Market Performance - S&P 500 increased by 0.3% while Nasdaq decreased by 0.2% this week[1] - Small-cap stocks led the decline with Russell 2000 value down by 1.0% and Russell 2000 growth down by 3.1%[1] - 13 sectors saw gains, while 10 sectors experienced losses, with telecommunications leading at +9.0%[1] Fund Flows - Estimated fund flow for S&P 500 components was -$84.1 million this week, down from +$5.6 million last week[2] - Major inflows were seen in technology hardware (+$40.3 million) and media & entertainment (+$39.5 million)[2] - Significant outflows occurred in software & services (-$106.0 million) and healthcare equipment & services (-$57.7 million)[2] Earnings Forecast - S&P 500's forward 12-month EPS expectation increased by 0.8% this week, up from 0.2% last week[3] - 21 sectors had upward revisions, with technology hardware & equipment seeing the largest increase at +5.6%[3] - Energy sector saw a downward revision of -2.7%[3] Risks - Economic fundamentals, international political situations, U.S. fiscal policies, and Federal Reserve monetary policies present uncertainties[3]

Core Insights - Artificial intelligence (AI) is identified as the greatest investment opportunity of the current era, with a strong emphasis on the urgent need for energy to support its growth [1][2][3] Investment Opportunity - A specific company is highlighted as a potential investment opportunity, possessing critical energy infrastructure assets that are essential for meeting the increasing energy demands of AI data centers [3][7] - This company is not a chipmaker or cloud platform but is positioned to benefit significantly from the anticipated surge in electricity demand driven by AI technologies [3][6] Energy Demand and Infrastructure - AI technologies, particularly large language models like ChatGPT, are extremely energy-intensive, with data centers consuming as much energy as small cities [2] - The company is involved in the U.S. LNG exportation sector, which is expected to grow under the current administration's energy policies [7] Financial Position - The company is noted for being debt-free and having a substantial cash reserve, amounting to nearly one-third of its market capitalization, which positions it favorably compared to other energy firms burdened by debt [8] - It is trading at less than 7 times earnings, indicating a potentially undervalued investment opportunity in the context of its critical role in the AI and energy sectors [10] Market Trends - The company is strategically aligned with several market trends, including the AI infrastructure supercycle, the onshoring boom due to tariffs, and the surge in U.S. LNG exports [14] - There is a growing interest from hedge funds in this company, suggesting that it is gaining recognition as a valuable investment opportunity [9] Future Outlook - The influx of talent into the AI sector is expected to drive continuous innovation and advancements, reinforcing the importance of investing in AI-related companies [12] - The overall sentiment is that investing in AI is not just about financial returns but also about participating in a transformative technological revolution [15]

Core Viewpoint - The financial markets experienced a significant downturn on January 29, 2026, termed "Black Thursday," with a widespread sell-off affecting gold, silver, U.S. stocks, and Chinese concept stocks, indicating a global financial storm [1]. Group 1: Market Reactions - Precious metals such as gold, silver, palladium, platinum, and copper saw sharp declines, with many experiencing short-term drops exceeding 8% [3]. - The U.S. stock market, particularly the Nasdaq index, fell over 2%, marking its largest single-day drop in months, primarily driven by a significant decline in Microsoft shares [3][10]. - Microsoft’s stock plummeted by 11.84%, resulting in a market capitalization loss of over $200 billion, approximately 1.5 trillion yuan [4][10]. Group 2: Microsoft’s Financial Report - Microsoft’s fiscal Q2 2026 report revealed a slowdown in Azure cloud service revenue growth from 40% to 39%, raising concerns among investors [4][6]. - The company’s capital expenditures surged by 66% year-over-year to $37.5 billion, raising alarms about the sustainability of its AI investments [4][6]. Group 3: Broader Market Impacts - The sell-off extended to major tech stocks, with Google down approximately 1.8%, Amazon down 1.4%, and Tesla down 1.79%, reflecting a loss of confidence in the tech sector [4][10]. - Over 35 notable Chinese concept stocks also declined, with TSMC down 2.39% and UMC down 7.78%, indicating a broad market retreat from risk assets [5][10]. Group 4: Underlying Factors - The Federal Reserve's decision to maintain interest rates and comments from Chairman Powell about persistent inflation pressures contributed to market anxiety, leading to a stronger dollar that negatively impacted dollar-denominated assets like gold and silver [6][9]. - The increase in margin requirements for gold and silver futures by the Chicago Mercantile Exchange triggered forced liquidations among leveraged investors, exacerbating the sell-off in precious metals [7][10]. - Geopolitical factors, including signs of peace negotiations in the Russia-Ukraine conflict and the looming U.S. debt ceiling crisis, added to market uncertainties [9].

IT之家 2 月 1 日消息，微软向科技媒体《Windows Latest》透露，全新的 Windows 11 开始菜单已随 1 月系统更新全面推送。如果用户仍未看到该界面，可在 Windows 更新中开启"获取最新更新…"的开关，这能加快新功能的推送进度。其余未收到更新的设备，新开始菜单也会在未来几天至几周内陆续显示。 微软研发这款新开始菜单已近一年，在否决了数十个激进的设计方案后，最终确定了当前版本。新版开始菜单与现有版本并无天壤之别，但如果你本身就不 喜欢当前的开始菜单，大概率也不会青睐这个新界面。 微软表示："经过重新设计的开始菜单现已向更多设备开放，会逐步推送给更多用户。"该更新的推送工作已于上周启动。 微软称，其初衷是保留开始菜单的核心定位，同时让它适配节奏更快、信息更繁杂的当下使用环境。 微软表示，团队仔细研读了反馈中心内所有用户的意见，并得出两大核心结论：第一，开始菜单是 Windows 11 的操作起点，运行和响应速度必须更快；第 二，界面需要更具个性化与静谧感，这也是推荐内容默认开启的原因。 同时新界面有着清晰的层级结构：顶部为搜索栏，其次是固定快捷方式，再往下是推荐内容，最后是全部应用列 ...

《重视硅光和 CPO 链投资机会—行 业点评报告》-2026.1.21 《台积电和谷歌表现亮眼，重视硅光 链和谷歌链—行业周报》-2026.1.18 《光、液冷、国内 AIDC 迎新变化— 行业周报》-2026.1.11 Meta、康宁、微软财报亮眼，重视硅光 CPO、光 纤、液冷投资机会 ——行业周报 | 蒋颖（分析师） | 陈光毅（联系人） | 雷星宇（联系人） | | --- | --- | --- | | jiangying@kysec.cn | chenguangyi@kysec.cn | leixingyu@kysec.cn | | 证书编号：S0790523120003 | 证书编号：S0790124020006 | 证书编号：S0790124040002 | Meta 营收资本开支双超预期，业绩指引维持乐观 行 业 研 究 通信 2026 年 02 月 01 日 投资评级：看好（维持） 行业走势图 数据来源：聚源 -26% 0% 26% 53% 79% 106% 2025-01 2025-05 2025-09 通信 沪深300 相关研究报告 2026 年 1 月 29 日，Meta 公布 20 ...

行 业 研 究 通信 2026 年 02 月 01 日 投资评级：看好（维持） 行业走势图 数据来源：聚源 -26% 0% 26% 53% 79% 106% 2025-01 2025-05 2025-09 通信 沪深300 相关研究报告 《重视硅光和 CPO 链投资机会—行 业点评报告》-2026.1.21 《台积电和谷歌表现亮眼，重视硅光 链和谷歌链—行业周报》-2026.1.18 《光、液冷、国内 AIDC 迎新变化— 行业周报》-2026.1.11 Meta、康宁、微软财报亮眼，重视硅光 CPO、光 纤、液冷投资机会 ——行业周报 | 蒋颖（分析师） | 陈光毅（联系人） | 雷星宇（联系人） | | --- | --- | --- | | jiangying@kysec.cn | chenguangyi@kysec.cn | leixingyu@kysec.cn | | 证书编号：S0790523120003 | 证书编号：S0790124020006 | 证书编号：S0790124040002 | Meta 营收资本开支双超预期，业绩指引维持乐观 2026 年 1 月 29 日，Meta 公布 20 ...

Core Viewpoint - The article emphasizes the long-term impact of artificial intelligence (AI) on the market and identifies three stocks—Alphabet, Microsoft, and Taiwan Semiconductor Manufacturing—as strong investment opportunities for the future [1][2]. Group 1: Alphabet - Alphabet has regained its position as a leading player in the AI sector, with its Gemini generative AI model being one of the best available [3]. - The company possesses unique advantages, such as access to personal information, which allows Gemini to create tailored experiences for users, a feature that competitors cannot replicate [3][5]. - Alphabet's substantial resources enable it to sustain operations at a loss longer than smaller competitors, positioning it to dominate the market in the future [5][6]. Group 2: Microsoft - Microsoft adopts a partnership approach in the AI landscape, holding a significant stake in OpenAI and providing access to multiple AI models through its Azure cloud platform [7]. - This neutrality in AI model selection has contributed to Azure's rapid growth compared to its competitors [7][9]. - Microsoft is viewed as a solid investment in the AI sector, with its strategy likely to yield gradual gains as AI adoption increases [9]. Group 3: Taiwan Semiconductor Manufacturing - Taiwan Semiconductor is crucial for AI technology, as it manufactures chips that power major computing players like Nvidia, which only designs chips [10]. - Despite concerns about the longevity of AI computing capacity, the short lifespan of GPUs (typically one to three years) suggests ongoing demand for chips, ensuring a steady market for Taiwan Semiconductor [12]. - The company is still in the early stages of benefiting from AI growth, with many announced data centers not expected to become operational until several years later, making it a compelling long-term investment [13].

例如，用户可以让Copilot在五分钟后提醒自己取消Microsoft 365订阅，Copilot会向绑定了该应用的移动 设备发送提醒通知；也能让它提醒自己参加重要会议。Copilot能够精准获取用户设备的日期与时间信 息，甚至可以在一分钟内触发提醒。但需要留意的是，如果用户在安卓或iOS系统中关闭了Copilot的通 知权限，相关提醒弹窗将不会显示。 微软声明中透露，提醒功能具备跨设备同步的特性，不过提醒通知仅会发送至移动设备。目前，尚不清 楚后续版本的Windows 11内置Copilot是否会新增对提醒功能的支持。微软在相关说明中明确指出："要 接收提醒，需安装Copilot应用，并开启应用的通知权限。"（青山） 来源：环球网 值得一提的是，微软此次在提醒功能的开放策略上十分友好。即便用户未订阅Copilot每月20美元的付费 服务，依然能够正常使用提醒功能，因为该功能同时向免费用户敞开了大门。不过，对于订阅了 Microsoft 365个人版的用户，将会解锁额外的提醒功能权益。 【环球网科技综合报道】2月1日消息，据科技媒体Windows Latest报道，微软Copilot正在测试一项名 为"提醒（ ...

高盛交易部门负责人Mark Wilson表示，尽管市场近期出现剧烈波动，但投资者不应过度解读这场"持仓清洗"，因为年初至今推动市场的核心驱动 因素并未发生实质性改变。 年初核心驱动因素未变 Wilson强调，从大局来看，年初至今推动市场的最大变量和驱动因素并未真正改变。美元走势持续延伸，随着美元价格挑战千禧年以来的区间以 及新任美联储主席开始阐述其政策路径，后续演变将令人着迷。 市场本周创下多项极端纪录。微软遭遇史上第二大单日市值损失，SAP暴跌16%，白银单日重挫30%。白银ETF SLV的名义交易量超过320亿美 元，黄金ETF GLD连续两个交易日成交额超过300亿美元。白银波动率飙升至仅在全球金融危机和新冠疫情封锁期间出现过的极端水平。 Wilson在周度报告中指出，评估此次调整的严重程度时，应将其与1月以来的涨幅相提并论。他强调，美元走势延续、AI投资热情不减、美国经济 增长势头强劲以及地缘政治重塑等关键变量均未改变。年初至今的市场表现依然反映这些核心趋势——稀土涨35%，核能股涨21%，欧洲防务涨 20%。 这场调整的直接诱因是投资者持仓过度拥挤。总敞口已处于99百分位数的极端水平，系统化量化策略 ...

Core Insights - The rising adoption of generative AI models from OpenAI and Anthropic is significantly impacting major cloud computing platforms, with trillions of dollars committed to future infrastructure projects by these companies [1] Group 1: OpenAI and Microsoft - OpenAI's partnership with Microsoft has provided the latter with a first-mover advantage in integrating generative AI, with ChatGPT being heavily utilized across Microsoft's Azure cloud services [3][5] - The increasing use of OpenAI's software has led to a surge in AI workloads on Azure, driving demand for incremental cloud services [4] Group 2: Amazon's Role in AI Infrastructure - Amazon Web Services (AWS) has entered a $38 billion GPU leasing deal to support OpenAI, highlighting the competitive landscape among cloud providers [7] - Amazon has invested $8 billion in Anthropic, positioning itself strategically in the AI sector, with Anthropic utilizing AWS's GPU clusters and custom-designed chips [8][9] - If Amazon's AI accelerators can compete effectively with Nvidia and AMD's GPUs, AWS could gain significant pricing power and increase customer retention [10][11] Group 3: Google Cloud's Position - Google Cloud has experienced impressive growth, with OpenAI and Anthropic as key customers, leveraging its computing power and custom chips [12][13] - Anthropic's use of Google Cloud's Tensor Processing Units (TPUs) is expected to enhance Google Cloud's competitive position in the AI infrastructure market [14] - As OpenAI addresses its capacity challenges, Google Cloud is likely to benefit from increased user adoption and ongoing data center expansion [15]