This is CNBC's Morning Squawk newsletter. Subscribe here to receive future editions in your inbox.Happy Monday. With the Winter Olympics officially wrapped up, many athletes are leaving Italy with more than just a medal.Stock futures are lower this morning following a winning week for all three major indexes.Here are five key things investors need to know to start the trading day:1. If at first you don't succeedU.S. President Donald Trump answers questions during a press briefing held at the White House Feb ...

四川在线记者 彭瑀珩 明日A股将迎来马年首个交易日。春节假期期间，国内外多重事件密集落地：消费市场迎来"开门红"、美国关税政策出现戏剧性转折、人工智能与机器 人的表现持续受关注……这些变量将如何影响节后盘面？ 长假期间，国内消费市场交出亮眼答卷。据商务部介绍，各地在春节假期内安排20.5亿元资金，通过发放消费券、补贴、红包等形式直接惠及消费者， 并联合9部门策划"乐购新春"春节特别活动，涵盖吃住行游购玩全链条。从数据上来看，网络平台统计显示，2026年春节档电影总票房突破50亿元，观 影人次连续8年破亿；交通运输方面，预计春运前20天，全社会跨区域人员流动量累计达50.8亿人次，日均2.5亿人次，较2025年同期增长5.6%，创历史 同期新高。中金公司指出，假期国内旅行和消费数据稳步增长，为节后市场提供了坚实的基本面支撑。 产业层面同样亮点纷呈，今年春晚人形机器人的密集亮相引发市场广泛热议。宇树科技等国产机器人的舞台表现，被众多机构评价为AI从"概念"走 向"落地"的关键转折。前海开源基金首席经济学家杨德龙认为，机器人有望成为我国继家电、手机、新能源汽车之后第四大产业赛道，节后二级市场 上可能会掀起对人形机器 ...

Group 1: Tariffs and Government Actions - The US Customs will stop collecting President Trump's reciprocal tariffs following a Supreme Court ruling that deemed these tariffs illegal [2] - In response, the President plans to impose a 15% global tax, which can be implemented for the next 150 days before seeking alternative tariff methods [2] Group 2: Defense and AI Technology - The Pentagon is set to meet with Anthropic CEO Dario Amod to discuss the military's use of Anthropic's Claude AI, with expectations that the meeting may not be amicable [3][5] - Anthropic's approach to AI differs from competitors like OpenAI, as it seeks to maintain certain rights over the usage of its models, which could impact its contract with the Pentagon [6][9] - Claude AI is currently regarded as the best model available, and its use by the Pentagon is critical for their operations [7] Group 3: Market Projections - Goldman Sachs has raised its end-of-year projections for Brent crude and WTI prices by $6 per barrel, forecasting Brent at $60 and WTI at $56, assuming no supply disruptions related to Iran [4]

Core Viewpoint - Nvidia's stock performance ahead of earnings reports has shown volatility, with significant growth since late 2022 but uncertainty surrounding future earnings releases [1][2] Group 1: Stock Performance and Market Sentiment - Nvidia has experienced a $4.3 trillion growth since late 2022, but investing in NVDA stock before earnings reports has become risky due to past pullbacks following earnings releases [1] - The upcoming February 25, 2026 earnings report is expected to bring similar uncertainty, with NVDA shares trading flat since the beginning of the year [2] - Wall Street maintains a 'Strong Buy' rating for Nvidia, forecasting a 39.94% increase to $265.63 in the next 12 months, supported by strong revenue growth and a robust cash position [4][6] Group 2: Technological Dominance and Partnerships - Nvidia's technological leadership remains unchallenged, with its hardware consistently outperforming competitors, contributing to its strong position among corporate clients [6] - The company is reportedly finalizing a $30 billion investment in OpenAI, part of a larger effort by OpenAI to raise $100 billion at an $830 billion valuation [7] Group 3: Risks and Concerns - The $30 billion agreement with OpenAI raises concerns about the AI industry's profitability, as the deal appears less binding than initially reported [9][10] - There is uncertainty regarding demand for AI, with reports indicating that impressive user figures may not translate to sustainable growth, and OpenAI is projected to lose $14 billion in 2026 [11][12] - Customer concentration poses a risk, with three clients accounting for about half of Nvidia's income, which could impact future earnings guidance [13] - The memory shortage, termed 'RAMageddon,' may force Nvidia to reissue older chips, risking market share to competitors like AMD and Intel [14][15]

每经记者｜郑雨航 每经编辑｜何小桃 兰素英 ①【美国关税政策不确定性笼罩市场，三大期指走低】道指期货跌0.29%、标普500指数期货跌0.30%、纳指期货跌0.33%。 消息面上，美国最高法院2月20日裁决美国政府征收大规模关税政策"越权"后，美总统特朗普立即祭出新的行政令，宣布自2026年2月24日起，对来自所有 国家和地区的商品加征10%的进口关税。21日，特朗普又宣布，把这项新征收的"全球进口关税"税率由10%提升至15%。贸易政策缺乏明确性可能导致全 球前景蒙上阴影，并使各市场波动性维持高位。 ②【热门中概股普涨】中概股盘前普涨。拼多多、蔚来汽车涨近2%，京东、阿里巴巴涨超1%，百度涨超0.5%。 ③【加密货币概念股走低】比特币日内一度跌破6.5万美元，加密货币概念股盘前走低。Strategy、MARA Holdings、Terawulf跌超2%，Coinbase Global跌 近2%。 ④【芯片半导体股走低】芯片半导体板块盘前走低。台积电、阿斯麦跌超1%，美光科技跌近1%，英伟达微跌。 记者|郑雨航 编辑|何小桃 兰素英 杜恒峰 校对|魏文艺 ⑥【加州州长：美国总统正摧毁美国经济】据央视新闻，在当 ...

Investment Rating - Industry rating: Recommended [3] Core Insights - During the Spring Festival of 2026, the global technology sector is characterized by AI-driven deepening, accelerated hard technology transformation, and a bipolar leadership between China and the US, with the practical application and commercialization of technology becoming the core theme [1] - The AI and large model fields have become the absolute core, with global capital and technology intensifying. OpenAI secured a financing round exceeding $100 billion, locking in computational power advantages, while Google is pushing large models deeper into research scenarios [1][6] - The humanoid robot industry is undergoing a critical transformation, with international leading companies completing the transition to fully electric drive, while Chinese companies are seizing opportunities in practical scenarios like "human-machine collaboration" [1][8] - The aerospace and low-altitude economy sectors are showing a trend towards scaling, with both US-China competition and China leading. SpaceX is consolidating its Starlink advantages through high reuse launches, while China's commercial space launch success rate remains at 100% [1][11] Summary by Sections AI - OpenAI finalized a new financing round exceeding $100 billion during the Spring Festival, marking the largest single financing in AI history, which will significantly impact the global AI industry's computational power landscape and competitive dynamics [6] - Google upgraded its flagship large model Gemini 3 Deep Think, enhancing its reasoning capabilities for scientific and engineering scenarios, achieving notable performance in various tests [7] Robotics - Boston Dynamics announced a complete switch of its Atlas humanoid robot to fully electric drive, marking a significant shift towards industrialization and scalability [8][9] - The industry consensus indicates that the core bottleneck for humanoid robots is not mobility or balance but the technology of dexterous hands, which remains a challenge [9] Commercial Aerospace - SpaceX completed its 600th Falcon 9 rocket launch, successfully deploying 24 upgraded Starlink V2 Mini satellites, further expanding the Starlink constellation and enhancing polar coverage and direct mobile communication capabilities [11][12] Semiconductor Storage - Samsung achieved mass production of the HBM4 chip, with a significant price increase of 20%-30% compared to the previous generation, highlighting the high demand for high-end storage chips driven by AI [10] Beneficiary Targets - AI Computing and Applications: Companies such as Cambricon, Industrial Fulian, and Inspur Information [2] - Robotics: Companies like Joyson Electronics and New Spring Co [2] - Large Models: Companies including Zhipu AI and iFLYTEK [2] - Semiconductor Storage: Companies like Zhaoyi Innovation and Changjiang Electronics [2] - Commercial Aerospace: Companies such as Western Materials and Reascend Technology [2]

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Insights - 2026 is seen as a pivotal year for AI to achieve value realization and commercialization, with major companies focusing on this transition [4][10] - Anthropic is recognized as one of the fastest commercializing large model companies, recently raising $30 billion in Series G funding, pushing its valuation to $380 billion [4][10] - The ARR (Annual Recurring Revenue) of Anthropic reached $14 billion by February 2026, with significant growth driven by its Claude Code model [4][10] - OpenAI has shifted its focus from AGI ideals to commercial priorities, reducing its computational spending target to $600 billion and projecting total revenue to exceed $280 billion by 2030 [4][10] - The emergence of multimodal models is anticipated to reach a "DS moment" in 2026, enhancing capabilities while significantly reducing costs, benefiting sectors like film, gaming, and advertising [5][11] Summary by Sections Market Review - During the period from February 9 to February 13, 2026, the CSI 300 index increased by 0.36%, while the computer index rose by 4.35% [3][13] Investment Recommendations - Key recommendations for AI applications include companies such as Kingsoft Office, Hehe Information, Dingjie Shuzhi, and others, with beneficiaries in the multimodal field including Wanxing Technology, Huitian Ruisheng, and others [6][12]

这一挫折对OpenAI的财务状况造成压力。去年该公司毛利率低于预期，因其不得不在最后关头购买昂 贵算力。OpenAI还将2030年前的算力支出预测从4500亿美元上调至6650亿美元。与此同时，谷歌和 Anthropic在过去一年成长为更具威胁的竞争对手。 三方分歧致项目停滞 特朗普在白宫高调宣布的5000亿美元"星际之门"AI数据中心计划在启动一年多后陷入僵局，OpenAI被 迫放弃自建数据中心的雄心，转而依赖与云服务商的合作来满足其紧迫的算力需求。 据知情人士透露，这个由OpenAI、Oracle和软银三方组建的合资企业至今未配备人员，也没有开发任 何OpenAI的数据中心。项目宣布后的数周内，三方在领导权、职责分工和合作结构等关键问题上陷入 分歧，导致"星际之门"计划迟迟无法推进。 面对算力短缺的困境，OpenAI一度计划大规模自建并拥有数据中心园区，以减少对云服务商的依赖。 但当贷款机构拒绝为这家商业模式未经验证、每年烧钱数十亿美元的公司提供数十亿美元融资时，该计 划最终搁浅。直到数月后面对财务现实，OpenAI才重新转向"星际之门"合作伙伴寻求推进项目。 但当OpenAI评估场址并计算成本时，高管们 ...

This story was originally published on CFO.com. To receive daily news and insights, subscribe to our free daily CFO.com newsletter. The Trial Balance is CFO.com’s weekly preview of stories, stats and events to help you prepare. Part 1 — OpenAI finds ‘Frontier Alliances’ in revenue push OpenAI announced on Monday that it has entered into multi-year partnerships with Accenture, Boston Consulting Group, Capgemini and McKinsey & Company, formalizing a consulting ecosystem around its new enterprise platform a ...

我来为您详细解读这份腾讯研究院发布的《塑造自己的下一个版本：2026前沿科技趋势》报告。这份报告以"用户视 角"出发，眺望2030年的自己，围绕五个维度展开前沿科技趋势分析。 --- 一、生命力2030：从"活得久"到"活得好" 核心观点：人类生命正经历"第三次转型" 报告开篇指出一个关键转折：过去一百年人类寿命翻了一倍，但从1900年到2000年的快速增长后，预期寿命增速已大 幅放缓。2024年《自然·衰老》期刊的研究表明，通过消除早夭和中年疾病来延长寿命的"容易摘的果实"已被采摘殆 尽。 - Alnylam Pharmaceuticals开发的RNA干扰技术仅需每六个月一次皮下注射，即可控制高血压 - 斯坦福大学开发的mRNA CAR-T技术在小鼠淋巴瘤模型中实现75%的长期无瘤生存 新范式诞生：全球正在从追求单纯的"寿命"（Lifespan）转向追求"健康寿命"（Healthspan）——即在没有严重慢性病、 残疾或认知功能衰退的情况下维持良好生活质量的年限。据世界经济论坛报告，若将人类健康寿命延长1年，产生的全 球经济价值将高达38万亿美元。 三大技术支柱 基因疗法进入"生命代码优化"时代 - CRI ...