US stock futures went up on Monday morning. Wall Street wanted to continue the strong momentum it had in October. Market gains were seen across indexes. S&P 500 futures (ES=F) rose 0.3%, Nasdaq 100 futures (NQ=F) jumped 0.6%, Dow Jones Industrial Average futures (YM=F) added about 0.1%. October was a strong month for stocks. The S&P 500 (^GSPC) rose 2.3%, the Dow (^DJI) gained 2.5%, and the Nasdaq Composite (^IXIC) climbed 4.7%. This was led by investor interest in growth and AI-linked companies, especially ...

近期循环投资成为AI行业主线，进一步推升相关股票股价，但也容易滋生系统性风险。 人工智能引领未来产业，是脑力与资本最热衷流向之地。 目前，标普500公司中317家已公布业绩，七成公司业绩好于市场普遍预期，比例创2020年疫情以来新高。英伟达 无疑是这波"AI淘金浪潮"下最受益的头号"卖铲人"，虽然AI终端应用的盈利前景扑朔迷离，但几乎所有公司都在 抢算力，换言之囤英伟达的GPU。 近期，英伟达成为全球首家市值突破5万亿美元大关的公司。 在上周三（10月29日）当晚，英伟达股价突破200美元大关，多家投行就在同期宣布上调目标价，美国银行更是将 目标价从235美元上调至275美元。这还不算天花板。美国现任商务部长卢特尼克（Howard Lutnick）曾任CEO的 美资券商坎托证券公司（Cantor Fitzgerald）更是喊出了300美元的目标价。此前该公司在纽约组织了英伟达管理 层与投资者的会面，英伟达CEO黄仁勋亦到场。 11月19日，英伟达将迎来财报。接受第一财经采访的投行分析师和业内人士普遍认为，在算力"军备竞赛"、AI应 用爆发之际，英伟达的5万亿美元市值并非终点，但更关键的一点是，英伟达已经不再是 ...

Core Insights - The tech giant has become the first company to receive an export license from the Trump administration's Commerce Department for shipping AI chips to the UAE [1] Company Summary - The company is recognized for its significant achievement in obtaining the export license, indicating a strategic move in the AI chip market [1] Industry Summary - The granting of the export license highlights the growing importance of AI technology in international trade, particularly in the context of U.S. relations with the UAE [1]

上周在利雅得举行的2025年《财富》全球论坛上，S4 Capital创始人兼执行董事长苏铭天爵士表示："未 来的监管只能依靠行业自律。许多人将人工智能的风险与核武器相提并论， 作为广告巨头WPP的创始人，苏铭天指出，科技公司及其领军人物（如埃隆·马斯克）如今拥有巨大的 财富与影响力，以至于各国政府难以对其施加真正有力的监管。 苏铭天对现场观众表示："苹果（Apple）市值已达4万亿美元，而马斯克的最新薪酬计划更是以特斯拉 （Tesla）市值达到10万亿美元为目标。我深信马斯克或特斯拉终将实现这一目标。总有一天，市场上 会出现一家市值达10万亿美元的公司。换个角度看，除了中美两国，10万亿美元的体量几乎相当于世界 第三大经济体。这些公司堪比'主权实体'，而政府对它们的掌控力已经变得有限。" 尽管人工智能监管已成为各国政府与科技界高层热议的话题，但"管好它"的时机或许已经错过。 译者：郝秀 审校：汪皓 在财富Plus，网友们对这篇文章发表了许多有深度和思想的观点。一起来看看吧。也欢迎你加入我们，谈谈你的 想法。今日其他热议话题： 查看《贝森特：美方不再考虑对华加征100%的关税》的精彩观点 查看《理想汽车回应ME ...

Market Performance - The Nasdaq 100 Index experienced a "volatile upward" trend in October, with a cumulative increase of 4.77% and a total trading volume of approximately $57.071 billion[10] - The index's PE-TTM as of October 31, 2025, was 36.95, placing it at the 93.2% historical percentile since 2011, indicating a relatively high valuation level[15] - The risk level of the Nasdaq 100 Index was recorded at 92.57, suggesting a heated market sentiment, while the short-term volatility risk remains significant[18] Macro and Policy Factors - The U.S. government shutdown created a data vacuum, exacerbating market volatility and uncertainty, while lower-than-expected CPI data raised interest rate cut expectations[20] - Trump's threat to impose additional tariffs on Chinese goods negatively impacted market sentiment, leading to a 3.56% drop in the index on October 10[30] - The Federal Reserve's rate cut on October 29 was accompanied by hawkish signals, which dampened growth stock sentiment despite the cut being anticipated[31] Industry Dynamics - Major tech companies reported mixed earnings, with Nvidia's market cap surpassing $5 trillion, while concerns over capital expenditures affected stocks like Meta and Microsoft[36] - Tesla's Q3 earnings exceeded expectations, but its AI valuation remains contingent on the successful commercialization of new services like Robotaxi[38] - Amazon's AWS revenue grew to $33 billion, marking the largest increase since 2022, driven by strong AI demand[45] Future Outlook - The Nasdaq 100 Index is expected to continue a volatile upward trend in November, influenced by macroeconomic conditions and policy expectations[46] - Key events to watch include the U.S. Supreme Court's ruling on tariff legality and upcoming earnings reports from major tech firms like AMD[50] - The market's focus will shift towards the efficiency of AI investments and the potential for earnings growth amid economic uncertainties[53]

2025 年 11 月 03 日 Rubin 更新: Context 处理器 路线图、SerDes 448G 升级、 调完缆化 -AI 算力行业跟踪点评之 2 相关研究 《胜宏科技（300476）深度：Al PCB 全 球领军，受益算力需求扩容与技术升级 (Al 硬件系列之 5)》 2025/09/23 《英伟达 Rubin CPX: TCO 与算力密度再 进一步，揭示 PCB/液冷/组装增量 --- Al 算力行业跟踪点评》 2025/09/14 《工业富联（601138）深度：乘风 AI 浪 潮，竞争优势提升》 2025/08/20 证券分析师 杨海晏 A0230518070003 yanghy@swsresearch.com 袁航 A0230521100002 vuanhang@swsresearch.com 杨紫璇 A0230524070005 yangzx@swsresearch.com 联系人 陈俊兆 (8621)23297818× chenjz@swsresearch.com 图 1：英伟达提供 Blackwell、Rubin 平台业绩可见性 Exceptionally Strong Deman ...

Core Insights - Microsoft has obtained export licenses to ship Nvidia chips to the United Arab Emirates, which may boost the region's AI ambitions [1] - This marks the first instance under the Trump administration where a company has secured such licenses from the U.S. Commerce Department [1] - The approval, granted in September, was based on updated and stringent technology safeguards [1] Summary by Categories Company Actions - Microsoft is the first company to secure export licenses for Nvidia chips under the Trump administration [1] - The licenses allow Microsoft to ship the equivalent of 60,400 additional A100 chips, which include Nvidia's advanced GB300 GPUs [1] Industry Implications - The move is expected to accelerate AI development in the Gulf region [1] - The approval reflects a shift towards updated technology safeguards in the export of advanced technology [1]

格隆汇11月3日｜据英国金融时报，美国首次批准微软向阿联酋出口最新款英伟达芯片。特朗普今年5月 与阿联酋总统达成协议，计划在阿布扎比建设一个庞大的人工智能数据中心园区。中东已成为世界人工 智能领域竞争的关键战场之一。不过，微软的项目此前因美国商务部对高性能英伟达芯片实施出口管制 而受阻。微软总裁布拉德·史密斯表示，该公司在9月"成为特朗普政府下首家获准向阿联酋出口英伟达 AI芯片的企业"。他补充说，"我们通过满足极为严格的网络安全、物理安全及其他安全标准，才赢得了 这一许可。"微软现计划将其在阿联酋的投资规模从过去三年的73亿美元提高至2026-2029年的79亿美 元，其中55亿美元将用于AI和云基础设施的资本支出。 ...

Getty Images Listen below or on the go via Apple Podcasts and Spotify The director for the Center for Drug Evaluation and Research was accused of making false statements about a drug and soliciting a bribe. (0:15) Baidu’s Apollo Go hits driverless ride landmark. (1:20) Trump says only U.S. will get access to Nvidia’s Blackwell line. (2:08) The following is an abridged transcript: George Tidmarsh is out as director of the FDA’s Center for Drug Evaluation and Research amid accusations that he made fal ...

Group 1: FDA and Aurinia Pharmaceuticals - George Tidmarsh has resigned as director of the FDA's Center for Drug Evaluation and Research amid accusations of making false statements about Aurinia Pharmaceuticals' lupus nephritis treatment and soliciting a bribe [4][3] - Aurinia Pharmaceuticals has filed a federal lawsuit against Tidmarsh, claiming he made false statements and sought a bribe in retaliation against its chairman, Kevin Tang [4] - Tidmarsh criticized the FDA's new National Priority Review Voucher program, suggesting it could alter drug approval processes without adequate legal support [4] Group 2: Autonomous Driving - Baidu's Apollo Go unit has achieved a milestone of over 250,000 fully driverless rides per week as of October 31, matching the weekly rides reported by Waymo [5] - The total number of robotaxi rides operated by Apollo Go during the quarter ending June 30 was 2.2 million, averaging around 169,000 rides per week [6] Group 3: Nvidia and U.S. Market - President Trump announced that Nvidia's most advanced Blackwell chips will be exclusively available to U.S. companies, restricting access to other countries [7]