Alphabet(US:GOOGL) Xin Lang Cai Jing·2026-02-07 04:42Core Viewpoint - The global financial market is experiencing unprecedented turmoil, with significant fluctuations in major assets like US stocks, gold, silver, and Bitcoin. However, there has been a notable rebound in US stocks, with the Dow Jones surging by 1,200 points, marking a significant recovery [1]. Group 1: Market Movements - The US stock market saw a violent rebound, with the Dow Jones breaking the 50,000 points mark for the first time, and the S&P 500 achieving its best single-day gain since May of the previous year, rising nearly 2% [1]. - Nvidia's stock rose by 7%, while Amazon and Google experienced declines of over 5% and 2.5%, respectively [1]. Group 2: Institutional Holdings - Jinglin Asset, a leading domestic private equity firm, significantly increased its holdings in Google, making it their largest position after adding 2.69 million shares in Q4, following a previous increase of 1.57 million shares in Q3 [5][10]. - As of December 31, Jinglin Asset's US stock holdings were valued at approximately $4.045 billion, with Google, Meta, Pinduoduo, and others among the top ten positions [2][3]. Group 3: Investment Strategy - Jinglin Asset's strategy indicates a shift from "computing infrastructure" to "AI application scenarios," as evidenced by the reduction in high-priced AI hardware and the increased focus on Google as a key player in AI applications and ecosystems [10]. - The firm also emphasized investments in e-commerce and consumer resilience, maintaining significant positions in Pinduoduo and increasing stakes in hospitality services like Huazhu Group [10]. Group 4: Industry Trends - Major tech companies are entering an unprecedented "violent infrastructure" cycle, with projected AI infrastructure spending exceeding $650 billion this year, a 60% increase year-over-year, driven by companies like Amazon, Google, Microsoft, and Meta [10][12]. - Concerns about energy supply and production capacity are rising due to the massive scale of AI expansion, with warnings from the largest US grid operator about potential electricity supply gaps [12]. Group 5: Market Sentiment - Recent market volatility has led to significant losses for major tech firms, with a total market value drop of $1.35 trillion for companies like Microsoft and Nvidia, while Apple, with lower capital expenditures, remained relatively unscathed [13]. - Investor sentiment remains cautious, with discussions around the potential for AI to drive a long-term bull market despite current fluctuations being viewed as noise rather than a fundamental shift [13][14].