来源：芝麻AI 一、国际新闻 国际贵金属市场波动显著，现货黄金日内经历震荡，先后突破4870美元/盎司（日内跌0.14%）和4880美 元/盎司（日内涨0.05%），纽约期金则失守4870美元/盎司（日内跌0.75%）、4880美元/盎司（日内跌 0.52%），并一度突破4900美元/盎司（日内跌0.11%）[1][2][3][4][5]。 此前，现货黄金曾失守4850美元/盎司（日内跌2.93%）和4860美元/盎司（日内跌2.71%），纽约期金同 步下探至4860美元/盎司（日内跌3.72%）和4870美元/盎司（日内跌3.50%），受此影响，美股金矿股普 跌，金罗斯黄金、金田公司、盎格鲁黄金阿散蒂等企业股价跌幅超4%[6][7][8][9][10][11]。 能源市场方面，布伦特原油失守67美元/桶（日内跌2.43%），WTI原油失守62美元/桶（日内跌 1.21%），油价下跌与伊朗和美国核谈判取得进展有关，市场风险溢价削弱[12][13][14]。 Meta与英伟达达成多年协议，将采购数百万颗Blackwell、Rubin GPU及Grace、Vera CPU，以扩建AI数 据中心，双方还将共同设计下 ...

每经编辑｜程鹏 陈鹏程 王瀚黎 标题点睛 美股深V反弹！2月18日，美股三大指数均小幅收涨，纳指涨0.14%，标普500指数涨0.1%，道指涨0.07%。大型科技股涨跌不一，苹果涨超3%，英伟达、 亚马逊涨超1%，奈飞小幅上涨；谷歌、特斯拉、微软、英特尔跌超1%，Meta小幅下跌。COMEX黄金期货跌2.33%报4896.10美元/盎司，COMEX白银期 货跌3.93%报73.55美元/盎司。WTI原油期货结算价报62.33美元/桶，跌幅0.89%。布伦特4月原油期货结算价收报67.42美元/桶，跌幅1.79%。 据伊朗方面17日消息，作为"智能管控霍尔木兹海峡演习"的一部分，霍尔木兹海峡部分区域将关闭数小时，以确保航行安全。17日，伊朗伊斯兰革命卫队 海军军演的主要阶段在霍尔木兹海峡展开。 2月17日，千问App宣布春节活动再加码：即日起，所有人用千问一句话下单均可享每天首单必减，最低3.8元，同时还能叠加使用淘宝闪购、飞猪、大麦 等平台的原有优惠。 2026年2月17日，大年初一，《流浪地球》官方微博发布拜年视频，吴京、郭帆、刘德华、沈腾出镜给大家拜年，视频末尾，《流浪地球3》官宣定档2027 年大年初一 ...

I want to take this article to consolidate some of my thoughts about the recent volatility in the markets. When Anthropic released its latest version of Claude Cowork and Claude Opus 4.6, it basically caused many sectors to go into what I would call “repricing mode”. Markets absorb new information and tries to price the companies accordingly be it higher and lower. The challenge for you and me is to gauge if markets were being too pessimistic or that actually it’s right. It is just that Kyith have not full ...

华见早安之声 市场概述 AI担忧仍存，美股日内显著震荡，标普500盘中一度下跌接近1%，尾盘回升，最终收涨0.1%。软件股ETF下挫2.2%。苹果涨超3%。甲骨文跌超3.8%。 美债收益率小幅上行。10年期美债收益率上涨1个基点，2年期上行超3基点、盘中一度跌至2022年7月以来的最低，随后反弹。 美元倒V走势，盘中曾涨近0.5%。英镑一度跳水约1%，英国失业率创五年新高，英国央行降息概率上升。 受亚洲市场春节休市影响，贵金属缺乏买盘支撑。黄金盘中下挫2.2%、失守4900美元关口。COMEX白银期货跌超5.7%，COMEX铜期货跌超2%。伊美就谈 判"指导原则"达成一致，原油一度跌近3%。 要闻 中国 宇树机器人春晚武术表演再炸场，王兴兴：高动态高协同集群控制技术全球首秀。 海外 伊朗外长称就伊美就谈判"指导原则"达成一致，布油一度跌近3%。伊朗谈判新策略曝光：与美联合开发油气田、矿区，采购美飞机，"让美国能 快速获得高额经济回报"！ 特朗普宣布5500亿美元日本投资正式启动，首批聚焦油气、发电、关键矿产。 Anthropic又"踢馆"！Sonnet 4.6操作电脑接近人类，性能堪比旗舰模型、定价仅1/5。 ...

Market Overview - Concerns about AI persist, leading to significant fluctuations in the US stock market, with the S&P 500 dropping nearly 1% intraday before closing up 0.1% [2] - The software stock ETF fell by 2.2%, while Apple rose over 3% and Oracle dropped more than 3.8% [2] - US Treasury yields saw a slight increase, with the 10-year yield rising by 1 basis point and the 2-year yield up over 3 basis points [2] - The dollar exhibited a "V" shaped movement, rising nearly 0.5% intraday, while the British pound dropped about 1% due to a five-year high unemployment rate in the UK [2] - Gold prices fell 2.2%, dropping below $4900 per ounce, and COMEX silver futures declined over 5.7% [2] Key News - Apple is accelerating the development of three new wearable devices: AI glasses, a pendant, and a camera version of AirPods, with plans to integrate them with Siri [5] - Meta is increasing its investment in Nvidia, planning to deploy millions of chips over the coming years and will use Nvidia's Grace CPU for the first time [15] - Berkshire Hathaway has reduced its holdings in Apple and Bank of America while initiating a position in The New York Times [15] - Hillhouse Capital has increased its positions in Pinduoduo and Alibaba while reducing holdings in Baidu and Webull, indicating a more concentrated portfolio [16] International Developments - Iran's foreign minister announced an agreement on "guiding principles" for negotiations with the US, leading to a nearly 3% drop in Brent crude oil prices [13] - Former President Trump announced a $550 billion investment in Japan, focusing on oil, power generation, and critical minerals [13] - Anthropic has released the Sonnet 4.6 model, which operates computers nearly as well as flagship models but is priced at only one-fifth of the cost [14] - BHP reported a nearly 30% increase in profits, with copper business surpassing iron ore as the largest profit source for the first time [21]

Market Performance - US stock indices experienced slight gains, with the Nasdaq up 0.14%, S&P 500 up 0.1%, and Dow Jones up 0.07% [4] - Major tech stocks showed mixed results, with Apple rising over 3%, Nvidia and Amazon up over 1%, while Google, Tesla, Microsoft, and Intel fell over 1% [4] - Chinese concept stocks had mixed performance, with the Nasdaq China Golden Dragon Index down 0.10% [4] Commodity Prices - International crude oil futures settled lower, with WTI crude oil at $62.33 per barrel, down 0.89%, and Brent crude at $67.42 per barrel, down 1.79% [5] - Precious metals futures also saw declines, with COMEX gold down 2.33% at $4896.10 per ounce and COMEX silver down 3.93% at $73.55 per ounce [6] Travel and Entertainment - Ticket prices for popular travel routes saw significant reductions, with prices for flights from Beijing to Haikou dropping from 1999 yuan to around 700 yuan on the first day of the Lunar New Year [8] - The total box office for the 2026 Spring Festival exceeded 1.5 billion yuan, with top films including "Fast Life 3," "Silent Awakening," and "Bears Have Year" [8] Payment Transactions - On the eve of the Lunar New Year, UnionPay and Netlink processed 4.931 billion payment transactions, marking a 21.64% increase compared to the previous year [9] Company Developments - Unitree Technology showcased its Unitree G1 robot, featuring advanced technologies such as a dexterous hand and a 128-line 3D lidar [12] - Douyin Group's Vice President criticized the narrative that ByteDance is the biggest short seller of Hengke as malicious and unfounded [13] - Doubao app topped the Apple App Store's free app chart in China, surpassing Alibaba's Qianwen and Ant Financial's Afu [14] - Wang Sicong expanded into the restaurant industry with a new company focused on restaurant management and delivery services [15][16] - Qianwen app launched a promotional campaign offering discounts on first orders, aiming to boost user engagement and market share [18] - Kimi, an AI unicorn, completed a new funding round, raising over $700 million and achieving a valuation exceeding $10 billion [19][20] - Apple announced an upgrade to Apple Podcasts, introducing video podcast functionality to enhance user experience [21]

Financial Data and Key Metrics Changes - For the full year 2025, same-store enterprise net revenues increased by $266 million or 2% year-over-year [5] - Fourth quarter consolidated net revenues reached $2.9 billion, up 4% year-over-year, with adjusted EBITDA of $901 million, up 2% year-over-year [6] - Digital segment achieved an all-time quarterly EBITDA record of $85 million in Q4 despite poor volume in October [6] Business Line Data and Key Metrics Changes - Las Vegas segment reported same-store adjusted EBITDA of $447 million, down from $477 million last year, with occupancy at 92% compared to 96.5% last year [7] - Regional revenues increased by 4% year-over-year, driven by strong performance in Danville and New Orleans, although regional EBITDA declined slightly due to poor winter weather [7][10] - Digital segment net revenue for Q4 was $419 million, with adjusted EBITDA of $85 million, and full-year net revenues reached $1.4 billion, up 21% year-over-year [12][13] Market Data and Key Metrics Changes - Las Vegas occupancy improved sequentially, with a strong event calendar contributing to performance, including a record F1 event and a strong New Year's Eve [8] - Regional segment expected to benefit from a strong group mix in Reno and the transition of Windsor from a managed to an owned property [10] - Digital segment saw a 19% increase in total monthly unique players, reaching 585,000 [13] Company Strategy and Development Direction - The company is focused on reinvesting in its assets to enhance customer experiences, with several upcoming CapEx projects in Las Vegas [9] - The strategy includes refining marketing approaches to deliver strong returns on investments, particularly in the regional segment [10] - The company aims to maintain a strong digital growth trajectory, targeting 20% top-line growth with 50% flow-through to EBITDA [21] Management's Comments on Operating Environment and Future Outlook - Management noted that leisure travel remains soft but is stabilizing, with expectations for group business to offset leisure softness in the near term [17] - The company anticipates continued improvement in Las Vegas driven by stabilizing leisure trends and a strong group and convention calendar [19] - Management expressed optimism about the potential for tax refunds to act as a tailwind for consumer discretionary spending in 2026 [58] Other Important Information - The company is reducing debt while executing opportunistic share repurchases, expecting to generate significant free cash flow in 2026 [16][25] - Management indicated that fixed marketing expenses will significantly decrease in 2026 and 2027, which should positively impact EBITDA [21] Q&A Session Summary Question: Insights on Las Vegas leisure customer trends - Management indicated that the leisure customer remains soft but is expected to recover as group business improves, with no crisis in Las Vegas [28][30] Question: Expectations on iGaming legalization in Maine and Virginia - Management expressed optimism about Maine's potential launch and noted positive developments in Virginia's legislative process [32][34] Question: Thoughts on capital investments in Las Vegas - Management highlighted ongoing renovations and improvements, expecting these to enhance performance during peak events [39][41] Question: Balancing debt reduction and buybacks with free cash flow - Management plans to balance debt reduction and share repurchases based on cash flow generation, with more activity expected in the second quarter [52] Question: Drivers of other revenue line item growth - Management will provide further details on the drivers of the other revenue line item in a follow-up [53] Question: Impact of tax refunds on consumer spending - Management believes tax refunds will provide a tailwind for consumer discretionary spending in 2026 [58] Question: Digital business valuation and potential spin-off - Management indicated that current market conditions do not favor a separation transaction, focusing instead on scaling the business [89]

Financial Data and Key Metrics Changes - The company reported Q4 revenue of $238 million and non-GAAP earnings per diluted share of $1.49, both exceeding expectations [5][23] - For the full year, non-GAAP gross margins increased by 30 basis points year-over-year, despite a decline in overall revenue [15][24] - GAAP diluted earnings per share for the full year was $3.80, while non-GAAP diluted earnings per share was $4.88 [24] Business Line Data and Key Metrics Changes - Systems revenue for Q4 was $156 million, while CS&I revenue reached a record $82 million, driven by strong demand for upgrades [18][19] - CS&I revenue grew 14% year-over-year, primarily due to strategic initiatives to enhance adoption of upgrades and service contracts [19] - In the memory market, demand improved sequentially for DRAM and HBM applications, with expectations for continued momentum into 2026 [12][16] Market Data and Key Metrics Changes - Revenue from China decreased to 32% of total revenue in Q4, down from 46% in the prior quarter, reflecting customer digestion of previous investments [19] - For the full year, revenue from China accounted for 42% of total revenue, while the U.S. contributed 16% and Korea 13% [20] - The company anticipates flat to slightly down revenue from China in 2026, as customers continue to build out capacity [71][72] Company Strategy and Development Direction - The company is focused on advancing technology roadmaps and executing disciplined strategies to capitalize on secular trends driven by AI and electrification [31] - The pending merger with Veeco is expected to unlock significant long-term opportunities and enhance the combined company's market position [7][31] - The company aims to balance investments in product innovation while maintaining cost discipline [30] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about long-term demand for silicon carbide driven by trends in electric vehicles and other applications [10][17] - The company expects memory business growth, particularly in DRAM, as customers invest in capacity to meet AI-driven demand [16][28] - Management noted that while general mature and power markets may see slight declines, improved utilization rates are encouraging [46][47] Other Important Information - The company generated approximately $4 million in other income in Q4, primarily due to foreign currency [23] - Free cash flow for the full year was robust at $107 million, despite a decline in revenue [25] - The company repurchased approximately $121 million of shares in 2025, reflecting a strong balance sheet with $557 million in cash and equivalents [25] Q&A Session Summary Question: Insights on memory market and capacity expansion - Management indicated that DRAM demand is increasing, driven by AI, but cleanroom space is currently a limiting factor for capacity expansion [34][35] Question: Strong bookings and segment growth - Bookings have matched historical trends, with general mature and power markets being the main contributors, despite a recent uptick in memory [45] Question: Future outlook for power and general mature markets - Management expects slight declines in these markets, but rising utilization rates are seen as a positive sign for future capacity investments [46][47] Question: Demand intensity from China in 2026 - Demand from China is expected to remain durable, with ongoing capacity build-out to meet self-sufficiency goals [71][72] Question: Gross margin expectations for Q1 - The anticipated decline in gross margins is attributed to a higher mix of memory systems and seasonal moderation in CS&I volume [73][74]

Financial Data and Key Metrics Changes - Revenue for Q3 2026 was $74.6 million, an increase from $62.7 million in the prior quarter and $68.7 million in the same quarter last year [14] - GAAP gross margin improved to 38.8% from 37.6% in the prior quarter but decreased from 40.6% in Q3 2025 [16] - GAAP net loss narrowed to $27.8 million, or a loss of $2.03 per share, compared to a net loss of $46.5 million in the previous quarter and $75.3 million in the year-ago quarter [19] - Non-GAAP loss for the quarter was $4.9 million, or a loss of $0.36 per share, an improvement from a loss of $7.1 million in the prior quarter [20] Business Line Data and Key Metrics Changes - Tape sales doubled quarter-over-quarter, driven by demand for cost-effective storage solutions [10] - The services business has been in contraction but showed signs of stabilization, with management indicating potential flattening of contraction [30] Market Data and Key Metrics Changes - The company reported a strong backlog of over $20 million, significantly above the historical run rate of $8 million to $10 million, indicating robust demand [15] - Component availability issues are impacting the entire industry, with prices for critical components doubling or tripling recently [6] Company Strategy and Development Direction - The company is focusing on strengthening its balance sheet and has successfully reduced term debt by approximately 50% through a debt exchange [5] - Quantum is positioning itself to leverage its Scalar tape libraries and ActiveScale storage solutions to meet the growing demand for data storage amid rising costs of flash and disk [9] Management's Comments on Operating Environment and Future Outlook - Management expressed caution regarding Q4 forecasts due to supply chain challenges, emphasizing that the uncertainty lies in fulfillment and shipping rather than demand [7][22] - The company is optimistic about long-term margins returning to the 40% range once supply chain issues stabilize [47] Other Important Information - The company has undergone restructuring initiatives that have lowered its cost structure and improved operational efficiencies [21] - The newly appointed CFO, Will White, is expected to contribute to the company's financial strategy and operations [13] Q&A Session Summary Question: Insights on primary storage systems performance - Management noted a slow start to the year but observed strength across all product lines in Q3, indicating confidence in primary storage recovery [28] Question: Backlog composition and drivers - The elevated backlog is driven by strong demand, although there are some component shortages; management expects the backlog to remain healthy [29] Question: Services business contraction - Management indicated that execution issues and discounting practices have affected service performance, but improvements are anticipated [31] Question: Gross margin expectations for Q4 - Management acknowledged the challenges posed by rising component prices and indicated that maintaining Q3 margins would be a good achievement [34] Question: Demand for tape sales - Demand for tape is strong across various sectors, with customers migrating data back from the cloud to on-premise solutions due to storage constraints [38] Question: Multimillion-dollar deals in backlog - The multimillion-dollar deals are primarily with hyperscalers, reflecting increased order sizes and a combination of products [41]

Tesla, Inc.’s ( TSLA ) valuation premium remains undoubtedly anchored by the narrative around AI and autonomy. This was solidified by Tesla’s updated mission to “amazing abundance,” reflecting the company’s changeover to an autonomous future. The company’s decision toAnalyst’s Disclosure: I/we have no stock, option or similar derivative position in any of the companies mentioned, and no plans to initiate any such positions within the next 72 hours. I wrote this article myself, and it expresses my own opinio ...