英伟达公布强劲财报，但股价日内暴跌7%拖累标普500指数跌3%。高盛指出"好消息未获回报"是不良信号，同时市场存流动性恶化风险。"大空 头"Burry则发帖质疑AI真实需求"可笑地小"，批评循环融资模式和股票稀释问题。 高盛副总裁Ryan Sharkey在盘中报告中指出： 美股尽管有很多催化因素需要消化，但标普500指数约3%的逆转明显由英伟达约7%的逆转驱动，这显然打压了年底反弹的情绪。 数据显示，12个月内涨幅最大的股票下跌4.4%，散户青睐股下跌3.6%，高估值软件股下跌2.3%。 （12个月内涨幅最大的股票下跌4.4%） 与此同时， "大空头"Michael Burry在财报发布后连续在社交媒体上发表多篇帖子，质疑英伟达芯片的使用寿命、股票稀释以及AI公司间的"循环融 资"。他认为AI真实需求"小得可笑"，几乎所有客户都由经销商提供资金支持。 无论从哪个角度来看，英伟达的财报和评论都是积极的。正如高盛顶级交易员Ryan Sharkey所指出的那样：真正的好消息没有得到相应的回报，通常 是一个不好的信号。 周四，英伟达开盘一度大涨5%至196美元，但随后大幅跳水，收盘时跌幅近3%至180.98美元，日内 ...

Core Viewpoint - The recent earnings report from NVIDIA has temporarily alleviated concerns about a potential AI bubble, showcasing strong financial performance while also revealing some underlying risk signals [1][2]. Financial Performance - For Q3 of FY2026 (ending October 26, 2025), NVIDIA reported a revenue increase of 62.5% year-over-year and a net profit growth of 65%, with data center revenue surpassing $50 billion for the first time [2]. - NVIDIA's guidance for the next quarter anticipates total revenue of $65 billion, exceeding analyst expectations of $61.7 billion, and does not include revenue from data centers in China [3]. Demand and Inventory Concerns - Despite strong earnings, NVIDIA's accounts receivable have been rising, reaching $33.391 billion in Q3, with 65% coming from four major clients [4][5]. - Inventory levels have also increased to $19.784 billion, with days inventory outstanding (DIO) rising to 117.5 days, significantly higher than the average of the past five years [4]. Customer Concentration Risks - NVIDIA's revenue is heavily reliant on a few major clients, with four direct customers contributing 61% of total revenue, up from 56% in the previous quarter [5][6]. - This high customer concentration poses risks to revenue stability if these clients alter their capital expenditure plans [6]. Market Sentiment and Analyst Opinions - Analysts have mixed views, with some maintaining bullish ratings on NVIDIA, citing strong AI demand and growth potential for cloud service providers [7]. - Conversely, notable investors like Peter Thiel and Bridgewater Associates have significantly reduced their holdings in NVIDIA, indicating caution regarding its high valuation and associated risks [8]. Broader AI Market Context - The AI sector is experiencing both excitement and skepticism, with discussions around potential bubbles and the long-term impacts of AI on various industries [8]. - Experts suggest that while there may be short-term speculative bubbles, the transformative potential of AI should not be underestimated [8].

资料图。 分析人士指出，尽管英伟达的强劲财报一度提振了市场情绪，但市场仍对AI估值是否已经到达顶峰怀 有疑虑。此外，美联储12月降息概率持续下降，也加剧了市场的担忧。 美国劳工部周四盘前公布了因政府停摆而延迟发布的非农数据，美国9月非农就业增加11.9万，远高于 市场预估的5.2万，但失业率意外升至四年新高的4.4%。数据公布后，利率期货市场显示的美联储12月 降息概率已不足40%。美联储理事巴尔周四表示，在通胀仍比目标2%高出一个百分点的情况下，央行 在考虑进一步降息时需要谨慎。 科技巨头股价集体下挫，英伟达收跌3.15%，苹果跌0.86%，微软跌1.6%，谷歌跌1%，亚马逊跌2.5%， Meta跌0.2%，特斯拉跌2.1%。其中，英伟达股价早盘一度大涨逾5%，市值单日蒸发约1429亿美元（约 合人民币10171亿元）。 文/帅可聪 当地时间11月20日，因投资者担忧AI泡沫及美联储降息预期持续降温，美股周四出现剧烈震荡，三大 指数盘初大涨，盘中又集体跳水转为大跌。 截至收盘，道指跌0.84%，报45752.26点；纳指跌2.15%，报22078.05点；标普500指数跌1.56%，报 6538.76点。其 ...

| | | | | 存储芯片板块个股 | | | | --- | --- | --- | --- | --- | --- | --- | | 序号 代码 | | 名称 | | 涨幅%↑ | 总市值 | 年初至今涨幅% | | 1 | 300475 | 香农芯创 | 1 | -12.00 | 597亿 | 351.60 | | 2 | 688766 | 普朗股份 | 1 | -11.97 | 183亿 | 71.31 | | 3 | 001309 | 德明利 | 1 | -9.68 | 507亿 | 259.71 | | 4 | 300672 | 国科微 | | -9.59 | 204亿 | 41.08 | | 5 | 301308 | 江波龙 | -澳 | -9.02 | 994亿 | 175.81 | | 6 | 002213 | 大为股份 | 1 | -9.01 | 79.16亿 | 146.03 | | 7 | 688525 | 佰维存储 | 1 | -8.04 | 484亿 | 67.21 | | 8 | 300455 | 航天智装 | 来 | -8.03 | 171亿 | 83.93 | | 9 | ...

Core Viewpoint - The overnight decline in U.S. semiconductor stocks has negatively impacted the A-share market, particularly affecting storage chip concept stocks, which saw significant drops across the board [1][2]. Group 1: Market Performance - The storage chip sector experienced widespread declines, with notable drops including Shannon Zhichuang down 12%, and Gai Shen Co. down nearly 12% [1]. - Other companies such as Demingli, Guokemi, Jiangbolong, and Dwei Co. fell over 9%, while Bawei Storage, Aerospace Zhizhuang, and Yingxin Development dropped over 8% [1][2]. Group 2: Individual Stock Performance - Specific stock performances include: - Shannon Zhichuang (300475) down 12% with a market cap of 59.7 billion and a year-to-date increase of 351.6% [2]. - Gai Shen Co. (688766) down 11.97% with a market cap of 18.3 billion and a year-to-date increase of 71.31% [2]. - Demingli (001309) down 9.68% with a market cap of 50.7 billion and a year-to-date increase of 259.71% [2]. - Guokemi (300672) down 9.59% with a market cap of 20.4 billion and a year-to-date increase of 41.08% [2]. - Jiangbolong (301308) down 9.02% with a market cap of 99.4 billion and a year-to-date increase of 175.81% [2]. Group 3: Market Sentiment and Analysis - The decline in U.S. semiconductor stocks was influenced by Nvidia's volatile performance, which fluctuated from a 5% increase to a closing gain of over 3%, while AMD and Micron Technology saw declines of nearly 8% and 11%, respectively [1][2]. - Analysts noted that Nvidia's attempts to counter bearish sentiments during its earnings call did not alleviate investor concerns regarding the sustainability of capital expenditures in AI over the next couple of years [2].

Market Overview - The Asia-Pacific markets opened sharply lower, following the overnight decline in US stocks, with the Korean Composite Index dropping over 4% at one point [1] - The Nikkei 225 Index fell by 2.21%, closing at 48,772.01 points [3] - The Korean Kospi Index decreased by 3.27%, ending at 3,873.79 points [4] - Taiwan's Weighted Stock Index dropped by 2.72%, closing at 26,679.22 points [6] - The Australian S&P/ASX 200 Index opened down by 2% and is currently down 1.35%, at 8,436.9 points [9] Sector Performance - The technology sector was notably affected, with concerns over inflated valuations of AI-related stocks leading to renewed sell-offs [10] - SoftBank, a major tech investor in Japan, saw its stock price drop by 11%, marking the largest decline since November 5 [11] - In the Korean market, major memory chip manufacturers SK Hynix and Samsung Electronics experienced stock price declines of 9% and 5%, respectively [12] US Economic Data Impact - Recent US non-farm payroll data did not provide clear guidance on interest rate outlooks, despite Nvidia's strong earnings report [2][12] - The US added significantly more jobs than expected in September, but prior months' data were revised downwards, and the unemployment rate increased, adding uncertainty to the Federal Reserve's potential rate cuts [13] - Current market pricing indicates a 40% chance of a 25 basis point rate cut next month, which poses challenges for investors hoping for lower borrowing costs [14]

Core Viewpoint - Lenovo Group's recent financial results indicate strong growth across various business segments, with a notable increase in AI-related revenue, reflecting the company's confidence in the ongoing demand for AI technologies and solutions [1][2]. Financial Performance - Lenovo reported a 15% year-on-year revenue growth for the second quarter, reaching 146.4 billion yuan, with adjusted net profit increasing by 25% to 3.66 billion yuan [1]. - The Intelligent Devices Group (IDG) generated 108.1 billion yuan in revenue, up 12% year-on-year; the Infrastructure Solutions Group (ISG) saw a 24% increase to approximately 29.3 billion yuan; and the Solutions and Services Group (SSG) achieved 18% growth, totaling 18.3 billion yuan [1]. AI Business Insights - AI-related business revenue now accounts for 30% of total revenue, with AI terminal devices contributing 36% to IDG's overall revenue, marking a 17 percentage point increase year-on-year [1]. - The CEO emphasized that AI encompasses more than just large language models, highlighting its applications in computer vision, autonomous driving, and industrial automation, suggesting that the AI sector is in its early stages of widespread adoption [2][3]. Market Trends and Challenges - The CEO addressed the ongoing price increases in storage chips due to supply-demand imbalances driven by AI technology advancements, indicating that this trend may persist into next year [3]. - Lenovo's robust supply chain management and long-term supplier relationships are expected to mitigate the impact of cost fluctuations on profit margins, with a focus on maintaining double-digit growth in gross and net margins [3]. Windows 10 Update Impact - The transition from Windows 10 is not expected to significantly hinder the PC market, as the upgrade cycle is still ongoing, with AI PCs becoming a central driver of market demand [4][5]. - Lenovo anticipates a 5%-10% growth in the global PC market by 2026, supported by the end of the Windows 10 update cycle and the rise of AI PCs [5]. Strategic Initiatives - Lenovo is accelerating its investment in enterprise-level AI infrastructure, aiming to shift AI computing from public cloud training to local data centers and edge-side inference [5]. - The company plans to leverage hybrid AI solutions and customized services to facilitate the intelligent transformation of enterprise clients, which is expected to open new market opportunities and restore profitability in its infrastructure business [5].

Group 1 - The U.S. stock market experienced a "roller coaster" day on November 20, 2025, with all three major indices closing down despite an initial strong performance driven by Nvidia's earnings report [1][2] - The Dow Jones index fell by 0.84%, the S&P 500 index dropped by 1.56%, and the Nasdaq Composite index decreased by 2.15% [1][2] Group 2 - Technology stocks, particularly AI-related stocks, faced significant sell-offs, with Nvidia's stock price reversing from a gain to a loss, closing down over 3% and resulting in a market cap loss of approximately $142.9 billion [4] - The Philadelphia Semiconductor Index plummeted by 4.77% as the entire tech sector suffered from valuation concerns and fears of a potential bubble in the AI space [4] - The Federal Reserve's interest rate cut expectations cooled after the release of strong September non-farm payroll data, which showed an increase of 119,000 jobs, far exceeding the market expectation of 50,000 [4] - The probability of a rate cut in December dropped to below 30% according to CME's FedWatch tool, influenced by hawkish comments from several Fed officials [4] - Market sentiment shifted towards risk aversion, with the CBOE Volatility Index (VIX) rising to 26.42, marking a seven-month high, as funds flowed from equities to traditional safe-haven assets like the U.S. dollar and government bonds [4]

智通财经11月21日讯（编辑 潇湘）美国股市周四创下四月以来最剧烈的盘中反转，尽管盘初随英伟达 炸裂财报高开，但基准的标普500指数此后却一路跌至了两个多月来的最低点——与此同时，困惑的华 尔街交易员们正抓耳挠腮地琢磨，究竟是什么引发了这波巨震行情？ 据FactSet数据显示，纳斯达克综合指数周四的交易区间为4月份特朗普宣布"解放日"关税政策震动市场 以来最大震幅。标普500指数开盘一小时内曾上涨1.9%，但随后全数回吐涨幅，最终收跌1.6%，同样创 下自4月市场动荡以来最大反转，市值蒸发超过2万亿美元。 衡量美股预期波动性的"恐慌指数"VIX则收于26以上，创四月以来新高。 目前，标普500指数已较10月历史高点下跌了逾5%，并自2月以来首次跌破100日移动均线。该基准指数 周四收于了9月11日以来的最低点。 周四股市抛售潮在风险最高的板块尤为明显：做空最严重的股票指数下跌3.5%，高盛集团追踪的一项 未盈利科技企业的指数下跌3.7%；罗素微型股指数下跌1.9%——这使其从历史高点的跌幅扩大至了 10%。 在收盘后，华尔街对当天市场经历的疯狂行情成因，显然众说纷纭。 部分交易员指出，市场再度担忧人工智能项目 ...

无论从哪个角度来看，英伟达的财报和评论都是积极的。正如高盛顶级交易员Ryan Sharkey所指出的那样：真正的好消息没有得到相应的回报， 通常是一个不好的信号。 周四，英伟达开盘一度大涨5%至196美元，但随后大幅跳水，收盘时跌幅近3%至180.98美元，日内累计跌幅达7%，创下10月22日以来最低收盘 价。这一剧烈逆转直接拖累标普500指数暴跌约3%。 高盛副总裁Ryan Sharkey在盘中报告中指出： 美股尽管有很多催化因素需要消化，但标普500指数约3%的逆转明显由英伟达约7%的逆转驱动，这显然打压了年底反弹的情绪。 数据显示，12个月内涨幅最大的股票下跌4.4%，散户青睐股下跌3.6%，高估值软件股下跌2.3%。 （12个月内涨幅最大的股票下跌4.4%） 22V Research团队在周四的报告中写道： 即使是英伟达乐观的财报也不足以扭转近期的市场逆风。过去两周，市场内部一直倾向于风险规避，低波动性股票在各种市值中占据 主导地位。 这一趋势在周四继续，风险资产遭遇重创，标普500指数下跌1.6%，纳斯达克跌2.2%，而防御性股票则受到沃尔玛强劲财报提振。 技术面与流动性危机并发 高盛在其技术分析清 ...