新华财经上海11月26日电 北京时间11月25日晚间，美股开盘后，英伟达股价直线跳水，盘初一度大跌 超近7%，随后跌幅有所收窄，截至收盘，跌幅为2.59%。而谷歌股价则持续走强，盘初一度大涨超 3%，最终收涨1.53%，股价再创历史新高，谷歌母公司Alphabet的总市值升至3.9万亿美元，逼近4万亿 美元关口。 自11月以来，谷歌、博通等公司为代表的"谷歌链"持续走高，而以英伟达、软银、甲骨文等为代表 的"OpenAI链"的股价持续走弱。 （文章来源：新华财经） 业内人士普遍认为，上述美股科技股的走势转变或许可以揭示市场长期以来的"AI交易"逻辑出现变化， 谷歌自研TPU（张量处理单元）的出现让英伟达GPU（图形处理器）长期保持的垄断优势出现动摇。 作为AI领域的老牌巨头，谷歌早在2013年就开始了TPU的研发，这是一款专为机器学习和深度学习任务 加速设计的专用集成电路芯片（ASIC），2016年5月首次公开并应用于AlphaGo上，目前已经迭代至第7 代。 随着AI应用深入，推理计算需求呈爆发式增长。ASIC芯片则完全为AI训练和推理定制，计算能力上限 更高，在算法固化、大规模部署的推理场景，ASIC凭借 ...

每经记者：曾子建 每经编辑：袁东 消息面，深交所11月24日公告，港股通标的证券名单发生调整并自2025年11月24日起生效，调入三一重工（HK06031）、剑桥科技（HK06166），两家公司 H股均于10月28日在港交所上市。 其他方面，盘面上，科网股普涨，网易涨超3%，百度涨超2%，阿里、腾讯、京东、联想、快手、小米等涨超1%；黄金股活跃，中国黄金国际高开4%；创 新药概念多数上涨，恒瑞医药涨超3%；锂电池概念股高开，宁德时代高开超3%；汽车股普涨，广汽集团涨超9%。新股方面，创新实业（HK02788）上市首 日高开38%。 后市展望： 今日（11月24日），港股市场跳空高开，机构最新观点认为，港股市场已经进入"布局区"。 截至发稿，恒生指数报25452.87点，上涨232.85点，涨幅0.92%。 恒生科技指数报5456.61点，上涨61.12点，涨幅1.13%。 | 分时 5日 v 5分 15分 30分 60分 日K 周K 月K 年K v | 前复权 · 其他 · 圖 》 》 | 三一重工 (06031) CAS | | | --- | --- | --- | --- | | 三一重工 均线 · . ...

更引人关注的是，这笔投资的时机恰逢伯克希尔权力交接的关键时刻。市场推测，这笔交易可能由即将上任的CEO格雷格・阿贝尔在幕后主导。若猜测属 实，则意味着伯克希尔的投资逻辑正在发生重要转变——从严格规避估值风险，转向 愿意为未来的高增长预付更高溢价 ，而这正是巴菲特"即便有过，也极 少会冒的风险"。 本质上，这是一场对未来增长的押注。Kaissar分析指出，要让估值回归合理，Alphabet需在未来三到五年内实现13%至23%的自由现金流年均增长。但其 自 由现金流利润率 约为19%，增长基础弱于利润率高达44%的英伟达。这一决策也让伯克希尔直接置身于华尔街关于"AI交易是否过度"的激烈辩论中心。 伯克希尔的这一罕见布局，是否标志着新任管理层主导的策略偏移，或是价值投资框架在AI时代的适应性调整？无论结果如何，这笔投资都已成为观察后 巴菲特时代伯克希尔投资风格演变的一个重要 风向标 。（陈十一） 【环球网财经综合报道】在执掌伯克希尔・哈撒韦的数十年间，沃伦・巴菲特始终将"不投看不懂的生意"奉为投资圭臬。然而，这位价值投资大师的最新举 动却令市场惊讶：伯克希尔新建仓1784万股谷歌母公司Alphabet的股票，使其 ...

更关键的是，高昂的买入价格是另一个疑点。文章分析，以自由现金流（而非盈利）来衡量，更能反映科技公司在AI领域的巨额资本支出。 而这笔投资的估值水平也非同寻常。 伯克希尔为买入Alphabet支付了约40倍的追踪自由现金流（FCF），远高于标普500指数自1991年以来约26倍的 平均水平。 Kaissar认为， 为一家业务依赖于"尚未得到验证的技术"的公司支付如此高的溢价，是一个典型的"非巴菲特式"举动。 继任者的新策略? 伯克希尔近期大举建仓谷歌，更以约40倍自由现金流的高溢价买入。有观点指出，这笔交易同时触碰了巴菲特的两个"禁区"：模糊难懂的技术和过高的 估值。为一家业务依赖于"尚未得到验证的技术"的公司支付如此高的溢价，是一个典型的"非巴菲特式"举动。猜测这可能是巴菲特继任者Greg Abel主 导的策略转向信号。 巴菲特经常告诫投资者，"永远不要投资一家你无法理解的企业"。然而，他执掌的伯克希尔哈撒韦近期却做了一个违背"家规"的投资——大手笔建仓谷 歌。 11月21日，据资管公司Unison Advisors创始人、彭博专栏作家Nir Kaissar分析， 伯克希尔哈撒韦公司对谷歌母公司Alphabe ...

(本文来自第一财经) 来源：第一财经 美股分析师Hannah Erin Lang表示，美股盘中主要股指在大幅高开后滑入红色区域，动能丧失的原因有 以下几个：①人工智能的提振似乎是短暂的。尽管英伟达(NVDA.O)的财报似乎恢复了对AI交易的一些 信心，但这种信心提振可能只是暂时的。信息技术板块今天在标普500指数中领跌。②市场目前不仅仅 对AI泡沫感到担忧，还有其他担忧——比如对美联储是否会在12月选择降息的疑虑——仍然笼罩着市 场。③避险情绪依然存在。周四，比特币价格继续数周以来的下跌，而Robinhood(HOOD.O)和西部数据 (WDC.O)等高动能股票也加入了领跌行列。 ...

过去一周，随着政府停摆结束且投资者重新调整对12月降息的押注，美股从周四科技股领跌的抛售中艰 难回升。以科技股为主的纳斯达克综合指数在波动的一周下跌0.4%，标普500指数几无变动，道琼斯工 业平均指数微涨0.3%。 随着美国有记录以来最长的政府停摆终于在周三晚些时候结束，现在的问题是，当投资者和美联储官员 获得拖延已久的美国经济数据更新时，经济成本将是多少。 智通财经APP注意到，11月的最后一个完整交易周将为投资者带来两份关键财报以及9月份就业报告的 恢复发布，这些事件将为今年最后几周的交易定下基调。 英伟达(NVDA.US)将于周三盘后公布业绩，沃尔玛(WMT.US)将于周四上午公布财报，这些结果将提供 关于AI交易和美国消费者状况的最新信息，这些因素在过去几周既让投资者兴奋也令其谨慎。 周四，政府将开始补发原定于10月3日发布的9月就业报告，这是自9月以来美国劳动力市场的首次官方 更新。然而，白宫官员上周晚些时候的评论表明，本月市场可能无法得到一份完整的报告。再加上美联 储官员上周对进一步降息必要性持更谨慎的语调，这使市场对美联储下月降息的押注从板上钉钉变成了 五五开的概率。 加密市场的溃败也令比特币 ...

Core Viewpoint - The article highlights a significant rebound in the Nasdaq index driven by bottom-fishing in AI stocks like Nvidia and Oracle, with upcoming earnings reports and delayed economic data being crucial for future market direction [1][3][9]. Market Performance - The US stock market experienced a dramatic turnaround this week, with a notable technical rebound on Friday after a significant decline in the first four trading days. The Nasdaq index fell by 1.9% but ended the day up by 0.1%, marking the largest intraday reversal since April [3][10]. - The S&P 500 index saw a slight increase of less than 0.1%, while the Nasdaq declined by 0.5% and the Dow Jones rose by 0.3% [3]. Technical Indicators - The rebound in major indices like the Dow Jones, Nasdaq, and S&P 500 was supported by technical factors, as they bounced back after reaching their 50-day moving averages. Small-cap indices found support at their 100-day moving averages [7]. Investment Trends - There is a noticeable rotation of funds from AI stocks to more defensive sectors such as healthcare, materials, and energy. This shift indicates a potential concern regarding the sustainability of the AI stock rally [9][11]. - Companies related to OpenAI have faced significant declines, with Oracle dropping over 9% and CoreWeave plunging nearly 30% [12]. Upcoming Earnings and Economic Data - Nvidia's upcoming quarterly earnings report on November 19 is seen as a critical indicator for the future of AI trading. The implied volatility surrounding this report is at its highest level in a year, suggesting significant market expectations [9][14]. - A series of delayed economic reports, including the September employment data set to be released on November 20, will influence market expectations regarding the Federal Reserve's December meeting [14][15]. Analyst Insights - Analysts express that a true market recovery hinges on sustained economic growth without rising inflation. The upcoming economic data will be pivotal in shaping investor sentiment and expectations for potential interest rate cuts by the Federal Reserve [9][15].

Group 1 - The overall view indicates a continued weak recovery in the bond market, with long-end spreads expected to see a rebound, requiring patience [1] - In the equity market, a rebalancing of styles is ongoing, with recommendations to focus on sectors that are weakly correlated with technology and have previously lagged, including finance, cyclical chemicals, and innovative pharmaceuticals under improved US-China narratives [1][2] - The report highlights a shift in trading dynamics as year-end approaches, with a notable lack of "funding relay" in the A-share market, indicating a divergence between absolute return investors and trading institutions [2][4] Group 2 - The bond market has shown a significant weakening correlation with the stock market since October, with both markets performing strongly, although the bond market did not continue the previous stock-bond seesaw pattern [4] - The report notes that the real estate chain continues to weaken, and external demand is decreasing, which may impact GDP growth in the fourth quarter due to limited incremental policies [5] - Adjustments in public bond fund redemption terms and fee policies have been announced, providing slight positive trading conditions, alongside potential monetary easing measures to support growth in early next year [6]

Core Viewpoint - The article discusses the emergence of AI trading models in the stock market, highlighting a competition involving ten AI models that trade in real-time using a set amount of capital, showcasing the potential of AI in investment strategies [1][3][12]. Group 1: AI Models and Competition - Ten AI models, including both established names like GPT and new entrants such as Doubao and Minimax, are participating in a trading competition, with Doubao currently leading [3][12]. - The competition involves each AI model managing a trading account with an initial capital of $100,000, making trading decisions every five minutes based on identical data inputs [18][24]. - The competition features three categories: Meme, AI stocks, and Classic, with a focus on AI stocks being particularly stimulating [20][15]. Group 2: Trading Strategy and Data Utilization - The AI trading agent, Bobby, provides all models with real-time market data, including K-line information, account data, and news, ensuring a level playing field [24][26]. - Each model must develop its trading strategy based on the same set of information, emphasizing the importance of independent reasoning and decision-making [26][24]. - The trading rules include a maximum leverage of 2x, no options trading, and a requirement for each trade to have a clear entry and exit plan [25][24]. Group 3: Performance and Insights - As of the latest updates, Doubao has achieved a notable profit, while other models like GPT-5 and Gemini 2.5 Pro have adopted different strategies, with GPT-5 focusing on risk management [28][29][35]. - The article highlights the distinct trading styles of the AI models, showcasing their personalities and decision-making processes, which adds an entertaining aspect to the competition [35][39]. - The overall performance of the models reflects their ability to adapt to market conditions, with some models taking more aggressive positions while others prioritize risk management [41][39].

Group 1 - Amazon's stock price surged to a historical high following the announcement of a $38 billion computing power contract with OpenAI, reflecting the ongoing excitement in the AI trading sector [8][14] - The S&P 500 index showed mixed results, with over 400 constituent stocks declining during the trading session, indicating potential underlying market weaknesses despite the index closing in the green [8][10] - Major tech stocks exhibited varied performance, with Nvidia and Tesla rising over 2%, while Broadcom, Meta, and Oracle fell over 1%, highlighting the volatility within the tech sector [8] Group 2 - The Federal Reserve's internal debates on interest rate paths are creating uncertainty in the market, with a 67.3% probability of a 25 basis point rate cut in December, down from over 90% a week prior [10] - Fed officials are divided on economic outlooks, with some advocating for aggressive rate cuts while others express concerns about inflation and employment stability [12][14] - The lack of official economic data due to the government shutdown is leading economists and policymakers to rely more on private reports, complicating the assessment of the economic and employment landscape [5][6]