市场整体表现与驱动因素 - 股市因通胀压力缓解而上涨，道琼斯指数上涨62点，纳斯达克综合指数上涨超过1%，标普500指数上涨约0.7% [1][3] - 债券市场收益率下降，10年期国债收益率下降3个基点至4.12%，30年期国债收益率下降3个基点至4.80% [3] - 板块表现分化，非必需消费品板块领涨，科技板块上涨1.4%，而能源板块下跌1.5% [5][6] 宏观经济与货币政策展望 - 通胀正在降温，这为美联储提供了进一步降息的空间，预计利率可能从当前的3.75%降至3.5%，意味着利率降低超过20% [10][11] - 降息可能提前至2026年第一季度，这将刺激经济增长 [12] - 财政刺激将提供显著动力，预计2025年超额预扣的约1500亿美元将返还给消费者，平均每人多获得约1000美元退税，加上其他减税措施，总计约有6000亿至7500亿美元资金注入消费者口袋 [14][15] 企业盈利与人工智能影响 - 2025年第三季度，82%的标普500公司盈利超预期 [16] - 预计2026年“科技七巨头”盈利增长约18%，而其他公司增长约13% [17] - 人工智能的采用正在提高劳动生产率，预计将导致企业利润率扩张 [17][18] - 盈利增长将更加广泛，机会将从“科技七巨头”扩散到标普500的其他493家公司 [19][20] 特定行业与公司动态 - 特斯拉股价上涨3.81%，推动非必需消费品板块创下新高 [5][6] - 美光科技公布财报后股价上涨11%，其高带宽内存已售罄至2026年底 [7][81] - 芯片股表现不一，拉姆研究上涨6%，但多数芯片股在过去两日下跌 [7] - 亚马逊、GE航空航天和联合租赁被列为投资选择，因其各自在在线购物、航空发动机（拥有10年订单积压）和重型设备租赁（占据17%市场份额）领域占据关键节点 [27][29][30][32] 并购与特殊事件：特朗普媒体与核聚变 - 特朗普媒体与科技集团宣布与TAE科技公司进行全股票合并，交易估值60亿美元，旨在利用人工智能对电力的增长需求 [33] - 合并后的实体计划在2026年开始建设一座50兆瓦的核聚变电站，目标在2031年首次发电 [43] - TAE科技拥有1600项专利，其独特的氢硼聚变技术不同于传统裂变或其它聚变路径，但实现商业化仍需克服重大科学与工程挑战，例如将燃料加热至30亿摄氏度 [45][53] - 核能目前是热门零售交易，但核聚变技术距离大规模商业化可能仍需数年甚至数十年 [38][40][41] 其他公司新闻 - 里维安汽车评级被Baird从“中性”上调至“跑赢大盘”，因其R2车型计划推出 [65] - Shake Shack评级被摩根大通从“减持”上调至“中性”，因其已转变为自由现金流为正的公司 [66][67] - 莱纳房屋遭遇多家机构 downgrade，因其第四季度业绩和第一季度指引未达预期 [67][68] - 星战太空公司在纽交所首日上市，股价上涨超过100%，该公司利用超音速战斗机作为发射平台，将小型卫星送入近地轨道 [82][88][92] 消费与零售趋势 - Chipotle推出高蛋白新菜单，蛋白质含量在15至81克之间，并首次单独出售4盎司杯装鸡肉，售价约3.82美元 [94][95] - Chipotle同店销售额增长0.3%，主要由价格上涨驱动，但交易量下降，公司股价年内下跌约40% [97][98] - Sweetgreen和星巴克等公司也推出高蛋白产品以迎合消费者对价值的追求 [100][101] 交易平台与投资者行为 - Robinhood推出新的预测市场，涵盖选举、经济指标和文化活动等类别，其近2700万客户可借此信息辅助投资决策 [105][108] - 11月股票和期权交易量同比上升但环比下降，加密货币交易量同比和环比均下降，这可能是一种向常态的回归 [110][112] - 零售投资者出现轮动，从里维安等股票转向重新青睐“科技七巨头” [114] - Robinhood的保证金余额同比增长约150%，主要源于业务增长和市场活跃度提升 [115][116] - 该平台11月净存款约为70亿美元，客户平均年龄在30岁出头，处于资本增值阶段 [117]

Tech giants Apple (AAPL), Meta Platforms (META), Nvidia (NVDA) and Alphabet (GOOGL) made the biggest stock buybacks in the third quarter, as S&P 500 companies made record 12-month repurchases despite some cautious spending. Third-quarter total share repurchases rose 6.2% to $249 billion from the second quarter, and climbed 9.9% from the year-earlier period, according to S&P Dow Jones Indices. For… ...

As 2025 comes to an end, the economy seems stable, the S&P 500 is up more than 15% so far this year, and inflation is relatively tame. Yet Americans have the kind of gloomy views about inflation, politics, and the job market that are normally only seen during recessions. It’s a good reminder that there can be a disconnect between the big picture and individual American wallets. But with most strategists forecasting more of the same for 2026, it’s also an opportunity to dig into the large-scale drivers of ...

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The artificial intelligence trade is one that's become integral to the U.S. ...

POLAND - 2025/12/04: In this photo illustration, a Meta AI logo seen displayed on a smartphone. (Photo Illustration by Mateusz Slodkowski/SOPA Images/LightRocket via Getty Images)SOPA Images/LightRocket via Getty ImagesMeta Platforms (META) has faced challenges in the past. Its stock has plummeted over 30% on four separate occasions in less than two months in recent years, leading to billions in lost market value and reversing substantial gains in a single downturn. If past trends are any indication, META s ...

生成式AI 一、谷歌联手Meta让TPU支持PyTorch，挑战CUDA护城河？ 1. 谷歌推进代号"TorchTPU"战略行动，让PyTorch在TPU芯片上流畅运行，消除开发者迁移门槛，并考虑将部分软 件开源； 2. 谷歌与Meta商讨合作协议，让Meta获得更多TPU使用权，Meta通过推动软件适配TPU降低推理成本并减少对英 伟达依赖； 3. 华尔街分析师认为CUDA是英伟达最坚固盾牌，谷歌过去依赖内部Jax框架"圈地自萌"拉大了与外部客户实际使用 习惯的鸿沟。 https://mp.weixin.qq.com/s/0E230ylybz8YYflQDAxSQw 二、ChatGPT 版应用商店正式上线，通过「@ 应用名」触发 1. ChatGPT应用商店正式推出，按精选、生活方式、工作效率等分类列出Adobe Photoshop、Canva、Figma等应 用，用户通过"@应用名"触发； 2. 开发者可在OpenAI开发者平台提交应用审核发布，OpenAI提供完整资源体系包括最佳实践指南、开源示例应用、 UI库和测试阶段的Apps SDK； 3. OpenAI计划以约7500亿美元估值筹集新一轮资金，最 ...

JohanSjolander / E+ via Getty Images The math is simple. It starts with three facts. China has spent massive amounts to create very low-priced electricity at a rate several times the U.S. pace. It has built massive dams. The best example is the Motuo Hydropower Station on the Yarlung Tsangpo River in Tibet. No other nation could build a colossal project so fast. And China has extraordinary solar power supply. Do the large Chinese artificial intelligence (AI) companies pay for these? No. The central govern ...

Austria's Supreme Court has ruled that Meta's personalized advertising model is unlawful and ordered the company to provide users across the European Union with complete access to their personal data ... ...

This year, one of the better performers among the Magnificent 7 had been Meta Platforms Inc. ...