跨国企业三季度财报季接近尾声，欧美日等发达经济体主要企业业绩喜忧参半。分析人士认为，当 前欧美市场对人工智能（AI）泡沫担忧有所上升，关税壁垒压缩企业盈利空间，美国消费低迷叠加大 规模裁员，为世界经济增长带来更多风险挑战。 人工智能泡沫引担忧 今年以来，人工智能基础设施投资激增，美国科技股上涨行情创下纪录。第三季度，相关企业业绩 表现稳健，甚至宣布加码投资，然而市场对人工智能的投资热情有所降温。 美国芯片制造商英伟达19日公布的三季度营收、利润均超预期，对四季度业绩预测也高于预期。英 伟达处理器对于建设人工智能基础设施至关重要，其业绩表现被视为此轮投资热潮的"风向标"。一些分 析师却认为，其最新财报不足以完全消除市场不断加深的对人工智能泡沫的担忧。 得益于人工智能服务需求上升，亚马逊、"字母表"公司、微软和元宇宙平台公司三季度业绩高于预 期，均上调资本支出预期，加码人工智能基础设施投资。四家公司预计今年资本支出总计超3800亿美 元，但各自股价对巨额投资反应不一。 分析人士指出，大型科技公司在人工智能方面进行巨额投资，相关收益充满不确定性。市场研究机 构电子商务市场研究公司分析师雅各布·伯恩认为，企业可能难以 ...

澳大利亚"对话"网站文章认为，在高估值环境下，一旦人工智能发展逊于预期，金融市场将面临沉重打 击。 得益于人工智能服务需求上升，亚马逊、"字母表"公司、微软和元宇宙平台公司三季度业绩高于预期， 均上调资本支出预期，加码人工智能基础设施投资。四家公司预计今年资本支出总计超3800亿美元，但 各自股价对巨额投资反应不一。 分析人士指出，大型科技公司在人工智能方面进行巨额投资，相关收益充满不确定性。市场研究机构电 子商务市场研究公司分析师雅各布·伯恩认为，企业可能难以迅速利用超大规模数据中心提供的产能， 能源、土地、电网接入等物理瓶颈也可能带来阻碍。 美国银行对200余名基金经理的最新调查显示，超半数受访者认为人工智能股票存在泡沫，以"科技股七 巨头"为代表的科技企业投资过度，市场资金过于集中。 新华财经北京11月24日电（记者陈斯达）跨国企业三季度财报季接近尾声，欧美日等发达经济体主要企 业业绩喜忧参半。分析人士认为，当前欧美市场对人工智能（AI）泡沫担忧有所上升，关税壁垒压缩 企业盈利空间，美国消费低迷叠加大规模裁员，为世界经济增长带来更多风险挑战。 人工智能泡沫引担忧 今年以来，人工智能基础设施投资激增，美国 ...

跨国企业三季度财报季接近尾声，欧美日等发达经济体主要企业业绩喜忧参半。分析人士认为，当前欧 美市场对人工智能(AI)泡沫担忧有所上升，关税壁垒压缩企业盈利空间，美国消费低迷叠加大规模裁 员，为世界经济增长带来更多风险挑战。 人工智能泡沫引担忧 今年以来，人工智能基础设施投资激增，美国科技股上涨行情创下纪录。第三季度，相关企业业绩表现 稳健，甚至宣布加码投资，然而市场对人工智能的投资热情有所降温。 美国芯片制造商英伟达19日公布的三季度营收、利润均超预期，对四季度业绩预测也高于预期。英伟达 处理器对于建设人工智能基础设施至关重要，其业绩表现被视为此轮投资热潮的"风向标"。一些分析师 却认为，其最新财报不足以完全消除市场不断加深的对人工智能泡沫的担忧。 得益于人工智能服务需求上升，亚马逊、"字母表"公司、微软和元宇宙平台公司三季度业绩高于预期， 均上调资本支出预期，加码人工智能基础设施投资。四家公司预计今年资本支出总计超3800亿美元，但 各自股价对巨额投资反应不一。 分析人士指出，大型科技公司在人工智能方面进行巨额投资，相关收益充满不确定性。市场研究机构电 子商务市场研究公司分析师雅各布·伯恩认为，企业可能难以 ...

新华社北京11月24日电 题：泡沫、壁垒、裁员——从跨国企业季报看世界经济风险与挑战 新华社记者陈斯达 跨国企业三季度财报季接近尾声，欧美日等发达经济体主要企业业绩喜忧参半。分析人士认为，当 前欧美市场对人工智能（AI）泡沫担忧有所上升，关税壁垒压缩企业盈利空间，美国消费低迷叠加大 规模裁员，为世界经济增长带来更多风险挑战。 人工智能泡沫引担忧 今年以来，人工智能基础设施投资激增，美国科技股上涨行情创下纪录。第三季度，相关企业业绩 表现稳健，甚至宣布加码投资，然而市场对人工智能的投资热情有所降温。 美国芯片制造商英伟达19日公布的三季度营收、利润均超预期，对四季度业绩预测也高于预期。英 伟达处理器对于建设人工智能基础设施至关重要，其业绩表现被视为此轮投资热潮的"风向标"。一些分 析师却认为，其最新财报不足以完全消除市场不断加深的对人工智能泡沫的担忧。 美国关税政策冲击在三季度更加凸显，欧洲及日本众多出口导向型企业季度业绩及全年预期明显受 损，美国企业也在承担关税带来的额外成本。 彭博信息研究公司数据显示，随着财报季接近尾声，明晟欧洲指数每股收益增长率达到5.7%，高 于预期。但关税风险切实体现在欧企财报中。 ...

Core Insights - The article highlights a significant trend of salary reductions and layoffs within state-owned investment institutions, reflecting broader challenges in the equity investment industry due to poor market conditions and unmet performance targets [2][3][6][7]. Group 1: Salary Reductions and Performance Issues - State-owned investment institutions are experiencing salary cuts, with some reporting a reduction of around 25% compared to the previous year, primarily due to unmet performance targets and a challenging investment environment [2][3][4]. - The performance evaluation for fund managers is shifting towards a more lenient approach, emphasizing the need for flexibility in performance assessments [2][3]. - The implementation of a "salary cap order" by the Ministry of Finance has led to stricter salary management, with some institutions actively recovering previously paid salaries [6][7]. Group 2: Industry-Wide Impact - The equity investment industry is facing a continuous "salary reduction wave," with the median annual salary for front-line investment managers dropping to 300,000 yuan in 2024 [7]. - There is a widening salary gap among different types of institutions, with state-owned enterprises experiencing the most significant declines in overall salary levels [7][8]. - Many investment professionals are transitioning to other roles or industries due to the inability to secure new funding or make investments, with some taking on side jobs or shifting to post-investment management [10][11]. Group 3: Organizational Changes and Adaptations - Some state-owned investment institutions are implementing "last-place elimination" policies, where employees with poor performance ratings face termination [5]. - The restructuring within investment firms includes not only salary cuts but also layoffs and demotions, reflecting a broader trend of cost optimization [9]. - Investment professionals are increasingly focusing on post-investment management as a way to adapt to the current market conditions, recognizing the importance of supporting portfolio companies [10][11].

Report Summary 1. Report Industry Investment Rating - Not provided in the report. 2. Core Viewpoints - The weak employment performance in the US supports the prices of precious metals. The high number of corporate lay - offs in the US in October has increased the probability of a Fed rate cut in December. Along with factors such as the Fed providing liquidity, geopolitical risks, and central banks' gold - buying, precious metal prices may be supported [1]. 3. Summary by Related Catalogs Precious Metal Market Data - **Gold**: - Shanghai Gold futures' closing price was 917.80 yuan/g, with a change of 5.54 yuan compared to the previous day and - 4.12 yuan compared to the previous week. The trading volume was 238,433.00, a decrease of 157,531.00 from the previous day. The inventory remained at 87,816.00 (in ten - gram units) [1]. - COMEX gold futures' closing price was 3941.70 dollars/ounce, with a change of 43.10 dollars compared to the previous day and - 5.60 dollars compared to the previous week. The trading volume was 281,102.00, a decrease of 97,457.00 from the previous week [1]. - London gold spot price was 3968.20 dollars/ounce, with a change of - 20.20 dollars compared to the previous week [1]. - **Silver**: - Shanghai Silver futures' closing price was 11427.00 yuan/ten - gram, with a change of 151.00 yuan compared to the previous day and - 14.00 yuan compared to the previous week. The trading volume was 571,201.00, a decrease of 306,143.00 from the previous week [1]. - COMEX silver futures' closing price was 47.85 dollars/ounce, with a change of - 0.02 dollars compared to the previous day and 0.57 dollars compared to the previous week. The trading volume was 74,607.00, a decrease of 24,464.00 from the previous week [1]. - London silver spot price was 47.61 dollars/ounce, with a change of 0.51 dollars compared to the previous week [1]. Important Information - The direction of the Fed's December rate cut is unclear. This year's voting members are hesitant due to the government shutdown, and next year's members are more concerned about inflation. The Bank of England kept the interest rate at 4%, and the expectation of a December rate cut is rising [1]. - The AI revolution has accelerated the lay - off wave. In October, the number of Challenger corporate lay - offs in the US increased by 175.3% year - on - year, reaching the highest level in the same period in twenty years. The private data provider Revelio Labs reported a decrease of 9100 in non - farm employment in October [1]. Investment Strategy - Temporarily stay on the sidelines. For London gold, pay attention to the support level around 3580 - 3860 and the resistance level around 4180 - 4384; for Shanghai gold, focus on the support level around 830 - 860 and the resistance level around 950 - 1000. For London silver, pay attention to the support level around 39 - 42 and the resistance level around 50 - 55; for Shanghai silver, focus on the support level around 9400 - 10000 and the resistance level around 11600 - 12400 [1].

Group 1 - The article discusses the significant layoffs in Silicon Valley, with over 100,000 positions cut globally in the tech industry in 2023, driven primarily by the rise of artificial intelligence (AI) and economic uncertainty [11][8][4] - Major companies like Salesforce and Meta have implemented layoffs, with Salesforce cutting approximately 8,000 jobs in 2023 and an additional 1,000 in 2024, while announcing further cuts in 2025 [18][19] - AI is reshaping the workforce, leading to a reduction in traditional roles while simultaneously increasing demand for AI specialists and engineers [55][56] Group 2 - Companies are balancing layoffs with recruitment in AI fields, as seen with Salesforce planning to hire 5,000 salespeople for AI products despite cutting 4,000 customer service roles [56][32] - Microsoft and Amazon have also made significant cuts, with Microsoft reducing over 6,500 positions in 2024 to focus on AI product development [24][25] - Traditional industries, including automotive and retail, are not immune to these trends, with companies like General Motors and Starbucks also announcing layoffs [44][45] Group 3 - Startups and unicorns are also undergoing transformations, with companies like Fiverr and Yotpo cutting significant portions of their workforce to focus on AI-driven products [34][35] - The article highlights that even AI-focused companies are not exempt from layoffs, as seen with Scale AI and xAI reducing their workforce to optimize operations [37][39] - The overall trend indicates a shift in the job market, where lower-skilled positions are being replaced by higher-skilled roles in AI and technology [53][54]

Group 1 - ExxonMobil plans to cut approximately 2,000 jobs globally, which represents about 3% to 4% of its total workforce of approximately 61,000 employees [1][4] - The layoffs are part of a broader restructuring effort following the acquisition of Pioneer Natural Resources for $60 billion in 2024, with previous cuts of nearly 400 employees in Texas last November [4][6] - The layoffs at ExxonMobil have prompted similar actions from its affiliate, Canadian Natural Resources, which announced a 20% reduction in its workforce, affecting around 900 employees [1][6] Group 2 - The energy sector is undergoing significant adjustments, with major companies like Chevron and BP also announcing layoffs of 15% to 20% and over 5%, respectively, while ConocoPhillips plans to cut 20% to 25% of its workforce [6][9] - The U.S. oil and gas production industry has already lost 4,700 jobs in the first half of the year, reflecting a trend of reduced activity in key oil-producing states due to fluctuating oil prices [6][9] - Brent crude oil futures have dropped approximately 10.5% this year, influenced by OPEC+ production increases and instability in U.S. trade policies [7] Group 3 - The current wave of layoffs is not limited to the energy sector, with over 800,000 job cuts announced across various industries this year, marking the highest number since the pandemic began in 2020 [9][13] - In July alone, U.S. employers laid off 62,075 workers, a significant increase from 25,885 in the same month last year, representing a 140% rise in layoffs compared to the previous year [9][13] - The technology sector is particularly hard-hit, with companies like Microsoft and Intel planning significant layoffs to redirect resources towards artificial intelligence and address poor performance [11][13]

整理 | 郑丽媛 出品 | CSDN（ID：CSDNnews） 如果你是一名 50 多岁的资深工程师，刚刚从微软这样的科技巨头被裁掉，接下来的人生会是什么样 子？ 对 50 多岁的 Mody Khan 来说，现实是残酷的： 他在微软工作了 5 年、拿着六位数美元的年薪、 担任云解决方案架构师 ，但自从 去年 12 月被解雇后，已经 找了整整 9 个月的工作仍一无所获 。 高薪职位一夜清零，存款见底、房贷告急 Mody Khan 的职业轨迹本该是一条稳步上升 的曲线。2007 年，他从巴基斯坦移民到美国，最初在 2008 年金融危机中也经历过低谷，但最终还是凭借技术积累站稳了脚跟。 到了 2019 年，他以合同工身份加入微软，负责支持工作。2020 年转正后，他升任支持升级工程 师； 2021 年底更进一步，成为云解决方案架构师 ——一个收入丰厚、可以远程办公的岗位。 然而，好景不长。随着微软内部绩效考核收紧， Mody Khan 的日子变得越来越煎熬。 多位经理先 后对他的表现提出质疑，并明确表示 其 工作岌岌可危。 Mody Khan 回忆说 ， 他曾 努力 改进， 但始终觉得缺乏清晰的目标和建设性的反馈， ...

Group 1 - The trend of "involution" will intensify, leading to more severe competition and elimination of individuals in various sectors [1] - The labor market is increasingly favoring those with cognitive skills over physical labor, as machines and AI replace manual jobs [3] - Individuals burdened with debt are at a higher risk of being eliminated from the workforce, as financial pressure increases uncertainty [5][6] Group 2 - Overworking and neglecting health can lead to serious consequences, including health issues that may outweigh financial gains from excessive work [8] - Workers aged 35 and above, especially those without significant resources or connections, face greater challenges in the job market [10][11] - The ongoing trend of layoffs is expected to worsen, as the number of job seekers continues to exceed available positions [12][13]