Core Insights - The Valkyrie Bitcoin Miners ETF (WGMI) has shown an 86% return over the past year but has recently dropped 12.4% in the last month due to a 28% decline in Bitcoin's price [1] - Iren Ltd secured a $9.7 billion contract with Microsoft and aims for $3.4 billion in annual AI Cloud revenue by the end of 2026, indicating a strategic pivot towards AI infrastructure [1] - Cipher Mining, another significant holding in the ETF, missed revenue estimates and has a negative profit margin of 34.2%, raising concerns about its near-term prospects [1] Bitcoin Price Impact - Bitcoin's price correction from its October 2025 peak has created a challenging environment for miners, with current trading 28% below the year's start [1] - Prediction markets indicate only a 41% probability that Bitcoin will reach $100,000 by year-end, reflecting market uncertainty [1] - Riot Platforms, representing 4.8% of the ETF, recently reported revenue of $180.2 million, although its stock is trading 10% below previous levels [1] AI Infrastructure Transition - Iren Ltd, which constitutes 24% of the ETF, is focusing on AI infrastructure, emphasizing a cautious approach to capital deployment with payback periods of 24 to 30 months for GPU investments [1] - Cipher Mining, representing 18.3% of the ETF, has secured a $5.5 billion AWS lease but has shown operational challenges, including heavy insider selling, indicating management's uncertainty [1] - Investors are advised to monitor quarterly updates from Iren and Cipher for evidence of translating AI contracts into actual revenue and improved margins [1]

In this articleORCLGOOGLMSFTAMZNThis report is from this week's The Tech Download newsletter. Like what you see? You can subscribe here.The coreEarnings season has seen endless spending commitments from tech companies as they scramble to build out data center capacity amid the AI boom.Hyperscalers, including the likes of Amazon, Microsoft, Meta and Alphabet, announced capital expenditure could hit $700 billion on AI this year — that's more than the GDP of countries like the United Arab Emirates, Singapore a ...

Despite its multi-billion dollar bet and early lead in generative AI, Microsoft Corp. (NASDAQ:MSFT) has emerged as the surprise laggard among Magnificent 7 hyperscalers, as investors begin to favor Meta Platforms Inc.'s (NASDAQ:META) leaner, high-yield AI strategy.The Performance ParadoxSince the launch of ChatGPT on Nov. 30, 2022, Microsoft has unexpectedly become the worst-performing stock among tech's cloud giants.Data through February 2026 reveals that while Microsoft provided the foundational capital a ...

Core Viewpoint - Major tech companies like Amazon, Microsoft, and Alphabet (Google's parent) are trying to reassure investors about the profitability of their AI investments, but investor patience is waning as capital spending plans for 2026 increase [1] Group 1: Company Insights - Amazon, Microsoft, and Alphabet have been actively communicating their strategies and expectations regarding AI development to investors [1] - The companies are facing challenges as the market's tolerance for high capital expenditures diminishes [1] Group 2: Industry Trends - The overall trend in the tech industry indicates a growing concern among investors regarding the return on investment from AI initiatives [1] - Capital spending plans for 2026 are projected to rise, which may further strain investor confidence [1]

微软AI首席执行官Mustafa Suleyman在接受英国《金融时报》采访时表示，律师、会计师、项目经理和营销人员等从事电脑办公的专业人士，其 "大多数任 务"将在未来12至18个月内被AI完全自动化。 AI导致的失业已初现端倪。根据职业介绍公司Challenger的报告， 今年1月有7624个工作岗位因AI被裁，占当月裁员总数的7%；2025年全年，AI导致的裁员 公告达54836人 。自2023年开始追踪以来，79449个计划裁员岗位归咎于AI。 与此同时，AI安全与滥用风险也在加速升温。 Anthropic在最新破坏活动报告中警告，其Claude模型在特定计算机使用场景下对"有害滥用"更敏感，甚至出现 与化学武器开发相关的风险信号。 AI大规模取代白领还有12至18个月的时间窗口 微软人工智能业务负责人发出迄今最激进的自动化预警， 称绝大多数白领专业工作可能在一年半内被AI取代，这一时间表远早于商界和政策制定者的普遍预期 ，为全球劳动力市场敲响警钟。 Suleyman的预测标志着科技行业对AI取代人类工作时间表的最激进判断。 他表示， AI将在未来12-18个月内在"大多数，甚至所有"专业任务上达到人 ...

美股市场正经历一场 罕见的全面性恐慌抛售 ，AI颠覆预期如同多米诺骨牌般冲击各个行业板块。 高盛交易员Ryan Shakey形容当前市场"极其脆弱"，超过40只标普成分股周五出现超过3倍标准差的异常波动，创下他记忆中的最高水平，这一波动规模远超前 一交易日的15只个股。 市场呈现明显的防御性倾向，公用事业、必需消费品、房地产投资信托和医疗保健板块领涨，而科技、媒体和电信板块则遭遇重挫。高盛AI风险敞口篮子 (GSTMTAIR)再次出现 3倍标准差的暴跌 ，单日下挫510个基点。 市场恐慌情绪的最新导火索是微软AI业务负责人的言论。 据报道，该高管表示大多数白领工作将在12个月内被AI取代，并称"AI模型的编程能力已超越人类"， 这一表态引发投资者对AI颠覆范围和速度的重新评估。 交易员指出，市场最显著的特征是投资者"完全不愿意在任何AI相关的急跌中抄底"，这种现象横跨所有行业板块。 最令交易员震惊的是，投资者普遍丧失了抄底意愿。高盛交易台观察到，对冲基金和多头机构虽在抛售，但规模较小，显示出"疲惫感正在累积"。 少数买盘仅 集中在工业、必需消费品、公用事业、REITs和能源等周期性和防御性板块。 市场广度急剧 ...

通信 周跟踪（20260202-20260208） 领先大市-A(维持) ——北美资本开支增长并未见顶，Scaleup 是光通信重要增量 2026 年 2 月 13 日 行业研究/行业周报 1.4 市场分歧或创造加仓机会。虽然市场短期认为高昂的资本开支意味着企 业自由现金流受到吞噬且 AI 回报时间或延长，但我们认为此轮 AI 资本开支超级 周期不同于上一轮云计算基建期，其见顶标志往往是随着上云比例的提升云厂商 收入增长的显著放缓。而近期伴随着 Claude Cowork、openclaw、Bedrock Agent、 Copilot Studio、QoderWork、Coze 等自动化编程工作流智能体的上线，Token 增 长被快速引爆，由于工作任务和数据量的不确定性，智能体工作流拉动 Token 的 增长天花板目前并无上限。而诸如 Claude Opus 4.6"极速模式"由于算力加成时 对 AIOT 意义重大，SpaceX 计划组建百 万 太 空 算 力 集 群 - 周 跟 踪 （20260126-20260201） 2026.2.4 通信行业近一年市场表现 行业动向： 1）北美主要 CSP 陆续发布财 ...

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 ...

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 ...

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 ...