Michael Burry, the famed investor who has drawn attention in recent months for criticism of the artificial intelligence boom, is betting against Oracle Corp.Burry owns put options on Oracle shares, he said in a Substack post after markets closed on Friday. Puts typically increase in value as the price of the underlying asset falls. Burry, who revealed bearish bets against AI chipmaker Nvidia Corp. and Palantir Technologies Inc. in November, also directly shorted Oracle during the last six months, he said.Or ...

6 January 2026 | 10:27AM HKT Equity Research AMEC (688012.SS): Rising demand on domestic AI ramp up; Expansion to wet process tools; Buy We are positive on AMEC, supported by the rising local demand for AI-related semiconductors, driving the local equipment growth. The company is expanding to platform SPE suppliers, covering etching, deposition, Ion Implantation, and metrology tools across mature and advanced node, and we view AMEC as a key beneficiary of AI demand growth. Moore Threads recently announced a ...

Core Insights - Investing in ETFs, particularly the Vanguard Information Technology ETF (VGT), can facilitate long-term wealth accumulation with minimal effort [1][2] - The tech sector, while volatile, offers significant potential for lucrative returns, especially through diversified ETFs like VGT that encompass a wide range of technology stocks [4][5] Investment Performance - The Vanguard Information Technology ETF has achieved an average annual return of approximately 22% over the past decade, indicating strong historical performance [8] - With consistent monthly contributions, such as an initial investment of $1,000 and $100 monthly, the potential portfolio value could reach $2,500,000 over 30 years, showcasing the power of compound growth [9] Fund Composition and Strategy - VGT includes 322 stocks from the technology sector, providing a broad exposure compared to other tech-focused ETFs that may concentrate on specific subsectors [4][5] - Major holdings in the fund include industry leaders like Nvidia, Apple, and Microsoft, which can help mitigate risk during market downturns due to their established market positions [6] Market Outlook - The future performance of VGT remains uncertain, as market conditions can fluctuate significantly; however, the potential for substantial returns exists if the market performs well in the coming years [6][10] - Investors should maintain a long-term perspective, as tech stocks have historically outperformed the market over extended periods despite short-term volatility [7][10] Suitability for Investors - The Vanguard Information Technology ETF may not suit all investors, particularly those seeking stability; alternatives like broad-market funds may be more appropriate for risk-averse individuals [11]

The Stock Exchange of Hong Kong Limited and the Securities and Futures Commission take no responsibility for the contents of this Application Proof, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this Application Proof. Application Proof of Beijing Roborock Technology Co., Ltd. 北京石頭世紀科技股份有限公司 (the "Company") (A joint stock company incorporated in the Peo ...

如果您希望可以时常见面，欢迎标星收藏哦~ 华为将于明年在韩国推出其最新的人工智能（AI）芯片Ascend，全面进军韩国国内人工智能基础 设施市场。 华为韩国首席执行官王百连在12月26日于首尔中区广场酒店举行的华为2025发布会上表示："华为 韩国计划明年正式发布AI计算卡和AI数据中心相关解决方案。"他补充道："我们的目标是为韩国 企业提供除NVIDIA之外的第二个选择。"即将发布的芯片是华为最新产品"Ascend 950"，华为计 划明年开始量产。 王先生表示："与英伟达不同，我们计划以集群单元的形式销售，而不是单独销售芯片。"他还 说："华为的战略不仅限于提供AI卡和AI服务器，而是要加速产业应用。"为了实现这一目标，华 为旨在通过提供涵盖基础设施硬件和软件（包括网络和存储）的端到端（E2E）解决方案来确保竞 争力。王先生补充道："在这种情况下，可能不需要合作伙伴公司（负责供应和销售）"，并且"我 们将制定战略，使华为能够直接集成并提供服务。" 据报道，华为韩国正在与一些公司进行洽谈， 潜在的供应商协议谈判正在进行中。 此外，华为韩国明年将向韩国国内企业提供其自主研发的开源操作系统鸿蒙操作系统，以促进生 ...

Core Viewpoint - Adjusting investment strategies in the S&P 500 may enhance portfolio positioning for upcoming market rotations, particularly given the current concentration in a few stocks [1][2]. Investment Concentration - Stock investing has become highly concentrated, with approximately 40% of S&P 500 investments tied to just 10 stocks, increasing the risk of significant drawdowns if the market shifts away from technology [2][5]. Importance of Diversification - The rise of the "Magnificent Seven" stocks and the AI boom underscores the necessity for diversification, as many investors may face risks associated with concentrated positions in tech [2][5]. Invesco S&P 500 Equal Weight ETF (RSP) - The Invesco S&P 500 Equal Weight ETF offers an alternative by equally weighting all S&P 500 components, thus reducing the overexposure to technology and providing a different sector concentration [4][5]. - In RSP, the top five sector holdings are industrials (15.6%), financials (14.5%), technology (14.4%), healthcare (13.1%), and consumer discretionary (9.4%), contrasting sharply with the nearly 35% tech weighting in the cap-weighted S&P 500 [5]. Market Trends - Recent market trends indicate a shift, with technology lagging behind the S&P 500, while cyclicals and healthcare sectors have gained momentum [7][8]. - Falling interest rates have disproportionately benefited small-cap stocks, enhancing the appeal of the equal-weight approach [8]. - Economic growth risks highlighted by labor market issues have led to healthcare outperforming other sectors, making it a defensive choice during uncertain times [8]. Tech Sector Outlook - The momentum in the tech sector appears to be waning, with growth rates from the AI boom starting to slow, prompting investor caution [9][10]. - The equal-weight strategy of RSP allows investors to remain engaged in the market regardless of which sectors are leading, making it a strategic choice for those looking to mitigate concentration risk [10].

Core Viewpoint - TSMC is the world's leading chip manufacturer, holding a dominant market position in the semiconductor industry, particularly in AI chip manufacturing, where it commands a market share in the upper-90% range [2][6]. Group 1: Company Overview - TSMC operates on a foundry model, manufacturing chips on order to meet the specific needs of companies like Apple, Nvidia, and Amazon [4]. - The company requires significant investment, specialized engineers, and world-class plants, making it more efficient for other companies to rely on TSMC rather than building their own manufacturing capabilities [5]. Group 2: Financial Performance - TSMC's market capitalization is $1.5 trillion, with a current stock price of $298.80 [6]. - In the third quarter, TSMC reported revenue of $33.1 billion, with its high-performance computing (HPC) segment, including AI chips, accounting for 57% of this revenue [7]. - Gross margins increased from 57.8% to 59.5%, and operating margins rose from 47.5% to 50.6% in the third quarter [8]. Group 3: Market Position and Future Outlook - TSMC is positioned to benefit from the increasing investments by tech companies in AI infrastructure, as it will supply the chips for the machines built around these systems [7]. - The company's strong foothold in manufacturing for major tech companies provides a solid foundation for long-term growth and stability [10].

Core Insights - Growth ETFs are positioned to potentially generate above-average returns, with specific Vanguard ETFs showing a history of outperforming the S&P 500 over several years [1] Group 1: Vanguard S&P 500 Growth ETF - The Vanguard S&P 500 Growth ETF (VOOG) focuses on stocks with the highest potential for long-term growth, increasing the likelihood of higher returns [2] - Over the past 10 years, VOOG has achieved an average annual return of 16.69%, outperforming the Vanguard S&P 500 ETF (VOO) which had an average annual return of 14.58% [3] - The ETF has a significant allocation to tech stocks, which has contributed to its faster growth [4] Group 2: Vanguard Mega Cap Growth ETF - The Vanguard Mega Cap Growth ETF (MGK) targets extremely large companies with market caps of at least $200 billion, containing only 66 stocks [4][5] - This ETF has delivered an average annual return of 18.08% over the past 10 years, with a remarkable 30.55% average annual return over the last three years [6] Group 3: Vanguard Information Technology ETF - The Vanguard Information Technology ETF (VGT) includes 322 stocks from the technology sector, with a significant portion allocated to semiconductor stocks, which are crucial for AI development [7][8] - VGT has achieved an average annual return of 22.18% over the past 10 years, surpassing both VOOG and MGK [10] Group 4: Investment Potential - If these ETFs maintain their 10-year average returns, they could yield substantial portfolio values over time, with projections showing significant growth for consistent monthly investments [13][14] - The potential for higher returns comes with increased risk, particularly during market downturns, necessitating a long-term investment strategy [12][15]

Company Performance - Micron reported impressive quarterly results, beating revenue expectations significantly with a forecast of nearly $19 billion for Q2, compared to a consensus of over $14 billion [2][3] - The company achieved substantial margin expansion, projecting margins to increase from 56.8% to 68% [3] Market Demand and Supply - Micron has sold out its high bandwidth memory production for 2026, indicating strong demand for AI computing power and a constrained ability to expand capacity [3][4] - Current demand for memory and storage exceeds supply, with Micron only able to meet half to two-thirds of the demand, leading to efforts to lock in customers for future supply [6][7] Industry Context - Memory and storage are becoming critical components in the AI sector, with increasing recognition of their importance compared to GPUs [5][6] - Analysts suggest that the AI super cycle is now impacting the memory market, as indicated by Micron's performance [8]

全球表现最让人瞠目结舌的股票并非来自硅谷，而是出现在印度市场。 RRP Semiconductor Ltd.的股价在截至12月17日的20个月内飙升了超过55000%，尽管这家公司的营收为负，且其与半导体行业的实际联系微乎其 微。 这一令人咋舌的涨幅已引起监管机构的高度警觉。据知情人士向彭博透露，印度证券交易委员会（SEBI）已开始调查RRP股价飙升背后是否存在 不当行为。自11月7日触及高点以来，该股已下跌6%，目前交易所已限制该股每周只能交易一次。 RRP的狂飙突进凸显了监管机构在保护散户投资者免受投机狂潮影响时面临的巨大挑战。特别是在印度市场，由于缺乏上市的芯片制造企业，散 户投资者极度渴望获得任何能够接触全球AI热潮的替代标的，这种情绪助推了市场的非理性繁荣。 这个全球表现最佳的股票正在演变成一个关于追逐人工智能泡沫风险的警示故事。尽管该公司的走势不太可能影响Nvidia Corp.等全球巨头的广泛 反弹，但它揭示了在市场特定角落，收益已经变得多么极端且脱离基本面。 营收为负与两名全职员工 尽管股价涨幅惊人，RRP的基本面却极其薄弱。截至最新财报，该公司的年度报告显示其只有两名全职员工。更令人担忧的是 ...