Over the past couple of years, artificial intelligence (AI) investing has focused mostly on companies supplying chips, servers, and cloud infrastructure. However, the next phase of the AI cycle can reward companies that successfully monetize AI use, especially through recurring software revenue.Microsoft (MSFT 1.57%) appears well positioned to benefit from this transition. In addition to building AI-optimized Azure cloud infrastructure, the company is offering services to build AI agents. Microsoft has also ...

环球市场动态 " 十 五 五 " 规 划 纲 要 的 核 心 要 求 股 票 周五 A 股集体下跌，化工板块逆市 走强；港股表现不佳，南向资金仍 流入；欧洲股市延续调整，市场维 持谨慎；美股标指连续四天下跌， 中东局势压制市场情绪。 外 汇 / 商 品 伊朗战争持续扰乱供应，布伦特原 油连续第二个交易日收于每桶 100 美元以上；油价继续飙升，美元指 数升穿 100 水平，金价下跌。 固 定 收 益 美国国债持续走低，上周回吐 2026 年涨幅，因油价飙升引发通膨恐慌。 特朗普敦促鲍威尔「立即」降息。 上周五油价上涨推动美国长期国债 小幅下跌，收益率曲线陡化。全球 长端利率继续抛售。周五亚洲信用 市场表现疲软。本周将有 20 年期 美债拍卖。 产品及投资方案部 注：bp/bps=基点；pt/pts=百分点 中信证券财富管理 (香港) 免责声明请参考封底 2026 年 3 月 16 日 ▪ 2026 年 3 月 12 日，第十四届全国人民代表大会第四次会议批准了《中华人民共和国国民经济和社会发展第十 五个五年规划纲要》(下称《纲要》)。正式迈入 "十五五"，我们认为《纲要》对于未来五年中国社会与经济整 体发展提 ...

3. Meta：由于Meta试图抵消昂贵的人工智能（AI）基础设施投资，并为AI带来的效率提高做准备，该 公司正计划进行涉及20%或更多比例的大规模裁员；近期将停止Instagram私信端到端加密功能，为Ray- Ban智能眼镜推送更新，新增游戏、Reels短视频及AI音乐功能。此外，公司将其代号为"Avocado"的人 工智能模型发布时间推迟到至少5月份，原因是该模型在内部推理、编码和写作测试中，性能表现不及 谷歌、OpenAI和Anthropic等竞争对手的同级别领先模型。 4. 贵州茅台：贵州茅台酒股份有限公司党委委员、副总经理、财务总监、董事会秘书蒋焰涉嫌严重违纪 违法，目前正接受贵州省纪委监委派驻贵州茅台酒厂（集团）有限责任公司纪检监察组纪律审查和遵义 市监委监察调查。贵州茅台同时公告称，公司生产经营正常有序，该事项不会对公司生产经营管理产生 重大影响，目前由董事长陈华代行董事会秘书职责。 5. 英特尔：推出第三代酷睿Ultra处理器，是全球首款基于Intel 18A工艺开发的计算平台，AI算力达180 TOPS，用户可在轻薄本本地运行大模型，满足轻量化AI应用的部署需求，可以把大模型塞进轻薄本甚 ...

When Jeff Bezos said that one breakthrough technology would shape Amazon’s destiny, even Wall Street’s biggest analysts were caught off guard. Fast forward a year and Amazon’s new CEO Andy Jassy described generative AI as a “once-in-a-lifetime” technology that is already being used across Amazon to reinvent customer experiences. At the 8th Future Investment Initiative conference, Elon Musk predicted that by 2040 there would be at least 10 billion humanoid robots, with each priced between $20,000 and $25,000 ...

The State Street Technology Select Sector SPDR ETF (XLK 0.75%) and the iShares U.S. Technology ETF (IYW 0.95%) both aim to capture the performance of the U.S. technology sector, appealing to investors seeking growth through leading tech companies. This comparison examines their costs, risk profiles, and portfolio makeup to help clarify which fund may appeal to different investors.Snapshot (cost & size)MetricXLKIYWIssuerSPDRiSharesExpense ratio0.08%0.38%1-yr return (as of March 15, 2026)27.89%28.22%Dividend ...

Core Insights - The "Magnificent Seven" consists of seven leading stocks, all of which are among the world's top-10 largest companies, indicating their strong market position [1] - The article suggests that while many of these stocks have performed well, two members are currently overlooked and present significant buying opportunities [1] Group 1: Overview of the Magnificent Seven - The Magnificent Seven includes Nvidia, Apple, Alphabet, Microsoft, Amazon, Meta Platforms, and Tesla [6] - All seven stocks have delivered strong returns over the past decade, but the focus is on future performance [1] Group 2: Analysis of Individual Companies - Nvidia and Apple are not considered overlooked due to their prominent market positions and public awareness [2] - Alphabet has seen a significant share rally due to its advancements in generative AI, thus also not qualifying as overlooked [2] - Meta Platforms and Tesla are actively integrating AI into their operations, but they are well-known in the AI space and do not fit the overlooked category [3] Group 3: Focus on Microsoft and Amazon - Microsoft and Amazon are highlighted as companies that AI investors should reconsider, as both are currently monetizing AI effectively [4][7] - Amazon and Microsoft lead the cloud computing market, with Microsoft Azure's revenue increasing by 39% year over year, while Amazon Web Services (AWS) grew by 24%, marking its best quarter in over three years [7]

来源：市场资讯 （来源：美股财经社） 报道指出，这些设施大多涉及云计算、人工智能和数据处理基础设施，被伊朗方面视为与美国军事、情 报和科技体系存在潜在关联。 此外，伊朗还公布了一份详细的拟对美国相关工业目标进行打击的清单——包括名称、地址、城市和行 业分类。 约旦（安曼）：洛克希德·马丁公司、波音公司、微软公司、甲骨文公司、埃克森美孚公司、花旗集 团、亚马逊网络服务公司。 阿联酋（阿布扎比和迪拜）：洛克希德·马丁公司、NSO 集团、微软、KKR、波士顿咨询集团、贝恩公 司、波音、托克。 据伊朗媒体塔斯尼姆通讯社（Tasnim News Agency）在其 Telegram 频道披露，伊朗伊斯兰革命卫队 （IRGC）已经确定了29个潜在打击地点，这些地点分布在巴林、以色列、卡塔尔和阿联酋等国家。 这些目标主要与美国大型科技企业在中东地区的基础设施有关，包括云计算数据中心、人工智能研究设 施以及企业办公机构。 根据该清单显示，被列为潜在打击对象的企业包括 | | | | شرکت های صنعتنی، انرزی و عالی آمریکا در منطقه anana | | | | | --- | --- ...

Core Insights - Microsoft Corporation (NASDAQ:MSFT) is recognized as a highly profitable blue chip stock, with recent updates indicating a focus on enhancing gaming experiences through Windows 11 updates and tools [1] - The company is expanding its Xbox mode availability on Windows 11 PCs starting in April, which will improve load times and streaming performance for a wider range of games [2] - Microsoft has signed a memorandum of understanding with Codelco, the world's largest copper producer, to explore joint initiatives in advanced analytics, AI, automation, and digital security [3] Company Operations - Microsoft develops and supports a variety of services, software, devices, and solutions, operating through three main segments: Intelligent Cloud, Productivity and Business Processes, and More Personal Computing [4] Market Position - Truist has raised its price target for Microsoft stock to $675, reiterating a buy recommendation, indicating strong market confidence in the company's future performance [7]

Core Viewpoint - The stock market is experiencing uncertainty, but there are significant investment opportunities in undervalued stocks, specifically Microsoft, Nvidia, and The Trade Desk, which are expected to rise as the market recognizes their value [1][2]. Microsoft - Microsoft is capitalizing on the AI build-out by focusing on building computing infrastructure rather than solely training generative AI models, which positions it as a facilitator in the AI space [4]. - In Q2 of fiscal year 2026, Azure's revenue increased by 39% year over year, indicating strong performance in its cloud computing business [5]. - Microsoft has a substantial backlog of $625 billion in contracted business, suggesting continued growth potential [5]. - The company's stock is currently trading at a historically low valuation, making it an attractive investment opportunity [6]. Nvidia - Nvidia, a leading manufacturer of graphics processing units (GPUs), has seen significant demand due to its role in the AI build-out, contributing to its status as the world's largest company [7]. - In Q4, Nvidia's revenue surged by 73%, with management projecting a 77% growth for Q1, reflecting strong momentum [8]. - The company anticipates that global data center capital expenditures will increase to between $3 trillion and $4 trillion by 2030, indicating substantial future growth potential [8].

Core Insights - The article discusses two popular ETFs, the Vanguard Russell 1000 Growth ETF (VONG) and the State Street SPDR Portfolio S&P 500 ETF (SPYM), highlighting their different investment strategies and performance metrics. Group 1: Vanguard Russell 1000 Growth ETF (VONG) - VONG invests in growth stocks of large U.S. companies and has a significant allocation to technology stocks, with 59.7% of its holdings in this sector [5] - The ETF has gained approximately 24% over the past year, outperforming the S&P 500 index, which gained 20.8%, but underperforming the Nasdaq-100 index, which gained 28.4% [4] - VONG has delivered strong average annual returns of 26% over the past three years, 14.3% over five years, and 18.1% over ten years [4] - The fund holds a total of 391 stocks, with its top five holdings being Nvidia (12.7%), Apple (10.8%), Microsoft (9.2%), Amazon (4.8%), and Broadcom (4.6%) [5] - VONG charges an expense ratio of 0.06%, making it a low-cost option for investors seeking tech-heavy exposure [5] Group 2: State Street SPDR Portfolio S&P 500 ETF (SPYM) - SPYM is a straightforward S&P 500 index fund that allows investors to own the entire S&P 500, representing about 80% of the U.S. stock market [2] - The ETF has delivered average annual returns of 21.8% over the past three years, 14.2% over five years, and 15.5% over ten years [6] - SPYM has less exposure to technology stocks compared to VONG, with only 33.3% of its holdings in the tech sector [7] - The top five holdings of SPYM are Nvidia (7.6%), Apple (6.6%), Microsoft (5.2%), Amazon (3.6%), and Alphabet Class A (3.1%) [7]