11月19日，美股期指涨跌互现，欧股指跌多涨少，亚洲股市连续第四日下跌，美元及美债基本持平，日本国债价格回落。商品方面，金银齐涨， 原油下跌。加密货币市场上，比特币在失守9万美元关口后收复部分失地。 市场焦点正集中于即将发布的英伟达财报，市场情绪谨慎。美东时间11月19日盘后（北京时间11月20日早间），英伟达将公布第三季度财报，该 财报不仅反映其作为AI龙头企业的自身表现，更被视为AI板块乃至全球市场情绪的重要风向标。 巴克莱银行前首席执行官、现任投资公司Atlas Merchant Capital的负责人Bob Diamond表示，近日全球市场的动荡类似于一次"健康的调整"，投资 者正在评估技术变革的各个方面。他称： "我们已经看到风险资产重新定价，这并不意味着要进入熊市。" 核心市场走势： 投资者对科技股高估值泡沫与美联储政策路径不确定性的担忧加剧，市场避险情绪升温，导致全球股市普遍承压。 英伟达财报发布前夕，市场情绪趋于谨慎，美股指期货涨跌互现。衡量市场恐慌情绪的VIX指数突破24，不仅站上关键心理关口20，更创下近一 个月来的新高。 | ES | 标普500期货小型 | 6643.75d | 4.0 ...

Stock index futures were little changed Wednesday after a tough start of the week for equities. The S&P 500 Futures (SPX) advanced 0.20% to 6,630.76, while the Nasdaq 100 Futures (US100:IND) gained 0.19% to 24,549.30. The ...

Market Trends & Global Economy - Global equities experienced a selloff, wiping out $1.6 trillion [1][48] - U S equity futures show shakiness, with NASDAQ futures down 03% [11] - S&P 500 down more than 3% this month, with volatility at its highest [10] - Risk assets are being repriced, seen as a healthy correction, not a bear market [10] - Asian markets are under pressure, declining for the fourth day, the longest losing streak since August [5] - Concerns around technology shares valuation are causing pressure, especially ahead of NVIDIA's earnings [5][6] NVIDIA & AI Sector - NVIDIA's earnings are a health check on the AI boom and a catalyst for equity markets [1][3][49][74] - Expectations are high for NVIDIA's earnings, with options markets pricing in up to 7% volatility on each side [75] - NVIDIA holds over 90% of the market for data center usage in GPUs, making it a bellwether for AI infrastructure [76] - The market is looking for conviction about natural demand for AI technology transforming businesses [20] - Hyperscalers like Microsoft and Google account for 40% of total revenue for companies like NVIDIA [19] - There are concerns about circular funding in the AI infrastructure story [81] Geopolitics & International Relations - President Trump described Saudi Arabia as a major non-NATO ally, with a vague pledge from the Crown Prince to invest $1 trillion in the U S [1][22][49] - Saudi Arabia's annual GDP is about $124% trillion, putting the $1 trillion pledge into perspective [25] - China is banning Japanese seafood imports, elevating geopolitical risk between China and Japan [9] - The EU's top diplomat says economic ties to China are weakening the EU's ability to pressure Beijing on Ukraine [39] Monetary Policy & Inflation - U K inflation is expected to ease, impacting the government's budget [2][49] - Traders are split on whether the Fed will cut rates next month [16] - The market is pricing in a December cut from the Bank of England, but that could change based on inflation data [66] - FOMC minutes from the October meeting will provide more color on the decision to keep rates on hold [28][51][89] - U K CPI data is dropping, significant for the Bank of England's actions and the upcoming budget [28] Africa Investment & Economy - African equity markets are delinked from global geopolitics and tariff issues, with most countries growing between 3% and 5% [56] - Five major stock markets in Africa have been up to 40% this year, opening up the window for IPOs [55] - Digitalization and AI are key trends in Africa, with microcredit becoming fintech and finance embedded in specialty chemicals [57] - A private equity firm focused on African investments is managing $3 billion across its funds [52]

Market Trends & Concerns - The market is experiencing a healthy pullback after a significant run this year, particularly in U S equity markets focused on AI [1] - Investors are closely watching Nvidia earnings as a crucial indicator for AI investment returns [1][3] - Labor market uncertainty, influenced by events like the government shutdown, is a major concern for investors [2] - Inflation remains stubbornly high, impacting market sentiment [2] - Affordability is a key focus in the U S election cycle, shaping market dynamics [3] Investment Strategy & Outlook - Investors are pulling back to protect gains after a strong market performance [3] - Market technicals suggest a bias towards more protection and potential downside, with increased short activity and macro hedging [4] - There's a potential for further market pullback, although it may not be drastically pronounced [4]

Core Insights - Microsoft and NVIDIA have jointly invested a total of $15 billion in Anthropic, with NVIDIA committing up to $10 billion and Microsoft up to $5 billion, in addition to a $30 billion cloud computing procurement agreement [2][3] - Anthropic's Claude models will be the only advanced models available on AWS, Google Cloud, and Azure, enhancing enterprise application scenarios [2][3] - Anthropic's valuation has surged to $350 billion, surpassing OpenAI's $135 billion, making it the most valuable AI unicorn globally [3][4] Investment and Infrastructure - Anthropic plans to invest $50 billion in customized data centers in Texas and New York, with the first facilities expected to be operational by 2026 [3] - The partnership ensures that Anthropic will utilize NVIDIA's next-generation chips, enhancing the performance of its models [2][4] - Microsoft aims to integrate Claude models into Azure AI Foundry, targeting various verticals such as finance and healthcare [3] Competitive Landscape - The investment signifies a shift in the AI landscape, with Microsoft, NVIDIA, and Anthropic emerging as a formidable fourth force alongside Meta, OpenAI, and Google [4] - The competition is evolving from a focus on model capabilities to a strategic battle for capital and computational resources [4][5] - The AI arms race indicates that large models will not yield immediate cash returns, resembling the long-term infrastructure investments seen in the early 2000s internet boom [4]

【导读】段永平大幅增持伯克希尔，减持苹果、拼多多、谷歌等 中国基金报记者 含章 根据13F文件，从整体持仓情况看，H&H International Investment共持有11家公司，包括 苹果、伯克希尔·哈撒韦、拼多多、西方石油、微软、迪士尼、台积电、英伟达等。 | Stock | History | Sector | Shares Held or Principal | Market Value | % of Portfolio | Previous % of Portfolio | Rank | Change in Shares | % Change | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | Amt | | > | | | | | | AAPL | History | INFORMATION TECHNOLOGY | 34,829,107 | 8,868,535,515 | 60.42% | 62.47% | 1 | -289,500 | -0.82% | | BRK.B | History | F ...

不止股市，上周美国债券、商品市场同步出现调整，投资者分歧明显加大。第一创业证券研报指出，主 要原因为：首先，市场对于AI科技股担忧并没有缓和。虽然龙头AI科技股的盈利增速仍然保持增长， 但是投资者对于科技股持续庞大的资本支出未来能带来多大利润增速存在疑虑，叠加一些突发性事件刺 激导致市场重新评估科技股估值与业绩的匹配性；其次，由于此前美国政府关门导致一些核心数据不能 及时公布，且上周美联储官员一些偏鹰派的言论引发市场对于12月美联储降息的忧虑，这也加重了市场 避险情绪。 国信证券（香港）发布研报指出，关键经济数据的缺失使得美联储和市场难以准确评估经济状况和通胀 走势，在这种不确定性中，美联储内部的鹰派声音显著增强，导致市场对12月降息的预期急剧降温。根 据CME"美联储观察"工具，市场对美国12月降息25个基点的概率从上周初的约66%骤降至周末的不足 50%。国信证券（香港）认为，"美联储降息+美元走弱+央行需求+避险"等多重因素会继续支撑金价。 央广网北京11月19日消息（记者 王兴亮）当地时间11月18日，美股三大指数集体收跌，道琼斯指数跌 1.07%，标普500指数跌0.83%，纳斯达克综合指数跌1.2 ...

“Big Short” famed investor Michael Burry, known for predicting the 2008 financial crisis, recently de-registered his hedge fund Scion Asset Management. He has now clarified that it is still active in markets.Scion Is Still A vehicle To Run Other InvestmentsAccording to a Bloomberg report, Burry said that he was “not closing” Scion completely as it was still “active” in markets. Burry noted that he would use it to run other investment ventures.However, he stated that Scion was no longer a Registered Investme ...

11月19日，市场震荡回升，沪指、创业板指均收红。截至收盘，沪指涨0.18%，创业板指涨0.25%。 板块方面，贵金属、军工、养殖业等板块涨幅居前，海南、燃气、影视院线等板块跌幅居前。 全市场超4100只个股下跌。沪深两市成交额1.73万亿元，较上一个交易日缩量2002亿。 上周五到本周二，A股连续3天回调。今天午后，市场止跌的迹象正在变得明显。 主要股指中，沪指止步三连跌；深指、创指在60日线暂获支撑；万得全A虽然4连阴，但也在60日线上 方收出十字星。 值得注意的是，即便在今天盘中低点，市场仍是缩量态势，似乎真正的"恐慌盘"还未出现。毕竟，参考 下半年几次破位下跌（如9月4日、9月18日、10月17日），当天成交额总要放大一些的。 基于常理分析，出现这样的情况，可能有几方面原因： 结合日K线来看，其实核心资产率先修复的原因在于，它们此前已率先调整，比如上证50，破位回调始 于上周五。 而反观中证2000代表的小盘股，实际从昨天（周二）起才出现明显破位下跌。 （1）目前场内资金和持筹者并不太恐慌，对"慢牛"仍有信心； （2）临近年底，"保收益"心态逐渐成为主流，因此抄底资金也不那么活跃了； （3）近期全球股 ...

Core Insights - Investment in artificial intelligence (AI) companies continues to grow, with Microsoft and Nvidia committing a total of $15 billion to Anthropic, an AI competitor to OpenAI [1] - Despite significant investments, major AI stocks like Nvidia, Amazon, and Microsoft have seen declines, contributing to a four-day losing streak for the S&P 500, the longest since August [1][2] - Google has introduced the third version of its AI model, Gemini, which aims to provide deeper insights rather than superficial responses [1] Company Developments - Microsoft and Nvidia's investment in Anthropic indicates a trend where established companies are backing AI startups while also securing business agreements for compute power [1] - Nvidia's upcoming earnings report is critical; failure to meet investor expectations could lead to further declines in the S&P 500 [2] Market Sentiment - Investor skepticism towards AI stocks persists, as evidenced by the recent performance of major companies in the sector [1] - The overall market reaction suggests a cautious outlook on AI investments despite ongoing funding and development in the industry [1]