1. 2月26日(周四)美股盘前，美股三大股指期货齐涨。截至发稿，道指期货涨0.12%，标普500指数期货涨0.08%，纳指期货涨0.02%。 | ■ US 30 | 49,540.40 | 49,541.20 | 49,360.00 | +58.10 | +0.12% | | --- | --- | --- | --- | --- | --- | | ■ US 500 | 6,952.00 | 6,958.00 | 6,930.80 | +5.90 | +0.08% | | ■ US Tech 100 | 25,333.90 | 25,369.80 | 25,218.70 | +4.90 | +0.02% | 2. 截至发稿，德国DAX指数涨0.46%，英国富时100指数涨0.19%，法国CAC40指数涨0.92%，欧洲斯托克50指数涨0.37%。 伊美第三轮谈判暂停，将于晚些时候恢复。据伊朗媒体以及阿曼方面确认，伊美在瑞士日内瓦举行的新一轮间接谈判暂停，计划于当天 晚些时候继续进行。阿曼方面表示，今日在日内瓦交换了富有创意且积极的方案，希望美伊谈判能取得更多进展。据报道，一辆据信载 有美国外交官的车队已离 ...

这一轮软件股暴跌以及各板块轮流上演暴跌的核心因素可谓是"AI颠覆一切"这一悲观论调。而"AI颠覆一切"论调自2 月以来可谓席卷全球金融市场，这种论调强势崛起的时点在于Anthropic重磅推出的一系列AI工具/代理式AI智能体协 作平台，引发全球股市SaaS订阅软件板块以及股票市场广义上的软件板块广泛抛售大浪潮。受这一严峻担忧情绪影 响，标普500软件与服务指数自1月下旬以来下跌约15%，并在短短一周内抹去接近1万亿美元市值。 震动始于本月早些时候，当时Anthropic为其Claude Cowork这一迅速风靡全球的代理式AI智能体发布了一款重磅法律 插件。这款能够极低技术门槛实现AI全自动化的合同审查超级工具，令汤森路透(Thomson Reuters)以及LexisNexis母 公司RELX等公司的市值蒸发了数十亿美元。 2月以来的"AI颠覆一切"悲观基调主要因市场愈发担心类似Claude以及OpenClaw(曾用名：Clawdbot、Moltbot)爆火且 病毒式蔓延的AI代理工作流可能削弱基于SaaS席位订阅营收模式的整个软件帝国，遭遇了罕见抛售，这一抛售迅速蔓 延到保险、房地产、卡车运输以及其他任 ...

A “rational bubble” in AI and a surge in corporate debt are creating a fragile economic environment where minor “accidents” could trigger a broader sell-off.Distinguished economist Mohamed El-Erian warned in a conversation with Yahoo Finance Invest that while the aggregate value of AI is significant, the market has entered a “rational bubble” where overinvestment is common. He cautions that while foundational models may succeed, many companies are simply attaching “AI labels” to their operations to attract ...

The race to build AI infrastructure has led to a significant financial overhang. These tech giants have entered into long-term data center lease commitments that have yet to commence and, therefore, are not classified as current liabilities. As a result, the obligations do not appear on their balance sheets under generally accepted accounting principles (GAAP), Fortune reported, citing a Moody's report released Monday.By 2025 end, the companies had accumulated $969 billion in total undiscounted future lease ...

智通财经APP获悉，微软日本分公司负责人表示，微软公司(MSFT.US)正配合日本反垄断监管机构调 查，以回应关于Azure云服务可能存在反竞争行为的审查。此前有报道指出，日本公平交易委员会正调 查微软是否通过限制其软件仅能在Azure平台运行的方式，阻碍客户选择其他竞争对手的云服务。 此外，日本是亚洲仅次于中国的第二大经济体，是微软在全球客户争夺战中击败亚马逊AWS和谷歌云 等巨头的关键市场。2024年，微软宣布将在未来两年内投资约29亿美元，以加强其在日本的人工智能和 云计算基础设施建设。 日本公平交易委员会此次出手并非偶然，而是对全球范围内针对大型科技巨头"供应商锁定"行为监管趋 势的积极响应。监管机构担心，如果微软利用其软件授权优势变相强制用户绑定Azure服务，将严重损 害云市场的自由竞争，并推高企业数字化转型的长期成本。 因此，日本反垄断监管机构正采取日益强硬的措施，遏制其认定美国大型科技公司日益扩张的寡头垄断 态势，此举与海外监管机构立场形成协同。 随着欧盟与美国此前已对类似的捆绑行为展开深入审查，日本此次高调介入意味着全球主要经济体对云 基础设施公平准入的共识正在加强。值得一提的是，日本公平交 ...

Core Insights - The investment wave in AI infrastructure is pushing tech giants into an unprecedented capital-intensive cycle, with hyperscalers like Amazon, Google, Meta, Microsoft, and Oracle expected to exceed historical capital expenditure peaks from the internet bubble era [1][4]. Capital Expenditure Trends - Morgan Stanley forecasts that the capital expenditure to sales ratio for these hyperscalers will reach 34%, 39%, and 37% from 2026 to 2028, surpassing the internet bubble peak of approximately 32% [1][4]. - Including financing leases, this ratio could rise to 38%, 44%, and 45% during the same period [1][7]. - The total capital expenditure for these companies is projected to exceed $2 trillion over the next three years, accounting for about 40% of the total capital expenditure of Russell 1000 index constituents [1]. Revenue Adjustments - Despite the significant increase in capital expenditure, revenue forecasts have not seen a corresponding rise, leading to a decline in free cash flow (FCF) expectations for hyperscalers [3][10]. - Over the past six months, capital expenditure expectations for 2026 and 2027 have been raised by over $630 billion, while revenue expectations have only seen limited adjustments [3][10]. Financing Leases Impact - The use of financing leases has significantly inflated the actual investment scale, with total commitments for future leases exceeding $660 billion among the five companies [13]. - For instance, Oracle's capital expenditure to sales ratio could rise dramatically from 75% to over 100% when including financing leases [15]. Sector Performance Disparity - Semiconductor companies have emerged as the biggest beneficiaries of the current investment cycle, with their revenue expectations rising by approximately 60%, compared to only 8% for hyperscalers [3][17]. - The market has shown a preference for semiconductor firms, with stock prices increasing significantly more than those of hyperscalers since December 2023 [17]. Future Outlook - Analysts believe that while companies like Meta, Google, and Amazon are leveraging AI investments to enhance user engagement and monetization, the substantial capital expenditures will lead to increased depreciation costs, putting pressure on profit margins if sales do not keep pace [18].

Core Insights - The "Magnificent Seven" companies, including Nvidia, Apple, Alphabet, Microsoft, Amazon, Meta Platforms, and Tesla, have been pivotal in driving the stock market higher, particularly due to advancements in artificial intelligence [1][4] - However, these companies are collectively signaling a concerning trend with over $8.4 billion in net stock sales by insiders over the past year [4][10] Insider Trading Activity - Insiders at the Magnificent Seven have been significant net sellers of their company's shares, with the exception of Tesla, where CEO Elon Musk purchased approximately $1 billion in shares [5][10] - The total net selling across these companies amounts to $8,414,225,611, with Nvidia leading at $2,249,988,017 and Amazon following with $5,724,146,695 [10] - Notably, there has been a lack of insider buying in major companies like Nvidia, Apple, Amazon, and Meta Platforms, raising potential concerns for investors [12][13] Market Context - The insider trading data indicates that while selling may not always be negative, the absence of insider buying amidst a historically expensive stock market could be a red flag [9][12] - Insiders at Microsoft and Alphabet have made minimal purchases, totaling $3.4 million and $5 million respectively, which is relatively low compared to the selling activity [13]

With the stock down 30%, this 12-year tenured director just bought $2 million worth of shares on the open market.It's been a tough year for software stocks and hyperscalers. Software investors now fear potential disruption from artificial intelligence model companies, while hyperscalers have sold off after forecasting massive spending plans to build out AI infrastructure.Count Microsoft (MSFT +2.98%) as both. While some other prominent software stocks and hyperscalers have sold off by more, Microsoft's stoc ...

在 Windows 的产品史中，很少有功能能像动态磁贴这样富有戏剧性。动态磁贴不仅是一项界面特性，更是微软试图重新定义人机交互的一次重要探索， 也是微软从桌面计算迈向移动互联时代的激进宣言。 作为 Windows Phone 与 Windows 8 的视觉灵魂，微软希望借助动态磁贴重塑操作系统与信息之间的关系。可以说动态磁贴承载着微软统一手 机、平板与 PC 的宏大愿景。 然而随着 Windows 11 全新开始菜单的到来，动态磁贴几乎没有任何正式的告别，便悄然退出了舞台。没有发布会上的总结回顾，也未引发大规模的用户 惋惜，它的痕迹也逐渐从微软的产品中被抹去。 但动态磁贴真的消失了吗？ 如果从具体的界面形态来看，它确实已经不复存在了；可如果从 UI 哲学、现代 Windows 的设计语言，以及操作系统整体的设计趋势观察，它所代表的思 想从未真正离开。 如果你中意动态磁贴，有多种方式可以缅怀它。动态磁贴也换了一种方式继续存在于今天的系统之中。 起源 动态磁贴的思想源头，可以追溯到 Metro 设计语言——后来被官方改称为 Modern UI，也被统称为 Microsoft Design Language。后文则 ...

登录新浪财经APP 搜索【信披】查看更多考评等级 新浪财经ESG评级中心提供包括资讯、报告、培训、咨询等在内的14项ESG服务，助力上市 公司传播ESG理念，提升ESG可持续发展表现。点击查看【 ESG评级中心服务手册】 当前，环境权益证书正成为众多企业青睐的减排工具。但这种交易模式，究竟能否真正推动行业实现实 质性减排？围绕这一核心问题，绿色金融60人论坛（GF60）联合新浪财经，与哥伦比亚大学可持续投 资中心主任Lisa Sachs教授发起1.5℃ Talk对话。在Sachs教授看来，环境权益证书恰恰折射出当前全球推 动难减排行业转型时一个普遍存在的深层误区：我们正在用方法论层面的精巧设计，替代对物理世界真 实改变的追求。 Lisa Sachs 教授是哥伦比亚大学气候学院可持续投资中心主任，哥伦比亚大学气候金融硕士项目主任。 自2008年加入哥大可持续投资中心以来，Lisa Sachs教授创建并领导了该中心的跨学科研究和咨询工 作，致力于推动投资法律、政策和实践与可持续发展目标的一致性。她在全球范围内享有盛誉，专注于 研究法律、政策和商业实践如何影响国际投资流动，并促进可持续发展。她与各国政府、地区和国际 ...