Core Viewpoint - Soros Fund Management made significant adjustments to its investment portfolio in the fourth quarter, focusing on increasing exposure to tech giants while engaging in "buy high, sell low" strategies for energy and cryptocurrency stocks [1]. Group 1: Technology Sector Investments - The fund substantially increased its holdings in core technology stocks, including adding 161,000 shares of Microsoft (MSFT.US), 118,000 shares of Nvidia (NVDA.US), and approximately 66,000 shares of Apple [3]. - In the software and mobility sectors, the fund also increased its positions by acquiring approximately 216,000 shares of Atlassian (TEAM.US), 55,000 shares of Salesforce (CRM.US), and 119,000 shares of Uber (UBER.US) [3]. Group 2: Defensive and Growth Investments - In the defensive sector and consumer space, the fund increased its holdings in utility company Exelon (EXC.US) by approximately 488,000 shares and in gaming giant Electronic Arts (EA.US) by about 318,000 shares [3]. Group 3: Reduction in High Volatility and Financial Stocks - The fund reduced its positions in high-volatility and financial stocks, significantly cutting approximately 168,000 shares of Snowflake (SNOW.US) [4]. - It also reduced its holdings in Circle Internet Group (CRCL.US) by about 151,000 shares and in Interactive Brokers (IBKR.US) by approximately 813,000 shares, indicating a cautious stance towards the financial brokerage sector [5][6]. Group 4: New Positions and Exits - The fund opened new positions by purchasing gold-related assets such as New Gold (NGD.US) and established positions in DigitalBridge (DBRG.US), Blue Owl Capital (OWL.US), Exact Sciences (EXAS.US), and Xcel Energy (XEL.US) [7]. - It completely exited positions in KeyCorp (KEY.US), CareTrust REIT (CTRE.US), Cipher Mining (CIFR.US), and KKR & Co. (KKR.US), indicating a shift away from traditional banking and certain cryptocurrency mining stocks towards more stable or defensive sectors [7]. Group 5: Overall Strategy - The overall strategy of Soros Fund Management in the fourth quarter reflects a clear approach: embracing AI and core tech assets like Microsoft and Nvidia while avoiding high-volatility cloud and data companies like Snowflake, and hedging against macroeconomic uncertainties by investing in gold stocks. This "pick and choose" adjustment strategy highlights the pursuit of certainty and safety margins amid global economic uncertainties [7].

Core Viewpoint - Amazon's stock has entered a technical bear market, marking the second company in the Mag7 group to do so, driven by investor resistance to aggressive AI spending plans [2] Group 1: Amazon's Stock Performance - Amazon's stock closed at $198.79, down over 23% from recent highs, officially entering bear market territory on Thursday [2] - Amazon plans to spend $200 billion on capital expenditures by 2026, the highest among the four major cloud service providers [2] - The total expected capital expenditure in AI by Amazon, Microsoft, Meta, and Alphabet by 2026 is projected to reach $650 billion [2] Group 2: Meta and Microsoft's Market Position - Meta is close to entering a bear market, with a cumulative decline of 19.6% from last year's peak, just 0.4% away from the 20% threshold [2] - Despite exceeding Wall Street expectations for Q4 revenue and earnings, Meta's increased AI spending and pressure on profit margins have undermined investor confidence [2] - Microsoft was the first Mag7 member to enter a bear market, with its stock down 27.8% from recent highs following disappointing Azure cloud business growth [2] Group 3: Investor Sentiment and Market Dynamics - Recent sell-offs highlight the growing divergence among Mag7 members, with investors shifting away from OpenAI-related stocks like Microsoft and Nvidia towards Alphabet and Broadcom [4] - Alphabet's vertically integrated technology stack has somewhat mitigated concerns over excessive spending, allowing it to avoid the worst impacts of the tech stock sell-off [4] - Increased capital expenditure levels for Amazon may lead to negative free cash flow this year, prompting the company to seek additional capital through debt markets [4] - The next significant catalyst for AI stocks is expected to be Nvidia's earnings report on February 25, which will indicate whether the AI boom is cooling or if Nvidia is successfully capturing billions in investments from its largest clients [4]

Group 1: Core Investment Strategy - Soros Fund Management significantly increased its exposure to core technology stocks, including adding 161,000 shares of Microsoft (MSFT.US), 118,000 shares of Nvidia (NVDA.US), and approximately 66,000 shares of Apple [1] - The fund also made moves in the software and mobility sectors, increasing positions in Atlassian (TEAM.US) by approximately 216,000 shares, Salesforce (CRM.US) by about 55,000 shares, and Uber (UBER.US) by around 119,000 shares [1] - In defensive and growth sectors, the fund increased its holdings in utility company Exelon (EXC.US) by approximately 488,000 shares and gaming giant Electronic Arts (EA.US) by about 318,000 shares [1] Group 2: Reduction and Caution - The fund reduced its positions in high-volatility and financial stocks, significantly cutting 168,000 shares of Snowflake (SNOW.US) and 151,000 shares of Circle Internet Group (CRCL.US) [2] - A notable reduction was also seen in Interactive Brokers (IBKR.US), with a decrease of 813,000 shares, indicating a cautious stance towards the financial brokerage sector [2] Group 3: New Positions and Exits - Soros Fund Management opened new positions in gold-related assets such as New Gold (NGD.US) and established positions in DigitalBridge (DBRG.US), Blue Owl Capital (OWL.US), Exact Sciences (EXAS.US), and Xcel Energy (XEL.US) [3] - The fund completely exited positions in KeyCorp (KEY.US), CareTrust REIT (CTRE.US), Cipher Mining (CIFR.US), and KKR & Co. (KKR.US), indicating a shift away from traditional banking and certain cryptocurrency mining stocks towards more stable or defensive sectors [3] - Overall, the fund's strategy reflects a clear intention to embrace AI and core technology assets while avoiding high-volatility cloud and data companies like Snowflake, and hedging against macroeconomic uncertainties by investing in gold stocks [3]

中国基金报记者张舟 大家好，今天是周六，一起聚焦海外市场最新收盘表现与本周整体走势。 美东时间2月13日收盘，美国股市涨跌不一，大型科技股下跌，中概股涨跌互现。 截至收盘，道琼斯工业平均指数涨0.1%，报49500.93点；标普500指数涨0.05%，报6836.17点；纳斯达克综合指数涨0.22%，报22546.67点。 从周度表现看，三大指数集体累跌。其中，纳指累跌2.1%，道指累跌1.23%，标普500指数累跌1.39%。 板块方面，美股大型科技股下挫，万得美国科技七巨头指数跌1.31%。 | 序号 | | 名称 | 现价 | 涨跌 涨跌幅 | | 总市值1 ▼ | | --- | --- | --- | --- | --- | --- | --- | | 1 | NVDA | 英伟达(NVIDIA) | 182.785 | -4.155 -2.22% | | 44416亿 | | വ | AAPL | 苹果(APPLE) | 255.790 | -5.940 -2.27% | | 37551亿 | | 3 | GOOG | 谷歌(ALPHABET)-C | 306.020 | -3.350 -1.08 ...

来源：环球网 【环球网科技综合报道】2月14日消息，微软AI首席执行官穆斯塔法·苏莱曼在接受《金融时报》采访 时，抛出震撼行业的预言：未来18个月内，AI将在大多数甚至所有专业任务上达到人类水平，包括会 计、法律、营销、项目管理在内的各类白领工作，尤其是需要坐在电脑前完成的任务，将被AI完全自 动化，这一判断涵盖了MBA、法学院毕业生及各类普通白领。 苏莱曼的预言并非孤例，而是科技行业大佬对AI影响的又一激进判断。此前，Anthropic首席执行官达 里奥·阿莫代伊曾警告，AI可能淘汰一半入门级白领岗位；福特首席执行官吉姆·法利称AI将使美国白领 岗位减半；马斯克也于上月表示，通用人工智能最早可能在今年出现。 不过，外媒报道称，目前AI在专业服务领域影响有限，2025年汤森路透报告显示，律师、会计师仅用 AI处理文档审核等针对性任务， productivity提升微弱，未出现大规模岗位流失；甚至有研究表明，AI 可能降低部分从业者效率，如非营利组织METR发现，AI使软件开发者的任务耗时增加20%。 苏莱曼表示，算力的指数级增长是其预言的核心依据，他还透露微软AI的核心使命是实现超级智能， 减少对OpenAI ...

Core Viewpoint - The article discusses the emerging potential of d-Matrix, a chip startup supported by Microsoft, which aims to revolutionize AI inference by creating chips that are faster, cheaper, and more efficient than current GPU-based solutions, potentially reducing inference costs by about 90% [2][5][7]. Group 1: d-Matrix's Approach - d-Matrix focuses on designing chips specifically for inference rather than repurposing training hardware, emphasizing the architectural differences between training and inference tasks [3][5]. - The company aims to reduce latency and increase throughput by integrating memory and computation more closely, which contrasts with traditional GPU architectures that separate these functions [4][5]. - d-Matrix's chip design is modular, allowing for scalability based on workload requirements, similar to Apple's unified memory design [5][6]. Group 2: Market Dynamics - NVIDIA currently dominates the AI chip market, with a market capitalization of $4.5 trillion, but there is growing interest in alternatives as companies seek to hedge against NVIDIA's dominance [7][8]. - Several startups, including Groq and Positron, are gaining traction in the inference space, indicating a shift in the market dynamics as companies explore different memory types for faster responses [8][9]. - The competition is intensifying, with major players like OpenAI and Anthropic exploring partnerships with various chip manufacturers to enhance their AI capabilities [9][10]. Group 3: Future Outlook - d-Matrix plans to ramp up production significantly, aiming for millions of chips by the end of the year, which could position it as a key player in the AI inference market [6][9]. - The article suggests that while NVIDIA remains a formidable leader, the rapid growth of dedicated hardware for AI inference could lead to a more fragmented market where multiple players thrive [10].

• A股蛇年交易收官，开启"春节假期"模式 • 美团去年预亏超230亿元，今年一季度将延续亏损 • 中国1月信贷投放"开门稳" ，人民币贷款增加4.71万亿元，社融增量为7.22万亿元 • 1月70城房价数据出炉，新房环比降幅收窄， 二手房价格拐点显现 •浙商银行入围， 我国系统重要性银行扩增至21家 • 消息称特朗普考虑缩减部分钢铝关税，白宫顾问否认 • 美国1月通胀数据意外降温，核心CPI涨幅创近5年新低 • 欧佩克+倾向于4月起恢复增产，3月1日前继续磋商方案 1、中国1月信贷数据重磅发布！ 据央行初步统计，1月份社会融资规模增量为7.22万亿元，比上年同期 多1662亿元；人民币贷款增加4.71万亿元，月末余额276.62万亿元，同比增6.1%。1月末，M2同比增长 9%，M1同比增长4.9%。 2、 国家统计局公布1月70城房价数据显示，一、二、三线城市二手房价格环比降幅全面收窄，分别比 上月收窄0.4个、0.2个和0.1个百分点。扬州和湛江二手房价环比分别上涨0.4%和0.3%。同比来看，70大 中城市新房和二手房价格继续下降，且降幅进一步扩大。 3、 近十年A股春节后行情表现亮眼，"春躁"规律罕 ...

Market Overview - The three major indices showed mixed performance, with the Dow Jones up 0.10% to 49,500.93 points, the S&P 500 up 0.05% to 6,836.17 points, and the Nasdaq down 0.22% to 22,546.67 points [3] - All three indices recorded weekly declines, with the S&P 500 down 1.4%, the Dow down 1.2%, and the Nasdaq down 2.1% [3] Economic Indicators - The U.S. Bureau of Labor Statistics reported that the January CPI rose 2.4% year-over-year and 0.2% month-over-month, both below market expectations [3] - The core CPI, excluding volatile food and energy prices, increased by 2.5% year-over-year and 0.3% month-over-month, aligning with market expectations [3] - Phil Blancato, Chief Market Strategist at Osaic, indicated that this data could pave the way for interest rate cuts and inflation control if the trend continues [3] Sector Performance - Concerns over AI disruption led to market sell-offs, affecting various sectors including software, real estate, trucking, and financial services [6] - Financial stocks such as Charles Schwab and Morgan Stanley fell by 10.8% and 4.9%, respectively, while software company Workday dropped 11% and commercial real estate firm CBRE fell 16% [6] - The media sector was also impacted, with Disney down approximately 3% and Netflix down 6% [7] Technology Stocks - Major tech stocks mostly declined, with Nvidia down 2.21%, Apple down 2.27%, Microsoft down 0.13%, Google down 1.06%, and Amazon down 0.41% [7] - Tesla saw a slight increase of 0.09%, while Oracle rose by 2.34% and Netflix increased by 1.33% [7] Chinese Stocks - The Nasdaq Golden Dragon China Index fell by 0.10%, with Alibaba down 1.89%, JD.com down 1.38%, and Pinduoduo up 0.06% [7] - NIO remained flat, while Xpeng rose by 1.36% and Li Auto fell by 1.81% [7]

微软则是首家进入熊市的Mag7成员。该公司股价于1月29日跌入熊市，此前一天公司公布的Azure云业务增长未达投资者预期。截至周五收盘，微 软股价较近期高点下跌27.8%。 （亚马逊、微软和Meta近一年走势图） 亚马逊股价九连跌。周四进入技术性熊市，成为Mag7中第二家跌入熊市的公司后，周五继续下挫。投资者对科技巨头激进的人工智能支出计划发 起强烈抵制，导致这些明星股票大幅下挫。 周五，亚马逊股价收于198.79美元，较近期高点下跌超23%，前一天周四正式跌破熊市门槛。在四大超大规模云服务商中，亚马逊2026年计划资 本支出最高，达到2000亿美元。亚马逊、微软、Meta和Alphabet四家公司预计2026年在AI领域的资本支出总计将达6500亿美元。 Meta可能成为下一个跌入熊市的Mag7成员，截至周五收盘，较去年高点累跌19.6%，距离熊市的20%跌幅门槛仅差0.4%。尽管Meta第四季度营 收和盈利超出华尔街预期，但AI支出增加和利润率压力打击了投资者信心。 亚马逊、微软和Meta股价遭受更大冲击，因为投资者对这些公司AI支出能否带来足够投资回报信心不足。对于亚马逊而言，资本支出水平的提高 可能导 ...

智通财经APP获悉，根据美国证券交易委员会(SEC)披露，花旗集团(C.US)向其递交了截至2025年12月31日的第四季度持仓报告(13F)。 从最新披露的数据来看，花旗第四季度的投资组合仍以美股及ETF资产为主，并辅以一定规模的期权及债务类工具进行配置调整。其中，英伟达(NVDA.US) 为其第一大重仓股，占投资组合比例为3.04%；SPDR标普500 ETF(SPY.US)位列第二，占比为2.56%；微软(MSFT.US)位列第三，占比为2.53%。此外， iShares罗素2000指数ETF看跌期权(IWM.US)及特斯拉(TSLA.US)看跌期权也进入前五大持仓，占投资组合比例分别为2.05%和2.02%。 | Stock | History | Sector | Shares Held or | Market | % of | Previous % of | Rank | Change in in | > | % | % | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | Princ ...