全市场超2500只个股下跌。板块题材上，半导体、电池、贵金属、算力硬件、光伏设备板块跌幅居前；璞泰来、天赐材料、国轩高科等股盘中跌停，先导智 能、利元亨、亿纬锂能大跌超10%。半导体板块同样大幅走低，华虹公司、东芯股份、佰维存储领跌。 ETF方面，锂电池板块大幅杀跌，锂电池ETF、电池ETF嘉实、电池50ETF均跌逾7%。半导体板块全线回调，集成电路ETF、科创芯片ETF分别跌7.05%和 6.69%。 资金流方面，全市场资金主体都是净流出，机构、主力、大户和散户分别净流出308亿元、294亿、247亿和88亿元。 A股今日集体下跌，截至收盘，上证指数跌0.94%，报3897点，失守3900点 ，深证成指跌2.7%，创业板指跌4.55%，跌幅创年内次高，科创50跌5.61%。沪深 京三市全天成交额25341亿元，较上日缩量1377亿元。 在净赎回方面，A500ETF南方、富国旅游ETF、国泰半导体设备ETF和A500ETF易方达分别净赎回4.26亿份、1.52亿份、1.16亿份、0.72亿份。 由于在深交所上市的ETF盘中可查阅实时申购、赎回数据，wind数据显示，今日预估合计111.79亿元资金借道深市ET ...

Group 1: Market Insights - Morgan Stanley's chief China equity strategist, Laura Wang, argues that the current A-share market rally is driven by earnings rather than liquidity, labeling it an "earnings bull market" [1] - The MSCI China Index has shown stable earnings over the past three quarters, with the earnings revision breadth indicator turning positive in August, making China the second market globally to enter this zone after the US [2] - Despite concerns about market divergence, key sectors such as information technology, internet, finance, and biotechnology are leading earnings growth, with foreign investors planning to increase their exposure to Chinese stocks [2] Group 2: AI and Technology Developments - OpenAI has entered a significant $90 billion GPU supply agreement with AMD, which includes a unique equity-for-purchase model, potentially redefining AI infrastructure financing [4][5] - AMD's stock surged over 37% in intraday trading following the announcement, marking its largest single-day gain since 2016 [6] Group 3: Gold Market Trends - China's central bank has increased its gold reserves for the 11th consecutive month, reaching 7.406 million ounces by the end of September [9] - Goldman Sachs has raised its gold price target for the end of 2026 from $4,300 to $4,900 per ounce, citing a 17% increase in gold prices since August 26, driven by long-term capital inflows and central bank purchases [11] - The report indicates that gold prices may have a further 23% upside in the next two years, with central bank purchases contributing significantly to this growth [11]

华见早安之声 请各位听众升级为见闻最新版APP，以便成功收听以下音频。 市场概述 美国政府关门后美股仍盘中转涨，标普和道指齐创新高，辉瑞涨近7%，礼来涨超8%，默沙东涨超7%领涨道指；特斯拉涨超3%，英伟达盘初跌超1%后转 涨，继续收创新高，英特尔涨超7%。泛欧股指四连涨，时隔七个月再创历史新高。英股连创新高。 ADP强化降息预期，美债收益率创近两周新低，美元指数创一周新低。 黄金连续三日创盘中历史新高，白银盘中反弹近3%，创十四年新高，伦铜反弹超1%，逼近逾一年高位。原油三连跌至五个月新低，盘中跌超1%。 《付鹏说·第六季》全面升级！付鹏带你前瞻全球大类资产交易性机会！立即订阅>> 要闻 "沪六条"房产新政实施一月有余：9月成交环比增8%、同比增24%。 七年来首次，美国政府正式"关门"。美参议院再度否决两党临时拨款议案，万斯警告关门持续就将裁员。 美国最高法院拒绝特朗普立即罢免美联储理事库克，明年1月审理解雇案。 欧美股市：标普500涨幅0.34%，报6711.20点。道指涨幅0.09%，报46441.10点。纳指涨幅0.42%，报22755.157点。欧洲STOXX 600指数收涨1.15%，报564. ...

就像时钟一样，每六个月，相似的剧情就会上演一次。"AI泡沫论"总会准时出现，引发市场短暂的恐慌，然后又迅速被 新一轮的狂热所淹没。 从高盛质疑其商业回报，到中国推出性价比极高的模型，再到甲骨文与OpenAI抛出震撼市场的3000亿美元"未来合约"， AI的质疑与狂欢交替上演。 然而，Zerohedge文章分析，在这场周期性辩论的背后，一个更深层次的结构性风险正在浮现：AI基础设施的竞赛正从一 场由科技巨头内部现金流支撑的马拉松，演变为一场依赖外部债务的"军备竞赛"。 当一个高达1.5万亿美元的资金缺口需要由本已承压的私市信贷市场来填补时，人们不禁要问：那只终将到来的"狼"，究 竟还有多远？ "AI泡沫论"准时上演 第一次大规模的担忧潮涌现在2024年6月。当时，高盛发布报告，直指生成式AI是否是"投入太多，获益太少"的资本无底 洞，即一个可能永远无法为投资者带来长期正回报的巨坑。这一质疑在科技界投下了一枚震撼弹。 然而，六个月过去了，在又烧掉了1000亿美元"完善"这个星球上最昂贵的聊天机器人后，清晰的盈利模式似乎仍未在美 国出现。相反，中国推出了名声大噪的DeepSeek大模型，它不仅是开源的，而且比美国的 ...

Group 1 - OpenAI has disclosed a financial forecast indicating a cash burn of $115 billion over the next four years, coinciding with employees selling approximately $10.3 billion worth of stock [1] - Menlo Ventures reported that the total user base for AI has reached 1.8 billion, with daily active users at 600 million, but the paid penetration rate is only 3%, suggesting a significant gap between user engagement and willingness to pay [3][6] - The report highlights that 81% of the $12.1 billion consumer spending on AI is directed towards AI chatbots and companions, raising questions about consumer reluctance to invest in AI coding despite its touted potential [7] Group 2 - The slow penetration of AI across industries is attributed to high application barriers, making it difficult for the average user to utilize AI effectively [9] - Many companies are still in the early stages of digital transformation, and the prospect of another AI-driven transformation poses significant challenges [9] - A study from MIT revealed that only about 5% of generative AI pilot projects have led to rapid revenue growth, with most projects failing to impact financial statements meaningfully [9][10] Group 3 - To counter the AI bubble narrative, companies are exploring advertising as a sustainable revenue model, given the low paid penetration rate of 3% [10] - Major AI products are currently subsidized by their manufacturers, who are willing to absorb high operational costs to grow the market, which has reached 1.8 billion users [10] - There is a potential for integrating advertisements into AI products, with strategies like offering tokens for watching ads, which could enhance user engagement without causing resistance [13]

来源：市场资讯 （来源：美股情报站） OpenAI首次公开表达了对上市的兴趣及可能性，引起了广泛关注。首席财务官萨拉·弗莱尔在一次直播 中指出，公司正在积极考虑在未来某个时刻进行公开上市。这一消息不仅在科技圈引发了讨论，也标志 着OpenAI在行业中影响力的进一步扩大。 在今年五月的柏林科技峰会上，弗莱尔曾透露OpenAI重组的动态，并暗示重组可能为未来的上市打好 基础。然而，她随后澄清，这不意味着公司已经决定上市，而是将其作为一种可能性进行考量。 OpenAI在不断发展的人工智能领域保持快速增长，与微软的合作关系正在发挥重要作用。据悉，微软 将在未来数年内继续充当OpenAI的重要合作伙伴，双方正通过持续谈判，致力于获取更多关键技术。 弗莱尔对早前CEO山姆·奥特曼所提出的"AI泡沫论"表示赞同，并称AI的飞速发展是当前最重大的技术 革新之一。这也进一步引发了投资者的关注。她指出，虽然并非所有投资都是最佳选择，但整体的市场 趋势显示，AI时代的到来不可逆转。投资者在看好相关股票的同时也关注技术的实际应用和市场的长 远发展潜力。 在谈到数据壁垒构建时，弗莱尔指出，开放数据资源和高效的数据获取是成功的关键。她强 ...

Group 1 - OpenAI has expressed its intention to consider going public in the future, as stated by CFO Sarah Friar during a live program [1][3] - Friar emphasized that Microsoft will remain a significant partner for OpenAI in the coming years, with ongoing negotiations for continued access to OpenAI's key technologies [3] - OpenAI's market share in the search sector has increased from approximately 6% to 12% over the past six months, although this figure may be underestimated due to user interaction patterns [4] Group 2 - Friar believes that the current AI infrastructure investment phase resembles foundational construction, akin to railroads or power grids, rather than a fleeting bubble [5] - OpenAI faces challenges related to GPU and computing power shortages, which hinder the company's ability to provide better models [5] - The company anticipates a revenue increase of over 100% this year, reaching $12.7 billion, and expects to double that again next year to $29.4 billion [5] Group 3 - OpenAI's recent funding round led by SoftBank valued the company at approximately $300 billion, with potential for valuation to reach $500 billion amid discussions of a possible employee stock secondary sale [5]

Group 1: AI Action Plan Overview - The AI Action Plan released by the Trump administration aims to reduce regulatory burdens, accelerate AI infrastructure development, and expand AI exports to maintain U.S. leadership in the AI sector [1][2][3] - The plan emphasizes a shift from the previous administration's approach, focusing on deregulation and strategic competition in technology, particularly in AI [3][4] Group 2: Regulatory Changes - The plan seeks to eliminate cumbersome regulations established by the Biden administration, promoting a more streamlined policy framework for AI development [2][3] - It proposes to prevent states from imposing their own regulations on AI, thereby fostering a more unified national approach [2][3] Group 3: Infrastructure Development - The plan encourages the rapid construction of data centers, addressing energy supply issues and environmental regulations that have previously hindered development [6][8] - It suggests prioritizing reliable energy sources, such as nuclear and geothermal, to meet the growing power demands of AI technologies [8] Group 4: Export Strategy - The plan outlines a strategy to enhance U.S. AI exports, coordinating with industry to provide secure AI systems to allies while maintaining a competitive edge over China [11][12] - It reflects a shift towards a more flexible export control policy, allowing for the sale of non-frontier technologies to China while maintaining strict controls on advanced technologies [10][12] Group 5: Investment Trends - Despite concerns about an "AI bubble," investment in AI startups has surged, with $104.3 billion raised in the first half of the year, indicating strong market confidence [5][6] - Major tech companies are heavily investing in data center construction, with significant commitments from firms like OpenAI, Meta, and Google to enhance their AI capabilities [6][8]

Group 1 - Nvidia's market capitalization reached $3.45 trillion, surpassing Microsoft to become the highest-valued public company globally, reflecting ongoing enthusiasm for AI in the capital markets [1][3] - Nvidia's stock price surged over 24% in the past month and more than 50% since April's low, indicating strong market confidence in its core business and growth prospects [1] - CoreWeave, a cloud computing service provider closely associated with Nvidia, saw its market value increase by 248% from $23 billion to $72 billion shortly after its IPO [1][8] Group 2 - Nvidia's revenue for Q1 of fiscal year 2026 increased by 69% year-over-year to $44 billion, significantly exceeding market expectations, with data center revenue rising 73% to $39.1 billion [6] - The demand for Nvidia's Blackwell architecture chips is expected to continue to exceed supply, driven by increased AI spending in the Middle East, particularly from Saudi Arabia and the UAE [7][11] - Analysts predict that the AI market opportunity in Saudi Arabia and the UAE could add $1 trillion to the global AI market in the coming years [7] Group 3 - Concerns about an "AI bubble" have emerged alongside the recent surge in Nvidia and CoreWeave's stock prices, with experts noting that recent AI product releases have not shown substantial breakthroughs [2][16] - The capital expenditure of major tech companies like Microsoft, Meta, and Amazon is projected to reach $330 billion by 2026, providing ongoing order support for Nvidia [17] - Despite the positive outlook for Nvidia, only 74% of long-term funds hold Nvidia stock, which is lower than that of other tech giants like Amazon and Microsoft [17] Group 4 - Apple is perceived to be lagging in the AI race, with expectations for its upcoming developer conference being low, particularly regarding AI announcements [12][13] - Apple's internal AI models are reportedly complex but have not yet been leveraged for a public-facing product, raising concerns about its competitive position in the AI space [13]

Core Viewpoint - Meta is preparing to offer a paid subscription service for its AI assistant, Meta AI, following the trend set by other major AI companies like OpenAI and Google, as it has achieved 1 billion monthly active users, indicating a solid user base ready for monetization [1][3] Group 1: Monetization Strategy - Meta AI has reached 1 billion monthly active users, which signifies a successful user base consolidation strategy and a critical point for monetization [1][3] - The company plans to test a paid subscription service similar to ChatGPT Plus in the second quarter, reflecting the necessity for AI companies to generate revenue from their large user bases [3] - The high operational costs associated with AI products, which can be several times higher than traditional internet products, necessitate a shift towards paid services for sustainability [3][5] Group 2: Market Dynamics and Competition - The AI market is experiencing a slowdown in investment, with skepticism about AI's long-term viability growing, leading to a shift in focus from foundational models to AI applications [8][10] - Meta's AI strategy has diverged from competitors by focusing on research and academic partnerships, but recent setbacks with its Llama 4 model have challenged its position in the open-source model space [12][13] - The competitive landscape in AI is fierce, where only the leading models gain widespread user adoption, leaving others struggling to convert recognition into profit [15] Group 3: Strategic Restructuring - In response to challenges, Meta has restructured its generative AI team into two divisions: AI foundational research and product applications, indicating a strategic pivot towards both research and consumer products [15] - The potential introduction of paid subscription services is a recognition of the need to monetize Meta AI, signaling an end to free access for users [15]