The company, led by Warren Buffett, reports earnings on Saturday. Buffett has only two months left before he steps down as CEO. ...

人工智能资本开支的可持续性 - 公司正在测试人工智能建设背后的数学逻辑，即资本开支能在多大程度上依靠现金流来增长 [1] - 核心问题在于资本开支持续超出现金流的时间能维持多久，以及当达到极限时公司应采取何种策略 [1]

Washington may be closed for business, but the economy keeps humming. Plus, investment newsletter commentary on housing-market troubles, the oil-price outlook, and attractive dividend stocks. ...

"The market is entirely too complacent about downside risks,†says one observer. The troubles go beyond a few rough earnings reports. ...

A U.S.-China summit in South Korea did just enough, even if it didn't fix everything that has kept the two sides at odds. ...

Advanced Micro Devices and Micron came out on top, while Fiserv underperformed by a wide margin. ...

Treasury plans typically don't get nearly the attention of Federal Reserve announcements. But its statement could affect bonds, and in turn other asset prices. ...

市场指数表现 - 标普500指数上涨0.3% [1] - 纳斯达克综合指数上涨0.9% [1] - 道琼斯工业指数在盈亏平衡点附近徘徊 [1] 公司个股表现 - 亚马逊股价上涨11% 为道指贡献155点涨幅 [2] - 亚马逊是标普500指数中市值增长最大的公司 [2] - 苹果公司开盘后未能维持其涨幅 [2] 财报驱动因素 - 亚马逊和苹果公司前一晚公布了季度业绩 [2]

The company's record quarterly revenue more than made up for its shrinking profit margin. ...

公司财务业绩 - 第三季度调整后每股收益为1.86美元，超过FactSet调查分析师预期的1.77美元 [3] - 第三季度净营收增长9.1%至157.8亿美元，略高于华尔街预期的155.9亿美元 [3] - 公司上调2025年调整后每股收益指引至10.61-10.65美元，此前为10.38-10.58美元 [6][7] 产品组合表现 - 免疫学和神经科学产品组合营收分别增长12%和20% [4] - 旗舰生物制剂Skyrizi和Rinvoq营收较去年同期实现两位数增长 [4] - 抗炎药Humira营收下降55%至9.93亿美元，主要因2023年失去专利独占性后面临生物类似药竞争 [4][5] - 肿瘤学产品组合营收下降0.3%至16.82亿美元 [5] - 美学产品组合（包括Botox Cosmetic）营收下降3.7%至11.93亿美元 [5][7] 资本市场与股东回报 - 财报发布后股价下跌4.7%至217.50美元，为5月14日以来最大单日百分比跌幅 [2][3] - 公司宣布将季度现金股息从每股1.64美元提高约5.5%至1.73美元，自2026年2月17日支付的股息开始生效 [8] - 自2013年成立以来，公司季度股息已增加超过330% [8]