随着人工智能交易持续推动美股创下新高，市场越来越质疑这是否正经历着另一个注定破裂的金融泡 沫。 但答案并非如此简单，至少从历史来看是这样。 2025年，标普500指数上涨16%，其中人工智能领域的赢家英伟达(NVDA.US)、Alphabet(GOOGL.US)、 博通(AVGO.US)和微软(MSFT.US)贡献最大。但与此同时，人们也越来越担心大型科技公司承诺在人工 智能基础设施上投入的数千亿美元能否带来相匹配的回报。数据显示，微软、Alphabet、亚马逊 (AMZN.US)和Meta Platforms(META.US)的资本支出预计将在未来一年内增长34%，总计达到约4400亿 美元。 与此同时，OpenAI承诺在人工智能基础设施上投入超过1万亿美元，对于一家尚未盈利的非上市公司而 言，这无疑是一个令人瞠目结舌的数字。但或许更令人担忧的是，OpenAI的许多合作安排都存在循环 性质，投资和支出在OpenAI与几家上市科技巨头之间来回流动。 景顺集团首席全球市场策略师Brian Levitt指出，纵观历史，每当出现能够改变社会的技术进步时，过度 投资便屡见不鲜。他举例说，铁路、电力和互联网的发展都印证 ...

估值的底层逻辑，终究要锚 定商业化本质 出品 | 虎嗅科技组 "跟你透个底，其实我们下一轮融资月底也要到位了。" "可是上个月不是刚融完一轮吗？" "对呀。" 类似的对话，在我去年与AI硬件创业者的对谈中，发生了不下于5次。 作者 | 丸都山、宋思杭 编辑 | 苗正卿 头图 | 《白日梦想家》剧照 而就在2025年之前，"AI硬件"还是一个相当模糊的概念，定义无共识、技术与场景脱节、标准的缺失、商 业化不闭环……太多问题没有得到解决。但就在去年，"AI硬件"的概念完成飞速收敛——只要是借助模型 推理能力的消费级硬件产品，都可以称之为AI硬件。 基于此，从业者们在去年的心态也开始发生转变，不再执着于天马行空的产品构思，而是尝试"用AI把消费 电子产品再做一遍"。 最为典型的，去年市场上爆火的两类产品，要么是AI眼镜、AI耳机这类可穿戴产品，要么是AI玩具为代表 的陪伴型产品，而在前年，占据他们生态位的是可以实现投影交互的AI Pin，以及旨在"取代手机"的Rabbit R1。 对于资本市场来说，眼下的AI硬件发展路径，也是他们喜闻乐见的。 这种产品方法论上的转变，既是原因，也是结果。 一方面，诸如AI Pin这 ...

特斯拉收跌2.6%，软件股抵消多数芯片股涨势，Salesforce跌超4%，英伟达涨超1%。白宫推迟对部分家庭用品征关税后，家庭用品零售商RH涨 近8%。 闪迪单日大涨近16%，美光科技涨超10%，光刻机龙头阿斯麦涨超8%，台积电大涨超5%并创历史新高。 中概指数周五涨超4%，百度大涨15%，阿里涨超6%，小马智行涨约11%。离岸人民币低开高走，盘中涨超百点、逾两年半来首次涨破6.97。 美债收益率盘中V形反弹，30年期美债收益率创四个月新高。美元盘中逼近逾一周高位，全周反弹。比特币盘中较日低涨近3%、逼近9.09万美 元，以太坊一度涨超5%。 大家早上壕！ 先看海外要闻： 上周五，三大美股指仅纳指未收涨、盘中曾齐跌。收盘标普500涨幅0.19%，道指涨幅0.66%，纳指跌幅0.03%。 周五盘中纽约期银涨超5%，黄金涨近2%后一度转跌。伦铝创逾三年新高。原油三连阴，盘中曾跌超1%，勉强连涨两周。 亚洲时段周一早盘，美股期货盘初小幅高开，标普500指数期货涨0.08%，纳指期货涨0.17%；布伦特原油期货价格一度下跌1.2%，至每桶60美 元；金银期货上涨。 美国空袭委内瑞拉，持续一小时，特朗普称抓获马杜罗及 ...

智通财经APP获悉，2026年国际消费电子展(CES)将于1月6日在拉斯维加斯正式拉开帷幕，届时英伟达 掌门人黄仁勋、AMD首席执行官苏姿丰将发表重要演讲。阿里巴巴、联想、三星电子、LG等亚洲科技 力量将集中亮相CES，事关英特尔代工业务命运的首款"18A"芯片届时也将浮出水面。CES 2026的主题 依旧围着AI而展开，但变化的是，AI将转入场景落地阶段。外界一致认为，AI硬件应用有望成为本次 CES的重中之重。 英特尔代号为 Panther Lake 的第三代酷睿 Ultra 处理器，作为首款基于 Intel 18A 制程工艺的客户端芯 片，不仅融合了 Lunar Lake 的高能效与 Arrow Lake 的高性能，更以 XPU 异构架构重构 AI 算力分配逻 辑，为 AI PC 智能体的规模化落地奠定核心基础。兼具Lunar Lake的高能效和Arrow Lake高性能、可 扩展性的优势，全新架构的CPU、GPU性能相比上代提升了50%，加上最新的NPU 5，平台总体AI算力 最高可达180TOPS，较上代提升50%。 AI 机器人方面，特斯拉第三代人形机器人Optimus-3或许将在CES迎来首秀。 ...

华见早安之声 请各位听众升级为见闻最新版APP，以便成功收听以下音频。 市场概述 2026年欧股开门红，美股反弹艰难，芯片股力撑但特斯拉拖累。 周五，泛欧股指收创历史新高，ASML涨7%。三大美股指仅纳指未收涨、盘中曾齐跌。特斯拉收跌2.6%，软件股抵消多数芯片股涨势，Salesforce跌超 4%；英伟达涨超1%，三星劲敌美光涨10%。白宫推迟对部分家庭用品征关税后，家庭用品零售商RH涨近8%。 中概指数周五涨超4%，百度大涨15%，阿里涨超6%。离岸人民币低开高走，盘中涨超百点、逾两年半来首次涨破6.97。 外交部发言人就美国强行控制委内瑞拉总统马杜罗夫妇答记者问。中方呼吁美方确保马杜罗总统夫妇人身安全，立即释放马杜罗总统和夫人，停 止颠覆委内瑞拉政权，通过对话谈判解决问题。 俄罗斯强烈敦促美国释放马杜罗。 伊朗最高领袖: 应与抗议者进行对话，但骚乱行径必须得到制止。特朗普威胁"干涉伊朗骚乱"，伊朗高官回应：美国干涉伊朗内部事务将"破坏整 个地区稳定"。 商品基准指数"重置"在即，面临抛售风险，金银开年"冲高回落"。 宇树科技澄清：我司未涉及申请"绿色通道"相关事宜，上市工作正常推进。 雷军260分钟"拆 ...

Company and Industry Insights - Nvidia and AMD are expected to generate significant attention at CES, with Nvidia's CEO Jensen Huang likely to discuss the company's AI strategy, focusing on datacenters, physical AI, and robotics, along with updates on the Cosmos foundation model and autonomous technology for 2026 [3][4] - AMD's CEO Lisa Su will deliver the opening keynote at CES, where she is anticipated to announce major updates to the Ryzen CPU line and showcase developments in AI PCs, gaming, datacenters, and automotive computing [5] - Versant Media Group is set to begin trading following its spinoff from Comcast, positioning itself as a hybrid cable-digital media company with a focus on expanding beyond traditional media [7][8] - The U.S. government plans to invest in Venezuela's oil infrastructure, which has the world's largest proven crude reserves of over 303 billion barrels, indicating potential opportunities for U.S. oil majors [9]

Company and Industry Insights - Nvidia and AMD are expected to generate significant attention at CES, with Nvidia's CEO Jensen Huang likely to discuss the company's AI strategy, focusing on datacenters, physical AI, and robotics, along with updates on the Cosmos foundation model platform and autonomous technology for 2026 [3][4] - AMD's CEO Lisa Su will deliver the opening keynote at CES, where she is anticipated to announce major updates to the Ryzen CPU line and showcase developments in AI PCs, gaming, datacenters, and automotive computing [5] - Versant Media Group is set to begin trading following its spinoff from Comcast, positioning itself as a hybrid cable-digital media company with a focus on expanding beyond traditional media [7][8] - The U.S. government plans to invest in Venezuela's oil infrastructure, which has the world's largest proven crude reserves of over 303 billion barrels, indicating potential opportunities for U.S. oil majors [9]

The Consumer Electronics Show in Las Vegas brings heightened focus to semiconductor leaders as Nvidia (NVDA) CEO Jensen Huang and AMD (AMD) CEO Lisa Su deliver keynote speeches that could determine AI infrastructure sector sentiment heading into 2026. Huang's presentation will be scrutinized for announcements about next-generation AI accelerators beyond the Blackwell architecture, data center roadmaps, and any commentary about customer demand sustainability following recent concerns about return on AI capit ...

Core Insights - Artificial intelligence (AI) is identified as the next major technological shift, comparable to the internet, presenting a generational investment opportunity with potential operating efficiencies worth up to $40 trillion for the global economy [1][2]. Nvidia - Nvidia has emerged as a leading stock for capitalizing on the AI trend, with its high-end graphics processing units (GPUs) being essential for cloud infrastructure providers [4]. - The company's data center revenue increased by 66% year over year, reaching $51 billion, reflecting a shift from traditional computing to accelerated computing reliant on GPUs [5]. - Capital spending on AI infrastructure is projected to grow from $600 billion in 2026 to at least $3 trillion by 2030, indicating significant growth potential for Nvidia [6]. - Nvidia's innovation pace has accelerated, with plans to launch new GPU architectures annually, including the Vera Rubin chips in 2026, which promise substantial performance improvements [8]. - The company reported net profits of $99 billion on $187 billion in revenue over the last four quarters, showcasing its financial strength [9]. - Analysts forecast a 37% annualized earnings growth for Nvidia over the next few years, suggesting strong returns for shareholders [10]. Alphabet - Alphabet has delivered strong market-beating returns over the past decade, primarily driven by growth in advertising through Google Search and YouTube, with a stock increase of 700% [11]. - The company is expected to see further returns as demand for AI and cloud computing rises, with its cloud segment revenue increasing by 34% year over year [15]. - Alphabet's Gemini AI model is integrated into its services, contributing to a significant increase in Google Search usage and achieving over 650 million monthly active users [15][16]. - The company surpassed $100 billion in quarterly revenue for the first time, supported by diverse revenue streams from online advertising, subscription services, and cloud services [16]. - Alphabet plans to spend over $91 billion on capital expenditures in 2025, with a significant increase expected in 2026, funded by an operating cash flow of $151 billion over the last four quarters [17].

Job Market and Economic Outlook - The U.S. job market is expected to start 2026 sluggishly due to trade uncertainty, stricter immigration policies, and cautious corporate investment in AI, but a rebound is predicted later in the year by JP Morgan Chase & Co. [1] - U.S. policy changes and a tightening global memory chip market are putting South Korea's largest semiconductor makers under renewed scrutiny [1] Semiconductor Industry - China's push to localize its semiconductor supply chain is reshaping the global chip equipment market, adding pressure on foreign suppliers while increasing demand for domestic tools [3] - Taiwan Semiconductor Manufacturing Co. is under scrutiny following a powerful earthquake near Taiwan, raising concerns about potential production disruptions [7] - Taiwan Semiconductor plans to raise prices for its advanced chips despite heightened geopolitical tensions [7] - Taiwan Semiconductor secured a one-year U.S. export license to import U.S. chipmaking equipment into its China operations [8] Corporate Developments - Intel Corporation completed the issuance and sale of over 214 million shares of common stock to Nvidia in a $5 billion private placement [4] - Nvidia is reportedly in advanced discussions for another M&A deal aimed at acquiring talent due to pressure from Google's internal chip development [4] - TikTok parent ByteDance plans to allocate about 100 billion yuan ($14 billion) to Nvidia chips in 2026 [5] - Meta Platforms Inc. is accelerating its push to build practical, revenue-generating AI tools [6] - SoftBank Group agreed to acquire DigitalBridge Group in a cash deal valued at about $4 billion, marking a significant step in scaling global infrastructure for AI [17] Automotive Sector - XPeng reported strong December performance, delivering 37,508 vehicles in December 2025, a 2% year-over-year increase [12] - Nio reported a record 48,135 vehicle deliveries in December 2025, an increase of 54.6% year-over-year [13] - Tesla could struggle to follow up on a record third quarter, with predictions of weaker fourth-quarter deliveries [14] Artificial Intelligence Developments - South Korean telecom operator SK Telecom launched A.X K1, the country's first hyperscale AI model with 519 billion parameters [18] - OpenAI is shifting its first AI hardware project to Foxconn Technology Group as it accelerates plans for a consumer device [18] - Meta Platforms accelerated its AI push with the acquisition of Manus AI, a startup focused on autonomous agents [19] - VivoPower announced plans to acquire a hydro-powered data center site in Norway as part of its AI-focused digital strategy [20]