Core Viewpoint - A class action lawsuit has been filed against Oracle Corporation and certain senior executives for securities fraud, following significant stock drops attributed to potential violations of federal securities laws [1][3]. Company Overview - Oracle Corporation specializes in database software, enterprise applications, and cloud infrastructure and hardware, with a recent strategic shift towards cloud computing and AI infrastructure [4]. Allegations of Misleading Information - Oracle allegedly misled investors regarding its capital expenditures (CapEx) for AI infrastructure, claiming that increased spending would lead to rapid revenue and profit growth, while in reality, the rising CapEx did not yield meaningful near-term revenue [5]. Stock Performance and Impact - The stock price of Oracle dropped significantly after disclosures in September and December 2025, with a notable decline of $24.16 per share (nearly 11%) on December 11, 2025, following disappointing revenue growth and high CapEx reported on December 10, 2025 [6].

Core Viewpoint - Amazon's stock has entered a technical bear market, marking the second company in the Mag7 group to do so, driven by investor resistance to aggressive AI spending plans [2] Group 1: Amazon's Stock Performance - Amazon's stock closed at $198.79, down over 23% from recent highs, officially entering bear market territory on Thursday [2] - Amazon plans to spend $200 billion on capital expenditures by 2026, the highest among the four major cloud service providers [2] - The total expected capital expenditure in AI by Amazon, Microsoft, Meta, and Alphabet by 2026 is projected to reach $650 billion [2] Group 2: Meta and Microsoft's Market Position - Meta is close to entering a bear market, with a cumulative decline of 19.6% from last year's peak, just 0.4% away from the 20% threshold [2] - Despite exceeding Wall Street expectations for Q4 revenue and earnings, Meta's increased AI spending and pressure on profit margins have undermined investor confidence [2] - Microsoft was the first Mag7 member to enter a bear market, with its stock down 27.8% from recent highs following disappointing Azure cloud business growth [2] Group 3: Investor Sentiment and Market Dynamics - Recent sell-offs highlight the growing divergence among Mag7 members, with investors shifting away from OpenAI-related stocks like Microsoft and Nvidia towards Alphabet and Broadcom [4] - Alphabet's vertically integrated technology stack has somewhat mitigated concerns over excessive spending, allowing it to avoid the worst impacts of the tech stock sell-off [4] - Increased capital expenditure levels for Amazon may lead to negative free cash flow this year, prompting the company to seek additional capital through debt markets [4] - The next significant catalyst for AI stocks is expected to be Nvidia's earnings report on February 25, which will indicate whether the AI boom is cooling or if Nvidia is successfully capturing billions in investments from its largest clients [4]

Seedance 2.0 走向更广阔平台，使用频次、深度有望长期提升。该模型的核心 使用方式简单易操作，用户在豆包 App 对话框找到新增的"Seedance 2.0"入 口，输入提示词即可生成 5 秒或 10 秒视频；也可选择"分身视频"功能，完成真 人活体验证后创建个人专属视频分身，解锁更多创意玩法，不过目前暂不支持上 传真人图片作为视频主体参考，若要使用真人形象需本人验证或取得授权。 Seedance 2.0 具备多项核心能力，支持原声音画同步、多镜头长叙事、多模态可 控生成，可接受文本、图片等多模态输入，搭配提示词和参考图就能生成带完整 原生音轨的多镜头视频；模型能自动解析叙事逻辑，让生成镜头序列的角色、光 影、风格与氛围保持高度统一，还解决了传统 AI 视频人物突变、音画不同步等行 业痛点。 在使用频次、深度有望长期提升的趋势下，重视多模态给算力端的重要拉动。 分析师：吕伟 分析师：郭新宇 执业证书：S0590525110033 执业证书：S0590525110034 邮箱：lvwei_yj@glms.com.cn 邮箱：guoxinyu@glms.com.cn 事件：2026 年 2 月 12 日 ...

微软正将目光投向高温超导技术，以破解人工智能算力扩张带来的数据中心供电瓶颈。该企业近日在官方博客中披露，正评估将高温超导电缆引入数据中心 供电体系，这项以"零电阻"传输电能的成熟技术，如今在经济性与制造层面已具备超大规模场景落地潜力。 这一布局使微软数据中心在电力、网络与热管理三大战略方向形成完整创新拼图。此前该企业已在空心光纤与微流体冷却技术上取得进展，高温超导的加入 补齐了电力传输环节的关键短板。 成本仍是超导电缆大规模应用的核心障碍。高温超导带材通常采用稀土钡铜氧化物制备，材料与制程成本高昂。同时运行过程中需液氮持续冷却，增加系统 复杂度。然而这一瓶颈正因人工智能与核聚变产业的交汇而出现转机。 传统数据中心及绝大多数能源基建至今仍依赖铜导线。电流通过铜线时每一步都会遭遇电阻，不仅产生热量、限制传输容量，还推高冷却负担。高温超导电 缆则完全不同：在液氮冷却至极低温的环境下，电流实现零电阻流动，不发热、无电压衰减，且体积与重量较同等传输能力的铜缆可缩小约十倍。 微软全球基础设施营销总经理表示，主要在两类场景推动高温超导技术落地。在数据中心内部，更纤细的电力排线可极大提升机架布局灵活度，打破当前供 电布局对算 ...

Warren Buffett’s holding company, Berkshire Hathaway (NYSE: BRK.A), earned nearly $62 million in quarterly dividend income from its massive Apple (NASDAQ: AAPL) holding on Thursday, February 12.The figure reinforces the iPhone maker’s role as a key income generator for the conglomerate, which held approximately 238.2 million Apple shares as of the end of the third quarter, each of which generated $0.26 during yesterday’s payout.Buffett has repeatedly praised Apple’s brand strength, ecosystem, and shareholde ...

Despite its multi-billion dollar bet and early lead in generative AI, Microsoft Corp. (NASDAQ:MSFT) has emerged as the surprise laggard among Magnificent 7 hyperscalers, as investors begin to favor Meta Platforms Inc.'s (NASDAQ:META) leaner, high-yield AI strategy.The Performance ParadoxSince the launch of ChatGPT on Nov. 30, 2022, Microsoft has unexpectedly become the worst-performing stock among tech's cloud giants.Data through February 2026 reveals that while Microsoft provided the foundational capital a ...

Core Insights - The artificial intelligence (AI) infrastructure segment is expected to maintain strong momentum in 2026, driven by robust demand, despite concerns over the high valuations of major AI companies [2][3]. Company Summaries Calix Inc. (CALX) - Calix reported adjusted earnings of $0.39 per share for Q4 2025, exceeding the Zacks Consensus Estimate of $0.38, and significantly up from $0.08 per share a year ago [4]. - Quarterly revenues reached $272.45 million, surpassing the Zacks Consensus Estimate by 0.90% [4]. - The company has integrated AI into its cloud platform to enhance operations and service delivery for broadband providers, with major clients including Lumen Technologies and Verizon [6]. - Calix's expected revenue and earnings growth rates for the current year are 15.6% and 41.5%, respectively, with a 4.9% improvement in the earnings estimate over the last 30 days [7]. Teradata Corp. (TDC) - Teradata reported adjusted earnings of $0.74 per share for Q4 2025, beating the Zacks Consensus Estimate of $0.55, and up from $0.53 per share a year ago [8]. - Total revenues were $421 million, exceeding the Zacks Consensus Estimate by 6.52% [8]. - The company is expected to benefit from improved annual recurring revenue (ARR) growth, cost savings, and productivity measures, which will drive free cash flow [9]. - Teradata's innovative AI capabilities and new product rollouts are anticipated to enhance its analytics offerings and drive long-term growth [10][12]. - The expected revenue and earnings growth rates for Teradata are -2.1% and -3.9%, respectively, with a 0.4% improvement in the earnings estimate over the last 90 days [13]. Lumen Technologies Inc. (LUMN) - Lumen reported adjusted earnings of $0.23 per share for Q4 2025, contrasting with a loss of $0.21 per share as per the Zacks Consensus Estimate, and an adjusted loss of $0.09 per share in the prior year [14]. - Total revenues were $3.041 billion, down 8.7% year over year, and missed the Zacks Consensus Estimate by 1.4% [14]. - The company is focusing on AI-driven solutions, securing $13 billion in Private Connectivity Fabric (PCF) deals by the end of 2025, with revenues of $41 million and $116 million recognized in Q4 and full-year 2025, respectively [15][16]. - Lumen's active customers for its network-as-a-service (NaaS) platform grew by 29% quarter over quarter, indicating strong demand for its services [17]. - The expected revenue and earnings growth rates for Lumen are -12.4% and 15.4%, respectively, with a significant improvement in the earnings estimate of over 100% in the last seven days [18].

整理 | GLP1减重宝典内容团队 减重药热潮把一批传统医药玩家推上风口，也把互联网巨头卷进了更深水区。腾讯最近的动作很密集：一边在股权投资上连续加码，从 临床后期的GLP-1公司，到押注三靶点的新玩家；另一边又在健康管理、检测与数据处理等方向持续申请和布局专利，把体重管理从一 个药品生意，推向一套可复制、可运营、可连接支付与服务的长期体系。 如果把这些动作串起来看，腾讯要的可能不是单一一款药的涨跌，而是一条更大的链路：从人群触达、健康管理、检测随访，到用药依 从性、复购和支付场景，最终形成代谢慢病的长期运营入口。减肥药只是最热的切口，背后是慢病管理、医疗服务与产业协同的长期 盘。 腾讯在减重药上的投资，明显不是一次性试水，更像是按阶段配置筹码。 第一步，是投接近商业化的GLP-1资产，把确定性握在手里。杭州先为达生物在港股递交上市申请后，市场把它视为体重管理赛道里距 离兑现较近的标的之一。公司核心产品埃诺格鲁肽注射液主打长效GLP-1路线，且在临床数据叙事上强调更短周期内的体重下降表现。 对腾讯这类财务投资者来说，这类项目的价值不只是未来上市退出，还在于它代表了一个更稳定的现金流想象空间：糖尿病与肥胖属于 ...

Core Viewpoint - Amazon has officially entered a technical bear market after its stock price dropped 21.4% from recent highs, while Microsoft became the first member of the Mag7 to enter a bear market. Investor confidence in the return on investment from AI spending by these companies is low, with Amazon planning capital expenditures of up to $200 billion by 2026 [1][3]. Group 1: Amazon and Microsoft Performance - Amazon's stock closed at $199.60 after eight consecutive days of decline, marking its entry into a technical bear market as the second company in the Mag7 to do so [3]. - Microsoft’s stock price fell 25.9% from recent highs after its Azure cloud business growth failed to meet investor expectations, leading to its entry into a bear market on January 29 [3]. Group 2: AI Spending and Investor Sentiment - The total projected capital expenditure for AI by Amazon, Microsoft, Meta, and Alphabet is expected to reach $650 billion by 2026, with Amazon having the highest planned expenditure [3]. - Meta's stock is close to entering a bear market, just 2.3% away from the threshold, despite exceeding Wall Street expectations for Q4 revenue and earnings, as increased AI spending and profit margin pressures have affected investor confidence [3]. Group 3: Market Dynamics and Cash Flow Concerns - There is a noticeable rotation among Mag7 members, with investors moving away from Microsoft, Nvidia, and Oracle-related OpenAI trades towards Alphabet and Broadcom ecosystems [5]. - Alphabet's vertically integrated technology stack has somewhat mitigated concerns over excessive spending, allowing it to avoid the worst impacts of the tech stock sell-off, with its stock down 9.2% from recent highs [5]. - Increased capital expenditure levels for Amazon may lead to negative free cash flow this year, prompting the company to seek additional capital through debt markets [5].

Alphabet became the second big tech firm to tap the bond market this year, following Oracle’s $25 billion debt issuance a week earlier. The cloud and search giant raised nearly $32 billion in debt in under 24 hours to fund an unprecedented spending plan as it expands AI infrastructure to meet growing demand.Shares of the Google parent have remained largely unchanged since the start of the year, slipping just 1%. GOOGL stock started 2026 on an upbeat note but wiped out its year-to-date (YTD) gains after the ...