Cathie Wood’s flagship fund bought Nvidia shares on Thursday following the company’s blowout earnings, reiterating her firm ARK Investment Management’s bullish stance on the chip bellwether https://t.co/P9RccG0oy4 ...

美国科技七巨头全线收跌，英伟达业绩利好昙花一现，同样上演高开后大跳水：盘中涨超5%后，收盘跌3.15%，报180.64美元，市值一夜蒸发1429亿美元 （约合人民币10169亿元），黄仁勋在财报电话会上表态试图打消市场疑虑。 据媒体报道，英伟达CEO黄仁勋在财报电话会议上直言："有很多关于AI泡沫的讨论，但从我们的角度看，情况截然不同。"但分析认为指望黄仁勋承认泡 沫存在本就不现实：没有哪个"卖铲子"的人会告诉淘金者山里没有金子。此前该公司发布的超预期财报曾一度推动股价上涨5%。 | 177.040 -5.08% | 04:59 180.740 1072 | | --- | --- | | DE:00 U4:59 180.750 22:30 | 955 | | 分时量 ▼ ? 量:19728120 现手:1225 2238.68万 04:59 180.740 额:35.63亿 | 300 | | 04:59 180.750 | 250 | | 04:59 180.835 6.46万 | | | 04:59 180.830 3.89万 | | | the half historial and see a sea ...

Core Insights - The rapid development of artificial intelligence technology has made quantitative trading an essential investment tool in major overseas capital markets, with over 70% of U.S. stock trading driven by algorithms, a figure that continues to rise [2] - Major global quantitative trading firms, such as Millennium, WorldQuant, Two Sigma, Citadel, D.E. Shaw, and Bridgewater, are expanding at an unprecedented pace, with their latest holdings in U.S. stocks for Q3 now disclosed [3][4] Group 1: Millennium - Millennium Management, founded in 1989, has achieved an impressive record of positive returns in 33 out of 34 years, with only one loss during the 2008 financial crisis [3][4] - The firm employs strict drawdown management, reducing allocated funds by half after a 5% drawdown and liquidating strategies after a cumulative 10% drawdown [3] - Millennium is recognized as a "Huangpu Military Academy" for Chinese quantitative private equity, with many prominent fund managers in China having previously worked there [4] Group 2: WorldQuant - WorldQuant, a major player in global quantitative hedge funds, was established in 2007 as a spin-off from Millennium, focusing on global quantitative analysis [7] - The firm has developed a central knowledge base containing 4 million "alphas" to industrialize the generation of excess returns [7][8] - Several notable Chinese fund managers, including the founders of Jiukun Investment, have previously worked at WorldQuant [8] Group 3: Two Sigma - Two Sigma, founded in 2001, is known for its application of data science and advanced technology in investment, managing assets between $50 billion and $100 billion [11] - The firm has established a wholly-owned subsidiary in Shanghai and has been instrumental in training numerous quantitative talents in China [11][12] - Two Sigma's Q3 holdings reached $67.17 billion, a growth of 18.95% from the previous quarter, with major positions in S&P 500 ETF, Financial ETF, and Consumer Discretionary ETF [13][14] Group 4: Citadel - Citadel, founded in 1990, has become the most profitable hedge fund globally, with cumulative net returns exceeding $65.9 billion [15] - The firm processes approximately $410 billion in trades daily, covering over 11,000 U.S. listed securities [15] - Citadel's Q3 holdings amounted to $657.15 billion, reflecting a 14.09% increase from the previous quarter, with significant positions in S&P 500 ETF and Nasdaq 100 ETF [17][21] Group 5: AQR Capital Management - AQR, established in 1998, integrates academic research with quantitative investment strategies, managing $159.2 billion [23][24] - The firm focuses on a diverse range of investment strategies, emphasizing systematic methods and diversification [23] - AQR's Q3 holdings reached $155.99 billion, a 29.05% increase from the previous quarter, with major investments in Nvidia, Microsoft, and Apple [24][28] Group 6: Renaissance Technologies - Renaissance, founded in 1982 by mathematician James Simons, is renowned for its quantitative trading success, managing over $65 billion [30][31] - The firm has consistently achieved high returns, including significant profits during market downturns [30] - Renaissance's Q3 holdings totaled $75.75 billion, with major positions in Palantir, Nvidia, and Roblox, and a notable increase in Google shares [31][35]

英伟达公布强劲财报，但股价日内暴跌7%拖累标普500指数跌3%。高盛指出"好消息未获回报"是不良信号，同时市场存流动性恶化风险。"大空 头"Burry则发帖质疑AI真实需求"可笑地小"，批评循环融资模式和股票稀释问题。 高盛副总裁Ryan Sharkey在盘中报告中指出： 美股尽管有很多催化因素需要消化，但标普500指数约3%的逆转明显由英伟达约7%的逆转驱动，这显然打压了年底反弹的情绪。 数据显示，12个月内涨幅最大的股票下跌4.4%，散户青睐股下跌3.6%，高估值软件股下跌2.3%。 （12个月内涨幅最大的股票下跌4.4%） 与此同时， "大空头"Michael Burry在财报发布后连续在社交媒体上发表多篇帖子，质疑英伟达芯片的使用寿命、股票稀释以及AI公司间的"循环融 资"。他认为AI真实需求"小得可笑"，几乎所有客户都由经销商提供资金支持。 无论从哪个角度来看，英伟达的财报和评论都是积极的。正如高盛顶级交易员Ryan Sharkey所指出的那样：真正的好消息没有得到相应的回报，通常 是一个不好的信号。 周四，英伟达开盘一度大涨5%至196美元，但随后大幅跳水，收盘时跌幅近3%至180.98美元，日内 ...

Core Viewpoint - The recent earnings report from NVIDIA has temporarily alleviated concerns about a potential AI bubble, showcasing strong financial performance while also revealing some underlying risk signals [1][2]. Financial Performance - For Q3 of FY2026 (ending October 26, 2025), NVIDIA reported a revenue increase of 62.5% year-over-year and a net profit growth of 65%, with data center revenue surpassing $50 billion for the first time [2]. - NVIDIA's guidance for the next quarter anticipates total revenue of $65 billion, exceeding analyst expectations of $61.7 billion, and does not include revenue from data centers in China [3]. Demand and Inventory Concerns - Despite strong earnings, NVIDIA's accounts receivable have been rising, reaching $33.391 billion in Q3, with 65% coming from four major clients [4][5]. - Inventory levels have also increased to $19.784 billion, with days inventory outstanding (DIO) rising to 117.5 days, significantly higher than the average of the past five years [4]. Customer Concentration Risks - NVIDIA's revenue is heavily reliant on a few major clients, with four direct customers contributing 61% of total revenue, up from 56% in the previous quarter [5][6]. - This high customer concentration poses risks to revenue stability if these clients alter their capital expenditure plans [6]. Market Sentiment and Analyst Opinions - Analysts have mixed views, with some maintaining bullish ratings on NVIDIA, citing strong AI demand and growth potential for cloud service providers [7]. - Conversely, notable investors like Peter Thiel and Bridgewater Associates have significantly reduced their holdings in NVIDIA, indicating caution regarding its high valuation and associated risks [8]. Broader AI Market Context - The AI sector is experiencing both excitement and skepticism, with discussions around potential bubbles and the long-term impacts of AI on various industries [8]. - Experts suggest that while there may be short-term speculative bubbles, the transformative potential of AI should not be underestimated [8].

Core Viewpoint - The article discusses the impressive earnings report from Nvidia, highlighting its significant revenue growth and the bullish sentiment surrounding AI technology despite some market volatility and skepticism from analysts and investors [1][8][10]. Company Performance - Nvidia's quarterly revenues surged from 7 billion dollars in April 2023 to 57 billion dollars in the latest quarter, showcasing extraordinary growth [8]. - The company reported a sequential growth of 25% and guided for 15% quarter-over-quarter growth in the upcoming quarters, indicating strong fundamentals [10][16]. - Nvidia's networking segment experienced a remarkable growth of 162%, emphasizing the importance of networking solutions in the AI landscape [24][25]. Market Sentiment - Despite some market fluctuations and skepticism from naysayers, the overall sentiment remains bullish, with analysts viewing any pullback as a buying opportunity [11][12]. - The article notes that hedge funds have been betting against Nvidia, but the strong earnings report may shift the narrative back in favor of the company [5][6][7]. Future Outlook - An analyst predicts Nvidia could reach a market cap of 20 trillion dollars by 2030, representing a 36% compound annual growth rate over the next five years [16][17]. - The article emphasizes that the current stage of AI technology is still early, and significant monetization opportunities are expected to emerge, which could lead to accelerated revenue and profit growth [14][15]. Industry Trends - The discussion highlights the broader implications of AI technology across various sectors, with significant investments from major tech companies expected to yield returns in the near future [20][21]. - The article also mentions the challenges faced by other tech companies like Meta, which are under pressure due to high spending without immediate returns, contrasting with Nvidia's strong performance [19][21].

Nvidia is the poster child of the stock market's AI-driven ascent to record highs, so all eyes were laser-focused on its latest earnings report. The AI King delivered the goods, besting Wall Street analysts' top and bottom-line estimates, and offering bullish guidance. Investors reacted kindly... at first. Nvidia shares jumped 5% on optimism that the company's momentum would continue due to the sold-out Hopper and Blackwell AI chips, as well as growing networking revenue. However, optimism — in the end — ...

高盛发表研究报告指，英伟达在AI训练应用领域中，具备超越同行的优势，预计其业绩表现将大幅超 越市场预期。该行认为公司当前的估值吸引，将其每股盈测平均上调12%，目标价由240美元上调至250 美元。该行提到，英伟达此前对2025/26年数据中心收入展望为5000亿美元，而目前预计再有潜在上升 空间；又预计前代GPU产品的生命周期将可延长；另外，NVIDIA Rubin架构产品将如期于明年中推 出，并将在下半年录得强劲收入增长。 ...

But that doesn't mean the specter of an For now, at least, Nvidia has eased worries that the AI craze propelling the stock market and much of the economy for the past year is on the verge of a massive collapse.If anything, Nvidia's quarterly report indicated that AI spending is picking up even more momentum. The highlights, released late Wednesday, included quarterly revenue of $57 billion, a 62% increase from the same time last year. That sales growth was an acceleration from the 56% increase in year-over- ...

Group 1 - A-shares experienced a collective decline on November 21, with the Shanghai Composite Index dropping by 1.56% during the session [1] - The agriculture, forestry, animal husbandry, and banking sectors showed positive performance, while non-ferrous metals and comprehensive sectors faced significant declines [1] - The Consumer Electronics ETF (159732.SZ) fell by 2.63%, with mixed performances among its constituent stocks, including notable gains from Transsion Holdings (+4.11%) and Amlogic (+2.86%), while companies like Bawoo Storage and Dongshan Precision saw declines of -8.86% and -5.79% respectively [1] Group 2 - Nvidia has decided to switch memory types for AI servers from DDR5 to LPDDR to reduce power costs, which is expected to significantly boost industry demand [3] - With Nvidia's increased demand for LPDDR in the server sector, memory prices are anticipated to rise, potentially impacting the supply of consumer-grade memory as well [3] - The Consumer Electronics ETF (159732) tracks the Guozheng Consumer Electronics Index, investing in 50 A-share listed companies involved in the consumer electronics industry, primarily in electronic manufacturing and optical electronics sectors [3]