见闻财经日历 WSCN Economic Calendar 特朗普"大漂亮"法案计划在7月4日前通过 美国参议院准备对特朗普政府"大漂亮"税收和支出法案进行关键性投票，力争在"7月4日"前通过。 华尔街见闻提及，6月29日周日，美国参议院经过激烈拉锯，以51票赞成、49票反对的结果，通过了"大漂亮法案"的更新版本。 要想在最终表决中顺利过关，接下来参议院共和党人还得继续"微调"法案，才能说服党内的全部50名需要支持的议员。 w 华尔街见间 | 时间 地区 | | 内容 | 预期 前值 | | | --- | --- | --- | --- | --- | | 6月30日 周一 | | | | | | 数据 | 国内 | 09:30 中国 6月官方制造业PMI | | 49.5 | | 事件 | 海外 | 欧洲央行在辛特拉举行中央银行论坛，至7月2日 | | | | 7月1日 周二 | | | | | | 数据 | 国内 | 09:45 中国 6月财新制造业PMI | | 48.3 | | 海外 | | 22:00 美国 6月ISM制造业指数 | 48.8 | 48.5 | | 事件 | 海外 | 03:00 ...

图片来源： Unsplash 全球最大的英伟达人工智能芯片客户之一 OpenAI ，近期开始租用谷歌的 AI 芯片来驱动 ChatGPT 等 产品， 据知情人士透露，这是该公司首次大规模采用非英伟达芯片。 • OpenAI 希望谷歌 TPU 能帮助降低其运营成本，此举是 OpenAI 为减少对微软和英伟达依赖的多元 化努力之一 • 谷歌以"硬件+云绑定"策略（TPU仅限云租赁）争夺市场份额 这一举措反映出 OpenAI 正逐步减少对微软数据中心的依赖，同时可能推动谷歌的张量处理单元（ TPU ）作为更廉价替代方案，挑战主导 AI 芯片市场的英伟达图形处理单元（ GPU ）。 该协议也表明，谷歌长期在几乎所有与 AI 相关的软硬件领域开发技术或业务的战略可能正在奏效。 这位知情人士表示， OpenAI 希望通过租用谷歌云的 TPU 来降低推理计算成本——该术语指在 AI 完 全开发完成后在服务器上运行的过程。 OpenAI 的计算需求正快速增长： ChatGPT 的付费订阅用户可能已超过 2500 万，较年初的 1500 万 大幅增长，每周还有数亿用户免费使用该服务。 OpenAI 主要通过微软和甲骨文租用英伟 ...

请务必阅读正文之后的免责声明及其项下所有内容 核心观点 请务必阅读正文之后的免责声明及其项下所有内容 ◼ 海外ESG热点事件：全球ESG发展下各国政府、企业和金融机构纷纷采取行动，推动清洁能源发展、加强气候行动、促进绿色金融创新以及提升企业环 境和社会责任，展现了全球范围内应对气候变化、追求可持续发展的积极态势和多样化实践。在信息披露方面，国际财务报告准则基金会发布了新的 指南；英国政府发布了新的英国可持续发展报告标准的征求意见稿；欧盟理事会大幅缩减企业可持续发展报告和尽职调查规则。在碳中和方面，摩根 大通与1PointFive签署10年的二氧化碳去除信用额度协议；英国、肯尼亚和新加坡发起政府联盟，促进高度诚信的碳市场；微软与Agoro Carbon签署 12年碳去除信用额度承购协议；Microsoft与Anew Climate、Aurora签署10年森林碳去除信用额度协议；Frontier Infrastructure Holdings与Wild Assets签署二氧化碳去除信用额度承购协议。在公司治理方面，意大利能源巨头Eni将其Plenitude的出售给Ares Management Corp.；维珍的 ...

例如现在微软又忘记续签 / 更新数字证书，这次忘记更新的是 Office 相关的数字证书，6 月 24 日上 午开始不少用户使用 Office 软件过程中会弹出证书过期的通知。 蓝点网检查发现过期的证书域名是 https://support.content.office.net/，这份数字证书是 2024 年 6 月 28 日签发的，到 2025 年 6 月 23 日过期，截止至本文发布时微软仍然没有替换掉这个证书。 这个证书域名还包括： 以下文章来源于蓝点网 ，作者山外的鸭子哥 蓝点网 . 科技资讯、软件工具、技术教程，尽在蓝点网。蓝点网，给你感兴趣的内容 #软件资讯 微软又忘记续签 / 更新 TLS 证书，导致部分 Office 用户频繁出现证书过期弹窗。这个证书在 6 月 23 日过 期，截止至本文发布时还未更新，涉及微软 Office 相关的 6 个域名。查看全文：https://ourl.co/109502 由于忘记续签 / 更新 TLS 数字证书导致的问题非常常见，包括苹果、谷歌、微软等公司偶尔都会出现 这种问题，不过似乎微软出现的频率要比谷歌和苹果更高。 也就是凡是调用以上域名的 Office ...

Investment Rating - The report maintains a neutral investment rating for the U.S. stock market [1] Core Insights - The S&P 500 index reached a historical high, with a weekly increase of 3.4% and the Nasdaq rising by 4.2% [3] - Among 20 industries, 16 experienced gains, with notable increases in semiconductor products and equipment (+8.4%), durable goods and apparel (+8.3%), and media and entertainment (+6.6%) [3] - The report highlights significant capital inflows into the S&P 500, estimating a net inflow of $18.17 billion this week, compared to $14.66 billion in the previous week [4][19] - Earnings expectations for the S&P 500 components were adjusted upward by 0.3%, with semiconductor products and equipment leading the upward revisions (+1.3%) [5] Summary by Sections Price Trends - The S&P 500 index increased by 3.4%, while the Nasdaq rose by 4.2% this week [3] - The leading sectors included semiconductor products and equipment (+8.4%) and durable goods and apparel (+8.3%), while the energy sector saw a decline of 3.4% [3] Capital Flows - The estimated capital inflow for S&P 500 components was $18.17 billion this week, a significant increase from $14.66 billion the previous week [4][19] - The semiconductor products and equipment sector attracted the highest inflow of $5.77 billion, followed by information technology with $5.36 billion [19] Earnings Forecast - The dynamic F12M EPS expectations for S&P 500 components were raised by 0.3%, with semiconductor products and equipment seeing the largest increase of 1.3% [5] - Four industries had downward revisions, with durable goods and apparel experiencing a decrease of 1.0% [5]

Investment Rating - The investment rating for the AIDC power equipment and grid industry is "Outperform the Market" (maintained) [1] Core Viewpoints - The global AI computing power load is expected to grow significantly, with estimates of 9.7/15.9/20.2/22.3/23.4/24.6 GW from 2025 to 2030. The demand for AIDC power equipment is projected to reach 29/48/60/67/70/74 GW during the same period, with an average annual growth rate of 20% [5][13] - The market potential for dry-type transformers, medium and low voltage switchgear, UPS, HVDC, and solid-state transformers is estimated to reach 85/341/41/380/239 billion yuan by 2030 [5][12] - The domestic data center industry is expected to see increased capital expenditure from major cloud providers, with 2025 anticipated to be a pivotal year for AIDC construction [5][18] AIDC Power Equipment Summary - The AIDC power equipment sector has seen a recent overall increase, with notable gains in backup diesel power sources (+12.3%), lead-acid batteries (+6.9%), and server power supplies (+6.1%) [5] - Key companies in the transformer/switchgear segment include Jinpan Technology, Mingyang Electric, and Eaton, while UPS/HVDC businesses include Zhongheng Electric and Keda Technology [5] - The industry is witnessing a shift towards domestic companies gaining competitive advantages in various segments, with a focus on providing comprehensive solutions [5] Grid Industry Summary - The national power engineering investment completion amount for May 2025 was 645 billion yuan, a year-on-year decrease of 3.1%, while the grid engineering investment completion amount was 632 billion yuan, a year-on-year increase of 33.3% [31][32] - The second batch of bidding results for the State Grid's ultra-high voltage equipment in May 2025 showed a total bid amount of 5.2 billion yuan, a year-on-year decrease of 38% [57] - The grid equipment sector has shown varied performance, with distribution equipment (+5.3%) and grid automation equipment (+2.1%) leading the gains [5] Market Trends and Opportunities - The report suggests focusing on four key areas within AIDC power equipment: transformer/switchgear, UPS/HVDC, active filter APF, and server power supply [5] - For the grid sector, attention is recommended on ultra-high voltage orders and deliveries, virtual power plants, and the international expansion of power equipment [5]

Core Insights - Microsoft is on the verge of reaching a $4 trillion market capitalization, needing an 8.3% increase in stock price to achieve this milestone by the end of 2025 [1][16] - The primary driver of Microsoft's increasing value is artificial intelligence (AI), with the company becoming an industry leader in software and cloud segments [2][4] AI Product Portfolio - Microsoft has invested approximately $14 billion in OpenAI since 2019, integrating its AI models into products like the Copilot virtual assistant [5] - Copilot is available for free in flagship software and as a paid tool in various products, with significant adoption in Microsoft 365, where usage tripled year over year [6] - Azure AI offers a suite of AI products and services, contributing significantly to Microsoft's cloud computing platform [5][8] Azure AI Growth - Azure AI has become a crucial component of Azure's revenue growth, increasing its contribution from 5 percentage points to 16 percentage points in recent quarters [8] - Microsoft has a $315 billion order backlog from AI customers, indicating strong demand for data center capacity [10] - The company is expected to spend over $80 billion on AI infrastructure in fiscal 2025, with further growth anticipated in fiscal 2026 [11] Financial Performance and Projections - Microsoft's stock is currently trading at a P/E ratio of 38.2, which is 14% higher than its five-year average [12] - Wall Street estimates suggest an EPS of $15.14 for fiscal 2026, indicating over 13% growth and a forward P/E ratio of 32.6 [14] - To maintain its current P/E ratio, Microsoft stock would need to increase by approximately 17% over the next 12 months, with potential for significant gains in the next six months [15][16]

Core Viewpoint - Microsoft has delayed the launch of its first self-developed AI chip, Braga, by six months, which raises concerns about its competitiveness against Nvidia's Blackwell chip, expected to be released in 2026 [1][2][3] Group 1: Chip Development Delays - The Braga chip's development has taken longer than anticipated, pushing mass production to next year and widening the performance gap with Nvidia's Blackwell chip [1] - Internal sources indicate that the delay is due to unforeseen design changes, staffing issues, and high turnover rates [1][3] Group 2: Competitive Landscape - Despite Nvidia's dominance, companies like Microsoft, Google, and Amazon are developing their own chips to reduce reliance on Nvidia [2] - Nvidia's CEO Jensen Huang expressed skepticism about the viability of self-developed ASICs, questioning their advantages over commercially available options [2] Group 3: Future Chip Plans - Microsoft is reportedly working on three additional chips named Braga-R and Clea, scheduled for deployment in 2026 and 2027, respectively [3] - The delay of Braga raises doubts about Microsoft's ability to meet its ambitious release schedule for these chips [3] - A chip intended for AI model training was reportedly canceled, indicating potential setbacks in Microsoft's AI hardware strategy [3]

Market Performance - The three major U.S. stock indices closed higher on Friday, with the S&P 500 and Nasdaq reaching all-time closing highs, confirming a technical bull market with a cumulative increase of over 20% since the low on April 8 [1][2] - For the week, the S&P 500 rose 3.44%, the Nasdaq increased by 4.25%, and the Dow Jones gained 3.82%, indicating strong market rebound momentum and improved risk appetite [2] Sector Performance - Among the 11 major sectors of the S&P 500, the consumer discretionary sector led gains, while the energy sector lagged [3] - Nike's stock surged by 15.2%, significantly contributing to the index's performance after the company provided better-than-expected first-quarter revenue guidance and announced supply chain optimization plans [3] - Technology stocks performed strongly, with Google and Amazon rising over 2%, and Nvidia and Meta increasing by more than 1%, with Nvidia hitting a new high [3] Economic Indicators - The U.S. Personal Consumption Expenditures (PCE) price index rose by 0.1% month-over-month and 2.3% year-over-year in May, with the core PCE index increasing by 0.2% month-over-month and 2.7% year-over-year, indicating persistent inflationary pressures [3] - Consumer confidence significantly improved, with the University of Michigan's consumer sentiment index rising to 60.7 in June, the highest level in four months, reflecting better economic outlook and reduced concerns about personal finances [3] Federal Reserve Expectations - Market expectations for the Federal Reserve's policy path have adjusted, with a 76% probability of a rate cut in September and a reduced likelihood of a cut in July at 19% [4] Commodity Market - In the commodities market, gold prices fell by 1.6% to $3287.6 per ounce, while WTI crude oil rose by 0.43% to $65.52 per barrel, and Brent crude increased by 0.16% to $66.80 per barrel [4]

导语：企业的管理方式也随之发生改变。 人工智能（AI）已经无处不在，各大企业的首席执行官（CEO）对此乐在其中。 从黄仁勋（Jensen Huang）到蒂姆·库克（Tim Cook），以下是五位CEO如何将AI融入他们日常生活的故事。 微软CEO萨提亚·纳德拉 微软在AI领域投入巨资：2023年推出了Copilot助手，2024年与OpenAI达成了价值130亿美元的合作协议，并组建了专门研发AI的团队。 自2014年接掌微软以来，纳德拉一直强调AI将如何改变工作流程和人类的认知劳动。彭博社（Bloomberg）报道称，对纳德拉来说，AI已经成为他 生活中不可或缺的一部分，无论在办公室还是在日常生活中。 在5月的一次采访中，纳德拉透露自己喜欢播客，但并不直接听。他会将播客的文字稿上传到手机上的Copilot应用，然后在通勤途中用语音助手讨论 播客内容。 到达微软位于华盛顿州的总部后，他会使用Copilot总结Outlook和Teams中的信息。他还利用Copilot Studio中至少10个定制化代理，辅助准备会议和 研究资料。 "我是个写邮件的老手。"纳德拉笑称。 这项技术正在持续影响全球市场中的多个领域， ...