美股奇观：大盘在涨，巨头大跌

Market Performance - The US stock market experienced significant style rotation, with technology stocks declining while small-cap and cyclical stocks rose [1] - The Dow Jones Industrial Average increased by 1.34% to close at 48,704.01 points, and the S&P 500 rose by 0.21% to 6,901 points, both reaching record closing highs, while the Nasdaq fell by 0.25% to 23,593.86 points [1][3] Company Earnings - Oracle's Q2 FY2026 earnings report showed total revenue of $16.058 billion, a 14% increase from $14.059 billion year-over-year, but fell short of analyst expectations of $16.192 billion [7] - Oracle's remaining performance obligations (RPO) surged by 438% to $523 billion, driven by orders from major players like OpenAI and Nvidia, but the company reported a free cash flow of -$13.2 billion [7] - Concerns over AI investment returns and debt financing risks were raised following Oracle's earnings report, leading to a nearly 11% drop in its stock price [6][9] Semiconductor Sector - Broadcom reported Q4 FY2025 revenue of $18.01 billion, up from $14.05 billion year-over-year, with a forecast of $19.1 billion for Q1 FY2026, exceeding market expectations [9] - The growth in Broadcom's revenue was primarily attributed to a 74% increase in AI semiconductor revenue, which is expected to double in the first quarter of 2026 [9] Precious Metals - Following the Federal Reserve's interest rate cut, precious metals prices surged, with spot gold reaching a one-month high of $4,285.75 per ounce and silver hitting a historical high of $64.308 per ounce [12][11] - Mining stocks also saw gains, with notable increases in companies like Coeur Mining and Kinross Gold [14]