风险提示：以上产品由基金管理人发行与管理，代销机构不承担产品的投资、兑付和风险管理责任。投 资人应当认真阅读《基金合同》、《招募说明书》、《基金产品资料概要》等基金法律文件，了解基金 的风险收益特征，选择与自身风险承受能力相适应的产品。基金过往业绩并不预示其未来表现，基金投 资须谨慎！销售机构（包括基金管理人直销机构和其他销售机构）根据相关法律法规对本基金进行风险 评价，投资者应及时关注基金管理人出具的适当性意见，各销售机构关于适当性的意见不必然一致，且 基金销售机构所出具的基金产品风险等级评价结果不得低于基金管理人作出的风险等级评价结果。基金 合同中关于基金风险收益特征与基金风险等级因考虑因素不同而存在差异。投资者应了解基金的风险收 益情况，结合自身投资目的、期限、投资经验及风险承受能力谨慎选择基金产品并自行承担风险。中国 证监会对上述基金的注册，并不表明其对上述基金的投资价值、市场前景和收益做出实质性判断或保 证。基金投资须谨慎。 MACD金叉信号形成，这些股涨势不错！ 开源证券指出，AI需求可预见性提升，软件侧亦孕育机会，Mid-training有望延续Scaling Law，成为本 轮算力需求延续的底 ...

智通财经APP获悉，英伟达(NVDA.US)上周交出了一份通常会让市场感到兴奋的业绩——其第三季度营 收、利润以及对下一季度的展望均显著高于市场预期，该公司首席执行官黄仁勋也发声驳斥"AI泡沫 论"。不过，正当投资者庆祝围绕AI交易的这场动荡稍事喘息之际，《大空头》原型人物、Scion资产管 理公司创始人迈克尔·伯里再度对英伟达和AI泡沫进行抨击。 这位广为人知的对冲基金经理，因精准预言2008年美国次贷危机、并利用信用违约掉期大举做空次级抵 押贷款债券而成为市场传奇。这笔押注为他本人带来了近1亿美元收益，为其投资者赚取了7亿至7.25亿 美元。在业内，迈克尔·伯里以极度逆向投资而闻名，他能够忍受巨大的回撤，并在数年之后取得胜 利。 在经历了长达数年的淡出公众视野后，迈克尔·伯里于今年11月重新回到公众视野。他此前多次警告 称，美股科技估值存在由AI驱动的泡沫。他披露了对英伟达和Palantir(PLTR.US)的空头头寸，同时指责 主要的AI支出方对其数据中心资产的折旧情况进行了不实陈述。 值得一提的是，就在近日，迈克尔·伯里突然宣布基金"清盘"，他旗下管理的Scion资产管理公司已从美 国证券交易委员会( ...

文丨编辑 来科点谱 «——【·前言·】——» 英伟达一天之内没了一万亿人民币市值，这事儿得从美国密苏里州的操作说起，11月20日当地共和党政 客突然发狠，写信给白宫要联邦政府向中国 "催债"，张口就要250亿美元。 可这时候中美关系刚有点缓和，釜山会谈的余温还在，芬太尼和关税谈判正推进，这一闹直接让局面紧 绷，更怪的是，换以前早骂翻天的特朗普这次居然闭了嘴。 把这三件事凑一块儿就看明白了，美国内部闹得厉害，这哪是要债，分明是故意添乱，逼着特朗普表 态。 中美刚要缓和，就有人点火 一切还要从那个让人搞不懂的"转弯"说起，自釜山会谈之后，太平洋两岸的风向确实变了，不论是美国 总统特朗普，还是防长赫格塞斯，近期在公开场合的口风都软了下来。 他们开始频繁提一个不太像"鹰派"会说的话：和中国合作能让美国变得更强大。 这不是客套话，如果你去看最近的政策清单，会发现双方在港口收费标准、关税豁免、甚至芬太尼相关 化合物的出口监管上，都开始实际地互换筹码。 哈纳威是法学出身，不可能不知道，但她偏偏挑在中美刚见缓的时候，把这具"僵尸"从土里刨出来亮给 公众看，政治动机明显远大于法律意义。 问题是，不管中国还是特朗普政府，对这种长 ...

Market Overview - The current market is perceived as overvalued, with the S&P 500 trading at approximately 2.5 standard deviations above its 50-month moving average, indicating a potential for correction [1][5] - The S&P 500 is heavily concentrated, with 40% of the index in the top 10 stocks and over 35% in the technology sector, raising concerns about future returns [5][10] Historical Context - The comparison to the dot-com bubble of 1999/2000 is significant, as the S&P 500 fell at an annual rate of 14.5% from 2000 to 2002, while the NASDAQ experienced a decline of over 32.6% [4][6] - During the 2000-2002 bear market, alternative assets such as gold, commodities, and certain sectors like healthcare and energy provided positive returns, contrasting with the overall market decline [6][7] Current Investment Landscape - Currently, large-cap value stocks are trading at nearly 17 times 2026 earnings, which is cheaper than the overall index but still not historically low [8] - US high-quality small-cap value stocks are more reasonably priced at about 13 times forward earnings, with mid-cap stocks slightly higher at 14 times [9] - International developed stocks are trading at 15 times forward earnings, with international value stocks at just 11 times, indicating potential investment opportunities outside the US [10] Sector Performance - Recent performance shows that sectors such as healthcare, consumer staples, energy, and real estate have outperformed the S&P 500 and NASDAQ during the recent market correction [11] - Specific ETFs in healthcare and consumer staples have shown positive total returns, while technology and consumer discretionary sectors have underperformed [12][14] Future Considerations - The potential success of AI technology is a key factor for companies that have heavily invested in AI infrastructure, with the risk that current stock prices may already reflect anticipated gains [19] - The market may be experiencing a shift as the initial hype around AI begins to fade, with notable declines in stocks like Meta and Microsoft since their peaks [18][19]

有趣的是，前不久英伟达公布一份亮眼的财报，但随后股价蒸发超过2万亿美元，一次股价波动就是万 亿级别，600亿美元的营业额，要支撑50000亿美元的市值，谁看了都觉得不正常。巨大的AI泡沫，撑 着美国股市。英伟达要忽悠讲故事，它需要中国市场，让中国接盘救市。这玩意就跟比特币一样，你不 去掺和不去接盘啥事没有，让他们自己玩就好了。让他们左右互搏，左脚踩右脚原地飞升吧。 就在一周前，这家芯片巨头因市场需求萎缩导致市值单日蒸发230亿美元，创下公司历史第二大跌幅。 但诡异的是，中国市场对此反应冷淡，A股半导体板块甚至逆势上涨1.2%。这个局面其实说明了，中国 的AI芯片市场早已不是两年前的格局，那些被"卡脖子"逼出来的本土企业，正在用实实在在的技术获得 突破。为了应对美国禁令，中国企业加速了替代方案的研发，仅2024年就有16款国产AI芯片流片成 功，其中8款性能达到国际主流水平。美国政府的禁令，一定程度也给国产芯片企业腾出了市场空间。 面对中国市场的变化，英伟达将希望寄托在H200身上。但这种阉割版的H200，又国内互联网企业测试 过，其性能比宣传的低20%，功耗也很高，对中国企业来说吸引力有限，而且安全问题他们也 ...

华尔街本以为英伟达公司（NVDA）的爆赚财报能安抚投资者对人工智能（AI）股泡沫的担忧，但事与 愿违。 如今，AI相关交易究竟处于何种境地？答案因人而异。 在英伟达财报发布后的上周四，股市的剧烈波动凸显了这种不确定性。这家芯片巨头的股价起初暴涨逾 5%，带动一众其他AI概念股走高，随后却调转方向，收盘下跌3.2%。标普500指数（SPX）和纳斯达克 100指数（NDX）也随之起伏，开盘上涨后迅速抹去涨幅，最终大幅收跌。 当前市场分为两大阵营，一方是怀疑论者，另一方是乐观主义者，双方观点针锋相对。 怀疑派：担忧估值、债务与系统性风险 乐观派：视回调为健康信号，坚信增长才刚开始 "需求强劲的确定性起初引发了一波缓解性反弹，但投资者现在开始追问后续问题：能源需求如何解 决？利润率情况怎样？投资回报率（ROI）有多少？"Apeira Capital Advisors管理合伙人娜塔莉·黄 （Natalie Hwang）表示，"只要市场仍有未解之惑，缓解性反弹就难以持续。" 上周五，投资者终于获得些许喘息，主要股指早盘在涨跌之间摇摆后，果断转为上涨。 两极对立：怀疑派警惕泡沫风险，乐观派看好长期增长 怀疑论者担心，随着投 ...

Core Viewpoint - Nvidia's recent earnings report alleviated investor concerns regarding a slowdown in AI, showcasing a 62% year-over-year revenue increase and an EPS rise from $1.08 to $1.30, exceeding analyst expectations [1][2]. Company Performance - Nvidia's stock has not reacted positively to the strong earnings report, indicating ongoing investor fears about the direction of AI spending [2]. - The company's market capitalization stands at $4,347 billion, with a current stock price of $178.88, reflecting a slight decrease of 0.97% [4][5]. Industry Context - Nvidia plays a crucial role in the AI sector by designing GPUs that power advanced AI applications, with major partnerships with companies like Amazon and Microsoft [3]. - The emergence of generative AI has significantly altered Nvidia's trajectory, transforming it into a leading chip company, which was not anticipated a decade ago [5]. Investment Insights - A historical perspective shows that a $100 investment in Nvidia ten years ago would now be worth approximately $23,000, highlighting the company's substantial growth potential [5]. - Despite current stock performance, Nvidia is expected to continue creating shareholder value in the long term, albeit at a slower growth rate [6].

Small deep value individual investor, with a modest private investment portfolio, split approx. 50%-50% between shares and call options. I have a B.Sc. in aeronautical engineering and over 6 years of experience as an engineering consultant in the aerospace sector. The latter statement is not relevant in any way whatsoever to my investment style, but I thought to add it for self-indulgent purposes. I have a contrarian investment style, highly risky, and often dealing with illiquid options. How illiquid? Well ...

Small deep value individual investor, with a modest private investment portfolio, split approx. 50%-50% between shares and call options. I have a B.Sc. in aeronautical engineering and over 6 years of experience as an engineering consultant in the aerospace sector. The latter statement is not relevant in any way whatsoever to my investment style, but I thought to add it for self-indulgent purposes. I have a contrarian investment style, highly risky, and often dealing with illiquid options. How illiquid? Well ...

Group 1 - Indian shares are expected to open positively, influenced by strong cues from other Asian markets and optimism regarding potential Federal Reserve rate cuts and Nvidia AI chip sales to China [1] - A potential U.S.-India trade deal and portfolio outflows may provide support ahead of key economic data releases, including fiscal deficit, industrial output, and GDP growth for July-September [2] - Canada and India have agreed to restart stalled trade deal negotiations, marking a significant diplomatic breakthrough [2] Group 2 - Asian markets experienced gains, with Japan closed for a holiday, while oil prices continued to decline due to concerns over increased crude flows from a potential Ukraine-Russia peace deal [3] - Gold prices fell to approximately $4,050 per ounce as investors await U.S. economic data for clearer insights into the Federal Reserve's policy outlook [4] - U.S. stocks saw a rally on Friday, with the Dow up 1.1%, Nasdaq Composite up 0.9%, and S&P 500 up 1%, despite concerns over a potential bubble in AI stocks [5] - Improved consumer sentiment and decreasing inflation expectations were welcomed by investors, while European stocks fell due to weak regional economic data [6]