Group 1 - The Trump administration is implementing a new immigration policy that directly ties U.S. work and residency rights to financial contributions, effectively creating a "price list" for American identity [2][6] - The H-1B visa application fee will increase dramatically from several thousand dollars to $100,000 annually, fundamentally changing the application process from a lottery to a capital-based system [3][7] - The new "Gold Card" program allows foreigners to pay $1 million for a visa similar to a green card, with expedited processing but still requiring thorough background checks [9][10] Group 2 - The policy is expected to generate "hundreds of billions" in revenue, primarily impacting the technology sector, which is the largest user of H-1B visas [12][13] - Major tech companies like Amazon, Google, and Microsoft will face significantly increased labor costs due to the new $100,000 fee for H-1B visas [13][14] - There is a divide in the tech industry regarding the new policy, with some leaders supporting the high fees to attract top talent, while others express concern that it may hinder competitiveness in critical technology sectors [14][15] Group 3 - The changes will disproportionately affect Indian nationals, who made up 71% of H-1B visa approvals last year, creating uncertainty for approximately 700,000 current H-1B holders [5][16] - The new policy may face legal challenges due to the unconventional method of implementation through executive order, bypassing the usual legislative processes [17][18] - This immigration reform places the U.S. at a crossroads, questioning whether to maintain an open approach to attract innovation or to establish financial barriers for entry [18]

来源：市场资讯 来源：Z Finance 图片来源：Unsplash 作为一家未上市公司，字节跳动的半年一次回购不仅为员工提供流动性和套现机会，也展示了其稳健的 资产负债表和可观的利润空间。与 SpaceX、OpenAI 等需要依赖外部投资人资金支持回购不同，字节跳 动一直依靠自有资金完成，凸显了其财务灵活性。 不过，尽管今年在营收上超越 Meta，字节跳动的估值仍不到 Meta 约 1.9 万亿美元市值的五分之一，分 析人士普遍认为主要原因在于美国的政治与监管风险。去年，美国国会通过法律，要求字节跳动在 2025 年 1 月 19 日前剥离 TikTok 的美国业务，否则面临全面禁令。特朗普总统已多次延长期限，最新 的截止日被推至 9 月 17 日，并表示有美国买家排队等待，但是否再次延期仍存变数。 业内人士指出，新一轮回购或有助于稳定字节在美员工的情绪，部分人对 TikTok 的未来心存担忧。同 时，字节还被曝在筹备一款面向美国市场的独立应用，以防交易出现变数，但在特朗普与北京的持续博 弈之下，该计划是否落地仍未可知。 据路透社报道，字节跳动第二季度营收同比大增 25%，达到约 480 亿美元，再次超越 ...

美国总统特朗普将对H-1B签证增收10万美元费用，该计划将大幅冲击严重依赖外国技术人才的科技行业。 周五据媒体报道，特朗普政府将大幅改革H-1B签证项目，要求新申请者支付10万美元费用，作为打击签证滥用、保护美 国工人就业的最新举措。白宫公告声称H-1B项目的滥用已导致美国工人失业。 新费用10万美元将在现有申请费用基础上额外征收，目前H-1B签证相关费用仅包括215美元抽签注册费及各类申请费。 H-1B项目由国会于1990年创立，是高技能外国工人赴美的主要途径。印度是该项目最大受益国，去年获批受益人占比 71%。 由于申请需求巨大，该项目采用抽签制度分配名额，大学等非营利机构员工通常不受名额限制。消息传出后，严重依赖 H-1B签证持有者的IT服务公司Cognizant股价周五下跌4.74%。 科技巨头面临冲击 这项移民改革将特别影响科技行业，因为该行业严重依赖H-1B签证。 白宫指出，美国工人被更低薪的外国劳工替代的现象正在压制工资水平，并将此视为一种"国家安全威胁"。 白宫强调，这还抑制了美国人选择科学、技术、工程和数学（STEM）领域职业的积极性。 签证的改革意在通过经济手段筛选掉那些被政府认为"滥用" ...

Group 1 - Xiaomi has officially open-sourced its first native end-to-end voice model, Xiaomi-MiMo-Audio, which is based on an innovative pre-training architecture and over a billion hours of training data, achieving few-shot generalization based on ICL in the voice domain and observing significant "emergent" behavior during pre-training [2] - Ashish Kumar, head of Tesla's Optimus AI team, has announced his departure to join Meta as a research scientist. During his tenure at Tesla, he focused on scalable AI methods and enhanced robot dexterity through reinforcement learning [2] - Google is integrating its Gemini AI model into the Chrome browser, allowing users to request explanations of web pages, consolidate information from multiple tabs, and restore previously closed sites. This integration follows a court ruling that Google does not need to divest Chrome [2] - Tencent has launched a one-stop work platform called "混元3D Studio," aimed at 3D designers and game developers. The platform utilizes AI technology to streamline the entire 3D production process, reducing production cycles from days to minutes [2]

据悉，在特斯拉任职期间，Ashish Kumar主导了Optimus AI团队的核心技术研发工作，其团队专注于通 过人工智能技术突破人形机器人的实用化瓶颈。他在社交平台发文中特别提到，团队"全力推进可扩展 方法——用强化学习取代传统技术栈，并通过视频学习来提升机器人的灵巧度"。 来源：环球网 强化学习作为人工智能领域的前沿技术，允许机器人通过试错自主优化行为策略，而非依赖预设程序。 Ashish Kumar团队此前展示的Optimus原型机已具备分拣电池、搬运物品等基础任务能力，其流畅的动 作控制被业界视为强化学习技术落地的标杆案例。此外，该团队通过视频学习技术，使机器人能够从人 类操作视频中提取动作模式，显著缩短了技能训练周期。 【环球网科技综合报道】9月20日消息，据多家外媒报道，特斯拉Optimus（擎天柱）人形机器人项目AI 团队负责人阿希什·库马尔（Ashish Kumar）已正式辞去在特斯拉的职务，并将于近期加入Meta（原 Facebook）公司担任研究科学家一职。当地时间9月19日，Ashish Kumar在个人社交平台发布长文，回 顾其在特斯拉的职业生涯，并透露了关于人形机器人技术发展的关键 ...

Core Viewpoint - The Bank of America team, led by strategist Michael Hartnett, believes that investors should prepare for the continued rise of the "Magnificent Seven" stocks (Tesla, Google, Apple, Meta, Amazon, Microsoft, and Nvidia) as their valuations and price increases have not yet reached historical peak levels [1][4]. Valuation Analysis - Current valuation indicators for the "Magnificent Seven," including price-to-earnings ratios and deviations from key technical moving averages, suggest there is still upward potential [4]. - Historical data shows that major market bubbles have seen average price increases of 244% from bottom to peak, while the "Magnificent Seven" has risen 223% since its March 2023 low, indicating further upside potential [4]. - The current price-to-earnings ratio for the "Magnificent Seven" is 39 times, compared to historical bubble peaks where it typically reached 58 times, and the price is only 20% above the 200-day moving average, compared to historical peaks of 29% [4]. Market Sentiment and Macro Environment - Positive macroeconomic conditions, ongoing enthusiasm for artificial intelligence technology, and expectations of further interest rate cuts by the Federal Reserve are key factors supporting the rise of tech stocks [5]. - The S&P 500 Information Technology Index has increased by 56% since its low in April 2023, with investors consistently buying during pullbacks [5]. - A recent Bank of America fund manager survey indicated that "going long on the Magnificent Seven" is viewed as the most crowded trade, with 42% of respondents agreeing, reflecting characteristics typical of historical bubbles [5]. Investment Strategy - While optimistic about the continuation of the tech stock bubble, the Bank of America team advises investors to adopt a more balanced strategy to manage risk [5]. - The recommended "barbell strategy" involves holding large-cap tech stocks while also allocating some investments to "bad value stocks" to achieve a balance between risk and return [5].

Market Performance - The three major U.S. stock indices reached new all-time highs, with the Dow Jones Industrial Average up 0.37% to 46,315.27 points, the S&P 500 up 0.49% to 6,664.36 points, and the Nasdaq up 0.72% to 22,631.48 points [3] - For the week, the Dow rose 1.05%, the S&P 500 increased by 1.22%, and the Nasdaq gained 2.21% [5] Federal Reserve Insights - Market expectations for further monetary easing have increased, with the probability of a 25 basis point rate cut at the October meeting rising to 89.8% from 87.4% [6] - Federal Reserve Governor Milan expressed his independent decision-making regarding interest rates, advocating for a 50 basis point cut instead of 25 [5] Commodity Market Trends - The precious metals market saw a strong overall performance, with the Philadelphia Gold and Silver Index rising 4.76% to 283.70 points, surpassing the previous record of 277.84 points [12][13] - Spot gold increased by 1.11% to $3,684.80 per ounce, while COMEX gold futures also rose by 1.11% to $3,719.30 per ounce [13] - Oil prices fell for the third consecutive day, with WTI crude oil futures down 1.4% to $62.68 per barrel [13] Company-Specific Developments - Apple CEO Tim Cook addressed concerns regarding the high prices of the new iPhone, clarifying that the price increase was not due to Trump's tariff policies [9] - OpenAI plans to lease backup servers from cloud service providers, with expected expenditures of around $1 trillion over the next five years, in addition to $3.5 trillion from 2025 to 2030 [9] - Wayve, a UK-based autonomous driving startup, announced a strategic investment of $500 million from NVIDIA [9] Stock Performance - Semiconductor stocks mostly declined, with the Philadelphia Semiconductor Index down 0.76% [10] - Major tech stocks saw gains, with Apple up over 3%, Tesla up over 2%, and Microsoft nearly 2% [10]

Core Viewpoint - The valuation bubble in the "Seven Sisters" of U.S. stocks has not yet peaked, and there is still room for further growth in their prices [1][2]. Group 1: Historical Bubble Comparison - The average price increase from the bottom to the peak in ten major stock market bubbles since the early 20th century is 244% [6]. - The "Seven Sisters"—Tesla, Google, Apple, Meta, Amazon, Microsoft, and Nvidia—have seen a cumulative increase of 223% since their low in March 2023, indicating potential for further gains [7]. - Historically, during market bubbles, the trailing P/E ratio typically reaches 58 times, and prices exceed their 200-day moving average by 29%. Currently, the trailing P/E ratio for the "Seven Sisters" is 39 times, with prices only 20% above the 200-day moving average [8]. Group 2: Market Sentiment and Macro Environment - Strong market sentiment and macroeconomic conditions are key factors supporting the continued rise of tech stocks, driven by positive economic indicators, ongoing enthusiasm for artificial intelligence, and expectations of further interest rate cuts by the Federal Reserve [9]. - The S&P 500 Information Technology Index has surged 56% since its low in April, with investors consistently buying during pullbacks [10]. Group 3: Investor Behavior and Strategy - A recent Bank of America survey indicates that "going long on the 'Seven Sisters'" is viewed as the most crowded trade for the second consecutive month, with 42% of respondents agreeing [12]. - The concentration of this trade aligns with historical bubble characteristics, as seen during the peak of the internet bubble in 2000 when tech stocks surged 61% in six months while other sectors declined [13]. - Despite the positive outlook for the tech bubble, the Bank of America team recommends a balanced strategy for investors, suggesting a "barbell strategy" that includes holding large tech stocks while also investing in some "bad value stocks" [15].

Meta方面拒绝对此事置评，甲骨文则未立即回应置评请求。 甲骨文(ORCL.US)正与Meta(META.US)就一项价值约200亿美元的云计算合作展开磋商。这一动态进一 步表明，甲骨文已成为业内重要的基础设施服务提供商。 早在今年8月就有报道称，甲骨文正与Meta洽谈增加云服务资源供应的相关事宜。 据知情人士透露，这项多年期协议中，甲骨文将为这家社交媒体巨头提供用于人工智能(AI)模型训练与 部署的计算能力。知情人士表示，最终协议敲定前，双方承诺的总金额可能会进一步增加，其他合作条 款也仍有调整空间。 若协议达成，将成为甲骨文云基础设施业务取得的又一重要胜利。上周，甲骨文公布其订单量大幅增 长，这一业绩推动公司股价攀升至历史新高。此前，甲骨文已披露与Meta及其他AI模型训练企业的云 服务合作，其中就包括马斯克旗下的xAI公司。 周五美股，甲骨文股价收于308.66美元，单日涨幅达4.1%。受云业务亮眼表现的推动，该公司股价今年 以来已累计上涨85%。 尽管甲骨文以数据库软件闻名，但如今它正崛起为AI算力领域的关键供应商，与亚马逊(AMZN.US)、 微软(MSFT.US)及谷歌(GOOGL.US)等云服务 ...

由于申请需求巨大，项目采用抽签制度分配名额，大学等非营利机构员工通常不受名额限制。消息传出后，严重依赖H- 1B签证持有者的IT服务公司Cognizant股价周五下跌4.74%。 美国总统特朗普将对H-1B签证增收10万美元费用，该计划将大幅冲击严重依赖外国技术人才的科技行业。 周五据媒体报道，特朗普政府认为H-1B签证的滥用已经取代了美国工人的就业机会。特朗普还计划指示劳工部修订H-1B 项目的现行工资标准，以限制签证被用于压低美国工人应得的薪资水平。 H-1B项目由国会于1990年创立，是高技能外国工人赴美的主要途径。印度是该项目最大受益国，去年获批受益人占比 71%。 科技巨头面临冲击 H-1B签证项目对于需要填补大量技术岗位的科技和人力资源外包公司而言至关重要。 新政带来的高昂成本，预计将直接冲击这些企业的招聘策略和运营成本。 据报道，亚马逊、谷歌和特斯拉是H-1B签证的最大使用者之一。 根据美国公民及移民服务局数据，亚马逊在2025年获得超过1万个H-1B签证批准，微软和Meta平台各自获得超过5000个 签证批准。 美国H-1B项目每年发放8.5万个签证名额，但申请数量达数十万份，需要通过抽签决定 ...