Core Insights - The iShares Core MSCI Total International Stock ETF (IXUS) and the iShares Core MSCI EAFE ETF (IEFA) provide different exposures to international equities, with IXUS including emerging markets and IEFA focusing solely on developed markets [1][2] Cost and Size Comparison - Both IXUS and IEFA have an expense ratio of 0.07% - As of January 30, 2026, IXUS has a 1-year return of 37.7% while IEFA has a return of 34.9% - IXUS has a dividend yield of 3.2% compared to IEFA's 3.6% - IXUS has assets under management (AUM) of $51.9 billion, while IEFA has $162.6 billion [3][4] Performance and Risk Comparison - Over the past five years, IXUS experienced a maximum drawdown of -30.05%, while IEFA had a drawdown of -30.41% - An investment of $1,000 in IXUS would have grown to $1,305, whereas the same investment in IEFA would have grown to $1,353 [5] Fund Composition - IEFA tracks developed markets in Europe, Australasia, and the Far East, holding 2,589 companies with a sector focus on financial services (22%), industrials (20%), and healthcare (11%) [6] - IXUS holds over 4,100 stocks, providing broader diversification with sector allocations leaning towards financial services, industrials, and basic materials [7] Investor Implications - The choice between IXUS and IEFA depends on the desired exposure; IXUS offers global exposure including emerging markets, while IEFA provides stability and a higher dividend yield from developed markets [8][11] - IEFA's focus on developed markets avoids emerging market volatility but limits growth potential, while IXUS can deliver higher returns due to emerging market growth despite associated risks [9][10]

阿斯麦这次的裁员行动，简直就是一场"自我救赎"；按照市场分析，裁员的消息本该是因为财务危机或 业绩下滑，但阿斯麦的情况却恰恰相反。 很多人开始困惑，既然公司赚得盆满钵满，为什么要裁人？尤其是在欧美本土员工的高薪职位上动刀， 而中国的员工却一个都没动；表面上看，裁员似乎是减少开支，但实际原因要深挖一下。 阿斯麦一边赚着破纪录的订单，一边挥刀裁掉1700人，结果却让西方媒体集体看懵了：被裁的几乎全是 荷兰和美国员工，中国团队一个没动。 明明中国市场份额在下滑，刀却偏偏砍向"自己人"；这到底是政治失误，还是一场极其冷静的商业算 计？ 裁员背后的不为人知的"瘦身手术" 2025年，阿斯麦单季订单达到了132亿欧元，股价飙升，市值稳居欧洲科技股的头把交椅，业绩亮眼到 让人惊讶；而这个时候，阿斯麦却宣布要裁掉全球1700个岗位，占总员工的4%。 阿斯麦过去13年的高速增长，带来了可观的收入，但也让它的管理结构变得臃肿。 尤其是在荷兰总部和美国分部，管理层级多到让人难以想象；中层经理和协调员层层堆积，他们的主要 工作并不是创造技术价值，而是填写表格、开会、跨部门沟通。 在这种背景下，阿斯麦的决策效率低得惊人，一点小事都要经 ...

Core Viewpoint - The article emphasizes the importance of core values such as excellence, integrity, transparency, and respect for long-term success in the investment sector [1]. Group 1 - The author identifies as a full-time investor with a strong focus on the tech sector and holds a Bachelor of Commerce Degree with Distinction, majoring in Finance [1]. - The author is a lifetime member of the Beta Gamma Sigma International Business Honor Society, indicating a commitment to academic excellence [1]. - The article invites readers to provide constructive criticism and feedback to enhance the quality of the author's work [1]. Group 2 - The author discloses having no stock, option, or similar derivative position in any mentioned companies and no plans to initiate such positions within the next 72 hours [1]. - The article expresses the author's personal opinions and states that no compensation is received for the article, except from Seeking Alpha [1]. - There is a disclaimer regarding the past performance not guaranteeing future results and clarifying that no investment advice is being provided [2].

美媒很困惑：中国市场份额暴跌，为什么阿斯麦放着中国员工不裁，被干掉的全是欧美人？ 2026年1月的维尔德霍芬，天气阴冷，但阿斯麦总部的数据却异常刺眼，一边是132亿欧元的单季度订单额，创下公司历史纪录，另一边，却是裁员1700人的 内部通知。 这种"赚钱最多的时候砍人"的操作，在资本市场并不少见，但真正反常的，并不是裁员本身，而是裁员发生的地点。 按很多人熟悉的叙事逻辑，答案本该很简单：出口管制收紧，中国市场受限，收入占比下滑，裁员自然应该从中国区开始。 毕竟，从公开数据看，中国市场的营收占比正从高峰期的三成以上下探到约20%，而且舆论场里反复渲染"2026年是中国半导体被彻底锁死的一年"，如果只 按这种线性逻辑推演，裁中国员工，似乎顺理成章。 但真实的裁员地图却完全相反，被裁岗位高度集中在荷兰总部和美国分部，中国区几乎没有受到冲击，换句话说，那个被反复唱衰的区域，反而成了最安全 的部分，这不是偶然，也不是管理层判断失误，而是一次非常冷静的取舍。 阿斯麦的管理层面对的，并不是"哪块市场政治风险更低"，而是一个更现实的问题：在当前的技术周期和行业节奏下，哪些岗位是真正不可替代的，哪些岗 位反而在拖慢公司反应速度 ...

Core Insights - The rapid advancement of artificial intelligence (AI) has significantly impacted various industries, particularly through the introduction of products like DALL-E2 and ChatGPT by OpenAI, which have gained public attention since late 2022 and early 2023 [1] - The latest earnings season for the US stock market highlights the commentary from technology companies regarding AI's influence on their industries and business operations [2] Alphabet (Google) - The Gemini app has reached 750 million monthly active users, up from 650 million in Q3 2025, with increased user engagement following the launch of Gemini 3 in December 2025 [3][4] - Alphabet leads in AI model portfolios across text, vision, and image-to-video, with Gemini 3 Pro achieving the fastest adoption rate in the company's history, processing three times the daily tokens compared to its predecessor [3][6] - Google Cloud's backlog grew by 55% sequentially to $240 billion in Q4 2025, driven by strong demand for AI products, with revenue from AI solutions built by partners increasing nearly 300% year-over-year [7][10] - Google Cloud's revenue grew 48% year-over-year in Q4 2025, with operating margin increasing to 30.1% from 23.7% in Q3 2025 [23][24] - Alphabet's management anticipates significant capital expenditures of $175 billion to $185 billion in 2026 to enhance AI compute capacity and meet customer demands [25][26] AI and Advertising - Gemini is enhancing advertising quality and tools, allowing for better query understanding and ad relevance, with advertisers creating 70 million creative assets in Q4 2025 [19][20] - The introduction of Direct Offers in AI Mode aims to provide exclusive offers to users ready to purchase, indicating a shift towards monetizing AI-driven user experiences [22] Waymo - Waymo raised its largest investment round to date, surpassing 20 million fully autonomous trips and expanding its service to new markets, including Miami and plans for the UK and Japan [17] Amazon - AWS experienced a 24% year-over-year growth in Q4 2025, with a backlog of $244 billion, up 40% year-over-year, driven by increased demand for AI workloads [34] - Amazon's Bedrock service, which facilitates the use of multiple AI models, has reached a multi-billion dollar annualized revenue run rate, with customer spending increasing by 60% sequentially [35] - The launch of NovaForge allows enterprises to integrate their proprietary data into the pre-training phase of AI models, enhancing customization [38] AI Agents and Commerce - Amazon's AI shopping assistant, Rufus, has expanded its capabilities, enabling it to research products and make purchases, with 300 million customers using it in 2025 [44] - The management believes that agentic commerce will enhance consumer experiences, with customers using Rufus being 60% more likely to complete a purchase [44] Industry Trends - Companies are increasingly adopting AI to improve operational efficiency and customer engagement, with successful SaaS companies deeply integrating AI into their workflows [30][31] - The demand for AI compute capacity remains a significant concern for companies, with management focusing on addressing supply chain constraints and optimizing investments [32]

Group 1 - U.S. chip stocks experienced an upward trend on February 5, with Broadcom rising over 4% [1] - Intel saw an increase of more than 3% [1] - Other notable gainers included TSMC, ASML, AMD, Applied Materials, and NVIDIA, each rising over 1% [1]

Group 1 - The core viewpoint of the article highlights the upward movement of U.S. semiconductor stocks, indicating a positive trend in the sector [1] - Broadcom experienced a rise of over 4%, reflecting strong investor confidence [1] - Intel saw an increase of more than 3%, suggesting a favorable market response to its recent performance [1] Group 2 - Other notable companies such as TSMC, ASML, AMD, Applied Materials, and NVIDIA all recorded gains of over 1%, indicating a broad-based rally in the semiconductor industry [1]

以下文章来源于格隆汇交易学苑 ，作者格隆汇小编 格隆汇交易学苑 . 以基本面为基础，专注于趋势交易 2025 年半导体设备行业交出亮眼答卷： ASML 全年净销售额 327 亿欧元同比增 16% ，未交付订单达 388 亿欧元（ EUV 占 255 亿）； 三星半导体 业务带动营业利润增 33% ， SK 海力士 Q4 营业利润 同 比增长 137% 。 不止海外巨头，国内半导体设备企业同样表现抢眼， 金海通、长川科技 等均发布了业绩大幅预增的公告。亮 眼的业绩背后 ，是 AI 算力爆发、国产替代深化与全球产能扩张三重共振的必然结果，半导体设备作为 " 扩 产先行军 " ，正迎来确定性增长周期。 半导体设备为何持续 " 吸金 " ？ 生成式 AI 的规模化应用，直接重构了存储需求格局，堪称 " 存储吞金兽 " 。 美光数据明确显示， AI 服务 器的 DRAM 需求是普通服务器的 8 倍， NAND 需求达 3 倍，单台 AI 服务器的存储需求更是高达 2TB 。 面对 AI 驱动的存储需求激增， HBM （高带宽内存）异军突起，成为需求增长的核心引擎。据行业预测， 2024-2030 年全球 HBM 市场收 ...

Core Insights - The semiconductor equipment industry is experiencing significant growth driven by AI computing power, domestic substitution, and global capacity expansion, marking a definitive growth cycle for the sector [1][14]. Group 1: Industry Performance - ASML reported a net sales of €32.7 billion in 2025, a 16% year-on-year increase, with a backlog of orders reaching €38.8 billion, of which €25.5 billion is from EUV [1]. - Samsung's semiconductor business saw an operating profit increase of 33%, while SK Hynix's Q4 operating profit surged by 137% [1]. - Domestic semiconductor equipment companies like Jinhaitong and Changchuan Technology also reported significant performance improvements [1]. Group 2: Demand Drivers - The scale application of generative AI has drastically reshaped storage demand, with AI servers requiring 8 times more DRAM and 3 times more NAND than regular servers, and each AI server needing up to 2TB of storage [2]. - HBM (High Bandwidth Memory) is emerging as a key growth driver, with a projected CAGR of 33% from 2024 to 2030, potentially capturing 50% of the DRAM market by 2030 [2]. - Major global storage manufacturers are ramping up production, with Samsung's capital expenditure for 2025 expected to increase by 89% and SK Hynix raising its capital expenditure to $20.3 billion [2]. Group 3: Domestic Market Dynamics - The domestic semiconductor equipment localization rate is projected to reach 35% in 2024, up from 16.4% in 2022, with etching equipment localization at 23% and CMP equipment at 30%-40% [3]. - China has maintained its position as the largest semiconductor equipment market globally for five consecutive years, with sales expected to reach $49.54 billion in 2024, accounting for 42.34% of the global market [3]. Group 4: Future Outlook - The global DRAM industry capital expenditure is forecasted to reach $61.3 billion in 2026, a 14% increase year-on-year, while NAND Flash capital expenditure is expected to be $22.2 billion, a 5% increase [5]. - ASML's order situation reflects high industry prosperity, with €13.2 billion in new orders in 2025, and a backlog extending to 2027, supporting future capacity releases [5]. - The global semiconductor equipment market is projected to reach $117 billion in 2024, with a CAGR of 8.4% from 2025 to 2033, potentially growing to $224.93 billion by 2033 [5]. Group 5: Key Trends - The competition in advanced processes is intensifying, with global semiconductor giants focusing on 2nm and below, driving demand for high-end semiconductor equipment [10][11]. - Policy and capital support are crucial for the advancement of domestic substitution, with significant investments in key technologies and local government subsidies for R&D [12]. - The demand structure is diversifying, with emerging fields like AI computing centers and electric vehicles driving growth, while domestic companies are expanding into overseas markets [13].

过去两年是高数值孔径极紫外光刻技术发展的重要篇章。随着首批系统交付客户，以及ASML与imec联 合成立的高数值孔径极紫外光刻实验室的启动——这为整个生态系统提供了早期探索其潜力的机会—— 这项技术正获得真正的发展动力。目前，高数值孔径极紫外光刻技术展现出巨大的潜力，有望实现其在 尺寸微缩、工艺简化和设计灵活性方面的承诺。 2024年，imec在ASML-imec高数值孔径EUV光刻实验室中，利用0.55NA EUV光刻扫描仪（TWINSCAN EXE:5000）实现了16nm间距线/空的单次打印图像，创造了世界纪录。这些图像打印在专为高数值孔径 EUV光刻优化的金属氧化物光刻胶（MOR）上。同样，接触孔（打印在化学放大光刻胶（CAR）上） 和柱状结构（打印在MOR上）也展现了令人瞩目的24nm间距（中心距）分辨率。 然而，最终分辨率仅仅是一个"光学"上的承诺，它反映的是图像在照射到晶圆之前空中成像的质量。在 晶圆曝光过程中，空中成像会在光刻胶中形成图案，这些图案在显影后会被进一步蚀刻到下层材料中。 因此，最终图案化结构的分辨率也取决于图案化过程中使用的材料（光刻胶、下层材料、硬掩模等）和 蚀刻工艺的性能。工 ...