智通财经9月29日讯（编辑 潇湘）华尔街最具影响力的股票组合——"七巨头"，如今看起来已有点过时 了。在不少业内人士看来，眼下这一投资组合或许有必要为"八巨头"抑或"GenAI十杰"等新称号让 路…… 自从OpenAI的ChatGPT，将本轮人工智能热潮推向全球经济的中心以来，已过去了近三年时间。在此期 间，一项交易几乎主导了美国股市：买入科技"七巨头"。 这个由英伟达、微软、苹果、 Alphabet、亚马逊、Meta和特斯拉组成的科技组合篮子，被人们视为了互 联网时代以来最大技术变革中最具投资潜力的标的。 虽然这大体上已成现实，但在走向全球市场主导地位的过程中，还是发生了一些有趣的事。AI交易以 意想不到的方式扩展，并超越了市场青睐的上述几家大型科技公司。 因此，基于科技七巨头的投资策略(自2023年初以来标普500指数超过70%的涨幅中，有超过一半是由它 们贡献的)，也错过了一些同样有望在AI未来中蓬勃发展的公司，例如博通公司、甲骨文公司和 Palantir。 "七巨头虽在移动互联网、电子商务等过往科技周期中胜出，但这并不意味着它们能在此轮周期继续领 先"，管理着24亿美元资产的Artisan Partn ...

科技股在Manning所管理的美股投资组合当中目前占比高达四至五成。在一众科技股中，他认为现时从 事类比半导体的公司具有吸引力，可受惠宏观经济加速增长，类似高质素工业股。反观软件股面对AI 崛起分薄其客户需求，相信软件公司需要一段时间，才能成功把AI融合至现有产品或服务。他亦同意 投资者应继续扩大持股至科技股以外板块，现时尤其看好非必需消费品及金融股。 格隆汇9月29日｜威灵顿投资管理股票投资组合经理Tim Manning指出，美股在人工智能范畴以外仍有很 多催化剂，包括《大而美法案》及资本开支前景改善。《大而美法案》预期将于明年首季展开， Manning预期措施对美国经济与美股市场正面，有助带动美国经济取得逾2%增长。同时，美国重启降息 也有助刺激经济，因当地楼市近年受累高息环境。 ...

Core Insights - The "Magnificent Seven" stock portfolio is facing a redefinition as investors seek a more comprehensive representation of AI beneficiaries [1][8] - The AI investment theme has expanded beyond the original "Mag 7" to include new market leaders such as Broadcom, Oracle, and Palantir, with significant stock price increases [1][9] Group 1: Market Dynamics - The "Mag 7" still accounts for nearly 35% of the S&P 500 index, with expected earnings growth of over 15% by 2026 [4] - There is increasing divergence within the "Mag 7," with Nvidia, Alphabet, Meta, and Microsoft seen as beneficiaries of the AI era, while Apple, Amazon, and Tesla face uncertain prospects [4][6] - Oracle's stock has risen over 75% this year, while Palantir has seen a 135% increase, making them significant players in the AI space [1][9] Group 2: New Stock Compositions - Various new stock portfolio concepts are emerging on Wall Street to capture true AI winners, including "Fab Four," "Elite 8," and the "Magnificent 10" index [3][10] - Analysts suggest removing Tesla from the mix to create a "Big Six" portfolio, while others prefer including chipmaker Broadcom in the "Elite 8" [10] - The "Magnificent 10" index includes the original seven companies plus Broadcom, Palantir, and AMD, selected based on liquidity, market cap, trading volume, and leadership in AI and digital transformation [10]

Market Overview - The U.S. stock market experienced a decline for the third consecutive trading day, with the S&P 500 index falling by 0.5%, marking its longest losing streak in over a month [2] - The Dow Jones Industrial Average dropped by 173 points, or 0.4%, while the Nasdaq Composite also fell by 0.5% [2] - Despite the recent declines, all three major indices remain close to their historical highs set earlier in the week [2] Economic Indicators - Reports indicate that the U.S. economy may be stronger than economists had anticipated, which could reduce the likelihood of multiple interest rate cuts by the Federal Reserve in the coming months [2] - The Federal Reserve recently implemented its first interest rate cut of the year, with expectations for more cuts by the end of next year [2] - Stronger-than-expected economic performance may alleviate the Fed's urgency to cut rates, especially given the existing inflation risks [2] Company Performance - CarMax's stock plummeted by 20.1% after reporting quarterly profits below analyst expectations, with a decline in vehicle sales compared to the previous year [4] - Jabil's stock fell by 6.7% despite reporting stronger-than-expected quarterly profits, attributed to demand from artificial intelligence [4] - Oracle's stock decreased by 5.6% after a significant rise earlier in the month due to announcements of large AI contracts [5] - Starbucks' stock slightly declined by 0.5% following the announcement of a $1 billion restructuring plan, which includes store closures and job cuts [5] - IBM's stock rose by 5.2% after HSBC announced a promising quantum computing trial with the company [5] Sector Trends - The bond market saw a slight increase in Treasury yields as traders reduced bets on future interest rate cuts by the Fed, with the 10-year Treasury yield rising from 4.16% to 4.17% [4] - The housing sector showed signs of optimism, with KB Home's stock fluctuating after reporting quarterly profits above analyst expectations, driven by declining mortgage rates [6]

提起硅谷，不少人仍会联想到"work-life balance"的职场神话，周末的街头该是咖啡馆里的悠闲交谈，或 是公园中的家庭聚会。 但2025年一组来自Ramp经济实验室的数据，却撕开了这层滤镜。 企业卡消费 将2025年1-8月企业卡消费与2024年同期对比后发现，旧金山周六中午至午夜的餐饮、外卖及到店取餐 交易，同比增幅超35%，而工作日其他时段数据几乎无波动。 这份"热闹"并非休闲消费带来的——Ramp经济学家Ara Kharazian指出，企业卡的餐饮消费是"在岗"的 可靠信号，毕竟没人会为周末的私人聚餐走公司报销流程。 更值得注意的是这一现象是2025年首次出现，且仅在旧金山表现突出，纽约同期的餐饮交易变化多集中 在晚餐时段，增幅不足旧金山的一半。 就连非软件行业，如金融科技、生物医药公司，也出现了类似的周六消费高峰。 在我看来，这种"隐形 996"比显性的打卡加班更值得警惕。 它没有行政命令的压迫，却用"报销便利""团队聚餐"等名义模糊了工作与生活的边界，员工可能觉 得"只是周末加个班吃个饭"，却不知不觉陷入"工作无休"的陷阱。 第一重力量是AI窗口期的竞争焦虑。 2025年，大模型、算力、数 ...

Core Insights - The article discusses the transformative impact of artificial intelligence (AI) on the economy, suggesting that within the next 1000 days, AI will not only replace jobs but also fundamentally reshape the economic structure of humanity [1][2][5]. Economic Transformation - Emad Mostaque, in his book "The Last Economy," argues that traditional economic indicators like GDP will lose significance in an AI-driven economy, where human labor may not only lose value but could potentially become a liability [2][5][12]. - The current economic models are inadequate in capturing real-world dynamics, as evidenced by significant statistical errors in employment data [10][12]. - Mostaque proposes a new economic measurement system that focuses on "liquidity" and "elasticity," emphasizing the flow of capital, creativity, and talent, rather than solely relying on GDP [12][21]. New Economic Framework - Mostaque introduces the "MIND" framework, which includes four types of capital: Material, Intelligence, Network, and Diversity, to better assess economic health [21][23]. - This framework highlights the interdependence of these capital types, suggesting that the absence of any one type could lead to systemic failure [29]. Stages of Economic Inversion - The article outlines four historical inversions in economic power: land, labor, capital, and currently, intelligence, where AI is set to dominate economic growth [30][34]. - Mostaque emphasizes that we are in the midst of the most significant inversion, where AI is replacing cognitive labor and reshaping the workforce [34][38]. Societal Implications - The rise of AI is expected to lead to increased economic inequality, as companies that leverage AI will have a competitive advantage over those relying on human labor [48][49]. - Mostaque warns of potential societal unrest as AI-driven efficiencies may lead to widespread job displacement, particularly in middle-class professions [48][49]. Future Economic Systems - Mostaque advocates for the establishment of a Universal Basic AI and a new "human-centered" currency to address the challenges posed by AI [52][53]. - He stresses the need for a new economic order that prioritizes collective human knowledge and organized systems to ensure societal stability in an AI-dominated future [53].

Market Performance - The Dow Jones index rose by 0.65% to close at 46,247.29 points, the S&P 500 index increased by 0.59% to 6,643.70 points, and the Nasdaq index gained 0.44% to 22,484.07 points [2] - Despite the rebound, major indices recorded declines for the week, with the Nasdaq and S&P 500 down 0.65% and 0.31% respectively, marking the first weekly decline in four weeks [2] Economic Data - The U.S. Personal Consumption Expenditures (PCE) price index for August showed a year-on-year increase of 2.7% and a month-on-month rise of 0.3%, both in line with market expectations [5] - The core PCE price index for August also met expectations, with a year-on-year increase of 2.9% and a month-on-month rise of 0.2% [5] Company News - Apple is reportedly developing a ChatGPT-like application for internal testing of a major upgrade to Siri, aimed at enhancing its functionality [7][8] - Boeing will receive limited authorization from the FAA to issue airworthiness certificates for certain 737 MAX and 787 aircraft starting September 29, 2025 [9] - AI startup Anthropic plans to double its international workforce and expand its AI team fivefold by 2025, reflecting a significant increase in demand for its Claude AI model [10] - Pony.ai has received permission for autonomous vehicle road testing in Dubai, with its first Robotaxi vehicles now undergoing trials [11] Stock Performance - Major tech stocks showed mixed results, with Nvidia up 0.28%, Microsoft up 0.87%, while Apple fell 0.55% and Oracle dropped 2.70% [6] - Chinese concept stocks mostly declined, with the Nasdaq Golden Dragon China Index down 1.56%, Alibaba down 2.03%, and NIO down 5.76% [6]

在本周的最后一个交易日，美国股市迎来小幅反弹。尽管主要指数在周五止住了连续三天的下跌势头，但全周仍以下跌收场。 道琼斯工业平均指数上涨299.97点，涨幅0.65%，收于46,247.29点。标准普尔500指数上涨0.59%，报6,643.70点；纳斯达克综合指数上涨0.44%，收于 22,484.07点。 | 美股指数 | | | | --- | --- | --- | | 道琼斯 | 纳斯达克 | 标普500 | | 46247.29 | 22484.07 | 6643.70 | | +299.97 +0.65% | +99.37 +0.44% | +38.98 +0.59% | | 中国金龙 | 纳指100期货 | 标普500期货 | | 8530.46 | 24726.50 | 6697.75 | | -135.12 -1.56% +97.25 +0.39% +38.00 +0.57% | | | | 美国国债 它 | | | | 3个目期 | 10年期 | 2年期 | | 3.951 | 4.179 | 3.639 | | ▼ 1.68bp | - 1.16bp | ▼ 1.43bp | | 5年美 ...

智通财经APP获悉，摩根士丹利发表研报，将软件巨头微软(MSFT.US)列为其软件领域首选股，将该股 目标价从582美元上调至625美元，并维持"增持"评级。 Weiss总结道："总而言之，我们理解市场存在的担忧，但我们认为，现有数据与调研结果均支持微软增 长具备持续性这一观点。两位数的增长速度、运营成本管控能力、股票回购计划，再加上股息收益，共 同构成了微软较高双位数的可持续总回报率水平，而当前股价尚未充分反映这一价值。" 此外，有观点担忧，随着OpenAI转向其他合作伙伴，Azure的增长可能会放缓，但Weiss表示事实并非 如此——因为Azure的业务范畴远不止生成式人工智能。 他补充道："我们通过资本支出推算出的Azure AI业务收入，显示出当前Azure业绩存在显著超出我们预 期的空间。在我们的资本支出模型中，Azure AI业务的隐含贡献规模，是基于专门投入人工智能相关项 目的资本支出额度来测算的。" 最后，近期调研数据显示，微软办公生产力应用在用户心智与市场份额上均具备"持续性"优势，且其持 续优化产品的能力已多次得到验证。 摩根士丹利分析师Keith Weiss在报告中指出："围绕微软与Op ...

Economic Data and Market Impact - Recent economic and employment data from the U.S. exceeded expectations, leading to a decrease in market expectations for further interest rate cuts by the Federal Reserve [1][3] - Initial jobless claims fell by 14,000 to 218,000, the lowest level since July, and GDP growth for Q2 was revised up to 3.8%, the best performance in two years [3] - Despite strong economic growth, inflation levels have risen, which may limit the Federal Reserve's policy options moving forward [3] Company-Specific Developments - Oracle Corporation's stock rating was downgraded to "sell" by some institutions, predicting a potential 40% decline in its stock price, contributing to a more than 5% drop in its share price [1] - Starbucks announced a restructuring plan involving the closure of hundreds of stores in North America and Europe, along with the layoff of approximately 900 employees, leading to a 1% drop in its stock price [4] - The restructuring will cost Starbucks $1 billion, including $150 million for employee severance and $850 million for store closures [4] Industry Trends - The European market faced pressure as the U.S. Department of Commerce announced an investigation into imports of robots, industrial machinery, and medical devices, causing declines in related stocks [6] - Siemens Healthineers and Philips saw their stock prices drop over 3% due to investor concerns about potential tariffs [6] - SAP is under investigation by the EU for potential antitrust violations, which could result in significant fines if found guilty, leading to a more than 1% drop in its stock price [8] Commodity Market Movements - International oil prices showed mixed results, with light crude oil futures closing at $64.98 per barrel, down 0.02%, while Brent crude rose by 0.16% to $69.42 per barrel [9] - Gold prices experienced slight fluctuations, closing at $1,771.10 per ounce, with a marginal increase of 0.08% [10]