记者丨黎雨桐 编辑丨曾静娇 北京时间20日凌晨，美国三大股指小幅收涨，道指涨0.1%报46138.77点，标普500指数涨0.38%报6642.16点，纳指涨0.59%报22564.23点。 | 道琼斯 | 纳斯达克 | 标普500 | | --- | --- | --- | | 46138.77 | 22564.23 | 6642.16 | | +47.03 +0.10% +131.38 +0.59% +24.84 +0.38% | | | | 中国金龙指数 | 纳指100期货 | 标普500期货 | | 7673.21 | 24958.75 | 6696.00 | | -119.79 -1.54% +363.00 +1.48% | | +56.25 +0.85% | 消息面上，英伟达公布财报显示，英伟达第三财季营收为570.1亿美元，超出市场预期的549.2亿美元；净利润为319.1亿美元，同比大涨65%， 经调整后的每股收益为1.30 美元，高于市场预期的1.25美元。数据中心——英伟达最重要的业务——Q3营收为512亿美元，轻松超过分析师预 测的490.9亿美元，同比增长66%。其中，"计算"（即GP ...

来源：市场资讯 【相关阅读】英伟达营收创570亿美元纪录且业绩展望乐观，平息AI泡沫争议 英伟达"交卷"，盘后大涨6% 多位知名投资者的看空操作也震动科技市场。上周，孙正义的软银集团清空所持58亿美元英伟达股份以 转投其他AI领域；而颇具影响力的亿万富翁风投家彼得·蒂尔（Peter Thiel）旗下对冲基金也在三季度清 仓价值1亿美元的英伟达持股。 本月早些时候，因精准预测次贷证券泡沫破裂而闻名、被迈克尔·刘易斯在《大空头》中立传的迈克尔· 伯里（Michael Burry）在监管文件中披露，他正做空英伟达与重度布局AI的国防分析公司Palantir的股 票。 英伟达（NVDA）周三交出了一份破纪录的销售业绩与强劲指引，缓解了最近一周笼罩市场的人工智能 泡沫忧虑。 在高端AI数据中心芯片需求持续激增的推动下，该公司10月季度销售额达到570亿美元的纪录高点，较 上年同期增长62%，并超越FactSet调查分析师的普遍预期。该公司同时上调本季度财测，预估销售额将 达650亿美元，分析师此前对该季度的营收预测为621亿美元。 "我们已进入AI的良性循环，"英伟达首席执行官黄仁勋表示，"AI正渗透每个角落，同时处理 ...

谷歌表示，Gemini 3拥有更强大的推理能力和对人类意图更深刻地理解。它能更好地从谷歌庞大的搜索 结果库中找到相关答案，而且它更倾向于告诉你最有可能的事实，而不是迎合你的喜好。 谷歌CEO桑达尔·皮查伊（Sundar Pichai）表示，Gemini 3"具备最先进的推理能力，能够理解深层次内 容与细微差别——无论是感知创意中细微的线索，还是剖析复杂难题中相互交织的结构维度"。 今晚，美股开盘后，谷歌股价直线飙涨，盘初一度暴涨超6%，再创历史新高。消息面上，谷歌发布的 最新大模型Gemini 3 Pro登顶"大模型竞技场"LMArena排行榜。 目前美股市场最关注的焦点话题无疑是，全球"AI总龙头"英伟达即将披露的财报。华尔街机构一致预 期，英伟达业绩大概率将超出市场预期，受此刺激，美股盘初，英伟达股价亦大幅走强，截至发稿，涨 幅超3%，并带动美股芯片板块集体走强，费城半导体指数涨超2%。 谷歌飙涨 北京时间11月19日晚间，美股开盘后，三大指数集体走高，截至北京时间23:00，道指微涨0.24%，纳指 大涨1.36%，标普500指数涨0.85%。 美股科技股大幅拉涨，其中谷歌股价暴涨超6%，再度创出历史新 ...

Core Viewpoint - Nvidia has reported impressive financial results for Q3 of FY2025, exceeding market expectations in revenue, profit, and future guidance, reflecting strong confidence in the continuation of the AI cycle [4]. Financial Performance - Nvidia's revenue reached $57.01 billion, surpassing the market estimate of $54.92 billion, with a year-over-year growth rate maintained at a high level [4]. - Adjusted earnings per share were $1.30, exceeding Wall Street's expectation of $1.25 [4]. - The company forecasts revenue for the current quarter to grow to $65 billion, significantly above the market expectation of $61.66 billion, indicating robust demand for AI computing power [4]. - Net profit was recorded at $31.91 billion, a 65% year-over-year increase, showcasing Nvidia's transformation into a comprehensive AI infrastructure "profit engine" [4]. Business Segments - The data center business remains the core driver of growth, with revenue surpassing $50 billion for the first time, reaching $51.2 billion, and exceeding analyst expectations of $49.09 billion, reflecting a 66% year-over-year increase [4]. - Compute revenue was $43 billion, while revenue from networking products was $8.2 billion [4]. - Nvidia's gaming segment generated $4.3 billion in revenue, a 30% year-over-year increase, maintaining stability despite the larger scale of AI business [5]. - The professional visualization segment recorded $760 million in revenue, a 56% year-over-year increase, aided by the launch of the DGX Spark workstation [5]. - The automotive and robotics business achieved $592 million in revenue, a 32% year-over-year increase, with a focus on automation and edge AI devices [6]. Market Demand and Product Development - Nvidia's latest GPU product line, Blackwell Ultra, is becoming a new growth engine, with CEO Jensen Huang stating that cloud GPUs are sold out, addressing concerns about a potential inflection point in AI computing demand [5]. - Major clients for Nvidia's GPUs include tech giants like Microsoft, Amazon, Google, Oracle, and Meta, all of which are rapidly building their AI models and computing clusters, leading to explosive demand for Nvidia's high-end GPUs [5].

智通财经APP获悉，周三，三大指数收涨，比特币再度短暂跌破9万美元关口。英伟达(NVDA.US)公布 最新财报后股价涨超5%。美国劳工统计局宣布，由于用于计算失业率等关键指标的10月家庭调查数据 将无法进行追溯采集，将不会发布10月份非农就业报告，相关信息将被整合到11月就业报告。美国11月 就业报告改期至12月16日发布。 【美股】截至收盘，道指涨47.03点，涨幅为0.1%，报46138.77点；纳指涨131.38点，涨幅为0.59%，报 22564.23点；标普500指数涨24.84点，涨幅为0.38%，报6642.16点。 【欧股】德国DAX30指数跌3.89点，跌幅0.02%，报23169.16点；英国富时100指数跌43.63点，跌幅 0.46%，报9508.67点；法国CAC40指数跌14.16点，跌幅0.18%，报7953.77点；欧洲斯托克50指数涨8.02 点，涨幅0.14%，报5541.55点；西班牙IBEX35指数涨61.31点，涨幅0.39%，报15884.51点；意大利富时 MIB指数跌211.64点，跌幅0.49%，报42627.00点。 【原油】纽约商品交易所12月交货的轻质原 ...

来源：环球市场播报 特朗普称美沙投资论坛达成2700亿美元巨额协议 美国总统唐纳德·特朗普表示，美沙投资论坛正在签署2700亿美元的协议，这是他在沙特王储穆罕默德· 本·萨勒曼本周访问华盛顿期间公布的一系列巨额数字中的最新一项。 "我们被告知，数十家公司之间正在签署2700亿美元的协议和销售，而这只是今天发生的事情，"特朗普 周三在该商业论坛的主题演讲中表示。"我要感谢你们为美国带来所有这些就业机会和巨大机遇。" 1、特朗普称美沙投资论坛达成2700亿美元巨额协议 2、会议纪要凸显美联储分歧 "许多"官员倾向于反对12月降息 3 、英伟达公布Q3业绩 营收及Q4营收展望均超预期 4 、Alphabet股价飙升 最新发布的Gemini人工智能模型"好评如潮" 5、美国10月非农不发布 12月降息概率暴降 6、特朗普称美国必须允许技术移民 承认此立场或引发MAGA支持者不满 全球财经媒体昨夜今晨共同关注的头条新闻主要有： 英伟达公布Q3业绩 营收及Q4营收展望均超预期 会议纪要凸显美联储分歧 "许多"官员倾向于反对12月降息 美国联邦公开市场委员会（FOMC） 10月28-29日会议纪要显示，许多美联储官员认为， ...

或许是看到了高市早苗的下场，见识到了中国反击手段的强硬，最近，欧洲的外交场出现了一种微妙的 变化。 更关键的是，欧洲曾试图通过《关键原材料法案》推动本土开采，却因社区抵制、审批缓慢、成本高昂 而举步维艰。 有数据显示，欧洲矿业项目的平均审批时间比中国长20倍以上，且多数项目因环保争议搁浅。 芯片领域的情况同样严峻。 此前荷兰政府对安世半导体采取强制接管措施后，中国随即收紧相关材料出口许可，导致欧洲汽车行业 陷入恐慌。 德国企业警告称，若供应链进一步中断，部分车企可能面临停产。欧盟委员会内部文件显示，企业投诉 纷纷飞向布鲁塞尔，迫使外交系统不得不"降低调门"，优先稳住供应。 我们要清楚的是，语气放软不代表政策转向。尽管欧盟在外交言辞上放低了姿态，其实际政策却未见软 化。 据《南华早报》报道，近日，布鲁塞尔传出消息，欧盟悄悄要求下属官员调整对华发言基调，在公开谈 论中国时"调低音量"，避免刺激性措辞，以确保稀土和芯片等关键物资的谈判顺利推进。 结合近期中欧之间的摩擦，便能发现：欧洲的"温和"并非善意，而是被现实逼出的妥协。 以稀土为例，中国在全球稀土永磁体产能中占据绝对主导地位，欧洲的电动车、风电、军工产业几乎无 ...

来源：环球市场播报 北京时间11月20日凌晨，美股周三尾盘涨跌不一。英伟达即将公布财报，投资者期待其财报将能缓解对 人工智能股票估值过高和过度炒作的担忧。美联储会议纪要显示，官员们就是否需要连续第三次降息存 在严重分歧。 道指跌125.22点，跌幅为0.27%，报45966.52点；纳指涨68.99点，涨幅为0.31%，报22501.84点；标普 500指数涨5.95点，涨幅为0.09%，报6623.27点。 美联储会议纪要显示成员分歧严重 12月降息概率显著下降 美国就业数据空窗期将延续至美联储12月会议之后，这加剧了政策不确定性，并显著提升了暂停降息的 可能性。 尽管劳工统计局将于周四发布9月非农数据，但已明确下次数据发布需等到12月16日——届时发布的11 月完整数据集将包含10月的部分数据。而美联储12月政策会议将于美东时间10日结束。 与此同时，最新的美联储10月会议纪要显示，官员们就是否需要连续第三次降息存在严重分歧。在此背 景下，芝商所美联储观察工具显示，12月会议按兵不动的概率已从此前约50%升至近70%。 美联储10月政策会议纪要显示，美联储决策层在上月降息时存在严重分歧。 尽管政策制定者警 ...

Core Points - The visit of Saudi Crown Prince Mohammed to the U.S. is focused on defense cooperation and significant investments, aiming to enhance bilateral relations [1][2] - There are uncertainties regarding the execution of commitments made during the visit, particularly concerning military sales and investment pledges [3] Group 1: Defense Cooperation - The U.S. and Saudi Arabia signed a Strategic Defense Agreement, with the U.S. agreeing to sell F-35 fighter jets to Saudi Arabia and designating it as a major non-NATO ally [2] - The sale of F-35 jets faces potential legal and political hurdles, particularly due to U.S. laws ensuring Israel's military advantage in the region [3] - The timeline for the delivery of F-35 jets could take approximately four years, during which changes in U.S. administration may affect the deal [3] Group 2: Investment Commitments - Saudi Arabia has pledged to invest nearly $1 trillion in U.S. infrastructure, technology, and industrial sectors, but this commitment may be challenging to fulfill due to declining oil prices and existing financial obligations [3] - The feasibility of the $1 trillion investment is questioned, with reports suggesting that such commitments may never be realized [3] Group 3: Strategic Considerations - The U.S. aims to position Saudi Arabia as a key player in its Middle East strategy, encouraging regional partners to take on more security responsibilities [5] - Saudi Arabia seeks U.S. security guarantees to support its domestic modernization efforts, while also diversifying its security partnerships due to concerns about U.S. reliability [6] - The relationship between the U.S. and Saudi Arabia is described as "close yet complex," with shared interests in energy security and defense, but also a growing emphasis on Saudi strategic autonomy [6]

Core Viewpoint - Concerns about an AI valuation bubble persist in the market, yet major chip companies continue to make significant investments in the sector [1] Group 1: Investment in AI Startup Anthropic - Microsoft and NVIDIA plan to invest up to $15 billion in AI startup Anthropic, raising its valuation to $350 billion from $183 billion in September [2][4] - Anthropic will purchase $30 billion worth of computing power from Microsoft's Azure cloud platform, committing to a capacity of up to 1 billion watts [2][3] - This investment reflects the growing interdependence between cloud computing, chip suppliers, and leading AI developers, with concerns about potential cyclical AI transaction bubbles [3] Group 2: GlobalFoundries Acquires AMF - GlobalFoundries announced the acquisition of Singapore-based silicon photonics chip manufacturer AMF, aiming to become the largest silicon photonics chip manufacturer globally [5] - The acquisition will enhance GlobalFoundries' technology portfolio and production capabilities in Singapore, complementing its existing capabilities in the U.S. [5][6] - Silicon photonics technology is crucial for AI infrastructure, enabling high-speed, energy-efficient data transmission [6] Group 3: Arm and NVIDIA Collaboration - Arm announced the integration of its Neoverse platform with NVIDIA's NVLink Fusion technology, facilitating easier pairing of Arm-based CPUs with NVIDIA GPUs for large-scale data center operators [8][9] - The Neoverse platform is designed for high-efficiency and high-performance scalability, with expectations to capture 50% of the global market share in top-tier data centers by 2025 [8] - This collaboration signifies NVIDIA's strategy to open its NVLink platform for integration with various custom chips, reinforcing its central role in the AI industry [9]