Key TakeawaysU.S. Dollar share of global foreign currency reserves has hit a century-low of 56.9%, signaling a historic shift in central bank diversification toward gold and non-traditional currencies.Costco (COST) and hundreds of other major retailers have filed lawsuits seeking billions in refunds after the Supreme Court struck down President Trump’s unilateral tariffs as unconstitutional.Department of Homeland Security (DHS) has suspended TSA PreCheck and Global Entry programs effective February 22, 2026 ...

另一边，段永平在雪球官方披露的2025年Q4美股持仓，同样有明确减仓动作：核心重仓股苹果减持7.09%，和巴菲特的操作形成了奇妙的呼应。 看到"减仓""清仓"就慌，属实是普通人的本能反应，但咱得掰扯清楚，这可不是拍脑袋的"撤退"，而是大佬们的精准调仓。 巴菲特减仓后，苹果依旧是伯克希尔第一大持仓，市值超619亿美元；清仓谷歌、减持亚马逊，更多是对估值与赛道的再权衡，而非看空整个市场。 段永平减苹果的同时，反手增持英伟达1110.62%，还新进多家AI产业链公司，属于"腾挪仓位"，不是"清空离场"。 说白了，两位大佬的操作，是"优化组合"，不是"仓皇跑路"。 突发大消息！巴菲特、段永平，集体减仓撤退了？ 刚沏好一杯热乎的陈皮茶，随手点开财经资讯，两条重磅调仓消息直接撞进眼里，连茶烟都晃了晃。投资圈里顶流级别的两位大佬——被全世界股民当"投 资教科书"的巴菲特，还有被网友亲切叫"段菲特"的段永平，居然在同一周期里齐刷刷动手减仓，这波操作默契得像提前通了气，让无数跟着抄作业的普通 投资者心里打鼓：难道市场要变天，大佬们要提前"撤退"离场了？ 先把实锤数据摆上台，全是官方可查的硬信息，半点不掺水。 美国SEC官网披露 ...

Core Insights - The demand for artificial intelligence (AI) is driving significant investments in computing power and data centers, benefiting Nvidia [1] - Major cloud providers are expected to increase their capital expenditures significantly, with a focus on acquiring Nvidia's GPUs for AI applications [2] Group 1: Nvidia's Financial Performance - Nvidia's data center revenue surged by 66% year-over-year in the fiscal third quarter, reaching $51 billion, which constitutes 89% of its total revenue [4] - Analysts project a 67% year-over-year increase in Nvidia's total revenue for the fiscal fourth quarter [4] - Nvidia's profit over the last four quarters amounted to $99 billion, reflecting a 53% profit margin [9] Group 2: Market Dynamics and Competitive Position - The top hyperscalers, including Amazon, Microsoft, and Google, are heavily investing in data centers, with spending on chips and computing systems making up about half of their expenditures [2] - Nvidia's upcoming Rubin chips are expected to enhance AI performance, further incentivizing cloud providers to invest in new data center capacities [7] - Despite increasing competition in AI chips, Nvidia remains a preferred choice among major tech companies, as evidenced by its strong revenue growth and high profit margins [9][10] Group 3: Investment Outlook - Nvidia's stock price does not fully reflect its long-term growth potential, with a forward price-to-earnings ratio around 24, which is lower than the expected earnings growth of 57% this year and 37% annually in the coming years [8] - The current valuation presents a favorable risk-to-reward proposition for investors, given Nvidia's solid competitive position in the AI chip market [10]

Group 1 - The Mag 7 have outperformed other groups for the second consecutive week as dip-buyers inject cash into the market [1] - The article mentions a table that illustrates the gains made by the Mag 7, although specific data is not provided in the excerpt [1] Group 2 - The author has a long position in shares of NVDA, AVGO, and GOOGL, indicating a positive outlook on these companies [2] - The article is based on the author's personal opinions and does not involve compensation from the companies mentioned [2]

Core Insights - The latest holdings of top investment firms reveal a consensus on Pinduoduo and Google as major investments, with significant increases in their positions by several firms [1][2]. Group 1: Segment Analysis - **H&H Investment (Duang Yongping)**: - Total holdings exceed $17.49 billion (approximately 120.8 billion RMB) with 14 stocks. Major increases in positions for Berkshire, Nvidia, Pinduoduo, Google C, and Microsoft, while reducing Apple, Occidental Petroleum, Alibaba, Disney, and ASML [3][4]. - New investments in AI-related stocks include CoreWeave, Credo Technology, and Tempus AI, with respective holdings of 0.12%, 0.12%, and 0.04% [3]. - **Jinglin Asset**: - Total holdings valued at $4.045 billion, with Google becoming the largest position, replacing Meta. Significant reduction in Nvidia holdings by over 60% [5][6]. - **Himalaya Capital (Li Lu)**: - Total holdings of $3.57 billion, with a highly concentrated portfolio where the top five stocks account for 95.96%. Google is the largest holding at 43.86% [7][8]. - **Hillhouse Capital (HHLR)**: - Total holdings around $3.104 billion, focusing heavily on Chinese stocks, with Pinduoduo making up 39.17% of the portfolio [9][10]. - **Oriental Harbor (Dan Bin)**: - Total holdings of $1.316 billion, with significant increases in Google A and Nvidia, while reducing positions in several other stocks [11][12]. - **Gaoyi Asset**: - Total holdings of $683 million, with a concentrated portfolio where Huazhu and Pinduoduo account for 68.25% [13][14].

英伟达正在讨论向OpenAI投资最多300亿美元，OpenAI的投前估值预计将达到7300亿美元。除英伟达 外，本轮融资的战略投资者还包括软银与亚马逊。 据报道，OpenAI 2025年实现营收131亿美元，高于其原本设定的100亿美元的目标；全年支出80亿美 元，低于90亿美元的预期。消息人士称，该公司预计到2030年总营收将超过2800亿美元，消费者业务与 企业业务的贡献大致相当。 据CNBC 20日报道，美国开放人工智能中心，也就是OpenAI向投资者宣布，到2030年其总算力支出计 划约为6000亿美元（约合4.1万亿元人民币）。而就在几个月前，该公司首席执行官阿尔特曼曾宣称将 投入1.4万亿美元用于基础设施建设。 消息人士称，由于市场日益担忧其潜在收入难以支撑扩张野心，OpenAI下调了其计划支出规模。据 悉，当前OpenAI正在敲定一轮规模可能超过1000亿美元的融资，其中约90%的资金来自战略投资者。 ...

02月23日 - 03月01日当周重磅财经事件一览，以下均为北京时间： 首先，宏观层面迎来"特朗普时刻"。 美国总统特朗普将于2月24日发表国情咨文，阐述未来一年的政策重点。同日，其援引《贸易法》第122条签 署的10%全球临时进口关税正式生效，尽管此前最高法院裁定其最初依据的法案违宪，但白宫迅速启用备用法律，维护其关税议程。与此同时， 美国1月PPI、耐用品订单等数据将发布，中国2月LPR预计维持不变，香港新一份财政预算案也将出炉。 其次，聚焦英伟达财报。 英伟达将于2月25日盘后发布财报，其业绩与指引不仅关乎自身股价，更将直接影响整个AI产业链的投资情绪。此外， 中国AI代表百度也将于次日公布财报。同时，苹果年度股东大会于2月24日召开，iOS 26.4测试版计划当周推送，市场关注其AI战略的最新进展。 伯克希尔哈撒韦、Salesforce等知名企业的财报也将为市场提供更多元的行业视角。 最后，地缘政治暗流涌动。 伊朗局势骤然紧张，特朗普透露正考虑对伊朗进行"有限军事打击"，美国国务卿也将于2月28日前往以色列讨论伊核 问题，地缘风险或将对油价产生显著影响。另一方面，德国新任总理默茨将于2月24日至26日 ...

与此同时，来自伊朗、美国官员以及一些海湾国家和欧洲国家外交官的消息显示，随着美国和伊朗之间谈判陷入僵局，两国军事冲突风险正在加大。 下周周中，特朗普将发表国情咨文。先前白宫新闻秘书卡罗琳·莱维特未透露，特朗普是否计划在国情咨文演讲中，阐明对伊军事行动的目标与理由。 | 标的 | 时段 日期 | | --- | --- | | 达美乐比萨、道明尼资源 | 周一 | | 盘后 Hims & Hers Health. BWX Technologies | (2月23日) | | 盘前 家得宝、NRG Energy、亚玛芬体育 | 周二 | | 盘后 AMC院线、纳微半导体、惠普、第一太阳能 | (2月24日) | | Hut 8、TJX公司、Circle、劳氏 | | | 盘后 英伟达、塞富时、IonQ、新思科技、携程网 | (2月25日) | | 儒前 D-Wave、Vistra Energy、百度、百济神州 | 周四 | | 盘后 CoreWeave、SoundHound、MP Materials、戴尔科技 | (2月26日) | | 盘前 Energy Fuels、全球星 | 周五 | | | 周三 | | ...

（原标题：玻璃，革命芯片？） 过去半个世纪以来，人类一直痴迷于让事物"更小"。这是在单个芯片上集成更多晶体管的唯一途径。将 晶体管缩小到10纳米、5纳米和3纳米，正是半导体技术的定义。但最终，物理定律给出了冷酷的判 决："你不可能再缩小了。" 对此，人们改变了想法。 "如果我们不能缩小单个单元的尺寸，为什么不把几个单元组合起来建造更大的东西呢?" 这一个问题改变了游戏规则。如今，核心关注点不再是芯片内部的微观电路，而是连接芯片的"桥梁"以 及支撑它们的"接地"。纳米级战争已经结束，微米级战争已经开始。 而在这片战场的正中央，矗立着一块透明的玻璃。 为什么芯片不能再大了 人工智能模型越来越大，芯片上需要集成的晶体管数量也随之增加。为了容纳更多晶体管，芯片尺寸必 须增大——但芯片尺寸存在一个无法突破的极限。 这就是良率问题。不能再小了，也不能再大了。单片芯片是条死路。 所以，业界的应对之策是反其道而行之。 分开，然后重新连接 想象一下，用3D打印机一次性打印出一座霍格沃茨城堡。如果打印过程中出现一个地方出错，整个作 品就得扔掉。但如果你用乐高积木搭建呢?一块坏的积木——换一块就行了。 Chiplet就像乐高积木。 ...

Core Insights - Generative AI is viewed as a transformative technology by Amazon's CEO Andy Jassy, indicating its potential to significantly enhance customer experiences across the company [1] - Elon Musk predicts that by 2040, humanoid robots could create a market worth $250 trillion, representing a major shift in the global economy driven by AI innovation [2][3] - Major firms like PwC and McKinsey acknowledge the potential of AI to unlock multi-trillion-dollar opportunities, reinforcing the optimistic outlook on AI's economic impact [3] Company and Industry Analysis - A breakthrough in AI technology is believed to be redefining work, learning, and creativity, leading to increased interest from hedge funds and top investors [4] - There is speculation about an under-owned company that may play a crucial role in the AI revolution, suggesting that it could be a significant investment opportunity [4][6] - Prominent figures in technology and finance, including Bill Gates and Warren Buffett, recognize AI as a major technological advancement with the potential for substantial social benefits [8]