11月28日，据券商中国记者获悉，在首批科创创业人工智能ETF发行首日，永赢中证科创创业人工智能 ETF认购规模超过9亿元，接近首次募集规模上限10亿元。11月28日晚，永赢基金公告，该基金将提前 结束募集。 年内，在人工智能投资浪潮下，相关板块中接连涌现出多只涨幅亮眼的股票，因此本次ETF的推出显得 恰逢其时。 从成份股来看，中证科创创业人工智能指数前五大权重股为新易盛、中际旭创、寒武纪、澜起科技、金 山办公，合计占比达58%，集中度较高，聚焦AI产业链核心环节。指数剔除了一些主板上市、没有在本 轮大模型产业趋势中获得市场认可的公司，通过"剔差"提升业绩表现。 "这个指数一键打包科创板和创业板的AI龙头企业。这个指数精挑细选了50家企业，从提供专用计算芯 片、高性能计算机的算力基础设施公司，到掌握云计算、机器视觉等核心技术的企业，再到智能安防、 医疗等应用端龙头，覆盖了AI全产业链。"华东某公募基金表示。 年内，在人工智能投资浪潮下，相关板块中接连涌现出多只涨幅亮眼的股票，科创创业人工智能ETF挂 钩指数中，前五大权重股为新易盛、中际旭创、寒武纪、澜起科技、金山办公，合计占比达58%，在产 业依旧利好频出的 ...

There might not be anything as a "free lunch†in the stock market, but for investors who still believe in the long-term AI growth story, AI data firm Palantir (NASDAQ:PLTR) certainly looks tempting now that it's dropped like a rock despite clocking in some very strong third-quarter results. ...

These days, it's not unreasonable for investors to feel as if there's one word attached to AI: "bubble.†AI bubble talk is increasing in frequency, as are comparisons to the internet bubble of 2000. Also adding to the case for QQQ and QQQM is that today's valuations on AI stocks look attractive relative to internet stocks 25 years ago. "We believe the AI theme is not yet in bubble territory. Expectations for the leaders of AI are high, but valuations remain reasonable. However, we are aware of and monitoring ...

Nebius Group NV (NASDAQ:NBIS) may have closed up 6.54% on Wednesday at $94.69, yet the stock still trades roughly 30% below its 52-week high of $141.10. For most companies, that kind of drawdown is a distress signal. For Amsterdam-based Nebius, it's starting to look like the market may be mispricing one of the fastest-scaling AI platforms on the exchange. Because while the chart has cooled, the underlying engine hasn't.Track NBIS stock here.Growth That Refuses To Slow DownNebius' third-quarter numbers deliv ...

The AI industry is full of investment opportunities.The artificial intelligence (AI) industry is expanding rapidly. With that growth, there are tremendous opportunities for investors to capitalize on the rising demand for AI-driven technologies. At the same time, AI stocks can be highly volatile, and so far, the AI boom has benefited a relatively small number of tech giants and other ancillary players.That dynamic will likely change in the years to come as the market expands and becomes more fragmented. If ...

Core Insights - Artificial intelligence (AI) is driving a significant investment cycle, with global investment expected to exceed $1.4 trillion this year, indicating a long-term growth engine rather than a passing trend [3][4][16] - Major companies like OpenAI, Microsoft, Alphabet, Amazon, Meta, Nvidia, and Apple are making substantial capital commitments to AI, which will reshape the economy for years to come [5][6] Investment Landscape - AI stocks are experiencing renewed volatility due to shifting sentiment and concerns about valuations, but this presents opportunities for disciplined investors [2][7][11] - Historical patterns show that early stages of technology cycles often involve volatility, which can lead to significant long-term gains for investors who navigate the market effectively [8][9][16] Market Dynamics - The current capital cycle impacts various sectors, including cloud computing, semiconductor manufacturing, and enterprise software, driven by the demand for increased compute power [4][5] - Despite volatility, demand for AI technology remains robust, and the underlying trends indicate a strong future for AI investments [9][16] Investment Strategies - Investors can benefit from identifying companies with strong fundamentals and improving earnings estimates, particularly during market pullbacks [12][14] - Utilizing tools like the Zacks Rank and technical analysis can help investors spot turning points and capitalize on opportunities in the AI sector [13][14][17] Future Outlook - The AI cycle is still in its early stages, with massive spending and rapid innovation expected to continue, creating attractive entry points for savvy investors [16][19] - Companies that are well-positioned in the AI landscape are likely to trade at more favorable valuations, enhancing the potential for significant returns [11][12]

Core Insights - The release of China's DeepSeek advanced open-source AI model has intensified competition in the AI sector, particularly against established players like Google and Nvidia [1][3] - Chinese companies are increasingly focusing on open-source AI models, which are accessible and free for developers, leading to more efficient models that require less computing power [2] - Google's Gemini 3, launched on November 16, 2025, aims to compete with OpenAI's GPT-5 and Anthropic's Claude family, enhancing capabilities in coding, searching, and image creation [4] Group 1: Chinese AI Developments - Chinese firms, including Baidu and Alibaba, are pushing the boundaries of open-source AI, with DeepSeek's new model demonstrating strong performance in mathematical reasoning [2][3] - DeepSeek has significantly reduced its API pricing by 63%, making it the lowest globally, which could drive application development and user adoption in China [8] Group 2: Competitive Landscape - Meta Platforms has lost its leading position in open-source AI to Chinese companies, marking a shift in technological competitiveness [3] - Nvidia's stock experienced volatility, dropping 17% after DeepSeek's model release but rebounding to a 30% gain in 2025, highlighting the fluctuating nature of AI stocks [7] Group 3: Google and Market Reactions - Google stock surged by 68% in 2025 as the company effectively integrated AI across various sectors, including search, cloud computing, and digital advertising [6] - Investor concerns regarding Google's core internet search business have been heightened since the introduction of ChatGPT, which provides direct answers to queries [5]

Core Insights - Google has made a significant comeback in the AI sector with the release of its new model, Gemini 3, which outperforms larger models and reestablishes its dominance in AI-generated imagery, causing concern for competitors like OpenAI [1][2] - The narrative surrounding Google has shifted from being perceived as outdated and bureaucratic to being recognized as a "waking giant" that is potentially redefining the industry's technological direction [2][3] - The transformation of Google is attributed to its consistent investment in an "AI-first" strategy since 2016, which includes developing its own AI chips (TPU) and training large models, despite setbacks like the Bard failure [5][7] Group 1: Google's AI Strategy and Developments - The release of Gemini 3 and its variants, such as Nano Banana Pro, showcases Google's advancements in AI capabilities and its strategic focus on a unified architecture for its models [1][12] - The merger of Google Brain and DeepMind into a single team has streamlined its AI research efforts, allowing for a more cohesive approach to product development and innovation [8][10] - Google's extensive resources, including its global search infrastructure and vast amounts of training data from platforms like YouTube and Google Photos, have positioned it uniquely in the AI landscape [7][15] Group 2: Competitive Landscape and Implications - The competitive landscape is evolving, with companies like Alibaba and Baidu also making strides in AI, but Google's comprehensive ecosystem and historical investments provide it with a significant advantage [16][22] - The success of Google's AI applications, such as NotebookLM and Nano Banana, indicates a shift towards native AI solutions that enhance user experience and knowledge management [15][21] - The ongoing competition in the AI sector highlights that success will depend not just on speed but on the ability to integrate models, computing power, and applications into a cohesive system [22]

Core Insights - The AI sector, particularly companies supplying data centers and processing power to OpenAI, has accumulated approximately $96 billion in debt to support operations, indicating a growing reliance on debt financing [1][9] - Current revenues generated by AI companies and data center operators are insufficient to cover their expansion costs, highlighting financial challenges in the sector [2] - OpenAI has committed $1.4 trillion for future energy and computing needs but anticipates only $20 billion in revenue this year, necessitating an additional $207 billion in funding by 2030 to remain operational [3] Debt Accumulation - CoreWeave reported $3.7 billion in current debt, $10.3 billion in non-current debt, and $39.1 billion in future lease agreements, with expected revenue of only $5 billion this year [4] - The five major hyperscalers—Amazon, Google, Meta, Microsoft, and Oracle—have collectively taken on $121 billion in new debt this year, significantly exceeding their average annual debt issuance over the past five years [5] Market Impact - The influx of investment-grade corporate debt from tech companies is affecting credit markets, with a notable increase in debt supply observed in recent weeks [6] - The rise in debt supply is linked to debt-funded mergers and acquisitions, as well as hyperscaler activities, which have led to increased credit default swap spreads, indicating heightened perceived default risk [6][8] - Specific companies like Oracle and CoreWeave have seen significant widening in their credit default swap spreads, reflecting market concerns about their creditworthiness [7]

以下文章来源于晚点LatePost ，作者晚点团队 晚点LatePost . 晚一点，好一点 来源丨晚点LatePost（ID：postlate） 这笔钱很少，让他们难与字节、阿里，甚至是DeepSeek正面竞争，或者是对标OpenAI、Anthropic 这些海外同行。但这笔钱又足够多，让他们无法收敛野心。 作者丨 王与桐 编辑丨 贺乾明 图源丨Midjourney 大会结束，月之暗面创始人杨植麟被观众层层围住，有人举着手机想加他微信，有人追到茶歇区要签 名。投资这家公司的机构，拉一整大巴的投资人去拜访他，"让一线投资人见见好的创业者是什么样 子"。 MiniMax创始人闫俊杰很少公开露面，网上能搜到的照片没几张。这无碍他在投资行业的热度。 MiniMax估值长期排在中国大模型创业公司前列，投资人要靠 "抢" 才能拿到份额。 这一切发生在DeepSeek爆火前。今年初，两家明星创业公司一起被挤到聚光灯边缘。 春节后的第一个工作周，两家公司的二号位各自召开了内部会议，讨论DeepSeek之后该怎么做增 长。月之暗面在长达6个小时的会议后，决定暂缓投放，回归产品和技术本身。在MiniMax，DAU被 称为 "虚 ...