市场终于意识到，AI颠覆不再是遥远的威胁。 2月14日，据追风交易台消息，摩根士丹利在最新研报中称，随着AI模型以非线性、加速度推进，市场对颠覆风险的定价也开始呈现多米诺骨牌 效应： 仅仅一个月前，市场认为约4%的MSCI欧洲指数权重面临AI颠覆风险；一周前这一比例升至7%；而2月13日，这个数字已跃升至24% （包含银行板块）。 研报指出，大摩认为，随着前沿AI模型能力突破临界点——GPT-5.2在71%的专业任务上已达到或超越人类专家水平——投资者必须重新审视资产 配置逻辑。 摩根士丹利已将立场从中性转向谨慎看待周期股相对防御股，并指出欧洲信贷市场提供了便宜的下行对冲机会，重点关注公用事业、半导体、国 防和烟草等被视为最具韧性的避风港。 该行强调，需要重新审视哪些资产无法被AI"复制"——这些将成为新时代的价值锚点。在一个智力和劳动力可以被无限复制的时代，真正的价值 将回归那些无法复制的东西——物理资产、监管壁垒、网络效应、人类体验、专有数据。 AI能力的惊人跃升：71%的专业任务已被攻克 人类不擅长理解非线性变化，而AI模型的进步正是典型的非线性加速。 大摩表示，数据显示惊人的进展速度：2025年7月推 ...

Leading bank flags AI disruption risk now affecting 24% of European equities as model capabilities surge Proactive uses images sourced from Shutterstock The market's perception of artificial intelligence disruption risk has exploded from affecting just 4% of the MSCI Europe index a month ago to 24% today, according to Morgan Stanley's latest assessment. The acceleration mirrors the early stages of the Covid pandemic sell-off, when risks that began concentrated in China rapidly broadened across sectors. ...

当地时间2月2日，太空探索技术公司（SpaceX）在官网发布由马斯克署名的声明，正式确认与人工智 能企业xAI公司合并，这一消息如同一颗重磅炸弹，在科技与商业领域激起千层浪。 合并后的公司将开启一场前所未有的业务整合大戏，人工智能、火箭、天基互联网以及移动设备直连通 信等领域将实现深度融合。据报道，合并后公司预计每股定价约527美元，估值更是高达1.25万亿美 元，如此庞大的体量，无疑将在全球商业版图上占据重要一席。 在马斯克对SpaceX的长期规划中，不同业务板块之间本就存在着潜在的协同效应，此次合并更是为这 种协同提供了绝佳契机。 SpaceX的星链项目堪称其"王牌资产"。截至2025年年底，星链已部署超过1.5万颗卫星（含获批待部署 的7500颗），占全球近地轨道活跃卫星的60%以上。它为全球155个国家和地区的32亿人口提供低延迟 互联网服务，用户数突破920万。去年，SpaceX营收约150亿 - 160亿美元，利润约80亿美元，其中星链 占SpaceX总收入的50%至80%。这一庞大的基础设施，不仅能成为特斯拉自动驾驶车队的"数据传输高 速路"，为其实时传输数据，还能为xAI训练通用人工智能（AG ...

据央视新闻，当地时间2月2日，美国企业家马斯克旗下的太空探索技术公司（SpaceX）发表声明，宣布已收购同属于马斯克旗下的人工智能企业xAI公 司。xAI公司同时也发表声明，证明已"加入SpaceX"。 据智通财经，备忘录显示，SpaceX与xAI合并后的公司预计每股定价约527美元，估值将达1.25万亿美元。其中，SpaceX估值1万亿美元，xAI估值2500亿 美元，合并交易为全股票形式。 此前报道 1月30日，据媒体报道，埃隆·马斯克正在酝酿一场前所未有的商业重组，以打造"行星级"科技帝国。 据知情人士透露，SpaceX已讨论了与特斯拉合并的可能性，部分投资者正推动该想法落实。另外，SpaceX还在研究在首次公开招股（IPO）前与xAI合并 的可行性。最终决定目前尚未作出，具体细节仍可能变动，各公司也可能选择维持独立运营。 据悉，SpaceX考虑在6月（马斯克生日附近）上市，融资额可能高达500亿美元，或成为史上规模最大的IPO，公司估值有望达到1.5万亿美元，接近特斯 拉的1.6万亿美元。 如若合并特斯拉与xAI，新实体的估值可能突破2万亿美元，成为全球市值最高的科技公司。 消息传出后，特斯拉股价在当 ...

据央视新闻，当地时间2月2日，美国企业家马斯克旗下的太空探索技术公司（SpaceX）发表声明，宣 布已收购同属于马斯克旗下的人工智能企业xAI公司。xAI公司同时也发表声明，证明已"加入 SpaceX"。 据智通财经，备忘录显示，SpaceX与xAI合并后的公司预计每股定价约527美元，估值将达1.25万亿美 元。其中，SpaceX估值1万亿美元，xAI估值2500亿美元，合并交易为全股票形式。 据知情人士透露，SpaceX已讨论了与特斯拉合并的可能性，部分投资者正推动该想法落实。另外， SpaceX还在研究在首次公开招股（IPO）前与xAI合并的可行性。最终决定目前尚未作出，具体细节仍 可能变动，各公司也可能选择维持独立运营。 据悉，SpaceX考虑在6月（马斯克生日附近）上市，融资额可能高达500亿美元，或成为史上规模最大 的IPO，公司估值有望达到1.5万亿美元，接近特斯拉的1.6万亿美元。 如若合并特斯拉与xAI，新实体的估值可能突破2万亿美元，成为全球市值最高的科技公司。 消息传出后，特斯拉股价在当天的盘后交易中迅速拉升，涨幅一度触及4.5%。 SpaceX、特斯拉和xAI如何"互补"？在马斯克对S ...

Summary of Data Center Infrastructure and AI Demand Industry Overview - The report focuses on the **Data Center Real Estate Investment Trusts (REITs)** and the broader **AI infrastructure landscape**. - Demand for data center capacity has surged, with **5.8GW** of capacity leased in North America in **4Q25**, leading to a total absorption of **15.6GW** for the year, more than double the **~7GW** in **2024** [2][45]. Key Demand Insights - The demand pipeline in the U.S. is projected at **~26GW**, driven by **11GW** of hyperscale self-build capacity currently in development [2]. - Major players like **Oracle**, **Meta**, and **AWS** are increasing their leasing activities, particularly in tertiary markets [2]. - Forward demand signals are positive, with significant AI infrastructure projects reaching operational capacity targets of **1GW** [3][21]. Supply Constraints - Supply constraints are becoming more acute, with grid interconnection queues extending to **6+ years** in most markets and data center vacancy rates at historic lows of **<2%** [4][60]. - The adoption of **Bring Your Own Generation (BYOG)** approaches is expected to increase, particularly for larger campus locations [4]. - Labor scarcity is a growing concern, with each **GW** build requiring **3-7K** workers, while the labor pool is only growing by **~24K** per year [4][9]. Data Center REITs Outlook - The report maintains a constructive outlook on data center REITs, particularly **Digital Realty (DLR)** and **Equinix (EQIX)**, due to tight industry conditions that are expected to drive pricing higher [5][9]. - **DLR** is projected to see **7.4%** growth in FFO/share for **2026E**, supported by hyperscale leasing and mark-to-market opportunities [8]. - **EQIX** is expected to achieve **8.6%** normalized recurring revenue growth in **2026E**, with shares trading at a discounted valuation [8]. AI Infrastructure Developments - The race to **Artificial General Intelligence (AGI)** is intensifying, with major AI infrastructure projects ramping up to meet the demands of new models [9][14]. - Upcoming releases of models trained on **Blackwell systems** and the rollout of **Rubin** in **2H26** are expected to significantly impact power density and data center designs [3][41]. - The current environment is characterized by the development of greenfield data center facilities to support higher power and compute-intensive workloads [9]. Financial Projections - Hyperscale capital expenditures are projected to reach **~$585B** in **2026**, a nearly **40%** increase from previous estimates [46]. - Incremental cloud revenues are expected to rise to **$106B** in **2026**, up from **$69B** in **2025** [50]. Conclusion - The data center market is experiencing unprecedented growth driven by AI demand, with significant investments and developments expected in the coming years. However, supply constraints and labor shortages pose challenges that could impact the pace of growth. The outlook for established data center REITs remains positive, supported by strong demand and pricing dynamics.

Core Viewpoint - SpaceX is planning to deploy up to 1 million satellites, which is 70 times the current number of active satellites in orbit, and is considering an IPO with a target valuation of $1.5 trillion, making it potentially the largest IPO in history [1][9][10]. Group 1: SpaceX IPO and Valuation - SpaceX's IPO is projected to have a target valuation of $1.5 trillion, which would surpass Saudi Aramco's IPO and become the largest on record [9]. - The expected financing could exceed $50 billion, significantly higher than previous major IPOs, such as Amazon and Microsoft [10][11]. Group 2: Business Structure and Revenue - SpaceX is expected to achieve revenues of $15 billion to $16 billion by 2025, with an EBITDA of approximately $8 billion [13]. - The Starlink service is the primary revenue driver, contributing 50% to 80% of the company's income, with over 9 million users and around 9,500 satellites launched since 2019 [13]. Group 3: Satellite Deployment Plans - SpaceX has submitted an application to the FCC to deploy a satellite system consisting of up to 1 million satellites, aimed at creating a space-based data center network [16][19]. - This plan is seen as a move to establish a computing empire in space, utilizing solar energy and laser links for data routing [19]. Group 4: Industry Trends and Future Projections - Analysts predict that the satellite launch numbers will increase from 5,000 to 50,000 annually between 2025 and 2040, driven by advancements in solar technology and the demand for AI capabilities [24]. - The market for photovoltaic cells in the satellite sector is expected to reach 328.8 billion yuan, with a potential growth of over 30 times compared to the short-term market [24].

Group 1 - The international gold price experienced a dramatic fluctuation at the beginning of 2026, soaring to a peak of $5598 per ounce before plummeting by nearly $670 within 30 hours, marking the largest single-day drop since 1983 [6][7][13] - Key players driving the gold price surge included the National Bank of Poland, Tether, and SPDR Gold Shares, which collectively accumulated nearly 1780 tons of gold over the past year [7][21][30] - The nomination of Kevin Warsh as the next Federal Reserve Chairman by President Trump triggered significant market volatility, contributing to the sharp decline in gold prices [7][14][18] Group 2 - The National Bank of Poland has been a major buyer of gold, purchasing approximately 100 tons in 2025, making it the largest official gold buyer globally for the second consecutive year [21][22] - Tether has accumulated 140 tons of gold, positioning itself as a significant player in the physical gold market, with plans to continue purchasing gold to support its cryptocurrency operations [25][27][28] - SPDR Gold Shares, the largest gold ETF, held approximately 1086.53 tons of gold as of January 29, 2026, making it a crucial factor in the gold market [30][32] Group 3 - The recent volatility in gold prices is attributed to multiple risk factors, including geopolitical tensions, concerns over the dollar's credit risk, and potential policy shifts under the new Fed leadership [33][34] - Analysts predict that gold may enter a phase of "oscillation and digestion" in the short term, but could rebound quickly if new risk events arise [34] - Various financial institutions have set differing price targets for gold in 2026, with some predicting a rise to $6000 per ounce, while others forecast a lower range around $4450 to $4550 per ounce [35][36]

整理 | 褚杏娟 Sulaiman Ghori 在一期播客中，用了一个多小时详细讲述了他在 xAI 的经历。他说，在那里"从来没有人对我说不"，每个人都 被充分信任去做正确的事；只要是好想法，当天就能落地、当天就能得到反馈。他还提到，马斯克愿意被证明是错的，只要你 能拿出实验数据。 他也坦言，在上一家公司，很多事情也许他一个人能做得更快；但在 xAI，整体反而更快，因为几乎没有官僚流程。这些话， 听起来都是对公司的认同和马斯克的赞扬，实际上他还说自己是马斯克粉丝。 然后，播客发出来后第 3 天，他被解雇了。 外界猜测是因为他说了太多敏感信息。节目中，他透露了利用闲置特斯拉汽车驱动的人类模拟器 AI 代理的计划、还有马斯克 如何快速构建 Colossus 超级集群、xAI 在模型策略上的核心决策，曝光了公司内部部署测试的 AI 虚拟员工等，还有 xAI 也被 完全曝光。他坦率地谈到了激进的时间表、马斯克亲自参与的 Cybertruck 奖金计划、内部文化和运营方式以及一些非公开的 策略，这些言论引发了外界的强烈反响。 Sulaiman 自 2019 年起持续创业。在德国上大学一个月后退学，为了实现童年创办航天公 ...

Group 1 - Apollo has led a $3.5 billion capital solution for Valor Compute Infrastructure L.P. to support its $5.4 billion acquisition and lease of data center compute infrastructure for xAI Corp, including NVIDIA GB200 GPUs [1][2] - The financing utilizes a triple net lease structure and aims to support one of the world's most powerful compute clusters for the development of xAI's AI model, Grok [1][3] - Apollo estimates that global data center infrastructure will require several trillion dollars of investment over the next decade due to increasing demand for compute capacity and AI workloads [4] Group 2 - NVIDIA has invested in VCI as an anchor Limited Partner, highlighting its commitment to the AI infrastructure space [2] - Apollo-managed funds and affiliates have deployed over $40 billion into next-generation infrastructure since 2022, including compute capacity and renewable energy [4] - Valor Equity Partners focuses on investing in high-growth companies and has approximately $55 billion of assets under management as of December 31, 2025 [7]