如果用一句话概括当前的美股市场，那就是：AI正在"令人窒息"地统治一切。 据追风交易台，摩根大通资产管理公司（JPMAM）在1月1日发布的2026年展望报告《令人窒息的高 度》（Smothering Heights）指出，自2022年ChatGPT发布以来，标普500指数中65%至75%的回报、利润 增长和资本支出，仅仅源自42家与生成式AI相关的公司。剥离这42家公司，美股的表现甚至不如欧 洲、日本和中国。更惊人的是，科技行业的资本支出在过去三个季度中贡献了美国GDP增长的 40%-45%，而2023年前三季度这一比例还不到5%。 这是一场史无前例的豪赌。由英伟达的芯片设计、台积电的制造和ASML的光刻机构成的"护城河"似乎 坚不可摧。仅仅4家半导体公司和4家超大规模云厂商的市值已从七年前的3万亿美元膨胀至今天的18万 亿美元，占据了全球股市市值的16%。然而，当市场处于极度集中和历史高位时，投资者必须问的问题 不再是"还有什么利好"，而是"什么会出错"。 摩根大通资管在报告中明确指出了两大可能引发市场清算的中期风险：一是巨额资本支出后的盈利兑现 危机（类似"元宇宙"式的崩塌），二是美国电力基础设施的物理瓶 ...

格隆汇1月6日｜美国银行全球研究将ASML美股价格目标从1331美元上调至1385美元；将ASML欧股价 格目标从1158欧元上调至1205欧元。 ...

Group 1 - The core viewpoint of the articles highlights the strong performance of semiconductor equipment companies in the U.S. stock market, driven by anticipated returns from investments in artificial intelligence (AI) infrastructure, which are expected to benefit manufacturing equipment suppliers following the semiconductor sector [1][2] Group 2 - ASML's stock price increased by 8.78% on January 2, closing at $1228.19, supported by its dominant position in EUV exposure equipment through partnerships with major semiconductor manufacturers like Samsung and SK Hynix [1] - Lam Research's stock also showed strong momentum, rising 8.11% on January 2 and closing up 5.24%, as it leads the global etching equipment market [1] - Applied Materials (AMAT) saw its stock rise by 4.62% on January 2 and an additional 5.75% on the same day, with its products covering deposition and etching equipment [1] - KLA's stock performance was robust as well, with increases of 4.89% and 6.12% on consecutive trading days [1] Group 3 - Bernstein raised ASML's target stock price from $935 to $1528 and upgraded its investment rating from "neutral" to "outperform," citing demand for equipment from semiconductor companies expanding their factories [2] - Morgan Stanley predicts that the supply shortage will persist this year due to surging demand for AI chips, rating AMAT as a top priority stock [2] - Bank of America forecasts that global semiconductor sales will exceed $1 trillion this year [2]

Group 1: Precious Metals Surge - Precious metals experienced a significant surge, with spot gold rising over 2% to surpass $4420 per ounce, and spot silver increasing by more than 5% to exceed $76 per ounce [1] - Other precious metals also saw substantial gains, with both platinum and palladium rising over 5% [1] Group 2: Market Indices Performance - The Dow Jones Industrial Average expanded its gains to 1.2%, reaching an intraday all-time high, while the S&P 500 index rose by 0.58% and the Nasdaq Composite index increased by 0.66% [2] - Energy stocks led the market, with Schlumberger rising over 7% and Chevron increasing by more than 6% [3] Group 3: Technology Sector Highlights - The technology sector saw broad gains, with TSMC's stock price increasing by 3.4% to $330 per share, marking a new historical high and a total market capitalization of $1.7 trillion [4] - Intel's stock rose by over 5%, and ASML's stock also hit a record high with an increase of more than 5%, bringing its market capitalization to $475 billion [4] - Nvidia and Tesla both saw stock increases of over 1.5% [4] Group 4: Bitcoin and Ethereum Trends - Bitcoin rose to $93,220.8, marking a 2.22% increase over the past 24 hours, reaching a three-week high, while Ethereum increased to $3,168.62, up 1.08% in the same timeframe [6]

Market Performance - The S&P 500 rose 0.19% to 6,858.54, while the Dow Jones Industrial Average climbed 0.66% to 48,382.38, indicating strong performance in blue-chip stocks [1] - The Nasdaq Composite slipped 0.03% to 23,235.63, reflecting softness in the tech sector [1][2] Sector Analysis - Cyclical and industrial strength contributed to the Dow's outperformance, while the Nasdaq experienced a decline from its early gains [2] - Semiconductor stocks showed significant gains, with Sandisk rising 16%, ASML up 9%, and Intel increasing by 7%, driven by optimism regarding AI demand [3] Company-Specific Developments - Tesla's stock fell 3% due to vehicle deliveries falling short of expectations, and BYD has now surpassed Tesla as the world's largest electric vehicle seller [4] - Greg Abel officially took over as CEO of Berkshire Hathaway, succeeding Warren Buffett after his 60-year tenure [4]

*Real-time prices by Nasdaq Last Sale. Real-time quote and/or trade prices are not sourced from all markets. Ownership data provided by LSEG and Estimate data provided by FactSet. About Us Reviews Site Map Your Ad Choices Advertising Contact us IBD Stock Charts IBD Stock Checkup Stock Quotes Stock Market Today The Big Picture My Stock Lists Terms of Use Privacy Notice Accessibility About Us Reviews Site Map Your Ad Choices Advertising Contact us IBD Stock Charts IBD Stock Checkup Stock Quotes Stock Market T ...

Group 1 - Apple has been surpassed by Nvidia as the highest market capitalization company globally, with Nvidia's market cap reaching $4.63 trillion compared to Apple's $4.04 trillion [1][3] - Alphabet, Google's parent company, has risen to third place with a market cap of $3.79 trillion, surpassing Microsoft [3] - The demand for artificial intelligence has significantly benefited chip manufacturers like Broadcom and TSMC, with TSMC being the only non-US company in the global top ten by market cap [3] Group 2 - European companies are lagging behind in market capitalization, with ASML being the highest at approximately $412 billion, ranking 24th globally [5] - Novo Nordisk has seen a significant drop in market position, falling from 24th to 68th due to the loss of competitive advantage of its weight-loss drug Wegovy [5] - In Germany, Siemens and Allianz remain in the top 100, while Deutsche Telekom has fallen out of the list, with T-Mobile ranking 73rd [5] Group 3 - In Switzerland, Roche remains the highest-ranked company with a market cap of $340 billion, while Novartis has improved its position to 46th with a market cap of $295 billion [6] - Siemens Energy has entered the list of companies with a market cap over $100 billion, with a significant stock price increase of over three times since spring [6] - The number of German companies in the global market cap rankings has increased from five to eight, although no German automotive manufacturers are currently listed [6]

Core Viewpoint - The recent announcement by the U.S. to impose tariffs on Chinese semiconductors is seen as an attempt to hinder China's chip development, but it may inadvertently accelerate China's advancements in the semiconductor industry [1][3]. Group 1: Tariff Announcement and Implications - The U.S. has announced a 0% tariff on Chinese semiconductor imports, with plans to increase tariffs starting in June 2027, leaving an 18-month window [3][5]. - This delay suggests that the U.S. is concerned about its domestic companies losing access to the Chinese market while trying to curb China's chip development [5][7]. Group 2: China's Semiconductor Industry Response - China's semiconductor industry, particularly in mature process chips, is reportedly thriving despite U.S. tariffs, with a 30% increase in foundry prices for 14nm processes [9][11]. - The demand for automotive chips in China is projected to exceed 120 billion units by 2025, with domestic self-sufficiency rising from 5% in 2020 to 18% [13][14]. Group 3: Equipment and Technological Advancements - Chinese companies are experiencing significant breakthroughs in semiconductor equipment, with orders for equipment extending to 2027 and a 25% increase in production capacity for major foundries [11][16]. - A Shenzhen laboratory has reportedly developed a prototype EUV lithography machine, a significant advancement in semiconductor manufacturing technology [18][22]. Group 4: Future Outlook and Market Dynamics - The collaborative efforts across China's semiconductor industry are expected to yield a functional EUV chip by 2028, significantly faster than previous global timelines [22][26]. - The U.S. tariffs may ultimately serve as a catalyst for China's semiconductor advancements, as historical trends show that restrictions often lead to accelerated innovation [31][32].

Core Insights - The Artisan Value Fund's third-quarter 2025 performance was positive, with returns of 0.83% for Investor Class ARTLX, 0.91% for Advisor Class APDLX, and 0.90% for Institutional Class APHLX, compared to a 5.33% return for the Russell 1000 Value Index [1] Group 1: Market Context - The equity market rally continued in Q3 2025, driven by strong corporate earnings, increased AI investment, and expectations of economic support from US fiscal policy and lower interest rates [1] Group 2: Company Focus - Thermo Fisher Scientific Inc. - Thermo Fisher Scientific Inc. (NYSE:TMO) is highlighted as a key stock, providing life sciences solutions, analytical instruments, specialty diagnostics, laboratory products, and biopharma services [2] - The stock experienced a one-month return of -0.75% but gained 11.93% over the last 52 weeks, closing at $580.74 per share on December 26, 2025, with a market capitalization of $218.19 billion [2] - Thermo Fisher was one of the top contributors to returns in Q3, alongside Lam Research and ASML, following purchases made during a market downturn [3]

Core Insights - The Artisan Value Fund's third-quarter 2025 performance was positive, with returns of 0.83% for Investor Class ARTLX, 0.91% for Advisor Class APDLX, and 0.90% for Institutional Class APHLX, compared to a 5.33% return for the Russell 1000 Value Index [1] Company Highlights - Lam Research Corporation (NASDAQ:LRCX) was highlighted as a significant stock in the Artisan Value Fund's third-quarter 2025 investor letter, with a one-month return of 15.04% and a 52-week gain of 146.81% [2] - As of December 26, 2025, Lam Research Corporation's stock closed at $178.07 per share, with a market capitalization of $224.552 billion [2] Investment Strategy - The Artisan Value Fund made three new purchases in Q2 2025, including Lam Research Corporation, which became a top contributor to returns in Q3 [3] - Lam Research is recognized as a key global supplier of semiconductor equipment, particularly in the memory (NAND and DRAM) and foundry/logic markets [3] - The company has a solid financial condition with a net cash balance sheet and returns 100% of earnings to shareholders through share repurchases and dividends [3] - At the time of initial purchase, Lam Research was valued at a 17X P/E on cyclically depressed earnings, which was considered an attractive valuation given the business's compounding nature [3]