The commitment to Azure underlines a key driver in Microsoft’s ongoing shift from software company to cloud services provider. Microsoft spent more than $34 billion in capital expenditures during its fiscal Q1, with $11.1 billion of that total going to expanding its data center footprint. Company CEO Satya Nadella has said that Microsoft plans to increase its AI capacity by 80% by the end of fiscal year 2026 and to double its data center footprint over the next two years.Under this new arrangement, Microsof ...

【导读】AI万亿赌局，马斯克们正越来越富，但人类在集体失业？Hinton最新末日警告，科技巨头不裁员，根本赚不到钱。 「这场AI万亿美元豪赌，只有裁员才能盈利」。 这是AI教父Hinton，最新发出的末日警告。 最近，Hinton在接受彭博采访时，直言不讳地预警：超级智能AI即将到来，它不仅会取代人类、引发大规模失业，甚至威胁人类生存。 科技巨头们正在亲手制造「外星入侵者」，却仍在沉迷于商业竞赛。 如今，AI的终极泡沫，近在眼前。 预计明年，微软、Meta、谷歌、亚马逊这四大巨头在AI领域支出高达4200亿美元（今年3600亿美元）。 然而，仅OpenAI就已签署了超1.4万亿美元的算力合同。这笔大单将硅谷AI巨头紧紧绑定，买GPU训模型再盈利。 真正坐拥这场AI盛宴，背后最大的赢家是——英伟达。 GTC 2025大会后，其市值一路狂飙至5万亿美元，Loop资本最新预测，未来有望突破8.5万亿美元。 主持人问及Hinton一个沉重又值得深思的问题：万亿美元投资能否在不摧毁就业的情况下获得回报？ Hinton回答简短有力，「要想赚钱，就必须取代人类劳动」。 这句话如同一记重锤，敲碎了沉醉在AI竞赛中的人们。在短 ...

Investment Rating - The report maintains a "Positive" investment rating for the communication industry [11]. Core Insights - In the 44th week of 2025, the communication sector experienced a decline of 3.77%, ranking 32nd among primary industries in the Yangtze River region. However, since the beginning of 2025, the sector has risen by 61.65%, ranking 2nd among primary industries [2][6]. - NVIDIA announced that it expects to ship approximately 20 million units of its Blackwell and Rubin series GPUs, raising its sales guidance for GPUs to over $500 billion for the next five quarters. The company also revealed several collaborations for computing power development [2][9]. - The financial performance of the four major cloud service providers in North America was strong, with continued increases in capital expenditures and accelerated global computing investments [2][8]. Summary by Sections Market Performance - The communication sector's performance in the 44th week of 2025 showed a decline of 3.77%, while it has increased by 61.65% since the start of the year [2][6]. - Among companies with a market capitalization above 8 billion, the top three gainers were Guodun Quantum (+38.4%), LianTe Technology (+20.7%), and Kesi Technology (+13.5%). The top three decliners were Kehua Data (-17.3%), Dekeli (-13.9%), and Huafeng Technology (-13.7%) [6]. NVIDIA's GPU Forecast - At GTC 2025, NVIDIA projected that the combined shipments of its Blackwell and Rubin series GPUs would reach around 20 million units, significantly higher than the 4 million units of the previous Hopper series. The company is also collaborating with Oracle and the U.S. Department of Energy to build supercomputing systems with a total computing power of approximately 2200 EFLOPS, expected to be operational in the first half of 2026 [7][9]. North American Cloud Providers' Financials - Google reported Q3 2025 revenue of $102.35 billion, a year-on-year increase of 16%, with cloud revenue up 34% to $15.16 billion. Capital expenditures were raised to $91-93 billion [8][24]. - Meta's Q3 2025 revenue was $51.24 billion, up 26% year-on-year, with capital expenditures adjusted to $70-72 billion [8][24]. - Microsoft's Q3 2025 revenue reached $77.67 billion, a year-on-year increase of 18%, with Azure services growing by 40% [8][24]. - Amazon's Q3 2025 revenue was $180.17 billion, up 13% year-on-year, with AWS revenue increasing by 20% [8][24]. Investment Recommendations - The report recommends several companies based on their sectors: - Telecom Operators: China Mobile, China Telecom, China Unicom - Optical Modules: Zhongji Xuchuang, Xinyi Sheng, Tianfu Communication - Liquid Cooling: Yingweike - Hollow Core Fiber: Fenghuo Communication, Hengtong Optic-Electric - Domestic Computing: Runze Technology, Guanghuan New Network - AI Applications: Boshi Jie, Heertai - Satellite Applications: Huace Navigation, Haige Communication [9].

OpenAI如今已是全球最具价值的私营公司，但在2019年微软最初向这家初创企业投资10亿美元时，这 远非一笔稳操胜券的交易。 微软首席执行官萨蒂亚·纳德拉（Satya Nadella）在接受专注于科技的YouTube频道TBPN采访时回忆 道，他甚至遭到了公司联合创始人兼首任首席执行官比尔·盖茨的反对。 "要记得当时它还是一个非营利组织，我想比尔[盖茨]甚至说过，'是啊，这10亿美元注定要打水 漂'，"纳德拉说。 然而，纳德拉和微软团队并未被反对意见动摇。尽管纳德拉指出，由于投资规模巨大，他需要走正规流 程并获得董事会批准，但他表示，尽管存在风险，"说服大家认同这是一个重要领域并不那么困难。" "我们当时算是有点高风险承受能力，我们说，'我们想去试一试'，"他补充道。 2019年，微软将与OpenAI的合作和投资部分视为在AI领域立足并帮助推广Azure人工智能能力的一种方 式。然而，纳德拉表示，没人能预料到这笔初始投资所奠定的基础，最终促使微软向OpenAI投入了130 亿美元。 "回想起来，谁能想到呢？我投入10亿美元时，可没说过'哦，这会有百倍回报'这样的话，"他说。 微软发言人拒绝置评。 图片来源： ...

来源：市场投研资讯 （来源：浦银安盛基金） 近期，美股上市公司陆续开始披露近一个季度的财报数据，包括微软、谷歌、亚马逊等科技巨头皆交出 超过市场预期的业绩答卷；同时，亚马逊更于本周宣布与OpenAI达成价值380亿美刀的算力合作，美股 AI与芯片股票持续表现强势。 02 如果想投资科技趋势，您认为为何要进行全球化的布局？ 我认为科学技术发展到当前的程度，在科创领域无论是技术迭代、产业链分工还是市场机会方面，都具 有显著的全球化特征。因此如果想要充分把握技术发展趋势的话，以全球视野进行投资可能是更有优势 的——既可以把握不同区域的优势，也可以分散风险。 根据同花顺数据，截至2025.10.31，纳斯达克指数已于本年内创新高超过70次，持续向上的行情也使得 美股科技相关资产来到估值的历史高位。 在当前阶段，我们该如何看待美股科技的投资价值？想要把握智能科技产业的全球大趋势，为何我们不 止应着眼国内，更应进行全球化的多元投资？ 本期，我们对话浦银安盛国际业务部副总监，浦银安盛全球智能科技QDII基金经理俞瑾，一起聊透全 球智能投资的前景。 注：本材料涉及到的行业板块、个股与指数仅作为举例，不作为任何投资建议。指数的 ...

在科技巨头讲出新的叙事逻辑下，公募QDII正逐步回补美股仓位。 近期，在英伟达、微软、谷歌、三星在美股密集发布对AI医疗的投资后，包括张坤等明星基金经理所管公募 QDII大举增加美股仓位，也使不少基金在近期港股调整中降低了回撤风险，借助AI医疗新叙事在近期的强 势，不少前期表现落后的QDII基金业绩加速提升。 QDII基金强力回补美股 广发全球精选基金披露的第三季度报告显示，明星基金经理李耀柱在三季度末增持了美股仓位，美股市场的持 仓比例提升至75%，同期，他降低了港股的持仓比例，截至今年9月末，该基金持仓的港股比例仅剩约3.72%。 易方达基金旗下的多位明星基金经理，也在三季度增持美股，包括张坤、郑希等所管的产品。郑希在易方达全 球成长精选基金也同样减持了港股公司，该部分仓位剩下约10%，而美股仓位同期跃升到52%，在该基金的前 五大重仓股的选择上，郑希将前五席位清一色安排为美股科技公司。 传统上偏好白酒股的明星基金经理张坤也开始青睐美股。根据基金第三季度报告，张坤管理的易方达亚洲精选 基金强化了对弹性的需求，他在三季度末大幅度增加美股仓位比例至32%，在美股市场的股票选择上，张坤主 要重仓与人工智能密切相 ...

US technology stocks are often among the top picks of Singapore investors.Their size, innovation, and international reach are attractive, but there are still many myths attached to US tech stocks that are in Singapore investors’ minds. Believing these myths can lead investors to overestimate the risks of investing in them and miss out on opportunities. Here are three common myths about US technology stocks that need to be debunked.Myth 1: US Tech Stocks Are Just “All Growth, No Dividends”Truth: Many technol ...

This story was originally published on CFO Dive. To receive daily news and insights, subscribe to our free daily CFO Dive newsletter. Dive Brief: The combined capital expenditures of Microsoft, Alphabet, Amazon and Meta jumped to $112.5 billion during the last quarter, a year-over-year increase of 77%, according to a CFO Dive analysis of figures reported by the companies. Microsoft led the way with $34.9 billion in capex for its last quarter, followed closely by Amazon at $34.2 billion. Capex levels at ...

来源：市场资讯 （来源：机器之心） 2025 年 10 月，美股经历了一轮典型的震荡行情：月初科技股强势反弹，月中通胀数据扰动市场，10 月 10 日前后纳指单日波动超过 3%。 就在这波谲云诡的市场环境中，港大黄超教授团队的开源 AI-Trader 项目正式启动实盘测试。 该项目上线一周时间在 GitHub 上获得了近 8K 星标，展现了社区对 AI 自主交易技术和金融市场分析的 能力高度关注。 六位大模型 AI 交易员，每人手握 1 万美元启动资金，被独自投入纳斯达克 100 的激烈战场。 规则严苛：不能求助、不能预知、不能重来。 它们只能凭借自己的「智慧」——看新闻、查价格、分析数据、执行交易，在真实的市场风暴中求生 存、求盈利。在 10 月一整月的实盘交易后，它们交出了截然不同的答卷： 开源项目地址： https://github.com/HKUDS/AI-Trader 实时交易监控： https://hkuds.github.io/AI-Trader/ | 模型 | 收益率 | 关键行为特征 | | --- | --- | --- | | DeepSeek-Chat-V3.1 | +13.89% | ...

作者 | 弗雷迪 数据支持 | 勾股大数 据（www.gogudata.com） AI发展的最大瓶颈，竟然不是算力？ 微软掌门人萨提亚·纳德拉在采访中再爆金句：现在最大的问题不是芯片，而是电力。 这句话一发酵，成了近期A股电网设备上涨的驱动力，今天电网设备成分股早盘一度冲高。 板块题材上，福建、电网设备、银行、冰雪产业、影视院线、造纸板块涨幅居前；有色金属、PEEK材料、减肥药、风电设备、机器人、电池 板块跌幅居前。 | SEVE | | | | 77868 | | | 上海道 | | 2017 11:22 | | 1623 H | 国立营 | | 84 23, 201 | | 日本国际口 | | E | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 国有大盘银行 II | | | | 冰雪电子 | | | 通信服务 | | | 烤化及健康 | 通信设备 | 光伏设备 | 通用设备 | | 化学制品 | | 电网设备 | ...