2月21日消息，据英国《金融时报》（Financial Times）引述知情人士报导称，人工智能（AI）芯片龙头大厂英伟达（Nvidia）即将完成对AI技术大厂 OpenAI的投资，将以300亿美元的投资取代双方于去年达成的1,000亿美元长期合作意向。 去年9月22日，OpenAI 和 英伟达共同宣布了一份长期的战略合作伙伴关系意向书， OpenAI 的下一代 AI 基础设施将部署至少 10 吉瓦的英伟达AI系统， 以训练和运行其下一代模型。英伟达则打算在OpenAI部署新的英伟达系统时向其投资高达 1000 亿美元（即这笔资金将用于资助OpenAI采购英伟达的AI系 统）。第一阶段计划于 2026 年下半年使用英伟达Vera Rubin 平台上线。 目前OpenAI已经宣布的投资与合作项目金额累计已经超过了10000亿美元，这也使得外界对于其是否能够获得足够的资金来完成这些计划充满了质疑。而 为了推进这些计划，OpenAI目前也正在积极地进行新一轮融资。 据路透社今年1月报道，OpenAI在最新一轮募资中计划筹集多达1000亿美元资金，使得该公司估值高达约8300亿美元。 《金融时报》最新的报道显示，Op ...

硅谷创始人与公司之间的"生死同盟"正在瓦解 自2025年中期以来，Meta、谷歌、英伟达三大巨头已经在所谓"收购性招聘"的游戏中豪掷超过360亿美元，这不是传统收购，而是对顶尖人才的直接掠 夺。与此同时，OpenAI与Anthropic之间也上演着"你挖我墙角、我偷你核心"的滑稽循环，顶级研究员的年薪被推至千万乃至数亿美元，创始人不再相 信"使命"，员工也不再相信"股权"。 几个赤裸的现实，勾勒出这场战争的残酷轮廓。 硅谷，曾以"改变世界"为信仰的科技乌托邦，如今已沦为赤裸裸的人才角斗场。创始人与公司之间的"生死同盟"正在瓦解，取而代之的是一份份价值数亿 美元的报价单和永不停歇的"转会"闹剧。 薪酬已无天花板：Meta被曝向前苹果AI基础模型团队负责人庞若鸣开出超过2亿美元总包，九位数录用通知在顶级圈内已成常态。 "合法挖角"成主流：英伟达与Groq的200亿美元"技术许可"协议实为规避反垄断的"后门收购"，谷歌24亿美元"买走"Windsurf核心技术团队却抛弃公司，留 下满地狼藉。 忠诚彻底破产：创始人带头"跳船"，早期员工沦为交易筹码，"使命驱动"沦为笑谈，"自由球员"心态席卷硅谷。 资本紧急自救：风投 ...

Core Insights - The valuation methods previously used for the internet may lead to missing significant opportunities in the AI large model sector, but not all companies in this space will receive premium valuations [1] - The gap between leading tech companies and smaller firms is widening, particularly in the AI sector, where competition is intensifying and requires substantial investment [3][11] Group 1: AI Industry Dynamics - The AI industry is characterized by a lack of belief in the ability of smaller companies to compete with giants like Google, OpenAI, and Amazon, due to their superior computational power and resources [3] - Current market valuations for some small AI companies are deemed irresponsible, especially when their revenues are below $1 billion yet they receive valuations in the hundreds of billions [3] - The competition in AI has reached a critical point, with leading tech companies increasing capital expenditures significantly, indicating a no-turning-back scenario [3][5] Group 2: Capital Expenditure Trends - Google’s parent company, Alphabet, plans to raise $20 billion through bond issuance, exceeding initial expectations, with significant investor interest [4] - Major tech companies, including Google, Meta, Microsoft, and Amazon, are projected to spend a total of $650 billion this year on AI infrastructure [5] - Alphabet's capital expenditures are expected to reach between $175 billion and $185 billion in 2026, significantly higher than previous analyst estimates [15] Group 3: Investment Movements - Berkshire Hathaway has made a significant investment in Google, marking a shift in its investment strategy towards tech stocks [8] - Other private equity firms, such as景林资产, have also increased their stakes in Google, indicating a trend of institutional investment in leading AI companies [9] - The focus on AI investments is expected to continue, with industry leaders emphasizing the long-term potential of AI technologies [11][12] Group 4: Financial Performance of Alphabet - Alphabet reported a fourth-quarter revenue of $113.83 billion, a year-on-year increase of 18%, surpassing market expectations [13] - The company’s cloud business revenue reached $17.66 billion in the fourth quarter, growing 48% year-on-year, driven by demand for AI infrastructure [15] - For the full year, Alphabet's revenue exceeded $400 billion for the first time, reaching $402.84 billion, with a net profit of $132.17 billion [14]

智通财经2月22日讯（编辑 赵昊）本周美股整体反弹，三大指数周线均录得涨幅，其中标普500指数和 纳斯达克综合指数双双累涨超1%。 | 日期 | 时段 | 标的 | | --- | --- | --- | | 周一 | 益前 | 达美乐比萨、道明尼资源 | | (2月23日) | 盘后 | Hims & Hers Health, BWX Technologies | | 周二 | 盘前 | 家得宝、NRG Energy、亚玛芬体育 | | (2月24日) | 盘后 | AMC院线、纳微半导体、惠普、第一太阳能 | | 周三 | 盘前 | Hut 8、TJX公司、Circle、劳氏 | | (2月25日) | 盘后 | 英伟达、塞富时、IonQ、新思科技、携程网 | | 周四 | 盘前 | D-Wave、Vistra Energy、百度、百济神州 | | (2月26日) | 盘后 | CoreWeave、SoundHound、MP Materials、載尔科技 | | 周五 | 盘前 | Energy Fuels、全球星 | | (2月27日) | | | 财报方面，英伟达是重中之重，公司已被广泛视为人工智能热 ...

Core Insights - Congressman Daniel Meuser disclosed sales of Nvidia stock in early 2026, marking his first transactions since February 2025, where he sold between $1,000 to $15,000 on January 14 and again on January 30 [2][3] Group 1: Trading Activity - In 2025, Meuser sold a total of $580,000 in stock without making any new purchases, contrasting with his 2024 activity where he bought $1.13 million and sold $1.94 million [3] - The recent Nvidia stock sales are attributed to a spouse, suggesting Meuser may not have been aware of these transactions [4] Group 2: Historical Performance - Meuser has consistently sold Nvidia stock since 2022, potentially realizing profits while missing out on significant gains, as Nvidia's stock has increased over 1,150% in the last five years [5] - A detailed history of Meuser's Nvidia transactions shows multiple sales, with significant amounts sold at various price points, including $250,000 to $500,000 on February 11, 2025, at a daily high of $134.48 [5]

Core Viewpoint - Microsoft and Nvidia are currently trading at historically low valuations, presenting a significant buying opportunity for investors [1][2]. Group 1: Stock Valuation - The price-to-forward earnings ratio is highlighted as the best metric for valuing companies in the rapidly evolving AI landscape, as it reflects future potential rather than past performance [4][5]. - Both Nvidia and Microsoft are currently valued at low levels compared to their historical performance, making them attractive investments [5][7]. Group 2: Company Performance and Growth - Nvidia is positioned to benefit significantly from AI spending, with its GPUs being essential for AI model training and inference, and analysts project a 65% growth in fiscal year 2027 [8]. - Microsoft is experiencing substantial growth in its cloud computing platform, Azure, which has risen 39% year over year in Q2 FY 2025, driven by demand from AI companies [10]. - The integration of AI features into Microsoft's core software suite is expected to contribute to its growth alongside its cloud services [10]. Group 3: Market Context - The recent tech sell-off is viewed as an opportunity for investors to acquire shares of Nvidia and Microsoft, which are seen as resilient and high-growth stocks [11].

Core Viewpoint - Nvidia and Alphabet are major players in the artificial intelligence sector, with Nvidia primarily providing GPUs and Alphabet developing its own TPU, which serves a specific niche in AI computing [1][3][4]. Group 1: Company Overview - Nvidia specializes in graphics processing units (GPUs) that are widely used for AI, cryptocurrency mining, drug discovery, engineering simulations, and gaming graphics [3]. - Alphabet has developed the Tensor Processing Unit (TPU) over the past decade in collaboration with Broadcom, positioning itself as a competitor in the AI computing space [4]. Group 2: Market Dynamics - While Nvidia's GPUs are versatile, they may not be fully utilized for specific workloads, leading to inefficiencies for clients [3]. - Alphabet's TPUs are available exclusively through Google Cloud, which may limit clients' flexibility in switching providers, thus encouraging a balanced use of both Nvidia's GPUs and Alphabet's TPUs [5]. Group 3: Revenue and Future Outlook - A significant portion of Nvidia's revenue is derived from AI, raising concerns about potential revenue impacts if AI spending declines in the future [6].

Market Overview - The stock market rebounded last week, with the Nasdaq ending a five-week losing streak, rising 1.9% due to strong performances from major tech companies like Meta Platforms, Nvidia, and Amazon [1] - The S&P 500 increased by 1.1%, breaking a two-week decline, aided by a Supreme Court ruling against President Trump's emergency tariffs [1] Supreme Court Ruling - The Supreme Court ruled 6-3 against Trump's tariffs, stating that no president had previously used the statute to impose tariffs of such magnitude, requiring clear congressional authorization for such actions [1] - Following the ruling, the S&P 500 rose 0.7%, although some companies like Nike experienced a decline due to ongoing tariff concerns [1] Big Tech Performance - Major tech stocks saw significant gains, with Meta up 2.5% and Nvidia up 3.8% after Meta announced plans to use Nvidia's chips in its data centers, highlighting strong AI demand [1] - Amazon's shares surged 5.6% after a regulatory filing revealed that Bill Ackman's Pershing Square increased its position in the company [1] - Alphabet's stock initially lagged but later rallied to end the week up 3% [1] Private Credit Concerns - Concerns in the private credit market arose from Blue Owl Capital's decision to restrict withdrawals from its private debt fund, causing a nearly 6% drop in its shares [1] - Major private asset managers like Ares Management and Blackstone faced significant declines, with Ares down 8% and Blackstone down 6.6% [1] - Despite these concerns, BlackRock's exposure to private credit did not raise alarms, as its shares only dropped 1% before recovering [1] Portfolio Adjustments - Capital One was the only financial stock traded last week, with additional shares purchased [1] - The company exited its position in Texas Roadhouse due to concerns over ongoing beef inflation issues [1]

Core Viewpoint - Dan Niles recommends Nvidia (NVDA) and Broadcom (AVGO) as the two key stocks for investors looking to capitalize on the AI spending boom, suggesting that owning both provides comprehensive exposure to the sector [1][3]. Investment Insights - Niles has extensive experience in the tech sector, having witnessed multiple tech booms and busts, and currently manages a portfolio at Niles Investment Management [2]. - Major fund managers, including Cathie Wood's ARK Invest and Ken Griffin's Citadel, have increased their stakes in Nvidia and Broadcom, indicating strong institutional support despite broader market weaknesses [2][3]. Performance Comparison - Nvidia and Broadcom have shown significant performance differences over various time frames: - 1 Month: Nvidia +0.90% vs. Broadcom -5.04% [6] - 6 Months: Nvidia +6.98% vs. Broadcom +13.25% [6] - Year-to-Date: Nvidia +0.75% vs. Broadcom -3.50% [6] - 1 Year: Nvidia +34.96% vs. Broadcom +46.02% [6] - 3 Years: Nvidia +778.53% vs. Broadcom +460.77% [6] - 5 Years: Nvidia +1,158.83% vs. Broadcom +581.67% [6] Market Dynamics - Niles highlights a significant shift in market expectations regarding hyperscaler AI capital expenditures, which have risen from an estimated growth of 25%-30% to nearly 60% [7]. - Nvidia is recognized as the leading supplier of high-end GPUs essential for AI training and inference, while Broadcom specializes in custom ASICs for hyperscalers [8]. Valuation Metrics - Nvidia's stock is currently trading at 25 times forward earnings, which is only slightly above the S&P 500's valuation of approximately 23 times [8].

Group 1 - Phemex has completed the full integration of Ondo Finance's tokenized equity suite, positioning itself as a leader in the Real-World Asset (RWA) revolution [1] - The platform now offers its 10 million global users seamless access to a diverse selection of 14 traditional blue-chip assets in tokenized form, including major companies like NVIDIA, Tesla, Apple, and Amazon [1] - This strategic initiative emphasizes Phemex's commitment to accelerating the convergence of Traditional Finance (TradFi) and Web3, enhancing capital efficiency and portfolio diversification for users [1] Group 2 - Phemex, founded in 2019, is a user-centric cryptocurrency platform trusted by over 10 million traders worldwide, offering spot and derivatives trading, copy trading, and asset management products [1] - The platform aims to provide reliable tools, inclusive access, and evolving opportunities for traders at all levels, prioritizing user experience, transparency, and innovation [1]