专题：世界经济论坛年会_2026冬季达沃斯 新浪财经 康路 发自瑞士达沃斯 2026 年 1 月 21 日，在世界经济论坛（WEF）年会期间，英伟达创始人兼CEO黄仁勋与贝莱德董事长兼 CEO拉里·芬克围绕人工智能对全球经济、基础设施、就业与长期资本的影响展开对谈。 英伟达创始人兼首席执行官黄仁勋在主会场对话中将 AI 描述为"人类历史上规模最大的基础设施建 设"的基础，并表示这将推动全球经济中的就业增长。 在与贝莱德集团 （BlackRock） 首席执行官 Larry Fink 的对谈中，黄仁勋将 AI 描述为"五层蛋糕"，而 不是单一技术，涵盖能源、芯片和计算基础设施、云数据中心、AI 模型以及最终的应用层。 黄仁勋表示，由于 AI 五层堆栈的每一层都需要构建和运行，因此平台转型正在为整个经济创造就业机 会，从能源和建筑到先进制造、云运营和应用开发。 应用层可能侧重于将 AI 集成到金融服务、医疗健康或制造业中。黄仁勋表示："最终，这一层将是产生 经济效益的地方。" 黄仁勋表示，从能源和发电到芯片制造、数据中心建设和云运营，AI 的部署已经创造了对技术型劳动 力的需求。他补充道，应用层将带来最大的经济效益 ...

Group 1 - Global financial leaders warn that government fiscal irresponsibility and geopolitical fragmentation may negate the productivity gains from AI [3][4] - The discussion at the World Economic Forum highlighted the parallels between the current economic climate and the pre-Great Depression era, particularly in terms of technological advancements and political failures [4][7] - Ken Griffin emphasized that the core risk in 2026 is not from private capital markets but from reckless government spending, with U.S. national debt reaching $38 trillion [5][7] Group 2 - Adam Tooze pointed out that the current technological boom, driven by AI, mirrors the 1920s' electrification and mass production, but political failures could lead to economic collapse [4][7] - Christine Lagarde noted that global trade is under unprecedented pressure due to geopolitical fragmentation and tariffs, which could hinder the scale effects needed for AI [4][10] - The average tariff between the U.S. and Europe has surged from 2% to over 12%, with a potential rise to 15%, impacting inflation and economic growth [10][11] Group 3 - Larry Fink stated that AI is not a bubble but will lead to significant failures, creating a "K-shaped" economy where large firms benefit disproportionately [6][8] - The cost of developing cutting-edge AI models is around $1 billion, and U.S. capital expenditure on data centers is projected to reach $600 billion this year [8][10] - Lagarde warned that geopolitical divisions and protectionism could obstruct the data flow necessary for AI efficiency [8][10] Group 4 - The discussion highlighted the importance of central bank independence in managing fiscal policies and avoiding reliance on monetary solutions to address structural imbalances [12][33] - Lagarde emphasized that not all debt is equal, and productive investments will always find funding, while non-productive debt will face challenges [33][42] - The need for cooperation in managing AI's development and its implications for society was underscored, with concerns about energy consumption and social consequences [32][34]

Core Viewpoint - President Trump has expressed dissatisfaction with Jerome Powell's tenure as chair of the Federal Reserve, suggesting that Powell's continued presence on the Board of Governors could lead to an unhappy experience for him [1][2]. Group 1: Federal Reserve Dynamics - The Trump administration has intensified its scrutiny of Powell, including issuing subpoenas related to a potential criminal investigation into the Fed's renovation of its headquarters, which Powell has labeled as political pressure [2][4]. - If Powell remains on the Board after his term as chair ends in May, he would maintain significant influence over monetary policy decisions [4][6]. - Powell's continued presence would also prevent Trump from appointing a new chair unless another current governor is selected, which would require the White House to fill the position currently held by Governor Stephen Miran [6]. Group 2: Search for New Chair - Trump's search for a new Fed chair is reportedly narrowing, with the president indicating that he has reduced the list of candidates to potentially one [7]. - The final contenders for the position include Rick Rieder from BlackRock, National Economic Council Director Kevin Hassett, Fed Governor Christopher Waller, and former governor Kevin Warsh [8][9]. - Hassett was initially seen as the frontrunner, but Trump has expressed concerns about losing a key economic policy messenger if Hassett were to move to the Fed [8][10]. Group 3: Confirmation Challenges - The ongoing subpoenas from the Trump administration may complicate the confirmation process for any new Fed chair nominee, with Senator Thom Tillis indicating he will oppose any nomination until the investigation is resolved [10]. - Trump has downplayed these concerns, suggesting that Tillis's political future is uncertain as he is not seeking reelection [10].

Core Insights - BlackRock acknowledges Ethereum's significant role in tokenization, suggesting it may become a central player in blockchain-based markets on Wall Street [1] - Ethereum currently supports 65% of tokenized assets, indicating its dominance in this sector and potential for value growth as more firms utilize it for digital asset representation [2][3] - The report highlights a trend where tokenized assets are gaining traction beyond speculative trading, with stablecoin adoption outpacing spot crypto trading volumes [2] Group 1 - Ethereum is seen as a potential "toll road" for blockchain markets, benefiting from increased trading activity and the issuance of stablecoins and real-world assets [1][3] - BlackRock's tokenized money market fund, BUIDL, has $1.6 billion in assets, with significant portions on Ethereum ($499 million) and Binance's BNB Chain ($503 million) [5] - The firm emphasizes the convergence of traditional markets with crypto, exemplified by the interest in spot exchange-traded funds for digital assets [5] Group 2 - BlackRock manages the largest ETFs for Bitcoin and Ethereum, with assets under management of $70.6 billion and $10.7 billion, respectively [6] - The report notes that while multiple networks can support tokenized assets, only Bitcoin and Ethereum are highlighted, indicating a focused strategy on these two [4] - Ethereum currently manages $13.2 billion in real-world assets, showcasing its capability in the tokenization space compared to other networks [4]

Core Viewpoint - The iShares S&P Mid-Cap 400 Value ETF (IJJ) is designed to provide exposure to the mid-cap segment of the U.S. equity market with a value bias, launched by BlackRock Inc. on July 24, 2000 [1] Group 1 - The ETF is managed by BlackRock Fund Advisors, indicating a strong management background [1] - The fund targets mid-cap stocks, which are typically defined as companies with a market capitalization between $2 billion and $10 billion, focusing on value-oriented investments [1]

Core Viewpoint - Delaware Life Insurance Company has become the first U.S. insurer to offer a cryptocurrency-linked investment within a fixed index annuity (FIA) by partnering with BlackRock, allowing investors to access bitcoin returns while protecting their principal [1] Group 1: Product Offering - The new FIA product will include the BlackRock U.S. Equity Bitcoin Balanced Risk 12% Index, which combines U.S. equities with bitcoin exposure through BlackRock's iShares Bitcoin Trust ETF (IBIT) [2] - The index targets a 12% volatility level using dynamic cash allocations to limit bitcoin's price swings, appealing to investors nearing retirement who typically avoid crypto markets due to risk and complexity [2] Group 2: Market Context - This launch is a response to the significant success and client demand for IBIT, enabling insurance clients to add bitcoin exposure as part of a broader indexed annuity strategy [3] - The move by Delaware Life reflects a broader trend among legacy financial institutions engaging with digital assets, bridging traditional retirement products with the crypto market [4]

Core Viewpoint - Investors are evaluating the value opportunities between Patria Investments (PAX) and BlackRock (BLK) in the Financial - Investment Management sector [1] Group 1: Zacks Rank and Earnings Estimates - PAX has a Zacks Rank of 1 (Strong Buy), while BLK has a Zacks Rank of 3 (Hold), indicating a stronger earnings outlook for PAX [3] - The Zacks Rank emphasizes companies with positive earnings estimate revisions, suggesting PAX is likely to see an improvement in its earnings outlook [3] Group 2: Valuation Metrics - PAX has a forward P/E ratio of 11.00, significantly lower than BLK's forward P/E of 20.65, indicating PAX may be undervalued [5] - PAX's PEG ratio is 0.71, compared to BLK's PEG ratio of 1.44, suggesting PAX has a better valuation relative to its expected earnings growth [5] - PAX's P/B ratio is 1.87, while BLK's P/B ratio is 3.09, further supporting the argument that PAX is more attractively valued [6] Group 3: Value Grades - PAX has earned a Value grade of A, whereas BLK has a Value grade of D, indicating that PAX is viewed more favorably by value investors [6] - The combination of Zacks Rank and Style Scores suggests that PAX is the better investment option compared to BLK at this time [6]

Core Insights - BlackRock identifies cryptocurrency and tokenized assets as significant investment themes shaping markets in 2026, alongside artificial intelligence and energy infrastructure [1][2] Investment Themes - The report emphasizes that cryptocurrencies like bitcoin (BTC), ether (ETH), and stablecoins are part of a broader list of themes driving market changes [2] - Tokenization is highlighted as a growing trend, representing real-world assets in digital formats, which is changing how investors access markets [4] Market Trends - The iShares Bitcoin Trust (IBIT), BlackRock's spot bitcoin ETF, is noted as the fastest-growing exchange-traded product in history, with net assets exceeding $70 billion, indicating strong investor interest in bitcoin [3] - The Ethereum blockchain is recognized for its dominance in tokenized assets, holding over 65% of the market share, and is seen as a key player in the growth of tokenization [5] Broader Implications - The inclusion of crypto and tokenized assets in the report suggests that BlackRock views them as part of transformative "mega forces" affecting economies and portfolio management [6] - The report indicates a shift towards mainstream acceptance of blockchain technologies, with potential for modernizing financial infrastructure [7]

地缘经济博弈，AI科技激烈角逐，世界旧秩序濒临终结。 眼下，全球聚焦达沃斯。 当地时间1月21日，英伟达首席执行官黄仁勋与贝莱德董事长拉里·芬克展开了深度对话。 他将AI定位为"人类历史上最大规模的基础设施扩建"，并把AI产业架构比喻为一个"五层蛋糕"，同时再 次驳斥了AI泡沫论。 这场对话系统地阐述了AI对就业、经济结构与国家竞争力的深远影响。 AI 的"五层蛋糕" 黄仁勋指出，人工智能是一场"平台变革"。 AI并非单一技术，而是一个由能源、芯片与计算基础设施、云数据中心、AI模型、应用层构成的"五层 蛋糕"。 其中，能源是第一层，其次是芯片和计算基础设施、云基础设施与云服务、人工智能模型，最后是应用 层。 黄仁勋表示，应用层是经济效益的核心来源。 "这个应用层可以应用于金融服务、医疗保健或制造业。最终，经济效益将从这一层产生。 但重要的是，因为这个计算平台需要其下所有层的支持。这是人类历史上规模最大的基础设 施建设。" 他还强调了基础设施建设的重要性。 "我们现在已经投入了几千亿美元。有数万亿美元的基础设施需要建设。而且这很合理。因 为所有这些上下文都必须被处理，以便人工智能和模型能够生成必要的智能，从而 ...

专题：世界经济论坛年会_2026冬季达沃斯 新浪财经讯 2026年1月21日，世界经济论坛期间，英伟达CEO黄仁勋对谈贝莱德CEO拉里·芬克。 拉里·芬克开玩笑称，两家公司都是1999年IPO，但自己公司投资年化收益是21%，英伟达是37%。黄仁 勋称，自己最后悔的事情，就是曾经在英伟达市值3亿美元的时候出售股票，给父母买了一辆奔驰 车，"这是世界上最贵的车。" 据了解，英伟达是历史上第一个市值突破5万亿美元的上市公司。 拉里·芬克开玩笑称，两家公司都是1999年IPO，但自己公司投资年化收益是21%，英伟达是37%。黄仁 勋称，自己最后悔的事情，就是曾经在英伟达市值3亿美元的时候出售股票，给父母买了一辆奔驰 车，"这是世界上最贵的车。" 新浪声明：所有会议实录均为现场速记整理，未经演讲者审阅，新浪网登载此文出于传递更多信息之目 的，并不意味着赞同其观点或证实其描述。 责任编辑：李昂 专题：世界经济论坛年会_2026冬季达沃斯 据了解，英伟达是历史上第一个市值突破5万亿美元的上市公司。 新浪声明：所有会议实录均为现场速记整理，未经演讲者审阅，新浪网登载此文出于传递更多信息之目 的，并不意味着赞同其观点或证实其 ...