| Stock | History | Sector | Shares Held or | Market | % of | Previous | | Change in | 96 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | Principal | 2 Value | Portfolio | % of Portfolio | Rank | Shares | Change | | | | | Amt | | | | | | | | NVDA | History | INFORMATION TECHNOLOGY | 77,489,454 | 14,451,783,174 | 2.34% | 2.56% | | -10,042,089 | -11.47% | | MSFT | History | INFORMATION TECHNOLOGY | 28,044,188 | 13,562,730,202 | 2.20% | 2.46% | 2 | -2,320,211 | -7.64% | | AAPL | History ...

Core Viewpoint - The unprecedented AI investment plans by major US tech companies are reigniting market fears of a bubble, leading to significant stock sell-offs despite strong earnings reports [5][6]. Group 1: Investment Plans and Market Reactions - Amazon, Google, and Microsoft collectively lost $900 billion in market value after announcing their capital expenditure plans, which total $660 billion by 2026, a 60% increase from $410 billion in 2025 and 165% from $245 billion in 2024 [5][6]. - Amazon's capital expenditure for this year is projected to reach $200 billion, exceeding expectations by $50 billion, which has led to an 11% drop in its stock price [6]. - Microsoft experienced the most significant decline, with an 18% drop in stock price following its earnings report, despite a 26% increase in cloud revenue to $51.5 billion [6][7]. Group 2: Investor Sentiment and AI Return Cycles - The rising capital expenditures signal that realizing the full potential of AI may require more time and resources, testing investor confidence in long-term returns [8]. - Analysts express concerns that the increased capital spending indicates a longer timeline for AI strategies to yield attractive returns, leading to a pause in investor enthusiasm for tech stocks [8][14]. - The Nasdaq index has dropped 4% over the past five days, reflecting a shift in market sentiment towards tech stocks [8]. Group 3: Company-Specific Developments - Apple reported record quarterly revenue of $144 billion, benefiting from strong iPhone sales, while its capital expenditure decreased by 17% to $2.4 billion, contrasting sharply with its peers [10][11]. - Apple's collaboration with Google to enhance its AI capabilities through a pay-as-you-go model has allowed it to minimize capital expenditures while still gaining AI benefits [11][12]. - Nvidia, as the highest-valued public company, is expected to face a turbulent market when it announces its earnings, as investors seek signs that the high capital expenditures will soon translate into revenue growth [13].

Core Insights - The rapid advancement of artificial intelligence (AI) has significantly impacted various industries, particularly through the introduction of products like DALL-E2 and ChatGPT by OpenAI, which have gained public attention since late 2022 and early 2023 [1] - The latest earnings season for the US stock market highlights the commentary from technology companies regarding AI's influence on their industries and business operations [2] Alphabet (Google) - The Gemini app has reached 750 million monthly active users, up from 650 million in Q3 2025, with increased user engagement following the launch of Gemini 3 in December 2025 [3][4] - Alphabet leads in AI model portfolios across text, vision, and image-to-video, with Gemini 3 Pro achieving the fastest adoption rate in the company's history, processing three times the daily tokens compared to its predecessor [3][6] - Google Cloud's backlog grew by 55% sequentially to $240 billion in Q4 2025, driven by strong demand for AI products, with revenue from AI solutions built by partners increasing nearly 300% year-over-year [7][10] - Google Cloud's revenue grew 48% year-over-year in Q4 2025, with operating margin increasing to 30.1% from 23.7% in Q3 2025 [23][24] - Alphabet's management anticipates significant capital expenditures of $175 billion to $185 billion in 2026 to enhance AI compute capacity and meet customer demands [25][26] AI and Advertising - Gemini is enhancing advertising quality and tools, allowing for better query understanding and ad relevance, with advertisers creating 70 million creative assets in Q4 2025 [19][20] - The introduction of Direct Offers in AI Mode aims to provide exclusive offers to users ready to purchase, indicating a shift towards monetizing AI-driven user experiences [22] Waymo - Waymo raised its largest investment round to date, surpassing 20 million fully autonomous trips and expanding its service to new markets, including Miami and plans for the UK and Japan [17] Amazon - AWS experienced a 24% year-over-year growth in Q4 2025, with a backlog of $244 billion, up 40% year-over-year, driven by increased demand for AI workloads [34] - Amazon's Bedrock service, which facilitates the use of multiple AI models, has reached a multi-billion dollar annualized revenue run rate, with customer spending increasing by 60% sequentially [35] - The launch of NovaForge allows enterprises to integrate their proprietary data into the pre-training phase of AI models, enhancing customization [38] AI Agents and Commerce - Amazon's AI shopping assistant, Rufus, has expanded its capabilities, enabling it to research products and make purchases, with 300 million customers using it in 2025 [44] - The management believes that agentic commerce will enhance consumer experiences, with customers using Rufus being 60% more likely to complete a purchase [44] Industry Trends - Companies are increasingly adopting AI to improve operational efficiency and customer engagement, with successful SaaS companies deeply integrating AI into their workflows [30][31] - The demand for AI compute capacity remains a significant concern for companies, with management focusing on addressing supply chain constraints and optimizing investments [32]

Investment Rating - The report maintains a "Buy" rating for Meta, indicating a strong outlook for the company's stock performance relative to the benchmark index [11]. Core Insights - Meta's Q4 2025 performance exceeded expectations, with revenue reaching $59.9 billion, a 24% year-over-year increase, and GAAP EPS of $8.88, significantly surpassing market forecasts [2]. - The company has provided a strong revenue guidance for Q1 2026, estimating between $53.5 billion and $56.5 billion, alongside a substantial increase in capital expenditures for 2026, projected at $115 billion to $135 billion, primarily focused on AI capabilities and infrastructure [2][5]. - The Family of Apps segment generated $58.9 billion in revenue for Q4 2025, up 25% year-over-year, driven by a 24% increase in advertising revenue [2]. - Reality Labs reported $955 million in revenue for Q4 2025, a 12% decline year-over-year, with future investments shifting towards AI glasses and wearable devices [2]. Business Performance and User Metrics - In Q4 2025, the Family of Apps had over 3.5 billion daily active users, with significant growth in platforms like Facebook, Instagram, and WhatsApp [3]. - Instagram Reels saw over a 30% increase in viewing time year-over-year, while Threads experienced a 20% increase in user engagement due to improved recommendation systems [3]. AI Integration and Business Impact - Meta's AI initiatives are enhancing core business operations, with advertising and content recommendations entering a "model scaling" phase [4]. - The GEM advertising model and new sequence learning architecture contributed to a 3.5% increase in Facebook click-through rates and over 1% improvement in Instagram conversion rates [4]. - The introduction of large language models (LLMs) into recommendation systems has significantly improved content understanding and user engagement, leading to the highest revenue increment from product optimization in two years [4]. Capital Expenditure and Profit Outlook - Meta has raised its capital expenditure guidance for 2026 to $115 billion to $135 billion, reflecting a substantial year-over-year increase [5]. - Despite the rise in capital expenditures, the company expects absolute operating profits in 2026 to exceed those of 2025, supported by improved AI advertising efficiency and core business growth [5]. - The report expresses confidence in Meta's long-term growth potential driven by AI, with a clear path for revenue and profit enhancement through advertising and recommendation system improvements [5].

Core Viewpoint - The record AI investment plans by major US tech companies are reigniting market fears of a bubble, leading to significant stock sell-offs despite strong earnings reports from most companies [1] Group 1: Investment Plans and Market Reactions - Amazon, Google, and Microsoft collectively lost $900 billion in market value after announcing plans to invest $660 billion in data centers and specialized chips by 2026, a 60% increase from $410 billion in 2025 and 165% from $245 billion in 2024 [1][2] - Amazon's capital expenditure for this year is projected to reach $200 billion, exceeding expectations by $50 billion, which contributed to an 11% drop in its stock price [2] - Microsoft experienced the most significant decline, with an 18% drop in stock price following its earnings report, despite a 26% increase in cloud revenue to $51.5 billion [2][3] Group 2: Investor Sentiment and Concerns - Rising capital expenditures signal that the realization of AI commitments may require more time and funding, testing investor confidence in long-term returns [3] - Analysts express concerns that Microsoft and Amazon must prove that their increased spending will yield attractive returns, as fears of an AI bubble resurface [3] - The Nasdaq index, heavily weighted with tech stocks, fell 4% over the past five days, reflecting a shift in market sentiment [3] Group 3: Company-Specific Developments - Apple's strategy of minimal capital investment has positioned it as a clear winner, reporting record quarterly revenue of $144 billion, while its capital expenditure decreased by 17% to $2.4 billion [5] - Apple's collaboration with Google to enhance its AI capabilities through a pay-as-you-go model has allowed it to benefit from AI advancements without significant capital outlay [5] - Nvidia, as the highest-valued public company, is expected to face a turbulent market when it releases its earnings report, as investors seek signs of a shift in spending related to AI [6]

2月5日消息，Meta最新曝光的内部备忘录显示，AI新部门"超级智能实验室"开发的新一代大语言模型已 完成预训练，并称其为"Meta迄今能力最强的预训练基座模型"。 这份标注日期为1月20日的备忘录指出，在未进行精调（或称后训练，post-training）的情况下，代 号"牛油果"（Avocado）的模型已在知识、视觉感知和多语言表现上媲美当前领先的精调模型，且计算 效率较前代大幅提升。 在近期的财报电话会议上，Meta首席执行官马克·扎克伯格（Mark Zuckerberg）对超级智能实验室的产 出表达了务实且前瞻的看法。他表示："我预计我们的首批模型会不错，但更重要的是，它们将展示我 们快速前进的轨迹。随着我们在今年持续发布新模型，我期待我们能稳步推动技术前沿。" 从内部备忘录的泄露到达沃斯论坛上的官方证实，Meta正试图向外界传递一个明确的信号：在经历重 组、投入创纪录资金并引入新领导层后，其AI研发已取得阶段性突破。 无论是号称性能比肩精调模型的"牛油果"，还是被CTO评价为"非常出色"的首批交付模型，都承载着 Meta打一场AI翻身仗的希望。 本文来自"腾讯科技"，作者：金鹿，编辑：晓静，36氪经 ...

格隆汇2月6日｜据美国四大科技公司最新预测，2026年合计资本支出将达到约6500亿美元，这些科技巨 头的合计资本支出规模料较前一年增长约60%，这意味着全球数据中心建设浪潮将再次提速，资金将投 向新建数据中心，以及包括人工智能(AI)芯片、网络线缆、备用发电机在内的一长串设备。具体来看， Meta预计2026年资本支出将最高达到1350亿美元，增幅约87%；微软2026第二财季资本支出同比增长 66%；Alphabet周三公布了1850亿美元的资本支出计划；亚马逊在财报中预计2026年资本支出将高达 2000亿美元。 ...

特朗普宣称，他觉得美联储下调美国基准利率这一举动"毋庸置疑"。他坚信自己所提名的下一任美联储主 席人选凯文·沃什能够领会他期望下调利率的立场。 美联储理事库克称，美联储近期须将通胀率拉回目标水平，这对维护其信誉至关重要。除非有更强证据显 示通胀持续回落至目标水平，且劳动力市场无意外变化，否则这仍是他的关注焦点。此外，库克表示货币 政策不应被用于管理政府债务。 海外央行方面，欧洲央行周四维持三大关键利率不变。欧洲中央银行当地时间5日在位于德国法兰克福的 总部召开货币政策会议，决定继续维持欧元区三大关键利率不变，符合市场预期。 中国基金报消息，美东时间2月5日（周四），道指下跌近600点，纳指与标普500指数连续第三个交易日下 跌。大型科技股多数下跌，微软跌近5%。原油下跌，白银重挫。比特币跌破65000美元/枚，抹去特朗普胜 选以来全部涨幅。 道指收跌近600点 标普指数抹去今年涨幅 道指跌592.58点，跌幅为1.20%，报48908.72点；纳指跌363.99点，跌幅为1.59%，报22540.59点；标普500 指数跌84.32点，跌幅为1.23%，报6798.40点。 原油下跌 白银重挫 Challen ...

Market Overview - The Dow Jones Industrial Average fell by 592.58 points, a decrease of 1.20%, closing at 48,908.72 points [4] - The Nasdaq Composite dropped by 363.99 points, down 1.59%, ending at 22,540.59 points [4] - The S&P 500 index decreased by 84.32 points, a decline of 1.23%, closing at 6,798.40 points [4] Technology Sector Performance - Major technology stocks experienced significant declines, with Microsoft down nearly 5%, Amazon falling over 4%, and Tesla dropping more than 2% [9] - The overall sentiment in the tech sector suggests a potential end to the era of tech giants leading the market, as software stocks have seen substantial sell-offs [11] Economic Indicators - A report from Challenger, Gray & Christmas indicated that U.S. companies' layoff plans in January reached the highest level for that month since the global financial crisis, while hiring intentions fell to the lowest point [7] - The U.S. Labor Department reported a significant increase in first-time unemployment claims, reaching the highest level since early December [7] Commodity Market - Oil prices fell after a two-day increase, with WTI settling at $63.29 per barrel and Brent crude down 2.8% to $67.55 per barrel [14] - Silver prices experienced a sharp decline, dropping 18% at one point, with the closing price at $72.12 per ounce, and later falling below $70 per ounce [14][16] Cryptocurrency Market - Bitcoin saw a decline of 3.54%, touching $60,000, and has dropped over 20% in the past five days [20] - Ethereum fell nearly 3%, dropping below $1,800 [17] - Over the last 24 hours, more than 577,000 traders were liquidated, with a total liquidation amount of $2.601 billion [20]

IT之家援引博文介绍，Meta 在美国新墨西哥州面临诉讼，被指控在其明知有害设计选择、导致儿童成瘾并助长儿童掠食者滋生的情况下，欺骗性地将其产 品定位为青少年安全。 根据新墨西哥州总检察长披露的一份 Meta 公司内部邮件，扎克伯格对苹果公司强烈不满。在 Meta 内部研究已证实 Instagram 会对少女身心健康产生负面影 响的背景下，扎克伯格并未聚焦于解决自身平台问题，反而向员工抱怨竞争对手。 他认为，苹果未对 iMessage 等服务中的内容进行严格审核或设立详尽的举报流程，却因此逃避了公众的审视与指责。 IT之家 2 月 6 日消息，科技媒体 Appleinsider 昨日（2 月 5 日）发布博文，报道称在一场针对 Meta（Facebook 母公司）忽视青少年安全的诉讼中，马克 · 扎 克伯格（Mark Zuckerberg）拉苹果公司下水，指责其在内容审核上采用"双重标准"。 他特别提到，当苹果曾试图引入 CSAM（儿童性虐待材料）扫描技术时，因遭到隐私侵犯的批评而被迫搁置，这反而让苹果坚定了"少管闲事"的立场。 该媒体认为扎克伯格的比较存在严重的逻辑漏洞。Meta 运营的是基于算法推荐的公共 ...