Core Insights - Duan Yongping, known as 'the Chinese Warren Buffett,' has submitted his fourth-quarter 2025 13F filing, revealing a portfolio focused on artificial intelligence and blue-chip stocks [1] Portfolio Changes - A significant increase in Nvidia (NASDAQ: NVDA) shares was noted, with Yongping adding 6,639,300 shares, raising his total stake to 7,237,100 shares, which constitutes approximately 7% of his portfolio, valued at around $1.35 billion, marking a 1,110.62% increase in share count [2][3] - New investments included CoreWeave (NASDAQ: CRWV) with 299,900 shares valued at approximately $21.48 million, Credo Technology Group Holding (NASDAQ: CRDO) with 141,300 shares worth roughly $20.33 million, and Tempus AI (NASDAQ: TEM) with 110,000 shares valued at $6.50 million [4] Position Reductions - Yongping reduced his stake in Apple (NASDAQ: AAPL) by 2,470,600 shares, a 7.09% decline, impacting the overall portfolio by 4.29% [5] - A significant cut was also made in ASML Holding NV (NASDAQ: ASML), with a reduction of 70,100 shares, representing an 87.63% decrease [5] - Other notable adjustments included a 38.24% increase in Berkshire Hathaway (NYSE: BRK) holdings, adding 1,984,896 shares, bringing the total to 7,176,196 shares valued at approximately $3.61 billion [4]

Core Insights - NVIDIA and Meta Platforms announced a significant partnership, with Meta committing to purchase "millions" of Blackwell and Rubin GPUs, indicating a preference for NVIDIA's architecture over custom silicon for AI workloads [1] - This partnership is part of Meta's broader capital expenditure plan of $115-135 billion for 2026, positioning it as a major investor in AI infrastructure [1] - The announcement led to a 1.6% increase in NVIDIA's stock price, reinforcing CEO Jensen Huang's argument that the threat from custom ASICs was overstated [1] Group 1: Partnership Details - Meta's commitment to NVIDIA GPUs is a strategic move against the rising trend of companies developing their own chips, such as Google's TPUs and Amazon's Trainium [1] - The deal includes scaling out with NVIDIA's Spectrum-X Ethernet, which negatively impacted shares of Arista Networks [1] - Meta's CEO Mark Zuckerberg emphasized the importance of NVIDIA's technology for achieving the company's vision of advancing personal superintelligence by 2026 [1] Group 2: Market Implications - The partnership could signify a turning point for NVIDIA, which has seen its stock trade sideways despite positive news [1] - Analysts predict NVIDIA could achieve over $9 in earnings per share (EPS) this fiscal year, potentially reaching $10, compared to Wall Street's expectation of $7.76 [1] - If NVIDIA meets these targets, it would be trading at approximately 18 to 20 times forward earnings, reflecting continued growth [1] Group 3: Competitive Landscape - Huang has successfully countered the ASIC narrative by demonstrating strong sales of Blackwell GPUs and securing supply chains in key markets [1] - The partnership with Meta serves as a validation of NVIDIA's technology and could influence other companies' decisions regarding chip development [1] - Huang's leadership and strategic moves may solidify his status as a leading figure in the tech industry [1]

周三，Recursion Pharmaceuticals(RXRX.US)盘前股价暴跌，截至发稿，该股跌超13%，报3.46美元。消 息面上，英伟达(NVDA.US)向美国SEC递交的13F文件显示，其在2025年四季度清仓了Recursion Pharmaceuticals。 来源：智通财经网 ...

智通财经APP获悉，周三，Recursion Pharmaceuticals(RXRX.US)盘前股价暴跌，截至发稿，该股跌超 13%，报3.46美元。消息面上，英伟达(NVDA.US)向美国SEC递交的13F文件显示，其在2025年四季度 清仓了Recursion Pharmaceuticals。 ...

美国白宫国家经济委员会主任哈塞特称，美联储还有很大的降息空间。美股三大指数集体高开，纳指涨 0.23%，标普500指数涨0.24%，道指涨0.16%。 (格隆汇) 英伟达涨近2%，Meta与英伟达建立多年战略合作伙伴关系，将部署数百万颗英伟达芯片。 西部数据涨2.8%，闪迪跌2.4%，西部数据拟出售部分闪迪股份，筹资31.7亿美元用于削减债务。 网络安全公司Palo Alto Networks跌9.4%，下调全年调整后每股盈利指引。 ...

来源：智通财经网 周三，英伟达(NVDA.US)股价盘前走高，截至发稿，该股涨超2%，报188.74美元。消息面上， Meta(META.US)已同意在未来几年内部署"数百万"英伟达芯片，进一步巩固这两家人工智能行业巨头之 间本已紧密的合作关系。根据此前发布的声明，Meta承诺将使用更多来自英伟达的AI处理器和网络设 备。同时，Meta还将首次在其独立计算机的核心部件采用英伟达的Grace CPU。此次部署将涵盖基于英 伟达当前Blackwell架构，以及即将推出的Vera Rubin设计的AI加速器产品。 ...

智通财经APP获悉，周三，英伟达(NVDA.US)股价盘前走高，截至发稿，该股涨超2%，报188.74美元。 消息面上，Meta(META.US)已同意在未来几年内部署"数百万"英伟达芯片，进一步巩固这两家人工智能 行业巨头之间本已紧密的合作关系。根据此前发布的声明，Meta承诺将使用更多来自英伟达的AI处理 器和网络设备。同时，Meta还将首次在其独立计算机的核心部件采用英伟达的Grace CPU。此次部署将 涵盖基于英伟达当前Blackwell架构，以及即将推出的Vera Rubin设计的AI加速器产品。 ...

Core Insights - Nvidia is expanding its role in the AI ecosystem beyond just hardware, venturing into physical AI robotics platforms like GR00T and Jetson Thor, indicating a shift towards a more comprehensive AI infrastructure [1] - U.S. firms are projected to spend over $650 billion on capital expenditures for AI initiatives, positioning Nvidia and its competitors to benefit significantly from this investment trend through 2026 [1] - Nvidia has received approval to sell chips in the Chinese market, which presents additional growth opportunities despite limited immediate expectations from that region [1] Company Developments - Nvidia is recognized as a leader in AI technology, particularly in GPU production, and is now also focusing on software and platform development for physical AI and robotics [1] - The company is seen as a key enabler in the robotics sector, with products like GR00T and Jetson Thor poised to play significant roles in the upcoming physical AI revolution [1] - Nvidia's stock is currently viewed as undervalued at approximately 45 times trailing price-to-earnings (P/E), suggesting it may be an attractive investment opportunity despite market hesitations [1] Industry Trends - The AI infrastructure buildout is expected to accelerate, with significant capital being allocated by U.S. firms, which could lead to a robust growth phase for companies like Nvidia [1] - The market is entering a "show-me" stage, where investors are looking for tangible returns on the substantial investments being made in AI technologies [1] - The potential for a physical AI ecosystem is highlighted, with Nvidia positioned to lead this transformation, indicating a shift from theoretical applications to practical implementations in robotics [1]

来源：第一财经 【时政新闻】 ①俄美乌日内瓦会谈结束，俄代表团团长称会谈艰难但务实； ②美政府移民政策支持率创新低，国土安全部发言人离职； ④欧洲央行行长拉加德据悉将在8年任期结束前离职； ⑤美联储将于北京时间周四凌晨3点公布货币政策会议纪要； 【市场动态】 ①美股三大股指期货齐涨，截至发稿，道指期货涨0.23%，标普500指数期货涨0.4%，纳指期货涨 0.5%； ②欧洲主要股指集体上涨，截至发稿，英国富时100指数涨1%，法国CAC40指数涨0.48%，德国DAX30 指数涨0.81%，欧洲斯托克50指数涨0.75%； ③国际金银价格上涨，现货黄金日内涨1.65%，报4956.5美元/盎司；现货白银大涨4%，报76.47美元/盎 司； ④国际油价持续走高，WTI原油期货日内涨2.54%，报63.84美元/桶；布伦特原油期货涨2.51%，报69.11 美元/桶； 【公司新闻】 ①英伟达和Meta宣布建立多年战略合作伙伴关系，双方合作涵盖本地部署、云端和AI基础设施。英伟 达美股盘前涨超2%，Meta Platforms跌0.4%； ②伯克希尔哈撒韦将其在苹果公司的持股比例削减4.3%，至2.279亿股； ③ ...

Market Overview - The S&P 500 saw four of its eleven sectors finish higher, indicating a slight edge for bullish sentiment despite the market's overall stagnation [1] - The Dow and S&P have not closed above key levels of 50,000 and 7,000 respectively, with the market breadth expanding as more sectors take the lead [2] Sector Performance - Energy has been the best-performing sector of the year, with consumer staples also gaining traction [2] - Current leadership is characterized as late bull cycle leadership, with a need for technology to regain its leading position [3][4] Technology Sector Insights - The "Magnificent Seven" tech stocks have underperformed, with six of the seven reporting solid earnings but lacking follow-through in price action [5][6] - Nvidia, in particular, has been consolidating without significant movement over the past several months, raising concerns about its upcoming earnings report [6][8] Investment Strategy - Retail investors are advised to consider diversification in their portfolios, especially as some tech stocks show signs of potential underperformance [11][14] - The IGV index, which is down around 79, is suggested as a potential area for investment, indicating a possible relief rally [12][13] Market Dynamics - The S&P equal weight index is breaking out and making new highs, while the NASDAQ has experienced five consecutive weeks of decline, a situation not seen since 2022 [15][16] - A potential correction of 5-10% is anticipated, with the S&P still not far from its highs, while the NASDAQ is closer to its correction levels [16][17] Conclusion - The market is currently in a wait-and-see mode, particularly regarding technology stocks, which need to stabilize for broader market leadership to emerge [18]