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Alex_0099

Alex_0099

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0勋章

10-29 23:37

how dare you touch AI stock

Alphabet财报不及预期，伯克希尔这笔重仓或已浮亏

10-28 19:41

All good ERs are coming, be prepared to fly

异动解读｜SK海力士盘前上涨7.75%，创纪录业绩叠加百万亿韩元股东回报提振情绪

10-23

‌ bloody hell, our asses got kicked‌

10-13

yes, but look at solar now, and EV, everyone will lose

马斯克谈芯片生产：中国规模化制造能力往往超过全球其他地区总和

10-13

we win by killing everyone, including ourselves

木头姐：长鑫存储等中国厂商扩产DRAM，存储芯片市场波动或将加剧

08-13

次贷风险来源于穷人炒房，客户经理和衍生工具。AI代表人类最高智慧，不是一个层面

“大空头”输急眼了? 伯里怒斥英伟达5000亿美元融资是“2008金融工程”，市场却用真金白银力挺AI算力需求

08-13

$SpaceX(SPCX)$ OPENAI上市不容易了

08-07

$SpaceX(SPCX)$ 昨天挺住今天挤兑

08-07

$SpaceX(SPCX)$ 换手率不高

07-17

‌$美光科技(MU)$ Chang Xin scared all these shits away‌

07-06

$美国超微公司(AMD)$ too crazy!

07-02

如果搞成了，云服务只会要更多算力设备，就和SPCX一样。下周见反弹！

报道：Meta筹划进军云计算市场，以出售富余的AI算力资源

06-01

‌$美国超微公司(AMD)$ ‌‌ ‌what a bounce back

05-28

$三倍做空半导体ETF-Direxion Daily(SOXS)$ it is time

05-20

敢打敢拼，比那几个跟屁虫山寨货强一万倍

理想失去吸引力了？

05-11

‌$美光科技(MU)$ ‌‌ ‌ MU foward PE is only 10-20, but memory stocks historically showed strong cyclic. So, so can MU break the curse?

05-09

‌$英特尔(INTC)$ wtf‌

04-30

‌$Meta Platforms, Inc.(META)$ ‌‌ Google is the winner, all others are losers

04-23

‌$美国超微公司(AMD)$ Even Lisa cannot believe $300

04-18

what a joker

伯恩斯坦上调AMD目标价至265美元

去老虎APP查看更多动态

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tg-height=\"735\"/></p><p>该公司第三季度每股收益为2.12美元，低于去年同期的2.87美元，也低于市场一致预期的约3美元。由于与AI相关的大规模资本支出，该公司第三季度自由现金流为负90亿美元。</p><p>对于需要投资者为巨额AI投入买单的企业来说，盈利不及预期是难以接受的。<strong>Alphabet第三季度资本开支达514亿美元，公司预计全年资本支出约2000亿美元，意味着第四季度还将投入680亿美元。</strong></p><p><strong>首席财务官阿纳特・阿什肯纳齐证实，2027年相关投资还将“大幅增加”。截至第三季度末，Alphabet未来采购承诺规模高达9240亿美元。</strong></p><p><strong>SpaceX拖累Alphabet三季度业绩</strong></p><p>Alphabet第三季度财报显示，营业利润约410亿美元，去年同期为310亿美元；营收1276亿美元，同比增长25%。</p><p>营收基本符合华尔街预期，但营业利润较市场预期低约20亿美元。其中，包含搜索广告业务在内的服务板块利润较预期缺口约10亿美元。不过FactSet数据显示，云业务利润超出预期约10亿美元。</p><p>更大的落差出现在净利润上。Alphabet公布的最终净利润为262亿美元，低于预期的370亿美元。不过，<strong>这一差距中包含了一项82亿美元的“其他损益”相下亏损，其中包括对所持SpaceX股权按市价计量产生的约110亿美元税前亏损。</strong></p><p><strong>Alphabet持有约5.5亿股SpaceX股票，SpaceX第三季度末的收盘价约为151美元，较第二季度末约171美元的收盘价下跌了20美元。</strong></p><p>根据Barron’s的测算，如果不计按市值计价的亏损，Alphabet第三季度每股收益本应更接近2.80美元。虽然这仍低于分析师预测的3美元，但也没有财报披露的2.12美元那么糟。</p><p>当然，投资者很精明，他们知道如何调整这些数字。但他们依旧对Alphabet这份财报不满意。</p><p>截至周三日内收盘，Alphabet今年以来仅上涨4%，跑输标普500指数约9个百分点。</p><p><strong>伯克希尔大额持仓可能录得亏损</strong></p><p>巴菲特在7月接受CNBC采访时表示，买入Alphabet股票是他本人的决定。巴菲特于2025年底卸任伯克希尔CEO，但期间继续担任董事长。直到最近他将董事长一职交给了儿子霍华德·巴菲特。</p><p><strong>目前无法精准计算伯克希尔持有Alphabet股票的平均成本，但很可能高于每股300美元，甚至接近320美元。</strong></p><p>伯克希尔在2025年第三季度买入了1800万股Alphabet股票，当时Alphabet均价约为<strong>每股225美元</strong>；2026年第一季度买入约4000万股，当时股价均价<strong>约为315美元</strong>；第二季度又买入近5000万股，其中约3000万股来自承销发行，<strong>价格约350美元</strong>。截至6月30日，<strong>伯克希尔共持有1.06亿股Alphabet股票</strong>——包括有投票权和无投票权股票。</p><p>按周三盘后股价计算，伯克希尔持有的Alphabet股份目前价值约300亿美元，低于6月份370亿美元的峰值。Alphabet是伯克希尔第四大股票持仓，仅次于苹果、美国运通和可口可乐。</p><p>Barron’s 6月曾写道，鉴于Alphabet股价前一年已经大幅上涨，伯克希尔入局的时机或许偏晚。</p><p>伯克希尔过去会披露其前15大股票持仓的成本基准，但本世纪20年代初不再披露该数据。这也让外界很难核算其多笔新增投资的盈亏，难以对管理层的股票投资表现进行审视。</p><p><strong>资本支出持续高企与Anthropic依赖</strong></p><p>上个季度，Alphabet资本支出已超过公司可观的运营现金流，华尔街预计这一趋势将持续到2028年。FactSet的数据显示，受此影响，公司已经连续三个季度没有开展股票回购，这是2015年以来的首次。</p><p>为支撑巨额开销，Alphabet一直在大规模筹措资金。2026年前三季度，公司发行债务852亿美元，通过发售普通股募资429亿美元，另外通过强制性可转换优先股融资190亿美元。</p><p><strong>随着AI初创公司Anthropic于周一披露IPO招股书，Alphabet与Anthropic之间的交易对手风险受到市场高度关注。这份招股书中，“谷歌”一词被提及109次。</strong>谷歌既是被列明的竞争对手，也是IPO后持股超5%的股东，同时还是Anthropic最重要的供应商之一。</p><p>与此同时，<strong>Anthropic可能是谷歌张量处理单元（TPU）AI芯片的最大用户。</strong>Anthropic与谷歌云签订协议，2033年前的合同金额达1145亿美元。另有一份TPU云服务合约周期为2028‑2031年，合同价值1250‑1500亿美元，不过谷歌未必是该项目的唯一服务商。此外，和谷歌联合设计芯片的博通，也向Anthropic收取五年期TPU租赁费用，总金额1610亿美元。</p><p><strong>谷歌云与TPU当下以及未来的成败很大程度上依赖Anthropic。未来Alphabet的股价走势可能会随Anthropic的消息而动，就像甲骨文股价会受市场对OpenAI情绪变化的冲击一样。</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>Alphabet财报不及预期，伯克希尔这笔重仓或已浮亏</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; 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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\">\nAlphabet财报不及预期，伯克希尔这笔重仓或已浮亏\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1063202233\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/dd0fd02e1b0644cdbe57505e702dacab);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Barrons巴伦 </p>\n<p class=\"h-time\">2026-10-29 12:53</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<html><head></head><body><p>周三盘后，Alphabet股价跌至292.5美元。伯克希尔持有Alphabet股票的平均成本难以精准计算，但很可能高于每股300美元，甚至接近320美元。</p><p>沃伦·巴菲特作为伯克希尔·哈撒韦董事长所做的最后一笔重大股权投资，目前看来并不顺利，因为Alphabet在交出令人失望的第三季度财报后，股价大幅下跌。</p><p>伯克希尔在2026年上半年大举建仓Alphabet股票，其中包括在6月初Alphabet 850亿美元股权融资中，以每股约350美元买入100亿美元。</p><p><strong>周三晚间财报发布后，Alphabet股价在盘后交易中下跌10%，至292.5美元。</strong></p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/e92863e66e680752230697ccc05f597e\" tg-width=\"858\" tg-height=\"735\"/></p><p>该公司第三季度每股收益为2.12美元，低于去年同期的2.87美元，也低于市场一致预期的约3美元。由于与AI相关的大规模资本支出，该公司第三季度自由现金流为负90亿美元。</p><p>对于需要投资者为巨额AI投入买单的企业来说，盈利不及预期是难以接受的。<strong>Alphabet第三季度资本开支达514亿美元，公司预计全年资本支出约2000亿美元，意味着第四季度还将投入680亿美元。</strong></p><p><strong>首席财务官阿纳特・阿什肯纳齐证实，2027年相关投资还将“大幅增加”。截至第三季度末，Alphabet未来采购承诺规模高达9240亿美元。</strong></p><p><strong>SpaceX拖累Alphabet三季度业绩</strong></p><p>Alphabet第三季度财报显示，营业利润约410亿美元，去年同期为310亿美元；营收1276亿美元，同比增长25%。</p><p>营收基本符合华尔街预期，但营业利润较市场预期低约20亿美元。其中，包含搜索广告业务在内的服务板块利润较预期缺口约10亿美元。不过FactSet数据显示，云业务利润超出预期约10亿美元。</p><p>更大的落差出现在净利润上。Alphabet公布的最终净利润为262亿美元，低于预期的370亿美元。不过，<strong>这一差距中包含了一项82亿美元的“其他损益”相下亏损，其中包括对所持SpaceX股权按市价计量产生的约110亿美元税前亏损。</strong></p><p><strong>Alphabet持有约5.5亿股SpaceX股票，SpaceX第三季度末的收盘价约为151美元，较第二季度末约171美元的收盘价下跌了20美元。</strong></p><p>根据Barron’s的测算，如果不计按市值计价的亏损，Alphabet第三季度每股收益本应更接近2.80美元。虽然这仍低于分析师预测的3美元，但也没有财报披露的2.12美元那么糟。</p><p>当然，投资者很精明，他们知道如何调整这些数字。但他们依旧对Alphabet这份财报不满意。</p><p>截至周三日内收盘，Alphabet今年以来仅上涨4%，跑输标普500指数约9个百分点。</p><p><strong>伯克希尔大额持仓可能录得亏损</strong></p><p>巴菲特在7月接受CNBC采访时表示，买入Alphabet股票是他本人的决定。巴菲特于2025年底卸任伯克希尔CEO，但期间继续担任董事长。直到最近他将董事长一职交给了儿子霍华德·巴菲特。</p><p><strong>目前无法精准计算伯克希尔持有Alphabet股票的平均成本，但很可能高于每股300美元，甚至接近320美元。</strong></p><p>伯克希尔在2025年第三季度买入了1800万股Alphabet股票，当时Alphabet均价约为<strong>每股225美元</strong>；2026年第一季度买入约4000万股，当时股价均价<strong>约为315美元</strong>；第二季度又买入近5000万股，其中约3000万股来自承销发行，<strong>价格约350美元</strong>。截至6月30日，<strong>伯克希尔共持有1.06亿股Alphabet股票</strong>——包括有投票权和无投票权股票。</p><p>按周三盘后股价计算，伯克希尔持有的Alphabet股份目前价值约300亿美元，低于6月份370亿美元的峰值。Alphabet是伯克希尔第四大股票持仓，仅次于苹果、美国运通和可口可乐。</p><p>Barron’s 6月曾写道，鉴于Alphabet股价前一年已经大幅上涨，伯克希尔入局的时机或许偏晚。</p><p>伯克希尔过去会披露其前15大股票持仓的成本基准，但本世纪20年代初不再披露该数据。这也让外界很难核算其多笔新增投资的盈亏，难以对管理层的股票投资表现进行审视。</p><p><strong>资本支出持续高企与Anthropic依赖</strong></p><p>上个季度，Alphabet资本支出已超过公司可观的运营现金流，华尔街预计这一趋势将持续到2028年。FactSet的数据显示，受此影响，公司已经连续三个季度没有开展股票回购，这是2015年以来的首次。</p><p>为支撑巨额开销，Alphabet一直在大规模筹措资金。2026年前三季度，公司发行债务852亿美元，通过发售普通股募资429亿美元，另外通过强制性可转换优先股融资190亿美元。</p><p><strong>随着AI初创公司Anthropic于周一披露IPO招股书，Alphabet与Anthropic之间的交易对手风险受到市场高度关注。这份招股书中，“谷歌”一词被提及109次。</strong>谷歌既是被列明的竞争对手，也是IPO后持股超5%的股东，同时还是Anthropic最重要的供应商之一。</p><p>与此同时，<strong>Anthropic可能是谷歌张量处理单元（TPU）AI芯片的最大用户。</strong>Anthropic与谷歌云签订协议，2033年前的合同金额达1145亿美元。另有一份TPU云服务合约周期为2028‑2031年，合同价值1250‑1500亿美元，不过谷歌未必是该项目的唯一服务商。此外，和谷歌联合设计芯片的博通，也向Anthropic收取五年期TPU租赁费用，总金额1610亿美元。</p><p><strong>谷歌云与TPU当下以及未来的成败很大程度上依赖Anthropic。未来Alphabet的股价走势可能会随Anthropic的消息而动，就像甲骨文股价会受市场对OpenAI情绪变化的冲击一样。</strong></p></body></html>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/f348812ea39b45cad3d64af127992eb9","relate_stocks":{"GGLS":"1倍做空GOOGL ETF-Direxion","GOOL":"Leverage Shares 2X Long GOOGL Daily ETF","GOGL":"2倍做多GOOGL ETF-Corgi","GOOGL":"谷歌A","GOOX":"2倍做多GOOG ETF-T-REX","GOOP":"KURV YIELD PREMIUM STRATEGY GOOGLE (GOOGL) ETF","GOU":"GraniteShares 2x Long GOOGL Daily ETF","GOOG":"谷歌","GGLL":"2倍做多GOOGL-Direxion","GOOY":"GOOGL期权收益策略ETF-YieldMax","GOOW":"Roundhill GOOGL WeeklyPay ETF"},"source_url":"","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1163674514","content_text":"周三盘后，Alphabet股价跌至292.5美元。伯克希尔持有Alphabet股票的平均成本难以精准计算，但很可能高于每股300美元，甚至接近320美元。沃伦·巴菲特作为伯克希尔·哈撒韦董事长所做的最后一笔重大股权投资，目前看来并不顺利，因为Alphabet在交出令人失望的第三季度财报后，股价大幅下跌。伯克希尔在2026年上半年大举建仓Alphabet股票，其中包括在6月初Alphabet 850亿美元股权融资中，以每股约350美元买入100亿美元。周三晚间财报发布后，Alphabet股价在盘后交易中下跌10%，至292.5美元。该公司第三季度每股收益为2.12美元，低于去年同期的2.87美元，也低于市场一致预期的约3美元。由于与AI相关的大规模资本支出，该公司第三季度自由现金流为负90亿美元。对于需要投资者为巨额AI投入买单的企业来说，盈利不及预期是难以接受的。Alphabet第三季度资本开支达514亿美元，公司预计全年资本支出约2000亿美元，意味着第四季度还将投入680亿美元。首席财务官阿纳特・阿什肯纳齐证实，2027年相关投资还将“大幅增加”。截至第三季度末，Alphabet未来采购承诺规模高达9240亿美元。SpaceX拖累Alphabet三季度业绩Alphabet第三季度财报显示，营业利润约410亿美元，去年同期为310亿美元；营收1276亿美元，同比增长25%。营收基本符合华尔街预期，但营业利润较市场预期低约20亿美元。其中，包含搜索广告业务在内的服务板块利润较预期缺口约10亿美元。不过FactSet数据显示，云业务利润超出预期约10亿美元。更大的落差出现在净利润上。Alphabet公布的最终净利润为262亿美元，低于预期的370亿美元。不过，这一差距中包含了一项82亿美元的“其他损益”相下亏损，其中包括对所持SpaceX股权按市价计量产生的约110亿美元税前亏损。Alphabet持有约5.5亿股SpaceX股票，SpaceX第三季度末的收盘价约为151美元，较第二季度末约171美元的收盘价下跌了20美元。根据Barron’s的测算，如果不计按市值计价的亏损，Alphabet第三季度每股收益本应更接近2.80美元。虽然这仍低于分析师预测的3美元，但也没有财报披露的2.12美元那么糟。当然，投资者很精明，他们知道如何调整这些数字。但他们依旧对Alphabet这份财报不满意。截至周三日内收盘，Alphabet今年以来仅上涨4%，跑输标普500指数约9个百分点。伯克希尔大额持仓可能录得亏损巴菲特在7月接受CNBC采访时表示，买入Alphabet股票是他本人的决定。巴菲特于2025年底卸任伯克希尔CEO，但期间继续担任董事长。直到最近他将董事长一职交给了儿子霍华德·巴菲特。目前无法精准计算伯克希尔持有Alphabet股票的平均成本，但很可能高于每股300美元，甚至接近320美元。伯克希尔在2025年第三季度买入了1800万股Alphabet股票，当时Alphabet均价约为每股225美元；2026年第一季度买入约4000万股，当时股价均价约为315美元；第二季度又买入近5000万股，其中约3000万股来自承销发行，价格约350美元。截至6月30日，伯克希尔共持有1.06亿股Alphabet股票——包括有投票权和无投票权股票。按周三盘后股价计算，伯克希尔持有的Alphabet股份目前价值约300亿美元，低于6月份370亿美元的峰值。Alphabet是伯克希尔第四大股票持仓，仅次于苹果、美国运通和可口可乐。Barron’s 6月曾写道，鉴于Alphabet股价前一年已经大幅上涨，伯克希尔入局的时机或许偏晚。伯克希尔过去会披露其前15大股票持仓的成本基准，但本世纪20年代初不再披露该数据。这也让外界很难核算其多笔新增投资的盈亏，难以对管理层的股票投资表现进行审视。资本支出持续高企与Anthropic依赖上个季度，Alphabet资本支出已超过公司可观的运营现金流，华尔街预计这一趋势将持续到2028年。FactSet的数据显示，受此影响，公司已经连续三个季度没有开展股票回购，这是2015年以来的首次。为支撑巨额开销，Alphabet一直在大规模筹措资金。2026年前三季度，公司发行债务852亿美元，通过发售普通股募资429亿美元，另外通过强制性可转换优先股融资190亿美元。随着AI初创公司Anthropic于周一披露IPO招股书，Alphabet与Anthropic之间的交易对手风险受到市场高度关注。这份招股书中，“谷歌”一词被提及109次。谷歌既是被列明的竞争对手，也是IPO后持股超5%的股东，同时还是Anthropic最重要的供应商之一。与此同时，Anthropic可能是谷歌张量处理单元（TPU）AI芯片的最大用户。Anthropic与谷歌云签订协议，2033年前的合同金额达1145亿美元。另有一份TPU云服务合约周期为2028‑2031年，合同价值1250‑1500亿美元，不过谷歌未必是该项目的唯一服务商。此外，和谷歌联合设计芯片的博通，也向Anthropic收取五年期TPU租赁费用，总金额1610亿美元。谷歌云与TPU当下以及未来的成败很大程度上依赖Anthropic。未来Alphabet的股价走势可能会随Anthropic的消息而动，就像甲骨文股价会受市场对OpenAI情绪变化的冲击一样。","news_type":1,"symbols_score_info":{"GGLS":0.6,"GOGL":0.6,"GOOL":0.6,"GOU":0.6,"GOOP":0.6,"GOOGL":2,"GGLL":0.6,"GOOX":0.6,"GOOG":2,"GOOY":0.6,"GOOW":0.6}},"isVote":1,"tweetType":1,"viewCount":8,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":623198904103136,"gmtCreate":1793187713437,"gmtModify":1793187715374,"author":{"id":"3535535770162265","authorId":"3535535770162265","name":"Alex_0099","avatar":"https://static.tigerbbs.com/5f1a58594ee71017c239db9e4dfea780","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3535535770162265","idStr":"3535535770162265"},"themes":[],"title":"","htmlText":"All good ERs are coming, be prepared to fly","listText":"All good ERs are coming, be prepared to fly","text":"All good ERs are coming, be prepared to fly","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/623198904103136","repostId":"1184133217","repostType":2,"repost":{"id":"1184133217","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":1793174464,"share":"https://www.laohunote.com/m/news/1184133217?lang=zh_CN&edition=full","pubTime":"2026-10-28 16:01","market":"hk","language":"zh","title":"异动解读｜SK海力士盘前上涨7.75%，创纪录业绩叠加百万亿韩元股东回报提振情绪","url":"https://stock-news.laohu8.com/highlight/detail?id=1184133217","media":"行情直击","summary":"10月28日，SK海力士盘前上涨7.75%，报157.0美元/股，成交额399.3万美元。此次异动的直接催化，是公司第三季度营收与营业利润双双刷新纪录，并推出约100万亿韩元股东回报计划。公司当季营收104.6万亿韩元、营业利润83.3万亿韩元，分别高于市场预期约7%和9%，营业利润率达80%；同时拟通过逾60万亿韩元回购注销与逾30万亿韩元现金分红回馈股东。业绩超预期、回购分红力度远超市场预期，叠加供需指引强劲，共同推动股价走强。","content":"<p><p>10月28日，SK海力士盘前上涨7.75%，报157.0美元/股，成交额399.3万美元。</p><p>此次异动的直接催化，是公司第三季度营收与营业利润双双刷新纪录，并推出约100万亿韩元股东回报计划。公司当季营收104.6万亿韩元、营业利润83.3万亿韩元，分别高于市场预期约7%和9%，营业利润率达80%；同时拟通过逾60万亿韩元回购注销与逾30万亿韩元现金分红回馈股东。</p><p>管理层还表示，DRAM和HBM产能到2029年已接近售罄，存储芯片供需偏紧或延续，HBM4将成为后续增长主力。业绩超预期、回购分红力度远超市场预期，叠加供需指引强劲，共同推动股价走强。</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｜SK海力士盘前上涨7.75%，创纪录业绩叠加百万亿韩元股东回报提振情绪</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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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｜SK海力士盘前上涨7.75%，创纪录业绩叠加百万亿韩元股东回报提振情绪\n</h2>\n\n<h4 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\">2026-10-28 16:01</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<p><p>10月28日，SK海力士盘前上涨7.75%，报157.0美元/股，成交额399.3万美元。</p><p>此次异动的直接催化，是公司第三季度营收与营业利润双双刷新纪录，并推出约100万亿韩元股东回报计划。公司当季营收104.6万亿韩元、营业利润83.3万亿韩元，分别高于市场预期约7%和9%，营业利润率达80%；同时拟通过逾60万亿韩元回购注销与逾30万亿韩元现金分红回馈股东。</p><p>管理层还表示，DRAM和HBM产能到2029年已接近售罄，存储芯片供需偏紧或延续，HBM4将成为后续增长主力。业绩超预期、回购分红力度远超市场预期，叠加供需指引强劲，共同推动股价走强。</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":{"SKHY":"SK海力士"},"source_url":"","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1184133217","content_text":"10月28日，SK海力士盘前上涨7.75%，报157.0美元/股，成交额399.3万美元。此次异动的直接催化，是公司第三季度营收与营业利润双双刷新纪录，并推出约100万亿韩元股东回报计划。公司当季营收104.6万亿韩元、营业利润83.3万亿韩元，分别高于市场预期约7%和9%，营业利润率达80%；同时拟通过逾60万亿韩元回购注销与逾30万亿韩元现金分红回馈股东。管理层还表示，DRAM和HBM产能到2029年已接近售罄，存储芯片供需偏紧或延续，HBM4将成为后续增长主力。业绩超预期、回购分红力度远超市场预期，叠加供需指引强劲，共同推动股价走强。（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":{"SKHY":1}},"isVote":1,"tweetType":1,"viewCount":49,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":621248447853472,"gmtCreate":1792699141703,"gmtModify":1792715441324,"author":{"id":"3535535770162265","authorId":"3535535770162265","name":"Alex_0099","avatar":"https://static.tigerbbs.com/5f1a58594ee71017c239db9e4dfea780","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3535535770162265","idStr":"3535535770162265"},"themes":[],"title":"","htmlText":"‌ bloody hell, our asses got kicked‌","listText":"‌ bloody hell, our asses got kicked‌","text":"‌ bloody hell, our asses got kicked‌","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/621248447853472","isVote":1,"tweetType":1,"viewCount":139,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":617972431811424,"gmtCreate":1791891381065,"gmtModify":1791891382916,"author":{"id":"3535535770162265","authorId":"3535535770162265","name":"Alex_0099","avatar":"https://static.tigerbbs.com/5f1a58594ee71017c239db9e4dfea780","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3535535770162265","idStr":"3535535770162265"},"themes":[],"title":"","htmlText":"yes, but look at solar now, and EV, everyone will lose","listText":"yes, but look at solar now, and EV, everyone will lose","text":"yes, but look at solar now, and EV, everyone will lose","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/617972431811424","repostId":"2675387738","repostType":2,"repost":{"id":"2675387738","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":1791863329,"share":"https://www.laohunote.com/m/news/2675387738?lang=zh_CN&edition=full","pubTime":"2026-10-13 11:48","market":"other","language":"zh","title":"马斯克谈芯片生产：中国规模化制造能力往往超过全球其他地区总和","url":"https://stock-news.laohu8.com/highlight/detail?id=2675387738","media":"华尔街见闻","summary":"长鑫存储宣布DDR5服务器内存关键突破后，隔夜美股费城半导体指数跌2.7%，美光、SK海力士ADR等集体下挫。马斯克对这一走势评论称，当中国摸清一种产品的制造方法，其规模化能力往往超过全球其余地区总和，并表示\"中国似乎正在快速攻克\"LP5和LP6等通用标准规格。","content":"<html><body><p>马斯克对中国制造业规模化能力的最新表态，在芯片行业已引发的竞争焦虑上再添一把火。</p>\n<p>隔夜，中国存储芯片厂商长鑫存储的最新技术突破消息，冲击了美股芯片板块——费城半导体指数周一下跌2.7%，创三周新低。美光、闪迪、<a href=\"https://laohu8.com/S/SKHY\">SK海力士</a>ADR等内存芯片相关个股领跌，市场对中国厂商加速切入高毛利AI服务器内存市场的担忧情绪明显升温。</p>\n<p>针对这一走势，AI分析师Melvin表示他完全无法理解这波内存股的抛售潮，认为市场反应过度，这波抛售并不合理。</p>\n<p>随后，马斯克在社交平台X上发文回应称，<strong>一旦中国掌握某种产品的制造方法，其规模化能力往往超过全球其他地区的总和，并以锂电池和太阳能为例加以佐证。</strong><strong>他同时对中国在内存芯片领域的追赶速度表达了明确关切，认为LP5和LP6等通用标准规格\"中国似乎正在快速攻克\"。</strong></p>\n<h2>马斯克：中国规模化能力是系统性优势</h2>\n<p>马斯克在帖文中将中国的制造规模化能力定性为一种系统性优势，而非个案现象。他写道：\"当中国弄清楚如何制造一种产品时，其规模化能力往往超过世界其他地区的总和。我们在锂电池和太阳能领域已经见证了这一点。\"</p>\n<p>他以<a href=\"https://laohu8.com/S/SPCX\">SpaceX</a>为参照，指出SpaceX是少数例外之一——其入轨质量大约比世界其他所有运载火箭加起来高出一个数量级。但他随即补充，即便如此，中国目前已占据非SpaceX入轨质量的大部分份额，\"SpaceX是<a href=\"https://laohu8.com/S/301365\">矩阵</a>中的异常值\"。</p>\n<p>在内存芯片领域，马斯克的判断更为直接。他表示，RAM三年前还只是一种低利润大宗商品，而LP5和LP6采用通用标准设计，\"中国似乎正在快速解决\"。他同时指出，更新一代的HBM架构、逻辑层下方的SRAM层，以及在逻辑层上方进行3D堆叠RAM同时解决散热问题，将是更难攻克的技术挑战。</p>\n<p><img src=\"https://wpimg-wscn.awtmt.com/16603103-5dec-4ff5-8859-4386b7104df4.png\"/></p>\n<h2>长鑫存储技术突破触发市场抛售</h2>\n<p>马斯克的表态并非凭空而来。就在此前周末，长鑫存储总裁曹堪宇博士在行业活动上宣布，<strong>公司在下一代4F²存储单元架构上取得关键进展，并计划于2026年底前推出基于该架构的DDR5服务器内存产品。</strong></p>\n<p>4F²架构的核心优势在于存储单元面积更小。传统DRAM常见的6F²架构中，F代表工艺最小线宽，而4F²设计理论上可在单位面积内容纳约多三分之一的比特数，从而降低单位成本，并更适合用于AI服务器所需的大容量内存条。曹堪宇表示，该设计采用专有的垂直环绕栅极晶体管以抑制漏电，直接指向高毛利的AI服务器DRAM市场。</p>\n<p>这一消息令市场对中国厂商加速渗透高端存储芯片市场的担忧骤然升温，成为周一芯片股集体下挫的直接导火索。科技股成为周一美股表现最差的板块，内存芯片相关个股首当其冲。美光跌破1000美元关口，最终收跌约4%；闪迪收跌近6%；SK海力士ADR与超微电脑均跌超4%；希捷科技跌超3%；<a href=\"https://laohu8.com/S/QMCO\">昆腾</a>跌超9%；康宁亦大幅下挫。</p>\n<p>市场的抛售逻辑清晰：若中国厂商能够以更低成本、更大规模切入此前由美韩企业主导的高端存储芯片市场，相关企业的利润空间将面临实质性压缩。马斯克的公开表态，在一定程度上强化了投资者对这一竞争格局演变的预期。</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>马斯克谈芯片生产：中国规模化制造能力往往超过全球其他地区总和</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马斯克谈芯片生产：中国规模化制造能力往往超过全球其他地区总和\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\">2026-10-13 11:48</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<html><body><p>马斯克对中国制造业规模化能力的最新表态，在芯片行业已引发的竞争焦虑上再添一把火。</p>\n<p>隔夜，中国存储芯片厂商长鑫存储的最新技术突破消息，冲击了美股芯片板块——费城半导体指数周一下跌2.7%，创三周新低。美光、闪迪、<a href=\"https://laohu8.com/S/SKHY\">SK海力士</a>ADR等内存芯片相关个股领跌，市场对中国厂商加速切入高毛利AI服务器内存市场的担忧情绪明显升温。</p>\n<p>针对这一走势，AI分析师Melvin表示他完全无法理解这波内存股的抛售潮，认为市场反应过度，这波抛售并不合理。</p>\n<p>随后，马斯克在社交平台X上发文回应称，<strong>一旦中国掌握某种产品的制造方法，其规模化能力往往超过全球其他地区的总和，并以锂电池和太阳能为例加以佐证。</strong><strong>他同时对中国在内存芯片领域的追赶速度表达了明确关切，认为LP5和LP6等通用标准规格\"中国似乎正在快速攻克\"。</strong></p>\n<h2>马斯克：中国规模化能力是系统性优势</h2>\n<p>马斯克在帖文中将中国的制造规模化能力定性为一种系统性优势，而非个案现象。他写道：\"当中国弄清楚如何制造一种产品时，其规模化能力往往超过世界其他地区的总和。我们在锂电池和太阳能领域已经见证了这一点。\"</p>\n<p>他以<a href=\"https://laohu8.com/S/SPCX\">SpaceX</a>为参照，指出SpaceX是少数例外之一——其入轨质量大约比世界其他所有运载火箭加起来高出一个数量级。但他随即补充，即便如此，中国目前已占据非SpaceX入轨质量的大部分份额，\"SpaceX是<a href=\"https://laohu8.com/S/301365\">矩阵</a>中的异常值\"。</p>\n<p>在内存芯片领域，马斯克的判断更为直接。他表示，RAM三年前还只是一种低利润大宗商品，而LP5和LP6采用通用标准设计，\"中国似乎正在快速解决\"。他同时指出，更新一代的HBM架构、逻辑层下方的SRAM层，以及在逻辑层上方进行3D堆叠RAM同时解决散热问题，将是更难攻克的技术挑战。</p>\n<p><img src=\"https://wpimg-wscn.awtmt.com/16603103-5dec-4ff5-8859-4386b7104df4.png\"/></p>\n<h2>长鑫存储技术突破触发市场抛售</h2>\n<p>马斯克的表态并非凭空而来。就在此前周末，长鑫存储总裁曹堪宇博士在行业活动上宣布，<strong>公司在下一代4F²存储单元架构上取得关键进展，并计划于2026年底前推出基于该架构的DDR5服务器内存产品。</strong></p>\n<p>4F²架构的核心优势在于存储单元面积更小。传统DRAM常见的6F²架构中，F代表工艺最小线宽，而4F²设计理论上可在单位面积内容纳约多三分之一的比特数，从而降低单位成本，并更适合用于AI服务器所需的大容量内存条。曹堪宇表示，该设计采用专有的垂直环绕栅极晶体管以抑制漏电，直接指向高毛利的AI服务器DRAM市场。</p>\n<p>这一消息令市场对中国厂商加速渗透高端存储芯片市场的担忧骤然升温，成为周一芯片股集体下挫的直接导火索。科技股成为周一美股表现最差的板块，内存芯片相关个股首当其冲。美光跌破1000美元关口，最终收跌约4%；闪迪收跌近6%；SK海力士ADR与超微电脑均跌超4%；希捷科技跌超3%；<a href=\"https://laohu8.com/S/QMCO\">昆腾</a>跌超9%；康宁亦大幅下挫。</p>\n<p>市场的抛售逻辑清晰：若中国厂商能够以更低成本、更大规模切入此前由美韩企业主导的高端存储芯片市场，相关企业的利润空间将面临实质性压缩。马斯克的公开表态，在一定程度上强化了投资者对这一竞争格局演变的预期。</p></body></html>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"IE0002270589.USD":"LEGG MASON CLEARBRIDGE VALUE \"A\" (USD) INC","IE00BSNM7G36.USD":"NEUBERGER BERMAN SYSTEMATIC GLOBAL SUSTAINABLE VALUE \"A\" (USD) ACC","LU2168563687.JPY":"AZ ALLOCATION - TREND \"AAZ\" (JPYHDG) ACC","MUYY":"GraniteShares YieldBOOSTMU ETF","FAI":"First Trust Bloomberg Artificial Intelligence ETF","LU2326559502.SGD":"Natixis Loomis Sayles US Growth Equity P/A SGD-H","SMH":"半导体指数ETF-HOLDRs","VGT":"信息技术ETF-Vanguard","LU2168564149.EUR":"AZ ALLOCATION - TREND \"BAZ\" (EUR) ACC","LU1778281490.HKD":"HSBC GIF GLOBAL LOWER CARBON EQUITY \"AD\" (HKD) INC","LU0642271901.SGD":"Janus Henderson Horizon Global Technology Leaders A2 SGD-H","FTEC":"Fidelity MSCI Information Techno","LU2102340556.USD":"AZ ALLOCATION - RISK 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ACC","BK4555":"新能源车"},"source_url":"https://wallstreetcn.com/articles/3783500","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2675387738","content_text":"马斯克对中国制造业规模化能力的最新表态，在芯片行业已引发的竞争焦虑上再添一把火。\n隔夜，中国存储芯片厂商长鑫存储的最新技术突破消息，冲击了美股芯片板块——费城半导体指数周一下跌2.7%，创三周新低。美光、闪迪、SK海力士ADR等内存芯片相关个股领跌，市场对中国厂商加速切入高毛利AI服务器内存市场的担忧情绪明显升温。\n针对这一走势，AI分析师Melvin表示他完全无法理解这波内存股的抛售潮，认为市场反应过度，这波抛售并不合理。\n随后，马斯克在社交平台X上发文回应称，一旦中国掌握某种产品的制造方法，其规模化能力往往超过全球其他地区的总和，并以锂电池和太阳能为例加以佐证。他同时对中国在内存芯片领域的追赶速度表达了明确关切，认为LP5和LP6等通用标准规格\"中国似乎正在快速攻克\"。\n马斯克：中国规模化能力是系统性优势\n马斯克在帖文中将中国的制造规模化能力定性为一种系统性优势，而非个案现象。他写道：\"当中国弄清楚如何制造一种产品时，其规模化能力往往超过世界其他地区的总和。我们在锂电池和太阳能领域已经见证了这一点。\"\n他以SpaceX为参照，指出SpaceX是少数例外之一——其入轨质量大约比世界其他所有运载火箭加起来高出一个数量级。但他随即补充，即便如此，中国目前已占据非SpaceX入轨质量的大部分份额，\"SpaceX是矩阵中的异常值\"。\n在内存芯片领域，马斯克的判断更为直接。他表示，RAM三年前还只是一种低利润大宗商品，而LP5和LP6采用通用标准设计，\"中国似乎正在快速解决\"。他同时指出，更新一代的HBM架构、逻辑层下方的SRAM层，以及在逻辑层上方进行3D堆叠RAM同时解决散热问题，将是更难攻克的技术挑战。\n\n长鑫存储技术突破触发市场抛售\n马斯克的表态并非凭空而来。就在此前周末，长鑫存储总裁曹堪宇博士在行业活动上宣布，公司在下一代4F²存储单元架构上取得关键进展，并计划于2026年底前推出基于该架构的DDR5服务器内存产品。\n4F²架构的核心优势在于存储单元面积更小。传统DRAM常见的6F²架构中，F代表工艺最小线宽，而4F²设计理论上可在单位面积内容纳约多三分之一的比特数，从而降低单位成本，并更适合用于AI服务器所需的大容量内存条。曹堪宇表示，该设计采用专有的垂直环绕栅极晶体管以抑制漏电，直接指向高毛利的AI服务器DRAM市场。\n这一消息令市场对中国厂商加速渗透高端存储芯片市场的担忧骤然升温，成为周一芯片股集体下挫的直接导火索。科技股成为周一美股表现最差的板块，内存芯片相关个股首当其冲。美光跌破1000美元关口，最终收跌约4%；闪迪收跌近6%；SK海力士ADR与超微电脑均跌超4%；希捷科技跌超3%；昆腾跌超9%；康宁亦大幅下挫。\n市场的抛售逻辑清晰：若中国厂商能够以更低成本、更大规模切入此前由美韩企业主导的高端存储芯片市场，相关企业的利润空间将面临实质性压缩。马斯克的公开表态，在一定程度上强化了投资者对这一竞争格局演变的预期。","news_type":1,"symbols_score_info":{"MUG":0.6,"MU":1.86,"SMH":0.6,"MUYY":0.6,"BOBP":0.6,"IETC":0.6,"FTEC":0.6,"TEST":0.6,"LEGR":0.6,"WATS":0.6,"WUGI":0.6,"IXN":0.6,"TSLG":0.6,"07366":0.6,"AIQ":0.6,"TSLI":0.6,"RULE":0.6,"SOX":1.91,"TSLS":0.6,"ELOL":0.6,"FTXL":0.6,"TSLP":0.6,"FXL":0.6,"SMOG":0.6,"PTF":0.6,"TTXU":0.6,"DRMY":0.6,"JGRO":0.6,"09766":0.6,"CGGO":0.6,"TSYY":0.6,"CHAT":0.6,"EMSF":0.6,"FDTX":0.6,"09366":0.6,"MULL":0.6,"MUD":0.6,"TRFK":0.6,"ARTY":0.6,"PSI":0.6,"EFIV":0.6,"SOXX":0.6,"SMU00main":0.6,"TSLQ":0.6,"WANT":0.6,"TSLY":0.6,"AIS":0.6,"AIFD":0.6,"TSLZ":0.6,"WLDR":0.6,"CHPS":0.6,"TSLO":0.6,"TESL":0.6,"FAI":0.6,"TSLR":0.6,"XLK":0.6,"BAI":0.6,"DISK":0.6,"IDRV":0.6,"STSLAmain":0.6,"MUU":0.6,"LIT":0.6,"CRSH":0.6,"USXF":0.6,"TLA":0.6,"MIC":0.6,"TESC":0.6,"VGT":0.6,"SOXQ":0.6,"TSLA":1.87,"SHOC":0.6,"TSDD":0.6,"FDRV":0.6,"TSII":0.6,"07766":0.6,"CHPX":0.6,"TSLT":0.6,"TSLW":0.6,"EGGY":0.6,"XNTK":0.6,"TSLL":0.6,"MUZ":0.6,"TSL":0.6,"HBMX":0.6}},"isVote":1,"tweetType":1,"viewCount":395,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":617971588874864,"gmtCreate":1791891165902,"gmtModify":1791891167811,"author":{"id":"3535535770162265","authorId":"3535535770162265","name":"Alex_0099","avatar":"https://static.tigerbbs.com/5f1a58594ee71017c239db9e4dfea780","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3535535770162265","idStr":"3535535770162265"},"themes":[],"title":"","htmlText":"we win by killing everyone, including ourselves","listText":"we win by killing everyone, including ourselves","text":"we win by killing everyone, including ourselves","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/617971588874864","repostId":"2675245337","repostType":2,"repost":{"id":"2675245337","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":1791883019,"share":"https://www.laohunote.com/m/news/2675245337?lang=zh_CN&edition=full","pubTime":"2026-10-13 17:16","market":"sh","language":"zh","title":"木头姐：长鑫存储等中国厂商扩产DRAM，存储芯片市场波动或将加剧","url":"https://stock-news.laohu8.com/highlight/detail?id=2675245337","media":"金吾财讯","summary":"报告披露，尽管目前高带宽内存需求依然强劲、行业整体呈上升趋势，但伍德指出，随着以中国长鑫存储为代表的竞争对手不断扩大DRAM产能，市场供应格局将受到冲击，从而加剧价格波动。","content":"<html><body><p>金吾财讯 | 据外媒周二报道，ARK投资管理公司创始人凯茜·伍德“木头姐”新近表示，随着中国产能的不断增加，以剧烈周期性波动著称的存储芯片市场，波动性可能将会加剧。报告披露，尽管目前高带宽内存（HBM）需求依然强劲、行业整体呈上升趋势，但伍德指出，随着以中国长鑫存储为代表的竞争对手不断扩大DRAM产能，市场供应格局将受到冲击，从而加剧价格波动。目前，<a href=\"https://laohu8.com/S/SKHY\">SK海力士</a>、<a href=\"https://laohu8.com/S/SSNLF\">三星电子</a>和美光科技等传统巨头在先进存储和HBM领域占主导地位，但受市场环境影响，SK海力士和<a href=\"https://laohu8.com/S/SMSN.UK\">三星</a>今年股价自年内高点已分别回撤 51%、36%。在宏观与行业层面，伍德对中国科技行业保持谨慎。此外，她对当前的人工智能交易持乐观态度，不同意<a href=\"https://laohu8.com/S/600455\">博通</a>CEO关于市场热度已演变为投机泡沫的警告，坚信AI具备巨大的生产力提升潜力。此前，受美国半导体股抛售潮蔓延影响，全球科技股近期普遍承压下挫。</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 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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\">2026-10-13 17:16</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<html><body><p>金吾财讯 | 据外媒周二报道，ARK投资管理公司创始人凯茜·伍德“木头姐”新近表示，随着中国产能的不断增加，以剧烈周期性波动著称的存储芯片市场，波动性可能将会加剧。报告披露，尽管目前高带宽内存（HBM）需求依然强劲、行业整体呈上升趋势，但伍德指出，随着以中国长鑫存储为代表的竞争对手不断扩大DRAM产能，市场供应格局将受到冲击，从而加剧价格波动。目前，<a href=\"https://laohu8.com/S/SKHY\">SK海力士</a>、<a href=\"https://laohu8.com/S/SSNLF\">三星电子</a>和美光科技等传统巨头在先进存储和HBM领域占主导地位，但受市场环境影响，SK海力士和<a href=\"https://laohu8.com/S/SMSN.UK\">三星</a>今年股价自年内高点已分别回撤 51%、36%。在宏观与行业层面，伍德对中国科技行业保持谨慎。此外，她对当前的人工智能交易持乐观态度，不同意<a href=\"https://laohu8.com/S/600455\">博通</a>CEO关于市场热度已演变为投机泡沫的警告，坚信AI具备巨大的生产力提升潜力。此前，受美国半导体股抛售潮蔓延影响，全球科技股近期普遍承压下挫。</p></body></html>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.szfiu.com/news/20250107/ZmY2NTQyNTc0MzU2NTg=.png","relate_stocks":{"LU0127658192.USD":"EASTSPRING INVESTMENTS GLOBAL TECHNOLOGY \"A\" (USD) ACC","LU2213496289.HKD":"ALLIANZ INCOME AND GROWTH \"AT\" (HKD) ACC","LU0792757196.USD":"TEMPLETON SHARIAH GLOBAL EQUITY FUND \"A\" (USD) ACC","XLK":"高科技指数ETF-SPDR","LU1366333091.USD":"FIDELITY GLOBAL FOCUS \"A\" (USD) ACC","BK4579":"人工智能","HYNX":"2倍做多海力士ETF-T-REX","SKUU":"2倍做多海力士ETF-GraniteShares","LU2290526834.HKD":"BGF NEXT GENERATION TECHNOLOGY \"A2\" (HKDHDG) ACC","LU1989764664.SGD":"CPR Invest - Global Disruptive Opportunities A2 Acc SGD-H","EGGY":"NESTYIELD DYNAMIC INCOME SHIELD ETF","LU0889566641.SGD":"FTSF - Templeton Shariah Global Equity A Acc SGD","LU1989764748.USD":"东方汇理环球颠覆性机遇A2 Acc","LU0820561909.HKD":"ALLIANZ INCOME AND 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51%、36%。在宏观与行业层面，伍德对中国科技行业保持谨慎。此外，她对当前的人工智能交易持乐观态度，不同意博通CEO关于市场热度已演变为投机泡沫的警告，坚信AI具备巨大的生产力提升潜力。此前，受美国半导体股抛售潮蔓延影响，全球科技股近期普遍承压下挫。","news_type":1,"symbols_score_info":{"JGRO":0.6,"FXL":0.6,"SKHL":0.6,"WUGI":0.6,"USXF":0.6,"AIFD":0.6,"SKHU":0.6,"XNTK":0.6,"RULE":0.6,"AIQ":0.6,"MUU":0.6,"WLDR":0.6,"SKHYV":0.6,"CHAT":0.6,"MUZ":0.6,"07709":0.6,"ARTY":0.6,"LEGR":0.6,"SOXQ":0.6,"HYNX":0.6,"EGGY":0.6,"CHPS":0.6,"CGGO":0.6,"SKUU":0.6,"XLK":0.6,"SHOC":0.6,"SMH":0.6,"TRFK":0.6,"SKDD":0.6,"BOBP":0.6,"SOXX":0.6,"MUG":0.6,"AIS":0.6,"BAI":0.6,"MULL":0.6,"MUYY":0.6,"ARKK":1.84,"EFIV":0.6,"SKHY":1.89,"SKHZ":0.6,"FDTX":0.6,"PSI":0.6,"MIC":0.6,"VGT":0.6,"SKHA":0.6,"IETC":0.6,"SKHN":0.6,"FTEC":0.6,"CHPX":0.6,"SK":0.6,"SKHQ":0.6,"MU":1.85,"TTXU":0.6,"PTF":0.6,"EMSF":0.6,"IXN":0.6,"FAI":0.6,"SMU00main":0.6,"SKHX":0.6}},"isVote":1,"tweetType":1,"viewCount":385,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":596157302214952,"gmtCreate":1786564338360,"gmtModify":1786564340428,"author":{"id":"3535535770162265","authorId":"3535535770162265","name":"Alex_0099","avatar":"https://static.tigerbbs.com/5f1a58594ee71017c239db9e4dfea780","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3535535770162265","idStr":"3535535770162265"},"themes":[],"title":"","htmlText":"次贷风险来源于穷人炒房，客户经理和衍生工具。AI代表人类最高智慧，不是一个层面","listText":"次贷风险来源于穷人炒房，客户经理和衍生工具。AI代表人类最高智慧，不是一个层面","text":"次贷风险来源于穷人炒房，客户经理和衍生工具。AI代表人类最高智慧，不是一个层面","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/596157302214952","repostId":"2658903165","repostType":2,"repost":{"id":"2658903165","kind":"news","pubTimestamp":1786544871,"share":"https://www.laohunote.com/m/news/2658903165?lang=zh_CN&edition=full","pubTime":"2026-08-12 22:27","market":"hk","language":"zh","title":"“大空头”输急眼了? 伯里怒斥英伟达5000亿美元融资是“2008金融工程”，市场却用真金白银力挺AI算力需求","url":"https://stock-news.laohu8.com/highlight/detail?id=2658903165","media":"智通财经","summary":"也有投资者评论称大空头最新的对于英伟达主导融资活动的猛烈抨击——将5000亿美元融资批为类似2008年的华尔街金融工程，似乎是这位大空头“输急眼了”。5000亿美元AI融资遭遇“大空头”狙击!据称，Apollo向一家名为Valor的特殊目的实体发行了35亿美元债务，同时英伟达直接注入19亿美元股权资金。伯里最近通过看跌期权进一步增加了对英伟达等一众AI算力产业链领军者们的直接做空押注。","content":"<html><head></head><body><p style=\"text-align: left;\">周三美股市场盘初时段，有着“大空头”称号的迈克尔·伯里(Michael Burry)对“AI芯片超级霸主”<a href=\"https://laohu8.com/S/NVDA\">英伟达</a>(NVDA.US)主导的规模达5000亿美元的人工智能基础设施融资安排发起猛烈批评。他将由私人信贷与资产支持证券构成的复杂融资网络，与2008年金融危机前夕积聚的系统性金融风险相提并论，并称这一安排是一场“华尔街专属的类似2008年把戏”。</p><p style=\"text-align: left;\">有着“大空头”称号的迈克尔·伯里一直在他的Substack订阅平台上发布“末日将至”的悲观言论，并且在全球资金持续蜂拥至AI算力基建主题之际，大举做空热门AI科技股票。这位电影《大空头》的原型人物近期频繁做空操作更明显聚焦于AI算力基建相关的拥挤交易以及AI半导体资本开支周期，比如伯里通过看跌期权或空头表达了对英伟达、<a href=\"https://laohu8.com/S/TSLA\">特斯拉</a>、<a href=\"https://laohu8.com/S/MU\">美光</a>、<a href=\"https://laohu8.com/S/AMAT\">应用材料</a>、<a href=\"https://laohu8.com/S/PLTR\">Palantir</a> Technologies以及<a href=\"https://laohu8.com/S/EEMA\">iShares</a>半导体ETF的持续看空仓位。</p><p style=\"text-align: left;\">实际上已经把自己的空头组合升级成了一场针对“AI资本开支+AI估值”的系统性押注，然而，近日AI半导体以及更广泛的AI算力主题强势反攻，尤其是周三美国温和CPI增长数据所驱动的科技股涨势，确实正在给这套“做空AI”交易机制制造明显压力。尤其是当前<a href=\"https://laohu8.com/S/CRWV\">CoreWeave</a>的容量售罄、A100延寿至2029、<a href=\"https://laohu8.com/S/NBIS\">Nebius</a>的涨价与400亿美元客户承诺以及英伟达信用利差回落，都使天平显著偏向黄仁勋/<a href=\"https://laohu8.com/S/MS\">摩根士丹利</a>的“AI工厂可融资资产”框架。</p><p style=\"text-align: left;\">也有投资者评论称大空头最新的对于英伟达主导融资活动的猛烈抨击——将5000亿美元融资批为类似2008年的华尔街金融工程，似乎是这位大空头“输急眼了”。与此同时，CoreWeave上调2026年资本开支至350亿—390亿美元、财报后一度大涨，Nebius Q2收入同比暴增并表示按当前条件甚至可以售罄2027年计划容量，现实交易和产业链层面显然正在强化“AI算力需求仍然真实且紧缺”的多头叙事。作为对比，正在做空Nebius的伯里现在可能正在承受回补压力。</p><p style=\"text-align: left;\">伯里此前掌舵的Scion Asset Management已于2025年11月注销注册，因此现在看到的更多是伯里通过付费订阅平台——Substack平台的“Cassandra Unchained”主动披露的个人交易，而不是传统13F持仓快照。近期公开信息显示，他仍维持对英伟达、Palantir、SOXX半导体ETF(费城半导体ETF)和QQQ(纳斯达克100指数ETF)的看空敞口，并把部分英伟达/QQQ看跌期权展期至2027年，同时8月7日又披露以约212美元直接做空Nebius，而且称仓位规模“相对更大”，然而在新云势力(Neocloud)CoreWeave以及Nebius周三公布强劲财报后，这两大新云公司股价大涨近20%。</p><p style=\"text-align: left;\">此前Palantir在8月4日炸裂财报后单日暴涨约29.5%，整个Palantir空头阵营当天账面损失约创纪录的30亿美元;然而伯里近期在这家AI应用领头羊公布强劲财报之前重新建立了2027年到期的Palantir价外看跌期权，因此其空头组合显然承受新的Mark-to-Market严峻压力——即当市场价格上涨时，做空者(空头势力)因为借入卖出的资产价格比买入时高，导致账户产生未实现亏损，经纪商会要求他们不断补充保证金。</p><p style=\"text-align: left;\">5000亿美元AI融资遭遇“大空头”狙击!伯里质疑英伟达主导的循环杠杆</p><p style=\"text-align: left;\">美国七大科技巨头之一的英伟达，已经与Apollo Global Management(APO.US)、<a href=\"https://laohu8.com/S/BX\">黑石</a>集团(BX.US)、<a href=\"https://laohu8.com/S/BLK\">贝莱德</a>(BLK.US)、<a href=\"https://laohu8.com/S/BN\">Brookfield</a>(BN.US)、<a href=\"https://laohu8.com/S/GS\">高盛</a>(GS.US)以及KKR &amp; Co.(KKR.US)签署一份备受瞩目的谅解备忘录，计划在全球范围内建立首批此类AI算力基础设施融资平台，融资规模的初步设定已经高达5000亿美元。</p><p style=\"text-align: left;\">作为一个撮合交易的市场平台，英伟达计划通过一项“残值机制”，为单个项目最高提供25%的保障，以支持这些融资交易。如果某个项目陷入困境，这家芯片巨头将通过大规模出售其需求无比强劲的专属AI芯片产品，或寻找新的企业承租相关人工智能算力容量来提供财务支持，从而尽量降低损失。</p><p style=\"text-align: left;\">然而，伯里在订阅平台指控称，这些交易背后存在一条高度杠杆化且具有循环性质的资金链。根据他制作的一份信息图，美国退休人员向Apollo(APO.US)旗下Athene支付的年金保费，会经由一家设在百慕大的离岸再保险公司进行转移，并由Apollo进一步加杠杆，转化为资产支持债务。据称，Apollo向一家名为Valor的特殊目的实体发行了35亿美元债务，同时英伟达直接注入19亿美元股权资金。随后，VCI购买价值54亿美元的英伟达GB200 GPU，并将这些GPU出租给xAI，用于其Grok超级计算机集群。</p><p class=\"t-img-caption\"><img src=\"https://community-static.tradeup.com/news/9bd46e6b6dc23945ff84d0a8d35f2226\" data-align=\"center\" tg-width=\"200\" tg-height=\"120\"/><span></span></p><p style=\"text-align: left;\">对于“大空头”这类AI繁荣怀疑者们而言，这种复杂的融资结构人为推高了收入数据，同时却将折旧风险转嫁给了毫不知情的退休人员。</p><p style=\"text-align: left;\">“我大概知道这最终会是什么样子，”伯里在X平台的一篇帖子中写道。伯里最近通过看跌期权进一步增加了对英伟达等一众AI算力产业链领军者们的直接做空押注。“认识一下新老板吧。其实和2008年的那些旧时代老板没什么两样。”伯里讽刺道。</p><p style=\"text-align: left;\">5000亿美元究竟是“金融把戏”还是AI工业革命融资?信用利差回落、Neocloud狂飙，资金暂时选择相信黄仁勋</p><p style=\"text-align: left;\">Nebius周三公布前景财报后，在美股盘初交易一度暴涨近20%，恰好重新逼近伯里约212美元的做空成本，有华尔街分析师甚至认为空头回补可能成为该公司股价的强劲上涨放大器之一。毋庸置疑的是，伯里正在经历严重的空头价格压力，但目前没有任何可靠证据证明伯里本人已经遭遇强制平仓或必须回补。</p><p style=\"text-align: left;\"><a href=\"https://laohu8.com/S/ASML\">阿斯麦</a>与<a href=\"https://laohu8.com/S/TSM\">台积电</a>这两大AI算力产业链上游最重要产能与供给力量近期公布的炸裂业绩以及强劲业绩展望，再到CoreWeave与鸿海、Nebius最新公布的强劲业绩与展望，实际上正在向全球股票市场释放一个重要信号：AI算力产业链已经从“训练AI大模型的AI资本开支超级周期”逐渐进入“智能体规模化应用驱动的AI推理算力需求指数级扩张”的新阶段，这些最新信号可谓痛击近期导致AI算力主题尤其是AI半导体板块暴跌的“算力过剩”这一悲观论调。</p><p style=\"text-align: left;\">最靠近AI算力终端需求的CoreWeave刚刚把2026年资本支出预期提高至惊人的350亿—390亿美元，Q2营收显著超过预期，并称在供给仍有限的情况下继续以有利条款签下云算力合同。与此同时，<a href=\"https://laohu8.com/S/SKHY\">SK海力士</a>也报告创纪录季度盈利，并披露已与约10家核心客户签订长期供货协议，反映HBM等高性能存储需求已由短周期订单转向多年期锁量。这些产业链层面不同环节可谓都在释放出AI算力需求仍在加速扩张的积极信号。</p><p style=\"text-align: left;\">市场此刻究竟相信伯里，还是相信黄仁勋+摩根士丹利?答案已经相当明确：边际资金目前明显站在后者一边，但还没有宣布伯里的长期风险论证失效。</p><p style=\"text-align: left;\">最重要的证据甚至不是股票，而是信用市场：5000亿美元计划刚公布时，市场担心英伟达承担巨额表外风险;黄仁勋随后明确，这5000亿美元是准备逐步动员的第三方资本，并非英伟达收入，也不是已经承诺给某个客户的资金，Apollo、贝莱德、黑石、Brookfield、高盛、KKR将逐项目独立承销，英伟达的支持上限只是单个项目抵押品价值的约25%残值支持(Residual-value Backstop)。</p><p style=\"text-align: left;\">随后英伟达2056年债券相对美债的利差收窄约2bp至113bp，5年CDS最多收窄约5bp至72.11bp——这是一种非常清晰的债券市场语言：投资者在黄仁勋澄清结构以后下调了英伟达信用风险定价。</p><p style=\"text-align: left;\">摩根士丹利与美银的判断也大体一致：第三方专业资本主导尽调和决策，明显削弱了“英伟达自己出钱——客户拿钱买英伟达GPU——英伟达虚增收入”这种最纯粹的循环式AI繁荣逻辑;与此同时，使用量挂钩实际营收又可能让英伟达从一次性卖GPU进一步分享AI工厂生命周期现金流。 换句话说，市场目前不是认为这5000亿美元“没有信用风险”，而是认为风险更像可承销、可定价的基础设施融资风险，而不是2008年前那种已经失真的资产需求。</p><p style=\"text-align: left;\">伯里押注2008华尔街金融工程重演，CoreWeave与Nebius却交出需求爆表答卷</p><p style=\"text-align: left;\">真正对伯里“2008式金融工程”论点形成最强挑战的，是两大新云(Neocloud)领军者——CoreWeave和Nebius今天同时给出的实物需求、价格和残值证据。 CoreWeave Q2收入达到约26亿美元、同比+112%，订单积压甚至大幅升至1042亿美元，且还没有包括本季度初新签的超过250亿美元承诺;公司明确表示近端容量“实际上已经售罄”，因此正在以越来越有利的价格签新合同，<a href=\"https://laohu8.com/S/JPM\">摩根大通</a>分析师团队甚至把这种涨价归因于需求环境以及云计算和AI应用端客户们ROI加速改善。</p><p style=\"text-align: left;\">更重要的是，CoreWeave直接给了伯里“GPU只有2—3年经济寿命”论点一个极具杀伤力的反例：公司刚刚为2020年发布的A100签署了一份持续到2029年的新合同，而且价格仍具吸引力;管理层还明确表示旧代GPU机群仍基本售罄，初始合同结束后的重新出租属于已有投资回报之外的增量收益，并观察到更长的使用周期和更高的价格。</p><p style=\"text-align: left;\">Nebius的证据甚至更激进：Q2收入5.823亿美元、超过5.7275亿美元一致预期，AI Cloud(AI相关云计算业务)收入接近同比六倍，单季签下4份平均超过10亿美元的合同，新客户合同价值环比增长超过9倍，拥有超过400亿美元客户承诺+预计今年超过90亿美元客户预付款;公司甚至表示，按照当前条件它已经可以把2027年全部计划容量卖光。这组最新经营数据至少在2026年8月这个时点强烈支持黄仁勋所谓“需求是真实的、在产AI算力是稀缺生产性资产”的说法，而不是支持“融资创造了虚假GPU需求”。</p></body></html>","source":"stock_zhitongcaijing","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>“大空头”输急眼了? 伯里怒斥英伟达5000亿美元融资是“2008金融工程”，市场却用真金白银力挺AI算力需求</title>\n<style 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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“大空头”输急眼了? 伯里怒斥英伟达5000亿美元融资是“2008金融工程”，市场却用真金白银力挺AI算力需求\n</h2>\n\n<h4 class=\"meta\">\n\n\n2026-08-12 22:27 北京时间&nbsp;&nbsp;&nbsp;<a href=http://www.zhitongcaijing.com/content/detail/1479183.html><strong>智通财经</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>周三美股市场盘初时段，有着“大空头”称号的迈克尔·伯里(Michael Burry)对“AI芯片超级霸主”英伟达(NVDA.US)主导的规模达5000亿美元的人工智能基础设施融资安排发起猛烈批评。他将由私人信贷与资产支持证券构成的复杂融资网络，与2008年金融危机前夕积聚的系统性金融风险相提并论，并称这一安排是一场“华尔街专属的类似2008年把戏”。有着“大空头”称号的迈克尔·伯里一直在他的...</p>\n\n<a href=\"http://www.zhitongcaijing.com/content/detail/1479183.html\">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/92a41d20711c9fa4b2aa3cc62ea62948","relate_stocks":{"LU2756315318.SGD":"ALLIANZ INCOME AND GROWTH \"AMG\" (SGDHDG) INC A","SG9999002232.USD":"Allianz Global High Payout USD","HK0000819398.USD":"BLACKROCK PREMIER SYSTEMATIC GLOBAL EQUITY HIGH INCOME FUND A10 (USD)INC","SG9999002224.SGD":"Allianz Global High Payout SGD","LU0265550946.USD":"BGF SYSTEMATIC GLOBAL ENHANCED EQUITY YIELD \"A5\" (USD) INC","LU0417517546.SGD":"Allianz US Equity Cl AT Acc SGD","IE00BJJMRX11.SGD":"Janus Henderson Balanced A Acc SGD","BK4527":"明星科技股","WISE":"THEMES GENERATIVE ARTIFICIAL INTELLIGENCE ETF","SNVD.UK":"LS -1X NVIDIA","LU1400636491.USD":"Allianz Europe Income and Growth Cl AMg DIS H2-USD","IE00B3SWFQ91.USD":"PIMCO BALANCED INCOME AND GROWTH \"E\" (USD) INC","LU1127390331.HKD":"AB SICAV I - ALL MARKET INCOME PORTFOLIO \"A\" 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Technologies以及iShares半导体ETF的持续看空仓位。实际上已经把自己的空头组合升级成了一场针对“AI资本开支+AI估值”的系统性押注，然而，近日AI半导体以及更广泛的AI算力主题强势反攻，尤其是周三美国温和CPI增长数据所驱动的科技股涨势，确实正在给这套“做空AI”交易机制制造明显压力。尤其是当前CoreWeave的容量售罄、A100延寿至2029、Nebius的涨价与400亿美元客户承诺以及英伟达信用利差回落，都使天平显著偏向黄仁勋/摩根士丹利的“AI工厂可融资资产”框架。也有投资者评论称大空头最新的对于英伟达主导融资活动的猛烈抨击——将5000亿美元融资批为类似2008年的华尔街金融工程，似乎是这位大空头“输急眼了”。与此同时，CoreWeave上调2026年资本开支至350亿—390亿美元、财报后一度大涨，Nebius Q2收入同比暴增并表示按当前条件甚至可以售罄2027年计划容量，现实交易和产业链层面显然正在强化“AI算力需求仍然真实且紧缺”的多头叙事。作为对比，正在做空Nebius的伯里现在可能正在承受回补压力。伯里此前掌舵的Scion Asset Management已于2025年11月注销注册，因此现在看到的更多是伯里通过付费订阅平台——Substack平台的“Cassandra Unchained”主动披露的个人交易，而不是传统13F持仓快照。近期公开信息显示，他仍维持对英伟达、Palantir、SOXX半导体ETF(费城半导体ETF)和QQQ(纳斯达克100指数ETF)的看空敞口，并把部分英伟达/QQQ看跌期权展期至2027年，同时8月7日又披露以约212美元直接做空Nebius，而且称仓位规模“相对更大”，然而在新云势力(Neocloud)CoreWeave以及Nebius周三公布强劲财报后，这两大新云公司股价大涨近20%。此前Palantir在8月4日炸裂财报后单日暴涨约29.5%，整个Palantir空头阵营当天账面损失约创纪录的30亿美元;然而伯里近期在这家AI应用领头羊公布强劲财报之前重新建立了2027年到期的Palantir价外看跌期权，因此其空头组合显然承受新的Mark-to-Market严峻压力——即当市场价格上涨时，做空者(空头势力)因为借入卖出的资产价格比买入时高，导致账户产生未实现亏损，经纪商会要求他们不断补充保证金。5000亿美元AI融资遭遇“大空头”狙击!伯里质疑英伟达主导的循环杠杆美国七大科技巨头之一的英伟达，已经与Apollo Global Management(APO.US)、黑石集团(BX.US)、贝莱德(BLK.US)、Brookfield(BN.US)、高盛(GS.US)以及KKR & Co.(KKR.US)签署一份备受瞩目的谅解备忘录，计划在全球范围内建立首批此类AI算力基础设施融资平台，融资规模的初步设定已经高达5000亿美元。作为一个撮合交易的市场平台，英伟达计划通过一项“残值机制”，为单个项目最高提供25%的保障，以支持这些融资交易。如果某个项目陷入困境，这家芯片巨头将通过大规模出售其需求无比强劲的专属AI芯片产品，或寻找新的企业承租相关人工智能算力容量来提供财务支持，从而尽量降低损失。然而，伯里在订阅平台指控称，这些交易背后存在一条高度杠杆化且具有循环性质的资金链。根据他制作的一份信息图，美国退休人员向Apollo(APO.US)旗下Athene支付的年金保费，会经由一家设在百慕大的离岸再保险公司进行转移，并由Apollo进一步加杠杆，转化为资产支持债务。据称，Apollo向一家名为Valor的特殊目的实体发行了35亿美元债务，同时英伟达直接注入19亿美元股权资金。随后，VCI购买价值54亿美元的英伟达GB200 GPU，并将这些GPU出租给xAI，用于其Grok超级计算机集群。对于“大空头”这类AI繁荣怀疑者们而言，这种复杂的融资结构人为推高了收入数据，同时却将折旧风险转嫁给了毫不知情的退休人员。“我大概知道这最终会是什么样子，”伯里在X平台的一篇帖子中写道。伯里最近通过看跌期权进一步增加了对英伟达等一众AI算力产业链领军者们的直接做空押注。“认识一下新老板吧。其实和2008年的那些旧时代老板没什么两样。”伯里讽刺道。5000亿美元究竟是“金融把戏”还是AI工业革命融资?信用利差回落、Neocloud狂飙，资金暂时选择相信黄仁勋Nebius周三公布前景财报后，在美股盘初交易一度暴涨近20%，恰好重新逼近伯里约212美元的做空成本，有华尔街分析师甚至认为空头回补可能成为该公司股价的强劲上涨放大器之一。毋庸置疑的是，伯里正在经历严重的空头价格压力，但目前没有任何可靠证据证明伯里本人已经遭遇强制平仓或必须回补。阿斯麦与台积电这两大AI算力产业链上游最重要产能与供给力量近期公布的炸裂业绩以及强劲业绩展望，再到CoreWeave与鸿海、Nebius最新公布的强劲业绩与展望，实际上正在向全球股票市场释放一个重要信号：AI算力产业链已经从“训练AI大模型的AI资本开支超级周期”逐渐进入“智能体规模化应用驱动的AI推理算力需求指数级扩张”的新阶段，这些最新信号可谓痛击近期导致AI算力主题尤其是AI半导体板块暴跌的“算力过剩”这一悲观论调。最靠近AI算力终端需求的CoreWeave刚刚把2026年资本支出预期提高至惊人的350亿—390亿美元，Q2营收显著超过预期，并称在供给仍有限的情况下继续以有利条款签下云算力合同。与此同时，SK海力士也报告创纪录季度盈利，并披露已与约10家核心客户签订长期供货协议，反映HBM等高性能存储需求已由短周期订单转向多年期锁量。这些产业链层面不同环节可谓都在释放出AI算力需求仍在加速扩张的积极信号。市场此刻究竟相信伯里，还是相信黄仁勋+摩根士丹利?答案已经相当明确：边际资金目前明显站在后者一边，但还没有宣布伯里的长期风险论证失效。最重要的证据甚至不是股票，而是信用市场：5000亿美元计划刚公布时，市场担心英伟达承担巨额表外风险;黄仁勋随后明确，这5000亿美元是准备逐步动员的第三方资本，并非英伟达收入，也不是已经承诺给某个客户的资金，Apollo、贝莱德、黑石、Brookfield、高盛、KKR将逐项目独立承销，英伟达的支持上限只是单个项目抵押品价值的约25%残值支持(Residual-value Backstop)。随后英伟达2056年债券相对美债的利差收窄约2bp至113bp，5年CDS最多收窄约5bp至72.11bp——这是一种非常清晰的债券市场语言：投资者在黄仁勋澄清结构以后下调了英伟达信用风险定价。摩根士丹利与美银的判断也大体一致：第三方专业资本主导尽调和决策，明显削弱了“英伟达自己出钱——客户拿钱买英伟达GPU——英伟达虚增收入”这种最纯粹的循环式AI繁荣逻辑;与此同时，使用量挂钩实际营收又可能让英伟达从一次性卖GPU进一步分享AI工厂生命周期现金流。 换句话说，市场目前不是认为这5000亿美元“没有信用风险”，而是认为风险更像可承销、可定价的基础设施融资风险，而不是2008年前那种已经失真的资产需求。伯里押注2008华尔街金融工程重演，CoreWeave与Nebius却交出需求爆表答卷真正对伯里“2008式金融工程”论点形成最强挑战的，是两大新云(Neocloud)领军者——CoreWeave和Nebius今天同时给出的实物需求、价格和残值证据。 CoreWeave Q2收入达到约26亿美元、同比+112%，订单积压甚至大幅升至1042亿美元，且还没有包括本季度初新签的超过250亿美元承诺;公司明确表示近端容量“实际上已经售罄”，因此正在以越来越有利的价格签新合同，摩根大通分析师团队甚至把这种涨价归因于需求环境以及云计算和AI应用端客户们ROI加速改善。更重要的是，CoreWeave直接给了伯里“GPU只有2—3年经济寿命”论点一个极具杀伤力的反例：公司刚刚为2020年发布的A100签署了一份持续到2029年的新合同，而且价格仍具吸引力;管理层还明确表示旧代GPU机群仍基本售罄，初始合同结束后的重新出租属于已有投资回报之外的增量收益，并观察到更长的使用周期和更高的价格。Nebius的证据甚至更激进：Q2收入5.823亿美元、超过5.7275亿美元一致预期，AI 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昨天挺住 今天挤兑","text":"$SpaceX(SPCX)$ 昨天挺住 今天挤兑","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/594306999534624","isVote":1,"tweetType":1,"viewCount":1676,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":594025107669000,"gmtCreate":1786042432601,"gmtModify":1786042434542,"author":{"id":"3535535770162265","authorId":"3535535770162265","name":"Alex_0099","avatar":"https://static.tigerbbs.com/5f1a58594ee71017c239db9e4dfea780","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3535535770162265","idStr":"3535535770162265"},"themes":[],"title":"","htmlText":"<a href=\"https://laohu8.com/S/SPCX\">$SpaceX(SPCX)$</a> 换手率不高","listText":"<a href=\"https://laohu8.com/S/SPCX\">$SpaceX(SPCX)$</a> 换手率不高","text":"$SpaceX(SPCX)$ 换手率不高","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/594025107669000","isVote":1,"tweetType":1,"viewCount":1498,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":586492317398376,"gmtCreate":1784218107049,"gmtModify":1784219435504,"author":{"id":"3535535770162265","authorId":"3535535770162265","name":"Alex_0099","avatar":"https://static.tigerbbs.com/5f1a58594ee71017c239db9e4dfea780","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3535535770162265","idStr":"3535535770162265"},"themes":[],"title":"","htmlText":"‌<a href=\"https://laohu8.com/S/MU\">$美光科技(MU)$ &nbsp;</a>Chang Xin scared all these shits away‌","listText":"‌<a href=\"https://laohu8.com/S/MU\">$美光科技(MU)$ &nbsp;</a>Chang Xin scared all these shits away‌","text":"‌$美光科技(MU)$ Chang Xin scared all these shits away‌","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":8,"commentSize":3,"repostSize":2,"link":"https://laohu8.com/post/586492317398376","isVote":1,"tweetType":1,"viewCount":4161,"authorTweetTopStatus":1,"verified":2,"comments":[{"author":{"id":"3480199852678159","authorId":"3480199852678159","name":"poni","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":7,"crmLevelSwitch":0,"authorIdStr":"3480199852678159","idStr":"3480199852678159"},"content":"跟长鑫没关系，长鑫没有hbm，就是因为韩国允许2倍做多，基金爆仓了，被迫卖出，然后股价继续下降，恶性循环🔁","text":"跟长鑫没关系，长鑫没有hbm，就是因为韩国允许2倍做多，基金爆仓了，被迫卖出，然后股价继续下降，恶性循环🔁","html":"跟长鑫没关系，长鑫没有hbm，就是因为韩国允许2倍做多，基金爆仓了，被迫卖出，然后股价继续下降，恶性循环🔁"}],"imageCount":0,"langContent":"EN","totalScore":0},{"id":582924278170768,"gmtCreate":1783346990058,"gmtModify":1783346991904,"author":{"id":"3535535770162265","authorId":"3535535770162265","name":"Alex_0099","avatar":"https://static.tigerbbs.com/5f1a58594ee71017c239db9e4dfea780","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3535535770162265","idStr":"3535535770162265"},"themes":[],"title":"","htmlText":"<a href=\"https://laohu8.com/S/AMD\">$美国超微公司(AMD)$&nbsp;</a> too crazy!","listText":"<a href=\"https://laohu8.com/S/AMD\">$美国超微公司(AMD)$&nbsp;</a> too crazy!","text":"$美国超微公司(AMD)$ too crazy!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/582924278170768","isVote":1,"tweetType":1,"viewCount":1745,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":581190280806504,"gmtCreate":1782922233134,"gmtModify":1782922235159,"author":{"id":"3535535770162265","authorId":"3535535770162265","name":"Alex_0099","avatar":"https://static.tigerbbs.com/5f1a58594ee71017c239db9e4dfea780","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3535535770162265","idStr":"3535535770162265"},"themes":[],"title":"","htmlText":"如果搞成了，云服务只会要更多算力设备，就和SPCX一样。下周见反弹！","listText":"如果搞成了，云服务只会要更多算力设备，就和SPCX一样。下周见反弹！","text":"如果搞成了，云服务只会要更多算力设备，就和SPCX一样。下周见反弹！","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/581190280806504","repostId":"1153296133","repostType":2,"repost":{"id":"1153296133","kind":"news","pubTimestamp":1782909348,"share":"https://www.laohunote.com/m/news/1153296133?lang=zh_CN&edition=full","pubTime":"2026-07-01 20:35","market":"us","language":"zh","title":"报道：Meta筹划进军云计算市场，以出售富余的AI算力资源","url":"https://stock-news.laohu8.com/highlight/detail?id=1153296133","media":"华尔街见闻","summary":"Meta盘前涨超6%，正在构建云业务，以出售其富余的AI算力资源。","content":"<html><head></head><body><blockquote><p style=\"text-align: left;\">Meta计划进军云基础设施市场，通过新成立的“Meta Compute”组织，出售其数千亿美元投资下过剩的AI算力与模型访问权限，直接对标AWS、微软和谷歌。该业务探索模型托管与原始算力租赁两种模式，旨在缓解激进的AI开支带来的成本压力，并开启重大业务转型。</p></blockquote><p style=\"text-align: justify;\">Meta正筹划进军竞争激烈的云计算基础设施市场，计划通过出售其过剩的人工智能（AI）计算能力和模型访问权限，将庞大的AI基础设施投资转化为新的创收渠道。</p><p style=\"text-align: justify;\">据彭博援引知情人士透露，<strong>Meta正在制定一项全新的云业务计划，旨在向外部客户出售计算资源。</strong>这一战略举动将开辟出一条全新的竞争赛道，使Meta直接与亚马逊旗下AWS、微软Azure以及谷歌云（Google Cloud）等云计算行业巨头展开角逐。</p><p style=\"text-align: justify;\">该计划的推进直接关乎投资者的切身利益与市场预期。随着Meta在数据中心和昂贵芯片上投入数千亿美元以实现AI领域的野心，投资者对这笔巨额资本开支能否获得回报日益感到焦虑。通过云服务实现算力的商业化，不仅能为Meta提供一条缓解资金压力、安抚投资者的现实路径，也标志着其业务模式的重大潜在转型。</p><p style=\"text-align: justify;\">目前，这项云基础设施业务的开发仍处于初步阶段，公司的最终战略仍有可能发生调整。Meta首席执行官马克·扎克伯格此前曾释放信号，明确表示利用大规模AI基础设施投资来创造收入的选项已经“摆在桌面上”。Meta美股盘前上涨6%。</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/2964752adbac56941ad8b6d43b4b98bc\" data-align=\"center\" tg-width=\"970\" tg-height=\"550\"/><span></span></p><h2 style=\"text-align: left; padding-left: 10px;\"><strong>业务模式：提供模型托管与原始算力租赁</strong></h2><p style=\"text-align: justify;\">据彭博援引知情人士的信息，Meta目前在云业务的商业化探索上主要考虑两个潜在方向。<strong>第一个方向是向外部开发者出售访问各类AI模型的权限，</strong>这种模式与AWS的Bedrock服务颇为相似。在这一框架下，Meta将负责运营驱动这些模型的数据中心和底层芯片，并向访问包括其自研Muse Spark模型在内的开发者收取费用。</p><p style=\"text-align: justify;\"><strong>第二个潜在计划则是直接向外部客户出售“原始”的计算能力。</strong>知情人士表示，这种服务模式类似于CoreWeave Inc.等新兴云服务（neocloud）提供商的业务逻辑，允许客户直接租赁Meta未被充分利用的硬件基础设施。</p><p style=\"text-align: justify;\">这些全新云业务线的开发工作，目前被统筹在一个名为“Meta Compute”的内部倡议之下。据熟悉该计划的知情人士透露，该项目设立的核心目的在于建设和管理公司整体的AI基础设施工作，并负责推动过剩算力的对外输出。</p><p style=\"text-align: justify;\">在管理架构方面，该内部项目由跨部门的高管团队联合主导，核心成员包括Meta基础设施主管Santosh Janardhan，Meta超级智能实验室（Superintelligence Labs）AI部门的高级领导者Daniel Gross，以及Meta总裁Dina Powell McCormick。</p><h2 style=\"text-align: left; padding-left: 10px;\"><strong>市场背景：巨额AI投资急需兑现回报</strong></h2><p style=\"text-align: justify;\">Meta向云计算领域试探的背后，是其激进的AI扩张战略带来的巨大成本压力。Meta已将开发AI“超级智能”确立为公司的首要任务，为了实现这一目标，公司一直在抢先锁定昂贵的数据中心和其他必要的基础设施资源。这些布局包括与CoreWeave、Alphabet旗下的谷歌以及甲骨文等公司达成重大的计算资源协议。</p><p style=\"text-align: justify;\">面对庞大的成本投入，云计算业务成为收回部分投资的直接途径。行业标杆的业绩印证了这一市场的巨大容量，AWS、Azure和谷歌云经过数十年的平台建设，通过在互联网上出租算力、存储和软件，如今已发展成为每个季度能创造数百亿美元营收的庞大业务，这为Meta规划其过剩算力的商业化提供了明确的参考依据。</p></body></html>","source":"lsy1762389672944","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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Compute”组织，出售其数千亿美元投资下过剩的AI算力与模型访问权限，直接对标AWS、微软和谷歌。该业务探索模型托管与原始算力租赁两种模式，旨在缓解激进的AI开支带来的成本压力，并开启重大业务转型。Meta正筹划进军竞争激烈的云计算基础设施市场，计划通过出售其过剩的人工智能（AI）计算能力和模型访问权限，将庞大的AI基础设施投资转化为新的...</p>\n\n<a href=\"https://wallstreetcn.com/articles/3775980\">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/c06d2fe3bed8d64707cae05406c5f984","relate_stocks":{"METW":"Roundhill META WeeklyPay™ ETF","METU":"2倍做多META ETF-Direxion","METD":"1倍做空META ETF-Direxion","META":"Meta Platforms, Inc.","FBY":"META期权收益策略ETF-YieldMax","FBL":"2倍做多META ETF-GraniteShares","FBYY":"GraniteShares YieldBOOST META ETF"},"source_url":"https://wallstreetcn.com/articles/3775980","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1153296133","content_text":"Meta计划进军云基础设施市场，通过新成立的“Meta Compute”组织，出售其数千亿美元投资下过剩的AI算力与模型访问权限，直接对标AWS、微软和谷歌。该业务探索模型托管与原始算力租赁两种模式，旨在缓解激进的AI开支带来的成本压力，并开启重大业务转型。Meta正筹划进军竞争激烈的云计算基础设施市场，计划通过出售其过剩的人工智能（AI）计算能力和模型访问权限，将庞大的AI基础设施投资转化为新的创收渠道。据彭博援引知情人士透露，Meta正在制定一项全新的云业务计划，旨在向外部客户出售计算资源。这一战略举动将开辟出一条全新的竞争赛道，使Meta直接与亚马逊旗下AWS、微软Azure以及谷歌云（Google Cloud）等云计算行业巨头展开角逐。该计划的推进直接关乎投资者的切身利益与市场预期。随着Meta在数据中心和昂贵芯片上投入数千亿美元以实现AI领域的野心，投资者对这笔巨额资本开支能否获得回报日益感到焦虑。通过云服务实现算力的商业化，不仅能为Meta提供一条缓解资金压力、安抚投资者的现实路径，也标志着其业务模式的重大潜在转型。目前，这项云基础设施业务的开发仍处于初步阶段，公司的最终战略仍有可能发生调整。Meta首席执行官马克·扎克伯格此前曾释放信号，明确表示利用大规模AI基础设施投资来创造收入的选项已经“摆在桌面上”。Meta美股盘前上涨6%。业务模式：提供模型托管与原始算力租赁据彭博援引知情人士的信息，Meta目前在云业务的商业化探索上主要考虑两个潜在方向。第一个方向是向外部开发者出售访问各类AI模型的权限，这种模式与AWS的Bedrock服务颇为相似。在这一框架下，Meta将负责运营驱动这些模型的数据中心和底层芯片，并向访问包括其自研Muse Spark模型在内的开发者收取费用。第二个潜在计划则是直接向外部客户出售“原始”的计算能力。知情人士表示，这种服务模式类似于CoreWeave Inc.等新兴云服务（neocloud）提供商的业务逻辑，允许客户直接租赁Meta未被充分利用的硬件基础设施。这些全新云业务线的开发工作，目前被统筹在一个名为“Meta Compute”的内部倡议之下。据熟悉该计划的知情人士透露，该项目设立的核心目的在于建设和管理公司整体的AI基础设施工作，并负责推动过剩算力的对外输出。在管理架构方面，该内部项目由跨部门的高管团队联合主导，核心成员包括Meta基础设施主管Santosh Janardhan，Meta超级智能实验室（Superintelligence Labs）AI部门的高级领导者Daniel Gross，以及Meta总裁Dina Powell McCormick。市场背景：巨额AI投资急需兑现回报Meta向云计算领域试探的背后，是其激进的AI扩张战略带来的巨大成本压力。Meta已将开发AI“超级智能”确立为公司的首要任务，为了实现这一目标，公司一直在抢先锁定昂贵的数据中心和其他必要的基础设施资源。这些布局包括与CoreWeave、Alphabet旗下的谷歌以及甲骨文等公司达成重大的计算资源协议。面对庞大的成本投入，云计算业务成为收回部分投资的直接途径。行业标杆的业绩印证了这一市场的巨大容量，AWS、Azure和谷歌云经过数十年的平台建设，通过在互联网上出租算力、存储和软件，如今已发展成为每个季度能创造数百亿美元营收的庞大业务，这为Meta规划其过剩算力的商业化提供了明确的参考依据。","news_type":1,"symbols_score_info":{"METW":0.6,"METU":0.6,"METD":0.6,"META":2,"FBYY":0.6,"FBL":0.6,"FBY":0.6}},"isVote":1,"tweetType":1,"viewCount":1909,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":570654223635328,"gmtCreate":1780324105002,"gmtModify":1780324511717,"author":{"id":"3535535770162265","authorId":"3535535770162265","name":"Alex_0099","avatar":"https://static.tigerbbs.com/5f1a58594ee71017c239db9e4dfea780","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3535535770162265","idStr":"3535535770162265"},"themes":[],"title":"","htmlText":"‌<a href=\"https://laohu8.com/S/AMD\">$美国超微公司(AMD)$ &nbsp;</a>‌‌ ‌what a bounce back","listText":"‌<a href=\"https://laohu8.com/S/AMD\">$美国超微公司(AMD)$ &nbsp;</a>‌‌ ‌what a bounce back","text":"‌$美国超微公司(AMD)$ ‌‌ ‌what a bounce back","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/570654223635328","isVote":1,"tweetType":1,"viewCount":1631,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":569064656245048,"gmtCreate":1779936003140,"gmtModify":1779936492843,"author":{"id":"3535535770162265","authorId":"3535535770162265","name":"Alex_0099","avatar":"https://static.tigerbbs.com/5f1a58594ee71017c239db9e4dfea780","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3535535770162265","idStr":"3535535770162265"},"themes":[],"title":"","htmlText":"<a href=\"https://laohu8.com/S/SOXS\">$三倍做空半导体ETF-Direxion Daily(SOXS)$&nbsp;</a> it is time","listText":"<a href=\"https://laohu8.com/S/SOXS\">$三倍做空半导体ETF-Direxion Daily(SOXS)$&nbsp;</a> it is time","text":"$三倍做空半导体ETF-Direxion Daily(SOXS)$ it is time","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/569064656245048","isVote":1,"tweetType":1,"viewCount":1476,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":566008639955784,"gmtCreate":1779220017468,"gmtModify":1779227879875,"author":{"id":"3535535770162265","authorId":"3535535770162265","name":"Alex_0099","avatar":"https://static.tigerbbs.com/5f1a58594ee71017c239db9e4dfea780","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3535535770162265","idStr":"3535535770162265"},"themes":[],"title":"","htmlText":"敢打敢拼，比那几个跟屁虫山寨货强一万倍","listText":"敢打敢拼，比那几个跟屁虫山寨货强一万倍","text":"敢打敢拼，比那几个跟屁虫山寨货强一万倍","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/566008639955784","repostId":"2636852453","repostType":2,"repost":{"id":"2636852453","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":1779201025,"share":"https://www.laohunote.com/m/news/2636852453?lang=zh_CN&edition=full","pubTime":"2026-05-19 22:30","market":"other","language":"zh","title":"理想失去吸引力了？","url":"https://stock-news.laohu8.com/highlight/detail?id=2636852453","media":"华尔街见闻","summary":"用旧世界的地图，找不到新大陆。","content":"<html><head></head><body><blockquote><p>用旧世界的地图，找不到新大陆。</p></blockquote><p style=\"text-align: left;\">三天前的2026年5月15日，理想L9 Livis正式登台，这是理想倾注近两年最多心血，寄予厚望的增程家族旗舰。</p><p style=\"text-align: left;\">当天下午四点整，发布会进入尾声，L9 Livis公布售价，恰逢港股市场进入周五尾盘集合竞价阶段，最后收盘并没有出现太大波动。但当5月18日周一开盘，理想股价下挫逾14%，第二天继续走低约5个百分点。两天时间跌去18%。</p><p style=\"text-align: left;\">原本，这款车被理想视为年度最重要的催化剂，内部希望借L9换代，夺回高端市场份额。但单从资本市场的走势来看，分歧不小。投资者对理想的怀疑升温。要知道，理想的股价已经从半年前128港元的相对高点一路回调过半。</p><p style=\"text-align: left;\"><strong>但理想真的失去吸引力，开始走偏了吗？答案是否定的。</strong></p><h2 id=\"id_2913676291\" style=\"text-align: left;\">市场在担心什么</h2><p style=\"text-align: left;\">股价失守，是理想的价值回归均值，还是遭遇错杀。首先要搞清楚两根阴线里，投资者究竟在担心什么？</p><p style=\"text-align: left;\">这次，理想L9推出了两个版本，45.98万元的Ultra和50.98万元的Livis版本，其中Livis版比预售价下调5万元，且首发销售期内进一步优惠2万元。</p><p style=\"text-align: left;\">这一降幅被消费者认为是诚意之举，但在券商看来，这样的价格仍不够激进。</p><p style=\"text-align: left;\">发布会后，部分机构表示出对新理想L9的不看好。花旗表示，即便让利7万元，L9 Livis 的性价比仍然仅仅与同级别对手持平。摩根士丹利指出，六座 SUV 市场已然是红海市场，蔚来、小鹏、问界M9 以及极氪 9X 等对手林立。</p><p style=\"text-align: left;\">据此，花旗分别为Ultra和Livis版给出4000台和1000台的月销预测。市场似乎听信了，但现实很快站在了对立面。</p><p style=\"text-align: justify;\">据渠道人士指出，新L9上市后72小时后，周末进店量迎来高峰，客户表示Livis版价格较原本预期还低3万元。并且，老车主增换购比例超过门店预期，带动试驾量暴涨。</p><p style=\"text-align: justify;\">销售版本的比例上，livis与Ultra版呈现9:1，门店反馈称，客户普遍选择 livis 版本，对800V 主动悬架、固态激光雷达和轮毂感知度最强，客户认为 livis 配置性价比更高。</p><p style=\"text-align: justify;\">理想汽车产品线负责人汤靖印证了这点，“发布会上，可能因为我们大部分时间都在聊 Livis，结果 90% 的用户都选了 Livis 版本，双色选装率也远超预期”。</p><p style=\"text-align: justify;\"><strong>花旗对L9 livis“越贵越难卖”、旗舰产品吸引力不足的判断也不攻自破。</strong></p><p style=\"text-align: left;\"><strong>但热钱大多都是短视的。</strong>从投资者的角度来看，市场的确希望理想在历经波动后，掷出一个新爆款力挽狂澜，将销量和利润快速推回上升渠道。</p><p style=\"text-align: left;\">理想2025年财报显示，理想去年总销量减少了18.8%；单车价格也同比少了1.4万元，来到26.26万元。因为i6等入门级产品放量，曾经理想品牌的高毛利、高确定性增长逻辑被扰动。</p><p style=\"text-align: left;\">为了稳住局面，理想2026年的战略重心转向了增程产品，纯电新品只留一款。这种战略可以理解为在最熟悉的领域，集中火力打歼灭战。</p><p style=\"text-align: left;\">只是随着越来越多竞争者的涌入，增程赛道也成了红海。有行业研究人士指出，蔚小理、小米、深蓝、极氪的月交付量在2.9-3.4万台上下浮动，差距并不大，这意味着一款产品的成功或失误，就可能引发座次洗牌。</p><p style=\"text-align: left;\">因此，投资者希望新L9能对竞品“一击毙命”，复现三年前初代产品，既走量也能贡献高利润的奇迹。顺势扭转行业价格战、原料成本上涨带来的压力。</p><p style=\"text-align: left;\">不过，此时李想的战略主线已经转向AI，公司在研发的投入逆势加码，2026 年研发费用指引达 120 亿元，其中 AI 相关投入占比达一半。短期来看研发开支大幅攀升将侵蚀利润表。</p><p style=\"text-align: left;\">与此同时，内部对新L9的叙事变为“具身智能第一车”。直觉上，似乎远不如“堆料降价”来的性感。二级市场的担忧因此上升。<strong>然而，若用旧世界的地图，永远找不到新大陆。李想直言：“理想汽车做 AI，不是冒险。不做才是冒险。” </strong></p><h2 id=\"id_469790451\" style=\"text-align: left;\">旧图难觅新大陆</h2><p style=\"text-align: left;\">年初，李想开了一场全员会，强调 “2026 年是所有想要成为 AI 头部公司上车的最后一年”，最晚 2028 年 L4 一定落地，同时明确会做人形机器人。</p><p style=\"text-align: left;\">他规划了一张15年的蓝图：上半场自动驾驶，下半场人形机器人，最终 2040 年抵达 AGI。</p><p style=\"text-align: left;\">对于AI，理想是认真的。</p><p style=\"text-align: left;\">2025年财报显示，理想全年研发投入113.15亿，同比增加了2.2%，创下了公司历史新高。平均每三天就要花掉一个亿去做研发。在主营业务经营现金流转负的年份，无疑是激进的选择。</p><p style=\"text-align: left;\"><strong>在行业里，这被称为反周期投入。而这种反周期投入，也让大家看到了苹果和特斯拉早年的影子。</strong></p><p style=\"text-align: left;\">回溯2001年，被互联网泡沫破裂阵痛裹挟的苹果，反向的加码研发几年后孕育出了iPhone手机；2016年，特斯拉在面临连续亏损、产能不足、技术事故及战略投资困境等多重挑战下，硬生生拿出营收的13%投入研发，最后造出了全球爆款Model3。</p><p style=\"text-align: left;\"><strong>早年的理想，在行业纷纷不看好增程技术时选择坚守，选择相信自己对市场需求的判断，最终等来了市场大爆发，成了彼时新势力一哥。</strong></p><p style=\"text-align: left;\">如今虽重新回到行业低谷期，但理想依旧思路清晰。</p><p style=\"text-align: left;\">“进入竞争后期，同质化越来越严重，聚集度越来越高。这时要比别人做得更有差异化，就不能在上层”。理想汽车CTO谢炎向华尔街见闻表示，上层的东西容易被复制，且能做的空间也愈发逼仄，越往底层、越垂直整合，壁垒越高。</p><p style=\"text-align: left;\">谢炎透露，理想很早就有了这样的战略布局，“就是要往底层走，要往更难、更核心的方面走”。新L9 Livis就是第一枪。李想表示，理想在过去四年几乎重构了整车底盘系统，自研5纳米马赫 M100 芯片双芯组合算力达 2560TOPS。</p><p style=\"text-align: left;\">谢炎提到，苹果之所以能在手机行业独占鳌头，就是因为芯片与操作系统结合，提供远超同行的能力。“我们的出发点是，必须具备超出他人的能力”。</p><p style=\"text-align: left;\">另一边，理想的研发投入切到了AI硬件与具身智能，相当一部分已经投到了车之外的方向，这是理想AI战略的第二曲线。</p><p style=\"text-align: left;\"><strong>可以说，理想正在用今天的研发开支，去换未来的话语权。更何况，理想账上还手握1010亿元的现金（截至2025年底）。这不是理想的退路，是入场券。</strong></p><p style=\"text-align: left;\"><strong>理想的成长路径一直遵循同一逻辑：早期押注家庭市场和增程技术，理想ONE热卖后有了财力研发L系列；汽车业务站稳脚跟后，又把利润投入操作系统自研、模型自研、芯片自研。每一步都是上一步的结果。</strong></p><p style=\"text-align: left;\">有业内人士表示，以中国现有的汽车产业链，孵化出一个新丰田、大众并不难。但中国车企能否在具身智能时代，再造一个保时捷或宝马、奔驰，这就需要提早一步落子。</p><p style=\"text-align: justify;\">值得一提的是，理想并没有与其他车企一样，将研发成本资本化慢慢分摊，而是选择直接费用化一次性扛下来。虽然当前账期业绩承压，但未来一旦产品纷纷出牌，利润的弹性会非常大。</p><p style=\"text-align: left;\"><strong>这意味着，接下来随着理想稳住增程基本盘、纯电车型放量、具身智能第二曲线最终若能如愿落地，它的业绩就将画出一道高斜率的增长曲线。那时候，也将是新旧时代交替的拐点。</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>理想失去吸引力了？</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{ 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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理想失去吸引力了？\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\">2026-05-19 22:30</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<html><head></head><body><blockquote><p>用旧世界的地图，找不到新大陆。</p></blockquote><p style=\"text-align: left;\">三天前的2026年5月15日，理想L9 Livis正式登台，这是理想倾注近两年最多心血，寄予厚望的增程家族旗舰。</p><p style=\"text-align: left;\">当天下午四点整，发布会进入尾声，L9 Livis公布售价，恰逢港股市场进入周五尾盘集合竞价阶段，最后收盘并没有出现太大波动。但当5月18日周一开盘，理想股价下挫逾14%，第二天继续走低约5个百分点。两天时间跌去18%。</p><p style=\"text-align: left;\">原本，这款车被理想视为年度最重要的催化剂，内部希望借L9换代，夺回高端市场份额。但单从资本市场的走势来看，分歧不小。投资者对理想的怀疑升温。要知道，理想的股价已经从半年前128港元的相对高点一路回调过半。</p><p style=\"text-align: left;\"><strong>但理想真的失去吸引力，开始走偏了吗？答案是否定的。</strong></p><h2 id=\"id_2913676291\" style=\"text-align: left;\">市场在担心什么</h2><p style=\"text-align: left;\">股价失守，是理想的价值回归均值，还是遭遇错杀。首先要搞清楚两根阴线里，投资者究竟在担心什么？</p><p style=\"text-align: left;\">这次，理想L9推出了两个版本，45.98万元的Ultra和50.98万元的Livis版本，其中Livis版比预售价下调5万元，且首发销售期内进一步优惠2万元。</p><p style=\"text-align: left;\">这一降幅被消费者认为是诚意之举，但在券商看来，这样的价格仍不够激进。</p><p style=\"text-align: left;\">发布会后，部分机构表示出对新理想L9的不看好。花旗表示，即便让利7万元，L9 Livis 的性价比仍然仅仅与同级别对手持平。摩根士丹利指出，六座 SUV 市场已然是红海市场，蔚来、小鹏、问界M9 以及极氪 9X 等对手林立。</p><p style=\"text-align: left;\">据此，花旗分别为Ultra和Livis版给出4000台和1000台的月销预测。市场似乎听信了，但现实很快站在了对立面。</p><p style=\"text-align: justify;\">据渠道人士指出，新L9上市后72小时后，周末进店量迎来高峰，客户表示Livis版价格较原本预期还低3万元。并且，老车主增换购比例超过门店预期，带动试驾量暴涨。</p><p style=\"text-align: justify;\">销售版本的比例上，livis与Ultra版呈现9:1，门店反馈称，客户普遍选择 livis 版本，对800V 主动悬架、固态激光雷达和轮毂感知度最强，客户认为 livis 配置性价比更高。</p><p style=\"text-align: justify;\">理想汽车产品线负责人汤靖印证了这点，“发布会上，可能因为我们大部分时间都在聊 Livis，结果 90% 的用户都选了 Livis 版本，双色选装率也远超预期”。</p><p style=\"text-align: justify;\"><strong>花旗对L9 livis“越贵越难卖”、旗舰产品吸引力不足的判断也不攻自破。</strong></p><p style=\"text-align: left;\"><strong>但热钱大多都是短视的。</strong>从投资者的角度来看，市场的确希望理想在历经波动后，掷出一个新爆款力挽狂澜，将销量和利润快速推回上升渠道。</p><p style=\"text-align: left;\">理想2025年财报显示，理想去年总销量减少了18.8%；单车价格也同比少了1.4万元，来到26.26万元。因为i6等入门级产品放量，曾经理想品牌的高毛利、高确定性增长逻辑被扰动。</p><p style=\"text-align: left;\">为了稳住局面，理想2026年的战略重心转向了增程产品，纯电新品只留一款。这种战略可以理解为在最熟悉的领域，集中火力打歼灭战。</p><p style=\"text-align: left;\">只是随着越来越多竞争者的涌入，增程赛道也成了红海。有行业研究人士指出，蔚小理、小米、深蓝、极氪的月交付量在2.9-3.4万台上下浮动，差距并不大，这意味着一款产品的成功或失误，就可能引发座次洗牌。</p><p style=\"text-align: left;\">因此，投资者希望新L9能对竞品“一击毙命”，复现三年前初代产品，既走量也能贡献高利润的奇迹。顺势扭转行业价格战、原料成本上涨带来的压力。</p><p style=\"text-align: left;\">不过，此时李想的战略主线已经转向AI，公司在研发的投入逆势加码，2026 年研发费用指引达 120 亿元，其中 AI 相关投入占比达一半。短期来看研发开支大幅攀升将侵蚀利润表。</p><p style=\"text-align: left;\">与此同时，内部对新L9的叙事变为“具身智能第一车”。直觉上，似乎远不如“堆料降价”来的性感。二级市场的担忧因此上升。<strong>然而，若用旧世界的地图，永远找不到新大陆。李想直言：“理想汽车做 AI，不是冒险。不做才是冒险。” </strong></p><h2 id=\"id_469790451\" style=\"text-align: left;\">旧图难觅新大陆</h2><p style=\"text-align: left;\">年初，李想开了一场全员会，强调 “2026 年是所有想要成为 AI 头部公司上车的最后一年”，最晚 2028 年 L4 一定落地，同时明确会做人形机器人。</p><p style=\"text-align: left;\">他规划了一张15年的蓝图：上半场自动驾驶，下半场人形机器人，最终 2040 年抵达 AGI。</p><p style=\"text-align: left;\">对于AI，理想是认真的。</p><p style=\"text-align: left;\">2025年财报显示，理想全年研发投入113.15亿，同比增加了2.2%，创下了公司历史新高。平均每三天就要花掉一个亿去做研发。在主营业务经营现金流转负的年份，无疑是激进的选择。</p><p style=\"text-align: left;\"><strong>在行业里，这被称为反周期投入。而这种反周期投入，也让大家看到了苹果和特斯拉早年的影子。</strong></p><p style=\"text-align: left;\">回溯2001年，被互联网泡沫破裂阵痛裹挟的苹果，反向的加码研发几年后孕育出了iPhone手机；2016年，特斯拉在面临连续亏损、产能不足、技术事故及战略投资困境等多重挑战下，硬生生拿出营收的13%投入研发，最后造出了全球爆款Model3。</p><p style=\"text-align: left;\"><strong>早年的理想，在行业纷纷不看好增程技术时选择坚守，选择相信自己对市场需求的判断，最终等来了市场大爆发，成了彼时新势力一哥。</strong></p><p style=\"text-align: left;\">如今虽重新回到行业低谷期，但理想依旧思路清晰。</p><p style=\"text-align: left;\">“进入竞争后期，同质化越来越严重，聚集度越来越高。这时要比别人做得更有差异化，就不能在上层”。理想汽车CTO谢炎向华尔街见闻表示，上层的东西容易被复制，且能做的空间也愈发逼仄，越往底层、越垂直整合，壁垒越高。</p><p style=\"text-align: left;\">谢炎透露，理想很早就有了这样的战略布局，“就是要往底层走，要往更难、更核心的方面走”。新L9 Livis就是第一枪。李想表示，理想在过去四年几乎重构了整车底盘系统，自研5纳米马赫 M100 芯片双芯组合算力达 2560TOPS。</p><p style=\"text-align: left;\">谢炎提到，苹果之所以能在手机行业独占鳌头，就是因为芯片与操作系统结合，提供远超同行的能力。“我们的出发点是，必须具备超出他人的能力”。</p><p style=\"text-align: left;\">另一边，理想的研发投入切到了AI硬件与具身智能，相当一部分已经投到了车之外的方向，这是理想AI战略的第二曲线。</p><p style=\"text-align: left;\"><strong>可以说，理想正在用今天的研发开支，去换未来的话语权。更何况，理想账上还手握1010亿元的现金（截至2025年底）。这不是理想的退路，是入场券。</strong></p><p style=\"text-align: left;\"><strong>理想的成长路径一直遵循同一逻辑：早期押注家庭市场和增程技术，理想ONE热卖后有了财力研发L系列；汽车业务站稳脚跟后，又把利润投入操作系统自研、模型自研、芯片自研。每一步都是上一步的结果。</strong></p><p style=\"text-align: left;\">有业内人士表示，以中国现有的汽车产业链，孵化出一个新丰田、大众并不难。但中国车企能否在具身智能时代，再造一个保时捷或宝马、奔驰，这就需要提早一步落子。</p><p style=\"text-align: justify;\">值得一提的是，理想并没有与其他车企一样，将研发成本资本化慢慢分摊，而是选择直接费用化一次性扛下来。虽然当前账期业绩承压，但未来一旦产品纷纷出牌，利润的弹性会非常大。</p><p style=\"text-align: left;\"><strong>这意味着，接下来随着理想稳住增程基本盘、纯电车型放量、具身智能第二曲线最终若能如愿落地，它的业绩就将画出一道高斜率的增长曲线。那时候，也将是新旧时代交替的拐点。</strong></p></body></html>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/2c0ab7d3f5d89bb403311ca0a8e68f8e","relate_stocks":{"BK4548":"巴美列捷福持仓","LU2236285917.USD":"ALLIANZ GLOBAL INCOME \"AMG\" (USD) INC","LU2237443465.HKD":"abrdn SICAV I -  GLOBAL DYNAMIC DIVIDEND \"A\" (HKD) INC","SG9999014567.USD":"UOB UNITED INCOME FOCUS TRUST FUND (USD) 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Livis公布售价，恰逢港股市场进入周五尾盘集合竞价阶段，最后收盘并没有出现太大波动。但当5月18日周一开盘，理想股价下挫逾14%，第二天继续走低约5个百分点。两天时间跌去18%。原本，这款车被理想视为年度最重要的催化剂，内部希望借L9换代，夺回高端市场份额。但单从资本市场的走势来看，分歧不小。投资者对理想的怀疑升温。要知道，理想的股价已经从半年前128港元的相对高点一路回调过半。但理想真的失去吸引力，开始走偏了吗？答案是否定的。市场在担心什么股价失守，是理想的价值回归均值，还是遭遇错杀。首先要搞清楚两根阴线里，投资者究竟在担心什么？这次，理想L9推出了两个版本，45.98万元的Ultra和50.98万元的Livis版本，其中Livis版比预售价下调5万元，且首发销售期内进一步优惠2万元。这一降幅被消费者认为是诚意之举，但在券商看来，这样的价格仍不够激进。发布会后，部分机构表示出对新理想L9的不看好。花旗表示，即便让利7万元，L9 Livis 的性价比仍然仅仅与同级别对手持平。摩根士丹利指出，六座 SUV 市场已然是红海市场，蔚来、小鹏、问界M9 以及极氪 9X 等对手林立。据此，花旗分别为Ultra和Livis版给出4000台和1000台的月销预测。市场似乎听信了，但现实很快站在了对立面。据渠道人士指出，新L9上市后72小时后，周末进店量迎来高峰，客户表示Livis版价格较原本预期还低3万元。并且，老车主增换购比例超过门店预期，带动试驾量暴涨。销售版本的比例上，livis与Ultra版呈现9:1，门店反馈称，客户普遍选择 livis 版本，对800V 主动悬架、固态激光雷达和轮毂感知度最强，客户认为 livis 配置性价比更高。理想汽车产品线负责人汤靖印证了这点，“发布会上，可能因为我们大部分时间都在聊 Livis，结果 90% 的用户都选了 Livis 版本，双色选装率也远超预期”。花旗对L9 livis“越贵越难卖”、旗舰产品吸引力不足的判断也不攻自破。但热钱大多都是短视的。从投资者的角度来看，市场的确希望理想在历经波动后，掷出一个新爆款力挽狂澜，将销量和利润快速推回上升渠道。理想2025年财报显示，理想去年总销量减少了18.8%；单车价格也同比少了1.4万元，来到26.26万元。因为i6等入门级产品放量，曾经理想品牌的高毛利、高确定性增长逻辑被扰动。为了稳住局面，理想2026年的战略重心转向了增程产品，纯电新品只留一款。这种战略可以理解为在最熟悉的领域，集中火力打歼灭战。只是随着越来越多竞争者的涌入，增程赛道也成了红海。有行业研究人士指出，蔚小理、小米、深蓝、极氪的月交付量在2.9-3.4万台上下浮动，差距并不大，这意味着一款产品的成功或失误，就可能引发座次洗牌。因此，投资者希望新L9能对竞品“一击毙命”，复现三年前初代产品，既走量也能贡献高利润的奇迹。顺势扭转行业价格战、原料成本上涨带来的压力。不过，此时李想的战略主线已经转向AI，公司在研发的投入逆势加码，2026 年研发费用指引达 120 亿元，其中 AI 相关投入占比达一半。短期来看研发开支大幅攀升将侵蚀利润表。与此同时，内部对新L9的叙事变为“具身智能第一车”。直觉上，似乎远不如“堆料降价”来的性感。二级市场的担忧因此上升。然而，若用旧世界的地图，永远找不到新大陆。李想直言：“理想汽车做 AI，不是冒险。不做才是冒险。” 旧图难觅新大陆年初，李想开了一场全员会，强调 “2026 年是所有想要成为 AI 头部公司上车的最后一年”，最晚 2028 年 L4 一定落地，同时明确会做人形机器人。他规划了一张15年的蓝图：上半场自动驾驶，下半场人形机器人，最终 2040 年抵达 AGI。对于AI，理想是认真的。2025年财报显示，理想全年研发投入113.15亿，同比增加了2.2%，创下了公司历史新高。平均每三天就要花掉一个亿去做研发。在主营业务经营现金流转负的年份，无疑是激进的选择。在行业里，这被称为反周期投入。而这种反周期投入，也让大家看到了苹果和特斯拉早年的影子。回溯2001年，被互联网泡沫破裂阵痛裹挟的苹果，反向的加码研发几年后孕育出了iPhone手机；2016年，特斯拉在面临连续亏损、产能不足、技术事故及战略投资困境等多重挑战下，硬生生拿出营收的13%投入研发，最后造出了全球爆款Model3。早年的理想，在行业纷纷不看好增程技术时选择坚守，选择相信自己对市场需求的判断，最终等来了市场大爆发，成了彼时新势力一哥。如今虽重新回到行业低谷期，但理想依旧思路清晰。“进入竞争后期，同质化越来越严重，聚集度越来越高。这时要比别人做得更有差异化，就不能在上层”。理想汽车CTO谢炎向华尔街见闻表示，上层的东西容易被复制，且能做的空间也愈发逼仄，越往底层、越垂直整合，壁垒越高。谢炎透露，理想很早就有了这样的战略布局，“就是要往底层走，要往更难、更核心的方面走”。新L9 Livis就是第一枪。李想表示，理想在过去四年几乎重构了整车底盘系统，自研5纳米马赫 M100 芯片双芯组合算力达 2560TOPS。谢炎提到，苹果之所以能在手机行业独占鳌头，就是因为芯片与操作系统结合，提供远超同行的能力。“我们的出发点是，必须具备超出他人的能力”。另一边，理想的研发投入切到了AI硬件与具身智能，相当一部分已经投到了车之外的方向，这是理想AI战略的第二曲线。可以说，理想正在用今天的研发开支，去换未来的话语权。更何况，理想账上还手握1010亿元的现金（截至2025年底）。这不是理想的退路，是入场券。理想的成长路径一直遵循同一逻辑：早期押注家庭市场和增程技术，理想ONE热卖后有了财力研发L系列；汽车业务站稳脚跟后，又把利润投入操作系统自研、模型自研、芯片自研。每一步都是上一步的结果。有业内人士表示，以中国现有的汽车产业链，孵化出一个新丰田、大众并不难。但中国车企能否在具身智能时代，再造一个保时捷或宝马、奔驰，这就需要提早一步落子。值得一提的是，理想并没有与其他车企一样，将研发成本资本化慢慢分摊，而是选择直接费用化一次性扛下来。虽然当前账期业绩承压，但未来一旦产品纷纷出牌，利润的弹性会非常大。这意味着，接下来随着理想稳住增程基本盘、纯电车型放量、具身智能第二曲线最终若能如愿落地，它的业绩就将画出一道高斜率的增长曲线。那时候，也将是新旧时代交替的拐点。","news_type":1,"symbols_score_info":{"LI":1.96,"EVS.SI":0.6,"ARTY":0.63,"AIPO":0.63,"02015":1.96,"AGIX":0.63}},"isVote":1,"tweetType":1,"viewCount":2040,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":563126910355512,"gmtCreate":1778510786441,"gmtModify":1778511568813,"author":{"id":"3535535770162265","authorId":"3535535770162265","name":"Alex_0099","avatar":"https://static.tigerbbs.com/5f1a58594ee71017c239db9e4dfea780","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3535535770162265","idStr":"3535535770162265"},"themes":[],"title":"","htmlText":"‌<a href=\"https://laohu8.com/S/MU\">$美光科技(MU)$ &nbsp;</a>‌‌ ‌ MU foward PE is only 10-20, but memory stocks historically showed strong cyclic. So, so can MU break the curse?","listText":"‌<a href=\"https://laohu8.com/S/MU\">$美光科技(MU)$ &nbsp;</a>‌‌ ‌ MU foward PE is only 10-20, but memory stocks historically showed strong cyclic. So, so can MU break the curse?","text":"‌$美光科技(MU)$ ‌‌ ‌ MU foward PE is only 10-20, but memory stocks historically showed strong cyclic. So, so can MU break the curse?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/563126910355512","isVote":1,"tweetType":1,"viewCount":2199,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":562085823325208,"gmtCreate":1778259755552,"gmtModify":1778260666653,"author":{"id":"3535535770162265","authorId":"3535535770162265","name":"Alex_0099","avatar":"https://static.tigerbbs.com/5f1a58594ee71017c239db9e4dfea780","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3535535770162265","idStr":"3535535770162265"},"themes":[],"title":"","htmlText":"‌<a href=\"https://laohu8.com/S/INTC\">$英特尔(INTC)$ &nbsp;</a> wtf‌","listText":"‌<a href=\"https://laohu8.com/S/INTC\">$英特尔(INTC)$ &nbsp;</a> wtf‌","text":"‌$英特尔(INTC)$ wtf‌","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/562085823325208","isVote":1,"tweetType":1,"viewCount":1459,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":559235281590120,"gmtCreate":1777563826875,"gmtModify":1777563828605,"author":{"id":"3535535770162265","authorId":"3535535770162265","name":"Alex_0099","avatar":"https://static.tigerbbs.com/5f1a58594ee71017c239db9e4dfea780","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3535535770162265","idStr":"3535535770162265"},"themes":[],"title":"","htmlText":"‌<a href=\"https://laohu8.com/S/META\">$Meta Platforms, Inc.(META)$ &nbsp;</a>‌‌ Google is the winner, all others are losers","listText":"‌<a href=\"https://laohu8.com/S/META\">$Meta Platforms, Inc.(META)$ &nbsp;</a>‌‌ Google is the winner, all others are losers","text":"‌$Meta Platforms, Inc.(META)$ ‌‌ Google is the winner, all others are losers","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/559235281590120","isVote":1,"tweetType":1,"viewCount":1701,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":556772463294328,"gmtCreate":1776959354035,"gmtModify":1776959356035,"author":{"id":"3535535770162265","authorId":"3535535770162265","name":"Alex_0099","avatar":"https://static.tigerbbs.com/5f1a58594ee71017c239db9e4dfea780","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3535535770162265","idStr":"3535535770162265"},"themes":[],"title":"","htmlText":"‌<a href=\"https://laohu8.com/S/AMD\">$美国超微公司(AMD)$ &nbsp;</a> Even Lisa cannot believe $300","listText":"‌<a href=\"https://laohu8.com/S/AMD\">$美国超微公司(AMD)$ &nbsp;</a> Even Lisa cannot believe $300","text":"‌$美国超微公司(AMD)$ Even Lisa cannot believe $300","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/556772463294328","isVote":1,"tweetType":1,"viewCount":1995,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":554640972978344,"gmtCreate":1776445033732,"gmtModify":1776445604380,"author":{"id":"3535535770162265","authorId":"3535535770162265","name":"Alex_0099","avatar":"https://static.tigerbbs.com/5f1a58594ee71017c239db9e4dfea780","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3535535770162265","idStr":"3535535770162265"},"themes":[],"title":"","htmlText":"what a joker","listText":"what a joker","text":"what a joker","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/554640972978344","repostId":"2628927312","repostType":2,"repost":{"id":"2628927312","kind":"highlight","pubTimestamp":1776409621,"share":"https://www.laohunote.com/m/news/2628927312?lang=zh_CN&edition=full","pubTime":"2026-04-17 15:07","market":"us","language":"zh","title":"伯恩斯坦上调AMD目标价至265美元","url":"https://stock-news.laohu8.com/highlight/detail?id=2628927312","media":"中金财经","summary":"伯恩斯坦将AMD的目标价从235美元上调至265美元，维持“与大市同步”评级。(格隆汇)","content":"<html><body><p>　　伯恩斯坦将<a href=\"https://laohu8.com/S/AMD\">AMD</a>的目标价从235美元上调至265美元，维持“与大市同步”评级。(格隆汇)\r\n\r\n　　 </p></body></html>","source":"zhongjincaijing_highlight","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\" 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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伯恩斯坦上调AMD目标价至265美元\n</h2>\n\n<h4 class=\"meta\">\n\n\n2026-04-17 15:07 北京时间&nbsp;&nbsp;&nbsp;<a href=http://sc.stock.cnfol.com/gushizhibo/20260417/32151211.shtml><strong>中金财经</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>伯恩斯坦将AMD的目标价从235美元上调至265美元，维持“与大市同步”评级。(格隆汇)</p>\n\n<a href=\"http://sc.stock.cnfol.com/gushizhibo/20260417/32151211.shtml\">网页链接</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"LU0082616367.USD":"摩根大通美国科技A（dist）","LU2089985449.USD":"MANULIFE GF GLOBAL SEMICONDUCTOR OPPORTUNITIES \"AA\" (USD) ACC","LU1242518931.SGD":"Fullerton Lux Funds - Asia Absolute Alpha A Acc SGD","LU0127658192.USD":"EASTSPRING INVESTMENTS GLOBAL TECHNOLOGY \"A\" (USD) ACC","LU2355687059.USD":"NORDEA 1 GLOBAL IMPACT  \"BP\" (USD) ACC","BK4554":"元宇宙及AR概念","LU2360106780.USD":"BGF WORLD TECHNOLOGY \"A4\" (USD) INC","AMDL":"2倍做多AMD ETF-GraniteShares","LU0719512351.SGD":"JPMorgan Funds - US Technology A (acc) SGD","AMD":"美国超微公司","LU0274383776.USD":"MANULIFE GF US SMALL CAP EQUITY \"AA\" (USD) INC","IE0009356076.USD":"JANUS 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