英伟达引领的人工智能(AI)交易在近期遇挫后，于本周初人气回升，然而软银清仓英伟达的消息以及AI 云计算服务商CoreWeave显现的压力信号，周二再度打压了市场情绪。 美东时间周二，英伟达等AI概念股则因估值过高担忧而集体下挫。截至收盘，以科技股为主的纳指跌 58.87点，跌幅为0.25%，报23468.30点。 近日，投资者陷入纠结：既担心错过AI交易的红利，又担心市场重蹈互联网泡沫时期的覆辙。 "然而，IT板块的估值已大幅飙升，我们担心对该板块过度乐观情绪与居高不下的预期，会让其在短期 容易出现不及预期的情况，" Beath说道，并给出了以下图表： 他表示，IT板块一直是国际贸易谈判的焦点，而紧张局势并未完全消散。此外，尽管部分龙头企业公布 AI相关资本支出大幅增加，但投资者对投资回报率和债务融资的担忧时常会引发市场波动。 "这种回调最终可能被证明是短暂的，但我们认为，该板块仍易受到负面意外的影响，甚至可能只是企 业财报略微不及预期，" Beath表示，"我们倾向于通过将IT板块的配置比例削减至该板块的市场权重来 锁定收益。" 建议布局这三大领域 Beath建议，可以减少一些对科技股的投资，并建议将资金 ...

Artificial intelligence is the greatest investment opportunity of our lifetime. The time to invest in groundbreaking AI is now, and this stock is a steal! AI is eating the world—and the machines behind it are ravenous. Each ChatGPT query, each model update, each robotic breakthrough consumes massive amounts of energy. In fact, AI is already pushing global power grids to the brink. Wall Street is pouring hundreds of billions into artificial intelligence—training smarter chatbots, automating industries, and b ...

Vi e w p o i n t | 09 Nov 2025 17:09:32 ET │ 40 pages China Multi-Asset Themes to Watch at Citi's 2025 China Conference CITI'S TAKE For two decades our flagship annual China Conference has brought together a diverse range of institutional investors and corporate chiefs, giving them access to global thought leaders and senior government officials. This year our China Conference will be held 11-12 November in Shenzhen and 13-14 November in Shanghai. In this report our equity teams & strategists, economists, a ...

美国 AI 领域资本开支加速，企业部门加杠杆明显，但过度扩张潜藏崩溃 风险，类似于房地产行业中房价上涨但基础材料投资不足，导致资源价 格飙升和投资回报率下降。 美国通过信用扩张推动 AI 发展，大部分利润流向包括中国在内的其他国 家，尤其制造业领域，中国凭借强大生产能力受益，导致美国国内投资 回报率下降。 当前美国依赖企业部门加杠杆推动 AI 发展模式脆弱，政府部门杠杆空间 有限，可能导致估值下跌。美股上涨主要来自债务而非科技本身，长期 来看难以持续，极易泡沫化。 美国开启债务周期对中国友好，中国作为制造业大国，受益于美国债务 扩张释放的需求，资本回报逐渐向中国转移，形成利好。 全球能源市场投资呈现多元化，AI 和 AIGC 需求增加，企业投资扩展至 传统能源（石油、煤炭）及储能、新能源领域，石油、煤炭、碳酸锂等 资源价格上涨。 Q&A 美国 AI 产业的债务周期特征是什么？其对投资回报率有何影响？ 美国 AI 产业目前呈现出显著的债务周期特征，类似于中国的地产周期。债务周 期通常伴随着需求快速扩张和价格迅速上升，但这也导致投资回报率下降。在 美国，AI 领域的资本开支加速增长，企业部门出现了明显的加杠杆现象 ...

来源：财经马红漫 本周至少计划明天（周四）中午，我们【边吃边播】依然继续，而且后面边吃边播的预约已经全面开 放。 大家如果想一键预约所有公开直播，务必关注我们同名的视频号【财经马红漫】，在微信当中搜索【财 经马红漫】，在里面可以一键预约所有公开直播的参与机会。 千万不要错过，预约好之后，即便有取消和调整，您也会收到相关通知，这一点非常重要，千万不要再 错过了。 节目开始来看昨晚美国市场表现。美国三大指数涨跌不一，道指涨了 1.18%，纳指跌了 0.25%，标普跌 了 0.21%。 投资内参情报，就在老马投研圈！ 各位喜马拉雅财马早评的听众朋友们，大家早上好。今天是 2025 年 11 月 12 号，周三。 节目开始强调一下，今天的公开直播因我的日程安排将会取消，本周周五的直播也有可能会调整。所以 各位要珍惜我们公开直播的机会和渠道。 消息上，美国这边主要关注政府关门即将结束。我看了很多报告，对于美国具体的行政政策措施，我们 可能没那么熟悉。基本看法是，快的话可能本周末或者下周初政府就要正式开门了。所以真正的关键不 在于具体哪天开门，而在于开门这件事是确定无疑的。 明白了这一点之后，投资操作就相对容易了。比如前 ...

智通财经APP获悉，招商证券发布研报称，近期港股走势震荡，除了外部波动放大外也有部分投资者希 望落袋为安的心理。但这种预期差恰恰是港股的投资机会。美国政府停摆正迎来转折、外部流动性预期 存在向上修正空间，预计诸多利好和预期差将逐渐被市场认知，市场有望在盘整后打开上涨空间。配置 上建议重回哑铃策略，进攻端逢低加仓科技(AI链)、有色，防守端聚焦红利与困境反转。 "进攻"聚焦AI产业链和有色。 流动性与估值：外资和南向资金持续净流入，美联储如期降息。 "困境反转"策略：以必需消费为代表，经历4年困境后，初现供需拐点。估值却仍处历史最低30%分 位。竞争优势突出的龙头还可提高市占率和利润率实现α式增长，叠加宽护城河，行业竞争格局有望迎 来改善;建议分批买入、长期持有。 美联储10月如期降息，该行预计12月美联储延续降息25bps、明年再降三次(年度累计75bps)。同时，美 联储将于12月结束缩表，缓解流动性压力。海外资金有望进一步流入港股。南向资金净流入势头向好， 长线机构投资者和居民增量资金"入市潜力"持续释放。整体而言，基本面、政策和流动性三重共振叠加 港股处于估值洼地，将成为支撑港股反弹的核心动力。 配置策 ...

Market Reactions and Economic Data - The market showed a muted response to the government shutdown, which historically would have led to a sell-off, indicating a change in market dynamics [2][3] - A significant recovery rally was noted, with the market up by 105 points following the news of the government deal, suggesting investor optimism [4] - The upcoming economic data is expected to be a major catalyst for market movements, with a focus on how it will influence Federal Reserve decisions [11][13] Technology Sector Insights - Concerns were raised regarding SoftBank's offloading of its Nvidia stake, which has led to speculation about the valuation of tech stocks [5][8] - Major tech companies like Oracle, Microsoft, Meta, and Google are committing substantial investments (approximately $600 billion) into AI and data centers, indicating strong sector growth [8] - The market's reaction to earnings reports, such as Palantir's, suggests a shift in investor sentiment, where even strong earnings can lead to stock declines if expectations are already high [12][15] Federal Reserve and Interest Rates - The Federal Reserve's recent meeting indicated a potential for a rate cut, with market participants pricing in a 60% chance of this occurring [17][18] - Historical context shows that the market can react negatively to unexpected Fed actions, as seen in previous years [19][20] - The accuracy of economic data is under scrutiny, with adjustments to job numbers suggesting that previous reactions may have been based on flawed information [22][23] Market Dynamics and Future Outlook - The current market environment is characterized by a mix of retail and institutional investors, complicating traditional market reactions to earnings and economic news [15] - The ongoing demand for GPUs and data centers reflects a significant shift in the tech landscape, with major players forming strategic partnerships to secure supply [25] - The narrative around AI continues to drive market performance, but the focus on jobs data and inflation remains critical for future market direction [26]

Government Shutdown - The Senate has passed a bill to end the government shutdown, which is expected to pass in the House and be signed into law by President Trump [1][7][10] - The House will begin a series of votes to pass the bill, with expectations of a close vote [8][9] - The reopening of the government is anticipated to reverse economic damage caused by the shutdown, including flight delays and lack of government data [10][11] SoftBank and Nvidia - SoftBank sold its entire stake in Nvidia, amounting to $5.8 billion, citing the sale as a necessary financing measure rather than a reflection on Nvidia's performance [3][4][14] - The sale allows SoftBank to provide investment opportunities for shareholders and maintain financial strength [4][14] - Nvidia's stock is experiencing downward momentum after Coreweave, a cloud computing provider, lowered its annual sales forecast due to a data center delay [2][16] Coreweave and Market Impact - Coreweave's annual sales forecast was cut from $5.15 billion to a range of $5.05 billion to $5.15 billion, disappointing investors [16] - Analysts note that supply constraints are short-term but highlight execution risks in the cloud computing sector [2][3] - The AI sector is experiencing volatility, with significant gains in the S&P 500 recently, but concerns remain about sustaining momentum [17][19] Corporate Buybacks - US corporate buybacks have reached approximately $1.2 trillion this year, 15% ahead of the same time last year, indicating confidence among companies [42][44] - The increase in buybacks suggests that companies may view their stocks as undervalued despite market highs [44][46] - The service sector's performance is crucial, as it constitutes a significant portion of GDP, and recent data shows a rebound in new orders [47][48] AI Sector Trends - The AI sector is seeing mixed performance, with companies like Coreweave facing challenges while others like Nebus report significant sales growth [39][41] - The adoption of AI is still in early stages, with many companies yet to scale their AI initiatives [28][30] - Investment opportunities may arise from companies addressing capacity constraints in the AI infrastructure space [21][22]

AI is a transformative force reshaping industries, especially in freight. It’s no secret that the transportation industry is working frantically to adopt AI and machine learning to optimize operations and cut costs. Because of fierce competition and small margins, freight companies, particularly carrier fleets, are adopting AI technologies in a variety of ways and learning as they go. According to Danielle Villegas, Chief Product Officer at PCS Software, organizational management changes whenever new tec ...

Group 1 - The U.S. stock market experienced a collective rise on November 10, with the Nasdaq leading the gains, closing up 2.27%, while the Dow Jones and S&P 500 increased by 0.81% and 1.54% respectively [1] - The U.S. technology sector saw significant gains, with the Wind U.S. Technology Seven Giants Index rising nearly 3%, driven by strong performances from major companies like Nvidia (up over 5%), Google (up nearly 4%), and Tesla (up over 3%) [1] - Notable individual stock performance included SanDisk, which surged 11.89% to reach a historical high, marking an increase of over 400% year-to-date, attributed to AI-driven demand growth impacting traditional storage wafer manufacturers [1] Group 2 - The Nasdaq Golden Dragon China Index also performed well, rising over 2%, with significant gains from companies such as XPeng Motors (up over 16%) and Artis Solar (up nearly 14%) [1] - The strong rebound in U.S. stocks is largely attributed to progress in the U.S. government avoiding a shutdown, with a temporary funding bill advancing in the Senate [1] - According to a report by Shenwan Hongyuan, the volatility in the U.S. stock market is linked to the potential government shutdown, which has tightened dollar liquidity, and the resolution of this issue could alleviate liquidity risks [2]