Group 1 - Mizuho Securities has lowered the target prices for several technology companies, including Atlassian, Cloudflare, and Microsoft [1] - The target price for Atlassian has been reduced from $245 to $225, for Cloudflare from $280 to $255, and for Microsoft from $640 to $620 [1] - Despite the target price reductions, Mizuho maintains an "outperform" rating for all three companies [1] Group 2 - Research indicates that the release of budget allocations towards the end of the year is expected to be less aggressive than usual [1] - Investor concerns regarding the disruptive impact of AI on the industry continue to suppress valuation multiples for many software companies, particularly in the SaaS sector [1]

Group 1 - Mizuho Securities has lowered the target prices for several tech companies, focusing on Atlassian, Cloudflare, and Microsoft [1] - The target price for Atlassian has been reduced from $245 to $225, for Cloudflare from $280 to $255, and for Microsoft from $640 to $620, while maintaining a "buy" rating for all three [1] - Analyst Gregg Moskowitz noted that the overall performance of market research for Q4 is solid, with strong demand for AI applications and healthy cybersecurity needs [1] Group 2 - There is a noted slowdown in the release of year-end budgets compared to previous years, and investor concerns about AI disrupting industries continue to suppress valuation multiples for many software companies, particularly in the SaaS sector [1] - From a valuation perspective, the current enterprise value-to-sales multiple is 55% lower than the five-year peak and 30% lower than the average [1] - The firm believes that the risk-reward ratio for the next twelve months is attractive, despite high uncertainty potentially leading to challenges and volatility [1]

Group 1 - Microsoft has officially announced that the Xbox app now fully supports all Arm-based Windows 11 PCs, marking a significant step in enhancing cross-device gaming experiences [1] - Arm architecture Windows 11 PC users can now download and play a large number of games directly through the Xbox PC app, with over 85% of Game Pass games currently compatible with Arm devices [3] - The company is actively working with partners to adapt more titles for Arm devices, and the Prism emulator now supports AVX and AVX2 instruction sets for running x86/x64 software on Arm devices [3] Group 2 - Popular games such as "Gears of War: Ultimate Edition" and "Fortnite" can now run smoothly on Arm devices, thanks to support from Epic Anti-Cheat (EAC) [3]

格隆汇1月22日｜花旗发表报告指，对微软(MSFT.US)维持建设性看法，预期Azure业务在2026财年下半 年将加速增长。然而，由于个人电脑需求疲软导致非Azure业务2026年预估值微幅下调，加上OpenAI相 关支出增加，将公司目标价由690美元下调至660美元，评级"买入"。 报告指，经销商调查显示微软季度业绩微幅下滑，但合作伙伴调查与CIO调查结果更为乐观，指出 Azure持续保持动能且订单管道强劲。尽管第二财季业绩可能呈现好坏参半，但该行对微软下半年业绩 乐观，因强劲订单与扩增产能将推动Azure加速增长并引发预测上调趋势。微软仍属超大型科技股首 选，其多元高投资报酬率的人工智能变现途径，可望带动营收与获利持续加速增长。 ...

Core Viewpoint - Ondo Finance has launched hundreds of blockchain-based financial assets on the Solana network, marking a significant expansion in the tokenization of traditional financial assets [1][2][4]. Group 1: Launch of Assets - Ondo Finance introduced over 200 assets, including stocks from major companies like NVIDIA and Microsoft, ETFs, treasury bonds, and precious metals on Solana [2][4]. - The assets were launched through the Jupiter Exchange, a decentralized finance protocol on Solana [3]. Group 2: Expansion of Offerings - This launch expands Ondo Finance's tokenized offerings beyond Ethereum and BNB Chain, where it already has over 200 traditional financial assets trading [4]. - The total value of all tokenized offerings on Ondo Finance exceeds $2 billion, indicating a robust market presence [4]. Group 3: Industry Context - The announcement follows the New York Stock Exchange's plans to develop a platform for trading and on-chain settlement of tokenized securities, highlighting a growing trend in the financial industry towards tokenization [5]. - The Solana network is recognized as a popular platform for decentralized finance, enhancing the visibility and accessibility of these new financial products [2].

Core Insights - The Invesco WilderHill Clean Energy ETF (NYSEARCA:PBW) has experienced a significant increase in share price, climbing 74% over the past year, from approximately $20 to $35 [1] Company Performance - The ETF's share price growth indicates strong investor interest and confidence in clean energy investments [1]

Group 1 - The core viewpoint is that energy costs will be crucial in determining the success of AI competition among countries, with GDP growth directly linked to the energy costs associated with AI usage [2] - Microsoft has announced an investment of $80 billion in building AI data centers, with 50% of its spending allocated outside the United States [3] - Nadella emphasizes that if AI does not improve outcomes in healthcare, education, and public sector efficiency, society may lose the license to use scarce energy resources for token production [3] Group 2 - Nadella expresses concerns about the potential for an AI bubble, stating that if AI growth is solely driven by investment, it may indicate a bubble [3] - He believes that AI must extend beyond technology companies to achieve broader penetration, warning that the current AI hype could lead to a bubble if benefits are not equitably distributed [3] - Confidence in the rapid spread of AI technology is based on the past 20 years of cloud computing and mobile device proliferation, with non-tech companies driving economic growth through AI applications [3] Group 3 - Nadella notes that large enterprises may have inherent advantages due to high AI development costs, but startups can build AI systems from scratch, highlighting the challenges traditional giants face in change management [4] - He asserts that Europe needs a broader global perspective to succeed in the AI era, emphasizing the importance of producing globally competitive products and investing in energy and tokens that drive AI [5]

Group 1 - Microsoft has a current stock price of $444.11, reflecting a decrease of 2.29% or $10.41, with a market capitalization of approximately $3.3 trillion [4] - The stock has fluctuated between a low of $438.69 and a high of $452.69 during the trading day, and over the past year, it reached a high of $555.45 and a low of $344.79 [4] - Alex Haissl from Redburn Partners has set a price target of $450 for Microsoft, indicating a slight potential increase from its current trading price [5] Group 2 - Microsoft is integrating LinkedIn data into its Copilot and Work IQ tools to enhance productivity and hiring processes [5] - LinkedIn's transformation is expected to drive its fiscal 2026 revenues to approximately $19.57 billion, marking a 9.9% year-over-year growth [2][5] - LinkedIn's professional network exceeds 1.2 billion members, providing Microsoft with a unique dataset that offers a competitive edge [3]

Market Overview - The stock market experienced a significant rally due to positive developments in international trade, particularly the suspension of planned tariffs on EU countries by President Trump [1] - Major U.S. stock indexes saw notable gains, with the Dow Jones Industrial Average increasing by 1.2% to 49,077.23, the S&P 500 rising by 1.16% to 6,875.62, and the Nasdaq adding 1.18% to 23,224.82 [1] Company Highlights - **Intel Corporation (NASDAQ:INTC)**: - Intel's stock rose by 11.72% to close at $54.25, nearing its 52-week high of $54.41, with an after-hours gain of 1.2% to $54.92 [2] - Anticipation builds for Intel's fourth-quarter earnings report, expected to show earnings per share of 8 cents and revenue of $13.38 billion, following a previous quarter where revenue was $13.65 billion and earnings per share were 23 cents [3] - **Moderna Inc (NASDAQ:MRNA)**: - Moderna shares surged by 15.84% to $49.81, reaching a 52-week high of $50, with an after-hours increase of 4.4% to $52 [4] - Investor enthusiasm is driven by a recent update on a cancer therapy study in collaboration with Merck & Co, which showed significant improvements in recurrence-free survival for melanoma patients [5] - **The Metals Company Inc (NASDAQ:TMC)**: - TMC's stock climbed by 13.31% to $8.17, with an after-hours increase of 9.4% to $8.94 [6] - The company welcomed a new rule from the National Oceanic and Atmospheric Administration that modernizes regulations for deep seabed mining permits, aligning with TMC's strategy for transitioning to commercial production [7] - **Microsoft Corporation (NASDAQ:MSFT)**: - Microsoft's stock fell by 2.29% to $444.11, remaining below its 52-week high of $555.45 [8] - CEO Satya Nadella emphasized the need for artificial intelligence to deliver tangible benefits to maintain public trust, particularly in sectors like healthcare and education [8] - **Lucid Group Inc (NASDAQ:LCID)**: - Lucid's stock jumped by 17.88% to $11.47, with an expansion of its manufacturing partnership in Saudi Arabia enhancing its growth outlook [9] - The collaboration with Rockwell Automation aims to implement advanced manufacturing systems at Lucid's plant, providing real-time visibility and control over production lines [10]

International News - US natural gas futures prices saw a significant increase, with intraday gains reaching up to 30%, currently reported at $5.083 per million British thermal units, after previously recording increases of 29%, 28%, and 27% [1][7] - Precious metals market showed a downward trend, with spot gold prices dropping below $4820, $4810, $4800, and $4790 per ounce, with daily declines of 0.25%, 0.44%, 0.64%, and 0.86% respectively [1][7] - Spot silver also faced pressure, falling below $93, $92, and $91 per ounce, with daily declines of 1.68%, 2.93%, and 3.74% respectively [1][7] - US stock market performed strongly, with all three major indices closing up over 1%, the Dow Jones up 1.21%, Nasdaq up 1.18%, and S&P 500 up 1.16% [1][7] Individual Stocks - Intel shares rose over 11%, reaching a four-year high; AMD increased by 8.3%, SanDisk by over 10%, Western Digital by over 8%, and Micron Technology by over 6% [2][8] - The Nasdaq Golden Dragon China Index rose by 2.22%, with notable gains from individual stocks such as New Oxygen up 14.93%, Baidu up 8.20%, and Century Internet up 7.17% [2][8] - OpenAI's CEO Sam Altman is meeting with top investors in the Middle East to pursue a new round of financing of at least $50 billion, with a post-funding valuation expected between $750 billion and $830 billion [2][8] - Apple plans a major overhaul of Siri, transforming it into a built-in chatbot with new features expected to launch later this year [2][8] Company Dynamics - French dairy company Lactalis announced a recall of multiple batches of infant formula in 18 countries, including China, due to potential contamination with Bacillus cereus toxin [3][9] - Ubisoft canceled the development of six games, including the remake of "Prince of Persia: The Sands of Time" and four unannounced titles [3][10] - The American Petroleum Institute (API) reported an increase of 3 million barrels in US API crude oil inventories last week, compared to a previous increase of 5.278 million barrels [3][10] - President Trump expressed hope for the retention of Kevin Hassett in his current position, with the shortlist for the Federal Reserve chair narrowing to two or three candidates [3][10]