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].

Financial Data - In January, China's social financing increased by 7.22 trillion yuan, up by 166.2 billion yuan year-on-year, while RMB loans rose by 4.71 trillion yuan, with a total balance of 276.62 trillion yuan, reflecting a year-on-year growth of 6.1% [1] - The weighted average interest rate for new corporate loans in January was approximately 3.2%, down by about 20 basis points year-on-year, while the rate for personal housing loans remained stable at 3.1% [3] - The M2 money supply grew by 9% year-on-year, and M1 increased by 4.9% [1] Real Estate Market - Data from the National Bureau of Statistics indicated that the month-on-month decline in second-hand housing prices in 70 cities narrowed, with first, second, and third-tier cities seeing reductions of 0.4, 0.2, and 0.1 percentage points respectively [1] - Year-on-year, new and second-hand housing prices in 70 major cities continued to decline, with the rate of decrease further widening [1] Stock Market Performance - The A-share market showed a positive trend in the post-Spring Festival period, with the Shanghai Composite Index rising by 4.85% in the first five trading days of 2024, marking the highest increase in nearly a decade [2] - The Shanghai Composite Index closed down by 1.26% at 4082.07 points on the last trading day before the Spring Festival, with a total market turnover of 2 trillion yuan [4] Regulatory Developments - The China Securities Regulatory Commission (CSRC) imposed strict penalties on Tianfeng Securities for illegal financing and information disclosure violations, with fines totaling 25 million yuan [4] - The State Administration for Market Regulation and the Ministry of Commerce announced enhanced supervision of cross-border e-commerce retail imports, focusing on recall regulations [3] Corporate News - Meituan projected a loss of over 23 billion yuan for the previous year, with continued losses expected in the first quarter of this year, primarily due to a significant decline in operating profit in its core local business segment [6] - The Hong Kong Stock Exchange is considering expanding the scope of confidentiality applications beyond technology and biotech sectors to include traditional industries [5]

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 ...

Core Insights - Citigroup has submitted its 13F holdings report to the SEC for the fourth quarter ending December 31, 2025, indicating a portfolio primarily focused on U.S. stocks and ETFs, with some allocation to options and debt instruments [1][2]. Holdings Summary - The largest holding in Citigroup's portfolio is NVIDIA (NVDA), accounting for 3.04% of the total [1][2]. - The second-largest holding is the SPDR S&P 500 ETF (SPY), representing 2.56% of the portfolio [1][2]. - Microsoft (MSFT) ranks third with a 2.53% allocation [1][2]. - Other significant positions include iShares Russell 2000 Index ETF put options (IWM) at 2.05% and Tesla (TSLA) put options at 2.02% [1][2]. New Positions - Citigroup has added several debt and convertible securities in Q4, including positions in Evercore Energy (EVRG), Snowflake (SNOW), Nutanix (NTNX), Align Technology (ALGN), Mara Holdings (MARA), and IonQ Inc (IONQ), with individual additions generally ranging from 5 million to 13 million shares [3]. - A notable new position is in the energy company Total (TTE), with approximately 6.86 million shares valued at about $448 million, representing 0.20% of the portfolio [3]. Exits and Reductions - Citigroup has completely exited several small-cap and illiquid stocks, primarily in healthcare, consumer discretionary, finance, and industrial sectors, including MHUAF, REVB, KEQU, BYFC, CSWC, RDI, and RAIN, reducing these holdings to zero [4][5]. - The firm has significantly reduced its positions in financial stocks, notably decreasing its stake in Bank of America (BAC) by approximately 29.29 million shares, a reduction of 54.86%, lowering its portfolio share from 1.23% to 0.59% [8][9]. Increases in Holdings - Citigroup has notably increased its holdings in the Consumer Staples ETF (XLP), raising its position by approximately 17.63 million shares, increasing its portfolio share from 0.18% to 0.78% [6][7]. - The firm has also significantly increased its positions in various debt and preferred securities, including Akamai (AKAM), JD.com (JD), CMS Energy (CMS), JetBlue Airways (JBLU), and others, with increases generally in the range of 7 million to 12 million shares [6][7]. Summary of Changes - Citigroup has made substantial reductions in options positions, including a 42.31% decrease in iShares iBoxx High Yield Bond ETF put options (HYG) and a reduction of over 90% in the industrial sector ETF put options (XLI) [8][9].

Core Insights - Maverick Capital Ltd. established long positions in Google C, Applied Materials, Boston Scientific, Visa, and Camden Property during the fourth quarter [1] - The firm increased its holdings in TSMC, NVIDIA, GFL Environment, and Carvana [1] - Maverick Capital completely exited positions in Kenvue, US Bancorp, AMD, Danaher, and Insmed [1] - The company reduced its stakes in Nubank, Disney, Merit Medical, Acadia Health, and Sherwin-Williams [1] - The firm maintains significant positions in NVIDIA, Microsoft, Amazon, TSMC, and Google C [1]

Group 1 - Tether announced a strategic investment in Supreme Liquid Labs, the operator of Dreamcash [1] - Tether is collaborating with Selini Capital to launch the first HIP-3 RWA perpetual contract market based on USDT0 on Hyperliquid [1] - The market currently offers contracts for USA500 (S&P 500), gold, silver, and 10 other assets including Tesla, Nvidia, Google, Amazon, Meta, Robinhood, Intel, and Microsoft [1]

Shares of American Superconductor Corporation (NASDAQ: AMSC) rallied 21.6% this week, according to data from S&P Global Market Intelligence. American Superconductor didn't report any financial news this week. Still, the company rocketed higher on the back of a blog post from Microsoft (NASDAQ: MSFT), published on Tuesday, which touted the benefits of superconductor technology for AI data centers. Where to invest $1,000 right now? Our analyst team just revealed what they believe are the 10 best stocks to ...

Market Overview - The U.S. stock market is showing resilience, with major indexes trending higher due to a positive inflation report suggesting the Federal Reserve's restrictive policy may be nearing its end [1] - Major market indexes are largely in the green, with the S&P 500 trading between 6,500 and 7,000, the Dow Jones Industrial Average gaining over 150 points, and the Nasdaq Composite up approximately 0.4% [2] Inflation Data - The January Consumer Price Index (CPI) showed a month-over-month increase of just 0.2%, below the consensus estimate of 0.3%, and a year-over-year CPI of 2.4%, the lowest since early 2024 [3] - This "muted" inflation reading has led traders to price in a higher probability of a rate cut in the second quarter, benefiting growth-oriented equities [3] AI Capital Expenditure Trends - The combined AI-related capital expenditure for Alphabet, Amazon, Microsoft, and Meta Platforms is expected to exceed $650 billion in 2026, reflecting confidence in long-term AI demand but raising concerns about near-term free cash flow [4] - Amazon is expected to generate significant cash flow, but most is being reinvested into data centers and GPUs, limiting buybacks or dividends [5] - Microsoft is experiencing slight margin pressure due to costs associated with Azure AI workloads, while Nvidia benefits as a primary supplier of hardware for these infrastructure projects [5] Corporate Earnings and News - Restaurant Brands International reported an 8% organic growth in adjusted operating income for full-year 2025 [6] - Apple is adjusting its supply chain in India to mitigate potential tariff impacts [7] - Tesla projects vehicle delivery growth of 47% to 59% for the 2026 fiscal year [7] - Baxter International shares are under pressure following an earnings miss and cautious forward guidance [7] - Advance Auto Parts reported steady performance in a challenging retail environment [7] Upcoming Market Events - U.S. markets will be closed on February 16th for President's Day, with focus shifting to the December Personal Consumption Expenditures (PCE) price index upon resumption of trading [8]

U.S. equity markets extended their slide on Friday, February 13, 2026, as a deepening sell-off in the technology sector overshadowed a surprisingly cool inflation report. Despite data showing that price pressures are easing faster than economists anticipated, investor anxiety regarding the long-term profitability of artificial intelligence (AI) and a significant technical setback for the world’s largest company sent major indexes into the red for a second consecutive session.Major Market Indexes Performance ...