Global equities tumbled Tuesday as concerns of inflated valuations and an uncertain macro environment grips investors ahead of Nvidia earnings this week.  The pan-European Stoxx 600 opened in negative territory on Tuesday with mining-linked stocks and banks leading Europe's losses. The Stoxx Europe 600 Technology Index shed 1.4%, following in the footsteps of U.S. stocks as fears of an artificial intelligence-fueled bubble persist.  The three major U.S. indexes, Dow Jones Industrial Average, the S&P 500 and ...

全球市场抛售 - 欧洲股市预计将大幅低开，全球市场出现加剧的抛售潮 [1] - 大型科技股面临新的抛售压力，市场再次担忧人工智能估值过高 [1] - 比特币已抹去年内全部涨幅，投资者担忧可能出现更深度的下跌 [1] 主要股指表现 - 整体平均指数的回调幅度相对温和，道指下跌略超1%，标普500指数下跌不足1%，纳斯达克指数仅下跌约0.18% [1] - 罗素2000小型股指数较历史高点下跌8%，道琼斯运输平均指数已进入回调区域，下跌13.5% [1] - 美国股指期货继续表现疲软 [7] 人工智能与科技板块 - 对人工智能估值过高的担忧再次笼罩市场，市场关注英伟达即将公布的业绩 [1] - 超大规模企业在人工智能资本支出上的投入规模以及依赖信贷市场为AI建设融资的问题引发市场疑问 [1] - 超微公司股价下跌约2.5% [1] - Alphabet首席执行官警告，若AI泡沫破裂，没有公司能免疫，当前市场存在类似互联网泡沫的非理性繁荣 [2] 比特币与加密货币 - 比特币价格现已低于2025年年初水平，目前位于89,000美元关口附近 [1] - 比特币已处于深度熊市，下跌近30%，杠杆问题是导致暴跌的主要原因之一 [1] - 加密货币数量超过18,000种 [2] 宏观经济与货币政策 - 欧洲委员会上调了2025年的增长预测，但警告政府赤字将在未来几年上升，同时欧盟可能受到市场低迷的冲击 [1] - 美联储官员在是否于下月降息上存在分歧，Governor Waller支持降息，Vice Chair Jefferson则呼吁采取更温和的方式 [2] - 市场部分抛售源于对美联储12月不降息的预期，但若美联储延迟至1月行动，可能不会造成灾难性影响 [3] 公司动态与业绩 - 彼得·蒂尔的对冲基金在第三季度清仓了价值9400万美元的英伟达头寸 [2] - 亚马逊加入Meta和Oracle的行列，通过发行债券为AI资本支出融资，市场对其150亿美元债券发行反应消极 [3] - ABB将其盈利能力利润率目标上调至最高22%，较此前目标提升高达6个百分点 [7] - 法国农业信贷银行设定85亿欧元的净利润目标，高于分析师预期的82亿欧元 [8] - 广告集团Havas的CEO否认就投资WPP进行谈判 [9] - 涂料公司Axalta将与荷兰油漆制造商AkzoNobel进行全股票合并，交易价值250亿美元，并立即暂停股票回购计划 [10] - 诺和诺德在美国将其旗舰减肥药Wegovy降价，首批两个剂量每月价格低于200美元，并重点推广其口服版本 [11] - AMS Osram第三季度营收为8.53亿欧元，业绩超预期，但其汽车客户订单周期非常短，且高金价对其利润构成挑战 [13][14]

Press enter or click to view image in full size“A small seed that stood its ground”Are We in an AI Bubble or Witnessing a Structural Transformation?The $3 Trillion Question That’s Keeping Boards Awake at NightIn June 2024, Nvidia briefly became the world’s most valuable public company, surpassing a market capitalization of $3 trillion. For context, that’s larger than the entire GDP of the United Kingdom. The company’s data-center revenues, predominantly AI chips, grew more than fivefold year-on-year, a rate ...

文章核心观点 - 在人工智能相关网络和连接公司备受市场关注的一年中，Arista Networks（ANET）是未能充分受益的公司之一 [1] 分析师背景 - 分析师Uttam是一名以增长为导向的投资分析师，其股票研究主要专注于科技行业 [1] - 其定期研究和发布的关键领域包括半导体、人工智能和云软件 [1] - 研究也关注其他领域，如医疗科技、国防科技和可再生能源 [1] - 分析师在硅谷工作过，曾为包括苹果和谷歌在内的全球最大科技公司领导团队 [1]

市场情绪与担忧指标 - 股市下跌，华尔街恐慌指数VIX升至约23，进入担忧区域，CNN的指标显示“极度恐惧”[1][2] - 资深债券投资者Jeffrey Gundlach认为几乎所有金融资产都被高估，资产类别间存在非典型关系[2] - 私人信贷违约被比作隐藏的蟑螂，AI股估值被比作互联网泡沫[2] 投资者仓位调整 - 德银报告显示，自主投资者再次低配股票，仓位降至2025年初关税恐慌以来的区间底部[3] - 据《金融时报》报道，沙特主权财富基金在第三季度削减了其美股头寸[3] 对市场健康状况的评估 - Gundlach指出，根据市盈率和CAPE比率等经典估值指标，美股市场是几十年来“最不健康”的[5] - 建议投资者规避60/40投资组合，股票配置不超过40%（且大部分在美国以外），债券25%，黄金15%，其余为现金[5] 市场异常现象 - Gundlach列举市场与传统模式背离的现象：除两年期债券外，美联储降息后短长期国债收益率不降反升[8] - 自2000年以来标普500指数12次回调中，美元与股市走势负相关，但今年三四月份美元与股市同步下跌[8] 对AI叙事与牛市前景的分歧 - BCA Research的Doug Peta认为AI叙事的效力使当前市场越来越像互联网泡沫时期，但仍存在令人担忧的信号[7][10] - Peta指出，标普500中非必需消费品等周期性公司的盈利增长落后整体市场约20个百分点，可能是扩张不如普遍认为那么强劲的信号[10][11] - Fundstrat Global将市场波动归因于媒体驱动的自我实现叙事，其数据科学和技术策略负责人均不认为存在AI泡沫，并认为12月可能出现补涨行情[9]

Nvidia (NVDA) is set to release its fiscal Q3 2026 earnings on Nov. 19 after the close of markets. The world’s most valuable company's earnings are always an event worth watching, but even more so this time around, as the artificial intelligence (AI) rally is getting tested. While “AI bubble” chatter has been an intermittent theme, many, including Michael Burry of “Big Short” fame, have made some serious allegations and accused the Big Tech giants of accounting fraud by understating their depreciation by ...

[Music] All right, good Monday morning from Yow Fights' New York City headquarter studios. I'm Yao Fights executive editor Brian S. I can't believe it's Monday again.The weekend always goes by way too fast. Uh, nonetheless, you can just feel the nervousness in markets right now. And let me tell you, you don't have to search too far to get the feeling that the bears are about to rip off your head.Bitcoin is off by more than 25% from its record highs. Nvidia is down by 10% from its October highs as the compan ...

Billionaire investor Peter Thiel's hedge fund Thiel Macro has reportedly sold its entire $100 million worth stake in artificial intelligence chips manufacturer Nvidia during Q3, spiking anxiety over an AI bubble burst, Reuters reported.According to a regulatory filing with the United States Securities and Exchange Commission (US SEC) on November 14, Thiel Macros sold around 5,37,742 Nvidia shares — its entire stake in the tech company — worth around $100 million, as of closing on September 30, 2025.The Thie ...

Key Points Wedbush analyst Dan Ives says today represents a “golden buying opportunity.” He predicts more growth for AI leaders in the quarters to come. 10 stocks we like better than Amazon › Artificial intelligence (AI) stocks have fueled the S&P 500's gains over the past two years, and this movement has continued into 2025, with the index heading for yet another double-digit increase. But, in recent weeks, investors have started to hesitate before buying AI stocks -- and have even shied away from ...

Peter Thiel's hedge fund sold its entire stake in Nvidia in the third quarter, according to a 13F filing. Thiel Macro LLC sold all of its 537,742 shares in the chipmaker, per the filing, which were valued at about $85 million at the end of the second quarter.Those shares would have been worth about $100 million at market close on September 30 — but it is unclear when Thiel's fund offloaded its stake. It comes hot on the heels of SoftBank disclosing that it sold all of its Nvidia shares during the same qua ...