最近几周，关于AI泡沫的讨论趋于激烈。 一些公司的负责人警告称，股市可能走向下跌。例如，AI公司DeepL CEO Jarek Kutylowski本周表示， 很多市场评估都相当夸张，有迹象表明泡沫即将出现。图片编辑工具公司Picsart的CEO Hovhannes Avoyan则表示，能看到很多AI公司在没有很多收入的情况下获得极高估值，这令人担忧。 此外，知名"大空头"、曾精准预言2008年美国次贷危机的Michael Burry本周表达了对AI基础设施建设热 潮的担忧，他表示，主要的人工智能基础设施和云服务提供商低估了芯片的折旧费用，像甲骨文这样的 公司利润可能被严重高估，他最近还在做空Meta、英伟达。投资机构Novo Capital管理合伙人Ben Harburg则表示，大型科技公司正在讨论的投资数额可能被夸大，而数据中心建设可能已过度繁荣。 英伟达将在下周发布三季报，交出最新的答卷。 北京时间11月11日，软银集团清仓英伟达股份，套现58.3亿美元，引起了市场上关于AI泡沫可能破裂的 担忧。但抛售还没结束。 华尔街最大的对冲基金桥水周五公布截至今年三季度末的持仓报告。报告显示，桥水在三季度大幅减持 ...

Group 1 - The core point of the article highlights that Bridgewater, the world's largest hedge fund, significantly reduced its holdings in chip giant Nvidia by 65.3% in the third quarter [2] - Major institutions such as Barclays and Citigroup also decreased their positions in Nvidia, indicating a broader trend among large investors [2] - The ongoing debate regarding the "AI bubble" has intensified, especially following SoftBank's sale of Nvidia shares [2]

全球最大对冲基金桥水周五公布截至今年三季度末的持仓报告。 报告显示，桥水在三季度大幅减持 芯片巨头英伟达，减持比例高达65.3%。与此同时，巴克莱、花旗等多家大型机构同样减持了英伟 达，加之此前软银抛售英伟达股份，这场关于"AI泡沫"的争论日趋白热化。 2025.11. 15 本文字数：249，阅读时长大约1分钟 来源 | 新浪 财经 推荐阅读 地方国资扎堆出售房产 - 12:47 41 11:00 1 11:00 17 10:00 1 LELILILIZ F grammand : 1, 1 S 15 ps e g an 0 7 1 1000 微信编辑 | 夏木 第 一 财 经 持 续 追 踪 财 经 热 点 。 若 您 掌 握 公 司 动 态 、 行 业 趋 势 、 金 融 事 件 等 有 价 值 的 线 索 ， 欢 迎 提 供 。 专 用 邮 箱 ： bianjibu@yicai.com （注：我们会对线索进行核实。您的隐私将严格保密。） ...

点击按钮▲立即预约 " 互联网泡沫的剧本、次贷危机的玩法， AI 全占了。 " 文 / 巴九灵（微信公众号：吴晓波频道） 这两天，科技圈都屏住呼吸等待一件大事。 美东时间11月19日，全球市值第一的英伟达公司即将发布三季度财报。这家宇宙级的"卖铲公司"，到底在这波AI淘金热中赚了多少钱？ 在等待"英伟达时刻"的同时，约91%的华尔街分析师给予英伟达股票"买入"评级，汇丰银行将英伟达目标价上调至230美元，为华尔街平均水平。 此前11月3日，Loop Capital Markets将英伟达的目标股价从250美元上调至350美元，为华尔街预测值最高，若股价真能达到这一水平，英伟达的 市值将逼近8万亿美元。 这将超过一周前英伟达创下的5万亿美元市值的历史纪录。8万亿美元，几乎等 于瑞士、西班牙、法国三个国家的股市市值总和。 然而，市场也泼了一盆"凉水"：日本软银集团"突然"清仓英伟达，套现415亿美元，与此同时，越来越 多专家和机构对AI产业因存在泡沫而发出 警告。 AI狂热：泡沫已达满分 想象一下，你走进一家装修豪华、人声鼎沸的餐厅。服务生热情地告诉你，这里的"未来智能套餐"融合了最新科技、最前沿创意，吃了有想象 ...

当地时间11月14日，美股三大指数涨跌不一，道指收跌逾300点，纳指反弹收高。大宗商品方面，国际 金价下跌，油价上涨。 分析人士表示，受美联储鹰派立场、通胀不确定性及"AI泡沫争论"等因素影响，当前市场风险偏好总体 受抑。 中概股多数下跌，纳斯达克中国金龙指数跌1.61%，万得中概科技龙头指数跌2.28%。高途集团、小鹏汽 车跌超5%。 大宗商品方面，国际金价大跌。据Wind数据，当地时间11月14日，国际贵金属期货普遍收跌，COMEX 黄金期货跌2.62%报4084.4美元/盎司，本周累计上涨1.86%；COMEX白银期货跌5.21%报50.4美元/盎 司，本周累计上涨4.69%。 国际油价上涨。美油主力合约收涨2.15%，报59.95美元/桶，周涨0.18%；布伦特原油主力合约涨1.97%， 报64.25美元/桶，周涨0.97%。 市场人士表示，近期持续承压的科技股交易当日显现企稳迹象。周四，美国主要股指集体下跌，科技巨 头股一度遭遇大幅下挫。而到周五，人工智能龙头股英伟达与甲骨文均成功扭转前一交易日跌势。投行 韦德布什证券报告表示，在科技股投资者经历过"又一个艰难而残酷的交易日"之后，此次科技股抛售反 ...

Core Viewpoint - The article discusses the mixed performance of the U.S. stock market, focusing on the volatility influenced by the Federal Reserve's interest rate decisions and upcoming earnings reports from major tech companies like NVIDIA [3][7]. Market Overview - On Friday, major U.S. stock indices showed mixed results, with the Dow Jones Industrial Average falling by 309.74 points (0.65%) to close at 47147.48 points, while the Nasdaq Composite rose by 0.13% to 22900.59 points, ending a three-day decline [3]. - The S&P 500 index slightly decreased by 0.05%, closing at 6734.11 points. Over the week, the Nasdaq fell by 0.5%, while the S&P 500 and Dow managed to gain 0.1% and 0.3%, respectively [3]. - The Chicago Board Options Exchange Volatility Index (VIX) spiked over 15% before closing down 0.9%, remaining below the psychological level of 20 [3]. Federal Reserve Insights - Recent comments from Federal Reserve officials indicate a cooling expectation for a rate cut in December, with the probability of a 25 basis point cut dropping from 67% to below 50% [7][8]. - Kansas City Fed President Jeffrey Schmid expressed concerns about persistent inflation, suggesting he may oppose any rate cuts at the upcoming meeting [7]. - Dallas Fed President Lorie Logan also indicated she would likely oppose a rate cut unless there is compelling evidence of a significant decline in inflation [8]. Sector Performance - In the tech sector, NVIDIA and Oracle rebounded from previous declines, with NVIDIA rising by 1.7% and Oracle by 2.4%. Investors are keenly awaiting NVIDIA's quarterly earnings report next week [3]. - Other tech stocks showed varied performance: Microsoft increased by 1.3%, while Apple, Google, and Amazon saw slight declines [4]. - The Nasdaq Golden Dragon China Index fell over 1.6%, with notable declines in stocks like JD.com (down 4.5%) and Alibaba (down 3.7%) [5]. Commodity Market - International oil prices rebounded, with WTI crude oil rising by 2.39% to $60.09 per barrel and Brent crude increasing by 2.19% to $64.39 per barrel [9]. - Gold prices fell, with COMEX gold futures for November delivery dropping by 2.37% to $4087.60 per ounce [10].

大型科技股涨跌互现，万得美国科技七巨头指数涨0.35%。个股方面，英伟达涨超1%，微软涨逾1%，特斯拉涨0.59%；亚马逊跌超1%，谷歌跌0.78%，苹 果跌0.2%，脸书跌0.07%。 周五（11月14日），美国三大股指收盘涨跌不一。截至收盘，道指跌0.65%报47147.48点，标普500指数跌0.05%报6734.11点，纳指涨0.13%报22900.59点。 | 道琼斯 | 纳斯达克 | 标普500 | | --- | --- | --- | | 47147.48 | 22900.59 | 6734.11 | | -309.74 -0.65% | +30.23 +0.13% | -3.38 -0.05% | | 中国金龙指数 | 纳指100期货 | 标普500期货 | | 7855.22 | 25147.50 | 6765.25 | | -128.72 -1.61% | +52.75 +0.21% | +5.25 +0.08% | 银行股多数下跌，摩根大通跌近2%，高盛跌近2%，花旗跌0.37%，摩根士丹利跌超1%，美国银行跌0.53%，富国银行涨0.41%。 能源股集体上涨，埃克森美孚涨超1%，雪佛 ...

Group 1 - The State Council of China, led by Premier Li Qiang, held a meeting to discuss the implementation of policies to enhance the adaptability of supply and demand in consumer goods and promote consumption [3] - The meeting also reviewed the revised Trademark Law and the revised Funeral Management Regulations [3] Group 2 - International oil prices rose, with WTI crude oil up 2.15% to $59.95 per barrel, and Brent crude oil up 1.97% to $64.25 per barrel [4] - International gold prices fell, with spot gold down 2.13% to $4082.16 per ounce, while COMEX gold futures dropped 2.62% to $4084.4 per ounce [4] Group 3 - European stock indices closed lower, with Germany's DAX down 0.65% to 23860.62 points, France's CAC40 down 0.76% to 8170.09 points, and the UK's FTSE 100 down 1.11% to 9698.37 points [5] Group 4 - The Chinese Ministry of Commerce and other departments announced stricter controls on the export of new cars under the guise of used cars, effective January 1, 2026 [8] - The new regulations require additional documentation for vehicles registered less than 180 days before export [8] Group 5 - The Chinese Ministry of Commerce expressed strong dissatisfaction with comments made by the Dutch Minister of Economic Affairs regarding ASML, emphasizing the need for constructive dialogue to resolve the semiconductor supply chain crisis [9] Group 6 - The Financial Regulatory Bureau reported that by the end of Q3 2025, the total assets of China's banking financial institutions reached 474.3 trillion yuan, a year-on-year increase of 7.9% [10] - Large commercial banks accounted for 43.9% of total assets, with a year-on-year growth of 10% [10] Group 7 - The Shenzhou 20 astronaut crew returned safely to Beijing, with all members reported to be in good health [11] Group 8 - Six countries, including China and several Southeast Asian nations, held a meeting to discuss joint efforts to combat cross-border telecom fraud [12] Group 9 - Li Auto announced internal accountability measures in response to two quality incidents involving their vehicles [23] - Tesla is recalling 10,500 Powerwall 2 energy storage products in the U.S. due to fire risks [23] Group 10 - Berkshire Hathaway disclosed a significant reduction in its stake in Apple, selling approximately 41.79 million shares, while initiating a position in Alphabet [25] - The report indicated a 14.9% decrease in Apple's holdings, while Alphabet was newly acquired with a value of approximately $4.34 billion [25] Group 11 - Hillhouse Capital's HHLR Advisors reported a significant increase in its U.S. stock holdings, with over 90% of its portfolio in Chinese concept stocks [26] - The report highlighted increased positions in Alibaba and Pinduoduo, while reducing stakes in other high-performing stocks [26] Group 12 - Contemporary Amperex Technology Co., Ltd. announced a plan to transfer 45.63 million shares, representing 1% of its total share capital, due to personal funding needs [28]

Market Overview - The U.S. stock market closed mixed, with investors focusing on Nvidia's upcoming earnings report and concerns about the Federal Reserve's potential inaction in December [1] - The Dow Jones Industrial Average fell by 309.74 points (0.65%) to 47147.48, while the Nasdaq rose by 30.23 points (0.13%) to 22900.59 [3] - Seven out of eleven sectors in the S&P 500 index declined, with the materials sector down 1.18% and the financial sector down 0.97% [3] Nvidia and AI Sector - Nvidia is expected to be a focal point for Wall Street next week, with investors looking for signs of continued competition in AI technology [2] - Concerns have risen regarding the high valuations in the tech sector, particularly in AI, as any slight change in earnings or interest rate expectations could lead to significant market reactions [2] - The upcoming Nvidia earnings report is considered a critical event, with potential for a sharp decline in stock price if results disappoint [2] Company News - Walmart announced that John Furner will succeed Doug McMillon as President and CEO, effective February 1, 2026 [8] - Google plans to invest $40 billion in building three data centers in Texas, aiming to expand its presence amid competition from other tech firms [8] - Berkshire Hathaway disclosed a $4.3 billion investment in Alphabet, while reducing its stake in Apple, indicating a strategic shift in its investment portfolio [9] Stock Performance - Major tech stocks showed mixed performance, with Nvidia up 1.77% and Microsoft up 1.37%, while Amazon fell 1.22% and Google A dropped 0.78% [4] - Cidara Therapeutics surged 105% following an acquisition announcement by Merck, valued at approximately $9.2 billion [4] - StubHub's stock plummeted 21% after the company postponed its fourth-quarter earnings guidance, raising investor concerns [5] Chinese Stocks - The Nasdaq Golden Dragon China Index fell by 1.61%, with notable declines in stocks such as Futu Holdings down over 7% and Alibaba down over 3% [6]

北京时间11月14日凌晨，全球最大对冲基金桥水截至今年三季度末的持仓报告出炉。报告显示，桥水在三季度大幅减持芯片巨头英伟达，减持比例 高达65.3%。与此同时，巴克莱、花旗等多家大型机构同样减持了英伟达，加之此前软银抛售英伟达股份，这场关于"AI泡沫"的争论日趋白热化。 多家机构减持英伟达 报告显示，截至今年三季度末，桥水持有251万股英伟达，数量相较于二季度末的723万股降低65.3%。值得一提的是，在今年二季度，桥水对英伟 达加仓幅度高达154.37%。这一减仓举动显示出桥水对英伟达的后市表现趋于谨慎。 | Stock | History | Sector | Shares Held or Principal | Market Value | % of Portfolio | Previous % of | Rank | Change in | % | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | Amt | > | | Portfolio | | Shares | Change | | IVV | Histor ...