行情回顾 美元指数本周高位震荡后连跌，受弱于预期的零售数据和市场强化的美联储降息预期影响，周内跌破100关口，整体呈回落态势并面临自7月以来最差单周表 现。截至发稿，美元指数报99.70。美债收益率普遍整体下行，10年期收益率一度跌破4%，显示利率前景驱动的避险需求持续升温。 周五，全球最大的衍生品交易所芝商所（CME）因数据中心冷却系统故障，期货和期权交易一度暂停。此次停摆波及美国原油、汽油、棕榈油、美国国债 和标普500指数期货等合约，甚至影响到外汇交易平台EBS，涉及合约价值高达数万亿美元。 此次故障严重影响了美国国债期货交易，现货债券交易稀疏，交易员缺乏对冲手段。尽管伦敦开盘后，交易员可以借道掉期市场对冲，但对整体市场仍是重 创。商品交易员焦头烂额，尤其是要处理当天即将到期的美国汽油和柴油期货基准交割问题。 现货黄金整体上扬，周初受降息预期推动大幅拉升，盘中一度上涨近100美元，其后虽有震荡，但整体维持在近两周高位附近。白银涨势更强，周中大幅走 高，在风险偏好改善背景下连涨多日。截至发稿，现货金银分别报4175美元/盎司和53.92美元/盎司。 非美货币方面，因美元走势疲弱，欧元、英镑、日元、澳元兑美 ...

Core Insights - Artificial intelligence (AI) is driving a significant investment cycle, with global investment expected to exceed $1.4 trillion this year, indicating a long-term growth engine rather than a passing trend [3][4][16] - Major companies like OpenAI, Microsoft, Alphabet, Amazon, Meta, Nvidia, and Apple are making substantial capital commitments to AI, which will reshape the economy for years to come [5][6] Investment Landscape - AI stocks are experiencing renewed volatility due to shifting sentiment and concerns about valuations, but this presents opportunities for disciplined investors [2][7][11] - Historical patterns show that early stages of technology cycles often involve volatility, which can lead to significant long-term gains for investors who navigate the market effectively [8][9][16] Market Dynamics - The current capital cycle impacts various sectors, including cloud computing, semiconductor manufacturing, and enterprise software, driven by the demand for increased compute power [4][5] - Despite volatility, demand for AI technology remains robust, and the underlying trends indicate a strong future for AI investments [9][16] Investment Strategies - Investors can benefit from identifying companies with strong fundamentals and improving earnings estimates, particularly during market pullbacks [12][14] - Utilizing tools like the Zacks Rank and technical analysis can help investors spot turning points and capitalize on opportunities in the AI sector [13][14][17] Future Outlook - The AI cycle is still in its early stages, with massive spending and rapid innovation expected to continue, creating attractive entry points for savvy investors [16][19] - Companies that are well-positioned in the AI landscape are likely to trade at more favorable valuations, enhancing the potential for significant returns [11][12]

几乎是在一夜之间，谷歌TPU的大名人尽皆知。 "谷歌干翻英伟达"的说法从华尔街传播到了全世界，导致英伟达不得不主动回应，表示自己的GPU目前为止依然遥遥领先。 美银在最新发布的研究报告中力挺英伟达。美银承认英伟达的市场份额将从85%回落到75%左右，但份额变化将逐步发生。短期内，供应链紧张及英伟达 的规模优势，使得竞争对手难以快速抢占大量份额。 美银判断谷歌的TPU加剧了AI加速器领域的竞争，但考虑到行业整体处于增长浪潮中，维持英伟达、博通、AMD"买入"投资评级。 谷歌近十年来一直在研发定制化TPU，据其披露，Gemini2和Gemini3模型的训练"100%依赖TPU"，而其公共云业务主要使用英伟达GPU。 近期有消息称，谷歌或于2026年向Meta出租TPU，并可能在2027年推进本地部署(Meta及其他潜在客户)。尽管两家公司尚未对此类交易发表官方评论，但 若消息属实，将加剧Meta现有GPU供应商(英伟达、超微)的竞争压力。 市场份额演变逻辑 大语言模型竞争是一场马拉松 美银在研报中写道：AI行业近期动作频频，谷歌推出Gemini3模型后，Anthropic紧接着低调发布Claude Opus4.5 ...

Group 1: Federal Reserve and Interest Rate Policy - The Federal Reserve is expected to ease monetary policy, with the main debate focusing on the timing and pace of this easing [1][2][4] - Concerns about inflation persist, as it remains above the 2% target, but there is a consensus that the neutral rate is below current levels [2][12] - The economic backdrop is characterized by a potential need for rate cuts to support valuations, especially given the current high rates relative to economic growth [11][14] Group 2: AI Trade and Market Sentiment - There has been a significant reset in market sentiment over the past month, influenced by large deals and the AI infrastructure buildout projected to reach $3 to $4 trillion by 2030 [5][6] - Companies like Nvidia and Applied Materials are seen as attractive investment opportunities due to their roles in the AI infrastructure [7][9] - The economic profit within the technology sector is shifting from software to infrastructure, indicating a broader investment opportunity beyond the major tech companies [8][9] Group 3: Employment and Economic Growth - The labor market is showing signs of slowdown, with many individuals living paycheck to paycheck, which raises concerns about sustaining economic growth [12][13] - Employment growth is primarily observed in low-wage service sectors, which does not provide a strong foundation for broader economic expansion [14] - The top 10% of the population holds a significant portion of stock market wealth, highlighting income inequality and its potential impact on consumer spending [12]

It's convenient to compare things to the. com days, but if you take the valuations of the top three stocks in the dot era in the S&P 500 and they're waiting and compare it to the top three now, they were trading at a 62 times forward earnings versus 31 times. So, if this is the bubble, it still hasn't it's not done inflating yet.I just don't think we're there. You're seeing tremendous earnings growth underpinning this AI trend that we didn't see during the dotcom days. Lou, what do you make about this recen ...

I wonder Gina, from a market participants perspective, how does this influence how you will approach today, trading or otherwise. >> Well, you've given us a range that goes from nothing to a lot. So, uh it's a it's a pretty wide range, but look, our 2026 road map um does assume that we continue to see significant capex spending into the infrastructure of AI.Um and we do think that that continues to support uh the kind of let's call it the picks and shovels uh of that uh ecosystem which includes Nvidia, it i ...

Investment Focus - Alphabet (GOOGL US) is expected to maintain good visibility in its advertising business due to the gradual release of its valuation under pressure from AI search, with a projected 30%+ growth in cloud business for the year and margin improvement driven by scale effects [1] - Alibaba (BABA US) is anticipated to see a cloud business growth rate of 28%-30%, benefiting from strong momentum in instant retail, with Taobao expected to achieve a 20-30% MAU growth driven by flash purchase [1] - NVIDIA (NVDA US) is projected to achieve strong revenue growth in FY2027, with GB300 series products expected to account for two-thirds of Blackwell series products, and a revenue target of $500 billion over the next five quarters [1] - Tencent (700 HK) is recommended as a top pick, with a target price of 700, driven by steady growth in core gaming and advertising businesses, and a projected near 20% growth rate in advertising [3] - New Oxygen (SY US) is focusing on the light medical beauty sector with a rapid expansion plan, aiming to open 50 self-operated stores by 2025, supported by a strong marketing capability and low customer acquisition costs [3] - Ctrip (TCOM US) is expected to benefit from steady growth in domestic leisure travel and the recovery of outbound travel, with a projected revenue growth of 14% to 71.1 billion yuan in 2026 [3] - Huazhu (HTHT US) is transitioning to a high-margin franchise model, with a target price of $52, supported by a strong recovery in industry RevPar [4] - Futu (FUTU US) is positioned for long-term growth in the virtual asset business, with a user base of 3.1 million and a current valuation offering a safety margin [4] - AIA (1299 HK) is expected to see steady growth in new business value and operational indicators, with a forward PEV of 1.46x [4] - Dongfang Electric (1072 HK) is actively involved in global power station project contracting, with significant opportunities in the U.S. market due to the demand for power supply capabilities [9]

IT之家 11 月 28 日消息，据台湾地区《经济日报》报道，英伟达 CEO 黄仁勋今日在接受采访时，首度被媒体问到台积电前资深副总罗唯 仁事件。他低调表示，自己"不清楚细节"，但话锋一转，力挺台积电，强调台积电并非靠一个人，而是建立在深厚企业文化与庞大技术体 系之上。 黄仁勋表示，他对罗唯仁案"不了解太多细节"，但可以肯定的是，"台积电不是只有一个人（TSMC is not just one person）"。他指出，台 积电的技术非常复杂，除了芯片本身、晶体管与制程技术之外，还包含运营管理、商业规划等各种层面，身为一个为全世界大量制造芯片 的公司，台积电的每一个环节其实都是技术。 他强调，台积电在技术与运营上的基础相当扎实，台积电有非常多面向的技术，"我对他们会持续蓬勃发展充满信心"，外界不应把台积电 简化为单一人物或单一事件。 至于外界关心英伟达与台积电如何保护技术与敏感信息，黄仁勋说："台积电在保护我们的敏感信息方面做得非常好，我们从来没有过任 何一次担心"。 黄仁勋进一步表示，英伟达本身的技术也高度复杂，牵涉芯片、系统与软件等多个层面，"我们公司的技术其实非常复杂，包含芯片、系 统、软件，而且有非常 ...

The AI race is going strong into 2026.The market is full of great deals for investors to take advantage of before 2026 arrives. Several companies are benefiting from the AI race, and these are the ones investors should be focused on scooping up right now.At the top of my buy list are Nvidia (NVDA +1.42%), Taiwan Semiconductor Manufacturing (TSM +1.85%), Broadcom (AVGO +3.26%), and Alphabet (GOOG 1.04%) (GOOGL 1.08%). All four of these businesses have roles to play in the AI race, and each is slated to have ...

整理 | 美股研究社 在这个快速 变 化的 时代， 人工 智能技术正以前所未有的速度发展，带来了广泛的机会 。 《AI日 报 》致力于挖掘和分析最新的AI概念股公司和市场趋势，为您提供深度的行 业 洞察和 价 值 分析。 A I 快 报 【千问AI原生嵌入夸克浏览器，覆盖超1亿用户】 11月26日，彭博社报道，阿里巴巴千问应用程序现已原生嵌入夸克浏览器，此举将为超过1亿 夸克电脑端用户增添AI辅助功能。在Mac与PC端，全新的夸克浏览器均可支持。此前，千问 App表现强劲，旨在与ChatGPT展开竞争。 【阿里巴巴发布夸克AI眼镜，将内置千问助手】 "中国生成式人工智能仍处于高速发展阶段，AI相关公司的基本面正在改善，并且这一改善在 软件和硬件领域均存在超预期的空间。"摩根大通证券（中国）有限公司中国证券研究部主管 姚橙日前说。在他看来，AI应用需求持续向好、国产算力快速崛起、模型能力达标，中国AI领 域的发展态势明朗。2026年，AI应用领域的普及和创新仍然是核心，随着大模型市场初步完 成整合，AI赛道正转向应用落地的新阶段。 七 巨 头 日 报 【 英伟达全员"AI化"，内部有人要求"少用AI"，黄仁勋直 ...