【文/观察者网 熊超然】心心念念中国市场的美国芯片制造商英伟达极力游说，以为在美国国会成功"补 了一个洞"，没想到又"发现一个坑"…… 据英国《金融时报》当地时间12月4日率先独家报道，美国国会的两党参议员当天共同提出一项法案， 将禁止英伟达向中国出售先进人工智能（AI）芯片，旨在加大中国获取美国关键AI技术的难度。 具体来看，这项名为《安全可行芯片出口法案》（The Secure and Feasible Exports Chips Act，简 称"SAFE法案"）的立法提案，将要求美国商务部长在30个月内停止向包括中国和俄罗斯等国的买家发 放先进AI芯片的出口许可，这也意味着，该法案将阻止英伟达向中国出售其最先进的芯片——H200和 Blackwell。 《金融时报》称，目前，白宫方面正权衡是否允许英伟达向中国出口H200芯片，这一可能性已令一些 官员感到担忧。彭博社则指出，"SAFE法案"的提出就在英伟达创始人兼首席执行官黄仁勋闭门会见负 责出口管制事务的美国国会参议院银行委员会共和党成员的次日，同日他还与美国总统特朗普进行了私 下会面。 彭博社当地时间12月3日刚刚报道指出，黄仁勋此番访问华盛顿之际， ...

Market Overview - US stock market opened slightly higher on December 4 but turned negative, with the Dow Jones Industrial Average down 73.75 points (-0.15%), Nasdaq down 40.28 points (-0.17%), and S&P 500 down 5.10 points (-0.07%) [1] Company-Specific Developments - Meta Platforms' CEO Mark Zuckerberg announced a significant reduction in resources allocated to the "metaverse" project, which was previously seen as a key future direction for the company [1] - Meta Platforms' stock rose over 4% following the announcement [2] - Nvidia's stock increased nearly 2% as the company, along with Palantir and CenterPoint Energy, announced the development of a new software platform named "Chain Reaction" aimed at accelerating the construction of next-generation AI data centers [2] - Snowflake's stock fell over 9% after the company projected a slowdown in product revenue growth for Q4, attributing this to discounts offered for large long-term contracts [3] - Apple’s stock declined nearly 1% due to reports indicating stagnation in growth for its core revenue source, the App Store [3] - Chinese concept stocks saw a rise, with Tiger Brokers increasing over 3% after reporting Q3 revenue of $175 million, a 73.3% year-over-year increase [3] - NIO and Xpeng Motors stocks rose over 3% following the announcement of a joint development project with Huawei for the X9 super range extender [5] - Bilibili's stock increased nearly 3% as it prepares to launch 13 new games in December, including a long-awaited anime product [5] - Hesai Technology's stock rose over 2% after releasing a new high-performance smart control chip and safety technology for its lidar systems [5]

Core Viewpoint - The article discusses the current state of the U.S. stock market, particularly focusing on the performance of technology and AI-related stocks, which have lagged behind other sectors, raising concerns about an "AI bubble" that major financial institutions are now challenging [2][8]. Group 1: Market Performance - Since October 28, the S&P 500 index has seen a shift in leading sectors, with biotech companies like Eli Lilly, Cardinal Health, and Biogen showing significant gains of 28%, 26%, and 21% respectively, while the overall biotech sector rose by 10.7% [3]. - In contrast, the S&P 500 Information Technology index has declined by 4.2%, with the "Big Seven" tech stocks down by 1.3%, except for Alphabet, which increased by 18.1% [3][6]. - Nvidia, a leading AI stock, has dropped by 9.7%, and AI-related stocks overall have seen declines of 8.4% [3][6]. Group 2: AI Bubble Debate - Major institutions like BlackRock and Bank of America are disputing the notion of an "AI bubble," asserting that the current AI trend is driven by genuine corporate investments and productivity growth, rather than irrational exuberance seen during the internet bubble [2][8]. - BlackRock's Jean Boivin emphasized that the scale and speed of AI expansion make the bubble narrative incomplete, suggesting that AI spending could significantly boost U.S. GDP growth beyond the historical 2% trend [8][10]. - The estimated global corporate AI spending could reach between $5 trillion to $8 trillion by 2030, indicating a substantial commitment to AI investments [8]. Group 3: Investment Dynamics - Despite skepticism towards tech and AI stocks, companies are increasing their investments in AI data centers, which have shown strong earnings growth in recent financial reports [7][9]. - The capital expenditure by U.S. tech firms has risen from 30% of operating cash flow a decade ago to 60% now, although this is still below the 140% peak during the internet bubble [10][11]. - Bank of America predicts that the massive capital expenditures for AI infrastructure will reach $400 billion by 2025 and $510 billion by 2026 for major AI companies [10].

昨夜美国就业数据低于预期，美联储12月降息概率提升，欧美股市都小涨，今天亚太市场也是涨多跌 少，甚至港股尾盘也拉升，但是A股表现较差，虽然五大指数里红了三个，甚至双创涨幅都超过1%， 但盘面依然很弱。我统计了本周情况： 周一3400上涨，1900下跌；周二1500上涨，3700下跌；周三 1400上涨，3900下跌；周四是1400上涨，3900下跌，这整周四分之三都是跌多涨少，差不多和上上周走 势类似。 …… 这是简版按语，全文在下面的链接里 …… 好不容易上周缓和一下，本周又开启地狱模式，今天更为严重：一方面是大小分化厉害，沪深黄线领 跌，临近尾盘开口都还在放大，沪深300涨了0.34%，微盘股跌了1.7%，赚钱效应极差，反差让人不 适。另一方面，市场涨跌很不对称，领涨板块有两条主线，一个是太空算力和商业航天，另一个是人形 机器人，其实市场利好都还是比较突出的，但它们平均涨幅只有1.3%，领跌板块飞船密集，平均跌幅 超过3%。 …… 12月中旬有高层经济会议，今天有报道提到预期，中国日报引用 · 收盘来看，五大指数全天探底回升收盘涨跌不一。沪指下跌0.06%，深证成指涨0.40%，创业板指涨 1.01%，科 ...

专题：聚焦2025年第三季度美股财报 云计算数据分析公司Snowflake预计第四季度产品收入增长将放缓，部分原因是其针对大额长期交易提 供折扣优惠。受此影响，该公司股价在周四盘前交易中下跌 8%。 Snowflake 首席执行官斯里达尔・拉马斯瓦米（Sridhar Ramaswamy）周三表示，公司会为大额订单或长 期合同提供更优惠的定价，并指出这类定价策略 "通常不会对收入产生即时影响"。 不过，受Snowflake 人工智能（AI）产品 adoption 迹象的鼓舞，至少有 13 家券商上调了该公司的股票 目标价。 若盘前跌幅保持不变，Snowflake 的市值可能会从目前的近 900 亿美元缩水约 70 亿美元。今年以来， 该公司股价已累计上涨超 70%。 Snowflake 还宣布与安索帕（Anthropic）达成一项价值 2 亿美元的多年期合作协议，计划将 Anthropic 的 Claude 大模型接入自身平台。 加拿大丰业银行（Scotiabank）分析师在报告中指出，Snowflake 的产品收入 "无疑表现不俗"，但在数 据狗（Datadog）、Confluent、蒙戈 DB（MongoD ...

Market Overview - US stock index futures are all up ahead of the market opening on December 4, with Dow futures rising by 0.08%, S&P 500 futures by 0.04%, and Nasdaq futures by 0.01% [1] - European indices also show positive movement, with Germany's DAX up 0.79%, UK's FTSE 100 up 0.18%, France's CAC40 up 0.43%, and the Euro Stoxx 50 up 0.39% [2][3] - WTI crude oil prices increased by 0.47% to $59.23 per barrel, while Brent crude oil rose by 0.37% to $62.90 per barrel [3][4] Market Sentiment and Predictions - Bank of America predicts that after three years of double-digit returns, the S&P 500 will enter a "low excess return" phase in 2026, forecasting the index to close around 7100 points by the end of next year [5] - BlackRock asserts that the current AI investment cycle is driven by real corporate investments and productivity growth, distinguishing it from the speculative bubble of the early 2000s [6] Company-Specific News - The EU plans to investigate Meta's integration of "Meta AI" into WhatsApp, reflecting increasing scrutiny of large tech companies regarding generative AI applications [9][10] - Intel has decided to halt its network division spin-off plan, focusing instead on internal integration to enhance its AI and edge computing strategies [10] - Palantir, NVIDIA, and CenterPoint Energy are collaborating to develop a new software platform called "Chain Reaction" to expedite AI data center construction [11] - Salesforce reported a Q3 revenue increase of 8.6% to $10.3 billion, with an adjusted EPS of $3.25, and raised its revenue guidance for FY2026 to $41.45-41.55 billion [12] - Snowflake's Q3 revenue was $1.21 billion, exceeding expectations, but its lower guidance for operating margin raised concerns about the profitability of its AI tools, leading to an over 8% drop in pre-market trading [13] - C3.ai reported a Q2 FY2026 adjusted loss of $0.25 per share, with revenue of $75.1 million, slightly above expectations, but a 20% year-over-year decline in revenue highlights challenges in its core subscription business [14]

IT之家 12 月 4 日消息，据彭博社报道，知情人士透露，社交网络巨头 Meta 已成功从苹果公司挖走其最具影响力的工业设计高管艾伦・戴伊（Alan Dye）， 此举标志着 Meta 正大举进军配备人工智能（AI）功能的消费级硬件设备领域。 戴伊自 2015 年起担任苹果用户界面设计团队负责人。据上述不愿具名的消息人士称，苹果已任命长期任职的设计师史蒂夫・勒梅（Steve Lemay）接替戴伊 的职位。目前双方均未正式对外公布这一人事变动。 苹果公司随后向彭博社证实了此项调整，首席执行官蒂姆・库克（Tim Cook）在声明中表示："自 1999 年以来，史蒂夫・勒梅深度参与了每一款重要苹果界 面的设计工作。他始终以极高的标准追求卓越，并充分体现了苹果所倡导的协作与创新文化。" 在苹果任职期间，戴伊最近主导了 Vision Pro 头显的界面设计，并推动了苹果操作系统的大规模视觉革新。他还深度参与了苹果多款关键产品的设计工作， 包括各类应用程序、Apple Watch 以及 iPhone X。此外，据彭博社此前报道，他的团队也一直在协助开发一系列新型智能家居设备。 受此消息影响，苹果股价周三在纽约市场下跌近 ...

证券研究报告——宏观策略月报 由守转攻，布局高景气 ——2025年12月资产配置报告 HWABAO SECURITIES 2025年12月4日 分析师： 蔡梦苑（执业证书编号：S0890521120001） 分析师： 郝一凡（执业证书编号：S0890524080002） 分析师： 刘 芳（执业证书编号：S0890524100002） ► 请仔细阅读报告结尾处风险提示及免责声明 宏观主线梳理 | | 大类资产配置观点 | | | --- | --- | --- | | 资产类别 | 本期 | 上期 | | A股 | 相对乐观 | 中性 | | 港股 | 中性 | 中性 | | 利率债 | 中性 | 中性 | | 信用债 | 中性 | 中性 | | 可转债 | 中性 | 中性 | | 美股 | 相对乐观 | 中性 | | 美债 | 相对乐观 | 相对乐观 | | 美元 | 相对谨慎 | 相对谨慎 | | 日股 | 中性 | 中性 | | 黄金 | 中性 | 中性 | | 原油 | 相对乐观 | 中性 | | 货币/存款 | 中性 注：市场观点反映对本期资产价格的趋势预判，本期相比于上期的变化对应仓位调整建议：观点 ...

Group 1 - The core viewpoint of the article emphasizes the interdependence of AI and ESG, suggesting that the future of AI development must align with ESG principles to create a greener, smarter, and fairer society [1][3] - Wang Zhongmin highlights that AI's development is heavily reliant on energy, noting the trend that "the end of green electricity is space," indicating a potential shift of AI computing centers to space for sustainable energy supply [3] - The article discusses the transformation in material usage driven by AI, moving from single materials to composite materials, influenced by ESG's strict resource consumption requirements [3] Group 2 - Wang Zhongmin points out that ESG requirements are driving breakthroughs in AI hardware, particularly through the rise of optical computing, which significantly reduces energy consumption and increases speed [3] - The emergence of new hardware like thermodynamic chips is mentioned as a response to energy efficiency challenges, showcasing how ESG demands are prompting innovation in AI technology [3] - The article addresses the social implications of AI, stressing that AI must adhere to social responsibility requirements outlined in ESG, particularly in addressing aging populations and ensuring equitable wealth distribution [4]

Core Insights - Brevo, a Paris-based customer relationship management company, has achieved "unicorn" status with a valuation exceeding $1 billion after raising €500 million (approximately $583 million) in its latest funding round [1][6] - The company aims to expand its market presence in the U.S. and compete with industry giants like HubSpot and Salesforce, with a goal for the U.S. market to contribute 50% of its revenue [1][2][6] Financial Performance - Brevo's annual recurring revenue (ARR) surpassed $100 million in 2023, qualifying it as a "decacorn" [2][7] - The company has already met its 2025 target of €200 million in ARR ahead of schedule and plans to reach €1 billion by 2030 [2][5][7] - Brevo's EBITDA margin is reported to be in double digits, indicating strong profitability [2][7] Funding and Investment Strategy - The recent funding will be allocated towards two main initiatives: investing €50 million in artificial intelligence over the next five years and pursuing acquisitions as a growth strategy [2][7][9] - Brevo has completed 11 acquisitions to date and plans for acquisitions to contribute 45% of its revenue target by 2030 [5][9] Market Position and Strategy - Brevo has transitioned from a small email marketing provider to a comprehensive platform offering marketing automation, CRM, and customer data management [3][8] - The company competes with Mailchimp in the email marketing space while also integrating AI technologies into its offerings [4][9] - Brevo's competitive strategy focuses on product excellence rather than relying solely on its European roots [3][8]