美股科技股走势承压 新华财经上海2月27日电英伟达财报超预期并未缓解市场对AI泡沫的担忧，股价走势与基本面表现形成 明显背离。英伟达股价回吐此前涨幅，并于26日收跌5.45%，为2025年4月以来的最大单日跌幅，近 2600亿美元（约合1.7万亿元人民币）市值一夜蒸发。 英伟达的下挫使得AI交易持续降温，当日美股科技板块整体承压，纳指跌逾1%，标普500指数收跌 0.54%，美股科技股"七巨头"（Magnificent 7，指英伟达、微软、特斯拉、谷歌、亚马逊、Meta、苹 果）指数跌幅达到1.87%，费城半导体指数收跌3.19%。 自2023年以来，在生成式AI浪潮推动下，美股科技股显著跑赢基准指数，但2025年四季度后，市场对 于AI投资回报周期的耐心有所下降。一方面，科技巨头持续大规模资本开支，对自由现金流形成挤 压，部分企业融资结构中债务占比上升，财务杠杆压力增加；另一方面，在高利率环境下，企业通过回 购提升每股收益（EPS）的空间趋于收敛，估值扩张逻辑面临边际约束。 燕翔进一步表示，尽管2026年科技股叙事尚未结束，AI高景气有望延续，但在估值和市场集中度偏高 水位下，市场对AI叙事的可验证性要求或 ...

The CNN Money Fear and Greed index showed a decline in the overall market sentiment, while the index moved to the “Fear” zone on Thursday.U.S. stocks settled mostly lower on Thursday, with the Nasdaq Composite falling more than 1% during the session.On the economic data front, U.S. initial jobless claims rose by 4,000 from the previous week to 212,000 during the third week of February, compared to market estimates of 215,000.Most sectors on the S&P 500 closed on a negative note, with consumer discretionary, ...

Market Sentiment - The CNN Money Fear and Greed index declined to a reading of 44.4, entering the "Fear" zone from a previous reading of 45.8, indicating a shift in market sentiment towards fear [3] - U.S. stocks mostly settled lower, with the Nasdaq Composite falling more than 1% during the session [1] Economic Data - U.S. initial jobless claims increased by 4,000 to 212,000 during the third week of February, compared to market estimates of 215,000 [1] Sector Performance - Most sectors on the S&P 500 closed negatively, with consumer discretionary, information technology, and communication services experiencing the largest losses [2] - Conversely, industrials and financial stocks closed higher, bucking the overall market trend [2] Index Performance - The Dow Jones closed higher by approximately 17 points at 49,499.20, while the S&P 500 fell by 0.54% to 6,908.86, and the Nasdaq Composite dipped 1.18% to 22,878.38 during Thursday's session [2]

证券研究报告 | 2026年02月27日 财报重点：①计算业务同比增长 57%，GB 系列收入占数据中心总营收超 过 2/3，主要是 Blackwell 和 Blackwell Ultra 产能爬坡。②各大云厂、 数据中心运营商、模型公司等部署的 Blackwell 基础设施算力规模已经 达到 9GW。自 2023 财年推出 ChatGPT 以来，数据中心业务规模已增长近 13 倍。前五家云服务商和超大规模数据中心运营商目前贡献了公司约 50%的营收。③26 财年，主权 AI 业务营收同比增长超三倍，突破 300 亿美元。主要客户来自加拿大、法国、荷兰、新加坡和英国，预计主权 人工智能业务的机遇将持续增长。④网络业务营收同比+263%。全年来 看，网络业务收入超过 310 亿美元，比 2021 年（收购 Mellanox 的那年） 增长了十倍以上。Scale up 和 Scale out 需求创新高。 投资建议：考虑到 GB 系列产品与网络连接出货积极，同时下游 AI 需求 持续旺盛，我们上调预期，预计 2027-2028 财年公司收入为 3449/4304 亿美元（前置 3335/4279 亿美元），上调幅 ...

美东时间周四盘后，美股市场上英伟达的"干儿子"、专注于人工智能的云基础设施提供商CoreWeave的 股价大跌超8%。 尽管该公司公布的最新财报显示，公司在去年第四季度营收跑赢分析师预期，但公司的运营支出翻了一 番多，公司净亏损也大幅增加。与此同时，对于今年第一季度的盈利预期也令人略感失望。 更加雪上加霜的是，面临天量规模的积压订单，CoreWeave不得不进一步加大资本支出以增加产能，这 也意味着短期其将承担更加巨大的短期亏损风险。 运营支出压力倍增 该公司预计，第一季度营收为19-20亿美元，低于分析师预期的22.9亿美元。 对于2026年全年，CoreWeave 预计营收为120-130亿美元。而分析师预期为120.9亿美元。 CoreWeave 首席财务官Nitin Agrawal在分析师电话会议中解释称，随着公司大规模扩张，数据中心租赁 成本、电力支出和折旧费用将先于营收确认而启动。 CoreWeave作为背靠英伟达的云计算基础设施公司，英伟达的GPU（图形芯片）是CoreWeave产品的核 心组成部分，但目前，在高昂的算力需求下，英伟达芯片仍供应紧张。 CoreWeave 公司的首席执行官迈克·因 ...

摩根大通发表研报指，英伟达截至1月底止第四财季业绩及截至4月底止首财季经营指引均表现稳健，全 面高于市场预期，其中首财季收入指引较市场普遍预测高出约50亿美元，而近期毛利率指引亦稳固地维 持在74%至75%的中高水平。 管理层表明与客户的讨论及签订订单的进展顺利，对明年的增长前景并无忧虑。该行看好英伟达2027财 年收入增长稳健，将目标价由250美元上调至265美元，维持"增持"评级。 该行指，其股价表现反映投资者存在较高期望，相信与市场持续关注英伟达数据中心业务明年增长前景 有关，预期2027财年每季收入仍将继续录得按季增长，推理驱动的运算需求表现强劲，又相信智能体 AI将成为新需求驱动力。 ...

AI算力战场再添重磅交易。 据媒体报道，Meta已与谷歌达成价值数十亿美元的租用AI芯片协议，双方将共同开发新的AI模型。 至此，本月以来，Meta已与三家大型科技企业达成合作。 然而，市场对此似乎并不买账，月初至今，Meta股价跌超8%。 弃单押、拓合作 纵观Meta近期的算力战略调整，核心逻辑可以概括为"不放弃核心供应商，更不依赖单一供应商"。 稍早前，有媒体报道称，因在芯片设计环节遭遇技术难题，Meta决定搁置其研发的最先进AI模型训练 芯片项目。 而在去年大规模部署英伟达最新Blackwell芯片时，Meta又因该芯片本身的技术故障与极高的硬件复杂 性，陷入落地艰难的困境。 频繁遭遇"卡脖子"难题，让Meta深刻意识到供应链多元化的迫切性。 进入2月以来，Meta开启了密集的合作布局。 而此次被曝与谷歌进行合作，距离其宣布与AMD合作仅仅只过去了三天。 据悉，除了租用AI芯片之外，Meta还在与谷歌洽商最早于明年为其数据中心购买TPU，但目前尚未确定 双方的洽商进展情况。 知情人士透露，Meta租用谷歌TPU是为了开发新的AI模型。 Meta全球基础设施负责人Santosh Janardhan曾表示， ...

Core Viewpoint - Nvidia is compared to the 1849 gold rush, where it is seen as a provider of essential tools (picks and shovels) for the AI industry, indicating a strong market position despite concerns about future profitability in the broader ecosystem [3][4]. Nvidia's Market Position - Nvidia remains the largest position for the firm, with significant demand exceeding supply, indicating a robust market presence [5]. - The company is currently the only one making substantial profits in the AI sector, while others are still figuring out their profitability [6]. Investment Strategy - The firm has been actively managing its Nvidia holdings, adding to positions during downturns and trimming during periods of growth, reflecting a dynamic investment approach [5]. - There is a belief that Nvidia's stock will continue to rise as more companies in the AI ecosystem begin to generate profits [6]. Broader AI Ecosystem - The conversation around AI should extend beyond just chip manufacturers like Nvidia to include other sectors such as data centers, power generation, and HVAC systems, indicating a need for a diversified investment approach [7][8]. - Comfort Systems is highlighted as a significant holding, suggesting that the firm is looking beyond Nvidia to capture growth in the broader AI-related infrastructure [7]. Market Concerns - There are lingering issues such as tariff confusion and geopolitical tensions that could impact market dynamics, but these are not currently hindering investment decisions [9][10]. - The firm is monitoring oil prices and geopolitical developments, particularly in relation to Iran and Russia, as these factors could influence market conditions [10]. Additional Investment Opportunities - Fast Retailing, known for its Uniqlo brand, is identified as a strong growth opportunity, particularly in the Japanese market, which is often overlooked by US-centric investors [12][13]. - EQT is noted as a leading natural gas producer in the US, emphasizing the importance of natural gas as a key energy source moving forward [14].

Market Performance - The S&P 500 closed down 0.54% at 6,908.86, ending a two-day winning streak, primarily influenced by a decline in NVIDIA shares which fell over 5% despite a positive earnings report [1] - The index is now near the lower half of the 6,800–7,000 range, indicating a stagnant market performance over recent weeks [2] Volatility and Investor Sentiment - The VIX Volatility Index increased to 18.62, suggesting that traders are seeking more protection against market fluctuations [2] Economic Indicators - A delayed producer price index (PPI) report is expected to be released, with analysts forecasting a 0.3% monthly growth, which is a key measure of wholesale inflation [3] - The S&P 500 is projected to experience a 0.4% loss for February, reflecting a challenging month for tech stocks amid concerns over AI disruption [3] Futures and Market Predictions - S&P 500 futures were reported at 6,904.75, down by 15.25 points or 0.22%, indicating continued bearish sentiment in the market [4] - The market's recent performance aligns with predictions made by Polymarket participants, who anticipated a downward trend [4]

来源：金十数据 英伟达(NVDA.O)一个季度赚进430亿美元，市场却并未给予热烈回应。 责任编辑：栎树 伯恩斯坦分析师斯泰西·拉斯贡（Stacy Rasgon）则表示，他"不确定此时投资者还想再听到什么"，但买 方对英伟达2027年前后的预期"非常合理"，因为其产品需求"完全没有放缓的迹象"。他提到，买方观点 认为英伟达在下一个自然年度实现每股收益12美元或以上是可能的，而FactSet的一致预期更接近10美 元。 与此同时，市场还担心内存供应短缺推高价格的影响。英伟达的芯片需要大量内存，而在供应紧张的背 景下，强劲需求已推动行业价格上涨。TD Cowen分析师约书亚·布查尔特（Joshua Buchalter）指出，英 伟达在75%毛利率方面"自信但偏保守的表态"应被视为利好，因为公司很可能在供应趋紧之前就锁定了 内存供应和定价。 不过，布查尔特也对英伟达股价近期的迟滞感到困惑，尤其是在软件股普遍下挫的背景下。他写道： "仅举一个反常之处——软件股似乎正在为生存性衰退定价，而支撑这种未来结果所需的硬件基础设 施，却反而在为需求迅速下滑定价，这实在有些奇怪。" 美股频道更多独家策划、专家专栏，免费查阅>> ...