Core Viewpoint - Tesla's future growth may be constrained by chip production capacity, necessitating the construction of its own TerraFab mega fab to integrate various semiconductor manufacturing processes [2][5]. Group 1: Chip Supply Challenges - Elon Musk indicated that existing suppliers like TSMC, Samsung, and Micron are unable to meet Tesla's chip demand, which is critical for its AI, autonomous driving, and robotics projects [4][5]. - The need for Tesla to potentially produce its own chips has been emphasized, as it is seen as a major bottleneck in the competitive AI race [5]. Group 2: TerraFab Mega Fab - The proposed TerraFab will consolidate logic processes, memory semiconductors, and advanced packaging, allowing for a comprehensive chip manufacturing process [2]. - Establishing such a facility will require a significant investment, potentially amounting to hundreds of billions of dollars, and will take considerable time to become operational [5]. Group 3: Strategic Expansion - This initiative represents Tesla's expansion beyond its core electric vehicle business, highlighting its commitment to securing chip supply for future technological advancements [2].

Core Insights - Dow Jones futures rose slightly, alongside S&P 500 and Nasdaq futures, following significant earnings reports from Tesla, Microsoft, and Meta Platforms [1] - Elon Musk highlighted plans for a surge in capital expenditures (CapEx) for Tesla, focusing on robotaxi expansion, which may impact the broader AI ecosystem [1] - Microsoft and Meta's CapEx guidance is substantial, indicating potential growth for the AI sector, including companies like Nvidia [1] Group 1: Company Performance - Meta Platforms, the sixth largest company by market cap on Nasdaq, reached a high of 742.99 in extended trading [1] - Microsoft exceeded December-quarter targets, but its stock experienced a decline in late trading [1] - Tesla reported a 17% drop in earnings, with Musk emphasizing the importance of CapEx for future growth [1] Group 2: Market Trends - The stock market rally showed mixed results after the Federal Reserve held interest rates steady, with notable movements in oil stocks [1] - Nvidia, as an AI partner, is experiencing increased demand, which may be bolstered by the CapEx plans of major tech companies [1] - The overall market sentiment appears optimistic, with Nasdaq aiming for record highs amid these earnings reports [1]

股票市场早已预料到美联储决策结果，收市时美股各大指数较前日几乎没有什么变化。以蓝筹股为主的 道琼斯30种工业股票平均指数微涨0.02%，具有广泛代表性的标准普尔500指数盘中曾一度摸高7000点 后回落，全日微涨0.01%，以科技股为主的纳斯达克指数涨0.17%。 南方财经 21世纪经济报道特约撰稿 王应贵 与市场预期完全一致，美联储暂停减息，股票市场反应极其平淡，但其他市场去美元化趋势似乎加速。 联邦公开市场委员会（FOMC）认为，美国经济增长强劲，失业率稳定在低水平，就业市场依然强劲， 通胀水平依然偏高，目前货币政策适度，因此维持现状。 科技巨头股以微软、META（脸书）、特斯拉率先登场。从市场反应看，投资者对微软的预期偏高。尽 管微软公司经调整后的第二个财务季度每股收益4.14美元，高于预期的3.97美元，营业收入812.7亿美 元，高于预期的802.7亿美元，但公司季度资本支出和融资租赁达到375亿美元，高于预期的343亿美 元，且云端业务增长39%，低于上个季度的40%。微软预测第三个财季的营业毛利为45.1%，低于市场 预期的45.5%。投资者对微软的AI投资规模相当不满，盘后微软股价下跌6.14 ...

特斯拉公司将斥资超 200 亿美元对工厂产线进行大规模重组，此次调整也体现出埃隆・马斯克在公司经 历多年销量下滑后，对这家车企发展战略的重新布局。特斯拉 2026 年规划的这笔资本支出，较去年投 入翻倍以上，也几乎达到华尔街预期的两倍，资金将用于旗下六家工厂扩大汽车、电池及机器人的产 能。为为新一代擎天柱人形机器人的生产腾出产能空间，特斯拉将停产旗下两款最老牌车型 ——Model S 轿车与 Model X 运动型多用途车。 ...

今天特斯拉CEO马斯克在财报电话会议上宣布将停产Model S和Model X。 据报道，马斯克表示"现在是时候让Model S和Model X项目光荣退役了，因为我们正真正迈向以自动驾驶为核心的未来"，特斯拉将在下个季度正式停产 Model S和Model X车型，正将加州弗里蒙特工厂的Model S和Model X生产线替换为Optimus生产线，同时特斯拉也会继续为现有车主提供支持，"只要车主 还在用车的话。" 作为补充，特斯拉Model S于2012年推出，被外界普遍认为是第一款真正让电动汽车走向主流、获得广泛认可的车型，Model X则于2015年推出，不知道大 家平时在路上有没有见到过~ 另外，今天是奔驰140周年，各大车企官方微博也纷纷送上了生日祝福。（"奔驰140年"旨在纪念1886年1月29日卡尔·本茨递交奔驰一号专利申请这一历史 时刻） 梅赛德斯-奔驰 · 26-1-29 09:48 发布于 上海 来自 微博网页版 感谢这份懂我的祝福♥从底特律到斯图加特,"打破秩序"的我们从不独行。为了创 造下一个ICON，咱们一起大步奔驰下去！ #奔驰140年＃#跨越140年的热爱 # @凯迪拉克 ▽ ...

整理 | 美股研究社 在这个快速 变 化的 时代， 人工 智能技术正以前所未有的速度发展，带来了广泛的机会 。 《AI日 报 》致力于挖掘和分析最新的AI概念股公司和市场趋势，为您提供深度的行 业 洞察和 价 值 分析。 A I 快 报 【中国科学家研发出 "能屈能伸"的柔性 AI 芯片】 中国科研人员在英国《自然》杂志发表论文，清华大学、北京大学等机构科研人员成功基于国 产工艺研制出 FLEXI 系列全柔性数字型存算一体芯片，突破了柔性电子应用于边缘高性能人 工智能计算的天然瓶颈。该芯片基于低温多晶硅薄膜晶体管，薄如蝉翼，可随意弯折，并具备 超低功耗、高能效、高鲁棒性与低成本等优势。该芯片还采用了以全数字静态随机存取存储器 为核心的"存算一体"架构，相当于把"记忆单元"和"计算单元"合二为一。 【字节已于 2025 年底开启豆包手机助手正式版项目】 字节已于 2025 年底开启豆包手机助手正式版项目，新机预计将于 2026 年 Q2 中晚期发 布。有供应链人士称，字节对新机的预期不低，比第一代的测试版大大提升。在模式方面，豆 包二代手机依旧合作中兴努比亚，由中兴负责硬件，豆包负责 AI 。对此，字节方面暂无 ...

作者 Jonathan Weber ，内容为转载编译，仅为呈现不同市场观点与研究视角，并不意味着本 公众号对文中观点结论认可。 特斯拉（TSLA）周三午后发布了最新一季财报，业绩虽略超市场预期，但单看实际经营数 据，表现实在算不上亮眼。 结合公司高到离谱的估值、增长陷入停滞的现状，再加上自动驾驶出租车业务还落后于谷歌母 公司字母表旗下的 Waymo，分析师认为当下特斯拉完全没有投资价值。 先说说唯一的亮点：营收和利润两项核心指标均略超市场一致预期。 但说实话，除此之外，这份财报里能让人看好的点少之又少。四季度营收同比出现下滑，要知 道 2024 年四季度本身的业绩表现就不算强劲， 实际营收的下滑幅度其实更大。 对于一家被市场当作高成长股定价的公司来说，这样的营收表现无疑是雪上加霜。财报发布 后，市场起初给出了正面反应，但分析师判断，特斯拉大概率还会持续震荡。 先看业务增长， 四季度的表现可以用糟糕来形容 ：营收同比小幅下滑，核心原因就是汽车业 务营收拉胯，同比大跌 11%，环比跌幅更是达到 17%。 当然，环比大跌有一部分原因是新能源税收补贴政策调整，不少订单被提前到了三季度，但这 也掩盖不了汽车业务的疲软。 ...

美国科技巨头正为下一代技术革新的霸主地位展开激烈角逐，元宇宙平台公司（Meta）今年将把资本 支出翻倍至最高 1350 亿美元，全力押注人工智能领域。 特斯拉今年将投入 200 亿美元用于人工智能、自动驾驶汽车和机器人技术的研发，这一金额几乎是华尔 街预期的两倍；同时，公司还将向首席执行官埃隆・马斯克旗下的 xAI 初创公司追加 20 亿美元投资。 马斯克还表示，特斯拉需要打造自己的半导体工厂。 与此同时，人工智能带来的海量需求正加剧全球芯片供需失衡，这一状况或对智能手机、电子设备乃至 汽车制造等多个行业造成冲击。 长期以来，开发和运营人工智能所需的英伟达、超威半导体（AMD）加速器一直供不应求，如今投资 者对基础存储芯片也将出现类似短缺的担忧正不断加剧。 半导体的供应能力将成为行业增长的一大瓶颈。马斯克本月早些时候在接受 X 大奖基金会创始人彼 得・迪亚曼蒂斯的播客采访时表示，他已考虑为特斯拉打造专属的逻辑芯片、存储芯片制造及封装工 厂。 马斯克称："如果不建晶圆厂，我们终将遭遇芯片供应瓶颈。眼下只有两个选择：要么面对瓶颈束手无 策，要么自己建晶圆厂。" 若人工智能及其基础设施的需求走弱，企业的高额投入也将 ...

Core Viewpoint - Tesla is transitioning from a traditional automotive company to a technology-oriented firm focused on AI and robotics, as evidenced by its decision to discontinue the Model S and X EVs to prioritize the production of the Optimus humanoid robot and its investment in AI initiatives [1][4][7]. Financial Performance - Tesla reported its first-ever annual revenue decline, with profits falling by 46% last year and car sales revenue decreasing by 11% year-over-year in the last quarter [2]. - Despite these challenges, Tesla exceeded Wall Street expectations, leading to a 3% increase in its stock price after earnings [5]. Strategic Shift - The company is phasing out traditional vehicle sales as its primary revenue source, with a significant focus on robotics and AI services [6][7]. - Tesla's executives believe that the future of transportation will be dominated by autonomous vehicles, predicting that less than 5% of miles driven will involve human drivers [5]. Full Self-Driving (FSD) Strategy - Tesla has transitioned its FSD software to a subscription model, removing the one-time purchase option, which analysts view as a move to monetize its technology and drive adoption [8][9]. - Currently, only 12% of Tesla owners have purchased FSD, with a significant portion of these being upfront purchases rather than subscriptions [11]. Robotaxi and Optimus Initiatives - The company is heavily investing in its robotaxi service and the Optimus humanoid robot, which are seen as critical to its future valuation [13][14]. - Tesla aims to have robotaxis operating in a significant portion of the U.S. by the end of the year, pending regulatory approval, with production of the Cybercab robotaxi set to begin in April [17]. Market Dynamics - Tesla continues to dominate the U.S. electric vehicle market, but faces increasing competition from Chinese manufacturers like BYD, which are gaining market share globally [20][21]. - The end of the $7,500 tax credit has contributed to a slowdown in the EV market, impacting Tesla's sales [20]. Future Outlook - Analysts suggest that Tesla's transition to a tech-oriented business model could lead to higher margins and revenue, transforming it from a capital-intensive automotive company to a high-margin services business [19][24]. - The company is expected to spend over $20 billion this year on new production lines and AI infrastructure to support this transition [19].

Market Overview - The Federal Reserve maintained the federal funds rate target range at 3.5%-3.75%, aligning with market expectations[9] - The Hang Seng Index closed at 27,827, down 2.58% for the day but up 8.57% year-to-date[3] - The S&P 500 index closed at 6,978, with a slight decrease of 0.01% for the day and a year-to-date increase of 1.94%[3] Stock Performance - Gold prices surged, with spot gold exceeding $5,280 per ounce, marking a monthly increase of over 22%[9] - Semiconductor stocks saw significant gains, with the Philadelphia Semiconductor Index rising by 2.34%[9] - Major tech stocks showed mixed results, with Intel up 11.04% and Microsoft down 6% post-earnings report[9] Sector Highlights - Oil stocks continued to rise, with Shanghai Petrochemical gaining over 5% due to geopolitical tensions driving oil prices up by 3%[9] - New consumer concept stocks performed well, with a snack retail chain soaring 69% on its debut[9] - Airline stocks faced pressure, with China Southern Airlines down 6.83% due to rising operational costs[9] Economic Indicators - The U.S. dollar index fell to 95.51, the lowest since February 2022, contributing to the rise in gold prices[9] - The Japanese yen strengthened, impacting export-related stocks negatively, with Toyota down 3.24%[13] - The Bank of Japan raised its policy rate to 0.75%, the highest in 30 years, indicating a cautious approach to future rate hikes[13]