Market Movements - U.S. stock index futures are all down, with Dow futures down 0.37%, S&P 500 futures down 0.33%, and Nasdaq futures down 0.31% [1] - European indices also show declines, with Germany's DAX down 0.04%, UK's FTSE 100 down 0.01%, France's CAC40 down 0.36%, and the Euro Stoxx 50 down 0.43% [2] Oil Market - WTI crude oil is down 0.78% at $62.35 per barrel, while Brent crude is down 0.55% at $67.15 per barrel [2] - OPEC+ is leaning towards resuming oil production increases starting in April, with negotiations continuing before the March 1 meeting [2] Economic Data - The U.S. January Consumer Price Index (CPI) is expected to show a year-over-year increase slowing to 2.5%, down from 2.7% in December, marking the lowest level since May 2025 [4] - Both overall CPI and core CPI are expected to rise by 0.3% month-over-month, consistent with the previous month's increase [4] Software Sector - The software sector is experiencing significant sell-offs, but this presents a buying opportunity according to Byron Deeter from Bessemer Venture Partners, who notes that software stocks are in a state of severe overselling [5] - There is an anticipated divergence among software companies based on growth prospects and fundamentals, rather than a uniform market rebound [5] Interest Rates and Economic Outlook - JPMorgan suggests shorting two-year U.S. Treasuries, citing strong economic fundamentals that may hinder the Federal Reserve from making significant rate cuts [6] - The upcoming inflation report is expected to provide new insights into the Fed's future actions, with any signs of easing price pressures likely to boost demand for short-term bonds [6] Gold Market - ANZ Bank has raised its second-quarter gold price target to $5,800 per ounce, viewing the recent price pullback as a buying opportunity amid ongoing structural support [7] - Major Wall Street banks are showing a consensus bullish sentiment on precious metals, with Goldman Sachs targeting $5,400 and UBS and JPMorgan setting even higher targets of $6,200 and $6,300 respectively [7] Corporate Earnings - Applied Materials (AMAT) reported Q1 revenue of $7.01 billion, slightly down 2% year-over-year but above market expectations, with a positive outlook for Q2 revenue of approximately $7.65 billion [10][11] - Roku's Q4 revenue grew 16.1% year-over-year to $1.395 billion, exceeding expectations, with a positive outlook for the next quarter [10][11] - Airbnb's Q4 revenue reached $2.78 billion, up 12% year-over-year, also surpassing analyst expectations, with a positive growth forecast for 2026 [12] - Vale's Q4 revenue increased 9% to $11.06 billion, but the company reported a significant net loss due to asset impairments [13] - NatWest's Q4 pre-tax profit rose 30% to £1.94 billion, exceeding expectations, with plans to leverage AI for cost reduction and efficiency [14]

Market Movements - US stock index futures are all down, with Dow futures down 0.37%, S&P 500 futures down 0.33%, and Nasdaq futures down 0.31% [1] - European indices also show declines, with Germany's DAX down 0.04%, UK's FTSE 100 down 0.01%, France's CAC40 down 0.36%, and the Euro Stoxx 50 down 0.43% [2][3] - WTI crude oil is down 0.78% at $62.35 per barrel, while Brent crude is down 0.55% at $67.15 per barrel, amid OPEC+ discussions on potential production increases starting in April [3] Economic Data and Predictions - The US January Consumer Price Index (CPI) is expected to show a year-on-year increase slowing to 2.5%, down from 2.7% in December, marking the lowest level since May 2025 [5] - Both overall CPI and core CPI are anticipated to rise by 0.3% month-on-month, consistent with the previous month [5] Company News - Application Materials (AMAT.US) reported Q1 revenue of $7.01 billion, slightly down 2% year-on-year but above market expectations of $6.86 billion, with a Non-GAAP EPS of $2.38, exceeding the forecast of $2.21 [10][11] - Roku (ROKU.US) exceeded Q4 revenue expectations with a 16.1% year-on-year increase to $1.395 billion, and a GAAP EPS of $0.53, surpassing analyst consensus by 88.8% [11] - Airbnb (ABNB.US) reported Q4 revenue of $2.78 billion, up 12% year-on-year, exceeding analyst expectations, and provided an optimistic revenue outlook for 2026 [12] - Vale (VALE.US) reported Q4 revenue of $11.06 billion, up 9% year-on-year, but faced a significant net loss of $3.844 billion due to a $3.5 billion impairment on nickel assets [13] - NatWest (NWG.US) reported a 30% increase in pre-tax profit to £1.94 billion ($2.6 billion), exceeding analyst expectations, and plans to leverage AI for cost reduction and efficiency improvements [14]

责任编辑：郭明煜 专题：聚焦美股2025年第四季度财报 爱彼迎第四季度营收增速提升至12%，自由现金流增长13.7%，至5.21 亿美元。这家住宿租赁平台的股 价在周五盘前交易中上涨5.7%。 专题：聚焦美股2025年第四季度财报 爱彼迎第四季度营收增速提升至12%，自由现金流增长13.7%，至5.21 亿美元。这家住宿租赁平台的股 价在周五盘前交易中上涨5.7%。 公司公布，夜间住宿与房源预订量同比增长10%，总预订额增长16%，显示出用户在预订上的支出有所 增加。同时，公司在营销、运营及客服等领域的开支大幅上升，导致运营利润下滑 37%。 全年来看，爱彼迎实现营收122 亿美元，运营利润25.4 亿美元，与 2024 年基本持平。 公司公布，夜间住宿与房源预订量同比增长10%，总预订额增长16%，显示出用户在预订上的支出有所 增加。同时，公司在营销、运营及客服等领域的开支大幅上升，导致运营利润下滑 37%。 全年来看，爱彼迎实现营收122 亿美元，运营利润25.4 亿美元，与 2024 年基本持平。 责任编辑：郭明煜 ...

来源：美通社 北京2026年2月13日 /美通社/ -- Airbnb爱彼迎发布2025年第四季度及全年财务业绩，请访问此链接获取 更多详细信息。 Airbnb爱彼迎联合创始人兼首席执行官Brian Chesky表示："第四季度，爱彼迎实现了过去两年多以来最 强劲的预订总额（GBV）增长，间夜预订量和营收均加速提升。我们持续夯实核心业务能力，优化并 推动创新举措落地，同时加快新业务的规模化进程，有序推进人工智能的整合与应用。当前公司发展势 头良好，且有望延续，为2026年实现更快增长夯实基础。" 2025年第四季度财务业绩概览 爱彼迎以稳健表现收官2025年。第四季度，爱彼迎多项核心业务指标实现双位数增长。尽管面临较高的 同比基数，当季整体增速较第三季度进一步加快。营收同比增长12%，高于此前业绩指引区间上限；预 订总额（Gross Booking Value，GBV）同比增长16%，为两年多以来的最高增速。住宿、体验与服务预 订量（Nights and Seats Booked）同比增长10%，为全年增速最快的季度。本季度业绩增长主要得益于全 球市场需求的持续增长，以及平均间夜房价（ADR）的稳步提升。 优 ...

RT zerohedge (@zerohedge)After Hours:AMAT +10%...big revs guide above on March qtr and “expect to grow our semiconductor equipment business over 20 percent this calendar year”ABNB +1%...Solid beat and C26 " year-over-year revenue growth to accelerate to at least low double digits”ANET +8%...Solid 1Q guide (4Q Revs +29% y/y, GMs 63.4%)CART +13%...1Q EBITDA and GTV guide ahead of consTWLO -8%...beat/guide aboveROKU +12%...4Q Revs inline, 1Q/FY26 EBITDA guided aboveEXPE -3%...4Q GBs/EBITDA beat but 1Q GBs guid ...

Group 1 - The article does not provide any relevant content regarding company or industry insights [1]

Core Insights - Airbnb is shifting towards continuous product shipping rather than large feature launches, with a multiyear rebuild of its technical foundation to enhance speed in pricing, supply quality, and artificial intelligence [1][2] Pricing and Payment Changes - Three initiatives contributed to growth: reserve now pay later, simplified fees, and updated cancellation policies, resulting in over 200 basis points of nights growth and approximately 300 basis points of gross booking value growth in Q4 [3] - The reserve now pay later feature allows guests to book without upfront payment, leading to increased booking for larger, higher-priced homes, while cancellation rates have increased modestly but remain within expectations [4][5] - A simplified single-fee model is being adopted to enhance pricing transparency, which reduces friction and improves conversion rates [5][6] International Focus Drives Supply - Airbnb is leveraging major global events to accelerate supply, adding tens of thousands of listings ahead of the Paris Olympics and planning a similar strategy for the 2026 World Cup across 16 North American cities [7] - Brazil has become a top market due to localized payments and targeted campaigns, while India is emerging as a high-growth market with focused expansion teams [11] - The company has removed over half a million low-quality listings and expanded "Guest Favorites," emphasizing supply quality as a key differentiator [11] AI Integration Expands - Artificial intelligence is being integrated across operations, with an AI-powered customer service chatbot resolving nearly one-third of English-language support tickets in North America without human intervention [12] - Testing of conversational AI search is underway to improve traveler intent recognition and booking efficiency, with plans to enhance AI search before adding monetization features [13] - Airbnb's extensive verified identities and proprietary review corpus provide defensibility against competitive risks from generative AI platforms [14] Financial Performance - Revenue increased by 12% year over year to $2.8 billion, with gross booking value rising 16% to $20.4 billion, marking the strongest growth quarter in over two years [16] - Free cash flow for the full year totaled $4.6 billion, representing 38% of revenue, with $11 billion in corporate cash and investments at the end of the quarter [16] - For Q1 2026, revenue is expected to be between $2.59 billion and $2.63 billion, indicating a year-over-year growth of 14% to 16% [17] Additional Developments - The AI chatbot is expanding into voice, with a broader global rollout planned, while services and experiences are scaling city by city [18] - Major events like the Winter Olympics and the 2026 World Cup are anticipated to drive supply activation and incremental demand [18] - Loyalty benefits are being tested, although no traditional points-based program has been announced [18] - Over 80% of engineers are now using AI tools internally as the company transitions to continuous shipping instead of biannual releases [18]

本文源自：金融界AI电报 民宿预订平台爱彼迎(ABNB.US)夜盘涨4.4%，报121.09美元。 ...

就核心运营指标而言，预订的入住晚数和体验活动数同比增长10%至1.219亿，远超市场预期的1.176 亿；总预订金额同比增长16%至204亿美元，亦高于超过预期的194亿美元。 展望今年首季，爱彼迎预计营收将介于25.9亿至26.3亿美元之间，高于市场预期的25.3亿美元。(格隆汇) 民宿预订平台爱彼迎(ABNB.US)夜盘涨4.4%，报121.09美元。 消息面上，爱彼迎公布，去年第四季度营收同比增长12%至27.8亿美元，高于市场预期的27.1亿美元； 新业务投资令支出上升，利润同比下跌26%至3.41亿美元，合每股盈利0.56美元，低于市场预期的0.67 美元。 ...

Economic Overview - Confidence in economic strength eroded sharply following the worst Existing Home Sales report in four years, leading to a significant drop in bond yields and a market selloff [1][9] - Existing Home Sales fell from a 12-month high of 4.27 million seasonally adjusted annualized units to 3.91 million in January, marking an 8.4% decline, the largest one-month drop since February 2022 [3][9] Market Reactions - The Dow dropped 669 points (-1.34%), the S&P 500 fell 108 points (-1.57%), the Nasdaq decreased by 469 points (-2.03%), and the small-cap Russell 2000 declined by 53 points (-2.01%) [1] - AI disruptions impacted commercial real estate companies like CBRE and Jones Lang LaSalle, which saw declines of 8.8% and 7.5%, respectively [2] Earnings Reports - Expedia (EXPE) reported earnings of $3.78 per share, exceeding expectations of $3.46, with revenues of $3.55 billion reflecting an 11% year-over-year growth, but shares fell 3% in after-market trading [4] - Roku (ROKU) significantly outperformed estimates with earnings of 53 cents per share and revenues of $1.39 billion, leading to a 19% increase in shares [5] - Airbnb (ABNB) missed earnings expectations at $0.56 per share due to a one-time tax expense, but revenues of $2.78 billion surpassed the $2.72 billion forecast [6] - Coinbase (COIN) reported a loss of $2.49 per share, missing the expected profit of $0.61, with revenues of $1.78 billion falling short of the $1.82 billion consensus [7] - Applied Materials (AMAT) had a strong fiscal Q3 with earnings of $2.38 per share and revenues of $7.01 billion, exceeding expectations, and shares rose 13% in after-hours trading [8] - Rivian (RIVN) beat expectations with a loss of $0.54 per share and revenues of $1.29 billion, leading to a 16% increase in shares [10]