Market Reaction - The Supreme Court's ruling against President Trump's global tariff regime led to a brief rally in the DOW (+0.8%) and S&P 500 (+1.1%) as retailers anticipated the removal of 10% tariffs [2] - Following the ruling, President Trump raised the global tariff rate from 10% to 15%, reversing the positive market sentiment [2] - The immediate reaction in the crypto markets saw Bitcoin (BTC) drop by 5.6% to $68,000, reflecting investor concerns over the trade situation [4] Impact on Companies - Apple (AAPL) is expected to be significantly affected by the increase in tariffs, particularly impacting the upcoming iPhone refresh, as the cost will likely be passed to consumers [5] - The broader tech sector, represented by QQQ, is preparing for a challenging market environment, with a recalibration of risk premiums for U.S. equities [6] - Netflix (NFLX) faced pressure as President Trump demanded the firing of board member Susan Rice, complicating its ongoing acquisition talks with Warner Bros. Discovery (WBD) [7][8] International Reactions - Internationally, reactions varied, with French President Macron criticizing the U.S. administration's approach to the rule of law, while Canadian Prime Minister Carney navigated trade tensions involving potential 100% tariffs [9][10] Economic Outlook - The DOW futures indicate a potential drop of 400 points, with the VIX rising by 12.4%, reflecting market volatility amid the ongoing trade war and political tensions [11] - The current market dynamics suggest a shift from economic fundamentals to a focus on political maneuvering, with the S&P 500 acting as a barometer for these tensions [11][12]

另一边，段永平在雪球官方披露的2025年Q4美股持仓，同样有明确减仓动作：核心重仓股苹果减持7.09%，和巴菲特的操作形成了奇妙的呼应。 看到"减仓""清仓"就慌，属实是普通人的本能反应，但咱得掰扯清楚，这可不是拍脑袋的"撤退"，而是大佬们的精准调仓。 巴菲特减仓后，苹果依旧是伯克希尔第一大持仓，市值超619亿美元；清仓谷歌、减持亚马逊，更多是对估值与赛道的再权衡，而非看空整个市场。 段永平减苹果的同时，反手增持英伟达1110.62%，还新进多家AI产业链公司，属于"腾挪仓位"，不是"清空离场"。 说白了，两位大佬的操作，是"优化组合"，不是"仓皇跑路"。 突发大消息！巴菲特、段永平，集体减仓撤退了？ 刚沏好一杯热乎的陈皮茶，随手点开财经资讯，两条重磅调仓消息直接撞进眼里，连茶烟都晃了晃。投资圈里顶流级别的两位大佬——被全世界股民当"投 资教科书"的巴菲特，还有被网友亲切叫"段菲特"的段永平，居然在同一周期里齐刷刷动手减仓，这波操作默契得像提前通了气，让无数跟着抄作业的普通 投资者心里打鼓：难道市场要变天，大佬们要提前"撤退"离场了？ 先把实锤数据摆上台，全是官方可查的硬信息，半点不掺水。 美国SEC官网披露 ...

Core Insights - The latest holdings of top investment firms reveal a consensus on Pinduoduo and Google as major investments, with significant increases in their positions by several firms [1][2]. Group 1: Segment Analysis - **H&H Investment (Duang Yongping)**: - Total holdings exceed $17.49 billion (approximately 120.8 billion RMB) with 14 stocks. Major increases in positions for Berkshire, Nvidia, Pinduoduo, Google C, and Microsoft, while reducing Apple, Occidental Petroleum, Alibaba, Disney, and ASML [3][4]. - New investments in AI-related stocks include CoreWeave, Credo Technology, and Tempus AI, with respective holdings of 0.12%, 0.12%, and 0.04% [3]. - **Jinglin Asset**: - Total holdings valued at $4.045 billion, with Google becoming the largest position, replacing Meta. Significant reduction in Nvidia holdings by over 60% [5][6]. - **Himalaya Capital (Li Lu)**: - Total holdings of $3.57 billion, with a highly concentrated portfolio where the top five stocks account for 95.96%. Google is the largest holding at 43.86% [7][8]. - **Hillhouse Capital (HHLR)**: - Total holdings around $3.104 billion, focusing heavily on Chinese stocks, with Pinduoduo making up 39.17% of the portfolio [9][10]. - **Oriental Harbor (Dan Bin)**: - Total holdings of $1.316 billion, with significant increases in Google A and Nvidia, while reducing positions in several other stocks [11][12]. - **Gaoyi Asset**: - Total holdings of $683 million, with a concentrated portfolio where Huazhu and Pinduoduo account for 68.25% [13][14].

（原标题：玻璃，革命芯片？） 过去半个世纪以来，人类一直痴迷于让事物"更小"。这是在单个芯片上集成更多晶体管的唯一途径。将 晶体管缩小到10纳米、5纳米和3纳米，正是半导体技术的定义。但最终，物理定律给出了冷酷的判 决："你不可能再缩小了。" 对此，人们改变了想法。 "如果我们不能缩小单个单元的尺寸，为什么不把几个单元组合起来建造更大的东西呢?" 这一个问题改变了游戏规则。如今，核心关注点不再是芯片内部的微观电路，而是连接芯片的"桥梁"以 及支撑它们的"接地"。纳米级战争已经结束，微米级战争已经开始。 而在这片战场的正中央，矗立着一块透明的玻璃。 为什么芯片不能再大了 人工智能模型越来越大，芯片上需要集成的晶体管数量也随之增加。为了容纳更多晶体管，芯片尺寸必 须增大——但芯片尺寸存在一个无法突破的极限。 这就是良率问题。不能再小了，也不能再大了。单片芯片是条死路。 所以，业界的应对之策是反其道而行之。 分开，然后重新连接 想象一下，用3D打印机一次性打印出一座霍格沃茨城堡。如果打印过程中出现一个地方出错，整个作 品就得扔掉。但如果你用乐高积木搭建呢?一块坏的积木——换一块就行了。 Chiplet就像乐高积木。 ...

据报道，特朗普在社交平台 Truth Social 上发文宣布，这一调整"立即生效"，意味着原本计划实施的 10%全球进口关税将被15%的最高税率所取代。他同时表示，政府将在接下来"短短几个月内"推动新 的、且"符合法律要求"的关税方案，意在通过更稳固的法律路径，重建此前被推翻的关税壁垒。 特朗普此举被认为是对最高法院判决的直接回应。此前，最高法院裁定，他推出的那套范围广泛的"对 等关税"方案属非法实施，给苹果等企业带来的数十亿美元额外成本因此被叫停。在新一轮操作中，特 朗普试图通过《贸易法》第122条这一相对更具合法基础的渠道，实现与旧关税方案相近的经济效果， 同时提高其在司法层面被推翻的难度。他在发文中声称，提高税率是基于对最高法院这一"荒谬、拙劣 且极度反美"的裁决进行"全面、细致且完整审查"后的结果。 不过，目前尚不清楚15%的新税率是否会沿用此前10%方案原定的生效时间。按照先前安排，10%的全 球进口关税将于下周二凌晨0点01分（美东时间）正式开始实施，但在最新表态发出后，15%版本究竟 会否按同一时间表启动，官方尚未给予明确说明。 美国总统特朗普此前依据《贸易法》第122条，在其"对等关税"被最 ...

2月LPR将公布；国内成品油将迎调价窗口；苹果公司举行年度股东大会。 【重磅新闻】 2月LPR将公布 2月24日，1年期和5年期以上LPR将公布最新值。中国人民银行授权全国银行间同业拆借中心公布2026年1月20日1年期LPR为3.0%，5年期以上LPR为3.5%， 均较上期维持不变。这也是LPR连续第8个月维持不变。 MSCI中国指数2月调整将生效 北京时间2月11日，国际指数编制公司MSCI公布了2月指数审议结果。本次调整中，MSCI中国指数新纳入37只股票，包括安集科技、白银有色、利欧股份、 宏桥控股、香农芯创等33只A股，以及禾赛-W、小马智行-W、商汤-W、长飞光纤光缆4只港股。同时，MSCI中国指数剔除了9只A股标的和7只港股、中概 股标的，调整将于2026年2月27日收盘后生效。 苹果公司举行年度股东大会 苹果公司将于2月24日举行线上年度股东大会。本次年度股东大会受到市场关注，聚焦于苹果后续新品研发规划、AI技术落地路径、供应链布局调整等内 容。苹果与Alphabet的技术合作，或将推动AI功能在苹果生态产品中的深度应用，为用户带来全新使用体验。 近870亿元市值限售股解禁 成品油将迎调价窗口 ...

The total revenues of Amazon, Apple, Alphabet, Microsoft, Meta, and Nvidia together do not make up $2 trillion. So you see why leverage is being used to build those data centers. ...

Apple's next event is drawing near. Let's start with Apple's official invitation, shall we. First up: we've got an Apple logo but it's not just any Apple logo.It looks like it's made up of little colorful glass discs. What could that possibly mean. Laptops.*record scratch* How did I arrive at this conclusion. It's because I watched this show and I've heard Apple's working on new MacBooks that could use iPhone chips. like the A18 found in the iPhone 16 Pro.The idea is simple: use lower-end materials to produ ...

Core Viewpoint - Qualcomm is a leading technology company focused on developing and commercializing foundational technologies for the wireless industry, with a strong emphasis on integrated circuits and system software for various applications [2][3]. Company Overview - Qualcomm operates through three primary segments: QCT (Qualcomm Communications Technologies), QTL (Technology Licensing), and Strategic Initiatives [2]. - The QCT segment develops integrated circuits and software for mobile devices, automotive systems, and IoT devices, while the QTL segment focuses on licensing Qualcomm's extensive patent portfolio essential for wireless technologies like 5G [3]. Financial Performance - In its fiscal Q1 earnings, Qualcomm reported earnings of $3.50 per share, exceeding estimates by $0.10, and revenues of $12.25 billion, which is a 17% increase year-over-year [7][8]. - Despite beating expectations, the stock reacted negatively due to lowered Q2 guidance, with revenue estimates revised down by $600 million to $10.6 billion [8][9]. - The automotive segment achieved record revenue of over $1 billion, up 14.6% year-over-year, while IoT revenue grew 9% year-over-year [10][11]. Market Position and Competition - Qualcomm faces competition from companies like Broadcom, ARM Holdings, Nvidia, Intel, and AMD, which provide various semiconductor products [4][5]. - The company maintains a strong market share in Apple's iPhone lineup, expected to be around 70%, despite potential future losses from Apple's own modem technologies [12][16]. Strategic Focus - Qualcomm's strategic focus on artificial intelligence enhances its position in delivering high-performance, low-power solutions across various industries, including data centers [6][11]. - The acquisition of Alpha Wave aims to bolster Qualcomm's capabilities in data centers and AI infrastructure [12]. Valuation Metrics - Qualcomm's stock is trading below its historical 5-year PE ratio of approximately 14.55%, with a current PE of less than 13 times, indicating potential value for institutional investors [13][15]. - Forward revenue growth is projected at only 4.3%, below the historical average of over 11%, while EBITDA growth is expected to exceed 9% [14]. Risks and Challenges - The company faces challenges in the handset market, particularly due to reliance on the cyclical mobile phone market and potential revenue losses from Apple [15][16]. - Licensing revenue is projected to decline, with guidance for fiscal Q2 set between $1.2 billion and $1.4 billion, impacted by supply constraints [17][18]. Technical Analysis - Qualcomm's stock has shown a bearish trend, underperforming the S&P 500 and trading below its 200-day moving average [19][20]. - Despite the negative trend, there are signs of potential upside momentum as indicated by the weekly RSI and MACD [21][22]. Future Outlook - Qualcomm's diversification into automotive and IoT segments is expected to drive growth, offsetting potential losses from the handset market [23][24]. - The company's focus on energy-efficient AI chips and strategic acquisitions positions it well for future competitive advantages and shareholder returns [24].

Group 1 - Phemex has completed the full integration of Ondo Finance's tokenized equity suite, positioning itself as a leader in the Real-World Asset (RWA) revolution [1] - The platform now offers its 10 million global users seamless access to a diverse selection of 14 traditional blue-chip assets in tokenized form, including major companies like NVIDIA, Tesla, Apple, and Amazon [1] - This strategic initiative emphasizes Phemex's commitment to accelerating the convergence of Traditional Finance (TradFi) and Web3, enhancing capital efficiency and portfolio diversification for users [1] Group 2 - Phemex, founded in 2019, is a user-centric cryptocurrency platform trusted by over 10 million traders worldwide, offering spot and derivatives trading, copy trading, and asset management products [1] - The platform aims to provide reliable tools, inclusive access, and evolving opportunities for traders at all levels, prioritizing user experience, transparency, and innovation [1]