贵金属市场此前的剧烈抛售目前似乎暂告一段落，遭受重挫的黄金和白银在周二均有所复苏。 值得注意的是，摩根大通等机构一直在淡化此次贵金属价格回落的影响，为黄金的坚实基本面辩护，他们认为大宗商品、房地产这类"实 物资产"将继续跑赢股票、债券和现金。 瑞银策略师乔妮・特维斯（Joni Teves）周一向客户表示："短期投机头寸的出清为市场创造了一定喘息空间，与此同时，较低的价格水平 让那些黄金配置比例仍处于低位甚至零配置的长期投资者有机会建仓。" 但贵金属市场的剧烈波动，是否预示着更深层次的市场问题正在酝酿？ 在Panmure Gordon首席策略师约阿希姆・克莱门特（Joachim Klement）看来，随着加杠杆过度的投资者被逼到墙角，恐慌可能会向国际市 场蔓延。 克莱门特的分析从上周微软的财报说起，他指出，出于对这家科技巨头高额资本支出的担忧，其股价在上周四交易首个小时应声暴跌，这 也成为了市场异动的导火索。 他解释道："就在这一小时内，黄金价格暴跌7.7%。并非只有美国科技板块跟随微软下跌，就连那些看似与之毫无关联的资产也同步走 弱。事实上，从那之后，微软股价的抛售潮演变成了贵金属及相关矿业股的全面崩盘。" ...

01 风起1979 4万个工作岗位，将如何改变一个400万人口城市的命运呢？ 让我们从1979年的微软说起。 当年，微软决定将总部从新墨西哥州的阿尔伯克基迁至西雅图东部的雷德蒙德小镇，迁到了他熟悉的"故乡"，这一决定不仅为当地带来了4万个就业岗 位，也成为西雅图科技繁荣的磁石，吸引了众多高科技企业接踵而至。 这其中，便有亚马逊。 1994年，杰夫·贝佐斯辞去华尔街工作，决心做一家在线书店。当时他在犹豫，因为俄勒冈有最大的批发书商英格拉姆图书公司（Ingram Book Company），运输成本上就更占优势。 但初始投资人尼古拉斯·汉默（Nicholas Hammuer）强烈建议贝佐斯来西雅图，这位眼光毒辣的投资人在亚马逊还不叫亚马逊的时候投入了4万美元，贝佐 斯最终听从了他的建议，选择了西雅图，因为汉默给理由是—— 西雅图地区的科技人才和创新企业相对集中。 显然，这得益于微软在此地的长期经营，它使得西雅图积累了大量的人才、配套、形成了相应的网络生态、产业集群的发展，一点点的先发优势使其在吸 引人才与产业上有了先手，正所谓"成功带动更多成功"的定律。 如今亚马逊的办公 室已遍布西雅图，成为当地产业发展的重要组 ...

Group 1 - Amazon (AMZN) has started to outperform Microsoft (MSFT) since November 2025, despite underperforming in the previous year [1] - The REIT Forum offers exclusive investment ideas and subscriber-only portfolios [1] Group 2 - Amrita leads a boutique family office fund in Vancouver, focusing on sustainable, growth-driven companies [2] - The fund aims to maximize shareholder equity by meeting growth-oriented goals [2] - Amrita has experience in high-growth supply-chain start-ups and has worked with venture capital firms to enhance user acquisition [2] - Her newsletter, The Pragmatic Optimist, has been recognized as a top finance newsletter and aims to simplify financial literacy [2]

Core Viewpoint - Microsoft (MSFT) is perceived as a potential "safe stock" amid the current AI boom, but its stock recently plummeted nearly 12% following the release of its Q2 FY2026 earnings report, marking the largest single-day drop since the COVID-19 pandemic began [2][3] Group 1: Market Reaction and Performance - The recent drop in Microsoft's stock is seen as an overreaction by the market, driven by emotional responses rather than fundamental changes [6][23] - Despite the stock's decline, Microsoft's fundamentals remain healthy, with a forward P/E ratio of only 25.7, indicating attractive valuation [9][22] - The company's Q2 FY2026 results showed solid performance, with a significant increase in commercial orders, which rose 228% year-over-year, reflecting strong demand [14][23] Group 2: Capital Expenditure and Cash Flow - Microsoft’s capital expenditure as a percentage of total revenue rose to 46.1%, higher than analysts' expectations, raising concerns about potential impacts on return on investment [16][19] - The company reported a free cash flow loss of $1.7 billion in Q2 due to aggressive capital spending, which was anticipated by analysts [7][19] - Despite short-term cash flow pressures, analysts believe that once capital expenditure growth normalizes, free cash flow will rebound strongly [19] Group 3: Future Outlook - Microsoft's guidance for Q3 FY2026 indicates a projected revenue growth of 16.7% year-over-year, with Azure cloud services expected to continue growing, albeit at a slightly slower rate [11][21] - The significant backlog of commercial unfulfilled orders, totaling $625 billion with an average weighted duration of 2.5 years, supports a positive revenue outlook [14] - The current market sentiment reflects a reset of expectations, positioning Microsoft as the lowest valued among the seven major tech giants, suggesting a potential buying opportunity [22][24][25]

Panmure Liberum's Joachim Klement says last week's Microsoft jolt triggered a contagion effect across trendy assets. ...

Microsoft Corporation (NASDAQ:MSFT) is one of the 10 Best AI Software Stocks to Buy Right Now. On January 29, Raymond James reduced its price target on Microsoft Corporation (NASDAQ:MSFT) from $600 to $580 and kept its Outperform rating after the company released its fiscal 2026 second-quarter results. The firm pointed out that Azure growth and guidance were about one percentage point less than what investors had expected. Raymond James noted that Microsoft Corporation’s (NASDAQ:MSFT) Azure growth is bein ...

(Bloomberg) — Wall Street has been skeptical about software stocks for a while, but sentiment has gone from bearish to doomsday lately with traders gripped by fears about the destruction to be wrought by artificial intelligence. “We call it the ‘SaaSpocalypse,’ an apocalypse for software-as-a-service stocks,” said Jeffrey Favuzza, who works on the equity trading desk at Jefferies. “Trading is very much ‘get me out’ style selling.” Most Read from Bloomberg The issue was underscored last week, when a his ...

Core Insights - Microsoft CEO Satya Nadella's shift in focus to AI highlights the necessity for tech leaders to master AI for continued success [1] - The trend of long CEO tenures in Silicon Valley is changing, with AI playing a significant role in determining how long these leaders remain in their positions [2][3] - The average global CEO tenure has decreased to 7.2 years, indicating a growing demand for adaptability and effectiveness in response to AI advancements [3] Group 1: CEO Tenure and AI - The average tenure of current CEOs in 2025 is projected to be down 14% from 2023, reflecting the pressures of adapting to AI [8] - Industry observers expect the next generation of CEOs to be younger and more fluent in AI, as boards seek leaders who can navigate rapid changes [4] - The urgency for CEOs to possess AI-oriented sensibilities is not limited to tech companies, as every industry is poised for transformation by AI [10] Group 2: CEO Adaptability and Strategy - CEOs are expected to demonstrate a beginner's mind and adaptability, moving away from traditional approaches to leadership [4][13] - The complexity of AI's impact has led to an increase in co-CEO arrangements, as companies seek to blend diverse skill sets [16] - CEOs must be prepared to reinvent their businesses rapidly in the face of AI advancements, as exemplified by the rapid evolution of technologies like ChatGPT [18] Group 3: Industry Examples - Walmart and Target's new CEOs emphasize their comfort with AI, reflecting the technology's growing influence on retail [11] - Delta Air Lines and United Airlines are leveraging AI for operational improvements, showcasing its critical role in various sectors [11] - The mention of AI in S&P 500 earnings calls has surged, indicating that investors are increasingly focused on AI's impact on business performance [11]

Wall Street analysts forecast material upside in Palantir and Microsoft.Trading platform Robinhood keeps tabs on which stocks are most popular with its clients. The top 10 stocks are listed below in descending order. Beside each stock, I have included Wall Street's median target price and the implied upside (or downside) as of Feb. 1.Tesla: The median target price of $474 per share implies 10% upside.Nvidia: The median target price of $250 per share implies 31% upside.Apple: The median target price of $300 ...

智通财经APP获悉，光通信概念股涨幅居前，截至发稿，汇聚科技(01729)涨11.75%，报17.12港元；鸿 腾精密(06088)涨8.09%，报5.09港元；长飞光纤光缆(06869)涨8.16%，报91.5港元；剑桥科技(06166)涨 1.71%，报77.25港元。 中信建投发布研报称，Clawdbot等AI Agent现象级火爆，Tokes调用量也大幅增长。2026年AI算力需求 旺盛，北美CSP资本开支依旧乐观。我们继续看好AI算力产业链，特别是业绩能见度较高的光模块产业 链。此外，光纤光缆行业已从复苏转向量价齐升阶段，继续推荐。 消息面上，微软与Meta财报显示，AI基础设施资本开支继续高增，微软2026财年第二财季资本支出达 到375亿美元，同比增长66%，创纪录；Meta预计2026年的资本支出将在1150亿美元至1350亿美元之 间，最高位几乎是其2025年资本支出的两倍。两家公司管理层均明确表示，为支持下一代大模型的训练 及日益增长的推理需求，未来几个季度的算力投入将只增不减。 ...