Market Overview - Silver prices experienced a significant drop after reaching a historical high, with a decline of over 4% during trading, while gold prices also fell sharply after touching $4,350 per ounce [4][5] - The recent performance of tech stocks in the U.S. has been negatively impacted by concerns over AI investments, particularly following disappointing earnings reports from Oracle and Broadcom [5][6] Silver and Gold Demand - The demand for silver in AI hardware and data centers is robust, with annual growth rates exceeding 20%, and projections suggest a 35% increase by 2026 [7] - The World Gold Council reported that global physical gold ETF inflows reached $5.2 billion in November, marking six consecutive months of inflows [8] Federal Reserve Insights - Several Federal Reserve officials expressed a preference for maintaining a slightly tight monetary policy, citing persistent inflation above the 2% target [10][11] - The recent rate cuts have been met with opposition from some officials who advocate for a wait-and-see approach regarding further monetary easing [11][12] Tin Market Dynamics - Tin prices have surged, with the Shanghai tin price stabilizing above 330,000 yuan per ton, driven by supply concerns and positive macroeconomic sentiment [13][16] - Analysts indicate that the tin market is experiencing a tight supply situation, exacerbated by geopolitical tensions and reduced imports from Myanmar [17][18] Long-term Outlook for Tin - The long-term outlook for tin suggests a potential easing of supply constraints by 2026, with expectations of increased production from Myanmar and a stabilization of geopolitical tensions [18] - The demand for tin is expected to grow, particularly in technology and renewable energy sectors, despite ongoing supply challenges [18]

Group 1 - The cyclical sectors, including financials, are regaining investor interest as market sentiment shifts towards small-cap and value stocks amid concerns over AI growth potential and valuation risks following Oracle and Broadcom's earnings reports [1][2] - Oracle's recent quarterly revenue was weak, with high capital expenditures and long-term lease commitments, leading to a nearly 16% drop in stock price over two trading days, which also negatively impacted other AI-related companies like Nvidia and Micron [2] - Broadcom's stock fell over 10% despite exceeding revenue and profit expectations, as concerns grew over its largest customer, Google, potentially increasing in-house chip development, and rising storage chip prices affecting profit margins [2][3] Group 2 - Broadcom secured significant contracts, including a $21 billion deal for custom chips from Anthropic, despite a recent stock decline, with a year-to-date increase of over 57% [3] - The current enterprise value to forward core earnings ratio for Broadcom is approximately 32 times, compared to Nvidia's 19.6 times and AMD's 30.2 times, indicating a premium valuation [3] - Recent market trends show a divergence in stock performance, with small-cap indices like Russell 2000 and sectors like healthcare outperforming the S&P 500, suggesting a rotation of funds from large-cap tech stocks to other areas [3][4] Group 3 - Investors net bought $3.3 billion in U.S. equity funds over the past week, with significant inflows into metals and mining, industrials, and healthcare funds [4] - Market analysts believe that as long as no unexpected disruptions occur, the holiday season may bring a favorable market outlook, driven by signals of economic resilience from the Federal Reserve [4] - Goldman Sachs strategists maintain a long-term target for the S&P 500 index at around 7600 points by 2026, supported by steady economic growth and the widespread application of AI technology in business [5]

每经AI快讯，12月13日，甲骨文股价短线跳水，跌超5%。 （文章来源：每日经济新闻） ...

Core Viewpoint - The article discusses the recent decline in major U.S. stock indices, driven by concerns over AI investments and rising U.S. Treasury yields, leading investors to withdraw from the technology sector [1][2]. Market Dynamics - On the closing day, the Dow Jones fell by 245.96 points (0.51%) to 48,458.05, the Nasdaq dropped by 398.69 points (1.69%) to 23,195.17, and the S&P 500 decreased by 73.59 points (1.07%) to 6,827.41 [6]. - The semiconductor ETF fell by 4.53%, the global tech stock index ETF declined by 2.92%, and the tech sector ETF decreased by 2.89%, while consumer staples ETF rose by 0.79% [6]. Sector Performance - Most sectors in the S&P 500 experienced declines, with the technology sector leading the drop at 2.87%, followed by energy at 0.93% and telecommunications at 0.69% [7]. - Major tech stocks mostly fell, with Nvidia down 3.27%, Amazon down 1.78%, and Meta down 1.30%, while Apple rose slightly by 0.09% [8]. Company News - Broadcom's stock plummeted over 11% due to warnings of future profit margin contractions, raising concerns about the sustainability of AI investments [3]. - Oracle's stock also fell over 4% after reports indicated delays in completing data centers for OpenAI, although Oracle later refuted these claims [4]. - Dell is rumored to increase commercial PC pricing next week [12]. - Google announced the launch of its AI voice simultaneous interpretation feature, enhancing its translation capabilities [13]. Investment Trends - Following a strong performance in previous weeks, the market saw a sell-off, with funds shifting towards defensive sectors like consumer staples [5]. - The upcoming release of key economic data, including non-farm payrolls and consumer inflation, is expected to provide clearer insights into economic health [5].

Group 1 - Oracle clarified reports regarding delays in the construction of data centers for OpenAI, stating that project timelines remain on schedule despite previous claims of delays to 2028 due to labor and material shortages [1] - Oracle's spokesperson emphasized that site selection and delivery timelines were confirmed in close coordination with OpenAI after the agreement was signed, and all milestones are progressing as planned [1] - OpenAI and Oracle have a five-year partnership worth over $300 billion, with Oracle's new co-CEO Clay Magouyrk affirming a strong collaborative relationship [1] Group 2 - Oracle, established for 48 years, has seen rapid expansion in its cloud infrastructure business, which now contributes over 25% of its revenue, although it still lags behind major cloud service providers like Amazon, Microsoft, and Google [2] - OpenAI is simultaneously pursuing multiple partnerships to meet future computing demands, including a letter of intent with NVIDIA to deploy at least 10 gigawatts of NVIDIA equipment, with the first phase expected to start in the second half of 2026 [2] - NVIDIA has indicated uncertainty in finalizing agreements related to OpenAI opportunities, highlighting OpenAI's reliance on NVIDIA's GPUs for products like ChatGPT [2] Group 3 - Broadcom's CEO revealed a collaboration timeline with OpenAI, indicating that the project is likely to focus on the period from 2027 to 2029, with a total scale of approximately 10 gigawatts [3] - The collaboration with OpenAI is seen as aligning with a respected and valuable customer, although contributions in 2026 are not expected to be significant [3]

Market Overview - Oracle's recent financial report has heightened investor anxiety regarding AI, with reports of delays in some of its data center projects further dampening market sentiment [1] - The S&P 500 index fell by 1.1%, while the Dow Jones and small-cap indices also retreated from historical highs, with the Nasdaq 100 dropping over 2% during the session [1] - The semiconductor index plummeted over 5%, nearly erasing all gains since December, with Nvidia down 3.27% and Broadcom experiencing an 11% drop, marking its worst single-day performance since January [1] - Long-term U.S. Treasury yields rose, with the 10-year yield increasing by nearly 3 basis points [1] - Bitcoin and Ethereum followed tech stocks downward, with Bitcoin dropping 3.6% and Ethereum falling 5.6% [1] Key News - China's new social financing in November reached 2.49 trillion yuan, with new RMB loans of 390 billion yuan, and the M2-M1 spread widening [2][8] - Concerns about potential financial "blowups" in 2026 were raised by He Lifeng, emphasizing the need for effective monetary policy tools [3][8] - Oracle's stock plummeted after reports of delays in data center projects, with its CDS rising to the highest level since 2009, although Oracle denied these claims [3][12] - Broadcom's earnings call disappointed investors, revealing a backlog of $73 billion in AI product orders, which some viewed as insufficient [12][13] - The Texas energy market is seeing a surge in applications for large projects, with over 220 GW expected to connect to the grid by 2030, raising concerns about the sustainability of such growth [12][14] Company Developments - Goldman Sachs remains optimistic about Broadcom's AI business despite not raising its fiscal 2026 guidance, citing strong fourth-quarter performance and significant AI revenue growth [13] - The anticipated spinoff of Kunlun Chip is positively impacting Baidu's valuation, with projections of doubling revenue to approximately $1.4 billion next year [14] - Nvidia is hosting a summit to address power shortages related to AI development, signaling the importance of energy in the AI race [24]

Core Insights - Oracle faced a challenging week, culminating in a report of a one-year delay in delivering data centers for OpenAI due to material and labor shortages [1][2] - The company's stock fell 4.5% on Friday, marking a nearly 13% decline for the week, following disappointing quarterly earnings [2][3] - Oracle's heavy borrowing to compete in the cloud computing space raises concerns among investors about its ability to manage debt if AI demand does not meet expectations [4][5] Company Performance - Oracle's shares dropped significantly after the announcement of delays in data center deliveries for OpenAI, with the stock reaching levels not seen since June [2][6] - The company reported quarterly earnings that fell short of market expectations, leading to a more than 10% drop in stock value on Thursday [3][6] - Despite the setbacks, Oracle maintains that all milestones related to its commitments remain on track [3] Industry Context - Oracle is aggressively investing in AI infrastructure to compete with major cloud computing players like Microsoft, Alphabet, and Amazon, but unlike its competitors, it is relying heavily on borrowing [4] - OpenAI represents a significant portion of Oracle's cloud computing backlog, accounting for $300 billion, but the startup is not expected to become profitable until the end of the decade [5] - The future revenue realization from OpenAI is contingent on the latter's ability to secure funding from investors or lenders [5]

Core Viewpoint - The outlook for Oracle in 2026 is expected to be an underperformer compared to other large-cap AI companies due to potential capacity constraints and growth targets that may not be met [3][4]. Group 1: Oracle's Performance and Outlook - Oracle's backlog improved by $63 billion recently, but this creates challenges for future performance expectations [4]. - Despite impressive growth targets, Oracle is likely to fall short, making it difficult to improve its valuation multiple [3]. - The risk of contagion from Oracle to other AI players is considered low, as recent events have helped minimize this risk [2]. Group 2: AI Market Dynamics - The AI market is currently experiencing a downturn, with stocks off by approximately 10-20%, which may be necessary for establishing a market bottom [6]. - There is ongoing optimism around AI, and discussions will shift back to expectations for December earnings and early 2024 [7]. - The fundamentals of AI are expected to improve, indicating that the market is still in the early stages of transformation [8]. Group 3: Pricing and Commoditization - Concerns about the commoditization of AI are linked to pricing strategies, with discussions around a potential 10x annual decline in pricing [10][11]. - However, it is suggested that not all token pricing will decline significantly, and some high-quality tokens may still see growth [12][13]. - The relationship between pricing and usage is highlighted, with the potential for increased usage as prices decrease, similar to trends seen in other tech sectors [11].

For more in tech rough week, let's bring in fast money friend Gene Munster, managing partner of Deep Water Asset Management. Gan, it's always great to get your thoughts. Um, I want to start off with Oracle and I I just curious, how do you think this Oracle story progresses in 2026.And is there even though we know that Broadcom is a very different company that Nvidia is a very different company in terms of customers, in terms of their balance sheet, etc., etc. Is there the risk of contagion from Oracle to th ...

with developments under Oracle. By the way, it wasn't just Oracle under pressure today. Shares of Broadcom, which have been up nearly 4% after posted earnings last night.End of the day, down more than 11%. Several analysts saying they expect the chipmaker to take a margin hit from costly AI buildout. So, here we have two major pieces of the AI trade not um giving us a good bullish narrative going into 2026.What do you make of this. >> Yeah, I mean, this really feels like I I like the saying AI fatigue. the ...