Arkham 表示，Tesla 目前仍持有约 1.15 万枚 BTC，其在 2022 年 LUNA 崩盘期间已出售大部分比特 币，仅保留最初购入量约 20%。Arkham 还称已识别出 SpaceX 的相关 BTC 钱包，过去 4 个月内 Tesla 与 SpaceX 合计账面亏损约 11.5 亿美元，约占 Elon Musk 净资产的 1%。 （来源：吴说） ...

Market Overview - The U.S. stock market experienced a significant rebound, with the Dow Jones Industrial Average rising by 2.47%, surpassing the 50,000 mark for the first time, while the S&P 500 and Nasdaq Composite increased by 1.97% and 2.18%, respectively, driven primarily by large technology stocks [1] - Semiconductor stocks led the rally, with notable gains from ARM and AMD exceeding 11%, and Nvidia and Broadcom rising nearly 8% [1] - Smaller tech stocks in niche sectors such as quantum computing, drones, and nuclear power also showed remarkable performance, indicating a shift in market sentiment towards high-growth technology areas [1][3] Geopolitical Factors - A breakthrough in U.S.-Iran nuclear negotiations has significantly improved global risk appetite, contributing to the stock market rebound [2] - The negotiations, which took place in Oman, resulted in a "good start" according to Iranian officials, and have altered the pricing logic for commodities and risk assets, leading to a decline in oil prices and a return of funds to technology stocks [2] Technology Sector Insights - Despite the overall rebound, there are concerns regarding the divergence within the technology sector, particularly with major players like Amazon and Google facing stock price declines due to high capital expenditure plans [4][5] - Amazon's announcement of a $200 billion capital expenditure plan for 2026, significantly above market expectations, led to an over 11% drop in its stock price [4] - The total AI-related spending by major tech companies, including Amazon, Google, Microsoft, and Meta, has reached $660 billion, raising concerns about the sustainability of such investments relative to revenue growth [5] Emerging Sectors Solar Energy - Tesla's ambitious solar energy production goal of 100 gigawatts within three years is set to reshape the global solar industry, with plans for factory expansions in multiple U.S. states [6] - The integration of AI computing with renewable energy solutions is expected to drive growth in both sectors, presenting opportunities for domestic solar companies to increase market share [6] AI Computing - The Chinese government has initiated a new policy to enhance the efficiency of computing infrastructure, marking a transition to a 2.0 era in computing capabilities [7] - The policy aims to create a unified system for computing resource allocation, which is expected to benefit sectors such as optical communication and computing hardware [8] Chemical and Oil & Gas - The global chemical industry is experiencing price increases, with BASF raising TDI prices by 11% in the Asia-Pacific region, leading to a ripple effect in domestic chemical sectors [9] - The geopolitical situation in the Middle East and severe weather conditions in Europe have contributed to rising oil and gas prices, benefiting domestic oil and gas sectors [10]

朋友们，我是郑重。刚刚，一位特斯拉工程师在领英上发了条"求救帖"——公司正紧急招聘太阳能项目 人员，目标直指"美国最大光伏制造商"。而这场招聘狂潮的源头，是马斯克一个月前扔下的重磅炸弹： 三年内，在美国本土打造200GW光伏产能！ 200GW是什么概念？这相当于美国当前全部太阳能装机容量的十倍，更是中国年新增装机量的一半！ 更颠覆的是，这批光伏板的首要任务不是铺在屋顶，而是飞向太空——去驱动马斯克规划的"轨道AI帝 国"。今天咱们就拆解一下：这场太阳能战略，到底是能源革命还是资本赌局？ 第一幕：战略升维——从地面到太空的"能源三级跳" 马斯克的太阳能计划，绝非简单的产能扩张，而是一套环环相扣的"能源三级跳"： 1. 地面奠基：特斯拉借助Gigafactory模式，用200GW产能碾压传统光伏巨头，目标将组件成本压至每瓦 0.1美元以下，为太空部署铺平量产道路； 2. 太空布网：SpaceX用Starship将光伏板送入轨道，直接为AI卫星供电，规避地面电网限制与传输损 耗； 3. 生态闭环：xAI作为首个体内客户，消耗太空电力，形成"光伏-算力-数据"的自循环系统。 这一招，直接把光伏从"清洁能源"升级为"文 ...

第一，Cybercab量产推进。美国工厂的核心产线建设已基本完成，2025年完成了大部分前期投入。进入 2026年仍将持续投入，以确保Cybercab顺利实现规模化量产。 第二，AI算力中心建设，这是最核心的投资方向。位于美国德州的训练中心累计投入已超过100亿美 元，2026年仍将大幅追加投资。该中心将支撑特斯拉所有AI相关应用，包括自动驾驶与机器人模型训 练，并作为统一"世界模型"的计算基础，服务包括中国在内的全球市场。 新浪科技讯 2月6日晚间消息，据媒体报道，特斯拉副总裁陶琳在一场交流会上阐述了公司2026年的战 略规划与业务布局。 特斯拉2026年资本支出将超过200亿美元，陶琳透露了这笔资金的分配情况。她表示，主要集中在六个 方面： 第四，储能业务扩张。特斯拉会持续加大储能制造投入，进一步提升整体产能与交付能力，以满足快速 增长的全球能源需求。 第五，全球制造体系升级。重点是同步提升硬件自动化水平与软件能力，让整个制造体系更加高效、智 能，并具备更强的规模化复制能力。 第六，充电网络持续建设与开放。特斯拉将继续扩大充电网络覆盖范围，并逐步向更多车企开放。 第三，机器人工厂改造升级。特斯拉已经启动对 ...

Market Overview - The US stock market experienced a significant rally, with the Dow Jones Industrial Average surpassing the 50,000 points mark for the first time in history, closing at 50,115.67 points, up 2.47% [3] - The S&P 500 index rose by 1.97% to 6,932.3 points, while the Nasdaq Composite increased by 2.18% to 23,031.21 points [3] - Weekly performance showed mixed results, with the Dow gaining 2.5% while the Nasdaq fell by 1.84% and the S&P 500 dipped by 0.1% [3] Sector Performance - Major technology stocks saw a boost, with the US Technology Seven Index rising by 1.02% [4] - Semiconductor stocks performed well, with the Philadelphia Semiconductor Index surging, AMD increasing by over 11%, and Broadcom rising by over 7% [8] Individual Stock Highlights - Nvidia's stock surged by 7.81%, closing at $185.41 per share, with a total market capitalization of $450.55 billion [8] - Tesla's shares rose by 3.48%, while Microsoft and Apple also saw increases; however, Amazon fell by 5.62%, Google by 2.5%, and Meta by 1.31% [7][8] Chinese Stocks - Chinese stocks listed in the US saw a general increase, with the Nasdaq Golden Dragon China Index rising by 3.71% [9] - Notable performers included Alibaba, which rose over 3%, Baidu increasing by over 5%, and Li Auto rising by over 6% [10] Commodity Market - Spot gold prices surged nearly 4%, reaching a high of $4,971.39 per ounce, and currently trading at $4,966.61 per ounce [12] - Spot silver prices also saw a significant increase, breaking $78 per ounce with a daily rise of 9.7% [14] Federal Reserve Insights - Federal Reserve Vice Chairman Jefferson indicated that the current interest rate stance is appropriate for a stable economy, despite inflation remaining above the 2% target [17] - The Fed's recent rate cuts have brought rates to a range of 3.5% to 3.75%, aligning with market expectations for a neutral level that neither stimulates nor suppresses the economy [18]

Core Viewpoint - UBS Group significantly reduced its holdings in major technology stocks during the fourth quarter of 2025, with only a slight increase in Meta among the "Magnificent 7" tech stocks [2][3]. Group 1: Holdings and Changes - UBS disclosed a reduction in its portfolio, with a total market value of $616.68 billion, a decrease of 5.65% quarter-over-quarter [2]. - The top five holdings as of the end of 2025 were Nvidia ($14.45 billion), Microsoft ($13.56 billion), Apple ($12.11 billion), Broadcom ($8.23 billion), and Amazon ($7.99 billion), collectively accounting for 14.52% of the investment portfolio [3]. - In Q4 2025, UBS reduced its stake in Nvidia by 10.47% (10.04 million shares), Apple by 10.57% (5.27 million shares), Microsoft by 7.64% (2.32 million shares), Google by 9.05% (2.21 million shares), Amazon by 4.57% (1.66 million shares), and Tesla by 15.09% (0.71 million shares) [3][4]. Group 2: Financial Performance - UBS reported Q4 2025 total revenue of $12.1 billion, exceeding analyst expectations and up from $11.6 billion year-over-year [5]. - Net profit attributable to shareholders increased by 56% year-over-year to $1.2 billion, surpassing the forecast of $919 million [5]. - Wealth management business saw a net inflow of $8.5 billion, significantly lower than the expected $27.4 billion, with a notable outflow of $14.1 billion from the U.S. wealth management sector [5][6]. Group 3: Future Outlook - UBS's CEO indicated that net new assets in the Americas wealth management division are expected to turn positive in 2026, although challenges are anticipated in the first half of the year [6]. - The investment banking division contributed significantly to the overall profit, with a 34% increase in operating profit driven by market volatility [6].

Core Viewpoint - Elon Musk is significantly influencing the Chinese A-share photovoltaic sector, with his comments on solar energy and its potential to provide substantial power, which has led to a surge in stock prices within the sector [2][3][4]. Group 1: Market Reaction - On January 23, 2026, following Musk's remarks at the World Economic Forum, 24 photovoltaic stocks in China hit their daily limit up, with the photovoltaic index rising by 7.46% [2]. - Two weeks later, Musk's interest in Chinese photovoltaic companies, including JinkoSolar and TCL Zhonghuan, further ignited stock price increases, with many stocks reaching their daily limit up again [3]. - The excitement surrounding Musk's "space photovoltaic" vision has injected new vitality into the previously stagnant A-share photovoltaic market [3][4]. Group 2: Industry Context - The photovoltaic industry is currently facing challenges, with nearly 70% of A-share photovoltaic companies reporting losses due to low prices in the supply chain [8]. - Despite some companies showing signs of recovery, the overall market sentiment remained negative, as indicated by a 4.10% decline in the Wind photovoltaic index during a week of earnings announcements [8]. - Musk's "space photovoltaic" concept has shifted the focus of the industry from terrestrial applications to potential space-based solutions, which could represent a new growth avenue for the sector [12]. Group 3: Future Prospects - Analysts predict that the "space photovoltaic" market could become a significant growth area, with estimates suggesting a market size of approximately 295 billion RMB by 2030, which is ten times the current scale [15]. - Musk's plans for deploying 100GW of solar power in space could potentially open up vast opportunities for new technologies and applications in the photovoltaic sector [15]. - However, the current competitive landscape and the need for immediate solutions to existing challenges in the industry remain pressing concerns [16].

Core Insights - Elon Musk revealed ambitious plans for SpaceX and Tesla, including the potential for SpaceX to conduct 10,000 to 30,000 launches annually and for its space computing power to exceed the global total in five years [2][5][6] - The acquisition of xAI by SpaceX has raised its valuation to $1.25 trillion [2][4] - Tesla's AI5 chip is expected to enter mass production in Q2 of next year, with the AI6 chip to follow within a year [2][7] Group 1: SpaceX and AI Computing - SpaceX plans to launch up to 1 million low Earth orbit satellites to create an orbital data center for AI computing [5] - Musk predicts that in 30 to 36 months, space will become the cheapest place for AI computing deployment, with solar panel efficiency in space being five times that on Earth [5][6] - The cost of solar panels in space could be one-tenth of their cost on Earth, with a target of producing 100 GW of solar cells within a year [5][7] Group 2: Tesla's Chip Manufacturing - Tesla is working on the TeraFab concept to increase chip production capacity, as current foundries are insufficient [7] - The AI5 chip is set for mass production in Q2 next year, while the AI6 chip will follow shortly after [7] - Musk emphasized that the main limitation for computing power in space will be chips, while energy will be the primary constraint until then [7] Group 3: Optimus Robot Development - The production capacity for the Optimus robot is projected to reach 1 million units in three years and potentially 10 million in four years [2][12] - Musk refers to Optimus as a "money-making perpetual motion machine," highlighting its potential for exponential growth in capabilities [12] - The development of humanoid robots relies on advancements in digital intelligence, AI chips, and mechanical dexterity [12][13] Group 4: Competitive Landscape and Innovation - Musk warned that without breakthrough innovations in the U.S., China could dominate AI, electric vehicle manufacturing, and humanoid robot production [4][14] - China currently leads in mineral refining capabilities, producing about twice as much as the rest of the world combined [14] - Tesla is establishing more refining plants in the U.S. to compete with China's dominance in battery materials [14] Group 5: Talent Acquisition and Management - Musk shared insights on his hiring philosophy, emphasizing the importance of assessing candidates based on their unique capabilities rather than just resumes [15][16] - During Apple's push into electric vehicles, they aggressively recruited Tesla engineers, offering double their salaries without interviews [15] - Musk's management style includes detailed engineering reviews and a preference for open communication across all levels of the organization [16]

Core Viewpoint - UBS Group significantly reduced its holdings in major tech stocks during the fourth quarter of 2025, with only a slight increase in Meta among the "Magnificent 7" tech giants [1][2]. Group 1: Holdings and Changes - UBS disclosed a reduction in its holdings of key tech stocks including Nvidia, Microsoft, Google, Apple, Amazon, Micron Technology, and Tesla [1][2]. - The total market value of UBS's securities as of the end of 2025 was $616.683 billion, reflecting a 5.65% decrease from the previous quarter [1]. - The top five holdings were Nvidia ($14.452 billion), Microsoft ($13.563 billion), Apple ($12.111 billion), Broadcom ($8.228 billion), and Amazon ($7.988 billion), together accounting for 14.52% of the investment portfolio [2]. Group 2: Specific Stock Reductions - In Q4 2025, UBS reduced its stake in Nvidia by 10.47% (10.04 million shares), in Apple by 10.57% (5.27 million shares), in Microsoft by 7.64% (2.32 million shares), in Google by 9.05% (2.21 million shares), in Amazon by 4.57% (1.66 million shares), and in Tesla by 15.09% (0.71 million shares) [2][3]. - UBS also reduced its holdings in Micron Technology by 1.62 million shares, bringing its total to 8.39 million shares, and in Oracle by 0.22 million shares, reducing its holdings to 11.31 million shares [3]. Group 3: Financial Performance - UBS reported a total revenue of $12.1 billion for Q4 2025, exceeding analyst expectations and up from $11.6 billion year-on-year [4]. - The net profit attributable to shareholders grew by 56% year-on-year to $1.2 billion, surpassing the analyst estimate of $919 million [4]. - Wealth management business saw a net inflow of $8.5 billion, significantly lower than the previous quarter's $37.5 billion and below market expectations of $27.4 billion [5]. Group 4: Market Reactions and Future Outlook - Following the earnings report, UBS's stock price fell by 5.92% and 2.41% on consecutive days [5]. - UBS's CEO indicated that the wealth management sector in the Americas is expected to see positive net new assets in 2026, despite anticipated challenges in the first half of the year [5]. - UBS's investment banking division contributed significantly to the overall profit, with a 34% increase in operating profit driven by market volatility [6].

以下文章来源于螺旋实验室 ，作者螺旋君 螺旋实验室 . 公众情绪瞭望者 来源丨 螺旋实验室（ID：spiral_lab） 作者丨无情 编辑丨坚果 图源丨Unsplash 2025年，全球汽车行业的价格战打得刀光剑影，市场格局也迎来了新变化，曾经的"销量王"不再稳 守龙门，更多后起之秀崛起，车圈竞争变得更加激烈。 对于这样的变化，有的企业选择直面竞争，迎难而上；但也有企业选择了另一条截然不同的道路，往 汽车以外的方向讲故事。 近日，特斯拉发布了2025年四季报，全年汽车交付量同比下降8.6%至164万辆。但在财报发布后， 特斯拉的股价涨幅一度超过4%，市场似乎并不在意其汽车业务下滑的事实。 无独有偶，理想董事长李想近期召开了一场全员大会，但出乎很多人意料，整场会议并未深度提及汽 车销量、产品迭代，而是全程围绕AI领域，李想更笃定"一定要做机器人"。 然而，特斯拉和理想并非孤例。近几年来，当消费者在谈及汽车市场，仿佛都有一种车企越来越不像 汽车公司的感觉：小鹏端出被误以为是"真人套皮"的人形机器人、比亚迪设立未来实验室专攻具身人 工智能领域……一时间，车企似乎集体"不务正业"。 当传统车企不再埋头"造车"，而是集 ...