Core Viewpoint - Moody's AI business is facing short-term challenges, with market concerns about its conversion efficiency directly reflected in stock performance [1] Stock Performance - Recent significant pullback: Moody's stock price has experienced increased volatility over the past week, closing at $426.44 on February 13, with a single-day increase of 2.73%, but a year-to-date decline of 16.52% and a 5-day drop of 5.76%. Trading volume surged to 3.9395 million shares on February 10, indicating concentrated selling pressure [2] - Valuation pressure highlighted: The current price-to-earnings ratio (TTM) stands at 34.31, above the industry average. High expectations from Wall Street may lead to a chain reaction of sell-offs if institutions downgrade their ratings [2] Company Fundamentals - Imbalance between investment and returns: To maintain its AI platform "Moody's Dash" in collaboration with Microsoft, Moody's needs to continuously invest in cloud computing power and talent resources. However, clients are struggling to accept price increases due to profit pressures, resulting in stagnation or slight decline in return on assets (ROA) [3] - Unclear revenue contribution: In Q3 2025, revenue from Moody's Analytics (MA) grew by 9.4% year-over-year, but AI business revenue details were not disclosed separately, raising market concerns about its ability to offset the slowdown in traditional rating business [3] - External risks compounded: The private credit market has surpassed $2 trillion, and a wave of defaults could negatively impact the MA segment's valuation. Additionally, the ESG rating business faces stringent regulatory scrutiny, and localization policies in emerging markets are squeezing growth opportunities [3] Institutional Perspectives - Short-term cautious sentiment: Although the proportion of buy or hold ratings among institutions rose to 67% in February 2026, the economic observation suggests that the stock price pullback reflects a market re-evaluation of the investment-output imbalance in the AI business rather than substantial support [4] - Key verification points: Investors need to closely monitor the Q1 2026 financial report for progress in AI business revenue conversion and cost control, particularly whether the AI platform can achieve commercial breakthroughs [4] - Moody's AI business, while having long-term potential due to technological investments, faces multiple pressures in the short term, including high costs, insufficient pricing power, and headwinds from traditional business, leading to stock price pressure. Market sentiment and valuation adjustments primarily revolve around doubts regarding AI conversion efficiency [4]

Market Overview - Stocks are higher due to cooler than expected inflation data, although there has been a recent sell-off [1][2] - The Nasdaq composite and S&P 500 are up, with real estate, healthcare, and utilities leading the gains as investors rotate away from tech [2] - Walmart reached an all-time high, while Visa, Nvidia, and Apple saw declines [3] Inflation and Economic Indicators - January's consumer price index (CPI) showed slower inflation, the lowest since May, with improvements in food and energy prices [6][7] - Services inflation remains high, indicating persistent inflationary pressures [7][22] - The unemployment rate dropped to 4.3%, with job growth concentrated in healthcare and social assistance sectors [9][10] Federal Reserve Outlook - Chicago Fed President Austin Goulby emphasizes the need for more progress on inflation before considering further rate cuts [28][29] - Core inflation is projected to remain around 3%, which is above the Fed's target [30][31] - The Fed is cautious about making premature rate cuts, focusing on actual inflation and employment data [21][26] Sector Performance - Semiconductor and software stocks are showing mixed performance after a recent sell-off [4][5] - Defensive sectors like consumer staples and utilities are gaining traction as investors seek stability amid market volatility [57] - AI disruption fears are impacting various industries, including transportation and real estate, as companies adapt to new technologies [51][52] Company Highlights - Rivian reported better-than-expected Q4 results, achieving its first annual gross profit and strong guidance for future vehicle deliveries [63][64] - Applied Materials, a major supplier of chipmaking equipment, has seen significant stock gains due to increased demand driven by AI investments [70][71] - American Superconductor is focusing on enhancing grid reliability and power quality to meet rising electricity demands [81][82]

Group 1 - The Hong Kong stock market saw a net inflow of 202.19 billion HKD from northbound trading, with 114.77 billion HKD from the Shanghai Stock Connect and 87.43 billion HKD from the Shenzhen Stock Connect [2] - The most net bought stocks included the Tracker Fund of Hong Kong (02800), Alibaba-W (09988), and Tencent (00700), while the most net sold stocks were Longi Green Energy (601869) and CNOOC (00883) [2][8] - Northbound trading showed significant interest in semiconductor stocks, with Huahong Semiconductor (01347) and SMIC (00981) receiving net purchases of 8.46 billion HKD and 5.73 billion HKD respectively [6] Group 2 - Tencent Holdings (00700) had a net inflow of 22.00 billion HKD, with total trading volume reaching 35.63 billion HKD [3] - Alibaba-W (09988) received a net inflow of 20.13 billion HKD, with a total trading volume of 28.70 billion HKD [3] - Meituan-W (03690) saw a net inflow of 10.35 billion HKD, with a total trading volume of 14.60 billion HKD [3] Group 3 - Huahong Semiconductor reported a fourth-quarter revenue of 659.9 million USD, a significant quarter-on-quarter increase of 22.4%, with a gross margin of 13.0% and a net profit of 34.1 million USD, reversing a previous loss [6] - SMIC also reported strong performance, contributing to the positive sentiment in the semiconductor sector [6] - CNOOC (00883) faced a net outflow of 1.43 billion HKD amid geopolitical tensions and market shifts towards supply-demand dynamics [7]

Core Viewpoint - The recent volatility in RJF.N's stock price is primarily driven by concerns over AI tools disrupting the wealth management sector, particularly following the launch of Altruist's AI-driven tax planning tool, Hazel [1] Stock Performance - RJF.N's stock exhibited a volatility of 12.84% over the past week, with a peak price of $174.14 on February 10 and a low of $152.03 on February 12 [2] - On February 10, trading volume surged to $672 million, with a turnover rate of 2.12%, before dropping to $201 million on February 13, with a volume ratio of 0.53 [2] - As of February 13, the stock closed at $158.68, reflecting a cumulative decline of 7.82% over five days [2] Financial Report Analysis - During the earnings call on February 11, RJF.N projected a 6.5% quarter-over-quarter growth in asset management and related management fees for Q1 of fiscal year 2026, while maintaining a target of over 20% for adjusted pre-tax profit margin [3] - The company plans to increase investments in AI technology, expand its financial advisor recruitment, and advance the acquisition and integration of boutique investment bank Greensledge to adapt to industry changes [3] Institutional Perspectives - Analysts have differing views on the impact of AI disruption; Citizens analysts suggest that the sell-off may be an overreaction to short-term sentiment, indicating that AI is more likely to expand rather than completely replace human advisory services [4] - Royal Bank of Canada maintained a "Buy" rating for RJF.N on February 14, raising the target price from $168.2 to $182.16, highlighting the company's long-term growth potential [4]

Financial Performance - Company reported Q2 FY2026 results with revenue of $3.297 billion and adjusted EPS of $8.85, exceeding market expectations [1] - Guidance for Q3 indicates revenue between $3.35 billion with a fluctuation of $150 million and non-GAAP EPS of $9.08 with a fluctuation of $0.78, which was perceived as moderate growth, failing to meet high expectations for AI-driven growth [1] Stock Performance - As of February 11, 2026, stock price showed significant volatility, with a drop of 3.56% on February 4 and a rebound of 8.41% on February 6, reflecting market divergence on guidance [2] Institutional Perspectives - Citigroup and JPMorgan maintain positive ratings (such as "Buy" or "Overweight"), believing that demand for AI infrastructure and high bandwidth memory (HBM) will support long-term growth [3] - Huachuang Securities cautions that despite expected growth in the global wafer fab equipment market for 2026, fluctuations in equipment procurement pace may impact short-term performance [3] - Company’s revenue guidance indicates that approximately 27% of revenue will come from the China region, highlighting the importance of regional demand changes [3] Future Development - The semiconductor industry continues to see demand for advanced processes, HBM, and advanced packaging, with the company's investments in wafer foundry and memory sectors likely to be focal points for future events [4] - Company executives emphasized opportunities in AI-related infrastructure development as a driver for business growth [4]

经济观察网亚舍立科技(ACLS.OQ)股价在2026年2月13日显著上涨，单日涨幅达4.43%，收盘价报94.55 美元，盘中最高触及95.55美元，振幅4.47%。当日成交额约1.02亿美元，换手率3.54%，表现远优于美 股半导体板块(-0.32%)和纳斯达克指数(-0.22%)。 公司于2月13日发布了2026年财务展望及新产品进展，明确提到与Veeqo的合并计划、新产品推出(如 Purium Power plus系列和GSD Ovation es高能注入机)，以及化合物半导体因AI和电气化需求的增长预 期。管理层预计2026年第一季度营收将与2025年第四季度持平(约2.15亿美元)，这一积极信号直接提振 了市场情绪。 以上内容基于公开资料整理，不构成投资建议。 行业与大盘：近7天(截至2月13日)亚舍立科技股价累计上涨10.86%，而同期美股半导体板块下跌 0.78%，公司股价显著跑赢行业均值。 近期事件 资金动向：2月13日成交量放大至108.56万股，量比1.77，反映资金活跃度明显提升。 股价与资金表现 ...

Product Development - Intel plans to officially launch the next-generation desktop processor, codenamed Nova Lake, in Q4 2026, along with the 900 series chipset motherboards, which will involve interface changes and performance enhancements [1] Project Progress - The collaboration with customers for Intel's 14A process is expected to be finalized in the second half of 2026, which may drive growth in the foundry business [2] Business and Technology Development - Intel is collaborating with SoftBank subsidiary SAIMEMORY to develop a new type of memory technology called ZAM, aimed for debut in 2027, to enhance competitiveness in AI and high-performance computing [3] Industry Status - The competition between AMD and Intel in the CPU market is intensifying in 2026, with AMD publicly questioning the performance claims of Intel's Panther Lake and other new products [4] Financial Trends - Citigroup reports that Intel's capital expenditures are expected to stabilize in the range of $15 billion to $16 billion in 2026, supported by improvements in the foundry customer pipeline [5] Industry and Risk Analysis - Samsung plans to achieve large-scale production of glass substrate chip packaging by 2026, which may pose competition to Intel in the advanced packaging sector [6]

Group 1 - The core focus of Brookfield Asset Management is on strategic expansion and business progress, including negotiations to acquire Spanish real estate company Fidere for approximately €1 billion [1] - The company is advancing its AI strategy, launching its own cloud business by December 31, 2025, to reduce AI development costs, and linking it to a newly established $10 billion AI fund [1] - Brookfield is also involved in a $100 billion AI infrastructure initiative in collaboration with NVIDIA and the Kuwait Investment Authority, with a $10 billion AI investment in Sweden expected to enter the implementation phase in 2026 [1] Group 2 - The company is set to declare a dividend of $0.5025 per share on February 27, 2026, with the payment date scheduled for March 31, 2026 [1] - Analysts maintain a positive outlook on Brookfield Asset Management, with Canaccord Genuity reiterating a "buy" rating and a target price of $74, citing the company's AI infrastructure positioning and capital operation capabilities as drivers for long-term growth [2]

Core Viewpoint - Qualcomm reported its Q1 FY2026 earnings, meeting expectations but facing margin pressure, while accelerating its AI chip initiatives and completing several acquisitions to enhance edge AI capabilities [1] Financial Performance - Qualcomm's Q1 FY2026 revenue was $12.25 billion, a 5% year-over-year increase, aligning with market expectations, but gross margin was 54.6%, down 1.2 percentage points year-over-year, primarily due to storage shortages [2] - Mobile business revenue reached $7.8 billion, growing 3.3% year-over-year, but the growth rate has slowed; automotive and IoT segments grew by 14.6% and 9%, respectively [2] - The company provided Q2 FY2026 revenue guidance of $10.2 to $11 billion, below the market expectation of $11.2 billion, and Non-GAAP EPS guidance of $2.45 to $2.65, also below expectations, indicating potential ongoing pressure from storage shortages [2] Business Developments - Qualcomm is accelerating its AI strategy, planning to begin mass production of the AI200 chip in 2026, and has partnered with Saudi AI startup Humain to deploy 200 MW of computing power, which is expected to create potential revenue opportunities [3] - The company is focusing on the AI PC and data center markets, launching the Snapdragon X2 series PC platform to explore new growth avenues [3] Project Progress - In 2025, Qualcomm completed several acquisitions, including the integration of Alphawave and the acquisition of Arduino, aimed at enhancing its edge AI hardware and software stack, thereby improving competitiveness in smart automotive and IoT sectors [4] Fundamental Issues - The storage shortage issue has escalated from "price increase" to "out of stock," which may directly limit mobile business shipment volumes; the company anticipates a year-over-year decline of approximately 13% in mobile revenue for the next quarter, posing a key challenge for the upcoming quarters [5] Institutional Views - Morgan Stanley reinstated a "reduce" rating on Qualcomm on February 10, 2026, with a target price of $132, reflecting market concerns regarding short-term performance [6]

业绩经营情况 2025年合并营收达1222.15亿美元，税后净利551.19亿美元，每股盈余2.13美元。 经济观察网基于最新公告和市场信息，截至2026年2月，台积电(TSM)有以下值得关注的事件动态。所 有信息均来源于公开披露，聚焦于公司运营、财务及战略进展。 近期事件 董事会决议与人事晋升 台积电于2026年2月9日至10日在日本熊本召开董事会，通过八大议案，包括核准2025年财报、股利分 配、资本预算及人事晋升。其中，8位高级管理人员晋升为副总裁或高级副总裁，涉及运营、研发等核 心部门，可能为下一代领导层接班做准备。 2nm制程按计划于2025年第四季度末量产，2026年将加速推进；AI处理器业务预计2024-2029年复合增 长率达50%以上。 公司强调当前产能瓶颈在于晶圆供应，而非电力限制。 2026年1月合并营收为新台币4,012.55亿元(约合127亿美元)，同比增长36.8%，创单月历史新高。 2026年第一季度营收指引为348亿至358亿美元，同比增长38%，毛利率预计63%-65%。 公司状况 2026年股东常会定于6月4日在新竹召开，将讨论年度报告及议案。 项目进展 2026年资本支出 ...