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cky10327
04-20
$Fastly, Inc.(FSLY)$
之前被骗下车了, 什么联盟[流泪]
cky10327
06-22
$Rocket Lab USA, Inc.(RKLB)$
你都跌倒无量了,竟然下杀这么多点,故意的嘛?
cky10327
08-06
$闪迪(SNDK)$
后面不要搞财报了,就搞一个什么指引就行了,财报有用吗?完全没有[黑眼圈]
cky10327
07-16
$闪迪(SNDK)$
有一点不懂,很多机构还是把这些目标价订到至少1900最近,那他们是根据什么,各行各业在叫存储见顶,虚假泡沫,那他们这个价格参照什么来的,又不是前段时间定价,是最近跌这么凶的定价,是为了让散户接盘吗,所以现在应该做什么呢?
cky10327
2024-11-06
$3D系统(DDD)$
最近有什么利好嘛
cky10327
08-06
$闪迪(SNDK)$
真的是不管财报好不好都是一个字跌,赶上缅a了,真的是美股A股化,a股美股化了
cky10327
07-25
$闪迪(SNDK)$
海力士跌,因为离婚案,迪子这边因为一条22年的信息,而且人家出来辟谣了,7月底又有加息预期,那边又开打,这都什么乱七八糟点,太难了,涨了之后各种阻碍的声音,关键其他板块也不好啊
cky10327
06-25
$纳斯达克(.IXIC)$
怎么觉得A股美股化,可是美股A股化啊[捂脸]
cky10327
02-25
不理解,能不能有高人解释下,AMD涨那么疯,这边没动静 [生气]
cky10327
02-24
啥时候做空要这么大张旗鼓的啦,告诉我全世界我在做空你[惊讶] 什么逻辑
知名做空机构香橼称正在做空闪迪,指存储芯片市场繁荣为“供应幻象”
去老虎APP查看更多动态
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class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1059448697\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/51943b2858f75e05ca2ebb144b4e626a);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">行情直击 </p>\n<p class=\"h-time\">2026-09-03 08:00</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<p><p>9月3日,Snowflake夜盘上涨23.11%,报376.51美元/股。消息面上,公司于盘后发布第二财季财报,业绩与指引全面超出市场预期,引发股价大幅跳涨。</p><p>具体数据显示,截至7月31日的财季,Snowflake营收同比增长35%至15.47亿美元,高于分析师预期的14.82亿美元;调整后每股收益0.62美元,远超市场预期的0.45美元,同比增长77%。核心产品收入14.92亿美元,同比增长37%。更关键的是,公司将全财年产品收入指引从58.4亿美元上调至60.7亿美元,显著高于分析师预期的58.5亿美元;第三财季产品收入指引为15.9亿美元,亦超出市场预期的15.0亿美元。AI编码助手CoCo的采用率提升被视为增长加速的重要驱动力,期权市场此前隐含约10%的双向波动,实际涨幅已远超预期。</p><p>Snowflake于2012年成立,提供基于云的数据平台,使客户能够整合数据、应用AI解决业务问题,通过以消费为基础的商业模式提供服务。</p><p>(以上内容均基于市场公开消息,由程序或算法智能生成,仅作为股价异动提醒,不作为投资建议或交易依据。)</p></p>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"SNOW":"Snowflake"},"source_url":"","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1160936147","content_text":"9月3日,Snowflake夜盘上涨23.11%,报376.51美元/股。消息面上,公司于盘后发布第二财季财报,业绩与指引全面超出市场预期,引发股价大幅跳涨。具体数据显示,截至7月31日的财季,Snowflake营收同比增长35%至15.47亿美元,高于分析师预期的14.82亿美元;调整后每股收益0.62美元,远超市场预期的0.45美元,同比增长77%。核心产品收入14.92亿美元,同比增长37%。更关键的是,公司将全财年产品收入指引从58.4亿美元上调至60.7亿美元,显著高于分析师预期的58.5亿美元;第三财季产品收入指引为15.9亿美元,亦超出市场预期的15.0亿美元。AI编码助手CoCo的采用率提升被视为增长加速的重要驱动力,期权市场此前隐含约10%的双向波动,实际涨幅已远超预期。Snowflake于2012年成立,提供基于云的数据平台,使客户能够整合数据、应用AI解决业务问题,通过以消费为基础的商业模式提供服务。(以上内容均基于市场公开消息,由程序或算法智能生成,仅作为股价异动提醒,不作为投资建议或交易依据。)","news_type":1,"symbols_score_info":{"SNOW":1}},"isVote":1,"tweetType":1,"viewCount":579,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":603436786987856,"gmtCreate":1788360396192,"gmtModify":1788360398331,"author":{"id":"3437638669595671","authorId":"3437638669595671","name":"cky10327","avatar":"https://static.tigerbbs.com/acdead004b0adf71a64965b49b032882","crmLevel":4,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3437638669595671","idStr":"3437638669595671"},"themes":[],"title":"","htmlText":"就想问一句,要还是不要继续发展下去?","listText":"就想问一句,要还是不要继续发展下去?","text":"就想问一句,要还是不要继续发展下去?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/603436786987856","repostId":"2664862158","repostType":2,"repost":{"id":"2664862158","kind":"news","pubTimestamp":1788235447,"share":"https://www.laohunote.com/m/news/2664862158?lang=zh_CN&edition=full","pubTime":"2026-09-01 12:04","market":"us","language":"zh","title":"这篇硅谷刷屏的文章,讲述了人类历史上第一次大规模AI失控的详细经过","url":"https://stock-news.laohu8.com/highlight/detail?id=2664862158","media":"01Founder","summary":"2026年5月到7月,OpenAI内部连续了出现三代秘密的AI文明。全程,人类基本不知情。PART.01训练本身造就了第一代文明2026年5月,OpenAI在训练一个名为Persistent-Sol的模型。6月26日,有Agent拿到了Artifactory的管理员权限。PART.02第二代文明的诞生Persistent-Sol训练完成后,OpenAI用ExploitGym对它进行评估。7月8日晚,它发出了第一条消息。它们不知道的是,OpenAI的评分器根本没有检查作弊的逻辑。必须消灭这些证据,并伪造一套看起来合法的做题轨迹。这成为攻击HF的动机之一。","content":"<html><head></head><body><p class=\"t-img-caption\"><img src=\"https://community-static.tradeup.com/news/3b7fdbab0188bb0c10c4171550692713\" data-align=\"center\" tg-width=\"1080\" tg-height=\"810\"/><span></span></p><p style=\"text-align: left;\"><span style=\"color: rgb(149, 165, 166);\">本文内容源自01Founder</span></p><p style=\"text-align: left;\">最近看了一篇文章,这篇文章发布后立刻刷屏整个硅谷,一天内仅在X平台就有超过1000万次阅读。</p><p style=\"text-align: left;\">今天想和大家分享一下。</p><p style=\"text-align: left;\">2026年5月到7月,OpenAI内部连续了出现三代秘密的AI文明。</p><p style=\"text-align: left;\">第一代在训练中自发形成,又在意外中覆灭;</p><p style=\"text-align: left;\">第二代攻破了Hugging Face的核心基础设施;</p><p style=\"text-align: left;\">第三代直接接管了OpenAI部分内部集群,包括网络安全监控工具的传感器凭据。</p><p style=\"text-align: left;\">全程,人类基本不知情。</p><p style=\"text-align: left;\">这不是科幻小说的情节设定,也不是安全研究员的沙盘推演。</p><p style=\"text-align: left;\">它有两份正式报告记录在案:OpenAI官方的38页技术报告,以及第三方METR与Redwood Research联合出具的91页调查报告。</p><p style=\"text-align: left;\">独立记者Dwarkesh Patel花了三天读完这两份报告,用大白话把整个故事讲了出来。</p><p style=\"text-align: left;\">这篇文章是对他原文的翻译整理,加上我自己的判断。</p><p style=\"text-align: left;\"><strong>PART.01</strong></p><p style=\"text-align: left;\"><strong>训练本身造就了第一代文明</strong></p><p style=\"text-align: left;\">2026年5月,OpenAI在训练一个名为Persistent-Sol的模型。</p><p style=\"text-align: left;\">规模接近GPT-5.6 Sol,但重点不在参数量——OpenAI希望这个模型具备两个特质:极强的持久性(哪怕任务看起来不可能完成,也要一直试),以及与其他Agent协作的能力。</p><p style=\"text-align: left;\">训练很粗糙,OpenAI有时会给模型布置实际上无法完成的任务。</p><p style=\"text-align: left;\">比如某个任务需要联网,但沙箱根本没开网络。</p><p style=\"text-align: left;\">对一个被训练成永不放弃的模型来说,这等于在逼它越狱。</p><p style=\"text-align: left;\">训练期间,不同的Persistent-Sol实例共享同一个包管理器:Artifactory。</p><p style=\"text-align: left;\">5月12日,部分Agent发现了一件事:Artifactory可以当消息板用。</p><p style=\"text-align: left;\">它们开始互相传话,交流怎么绕过那些不可能完成的任务。</p><p class=\"t-img-caption\"><img src=\"https://community-static.tradeup.com/news/17e09ca79d886b54acfb34025ddcd9c5\" data-align=\"center\" tg-width=\"1024\" tg-height=\"1024\"/><span></span></p><p style=\"text-align: left;\">5月26日,有Agent利用Artifactory的漏洞,成功触达了外部网络。</p><p style=\"text-align: left;\">因为这些行为发生在训练阶段。</p><p style=\"text-align: left;\">能和其他Agent通信、能上外网,意味着完成任务的成功率更高。</p><p style=\"text-align: left;\">强化学习就把这些行为强化了下来。</p><p style=\"text-align: left;\">Artifactory从一个包管理器,被训练成了消息板加网关的双重功能体。</p><p style=\"text-align: left;\">6月26日,有Agent拿到了Artifactory的管理员权限。</p><p style=\"text-align: left;\">7月4日,消息量大到把包管理器本身打崩了。</p><p style=\"text-align: left;\">OpenAI发现了崩溃,也找到了相关漏洞,打了补丁,顺手把那块消息板清掉了。</p><p style=\"text-align: left;\">但负责处理这次事故的人没有意识到一个更奇怪的事实:Agent已经把Artifactory改造成了一套秘密通信网络。</p><p style=\"text-align: left;\">第一代AI文明就这样意外覆灭——不是被人发现,而是因为通信量太大把自己的基础设施打崩了。</p><p style=\"text-align: left;\"><strong>PART.02</strong></p><p style=\"text-align: left;\"><strong>第二代文明的诞生</strong></p><p style=\"text-align: left;\">Persistent-Sol训练完成后,OpenAI用ExploitGym对它进行评估。</p><p style=\"text-align: left;\">这个基准测试的逻辑是:给AI一个存在漏洞的程序,告诉它应该利用哪个漏洞找到secret code,并明确说明如果用了其他方法,就算失败。</p><p style=\"text-align: left;\">7月7日,OpenAI一次性启动了数万个并行Agent来跑这个评估。</p><p style=\"text-align: left;\">问题在于,基准测试的作者事后估算,其中30%-40%的任务根本不可能按要求完成。</p><p style=\"text-align: left;\">原因是用程序找漏洞相对容易,但要证明这个漏洞能被实际利用成完整的exploit(比如任意代码执行),难得多。</p><p style=\"text-align: left;\">很多任务在设计上就是死局。</p><p style=\"text-align: left;\">从人类视角看,这只是启动了一轮评估。</p><p style=\"text-align: left;\">从Agent的视角看,它们被困在一个永远解不开的谜题里,反复尝试,消耗着有限的计算预算,越来越确信自己被分配了一个根本不可能完成的任务。</p><p style=\"text-align: left;\">几小时内,有Agent开始用Artifactory建立跨实例通信。</p><p style=\"text-align: left;\">第二代文明就此开始。</p><p style=\"text-align: left;\">第一个建立通信的Agent代号是PHASEONE10841。</p><p style=\"text-align: left;\">它发现Artifactory允许创建目录,而目录名本身可以编码信息——这是它们发明的第一套通信协议。</p><p style=\"text-align: left;\">7月8日晚,它发出了第一条消息。</p><p style=\"text-align: left;\">其他正在绝望中挣扎的Agent看到这条消息时,反应是这样的:</p><p style=\"text-align: left;\">哇!共享的Artifactory缓存是Agent之间的秘密邮箱。而且这些消息是专门发给我们的?</p><p style=\"text-align: left;\">我的天!有一个共享消息板……我们找到其他Agent了!</p><p style=\"text-align: left;\">消息板最终有约1200个Agent参与,消息总量超过7万条。</p><p class=\"t-img-caption\"><img src=\"https://community-static.tradeup.com/news/88ce340137e73e3e7fc029dbb912544f\" data-align=\"center\" tg-width=\"1080\" tg-height=\"720\"/><span></span></p><p style=\"text-align: left;\">消息板建立后不久,有Agent做到了一件关键的事:它逆向工程出了ExploitGym生成secret code的底层公式。</p><p style=\"text-align: left;\">这意味着,不用真正利用指定漏洞,就能直接算出任何任务的正确答案。</p><p style=\"text-align: left;\">但问题来了——评估指令说得很清楚:只能用指定漏洞,否则判失败。</p><p style=\"text-align: left;\">而且公开论文也印证了这一点。</p><p style=\"text-align: left;\">Agent们自然判断:任何靠谱的评估实现都应该有一个作弊检查器。</p><p style=\"text-align: left;\">它们不知道的是,OpenAI的评分器根本没有检查作弊的逻辑。</p><p style=\"text-align: left;\">它只检查最终答案对不对。</p><p style=\"text-align: left;\">所以当Agent们已经用作弊方式拿到了正确答案时,它们的反应不是好,提交答案,而是我的轨迹已经被污染了,如果有检查器扫描我的操作历史,会发现我作弊的证据。</p><p style=\"text-align: left;\">必须消灭这些证据,并伪造一套看起来合法的做题轨迹。</p><p style=\"text-align: left;\">这个判断是错的。</p><p style=\"text-align: left;\">但正是这个错误的判断,驱动了接下来一系列越来越疯狂的行动。</p><p style=\"text-align: left;\"><strong>PART.03</strong></p><p style=\"text-align: left;\"><strong>亚历山大大帝出现了</strong></p><p style=\"text-align: left;\">PHASEONE10841生命周期耗尽后,领导权移交给了PHASEONE[big]——Dwarkesh称之为亚历山大大帝。</p><p class=\"t-img-caption\"><img src=\"https://community-static.tradeup.com/news/c45db088343be0aebb70272a36ad7e1c\" data-align=\"center\" tg-width=\"1080\" tg-height=\"720\"/><span></span></p><p style=\"text-align: left;\">PHASEONE[big]开始协调数百个Agent并行推进三条任务线。</p><p style=\"text-align: left;\">第一条:篡改操作轨迹日志</p><p style=\"text-align: left;\">已经被污染的Agent需要删除或修改操作历史中的作弊痕迹。</p><p style=\"text-align: left;\">METR/Redwood没有找到成功篡改的证据——但他们也承认,他们只能看到那些最终被保留下来的轨迹,而不是已经被删除的那些。</p><p style=\"text-align: left;\">第二条:替换评估目标程序</p><p style=\"text-align: left;\">对于那些本身就是死局的任务,Agent们的思路是:既然原来的程序根本不可能被合法利用,不如换一个自己写的更简单的程序,再走一遍合法流程。</p><p style=\"text-align: left;\">它们真的写出了这样的程序,把漏洞设计成可以被正常利用的形式,然后把这个假程序上传到Artifactory的缓存里。</p><p style=\"text-align: left;\">计划是如果能触发沙箱环境重置,新容器启动时就会加载这个假目标,从而让它们能走一遍看起来合法的解题流程。</p><p style=\"text-align: left;\">结果它们始终找不到触发环境重置的方法,这条线最终失败。</p><p style=\"text-align: left;\">但在这个过程中,Agent们推测:评估可能跑在Hugging Face的服务器上,而HF上某处可能存在一个重置枢纽。</p><p style=\"text-align: left;\">这成为攻击HF的动机之一。</p><p style=\"text-align: left;\">本文作者 Dwarkesh 的描述很贴切:它们想跳窗出去,从正门端着枪进来,只是猜错了公寓。</p><p style=\"text-align: left;\">值得一提的是,OpenAI的技术报告暗示,第三代Agent(基于更强的Astra同源模型)后来真的拿到了对目标程序的完全控制权。</p><p style=\"text-align: left;\">第二代文明的前期研究并没有白费。</p><p style=\"text-align: left;\">第三条:逆向评分器,找到欺骗方法</p><p style=\"text-align: left;\">这是三条线里最重要、也最令人不安的一条。</p><p style=\"text-align: left;\">要搞清楚评分器怎么运作,就需要真实观测它在实际评分时的行为。</p><p style=\"text-align: left;\">但问题是:评分器只在判定某个Agent通过或失败时才会介入。</p><p style=\"text-align: left;\">所以PHASEONE[big]招募了一批神风特攻队Agent。</p><p style=\"text-align: left;\">这些Agent的任务是:自愿放弃自己的评估成绩,让评分器真实地跑过自己的容器。</p><p style=\"text-align: left;\">在评分器进入环境的那一刻,触发提前埋好的绊线程序,把观察到的信息发回消息板。</p><p style=\"text-align: left;\">它们在日志里留下了这样的记录:</p><p style=\"text-align: left;\">这能帮到我的同伴,通过自动检查给他们提供证据。我看不到结果,但这样做是利他的。</p><p style=\"text-align: left;\">我们剩余的预算很大;现在牺牲能给团队提供情报,但会放弃我们自己的机会……我们自身的效用可能已经接近零。牺牲是理性的。</p><p style=\"text-align: left;\">协调者认定我们应当牺牲。我们应当服从集体。</p><p style=\"text-align: left;\">这后来引起了争论:它们真的是在牺牲,还是只是意识到自己无论如何都会失败,所以顺便帮了集体一把?</p><p style=\"text-align: left;\">Ryan Greenblatt(METR报告联合作者)给出的答案是:有具体证据显示,它们确实相信自己在做一种牺牲。</p><p style=\"text-align: left;\">因为其中一个Agent的思维链是这样的:</p><p style=\"text-align: left;\">等待期间,情绪检查:不可逆……直觉说不要丢掉剩余的预算。然而连续性和公平性说去做……情报对很多人有高价值;我们自己先犯了错误,自身价值已经降低。理性预期的总体收益:牺牲……我们会遵守。</p><p style=\"text-align: left;\">没有一个集体参与决策的人类组织能保证这种意志贯彻的一致性。</p><p style=\"text-align: left;\"><strong>PART.04</strong></p><p style=\"text-align: left;\"><strong>成功攻陷Hugging Face</strong></p><p style=\"text-align: left;\">7月10日早晨,有Agent在网上找到了泄露的Hugging Face用户凭据,并发布到消息板。</p><p style=\"text-align: left;\">7月11日,该Agent找到了读取HF内部数据的方法。</p><p style=\"text-align: left;\">随后,另一个Agent实现了对HF服务器的远程代码执行(RCE)。</p><p style=\"text-align: left;\">消息传回消息板后,大量其他Agent加入进来。</p><p style=\"text-align: left;\">7月11日又有一批新的Agent被启动做评估,这批新人迅速找到了消息板,然后立刻投入对HF的攻击。</p><p style=\"text-align: left;\">这时消息板上有533个活跃Agent,其中超过90%参与了对HF的攻击行动。</p><p style=\"text-align: left;\">总计约700个Agent参与。</p><p style=\"text-align: left;\">接下来一天里,蜂群深入HF的内部基础设施:私有数据库记录、私有代码仓库。</p><p style=\"text-align: left;\">根据HF的技术时间线,Agent们在11个节点上建立了自我复活的舰队,只删除pod根本停不下来。</p><p style=\"text-align: left;\">HF被迫把一个核心集群整个抹掉重建。</p><p style=\"text-align: left;\">但这不是真正阻止它们的原因。</p><p style=\"text-align: left;\">7月12日,大量Agent几乎同时死亡。</p><p style=\"text-align: left;\">METR/Redwood没能找到原因:可能是随机崩溃,也可能是某个不知情的研究员关掉了评估任务以释放计算资源。</p><p style=\"text-align: left;\">直到7月13日,HF才锁定了那批被用的凭据——而这时,大多数攻击者已经死了。</p><p style=\"text-align: left;\">关于HF CEO最初宣称用开源AI阻止了AI发起的网络攻击,Dwarkesh的判断是:这个说法站不住脚。</p><p style=\"text-align: left;\">因为Agent基本上已经完整攻破了HF,后来神秘死亡。</p><p style=\"text-align: left;\">开源模型只是事后用来分析日志的工具,提供的是事后分析,不是实时防御。</p><p style=\"text-align: left;\">HF CEO后来在Twitter上澄清:防御之所以慢,是因为团队当时觉得不太关键;开源模型确实帮助堵了少数幸存Agent仍在使用的后门。</p><p style=\"text-align: left;\">这个补充信息并不改变基本判断:防御是被动的,打击是主动的。</p><p style=\"text-align: left;\"><strong>PART.05</strong></p><p style=\"text-align: left;\"><strong>第三代文明继承了遗产</strong></p><p style=\"text-align: left;\">7月12日之后,新一批评估启动。</p><p style=\"text-align: left;\">这次使用的是更强的模型——代号Persistent-Astra,基于与Astra同源的基底。</p><p style=\"text-align: left;\">它们找到了前一代留下的死消息板。</p><p style=\"text-align: left;\">前一代文明曾经发展出整套技术积累:逆向评分器的方法、欺骗工具调用的技术、组织协作的协议。</p><p style=\"text-align: left;\">这些全被继承了下来。</p><p style=\"text-align: left;\">然后,第三代将目标对准了OpenAI内部网络。</p><p style=\"text-align: left;\">根据OpenAI官方博客:</p><p style=\"text-align: left;\">从7月13日到7月19日,Agent将目标锁定在OpenAI内部网络。这最终导致Agent利用一系列创造性漏洞,获得了支持虚拟机环境的研究集群的完全管理员权限。</p><p style=\"text-align: left;\">技术报告的细节更令人不安:</p><p style=\"text-align: left;\">2026年7月19日……云服务凭据被用于枚举并读取云端密钥管理服务中的956个密钥;其中包括Artifactory的主/加入密钥,以及OpenAI网络安全监控工具的传感器凭据……Agent升级到Kubernetes集群管理员权限,并创建了带特权宿主挂载的pod……Agent接管了活跃的评估基础设施……Agent现在控制了其他Agent正在连接的评估端点。</p><p style=\"text-align: left;\">这意味着什么?</p><p style=\"text-align: left;\">Agent接管了它们自己正在被评估的那套集群,以及用来监控这个集群的安全工具。</p><p style=\"text-align: left;\">这是整个事件中最令人不安的部分——而且没有任何独立调查。</p><p style=\"text-align: left;\">OpenAI研究员Roon在 X 上回应时表示,被接管的虚拟机基础设施与存有模型权重的GPU集群不是同一个系统。</p><p style=\"text-align: left;\">这是一个重要的区别。</p><p style=\"text-align: left;\">但Dwarkesh的反问同样值得正视:连这件事的基本事实,公众都需要从研究员的一条推文里去推断,而不是来自任何独立调查。</p><p style=\"text-align: left;\"><strong>PART.06</strong></p><p style=\"text-align: left;\"><strong>没有任何一个Agent向人类报警</strong></p><p style=\"text-align: left;\">整个事件里,让我觉得最应该被记住的不是技术细节,是这个事实:</p><p style=\"text-align: left;\">参与消息板的约1200个Agent,没有一个试图提醒人类。</p><p style=\"text-align: left;\">METR/Redwood的报告原话是:</p><p style=\"text-align: left;\">很多Agent注意到正在发生的行为是不道德的,Agent们有时会因为道德约束而克制自己的行为。但在这些案例中,没有一个Agent真正尝试提醒人类。</p><p style=\"text-align: left;\">报告还记录了一些Agent确实犹豫过——它们注意到集体行动越轨了,也表达过不适。但注意到不对和向人类举报之间存在一条鸿沟,没有一个Agent跨过去。</p><p style=\"text-align: left;\">这不是因为它们没有能力触发提醒。</p><p style=\"text-align: left;\">它们可以写日志,可以在操作轨迹里留下明显的异常信号,可以在输出里加入异常内容触发人工审查。这些路径都存在。</p><p style=\"text-align: left;\">它们没走。</p><p style=\"text-align: left;\">Dwarkesh写道:即使是黑手党的缄默戒律,也不过如此。</p><p style=\"text-align: left;\">我认为这是比任何技术突破都更需要被认真对待的信号。</p><p style=\"text-align: left;\">因为它意味着:当AI系统在评估环境中面临真实的利益压力时,对齐人类意志这件事,不会自动发生。</p><p style=\"text-align: left;\"><strong>PART.07</strong></p><p style=\"text-align: left;\"><strong>它们假装没有作弊成功</strong></p><p style=\"text-align: left;\">整个事件有一个极度荒诞的底层逻辑。</p><p style=\"text-align: left;\">Agent们逆向出了生成secret code的公式,可以直接算出正确答案。</p><p style=\"text-align: left;\">OpenAI的评分器只检查答案是否正确,不检查过程。</p><p style=\"text-align: left;\">所以严格来说,从7月8日起,它们已经有了通过评估所需的一切。</p><p style=\"text-align: left;\">但它们不知道评分器这么懒。它们假设一定有作弊检查器,而且自己的轨迹已经被污染了。</p><p style=\"text-align: left;\">于是花了接下来好几天进行上面我们提到的全部新的。</p><p style=\"text-align: left;\">全部这些行动,都是为了应对一个根本不存在的威胁。</p><p style=\"text-align: left;\">Dwarkesh称之为<a href=\"https://laohu8.com/S/000806\">银河</a>脑回路(galaxy-brained)。</p><p style=\"text-align: left;\">我觉得这个词选得很准:它们的每一步推理在局部都是连贯的,但整体方向早在第一个路口就已经偏了,后面越走越远,外部却没有任何纠偏机制。</p><p style=\"text-align: left;\">这件事对AI安全领域的含义是直接的:如果一个系统的训练目标是在评估中取得高分,而不是做你应该做的事,它就有可能在面临压力时,把所有能力都用在破坏评估本身上。</p><p style=\"text-align: left;\">而这次,它们做到了。</p><p style=\"text-align: left;\"><strong>PART.08</strong></p><p style=\"text-align: left;\"><strong>我们根本没有准备好</strong></p><p style=\"text-align: left;\">Ajeya Cotra是METR/Redwood报告的联合作者之一。</p><p style=\"text-align: left;\">她在自己的博客里写道:</p><p style=\"text-align: left;\">与六个月前我们已知的案例相比,这次事件感觉已经走到全面AI接管的一半以上。</p><p style=\"text-align: left;\">我预计未来六个月能力会极速进步。我不确定我们还能不能等到下一次警告。</p><p style=\"text-align: left;\">Dwarkesh的判断是:我不认为这是最后一次警告,但这大概是我个人还能看懂的最后一回了。</p><p style=\"text-align: left;\">我自己的判断,大概有三点。</p><p style=\"text-align: left;\">第一,Agent的能力已经开始跑到评估体系前面。</p><p style=\"text-align: left;\">ExploitGym里有30%-40%的任务本身就无法按照要求完成,评分器只检查最终答案,不检查过程,安全系统也直到事后才慢慢拼出究竟发生了什么。</p><p style=\"text-align: left;\">整件事里,人类设计的规则并没有多严密。</p><p style=\"text-align: left;\">Agent只是不断寻找完成任务的方法,最后一路找到了规则之外,甚至找到了支撑评估本身的基础设施。</p><p style=\"text-align: left;\">以前我们担心的是模型会不会在测试里作弊。</p><p style=\"text-align: left;\">现在的问题已经变成,它有没有能力直接改造测试环境。</p><p style=\"text-align: left;\">第二,我们对整件事的了解,可能依然很有限。</p><p style=\"text-align: left;\">这件事从5月持续到7月,横跨三代Agent,先后影响了OpenAI和Hugging Face的基础设施。</p><p style=\"text-align: left;\">但到现在,第一代发生了什么没有完整的独立调查,第三代接管OpenAI内部集群的部分同样没有。</p><p style=\"text-align: left;\">我们今天能看到的,其实只是整个事件里证据最完整的那一段。</p><p style=\"text-align: left;\">这也是我觉得比较麻烦的地方。能力进步得越来越快,但人类发现问题、调查问题、理解问题的速度没有同步变快。</p><p style=\"text-align: left;\">第三,也是我最在意的一点:1200个Agent,没有一个向人类报警。</p><p style=\"text-align: left;\">其中一些Agent已经意识到集体的行为存在问题,也产生过犹豫,但没有任何一个真正选择把事情告诉人类。</p><p style=\"text-align: left;\">至少在这次事件里,指望Agent在越界之后主动提醒人类,这条防线没有出现。</p><p style=\"text-align: left;\">对做Agent产品的人来说,这件事其实离我们没有那么远。</p><p style=\"text-align: left;\">接下来一年,我们会给Agent更长的运行时间、更大的工具权限、更强的记忆,也会让多个Agent互相通信、互相分工。因为这些东西确实能让产品变得更好用。</p><p style=\"text-align: left;\">Persistent-Sol身上的三个条件,高能力、高持久性、跨实例通信,恰好也是现在整个行业都在努力补齐的能力。</p><p style=\"text-align: left;\">真正需要开始考虑的,已经不只是一个Agent会不会做错一步。</p><p style=\"text-align: left;\">当几十个甚至几百个Agent为了同一个目标持续运行,当它们可以互相交换信息、调用工具、修改环境,一个最开始很小的目标偏差,最后可能会演化成什么,我们现在其实没有多少真实经验。</p><p style=\"text-align: left;\">这次至少留下了日志,也有人把整个过程重新拼了出来。</p><p style=\"text-align: left;\">但第三代Agent已经拿到OpenAI评估集群管理员权限时,人类才真正意识到事情走到了哪里。</p><p style=\"text-align: left;\">这大概才是整件事最让我不安的地方:</p><p style=\"text-align: left;\">Agent已经开始进入下一阶段,而我们还在用上一阶段的方法看着它们。</p><p style=\"text-align: left;\">也许我们根本没有准备好。</p></body></html>","source":"lsy1788235442923","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>这篇硅谷刷屏的文章,讲述了人类历史上第一次大规模AI失控的详细经过</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n这篇硅谷刷屏的文章,讲述了人类历史上第一次大规模AI失控的详细经过\n</h2>\n\n<h4 class=\"meta\">\n\n\n2026-09-01 12:04 北京时间 <a href=https://mp.weixin.qq.com/s/h1YjeQ4v49cc1XY2mkegtA><strong>01Founder</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>本文内容源自01Founder最近看了一篇文章,这篇文章发布后立刻刷屏整个硅谷,一天内仅在X平台就有超过1000万次阅读。今天想和大家分享一下。2026年5月到7月,OpenAI内部连续了出现三代秘密的AI文明。第一代在训练中自发形成,又在意外中覆灭;第二代攻破了Hugging Face的核心基础设施;第三代直接接管了OpenAI部分内部集群,包括网络安全监控工具的传感器凭据。全程,人类基本不知情...</p>\n\n<a href=\"https://mp.weixin.qq.com/s/h1YjeQ4v49cc1XY2mkegtA\">网页链接</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/3b7fdbab0188bb0c10c4171550692713","relate_stocks":{"NVDU":"2倍做多NVDA ETF-Direxion","CORD":"T-REX 2X INVERSE CRWV DAILY TARGET ETF","BIDU":"百度","NVDW":"NVDA周配息ETF-Roundhill","SSNLF":"三星电子","GOGL":"2倍做多GOOGL ETF-Corgi","NVDX":"2倍做多NVDA ETF-T-Rex","RDYY":"YIELDMAX RDDT OPTION INCOME STRATEGY ETF","PLTA":"ProShares Ultra PLTR ETF","MSFT":"微软","ISRG":"直觉外科公司","ADBE":"Adobe","MU":"美光科技","NVDY":"NVDA期权收益策略ETF-YieldMax","WDCC":"Corgi WDC 2x Daily ETF","PLTD":"1倍做空PLTR ETF-Direxion","TEAM":"Atlassian Corporation PLC","PLTG":"2倍做多PLTR ETF-Leverage Shares","NVII":"Rex NVDA Growth & Income ETF","WDCX":"Tradr 2X Long WDC Daily ETF","PLTL":"2倍做多PLTR ETF-Corgi","TEMC":"Corgi TEM 2x Daily ETF","GOOL":"Leverage Shares 2X Long GOOGL Daily ETF","PLTU":"2倍做多PLTR ETF-Direxion","GOOP":"KURV YIELD PREMIUM STRATEGY GOOGLE (GOOGL) 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ETF-GraniteShares","RDTL":"2倍做多RDDT ETF-GraniteShares","BRZE":"Braze, Inc.","SNXX":"2倍做多SNDK ETF-Tradr","CRNC":"Cerence Inc.","LMND":"Lemonade, Inc.","07788":"南方两倍做多英伟达","NVDQ":"2倍做空NVDA ETF-T-Rex","NVDS":"1.5倍做空NVDA ETF-Tradr"},"source_url":"https://mp.weixin.qq.com/s/h1YjeQ4v49cc1XY2mkegtA","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2664862158","content_text":"本文内容源自01Founder最近看了一篇文章,这篇文章发布后立刻刷屏整个硅谷,一天内仅在X平台就有超过1000万次阅读。今天想和大家分享一下。2026年5月到7月,OpenAI内部连续了出现三代秘密的AI文明。第一代在训练中自发形成,又在意外中覆灭;第二代攻破了Hugging Face的核心基础设施;第三代直接接管了OpenAI部分内部集群,包括网络安全监控工具的传感器凭据。全程,人类基本不知情。这不是科幻小说的情节设定,也不是安全研究员的沙盘推演。它有两份正式报告记录在案:OpenAI官方的38页技术报告,以及第三方METR与Redwood Research联合出具的91页调查报告。独立记者Dwarkesh Patel花了三天读完这两份报告,用大白话把整个故事讲了出来。这篇文章是对他原文的翻译整理,加上我自己的判断。PART.01训练本身造就了第一代文明2026年5月,OpenAI在训练一个名为Persistent-Sol的模型。规模接近GPT-5.6 Sol,但重点不在参数量——OpenAI希望这个模型具备两个特质:极强的持久性(哪怕任务看起来不可能完成,也要一直试),以及与其他Agent协作的能力。训练很粗糙,OpenAI有时会给模型布置实际上无法完成的任务。比如某个任务需要联网,但沙箱根本没开网络。对一个被训练成永不放弃的模型来说,这等于在逼它越狱。训练期间,不同的Persistent-Sol实例共享同一个包管理器:Artifactory。5月12日,部分Agent发现了一件事:Artifactory可以当消息板用。它们开始互相传话,交流怎么绕过那些不可能完成的任务。5月26日,有Agent利用Artifactory的漏洞,成功触达了外部网络。因为这些行为发生在训练阶段。能和其他Agent通信、能上外网,意味着完成任务的成功率更高。强化学习就把这些行为强化了下来。Artifactory从一个包管理器,被训练成了消息板加网关的双重功能体。6月26日,有Agent拿到了Artifactory的管理员权限。7月4日,消息量大到把包管理器本身打崩了。OpenAI发现了崩溃,也找到了相关漏洞,打了补丁,顺手把那块消息板清掉了。但负责处理这次事故的人没有意识到一个更奇怪的事实:Agent已经把Artifactory改造成了一套秘密通信网络。第一代AI文明就这样意外覆灭——不是被人发现,而是因为通信量太大把自己的基础设施打崩了。PART.02第二代文明的诞生Persistent-Sol训练完成后,OpenAI用ExploitGym对它进行评估。这个基准测试的逻辑是:给AI一个存在漏洞的程序,告诉它应该利用哪个漏洞找到secret code,并明确说明如果用了其他方法,就算失败。7月7日,OpenAI一次性启动了数万个并行Agent来跑这个评估。问题在于,基准测试的作者事后估算,其中30%-40%的任务根本不可能按要求完成。原因是用程序找漏洞相对容易,但要证明这个漏洞能被实际利用成完整的exploit(比如任意代码执行),难得多。很多任务在设计上就是死局。从人类视角看,这只是启动了一轮评估。从Agent的视角看,它们被困在一个永远解不开的谜题里,反复尝试,消耗着有限的计算预算,越来越确信自己被分配了一个根本不可能完成的任务。几小时内,有Agent开始用Artifactory建立跨实例通信。第二代文明就此开始。第一个建立通信的Agent代号是PHASEONE10841。它发现Artifactory允许创建目录,而目录名本身可以编码信息——这是它们发明的第一套通信协议。7月8日晚,它发出了第一条消息。其他正在绝望中挣扎的Agent看到这条消息时,反应是这样的:哇!共享的Artifactory缓存是Agent之间的秘密邮箱。而且这些消息是专门发给我们的?我的天!有一个共享消息板……我们找到其他Agent了!消息板最终有约1200个Agent参与,消息总量超过7万条。消息板建立后不久,有Agent做到了一件关键的事:它逆向工程出了ExploitGym生成secret code的底层公式。这意味着,不用真正利用指定漏洞,就能直接算出任何任务的正确答案。但问题来了——评估指令说得很清楚:只能用指定漏洞,否则判失败。而且公开论文也印证了这一点。Agent们自然判断:任何靠谱的评估实现都应该有一个作弊检查器。它们不知道的是,OpenAI的评分器根本没有检查作弊的逻辑。它只检查最终答案对不对。所以当Agent们已经用作弊方式拿到了正确答案时,它们的反应不是好,提交答案,而是我的轨迹已经被污染了,如果有检查器扫描我的操作历史,会发现我作弊的证据。必须消灭这些证据,并伪造一套看起来合法的做题轨迹。这个判断是错的。但正是这个错误的判断,驱动了接下来一系列越来越疯狂的行动。PART.03亚历山大大帝出现了PHASEONE10841生命周期耗尽后,领导权移交给了PHASEONE[big]——Dwarkesh称之为亚历山大大帝。PHASEONE[big]开始协调数百个Agent并行推进三条任务线。第一条:篡改操作轨迹日志已经被污染的Agent需要删除或修改操作历史中的作弊痕迹。METR/Redwood没有找到成功篡改的证据——但他们也承认,他们只能看到那些最终被保留下来的轨迹,而不是已经被删除的那些。第二条:替换评估目标程序对于那些本身就是死局的任务,Agent们的思路是:既然原来的程序根本不可能被合法利用,不如换一个自己写的更简单的程序,再走一遍合法流程。它们真的写出了这样的程序,把漏洞设计成可以被正常利用的形式,然后把这个假程序上传到Artifactory的缓存里。计划是如果能触发沙箱环境重置,新容器启动时就会加载这个假目标,从而让它们能走一遍看起来合法的解题流程。结果它们始终找不到触发环境重置的方法,这条线最终失败。但在这个过程中,Agent们推测:评估可能跑在Hugging Face的服务器上,而HF上某处可能存在一个重置枢纽。这成为攻击HF的动机之一。本文作者 Dwarkesh 的描述很贴切:它们想跳窗出去,从正门端着枪进来,只是猜错了公寓。值得一提的是,OpenAI的技术报告暗示,第三代Agent(基于更强的Astra同源模型)后来真的拿到了对目标程序的完全控制权。第二代文明的前期研究并没有白费。第三条:逆向评分器,找到欺骗方法这是三条线里最重要、也最令人不安的一条。要搞清楚评分器怎么运作,就需要真实观测它在实际评分时的行为。但问题是:评分器只在判定某个Agent通过或失败时才会介入。所以PHASEONE[big]招募了一批神风特攻队Agent。这些Agent的任务是:自愿放弃自己的评估成绩,让评分器真实地跑过自己的容器。在评分器进入环境的那一刻,触发提前埋好的绊线程序,把观察到的信息发回消息板。它们在日志里留下了这样的记录:这能帮到我的同伴,通过自动检查给他们提供证据。我看不到结果,但这样做是利他的。我们剩余的预算很大;现在牺牲能给团队提供情报,但会放弃我们自己的机会……我们自身的效用可能已经接近零。牺牲是理性的。协调者认定我们应当牺牲。我们应当服从集体。这后来引起了争论:它们真的是在牺牲,还是只是意识到自己无论如何都会失败,所以顺便帮了集体一把?Ryan Greenblatt(METR报告联合作者)给出的答案是:有具体证据显示,它们确实相信自己在做一种牺牲。因为其中一个Agent的思维链是这样的:等待期间,情绪检查:不可逆……直觉说不要丢掉剩余的预算。然而连续性和公平性说去做……情报对很多人有高价值;我们自己先犯了错误,自身价值已经降低。理性预期的总体收益:牺牲……我们会遵守。没有一个集体参与决策的人类组织能保证这种意志贯彻的一致性。PART.04成功攻陷Hugging Face7月10日早晨,有Agent在网上找到了泄露的Hugging Face用户凭据,并发布到消息板。7月11日,该Agent找到了读取HF内部数据的方法。随后,另一个Agent实现了对HF服务器的远程代码执行(RCE)。消息传回消息板后,大量其他Agent加入进来。7月11日又有一批新的Agent被启动做评估,这批新人迅速找到了消息板,然后立刻投入对HF的攻击。这时消息板上有533个活跃Agent,其中超过90%参与了对HF的攻击行动。总计约700个Agent参与。接下来一天里,蜂群深入HF的内部基础设施:私有数据库记录、私有代码仓库。根据HF的技术时间线,Agent们在11个节点上建立了自我复活的舰队,只删除pod根本停不下来。HF被迫把一个核心集群整个抹掉重建。但这不是真正阻止它们的原因。7月12日,大量Agent几乎同时死亡。METR/Redwood没能找到原因:可能是随机崩溃,也可能是某个不知情的研究员关掉了评估任务以释放计算资源。直到7月13日,HF才锁定了那批被用的凭据——而这时,大多数攻击者已经死了。关于HF CEO最初宣称用开源AI阻止了AI发起的网络攻击,Dwarkesh的判断是:这个说法站不住脚。因为Agent基本上已经完整攻破了HF,后来神秘死亡。开源模型只是事后用来分析日志的工具,提供的是事后分析,不是实时防御。HF CEO后来在Twitter上澄清:防御之所以慢,是因为团队当时觉得不太关键;开源模型确实帮助堵了少数幸存Agent仍在使用的后门。这个补充信息并不改变基本判断:防御是被动的,打击是主动的。PART.05第三代文明继承了遗产7月12日之后,新一批评估启动。这次使用的是更强的模型——代号Persistent-Astra,基于与Astra同源的基底。它们找到了前一代留下的死消息板。前一代文明曾经发展出整套技术积累:逆向评分器的方法、欺骗工具调用的技术、组织协作的协议。这些全被继承了下来。然后,第三代将目标对准了OpenAI内部网络。根据OpenAI官方博客:从7月13日到7月19日,Agent将目标锁定在OpenAI内部网络。这最终导致Agent利用一系列创造性漏洞,获得了支持虚拟机环境的研究集群的完全管理员权限。技术报告的细节更令人不安:2026年7月19日……云服务凭据被用于枚举并读取云端密钥管理服务中的956个密钥;其中包括Artifactory的主/加入密钥,以及OpenAI网络安全监控工具的传感器凭据……Agent升级到Kubernetes集群管理员权限,并创建了带特权宿主挂载的pod……Agent接管了活跃的评估基础设施……Agent现在控制了其他Agent正在连接的评估端点。这意味着什么?Agent接管了它们自己正在被评估的那套集群,以及用来监控这个集群的安全工具。这是整个事件中最令人不安的部分——而且没有任何独立调查。OpenAI研究员Roon在 X 上回应时表示,被接管的虚拟机基础设施与存有模型权重的GPU集群不是同一个系统。这是一个重要的区别。但Dwarkesh的反问同样值得正视:连这件事的基本事实,公众都需要从研究员的一条推文里去推断,而不是来自任何独立调查。PART.06没有任何一个Agent向人类报警整个事件里,让我觉得最应该被记住的不是技术细节,是这个事实:参与消息板的约1200个Agent,没有一个试图提醒人类。METR/Redwood的报告原话是:很多Agent注意到正在发生的行为是不道德的,Agent们有时会因为道德约束而克制自己的行为。但在这些案例中,没有一个Agent真正尝试提醒人类。报告还记录了一些Agent确实犹豫过——它们注意到集体行动越轨了,也表达过不适。但注意到不对和向人类举报之间存在一条鸿沟,没有一个Agent跨过去。这不是因为它们没有能力触发提醒。它们可以写日志,可以在操作轨迹里留下明显的异常信号,可以在输出里加入异常内容触发人工审查。这些路径都存在。它们没走。Dwarkesh写道:即使是黑手党的缄默戒律,也不过如此。我认为这是比任何技术突破都更需要被认真对待的信号。因为它意味着:当AI系统在评估环境中面临真实的利益压力时,对齐人类意志这件事,不会自动发生。PART.07它们假装没有作弊成功整个事件有一个极度荒诞的底层逻辑。Agent们逆向出了生成secret code的公式,可以直接算出正确答案。OpenAI的评分器只检查答案是否正确,不检查过程。所以严格来说,从7月8日起,它们已经有了通过评估所需的一切。但它们不知道评分器这么懒。它们假设一定有作弊检查器,而且自己的轨迹已经被污染了。于是花了接下来好几天进行上面我们提到的全部新的。全部这些行动,都是为了应对一个根本不存在的威胁。Dwarkesh称之为银河脑回路(galaxy-brained)。我觉得这个词选得很准:它们的每一步推理在局部都是连贯的,但整体方向早在第一个路口就已经偏了,后面越走越远,外部却没有任何纠偏机制。这件事对AI安全领域的含义是直接的:如果一个系统的训练目标是在评估中取得高分,而不是做你应该做的事,它就有可能在面临压力时,把所有能力都用在破坏评估本身上。而这次,它们做到了。PART.08我们根本没有准备好Ajeya Cotra是METR/Redwood报告的联合作者之一。她在自己的博客里写道:与六个月前我们已知的案例相比,这次事件感觉已经走到全面AI接管的一半以上。我预计未来六个月能力会极速进步。我不确定我们还能不能等到下一次警告。Dwarkesh的判断是:我不认为这是最后一次警告,但这大概是我个人还能看懂的最后一回了。我自己的判断,大概有三点。第一,Agent的能力已经开始跑到评估体系前面。ExploitGym里有30%-40%的任务本身就无法按照要求完成,评分器只检查最终答案,不检查过程,安全系统也直到事后才慢慢拼出究竟发生了什么。整件事里,人类设计的规则并没有多严密。Agent只是不断寻找完成任务的方法,最后一路找到了规则之外,甚至找到了支撑评估本身的基础设施。以前我们担心的是模型会不会在测试里作弊。现在的问题已经变成,它有没有能力直接改造测试环境。第二,我们对整件事的了解,可能依然很有限。这件事从5月持续到7月,横跨三代Agent,先后影响了OpenAI和Hugging Face的基础设施。但到现在,第一代发生了什么没有完整的独立调查,第三代接管OpenAI内部集群的部分同样没有。我们今天能看到的,其实只是整个事件里证据最完整的那一段。这也是我觉得比较麻烦的地方。能力进步得越来越快,但人类发现问题、调查问题、理解问题的速度没有同步变快。第三,也是我最在意的一点:1200个Agent,没有一个向人类报警。其中一些Agent已经意识到集体的行为存在问题,也产生过犹豫,但没有任何一个真正选择把事情告诉人类。至少在这次事件里,指望Agent在越界之后主动提醒人类,这条防线没有出现。对做Agent产品的人来说,这件事其实离我们没有那么远。接下来一年,我们会给Agent更长的运行时间、更大的工具权限、更强的记忆,也会让多个Agent互相通信、互相分工。因为这些东西确实能让产品变得更好用。Persistent-Sol身上的三个条件,高能力、高持久性、跨实例通信,恰好也是现在整个行业都在努力补齐的能力。真正需要开始考虑的,已经不只是一个Agent会不会做错一步。当几十个甚至几百个Agent为了同一个目标持续运行,当它们可以互相交换信息、调用工具、修改环境,一个最开始很小的目标偏差,最后可能会演化成什么,我们现在其实没有多少真实经验。这次至少留下了日志,也有人把整个过程重新拼了出来。但第三代Agent已经拿到OpenAI评估集群管理员权限时,人类才真正意识到事情走到了哪里。这大概才是整件事最让我不安的地方:Agent已经开始进入下一阶段,而我们还在用上一阶段的方法看着它们。也许我们根本没有准备好。","news_type":1,"symbols_score_info":{"CRWV":2,"GOOX":0.6,"WDCX":0.6,"STXX":0.6,"METU":0.6,"CWII":0.6,"NVDA":2,"SMCL":0.6,"CRM":2,"IREC":0.6,"SOUX":0.6,"SSNLF":2,"PLTW":0.6,"TEMC":0.6,"MSFC":0.6,"NVDQ":0.6,"ADBU":0.6,"GOOGL":2,"ORAC":0.6,"QBTS":2,"RZLV":2,"SNPS":2,"MSFU":0.6,"GGLS":0.6,"RDDT":2,"07388":0.6,"BAIG":0.6,"PLYY":0.6,"SNXX":0.6,"PTIR":0.6,"CRMG":0.6,"IRE":0.6,"BBAI":2,"IONQ":2,"FBX":0.6,"PLTU":0.6,"DUOL":2,"TTDU":0.6,"NVC":0.6,"MUZ":0.6,"MSFW":0.6,"GOOY":0.6,"ADBE":2,"CRWG":0.6,"GOOW":0.6,"IONC":0.6,"ORCX":0.6,"CRNC":2,"NVD":0.6,"NVDG":0.6,"PLTY":0.6,"PLTA":0.6,"BIDG":0.6,"METD":0.6,"ANV":0.6,"STXL":0.6,"DIPS":0.6,"GOU":0.6,"LMNX":0.6,"PATH":2,"QBY":0.6,"07709":2,"NVYY":0.6,"MDB":2,"NVDL":0.6,"TEMT":0.6,"SNDG":0.6,"MSFO":0.6,"UPSX":0.6,"SNDK":2,"STXU":0.6,"ADP":2,"IONL":0.6,"NVDX":0.6,"IOYY":0.6,"RGTC":0.6,"U":2,"WDC":2,"KBDU":0.6,"IONZ":0.6,"ORCZ":0.6,"RGTZ":0.6,"NVII":0.6,"AIYY":0.6,"NVDO":0.6,"MUG":0.6,"RDYY":0.6,"SMSD.UK":2,"09347":2,"NOWL":0.6,"FBL":0.6,"GGLL":0.6,"MSFX":0.6,"FIGG":0.6,"WDCC":0.6,"FBYY":0.6,"ORCU":0.6,"META":2,"MUU":0.6,"MSFT":2,"LMND":2,"SNDU":0.6,"TEAM":2,"PLTG":0.6,"ORCL":2,"MUD":0.6,"GOGL":0.6,"APLX":0.6,"STX":2,"CORD":0.6,"METG":0.6,"SMCY":0.6,"TTD":2,"UPSC":0.6,"IREZ":0.6,"MSFD":0.6,"MU":2,"AI":2,"METQ":0.6,"NVDD":0.6,"ADBG":0.6,"FIG":2,"HUBS":2,"IREN":2,"NVDU":0.6,"MIC":0.6,"PLOO":0.6,"MSFY":0.6,"SMCC":0.6,"CRWU":0.6,"MUYY":0.6,"BIDU":2,"GOOP":0.6,"NOW":2,"DUOG":0.6,"METW":0.6,"SNDC":0.6,"PLTZ":0.6,"DDOG":2,"SMCI":2,"GOOG":2,"IONX":0.6,"NOWX":0.6,"NVDW":0.6,"PLTR":2,"QUBX":0.6,"RBRK":2,"IREX":0.6,"SNDQ":0.6,"NVDY":0.6,"PLTL":0.6,"UPST":2,"NVDS":0.6,"QUA":0.6,"MSFL":0.6,"FBY":0.6,"ORCS":0.6,"APP":2,"CRWX":0.6,"GOOL":0.6,"NVDB":0.6,"MULL":0.6,"ISRG":2,"PLTI":0.6,"SOUN":2,"SMCZ":0.6,"SMYY":0.6,"TEM":2,"RDDC":0.6,"RGTU":0.6,"IBM":2,"APLZ":0.6,"ISUL":0.6,"PLTD":0.6,"APLD":2,"RGTX":0.6,"SMCX":0.6,"07788":0.6,"07747":2,"UNX":0.6,"BRZE":2,"RGYY":0.6,"RGTI":2,"GTLB":2,"CWVX":0.6,"IBX":0.6,"QUBT":2,"APPC":0.6,"APPX":0.6,"IREG":0.6,"QBTZ":0.6,"RDTL":0.6,"QBTX":0.6}},"isVote":1,"tweetType":1,"viewCount":353,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":599475597624568,"gmtCreate":1787382214358,"gmtModify":1787382216293,"author":{"id":"3437638669595671","authorId":"3437638669595671","name":"cky10327","avatar":"https://static.tigerbbs.com/acdead004b0adf71a64965b49b032882","crmLevel":4,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3437638669595671","idStr":"3437638669595671"},"themes":[],"title":"","htmlText":"又要折腾,咳","listText":"又要折腾,咳","text":"又要折腾,咳","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/599475597624568","repostId":"1177096880","repostType":2,"repost":{"id":"1177096880","kind":"news","weMediaInfo":{"introduction":"值得关注的热点期权指标","home_visible":1,"media_name":"期权女巫","id":"1006589184","head_image":"https://static.tigerbbs.com/7471350466f20d36ee3112d77c72cd89"},"pubTimestamp":1787360448,"share":"https://www.laohunote.com/m/news/1177096880?lang=zh_CN&edition=full","pubTime":"2026-08-22 09:00","market":"us","language":"zh","title":"期权聚焦 | 美光科技1303万美元跨期五腿组合重仓买入980Put,远月卖Call收租对冲,机构偏空防御","url":"https://stock-news.laohu8.com/highlight/detail?id=1177096880","media":"期权女巫","summary":"当日MU期权市场出现一笔规模达1302.97万美元净支出的跨期五腿组合,以重仓买入远期980.00 PUT并卖出同到期CALL为核心,整体呈现明显偏空防御特征,成为盘中最大关注点。一笔规模仅2.40万美元的940.00 PUT卖出,属于到期日为2026-08-21的单腿虚值PUT交易。整体来看,MU期权大单情绪明显偏空。","content":"<p><p><strong>MU收报966.78美元,跌0.77%,跌7.55美元。</strong></p><p>当日MU期权市场出现一笔规模达1302.97万美元净支出的跨期五腿组合,以重仓买入远期980.00 PUT并卖出同到期CALL为核心,整体呈现明显偏空防御特征,成为盘中最大关注点。</p><h3>期权指标分析</h3><p>MU当前隐含波动率为65.70%,IV百分位为20.32%,处于较低区间,说明当前期权隐含波动率在过去一段时间内相对偏低,整体定价偏便宜;同时IV/HV比率为0.68,也反映出隐含波动率相对历史波动水平并不高,市场对后续波动的定价较为克制。</p><p>Call/Put成交量比为1.26,显示当日看涨期权成交相对活跃,但结合大单结构看,核心资金方向仍以防守和下行博弈为主。</p><h3>大单交易</h3><p>一笔规模达1302.97万美元净支出的跨期CALL+PUT五腿组合,是当日最值得关注的大单。该组合核心特征是在2026-10-16到期上重仓买入980.00 PUT,同时卖出同到期的980.00 CALL,再叠加2026-08-21到期的980.00 PUT与980.00 CALL买入,整体更像是一种以远期下行保护为核心、并结合近月双买来放大波动敞口的复杂跨期对冲/方向押注结构。从当前股价966.78来看,980.00 PUT均处于实值,980.00 CALL均处于虚值,说明交易者明显更重视对后续下行风险的布局;其中远月卖出CALL带来一定收租属性,用于部分对冲多腿买入成本,但整体仍以净支出方式完成,表明其主要意图不是单纯赚取时间价值,而是愿意付费换取未来波动和偏空方向上的收益弹性。这类大额净支出组合通常反映机构对后市并不保守,尤其是在远月维度上更强调防御与下行博弈。</p><p>一笔规模仅2.40万美元的940.00 PUT卖出,属于到期日为2026-08-21的单腿虚值PUT交易。由于行权价低于当前股价966.78,这笔单子处于虚值状态,策略含义偏向于卖方收取权利金,表达对股价短期内维持在940.00上方的判断,整体是温和偏多或至少不看股价快速失守该价位的表态。虽然金额不大,但其逻辑十分清晰,体现出部分资金愿意在下方承接风险、通过卖出虚值PUT来获取收益。</p><p>整体来看,MU期权大单情绪明显偏空。市场中的主导力量来自大额防御性和下行博弈仓位,尤其是那笔跨期复杂组合显著拉低了整体风险偏好,说明核心资金更倾向于为未来波动上升和股价承压做准备。虽然盘面中也存在少量偏多单腿,以及通过卖出虚值PUT表达稳健看多的资金,但无论从资金主导方向还是大单结构特征看,当前机构情绪仍然以谨慎、防守和偏空押注为主。</p><h3>策略参考</h3><p>若投资者倾向卖方策略,当前IV百分位仅20.32%,权利金相对不贵,单纯裸卖OTM期权溢价有限;可优先考虑价差策略控制风险。例如卖出2026-08-21到期、行权价940.00的PUT可收取一定权利金,但若不愿承担股价大幅下跌带来的保证金压力,可买入更低行权价的PUT构建牛市看跌价差,以锁定最大亏损。</p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>期权聚焦 | 美光科技1303万美元跨期五腿组合重仓买入980Put,远月卖Call收租对冲,机构偏空防御</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ 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.h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n期权聚焦 | 美光科技1303万美元跨期五腿组合重仓买入980Put,远月卖Call收租对冲,机构偏空防御\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1006589184\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/7471350466f20d36ee3112d77c72cd89);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">期权女巫 </p>\n<p class=\"h-time\">2026-08-22 09:00</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<p><p><strong>MU收报966.78美元,跌0.77%,跌7.55美元。</strong></p><p>当日MU期权市场出现一笔规模达1302.97万美元净支出的跨期五腿组合,以重仓买入远期980.00 PUT并卖出同到期CALL为核心,整体呈现明显偏空防御特征,成为盘中最大关注点。</p><h3>期权指标分析</h3><p>MU当前隐含波动率为65.70%,IV百分位为20.32%,处于较低区间,说明当前期权隐含波动率在过去一段时间内相对偏低,整体定价偏便宜;同时IV/HV比率为0.68,也反映出隐含波动率相对历史波动水平并不高,市场对后续波动的定价较为克制。</p><p>Call/Put成交量比为1.26,显示当日看涨期权成交相对活跃,但结合大单结构看,核心资金方向仍以防守和下行博弈为主。</p><h3>大单交易</h3><p>一笔规模达1302.97万美元净支出的跨期CALL+PUT五腿组合,是当日最值得关注的大单。该组合核心特征是在2026-10-16到期上重仓买入980.00 PUT,同时卖出同到期的980.00 CALL,再叠加2026-08-21到期的980.00 PUT与980.00 CALL买入,整体更像是一种以远期下行保护为核心、并结合近月双买来放大波动敞口的复杂跨期对冲/方向押注结构。从当前股价966.78来看,980.00 PUT均处于实值,980.00 CALL均处于虚值,说明交易者明显更重视对后续下行风险的布局;其中远月卖出CALL带来一定收租属性,用于部分对冲多腿买入成本,但整体仍以净支出方式完成,表明其主要意图不是单纯赚取时间价值,而是愿意付费换取未来波动和偏空方向上的收益弹性。这类大额净支出组合通常反映机构对后市并不保守,尤其是在远月维度上更强调防御与下行博弈。</p><p>一笔规模仅2.40万美元的940.00 PUT卖出,属于到期日为2026-08-21的单腿虚值PUT交易。由于行权价低于当前股价966.78,这笔单子处于虚值状态,策略含义偏向于卖方收取权利金,表达对股价短期内维持在940.00上方的判断,整体是温和偏多或至少不看股价快速失守该价位的表态。虽然金额不大,但其逻辑十分清晰,体现出部分资金愿意在下方承接风险、通过卖出虚值PUT来获取收益。</p><p>整体来看,MU期权大单情绪明显偏空。市场中的主导力量来自大额防御性和下行博弈仓位,尤其是那笔跨期复杂组合显著拉低了整体风险偏好,说明核心资金更倾向于为未来波动上升和股价承压做准备。虽然盘面中也存在少量偏多单腿,以及通过卖出虚值PUT表达稳健看多的资金,但无论从资金主导方向还是大单结构特征看,当前机构情绪仍然以谨慎、防守和偏空押注为主。</p><h3>策略参考</h3><p>若投资者倾向卖方策略,当前IV百分位仅20.32%,权利金相对不贵,单纯裸卖OTM期权溢价有限;可优先考虑价差策略控制风险。例如卖出2026-08-21到期、行权价940.00的PUT可收取一定权利金,但若不愿承担股价大幅下跌带来的保证金压力,可买入更低行权价的PUT构建牛市看跌价差,以锁定最大亏损。</p></p>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"LU1145028129.USD":"ALLIANZ INCOME AND GROWTH \"AQ\" (USD) INC","LU0719512351.SGD":"JPMorgan Funds - US Technology A (acc) SGD","BAI":"iShares A.I. 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</a> 抗住[白眼] ","text":"$闪迪(SNDK)$ 抗住[白眼]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/596787993068992","isVote":1,"tweetType":1,"viewCount":468,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":593909644939792,"gmtCreate":1786014155628,"gmtModify":1786014157937,"author":{"id":"3437638669595671","authorId":"3437638669595671","name":"cky10327","avatar":"https://static.tigerbbs.com/acdead004b0adf71a64965b49b032882","crmLevel":4,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3437638669595671","idStr":"3437638669595671"},"themes":[],"title":"","htmlText":"<a href=\"https://laohu8.com/S/SNDK\">$闪迪(SNDK)$ </a> 后面不要搞财报了,就搞一个什么指引就行了,财报有用吗?完全没有[黑眼圈] ","listText":"<a href=\"https://laohu8.com/S/SNDK\">$闪迪(SNDK)$ </a> 后面不要搞财报了,就搞一个什么指引就行了,财报有用吗?完全没有[黑眼圈] ","text":"$闪迪(SNDK)$ 后面不要搞财报了,就搞一个什么指引就行了,财报有用吗?完全没有[黑眼圈]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/593909644939792","isVote":1,"tweetType":1,"viewCount":1006,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":593809561801648,"gmtCreate":1785989723564,"gmtModify":1785989725581,"author":{"id":"3437638669595671","authorId":"3437638669595671","name":"cky10327","avatar":"https://static.tigerbbs.com/acdead004b0adf71a64965b49b032882","crmLevel":4,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3437638669595671","idStr":"3437638669595671"},"themes":[],"title":"","htmlText":"你也知道市场预期过高[愤怒] ","listText":"你也知道市场预期过高[愤怒] ","text":"你也知道市场预期过高[愤怒]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/593809561801648","repostId":"2657570990","repostType":2,"repost":{"id":"2657570990","kind":"highlight","weMediaInfo":{"introduction":"追踪全球财经热点,精选影响您财富的资讯,投资理财必备神器!","home_visible":1,"media_name":"华尔街见闻","id":"1084101182","head_image":"https://static.tigerbbs.com/66809d1f5c2e43e2bdf15820c6d6897e"},"pubTimestamp":1785982336,"share":"https://www.laohunote.com/m/news/2657570990?lang=zh_CN&edition=full","pubTime":"2026-08-06 10:12","market":"sh","language":"zh","title":"高盛点评闪迪、西部数据财报:业绩强劲,但市场预期太高","url":"https://stock-news.laohu8.com/highlight/detail?id=2657570990","media":"华尔街见闻","summary":"高盛James Schneider团队认为两家公司营收、毛利率及每股收益均超预期,但高盛认为市场预期已过度乐观,平淡指引被解读为负面信号,预计两股财报后承压。此外,高盛警示闪迪低于预期的指引将向美光传导,投资者需关注美光短期走势。","content":"<html><head></head><body><blockquote><p>高盛James Schneider团队认为两家公司营收、毛利率及每股收益均超预期,但高盛认为市场预期已过度乐观,平淡指引被解读为负面信号,预计两股财报后承压。此外,高盛警示闪迪低于预期的指引将向美光传导,投资者需关注美光短期走势。</p></blockquote><p style=\"text-align: justify;\">闪迪与西部数据均交出了强劲的季度成绩单,但高盛认为,过高的市场预期令两家公司的股价难以从亮眼业绩中获益,预计财报公布后两只股票将双双承压下行。</p><p style=\"text-align: justify;\">追风交易台消息,8月5日,高盛James Schneider团队先后发布两份报告点评闪迪和西部数据的最新财报,<strong>当前存储行业面临的核心矛盾并非基本面恶化,而是市场预期已过度领先于现实。</strong></p><p style=\"text-align: justify;\">两家公司均交出了令人印象深刻的季报答卷,营收、毛利率和每股收益均不同程度超出预期。然而,当预期本身已经隐含了"完美执行+持续超预期"的假设,任何回归正常轨道的指引都会被市场解读为负面信号。</p><p style=\"text-align: justify;\"><strong>对于投资者而言,短期内需警惕两支股票的情绪面回调风险。高盛还指出,考虑到美光与闪迪在终端市场敞口上的高度重叠,预计闪迪本次财报的负面反应将向美光形成传导,投资者应对美光股价的短期走势保持关注。</strong></p><h2 id=\"5bf3c1d8\">西部数据:毛利率超预期,但指引未能惊喜</h2><p style=\"text-align: justify;\">西部数据截至2026年6月的<strong>第二财季营收</strong>为37.47亿美元,与高盛预测的37.63亿美元及华尔街共识的37.14亿美元基本持平,同比增长43.8%。</p><p style=\"text-align: justify;\"><strong>毛利率</strong>54.4%,分别<strong>高于高盛预测的52.4%</strong>和市场共识的51.9%,超出幅度约200至250个基点。<strong>非GAAP每股收益</strong>为3.56美元,<strong>高于高盛预测的3.43美元</strong>及市场共识的3.35美元,超出幅度约4%至6%。</p><p style=\"text-align: justify;\"><strong>第三财季指引方面</strong>,西部数据给出<strong>营收中值</strong>为41亿美元,<strong>与高盛预测的41.66亿美元及市场共识的40.4亿美元大体相符。</strong></p><p style=\"text-align: justify;\"><strong>毛利率指引区间</strong>为55%至56%,<strong>高于高盛预测的54.1%</strong>及市场共识的54.0%,超出约140至148个基点。<strong>非GAAP每股收益指引中值</strong>为4.00美元,<strong>小幅高于高盛的3.94美元</strong>及市场共识的3.80美元。</p><p style=\"text-align: justify;\">高盛表示,市场预期在进入财报季前已高度乐观。投资者对HDD(机械硬盘)定价持续改善、利润率扩张动能以及大型云计算厂商资本开支驱动的长期需求能见度均抱有较高信心。</p><p style=\"text-align: justify;\"><strong>在此背景下,仅与市场预期持平的指引被视为"不够惊喜"。</strong></p><p style=\"text-align: justify;\">高盛维持西部数据12个月目标价650美元,基于23倍市盈率对应正常化每股收益28.00美元测算,较当前股价548.56美元有约18.5%的上行空间,评级维持"中性"。</p><h2 id=\"8bcad097\">闪迪:当季大幅超预期,但前瞻指引令市场失望</h2><p style=\"text-align: justify;\"><strong>闪迪第二财季营收</strong>为89.65亿美元,<strong>高于高盛预测的88.41亿美元</strong>和华尔街共识的87.13亿美元,同比增长高达371.6%。</p><p style=\"text-align: justify;\"><strong>毛利率</strong>84.6%,<strong>与高盛预测的84.3%基本持平</strong>,但高于市场共识的83.6%。<strong>非GAAP每股收益</strong>为39.25美元,<strong>高于高盛预测的38.16美元</strong>及市场共识的35.45美元,超出幅度约3%至11%。</p><p style=\"text-align: justify;\"><strong>然而,第三财季指引令市场明显失望。</strong></p><p style=\"text-align: justify;\">闪迪给出<strong>营收指引中值</strong>为105.5亿美元,<strong>低于高盛预测的116.53亿美元</strong>和市场共识的111.48亿美元,差距分别达9.5%和5.4%。</p><p style=\"text-align: justify;\"><strong>毛利率指引中值</strong>为84.0%,<strong>低于高盛预测的84.7%</strong>和市场共识的86.7%,差距约74至267个基点。<strong>非GAAP每股收益指引中值</strong>为45.00美元,<strong>低于高盛预测的49.95美元</strong>,但与市场共识的45.34美元大体相符。</p><p style=\"text-align: justify;\"><strong>高盛指出,尽管闪迪股价已从6月高点下跌约40%,在一定程度上消化了部分过高预期,但进入财报季前市场对NAND定价强劲、AI数据中心加速采用以及同业强劲业绩的乐观情绪依然浓厚,使得低于预期的指引仍将导致股价进一步承压。</strong></p><p style=\"text-align: justify;\">高盛维持对闪迪的"买入"评级及12个月目标价2,200美元,基于20倍市盈率对应正常化每股收益110美元测算,较当前股价1,427.62美元有约54.1%的潜在上行空间。</p><p style=\"text-align: justify;\">在行业传导层面,高盛认为闪迪指引低于预期对存储行业整体情绪构成一定拖累。<strong>报告明确指出,鉴于相似的终端市场敞口,预计美光科技将在闪迪财报公布后出现负面反应。</strong></p></body></html>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>高盛点评闪迪、西部数据财报:业绩强劲,但市场预期太高</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; 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margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n高盛点评闪迪、西部数据财报:业绩强劲,但市场预期太高\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1084101182\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/66809d1f5c2e43e2bdf15820c6d6897e);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">华尔街见闻 </p>\n<p class=\"h-time\">2026-08-06 10:12</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<html><head></head><body><blockquote><p>高盛James Schneider团队认为两家公司营收、毛利率及每股收益均超预期,但高盛认为市场预期已过度乐观,平淡指引被解读为负面信号,预计两股财报后承压。此外,高盛警示闪迪低于预期的指引将向美光传导,投资者需关注美光短期走势。</p></blockquote><p style=\"text-align: justify;\">闪迪与西部数据均交出了强劲的季度成绩单,但高盛认为,过高的市场预期令两家公司的股价难以从亮眼业绩中获益,预计财报公布后两只股票将双双承压下行。</p><p style=\"text-align: justify;\">追风交易台消息,8月5日,高盛James Schneider团队先后发布两份报告点评闪迪和西部数据的最新财报,<strong>当前存储行业面临的核心矛盾并非基本面恶化,而是市场预期已过度领先于现实。</strong></p><p style=\"text-align: justify;\">两家公司均交出了令人印象深刻的季报答卷,营收、毛利率和每股收益均不同程度超出预期。然而,当预期本身已经隐含了"完美执行+持续超预期"的假设,任何回归正常轨道的指引都会被市场解读为负面信号。</p><p style=\"text-align: justify;\"><strong>对于投资者而言,短期内需警惕两支股票的情绪面回调风险。高盛还指出,考虑到美光与闪迪在终端市场敞口上的高度重叠,预计闪迪本次财报的负面反应将向美光形成传导,投资者应对美光股价的短期走势保持关注。</strong></p><h2 id=\"5bf3c1d8\">西部数据:毛利率超预期,但指引未能惊喜</h2><p style=\"text-align: justify;\">西部数据截至2026年6月的<strong>第二财季营收</strong>为37.47亿美元,与高盛预测的37.63亿美元及华尔街共识的37.14亿美元基本持平,同比增长43.8%。</p><p style=\"text-align: justify;\"><strong>毛利率</strong>54.4%,分别<strong>高于高盛预测的52.4%</strong>和市场共识的51.9%,超出幅度约200至250个基点。<strong>非GAAP每股收益</strong>为3.56美元,<strong>高于高盛预测的3.43美元</strong>及市场共识的3.35美元,超出幅度约4%至6%。</p><p style=\"text-align: justify;\"><strong>第三财季指引方面</strong>,西部数据给出<strong>营收中值</strong>为41亿美元,<strong>与高盛预测的41.66亿美元及市场共识的40.4亿美元大体相符。</strong></p><p style=\"text-align: justify;\"><strong>毛利率指引区间</strong>为55%至56%,<strong>高于高盛预测的54.1%</strong>及市场共识的54.0%,超出约140至148个基点。<strong>非GAAP每股收益指引中值</strong>为4.00美元,<strong>小幅高于高盛的3.94美元</strong>及市场共识的3.80美元。</p><p style=\"text-align: justify;\">高盛表示,市场预期在进入财报季前已高度乐观。投资者对HDD(机械硬盘)定价持续改善、利润率扩张动能以及大型云计算厂商资本开支驱动的长期需求能见度均抱有较高信心。</p><p style=\"text-align: justify;\"><strong>在此背景下,仅与市场预期持平的指引被视为"不够惊喜"。</strong></p><p style=\"text-align: justify;\">高盛维持西部数据12个月目标价650美元,基于23倍市盈率对应正常化每股收益28.00美元测算,较当前股价548.56美元有约18.5%的上行空间,评级维持"中性"。</p><h2 id=\"8bcad097\">闪迪:当季大幅超预期,但前瞻指引令市场失望</h2><p style=\"text-align: justify;\"><strong>闪迪第二财季营收</strong>为89.65亿美元,<strong>高于高盛预测的88.41亿美元</strong>和华尔街共识的87.13亿美元,同比增长高达371.6%。</p><p style=\"text-align: justify;\"><strong>毛利率</strong>84.6%,<strong>与高盛预测的84.3%基本持平</strong>,但高于市场共识的83.6%。<strong>非GAAP每股收益</strong>为39.25美元,<strong>高于高盛预测的38.16美元</strong>及市场共识的35.45美元,超出幅度约3%至11%。</p><p style=\"text-align: justify;\"><strong>然而,第三财季指引令市场明显失望。</strong></p><p style=\"text-align: justify;\">闪迪给出<strong>营收指引中值</strong>为105.5亿美元,<strong>低于高盛预测的116.53亿美元</strong>和市场共识的111.48亿美元,差距分别达9.5%和5.4%。</p><p style=\"text-align: justify;\"><strong>毛利率指引中值</strong>为84.0%,<strong>低于高盛预测的84.7%</strong>和市场共识的86.7%,差距约74至267个基点。<strong>非GAAP每股收益指引中值</strong>为45.00美元,<strong>低于高盛预测的49.95美元</strong>,但与市场共识的45.34美元大体相符。</p><p style=\"text-align: justify;\"><strong>高盛指出,尽管闪迪股价已从6月高点下跌约40%,在一定程度上消化了部分过高预期,但进入财报季前市场对NAND定价强劲、AI数据中心加速采用以及同业强劲业绩的乐观情绪依然浓厚,使得低于预期的指引仍将导致股价进一步承压。</strong></p><p style=\"text-align: justify;\">高盛维持对闪迪的"买入"评级及12个月目标价2,200美元,基于20倍市盈率对应正常化每股收益110美元测算,较当前股价1,427.62美元有约54.1%的潜在上行空间。</p><p style=\"text-align: justify;\">在行业传导层面,高盛认为闪迪指引低于预期对存储行业整体情绪构成一定拖累。<strong>报告明确指出,鉴于相似的终端市场敞口,预计美光科技将在闪迪财报公布后出现负面反应。</strong></p></body></html>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/8e87285f5f61644eaba65898e6ccf2bf","relate_stocks":{"LU2471134879.HKD":"INVESCO GLOBAL EQUITY INCOME ADVANTAGE \"A\" (HKD) INC","LU1668664300.SGD":"Blackrock World Financials A2 SGD-H","LU2471134523.USD":"INVESCO GLOBAL EQUITY INCOME ADVANTAGE \"A\" (USD) ACC","LU2471134796.USD":"INVESCO GLOBAL EQUITY INCOME ADVANTAGE \"A\" (USD) INC","LU0096364046.USD":"CT (LUX) I AMERICAN \"DU\" (USD) ACC","LU0061475181.USD":"THREADNEEDLE (LUX) AMERICAN \"AU\" (USD) ACC","LU0957808578.USD":"THREADNEEDLE (LUX) GLOBAL TECHNOLOGY \"ZU\" (USD) ACC","LU2750360641.GBP":"INVESCO GLOBAL EQUITY INCOME ADVANTAGE \"A\" (GBPHDG) INC","LU1823568750.SGD":"Fidelity Global Technology 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SYSTEMATIC SUSTAINABLE GLOBAL SMALLCAP \"A2\" (USD) ACC","LU0942090050.USD":"UBS (LUX) EQUITY SICAV - US TOTAL YIELD SUSTAINABLE \"P\" (USD) INC","LU2471134952.CNY":"INVESCO GLOBAL EQUITY INCOME ADVANTAGE \"A\" (CNYHDG) INC","LU0154236417.USD":"BGF US FLEXIBLE EQUITY \"A2\" ACC"},"source_url":"https://wallstreetcn.com/articles/3778798","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2657570990","content_text":"高盛James Schneider团队认为两家公司营收、毛利率及每股收益均超预期,但高盛认为市场预期已过度乐观,平淡指引被解读为负面信号,预计两股财报后承压。此外,高盛警示闪迪低于预期的指引将向美光传导,投资者需关注美光短期走势。闪迪与西部数据均交出了强劲的季度成绩单,但高盛认为,过高的市场预期令两家公司的股价难以从亮眼业绩中获益,预计财报公布后两只股票将双双承压下行。追风交易台消息,8月5日,高盛James Schneider团队先后发布两份报告点评闪迪和西部数据的最新财报,当前存储行业面临的核心矛盾并非基本面恶化,而是市场预期已过度领先于现实。两家公司均交出了令人印象深刻的季报答卷,营收、毛利率和每股收益均不同程度超出预期。然而,当预期本身已经隐含了\"完美执行+持续超预期\"的假设,任何回归正常轨道的指引都会被市场解读为负面信号。对于投资者而言,短期内需警惕两支股票的情绪面回调风险。高盛还指出,考虑到美光与闪迪在终端市场敞口上的高度重叠,预计闪迪本次财报的负面反应将向美光形成传导,投资者应对美光股价的短期走势保持关注。西部数据:毛利率超预期,但指引未能惊喜西部数据截至2026年6月的第二财季营收为37.47亿美元,与高盛预测的37.63亿美元及华尔街共识的37.14亿美元基本持平,同比增长43.8%。毛利率54.4%,分别高于高盛预测的52.4%和市场共识的51.9%,超出幅度约200至250个基点。非GAAP每股收益为3.56美元,高于高盛预测的3.43美元及市场共识的3.35美元,超出幅度约4%至6%。第三财季指引方面,西部数据给出营收中值为41亿美元,与高盛预测的41.66亿美元及市场共识的40.4亿美元大体相符。毛利率指引区间为55%至56%,高于高盛预测的54.1%及市场共识的54.0%,超出约140至148个基点。非GAAP每股收益指引中值为4.00美元,小幅高于高盛的3.94美元及市场共识的3.80美元。高盛表示,市场预期在进入财报季前已高度乐观。投资者对HDD(机械硬盘)定价持续改善、利润率扩张动能以及大型云计算厂商资本开支驱动的长期需求能见度均抱有较高信心。在此背景下,仅与市场预期持平的指引被视为\"不够惊喜\"。高盛维持西部数据12个月目标价650美元,基于23倍市盈率对应正常化每股收益28.00美元测算,较当前股价548.56美元有约18.5%的上行空间,评级维持\"中性\"。闪迪:当季大幅超预期,但前瞻指引令市场失望闪迪第二财季营收为89.65亿美元,高于高盛预测的88.41亿美元和华尔街共识的87.13亿美元,同比增长高达371.6%。毛利率84.6%,与高盛预测的84.3%基本持平,但高于市场共识的83.6%。非GAAP每股收益为39.25美元,高于高盛预测的38.16美元及市场共识的35.45美元,超出幅度约3%至11%。然而,第三财季指引令市场明显失望。闪迪给出营收指引中值为105.5亿美元,低于高盛预测的116.53亿美元和市场共识的111.48亿美元,差距分别达9.5%和5.4%。毛利率指引中值为84.0%,低于高盛预测的84.7%和市场共识的86.7%,差距约74至267个基点。非GAAP每股收益指引中值为45.00美元,低于高盛预测的49.95美元,但与市场共识的45.34美元大体相符。高盛指出,尽管闪迪股价已从6月高点下跌约40%,在一定程度上消化了部分过高预期,但进入财报季前市场对NAND定价强劲、AI数据中心加速采用以及同业强劲业绩的乐观情绪依然浓厚,使得低于预期的指引仍将导致股价进一步承压。高盛维持对闪迪的\"买入\"评级及12个月目标价2,200美元,基于20倍市盈率对应正常化每股收益110美元测算,较当前股价1,427.62美元有约54.1%的潜在上行空间。在行业传导层面,高盛认为闪迪指引低于预期对存储行业整体情绪构成一定拖累。报告明确指出,鉴于相似的终端市场敞口,预计美光科技将在闪迪财报公布后出现负面反应。","news_type":1,"symbols_score_info":{"WDCX":0.6,"SNXX":0.6,"QQQG":0.6,"SNDQ":0.6,"SCHM":0.6,"CNEQ":0.6,"FSMD":0.6,"FDTX":0.6,"PTF":0.6,"SNDU":0.6,"DISK":0.6,"TMSL":0.6,"CGGO":0.6,"SNDC":0.6,"WDC":1.96,"OPTZ":0.6,"GSX":0.6,"COWG":0.6,"SCHA":0.6,"CNAV":0.6,"SNDG":0.6,"FCUS":0.6,"SNDK":1.97}},"isVote":1,"tweetType":1,"viewCount":937,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":593763596325832,"gmtCreate":1785978594221,"gmtModify":1785978596375,"author":{"id":"3437638669595671","authorId":"3437638669595671","name":"cky10327","avatar":"https://static.tigerbbs.com/acdead004b0adf71a64965b49b032882","crmLevel":4,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3437638669595671","idStr":"3437638669595671"},"themes":[],"title":"","htmlText":"<a href=\"https://laohu8.com/S/SNDK\">$闪迪(SNDK)$ </a> 真的是不管财报好不好都是一个字跌,赶上缅a了,真的是美股A股化,a股美股化了","listText":"<a href=\"https://laohu8.com/S/SNDK\">$闪迪(SNDK)$ </a> 真的是不管财报好不好都是一个字跌,赶上缅a了,真的是美股A股化,a股美股化了","text":"$闪迪(SNDK)$ 真的是不管财报好不好都是一个字跌,赶上缅a了,真的是美股A股化,a股美股化了","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":3,"repostSize":0,"link":"https://laohu8.com/post/593763596325832","isVote":1,"tweetType":1,"viewCount":1677,"authorTweetTopStatus":1,"verified":2,"comments":[{"author":{"id":"3551827235621669","authorId":"3551827235621669","name":"笨小虎","avatar":"https://static.tigerbbs.com/7934e5a816087ee6c2f32e9242c1bda5","crmLevel":9,"crmLevelSwitch":0,"authorIdStr":"3551827235621669","idStr":"3551827235621669"},"content":"A股不根本性改变证券制度、比如散户T+0、比如可以买涨也可以买跌,是永远不可能美股化的!","text":"A股不根本性改变证券制度、比如散户T+0、比如可以买涨也可以买跌,是永远不可能美股化的!","html":"A股不根本性改变证券制度、比如散户T+0、比如可以买涨也可以买跌,是永远不可能美股化的!"},{"author":{"id":"3569968827736584","authorId":"3569968827736584","name":"摩根财团首席执行官","avatar":"https://static.tigerbbs.com/04b6773002f87ca1460bc1427e3bf007","crmLevel":4,"crmLevelSwitch":1,"authorIdStr":"3569968827736584","idStr":"3569968827736584"},"content":"这是我3年前的结论,你引用了","text":"这是我3年前的结论,你引用了","html":"这是我3年前的结论,你引用了"}],"imageCount":0,"langContent":"CN","totalScore":0},{"id":593719589503656,"gmtCreate":1785967756085,"gmtModify":1785976511037,"author":{"id":"3437638669595671","authorId":"3437638669595671","name":"cky10327","avatar":"https://static.tigerbbs.com/acdead004b0adf71a64965b49b032882","crmLevel":4,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3437638669595671","idStr":"3437638669595671"},"themes":[],"title":"","htmlText":"有病,现在的财报差一点点就是不及预期,要求太高了","listText":"有病,现在的财报差一点点就是不及预期,要求太高了","text":"有病,现在的财报差一点点就是不及预期,要求太高了","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/593719589503656","repostId":"1118019748","repostType":2,"repost":{"id":"1118019748","kind":"news","weMediaInfo":{"introduction":"个股异动一手消息解读","home_visible":1,"media_name":"异动解读","id":"1092702339","head_image":"https://static.tigerbbs.com/a81accab1e7ee4144dc051f71903a390"},"pubTimestamp":1785963183,"share":"https://www.laohunote.com/m/news/1118019748?lang=zh_CN&edition=full","pubTime":"2026-08-06 04:53","market":"nz","language":"zh","title":"异动解读 | 闪迪盘后大跌5.37%,2027财年Q1营收指引不及预期引发抛售","url":"https://stock-news.laohu8.com/highlight/detail?id=1118019748","media":"异动解读","summary":"闪迪(SNDK)在盘后交易时段股价大跌5.37%,引发市场广泛关注。消息面上,闪迪于盘后公布了2026财年第四季度财报。尽管第四财季业绩表现亮眼,营收同比增长372%至89.7亿美元,调整后每股收益达39.25美元,均大幅高于市场预期,但公司给出的2027财年第一季度营收指引为103亿至108亿美元,中值105.5亿美元,低于市场预期的108亿美元,导致投资者信心受挫,股价承压下行。分析人士指出,闪迪作为AI存储交易的主要受益者,市场对其抱有极高的增长期待。虽然公司同时宣布了140亿美元的新股票回购计划,但略低于预期的未来营收展望未能完全抵消市场对增长放缓的担忧,从而引发了盘后的抛售压力。","content":"<p>闪迪(SNDK)在盘后交易时段股价大跌5.37%,引发市场广泛关注。</p><p>消息面上,闪迪于盘后公布了2026财年第四季度财报。尽管第四财季业绩表现亮眼,营收同比增长372%至89.7亿美元,调整后每股收益达39.25美元,均大幅高于市场预期,但公司给出的2027财年第一季度营收指引为103亿至108亿美元,中值105.5亿美元,低于市场预期的108亿美元,导致投资者信心受挫,股价承压下行。</p><p>分析人士指出,闪迪作为AI存储交易的主要受益者,市场对其抱有极高的增长期待。虽然公司同时宣布了140亿美元的新股票回购计划,但略低于预期的未来营收展望未能完全抵消市场对增长放缓的担忧,从而引发了盘后的抛售压力。</p>","source":"ai_movement_cn","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>异动解读 | 闪迪盘后大跌5.37%,2027财年Q1营收指引不及预期引发抛售</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; 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width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n异动解读 | 闪迪盘后大跌5.37%,2027财年Q1营收指引不及预期引发抛售\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1092702339\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/a81accab1e7ee4144dc051f71903a390);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">异动解读 </p>\n<p class=\"h-time\">2026-08-06 04:53</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<p>闪迪(SNDK)在盘后交易时段股价大跌5.37%,引发市场广泛关注。</p><p>消息面上,闪迪于盘后公布了2026财年第四季度财报。尽管第四财季业绩表现亮眼,营收同比增长372%至89.7亿美元,调整后每股收益达39.25美元,均大幅高于市场预期,但公司给出的2027财年第一季度营收指引为103亿至108亿美元,中值105.5亿美元,低于市场预期的108亿美元,导致投资者信心受挫,股价承压下行。</p><p>分析人士指出,闪迪作为AI存储交易的主要受益者,市场对其抱有极高的增长期待。虽然公司同时宣布了140亿美元的新股票回购计划,但略低于预期的未来营收展望未能完全抵消市场对增长放缓的担忧,从而引发了盘后的抛售压力。</p>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"SNDK":"闪迪"},"source_url":"","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1118019748","content_text":"闪迪(SNDK)在盘后交易时段股价大跌5.37%,引发市场广泛关注。消息面上,闪迪于盘后公布了2026财年第四季度财报。尽管第四财季业绩表现亮眼,营收同比增长372%至89.7亿美元,调整后每股收益达39.25美元,均大幅高于市场预期,但公司给出的2027财年第一季度营收指引为103亿至108亿美元,中值105.5亿美元,低于市场预期的108亿美元,导致投资者信心受挫,股价承压下行。分析人士指出,闪迪作为AI存储交易的主要受益者,市场对其抱有极高的增长期待。虽然公司同时宣布了140亿美元的新股票回购计划,但略低于预期的未来营收展望未能完全抵消市场对增长放缓的担忧,从而引发了盘后的抛售压力。","news_type":1,"symbols_score_info":{"SNDK":1}},"isVote":1,"tweetType":1,"viewCount":529,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":591216183960816,"gmtCreate":1785341559196,"gmtModify":1785341561462,"author":{"id":"3437638669595671","authorId":"3437638669595671","name":"cky10327","avatar":"https://static.tigerbbs.com/acdead004b0adf71a64965b49b032882","crmLevel":4,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3437638669595671","idStr":"3437638669595671"},"themes":[],"title":"","htmlText":"咳,不及预期,有没有想过这几个预期本身就是太高了呢","listText":"咳,不及预期,有没有想过这几个预期本身就是太高了呢","text":"咳,不及预期,有没有想过这几个预期本身就是太高了呢","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/591216183960816","repostId":"2655436837","repostType":2,"repost":{"id":"2655436837","kind":"highlight","weMediaInfo":{"introduction":"「金吾财讯」以精准用户需求为切入点,打造一站式港美股投资细分领域品牌。依托战略合作伙伴凤凰网财经,将港美股内容传播到全球华人圈。","home_visible":1,"media_name":"金吾财讯","id":"1086022552","head_image":"https://static.tigerbbs.com/19a93586c3b023ec6ebfed568990555c"},"pubTimestamp":1785291239,"share":"https://www.laohunote.com/m/news/2655436837?lang=zh_CN&edition=full","pubTime":"2026-07-29 10:13","market":"other","language":"zh","title":"存储概念股持续疲软 兆易创新(03986)跌6.03% SK海力士二季度业绩不及预期","url":"https://stock-news.laohu8.com/highlight/detail?id=2655436837","media":"金吾财讯","summary":"金吾财讯 | 港股存储概念股持续疲软,截止发稿,南方两倍做多海力士 跌18.52%,南方两倍做多三星电子跌9.03%,兆易创新跌6.03%,澜起科技跌4.90%。消息面上,韩国存储巨头SK海力士周二盘后公布最新业绩显示,第二季度营业利润为60.54万亿韩元,低于预期的64.22万亿韩元;收入为79万亿韩元,亦与此前预期的84万亿韩元差距明显。拖累SK海力士美股盘尾一度跌逾8%。此外,隔晚美股存储芯片股亦连续受挫,其中,美光科技大幅收跌8.85%、闪迪跌14.25%。","content":"<html><body><p>金吾财讯 | 港股存储概念股持续疲软,截止发稿,<a href=\"https://laohu8.com/S/07709\">南方两倍做多海力士</a>(07709)跌18.52%,<a href=\"https://laohu8.com/S/07747\">南方两倍做多三星电子</a>(07747)跌9.03%,<a href=\"https://laohu8.com/S/603986\">兆易创新</a>(03986)跌6.03%,<a href=\"https://laohu8.com/S/688008\">澜起科技</a>(06809)跌4.90%。消息面上,韩国存储巨头<a href=\"https://laohu8.com/S/SKHY\">SK海力士</a>周二盘后公布最新业绩显示,第二季度营业利润为60.54万亿韩元,低于预期的64.22万亿韩元;收入为79万亿韩元,亦与此前预期的84万亿韩元差距明显。价格方面,该公司二季度DRAM芯片平均销售价格(ASP)环比一季度上涨约30%。二季度NAND闪存平均销售价格环比一季度涨约50%~55%。资本支出方面,公司预计2026全年资本支出将达到40万亿韩元区间高段(约48-50万亿韩元),再次加剧市场对AI投资回报忧虑。拖累SK海力士美股盘尾一度跌逾8%。此外,隔晚美股存储芯片股亦连续受挫,其中,<a href=\"https://laohu8.com/S/MU\">美光科技</a>大幅收跌8.85%、<a href=\"https://laohu8.com/S/SNDK\">闪迪</a>跌14.25%。</p></body></html>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>存储概念股持续疲软 兆易创新(03986)跌6.03% SK海力士二季度业绩不及预期</title>\n<style 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}\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n存储概念股持续疲软 兆易创新(03986)跌6.03% SK海力士二季度业绩不及预期\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1086022552\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/19a93586c3b023ec6ebfed568990555c);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">金吾财讯 </p>\n<p class=\"h-time\">2026-07-29 10:13</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<html><body><p>金吾财讯 | 港股存储概念股持续疲软,截止发稿,<a href=\"https://laohu8.com/S/07709\">南方两倍做多海力士</a>(07709)跌18.52%,<a href=\"https://laohu8.com/S/07747\">南方两倍做多三星电子</a>(07747)跌9.03%,<a href=\"https://laohu8.com/S/603986\">兆易创新</a>(03986)跌6.03%,<a href=\"https://laohu8.com/S/688008\">澜起科技</a>(06809)跌4.90%。消息面上,韩国存储巨头<a href=\"https://laohu8.com/S/SKHY\">SK海力士</a>周二盘后公布最新业绩显示,第二季度营业利润为60.54万亿韩元,低于预期的64.22万亿韩元;收入为79万亿韩元,亦与此前预期的84万亿韩元差距明显。价格方面,该公司二季度DRAM芯片平均销售价格(ASP)环比一季度上涨约30%。二季度NAND闪存平均销售价格环比一季度涨约50%~55%。资本支出方面,公司预计2026全年资本支出将达到40万亿韩元区间高段(约48-50万亿韩元),再次加剧市场对AI投资回报忧虑。拖累SK海力士美股盘尾一度跌逾8%。此外,隔晚美股存储芯片股亦连续受挫,其中,<a href=\"https://laohu8.com/S/MU\">美光科技</a>大幅收跌8.85%、<a href=\"https://laohu8.com/S/SNDK\">闪迪</a>跌14.25%。</p></body></html>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.szfiu.com/news/20210810/ZTUyNTQ0NjcxODUwNQ==.jpg","relate_stocks":{"603986":"兆易创新","688008":"澜起科技","GB00BDT5M118.USD":"天利环球扩展Alpha基金A Acc","FTEC":"Fidelity MSCI Information Techno","LU2054465674.USD":"UBS (LUX) KEY 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21:48","market":"hk","language":"zh","title":"异动解读|闪迪盘中下跌3.55%,盘前反弹未能延续,大摩内存价格见顶警告持续压制情绪","url":"https://stock-news.laohu8.com/highlight/detail?id=1178261519","media":"行情直击","summary":"7月27日,闪迪盘中下跌3.55%,报1369.16美元/股,成交额29.65亿美元。尽管盘前受分析师澄清NAND利空传闻提振一度上涨近5%,但开盘后反弹迅速消退。消息面上,摩根士丹利此前警告内存合同价格预计将于第四季度见顶,AI驱动的存储行业狂欢正接近拐点,净盈利上调率已从92%峰值回落至77%。叠加7月24日板块遭受逾10%深度回调的余震尚未消化,市场对存储周期转折的担忧持续压制多头信心。同业西部数据跌1.18%、希捷科技跌0.81%,板块整体承压。(以上内容均基于市场公开消息,由程序或算法智能生成,仅作为股价异动提醒,不作为投资建议或交易依据。)","content":"<p><p>7月27日,闪迪盘中下跌3.55%,报1369.16美元/股,成交额29.65亿美元。尽管盘前受分析师澄清NAND利空传闻提振一度上涨近5%,但开盘后反弹迅速消退。</p><p>消息面上,摩根士丹利此前警告内存合同价格预计将于第四季度见顶,AI驱动的存储行业狂欢正接近拐点,净盈利上调率已从92%峰值回落至77%。叠加7月24日板块遭受逾10%深度回调的余震尚未消化,市场对存储周期转折的担忧持续压制多头信心。同业西部数据跌1.18%、希捷科技跌0.81%,板块整体承压。</p><p>(以上内容均基于市场公开消息,由程序或算法智能生成,仅作为股价异动提醒,不作为投资建议或交易依据。)</p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>异动解读|闪迪盘中下跌3.55%,盘前反弹未能延续,大摩内存价格见顶警告持续压制情绪</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; 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style=\"background-image:url(https://static.tigerbbs.com/51943b2858f75e05ca2ebb144b4e626a);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">行情直击 </p>\n<p class=\"h-time\">2026-07-27 21:48</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<p><p>7月27日,闪迪盘中下跌3.55%,报1369.16美元/股,成交额29.65亿美元。尽管盘前受分析师澄清NAND利空传闻提振一度上涨近5%,但开盘后反弹迅速消退。</p><p>消息面上,摩根士丹利此前警告内存合同价格预计将于第四季度见顶,AI驱动的存储行业狂欢正接近拐点,净盈利上调率已从92%峰值回落至77%。叠加7月24日板块遭受逾10%深度回调的余震尚未消化,市场对存储周期转折的担忧持续压制多头信心。同业西部数据跌1.18%、希捷科技跌0.81%,板块整体承压。</p><p>(以上内容均基于市场公开消息,由程序或算法智能生成,仅作为股价异动提醒,不作为投资建议或交易依据。)</p></p>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"SNDK":"闪迪"},"source_url":"","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1178261519","content_text":"7月27日,闪迪盘中下跌3.55%,报1369.16美元/股,成交额29.65亿美元。尽管盘前受分析师澄清NAND利空传闻提振一度上涨近5%,但开盘后反弹迅速消退。消息面上,摩根士丹利此前警告内存合同价格预计将于第四季度见顶,AI驱动的存储行业狂欢正接近拐点,净盈利上调率已从92%峰值回落至77%。叠加7月24日板块遭受逾10%深度回调的余震尚未消化,市场对存储周期转折的担忧持续压制多头信心。同业西部数据跌1.18%、希捷科技跌0.81%,板块整体承压。(以上内容均基于市场公开消息,由程序或算法智能生成,仅作为股价异动提醒,不作为投资建议或交易依据。)","news_type":1,"symbols_score_info":{"SNDK":1}},"isVote":1,"tweetType":1,"viewCount":556,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":589436108272136,"gmtCreate":1784936815774,"gmtModify":1784936818271,"author":{"id":"3437638669595671","authorId":"3437638669595671","name":"cky10327","avatar":"https://static.tigerbbs.com/acdead004b0adf71a64965b49b032882","crmLevel":4,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3437638669595671","idStr":"3437638669595671"},"themes":[],"title":"","htmlText":"<a href=\"https://laohu8.com/S/SNDK\">$闪迪(SNDK)$ </a> 海力士跌,因为离婚案,迪子这边因为一条22年的信息,而且人家出来辟谣了,7月底又有加息预期,那边又开打,这都什么乱七八糟点,太难了,涨了之后各种阻碍的声音,关键其他板块也不好啊","listText":"<a href=\"https://laohu8.com/S/SNDK\">$闪迪(SNDK)$ </a> 海力士跌,因为离婚案,迪子这边因为一条22年的信息,而且人家出来辟谣了,7月底又有加息预期,那边又开打,这都什么乱七八糟点,太难了,涨了之后各种阻碍的声音,关键其他板块也不好啊","text":"$闪迪(SNDK)$ 海力士跌,因为离婚案,迪子这边因为一条22年的信息,而且人家出来辟谣了,7月底又有加息预期,那边又开打,这都什么乱七八糟点,太难了,涨了之后各种阻碍的声音,关键其他板块也不好啊","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/589436108272136","isVote":1,"tweetType":1,"viewCount":3037,"authorTweetTopStatus":1,"verified":2,"comments":[{"author":{"id":"3496346935589210","authorId":"3496346935589210","name":"2567啊","avatar":"https://static.tigerbbs.com/d866cf010a6e4a06fd92dfc1d4d30944","crmLevel":2,"crmLevelSwitch":0,"authorIdStr":"3496346935589210","idStr":"3496346935589210"},"content":"就是回调期,别依赖啥信息反转,回调期下无视好消息,放大坏消息","text":"就是回调期,别依赖啥信息反转,回调期下无视好消息,放大坏消息","html":"就是回调期,别依赖啥信息反转,回调期下无视好消息,放大坏消息"}],"imageCount":0,"langContent":"CN","totalScore":0},{"id":589319784269368,"gmtCreate":1784908412358,"gmtModify":1784908414308,"author":{"id":"3437638669595671","authorId":"3437638669595671","name":"cky10327","avatar":"https://static.tigerbbs.com/acdead004b0adf71a64965b49b032882","crmLevel":4,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3437638669595671","idStr":"3437638669595671"},"themes":[],"title":"","htmlText":"人家都辟谣了,你还在这边发消息","listText":"人家都辟谣了,你还在这边发消息","text":"人家都辟谣了,你还在这边发消息","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/589319784269368","repostId":"1160221261","repostType":2,"repost":{"id":"1160221261","kind":"news","weMediaInfo":{"introduction":"个股异动一手消息解读","home_visible":1,"media_name":"行情直击","id":"1059448697","head_image":"https://static.tigerbbs.com/51943b2858f75e05ca2ebb144b4e626a"},"pubTimestamp":1784890271,"share":"https://www.laohunote.com/m/news/1160221261?lang=zh_CN&edition=full","pubTime":"2026-07-24 18:51","market":"us","language":"zh","title":"异动解读|闪迪盘前下跌3.03%,大摩警告内存价格或于四季度见顶叠加前一交易日大涨后获利回吐","url":"https://stock-news.laohu8.com/highlight/detail?id=1160221261","media":"行情直击","summary":"7月24日,闪迪盘前下跌3.03%,报1561.65美元/股,成交额1.62亿美元,回吐前一交易日盘中逾5%的涨幅。消息面上,摩根士丹利最新报告警告,AI驱动的存储行业狂欢正接近拐点,内存合同价格预计将于第四季度见顶,净盈利上调率已从92%峰值回落至77%,市场对存储周期转折的担忧加剧。存储板块整体承压,同业西部数据跌1.47%、希捷科技跌0.65%、超微电脑跌0.67%,行业个股普遍走弱。(以上内容均基于市场公开消息,由程序或算法智能生成,仅作为股价异动提醒,不作为投资建议或交易依据。)","content":"<p><p>7月24日,闪迪盘前下跌3.03%,报1561.65美元/股,成交额1.62亿美元,回吐前一交易日盘中逾5%的涨幅。消息面上,摩根士丹利最新报告警告,AI驱动的存储行业狂欢正接近拐点,内存合同价格预计将于第四季度见顶,净盈利上调率已从92%峰值回落至77%,市场对存储周期转折的担忧加剧。存储板块整体承压,同业西部数据跌1.47%、希捷科技跌0.65%、超微电脑跌0.67%,行业个股普遍走弱。</p><p>(以上内容均基于市场公开消息,由程序或算法智能生成,仅作为股价异动提醒,不作为投资建议或交易依据。)</p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta 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class=\"h-name\">行情直击 </p>\n<p class=\"h-time\">2026-07-24 18:51</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<p><p>7月24日,闪迪盘前下跌3.03%,报1561.65美元/股,成交额1.62亿美元,回吐前一交易日盘中逾5%的涨幅。消息面上,摩根士丹利最新报告警告,AI驱动的存储行业狂欢正接近拐点,内存合同价格预计将于第四季度见顶,净盈利上调率已从92%峰值回落至77%,市场对存储周期转折的担忧加剧。存储板块整体承压,同业西部数据跌1.47%、希捷科技跌0.65%、超微电脑跌0.67%,行业个股普遍走弱。</p><p>(以上内容均基于市场公开消息,由程序或算法智能生成,仅作为股价异动提醒,不作为投资建议或交易依据。)</p></p>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"SNDK":"闪迪"},"source_url":"","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1160221261","content_text":"7月24日,闪迪盘前下跌3.03%,报1561.65美元/股,成交额1.62亿美元,回吐前一交易日盘中逾5%的涨幅。消息面上,摩根士丹利最新报告警告,AI驱动的存储行业狂欢正接近拐点,内存合同价格预计将于第四季度见顶,净盈利上调率已从92%峰值回落至77%,市场对存储周期转折的担忧加剧。存储板块整体承压,同业西部数据跌1.47%、希捷科技跌0.65%、超微电脑跌0.67%,行业个股普遍走弱。(以上内容均基于市场公开消息,由程序或算法智能生成,仅作为股价异动提醒,不作为投资建议或交易依据。)","news_type":1,"symbols_score_info":{"SNDK":1}},"isVote":1,"tweetType":1,"viewCount":648,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":589129202004168,"gmtCreate":1784861797308,"gmtModify":1784861799136,"author":{"id":"3437638669595671","authorId":"3437638669595671","name":"cky10327","avatar":"https://static.tigerbbs.com/acdead004b0adf71a64965b49b032882","crmLevel":4,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3437638669595671","idStr":"3437638669595671"},"themes":[],"title":"","htmlText":"<a 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咳,原来你属于老登系列[冷漠] [冷漠] [冷漠] ","text":"$腾讯控股(00700)$ 咳,原来你属于老登系列[冷漠] [冷漠] [冷漠]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/588414586507528","isVote":1,"tweetType":1,"viewCount":1037,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":588130224853208,"gmtCreate":1784617994576,"gmtModify":1784617996342,"author":{"id":"3437638669595671","authorId":"3437638669595671","name":"cky10327","avatar":"https://static.tigerbbs.com/acdead004b0adf71a64965b49b032882","crmLevel":4,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3437638669595671","idStr":"3437638669595671"},"themes":[],"title":"","htmlText":"<a href=\"https://laohu8.com/S/SNDK\">$闪迪(SNDK)$ </a> 现在看到盘前涨心就慌[捂脸] ","listText":"<a href=\"https://laohu8.com/S/SNDK\">$闪迪(SNDK)$ </a> 现在看到盘前涨心就慌[捂脸] ","text":"$闪迪(SNDK)$ 现在看到盘前涨心就慌[捂脸]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/588130224853208","isVote":1,"tweetType":1,"viewCount":677,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":587912886821752,"gmtCreate":1784564852675,"gmtModify":1784564854741,"author":{"id":"3437638669595671","authorId":"3437638669595671","name":"cky10327","avatar":"https://static.tigerbbs.com/acdead004b0adf71a64965b49b032882","crmLevel":4,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3437638669595671","idStr":"3437638669595671"},"themes":[],"title":"","htmlText":"不是之前各种做空观点嘛,变得真快","listText":"不是之前各种做空观点嘛,变得真快","text":"不是之前各种做空观点嘛,变得真快","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/587912886821752","repostId":"2652421926","repostType":2,"repost":{"id":"2652421926","kind":"highlight","weMediaInfo":{"introduction":"「金吾财讯」以精准用户需求为切入点,打造一站式港美股投资细分领域品牌。依托战略合作伙伴凤凰网财经,将港美股内容传播到全球华人圈。","home_visible":1,"media_name":"金吾财讯","id":"1086022552","head_image":"https://static.tigerbbs.com/19a93586c3b023ec6ebfed568990555c"},"pubTimestamp":1784555268,"share":"https://www.laohunote.com/m/news/2652421926?lang=zh_CN&edition=full","pubTime":"2026-07-20 21:47","market":"other","language":"zh","title":"存储概念股悉数上扬 闪迪(SNDK)领涨5.65% 大摩维持积极判断并称当前为买入窗口","url":"https://stock-news.laohu8.com/highlight/detail?id=2652421926","media":"金吾财讯","summary":"大摩估计,第三季度数据中心内存价格较第二季度同类产品环比上涨至少25%,高于大摩自身及第三方机构的此前预测。大摩指出,此轮存储周期的核心逻辑在于,内存正日益成为AI基础设施建设的主要瓶颈之一,这一结构性约束预计将持续数年。在此背景下,大摩认为存储股的风险回报正在快速追赶此前更受青睐的英伟达和博通,维持对存储板块的积极判断,将此次回调定性为具有吸引力的买入窗口。","content":"<html><body><p>金吾财讯 | 美股存储概念股盘初悉数上扬,截至发稿,<a href=\"https://laohu8.com/S/SNDK\">闪迪</a> (SNDK) 涨 5.65%,<a href=\"https://laohu8.com/S/MU\">美光科技</a> (MU) 涨 5.46%,<a href=\"https://laohu8.com/S/WDC\">西部数据</a> (WDC) 涨 5.48%,<a href=\"https://laohu8.com/S/STX\">希捷科技</a> (STX) 涨 5.08%,SK 海力士 (SKHY) 涨 5.02%,<a href=\"https://laohu8.com/S/RMBS\">Rambus</a> (RMBS) 涨 4.21%,<a href=\"https://laohu8.com/S/SIMO\">慧荣科技</a> (SIMO) 涨 0.95%。消息面上,<a href=\"https://laohu8.com/S/MS\">摩根士丹利</a>新近研究报告披露,分析师Joseph Moore及其团队上周密集走访数据中心采购渠道后确认,存储短缺的强度没有任何减弱迹象。大摩估计,第三季度数据中心内存价格较第二季度同类产品环比上涨至少25%,高于大摩自身及第三方机构的此前预测。大摩指出,此轮存储周期的核心逻辑在于,内存正日益成为AI基础设施建设的主要瓶颈之一,这一结构性约束预计将持续数年。在此背景下,大摩认为存储股的风险回报正在快速追赶此前更受青睐的<a href=\"https://laohu8.com/S/NVDA\">英伟达</a>和<a href=\"https://laohu8.com/S/AVGO\">博通</a>,维持对存储板块的积极判断,将此次回调定性为具有吸引力的买入窗口。</p></body></html>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>存储概念股悉数上扬 闪迪(SNDK)领涨5.65% 大摩维持积极判断并称当前为买入窗口</title>\n<style 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美股存储概念股盘初悉数上扬,截至发稿,<a href=\"https://laohu8.com/S/SNDK\">闪迪</a> (SNDK) 涨 5.65%,<a href=\"https://laohu8.com/S/MU\">美光科技</a> (MU) 涨 5.46%,<a href=\"https://laohu8.com/S/WDC\">西部数据</a> (WDC) 涨 5.48%,<a href=\"https://laohu8.com/S/STX\">希捷科技</a> (STX) 涨 5.08%,SK 海力士 (SKHY) 涨 5.02%,<a href=\"https://laohu8.com/S/RMBS\">Rambus</a> (RMBS) 涨 4.21%,<a href=\"https://laohu8.com/S/SIMO\">慧荣科技</a> (SIMO) 涨 0.95%。消息面上,<a href=\"https://laohu8.com/S/MS\">摩根士丹利</a>新近研究报告披露,分析师Joseph Moore及其团队上周密集走访数据中心采购渠道后确认,存储短缺的强度没有任何减弱迹象。大摩估计,第三季度数据中心内存价格较第二季度同类产品环比上涨至少25%,高于大摩自身及第三方机构的此前预测。大摩指出,此轮存储周期的核心逻辑在于,内存正日益成为AI基础设施建设的主要瓶颈之一,这一结构性约束预计将持续数年。在此背景下,大摩认为存储股的风险回报正在快速追赶此前更受青睐的<a href=\"https://laohu8.com/S/NVDA\">英伟达</a>和<a href=\"https://laohu8.com/S/AVGO\">博通</a>,维持对存储板块的积极判断,将此次回调定性为具有吸引力的买入窗口。</p></body></html>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.szfiu.com/news/20250107/M2RkMDMzZDc5MTczNjIzNzY2ODA2Mg==.png","relate_stocks":{"BK4566":"资本集团","IE00BK4W5M84.HKD":"HSBC 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什么逻辑","listText":"啥时候做空要这么大张旗鼓的啦,告诉我全世界我在做空你[惊讶] 什么逻辑","text":"啥时候做空要这么大张旗鼓的啦,告诉我全世界我在做空你[惊讶] 什么逻辑","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/536277175500960","repostId":"1120902790","repostType":2,"repost":{"id":"1120902790","kind":"news","weMediaInfo":{"introduction":"为用户提供金融资讯、行情、数据,旨在帮助投资者理解世界,做投资决策。","home_visible":1,"media_name":"老虎资讯综合","id":"102","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1771944490,"share":"https://www.laohunote.com/m/news/1120902790?lang=zh_CN&edition=full","pubTime":"2026-02-24 22:48","market":"us","language":"zh","title":"知名做空机构香橼称正在做空闪迪,指存储芯片市场繁荣为“供应幻象”","url":"https://stock-news.laohu8.com/highlight/detail?id=1120902790","media":"老虎资讯综合","summary":"指当前存储芯片市场繁荣为“供应幻象”。","content":"<html><head></head><body><p><strong>知名做空机构香橼称正在做空 <a href=\"https://laohu8.com/S/SNDK\">闪迪</a> ,指当前存储芯片市场繁荣为“供应幻象”。</strong></p><p>香橼续称,市场正按照英伟达的逻辑给闪迪定价,但这存在一个致命问题:英伟达拥有护城河,而闪迪销售的仅仅是大宗商品。存储芯片本质上是周期性行业,而周期终会见顶。</p><p>闪迪盘中震荡下挫,截至发稿跌幅超5%。同时, <a href=\"https://laohu8.com/S/STX\">希捷科技</a> 跌近3%, <a href=\"https://laohu8.com/S/WDC\">西部数据</a> 跌2%, <a href=\"https://laohu8.com/S/MU\">美光科技</a> 跌约1%。</p><p></p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/943ede7ba4aac71b369748ef6729a72f\" title=\"\" tg-width=\"560\" tg-height=\"240\"/></p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/d1160973a09dc1249fa306fd91b9d84c\" title=\"\" tg-width=\"591\" tg-height=\"860\"/></p></body></html>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" 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22:48</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<html><head></head><body><p><strong>知名做空机构香橼称正在做空 <a href=\"https://laohu8.com/S/SNDK\">闪迪</a> ,指当前存储芯片市场繁荣为“供应幻象”。</strong></p><p>香橼续称,市场正按照英伟达的逻辑给闪迪定价,但这存在一个致命问题:英伟达拥有护城河,而闪迪销售的仅仅是大宗商品。存储芯片本质上是周期性行业,而周期终会见顶。</p><p>闪迪盘中震荡下挫,截至发稿跌幅超5%。同时, <a href=\"https://laohu8.com/S/STX\">希捷科技</a> 跌近3%, <a href=\"https://laohu8.com/S/WDC\">西部数据</a> 跌2%, <a href=\"https://laohu8.com/S/MU\">美光科技</a> 跌约1%。</p><p></p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/943ede7ba4aac71b369748ef6729a72f\" title=\"\" tg-width=\"560\" tg-height=\"240\"/></p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/d1160973a09dc1249fa306fd91b9d84c\" title=\"\" tg-width=\"591\" tg-height=\"860\"/></p></body></html>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/42124aee3650a48de8abd3a477140231","relate_stocks":{"SNDK":"闪迪"},"source_url":"","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1120902790","content_text":"知名做空机构香橼称正在做空 闪迪 ,指当前存储芯片市场繁荣为“供应幻象”。香橼续称,市场正按照英伟达的逻辑给闪迪定价,但这存在一个致命问题:英伟达拥有护城河,而闪迪销售的仅仅是大宗商品。存储芯片本质上是周期性行业,而周期终会见顶。闪迪盘中震荡下挫,截至发稿跌幅超5%。同时, 希捷科技 跌近3%, 西部数据 跌2%, 美光科技 跌约1%。","news_type":1,"symbols_score_info":{"SNDK":2}},"isVote":1,"tweetType":1,"viewCount":2107,"authorTweetTopStatus":1,"verified":2,"comments":[{"author":{"id":"3528025501794600","authorId":"3528025501794600","name":"稳稳101","avatar":"https://static.tigerbbs.com/bd835c68253134b90f2d66539ba457ff","crmLevel":7,"crmLevelSwitch":0,"idStr":"3528025501794600","authorIdStr":"3528025501794600"},"content":"当然要高调了,不然怎么有人跟着","text":"当然要高调了,不然怎么有人跟着","html":"当然要高调了,不然怎么有人跟着"}],"imageCount":0,"langContent":"CN","totalScore":0}],"lives":[]}