心投入过 快导致产能过剩和回报周期拉长。 这股情绪也外溢至债市。债务投资者担忧科技巨头为争夺更强AI能力而持续加杠杆，债券信用利差扩大，同时带动单一公司信用违约互换（CDS）交易升 温。 据彭博报道，围绕Meta和Alphabet等发行人的单名CDS在过去一年明显活跃，目前Alphabet的CDS合约规模约有8.95亿美元，Meta约有6.87亿美元。 在资本开支指引持续抬升的背景下，高盛预计超大规模云厂商2025年至2027年的资本开支合计接近1.4万亿美元。 摩根士丹利则预计超大规模云厂商今年借款规模将达到4000亿美元，高于2025年的1650亿美元。股权端的"万亿美元回撤"与信用端的"对冲热"，正在共同重 估"大厂风险"的定价。 投资者加速撤离科技股 其中，微软的资本支出预计将从202 ...

昨晚，美国公布了最新的CPI数据：1月的未季调CPI年率从2.7%降至2.4%，创下2025年5月以来的新低，市场预期为2.5%。而1月未季调核心CPI年率则从 2.6%回落至2.5%，也创下了自2021年3月以来的最低水平，符合市场预期。根据智通财经报道，美国利率期货市场反应较为积极，将美联储在6月放宽政 策的概率从公布前的63%上调至69%。与此同时，交易员们预计美联储今年会有第三次降息的概率为50%。在CPI数据公布后，市场对美联储未来降息的 预期有所上升，2026年美联储降息幅度预期从58个基点升至61个基点。 | 道琼斯工业 | 纳斯达克指数 | 标普500 | | --- | --- | --- | | 49500.93 | 22546.67 | 6836.17 | | +48.95 +0.10% | -50.48 -0.22% | +3.41 +0.05% | | 美国科技七巨头 | 中概科技龙头 | 中国金龙 | | 61603.43 | 4019.83 | 7591.86 | | -815.13 -1.31% | +5.81 +0.14% | -7.48 -0.10% | 截至当天收盘，美国 ...

Meta 的智能眼镜，可能要变成美国执法部门的「监控神器」了 2 月 14 日，有外媒披露，Meta 正在重新评估为其智能眼镜加入人脸识别功能，最快可能在今年推进。相关功能在内部被称为「Name Tag」，设想是通过镜 框上的摄像头识别人脸，并借助 AI 助手调取对应身份信息。 图片来源：Meta 其实早在 2021 年，Meta 在规划首代智能眼镜时就曾讨论过类似能力，但当时因为技术难度和伦理争议，最终没有落地。如今随着智能眼镜产品销量表现超 出预期，公司内部再次把这个方向提上议程。 但问题是，人脸识别的智能眼镜，这背后的问题并不简单。 人脸识别的智能眼镜背后的个人隐私风险 技术上讲，人脸识别并不是什么复杂的技术，手机刷脸解锁已经成为日常，各国的机场安检、国内的小区人脸门禁其实用的都是人脸识别的技术。而在「好 用」「便捷」的同时，关于人脸识别的信息安全争议也一直存在。比如小雷曾经居住的小区，就在居民的强烈抵制下停用了人脸识别门禁。 不过无论机场安检还是小区门禁，这些场景都有着明确的「边界」——用户知道自己正在被人脸识别，也清楚识别的目的。 图片来源：Meta 但智能眼镜显然不是适用于这一逻辑。不同于人脸门禁 ...

Core Viewpoint - Meta is planning to reintroduce facial recognition technology in its smart glasses, named "Name Tag," which will allow users to identify individuals and access related information through an AI assistant [2][3]. Group 1: Introduction of Facial Recognition - Meta intends to incorporate facial recognition into smart glasses produced in collaboration with Ray-Ban and Oakley, with plans to launch this feature as early as this year [2]. - The internal discussions regarding the reintroduction of this feature began last year, with a focus on balancing safety and privacy concerns [2][3]. Group 2: Political Context and Concerns - An internal memo suggests that the current political climate in the U.S. is seen as an opportune moment to launch this feature, as public scrutiny may be diverted due to other pressing issues [3]. - There are significant civil rights and privacy concerns surrounding facial recognition technology, with fears of misuse by governments and businesses [3][4]. Group 3: Market Competition and Product Differentiation - The smart glasses market is becoming competitive, with Meta facing challenges from companies like OpenAI that are developing their own wearable AI devices [4]. - Meta's CEO, Mark Zuckerberg, aims to differentiate the smart glasses by enhancing the functionality of the AI assistant through facial recognition [4][5]. Group 4: Technical and Ethical Considerations - The facial recognition feature will not function as a universal identification tool, allowing users to identify only certain individuals, such as friends on Meta platforms [5]. - Meta has been developing facial recognition technology for over a decade and is exploring its application to assist visually impaired individuals [6]. Group 5: Historical Context and Legal Issues - Meta has faced significant legal challenges related to privacy, including a $2 billion settlement in Illinois and Texas for unauthorized data collection [7]. - As part of a settlement with the Federal Trade Commission, Meta agreed to conduct privacy risk assessments for new products, although recent changes to the review process have raised concerns [7][8].

Group 1 - Meta is considering developing facial recognition technology for its smart glasses [1] - The company plans to add this feature as early as this year [1]

Group 1 - Major tech companies are increasingly borrowing to compete in the artificial intelligence sector, raising concerns among debt investors about their ability to manage this debt [1][4] - The market for credit derivatives has seen significant growth, with many high-grade Big Tech companies now having active credit derivatives contracts, which were virtually nonexistent a year ago [2][3] - The demand for hedging against potential defaults is expected to rise as investments in artificial intelligence are projected to exceed $3 trillion, primarily funded through debt [4][5] Group 2 - The number of dealers quoting credit default swaps (CDS) for companies like Alphabet and Amazon has increased significantly, indicating heightened market activity and interest in these financial instruments [7][8] - Despite the rising debt levels, hyperscalers like Alphabet are currently able to secure financing easily, as evidenced by a recent $32 billion debt sale that attracted overwhelming demand [9]

Core Viewpoint - Meta's stock fell 3.28% this week, closing at $639.77, despite a significant endorsement from Bill Ackman and bullish analyst targets, indicating market skepticism about the company's future capital expenditures and AI investments [1]. Group 1: Stock Performance - Meta's stock is down 11.91% over the past year and 13% from its post-earnings close, reflecting ongoing market concerns [1]. - Year-to-date, Meta is down 3.08%, trading below its December 31 close, and further from its 52-week high of $795.06 [1]. - The S&P 500 and Nasdaq 100 also experienced declines of 1.29% and 1.27% respectively during the same period [1]. Group 2: Bill Ackman's Endorsement - Bill Ackman disclosed a significant stake in Meta on February 11, calling it "one of the world's greatest businesses" with strong long-term potential due to AI integration [1]. - Ackman sold stakes in Chipotle, Nike, and Hilton to invest in Meta, Amazon, and Alphabet, indicating a strategic shift towards tech investments [1]. - Retail trader sentiment spiked to 80 on February 11, the highest reading of the week, following Ackman's announcement [1]. Group 3: Capital Expenditure Guidance - Meta guided for capital expenditures of $115 billion to $135 billion for 2026, a substantial increase from $21.4 billion in Q4 2025, which was already a 48% year-over-year increase [1]. - Operating margin declined to 41% from 48% as total costs rose 40% year-over-year, raising questions about the justification of such high expenditures [1]. - Corning announced a $6 billion multiyear fiber optic supply deal with Meta, and Vistra secured a 20-year power purchase agreement for zero-carbon nuclear energy to support Meta's AI data centers [1]. Group 4: Analyst Sentiment - Wall Street analysts maintain an average target price of $860.08 for Meta, suggesting a 34% upside from current levels, with 11 Strong Buy ratings, 51 Buy ratings, and no Sell recommendations [1]. - Despite the stock's decline, analysts have increased their earnings estimates for 2027 from $33.33 to $34.33 in adjusted EPS, indicating confidence in revenue acceleration outpacing margin erosion [1]. - The disconnect between analyst optimism and market performance suggests uncertainty about the timing of returns on Meta's significant capital investments [1].

2月13日，美国科技巨头亚马逊收盘报198.79美元/股，市值2.1万亿美元，为连续第9日下跌，创下2006年7月以来最长的连跌纪录。亚马逊股价较近期高点 累计下跌超23%，已进入技术性熊市，成为Mag7(美股七巨头)中第二家跌入熊市的公司。 微软是首家进入熊市的Mag7成员，股价于1月29日跌入熊市。截至13日收盘，微软股价较近期高点下跌27.8%。Meta可能成为下一个跌入熊市的Mag7成 员，截至周五收盘，较去年高点累跌19.6%，距离熊市的20%跌幅门槛仅差0.4%。据券商中国统计，今年以来，Mag7市值蒸发了约1.51万亿美元(折合人民 币约10.4万亿元)。 近期，美股市场轮动的趋势正愈发明显。亚马逊、谷歌母公司Alphabet等科技巨头公布了巨额资本支出计划，加上投资者们对Anthropic新工具的担忧再度 加剧，导致众多人工智能相关的企业股票遭到抛售，资金纷纷涌入其他板块的价值型股票。 美国银行认为，2020年以来，以"七巨头"为代表的科技巨头在美股市场上的领导地位正面临"重大威胁"。随着美国中期选举的临近，投资者应逐步倾向于 投资中小盘股票。 美银首席投资策略师迈克尔.哈特内特(Michae ...