硬·AI 作者 | 张雅琦 编辑 | 硬 AI 华尔街对OpenAI的态度正在经历戏剧性逆转。曾经被市场追捧的OpenAI合作概念股如今遭遇抛售，微 软、Oracle等公司股价大幅下挫，而与OpenAI竞争的谷歌母公司Alphabet则凭借AI业务的强劲财务回报 成为最大赢家，股价自去年10月以来飙升约36%。 市场逻辑的转变在华尔街分析师口中体现得淋漓尽致。Freedom Capital Markets科技研究主管Paul Meeks表示： "市场正在形成一种叙事，即更青睐谷歌而非OpenAI。去年这个时候，OpenAI每一次宣布与某家公 司合作都会受到掌声。 但到了2025年底，人们开始说，'天哪，我的收入积压或AI基础设施支出有 太多来自OpenAI。 '" 华尔街对OpenAI的态度从追捧转向担忧，受其亏损及履约能力质疑影响，深度绑定的微软与Oracle股价剧烈下挫。与此 同时，谷歌凭借Gemini 3带动的全线财务回报及云业务48%的营收增速脱颖而出，以4万亿美元市值支撑起指数繁荣，或 成为AI下半场角逐的赢家。 这种情绪转变在股价上表现明显。Oracle股价自去年10月以来已暴跌约49%，其超过5 ...

本文是由投资/产品专员而非分析师撰写的文章汇编。 它不构成研究报告，也不应被解释为研究报告，也不旨在提供 专业、投资或任何其他类型的建议或推荐。 CSIWM 个股点评 2026 年 2 月 5 日 软银集团 9984 JP 本文内容由 Ryan Lee (李昊谦) 提供 中信证券财富管理(香港) 产品及投资方案部 摘要 中信证券财富管理与中信里昂研究观点一致。根据中信里昂研究在 2026 年 2 月 4 日发布的题为《Riding the AI tiger》的报告，人工智能在资本支出和需求方面持续超预期，然而软银集团（SBG）股价却表现滞后。中信里昂预计 本次财报季将带来 Arm、软银集团及软银愿景基金（SFV）对 OpenAI 的积极更新。媒体报道显示亚马逊、英伟达和 软银集团将成为 OpenAI 下一轮融资的主要投资者。 AI 正在蓬勃发展 加速前进 全球科技公司的评论和数据呈现令人惊叹的积极态势，表示人工智能正在蓬勃发展。软银集团最新 CEO 调查也提供 了有价值的洞察：77%的 CEO 表示人工智能已嵌入其核心产品或服务，较一年前的 55%实现 40%的相对增长。人工 智能在运营中的使用率从 71%升 ...

华尔街对OpenAI的态度正在经历戏剧性逆转。曾经被市场追捧的OpenAI合作概念股如今遭遇抛售，微软、Oracle等公司股价大幅下挫，而与 OpenAI竞争的谷歌母公司Alphabet则凭借AI业务的强劲财务回报成为最大赢家，股价自去年10月以来飙升约36%。 市场逻辑的转变在华尔街分析师口中体现得淋漓尽致。Freedom Capital Markets科技研究主管Paul Meeks表示： "市场正在形成一种叙事，即更青睐谷歌而非OpenAI。去年这个时候，OpenAI每一次宣布与某家公司合作都会受到掌声。但到了2025 年底，人们开始说，'天哪，我的收入积压或AI基础设施支出有太多来自OpenAI。'" 这种情绪转变在股价上表现明显。Oracle股价自去年10月以来已暴跌约49%，其超过5000亿美元的合同积压在很大程度上依赖于OpenAI。持有 OpenAI 27%股权并将其视为重要客户的微软，同期股价下跌超20%。与此同时，Alphabet股价同期上涨约36%。 据华尔街此前文章，德银的研报揭示了一个更为残酷的事实：AI投资狂潮已进入"大清洗"阶段，标普500指数的繁荣可能仅由谷歌一家公司苦苦支 撑 ...

Core Insights - Nvidia's CEO Jensen Huang indicated that the company's investment in OpenAI is expected to be the largest investment in its history [1] Company Summary - Nvidia is making a significant investment in OpenAI, which highlights the company's commitment to advancing artificial intelligence technologies [1]

竞品分析的第一步不是研究细节，而是确认目标。本文将拆解三类竞品的定义与识别方法 ——从直接抢夺用户的正面竞争者，到分流注意力的间接对手，再到可能跨界打击的潜在威 胁。掌握这套分类逻辑，你的市场分析才能精准打击要害。 上一篇我聊了竞品评测的四个维度。但在动手分析之前，还有一个更前置的问题：你选的竞品对吗？ 我见过一种情况：分析做得很细，四个维度全覆盖，图表也很漂亮，结果老板看完说"这几个产品和我 们不是一个赛道的啊"。整份报告直接作废。 竞品选错，后面全是无用功。所以这篇我专门聊怎么选竞品。 先搞清楚一个概念：什么叫竞品？ 竞品就是"竞争产品"，但竞争不是只有一种。 很多人理解的竞品就是"做一样东西的产品"，太狭隘了。实际上，只要会分走你用户的时间、注意力、 预算的产品，都可能是你的竞品。 在AI产品领域，我把竞品分成三类：直接竞品、间接竞品、潜在竞品。分清楚这三类，你的竞品选择 就不会跑偏。 三类竞品的定义和区分方法 2.1 直接竞品：用户会在你们之间"二选一" 直接竞品的特征是：同一市场、同一赛道、目标用户高度重合、核心功能高度相似。用户在选择时，会 直接把你们放在一起比较。 判断标准： 目标用户是不是同一 ...

Group 1 - The computer industry has reached a turning point in its fundamentals by the second half of 2025, with a year-on-year revenue growth of 1.61% and a staggering 244.56% increase in net profit attributable to the parent company in Q3 2025, validating cost reduction and efficiency improvement results [1] - AI applications are transitioning from technology validation to commercial promotion, with four key areas of focus: 1) Super entrance, where large models have become traffic hubs in the AI era, accelerating the commercialization processes of OpenAI and Google Gemini, establishing a trend of simultaneous increase in volume and price; 2) AI infrastructure, where software infrastructure determines application costs and capability boundaries, with leading companies like Databricks and Snowflake achieving high growth through data governance and computing power scheduling; 3) High-growth scenarios where AI technology drives marketing and the commercialization of comic dramas, with multimodal technology leading to explosive growth in paid traffic for Douyin comic dramas; 4) High-barrier fields such as healthcare and manufacturing, where companies with proprietary data assets and complex process integration capabilities have significant advantages, with AI in healthcare transitioning from auxiliary tools to full lifecycle management, as evidenced by products like Ant Financial's Aifu and ChatGPT Health [1] - The computer ETF (512720) tracks the CS Computer Index (930651), which selects listed company securities involved in computer hardware, software, and services from the Shanghai and Shenzhen markets, covering major sub-sectors of the information technology industry to reflect the overall performance of Chinese listed companies related to computers, exhibiting significant technology growth style characteristics [1]

Core Viewpoint - Zeta Global's stock price increased by 9.5% to $23.73 following the announcement of a strategic partnership with OpenAI to enhance its flagship product, Athena by Zeta, with advanced conversational intelligence and agent capabilities [1] Group 1 - Zeta Global is an AI marketing cloud platform that focuses on providing intelligent solutions for large enterprise marketing teams [1] - The partnership with OpenAI aims to integrate more powerful conversational AI features into Athena, enhancing its functionality [1] - Athena is described as a super-intelligent agent system specifically designed for marketing teams in large enterprises [1]

Core Insights - By 2025, China and the United States will account for over 80% of the global large model market in artificial intelligence [1][2] - The capability gap between top AI models in China and the US is projected to decrease from 20% in 2024 to just 0.3% in 2025 [1][2] - The popularity of China's general large models is attributed to their depth and openness compared to US models, which are seen as less open [1][2] Industry Trends - The US is focusing on AI chips, AI infrastructure, and closed-source large models, while China is concentrating on smart hardware, application markets, and open-source large models [1][2] - In the next five years, China and the US are expected to compete in five key areas of AI innovation: artificial intelligence, robotics, energy storage, blockchain technology, and multi-omics sequencing [1][2]

Core Insights - Amazon.com Inc. (NASDAQ: AMZN) continues to demonstrate a strong commitment to its growth strategy, indicating an inability to restrain its expansion efforts [1] Group 1 - The company is actively pursuing various initiatives to enhance its market position and drive revenue growth [1] - Amazon's ongoing investments in technology and infrastructure are aimed at improving operational efficiency and customer experience [1] - The firm appears to be focused on maintaining its competitive edge in the e-commerce sector despite market challenges [1]

All right, options traders pricing in a 1% move on the S&P tomorrow. That seems like complacency. Why such a It seems like kind of a muted move even though the markets have been muted over the last few weeks.>> Yeah. Well, actually, uh, if you look at kind of the statistics on daily moves on the day of the FOMC announcement, over the last four or five announcements, it's actually been incredibly muted. Um, you know, we've been seeing average uh absolute moves of under three 30 to 40 basis points.So the fact ...