【美股】截至收盘，道指跌73.37点，跌幅为0.16%，报47632.00点；纳指涨130.98点，涨幅为0.55%，报 23958.47点；标普500指数跌0.30点，报6890.59点。周三盘中，道指最高上涨至48040.64点，标普500指 数上涨至6920.34点，纳指24019.99点，均创盘中历史新高。英伟达(NVDA.US)股价收高3.05%，市值突 破5万亿美元，成为全球第一家达到这一估值的公司。 【欧股】德国DAX30指数跌142.19点，跌幅0.59%，报24141.39点；英国富时100指数涨62.56点，涨幅 0.65%，报9759.30点；法国CAC40指数跌15.70点，跌幅0.19%，报8200.88点；欧洲斯托克50指数涨0.90 点，涨幅0.02%，报5705.25点；西班牙IBEX35指数涨58.05点，涨幅0.36%，报16142.65点；意大利富时 MIB指数涨95.47点，涨幅0.22%，报43224.00点。 【原油】纽约商品交易所12月交货的轻质原油期货价格上涨33美分，收于每桶60.48美元，涨幅为 0.55%；12月交货的伦敦布伦特原油期货价格上涨52美分，收 ...

Group 1 - The liquidity bubble is expected to burst, leading to a strategy of shorting momentum stocks [1] - Nvidia is identified as a key example of a momentum stock that should be avoided [1] Group 2 - There is a mention of a company, possibly PSX, but no specific financial insights or performance metrics are provided [2]

Core Viewpoint - The Federal Reserve has lowered interest rates by 25 basis points for the second consecutive time and announced the cessation of quantitative tightening (QT) starting in December, leading to mixed performance in U.S. stock indices [1] Group 1: U.S. Stock Market Performance - The three major U.S. stock indices closed with mixed results: Nasdaq increased by 0.55%, S&P 500 remained flat, and Dow Jones decreased by 0.16% [1] - Nvidia's stock rose approximately 3%, pushing its total market capitalization above $5 trillion [1] - Apple saw a slight increase, marking its first closing market capitalization exceeding $4 trillion [1] - Google experienced a rise of over 2%, continuing to reach new highs [1] - Other notable movements included Amazon, Meta, and Tesla with slight increases, while Intel, Microsoft, and Netflix saw minor declines [1] - Caterpillar's stock surged by 12%, marking its largest single-day increase since 2009 [1] Group 2: Chinese Stocks Performance - The Nasdaq Golden Dragon China Index fell by 0.03% [1] - Among popular Chinese stocks, Canadian Solar (阿特斯太阳能) rose by 15.90%, Alibaba increased by 1.84%, and Bilibili (B站) and Boss Zhipin (Boss直聘) saw increases of up to 1.39% [1] - NIO, Baidu, Yum China, Trip.com, Huazhu, and Zeekr experienced increases of up to 0.71% [1] - On the downside, Atour (亚朵) fell by 1.08%, New Oriental (新东方) dropped by 1.30%, Li Auto (理想) decreased by 1.64%, Vipshop (唯品会) fell by 1.93%, and WeRide (文远知行) declined by 5.29% [1]

Core Consensus: $500 Billion Revenue Anchor - The three institutions agree on Nvidia's disclosure of the "Blackwell + Rubin platform" cumulative sales reaching $500 billion, significantly exceeding market consensus [2] - Citigroup estimates this figure implies a potential upside of over $25 billion in data center sales by January 2027, with Nvidia planning to ship 14 million GPUs over the next five quarters, adding to the already shipped 6 million, totaling 20 million GPUs to validate future demand [2] - Goldman Sachs notes this figure is 10% higher than its previous estimate of $453 billion and 12% above the market consensus of $447 billion from Visible Alpha [2] - Bank of America calculates this scale is $50 billion above current industry consensus, equivalent to five times the revenue of the Hopper platform lifecycle (excluding the Chinese market) [2] AI Infrastructure and Quantum Computing Multi-line Expansion - All three institutions highlight Nvidia's deep collaboration with the U.S. Department of Energy in supercomputing, with varying focuses [3] - Citigroup details the collaboration covering seven systems, including the Solstice supercomputer at Argonne Laboratory, which is equipped with 100,000 Blackwell GPUs [3] - Goldman Sachs emphasizes the deployment of specific laboratory platforms, including the Solstice system and the Rubin platform at Los Alamos Laboratory [3] - Bank of America contrasts Nvidia's collaboration with Oracle on the OCI Zettascale10 system against AMD's recent $1 billion investment in two supercomputing projects, showcasing Nvidia's leading position [3] Valuation and Performance Core Differences - Despite all three institutions giving a "buy" rating, there are notable differences in target prices and valuation logic [5] - Citigroup sets a 12-month target price of $210 based on a projected earnings capability of approximately $7 in 2026, using a 30x P/E ratio, aligning with Nvidia's 35-year historical average [6] - Goldman Sachs also sets a target price of $210, but uses a 35x P/E ratio multiplied by a projected $6 earnings per share in 2026 [6] - Bank of America's target price is significantly higher at $235, using a 37x P/E ratio after excluding cash, reflecting a higher recognition of Nvidia's long-term value [6] Performance Forecast Core Divergence - Citigroup's performance forecast focuses on "demand landing rhythm," emphasizing Nvidia's "14 million GPU shipment plan" as a rare clear signal in the industry [7] - Goldman Sachs projects an EPS of $6.75 in 2026, rising to $8.26 in 2028, attributing growth to three main drivers: OpenAI's Blackwell GPU deployment, sustained government orders, and the market advantages from the Rubin platform launch [7] - Bank of America highlights "revenue-EPS transmission efficiency," estimating that an excess revenue of $50 billion could increase 2026 EPS by approximately $1.15, leading to an expected EPS of $8 for the year [7] Vera Rubin Platform Interpretation Differences - The three institutions have different interpretations of Nvidia's Vera Rubin platform [8] - Citigroup does not analyze it separately but considers it within the overall demand framework of the Rubin platform [8] - Goldman Sachs defines it as the core platform for next-generation supercomputing, emphasizing its technological leadership [8] - Bank of America provides specific performance improvement data, noting a 100-fold increase in token generation efficiency compared to the Blackwell platform [8]

10月30日，周三（10月29日），美股三大指数涨跌不一，道指标普高位回落，纳指再创历史新高。 截至收盘，道琼斯指数跌0.16%，报47632点；标普500指数跌0.3点，报6890.59点；盘中两只指数一度刷新高，但在美联储主席鲍威尔讲话后 明显回落。 | 名称 | 最新价 | 涨跌额 | 涨跌幅 | | --- | --- | --- | --- | | 道現斯指数 | 47632.00 | | -74.37 -0.16% | | 标普500指数 | 6890.59 | -0.30 | -0.00% | | 纳斯达克综合指数 | ○ 23958.47 | +130.98 | 0.55% | 纳斯达克综合指数涨0.55%，报23958.47点，刷新了周二录得的收盘历史纪录，这也是该指数连续第四个交易日收于新高，盘中甚至一度涨 破24000关口。 北京时间周四凌晨02:00，美联储宣布将联邦基金利率目标区间下调25个基点到3.75%至4.00%之间，符合市场普遍预期，是该行年内第二次 降息。 但鲍威尔在新闻发布会上称，央行内部对于12月如何行动的看法存在很大分歧。他强调，12月降息"远未成定局"——这一表态重 ...

每经编辑｜张喜威 王晓波 ↓ 商务部将于10月30日举行新闻发布会 期商务领域重点工作有关情况 2 阿里云：将于10月30日12时起，调整 务器ECS产品价格 3 摩尔线程首届MUSA开发者大会 4 欧元区9月失业率、三季度GDP数据公 5 美国10周25日当周首次申请失业救济 季度实际GDP年化数据将公布 1 习近平将同美国总统特朗普举行会晤 10月29日，外交部发言人宣布：经中美双方商定，国家主席习近平将于当地时间10月30日在韩国釜山同美国总统特朗普举行会晤，就中美关系和双方共同关 心的问题交换意见。（央视新闻） 2 隔夜市场 当地时间10月29日，美联储宣布将联邦基金利率目标区间下调25个基点到3.75%至4.00%之间。这是美联储继9月17日降息25个基点后再次降息，也是自2024 年9月以来第五次降息。 美联储主席杰罗姆·鲍威尔在新闻发布会上表示，美联储将继续根据最新数据、不断变化的经济前景以及风险平衡来确定适当的货币政策立场。针对12月的 政策走向，本次委员会会议的讨论中存在着截然不同的看法。12月是否进一步降息远未成定局。 鲍威尔指出，美国政府"停摆"将"对经济活动造成影响"。 此外，鲍威尔提 ...

Group 1 - Nvidia's CEO Jensen Huang predicts that the company's business scale will reach $500 billion in the next six quarters, with the shipment of 20 million Blackwell and Rubin GPUs [2] - Nvidia's stock price surged, becoming the first company to surpass a market capitalization of $5 trillion [2] - The company is transitioning from a chip manufacturer to a full-stack AI infrastructure provider, collaborating with major companies to create a comprehensive AI computing ecosystem [3] Group 2 - Nvidia announced a partnership with Oracle to build the largest AI supercomputer for the U.S. Department of Energy, equipped with 100,000 Blackwell GPUs [3] - A new AI supercomputer powered by over 1,000 Blackwell Ultra GPUs will be developed in collaboration with Eli Lilly for drug discovery [4] - Nvidia is investing $1 billion in Nokia to advance AI-native 6G network platforms [4] Group 3 - Several A-share listed companies are well-positioned to benefit from the intensifying AI computing race and the ongoing expansion of global AI infrastructure [6] - Industrial Fulian reported a 65% year-on-year increase in cloud computing revenue for the first three quarters, driven by strong demand for AI cabinet products [6][7] - The company anticipates that its GB300 AI server will become a key profit driver in 2024 [7] Group 4 - Companies like Zhongji Xuchuang and Xinyi Sheng are developing high-performance optical modules and solutions for AI clusters and cloud data centers [8][9] - Shenghong Technology has become a core partner for many leading tech firms, with capabilities in high-layer PCB manufacturing [8] - In the cooling and power supply sector, companies like Yingweike are providing comprehensive liquid cooling solutions for major data centers [8]

Group 1 - The Pragmatic Investor focuses on global macro trends, international equities, commodities, technology, and cryptocurrencies, aiming to guide investors at all levels [1] - The platform offers features such as a portfolio, weekly market updates, actionable trades, technical analysis, and a chat room for investor engagement [1] - James Foord, an economist with a decade of experience in global market analysis, leads The Pragmatic Investor, emphasizing the creation of diversified portfolios to preserve and grow wealth [1]

[Chart courtesy of MarketWatch.com][Chart courtesy of MarketWatch.com]Moving the marketStocks took off in early trading today, hitting record highs as traders cheered the Feds widely anticipated rate cut and yet another tech sector rally.Nvidia led the pack, soaring over 4% and making Wall Street history by becoming the world’s first $5 trillion company, fueled by relentless demand for AI chips. AMD and Micron piggybacked on the momentum, each logging solid gains as well.The S&P 500 briefly topped 6,900 for ...

10月28日，在NVIDIA华盛顿GTC大会上，黄仁勋带着他的一系列"新品"，又一次拉高了股价。其中， 他正式发布了名为NVQLink的新型互联架构，并宣布了与美国能源部（DOE）在构建AI超算方面的重大 合作，勾勒出一幅由"加速计算+AI+量子计算"三大平台共同驱动的未来科研图景。 我们先来客观分析下英伟达的量子新产品，从别人家的热闹背后，看看目前我们跟美国是否真的走到了 一个分岔口，下一个路口，我们是否还能碰到？ 当前的量子计算还是处于NISQ时代，无论这些先进的量子处理器展示了多强的超越经典计算机的潜力， 但还是逃不过"物理比特数有限"这个"硬伤"，因此极易受到环境干扰产生错误。这种内在的不稳定性正 是量子计算走向实用化的最大障碍。 为何需要新的链路？ 了解到这里，我们心中不禁好奇，那在NVQLink推出之前，传统的量子处理器与AI超算是通过什么进行 互联？它的效果能够到达什么样的水平？ 在NVQLink出现之前，现有的高性能计算（HPC）互联技术无法满足QEC苛刻的实时性要求。 为了克服这一限制，实现容错通用量子计算(FTQC)，唯一的途径是采用量子纠错(QEC)机制。QEC通过 将多个易出错的物理比 ...