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King_0997
07-09
跟放了个屁一样什么都没说 p
AI叙事生变！美股“买芯片、卖软件”拥挤交易现瓦解迹象
King_0997
06-11
分析是为了自己多买到筹码
首批华尔街机构发布对SpaceX的评级建议，以下是他们的看法
King_0997
2025-07-15
哈哈哈哈哈贝贝哈哈哈哈哈
King_0997
2025-07-15
哈哈哈哈哈贝贝哈哈哈哈哈
King_0997
2025-07-15
鲍威尔辞职 美股即将暴涨做好准备
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p","listText":"跟放了个屁一样什么都没说 p","text":"跟放了个屁一样什么都没说 p","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/584007502823840","repostId":"2650922165","repostType":2,"repost":{"id":"2650922165","kind":"news","pubTimestamp":1783611170,"share":"https://www.laohunote.com/m/news/2650922165?lang=zh_CN&edition=full","pubTime":"2026-07-09 23:32","market":"hk","language":"zh","title":"AI叙事生变！美股“买芯片、卖软件”拥挤交易现瓦解迹象","url":"https://stock-news.laohu8.com/highlight/detail?id=2650922165","media":"智通财经","summary":"智通财经APP获悉，2026年美股市场最流行的科技交易策略——买入芯片股、卖出软件股正出现瓦解的迹象。此前数月，市场担忧人工智能会侵蚀软件企业增长空间，软件板块持续遭抛售。与此同时，费城半导体指数在7月份下跌了12%，尽管该指数今年迄今仍上涨了78%，并刚刚创下有史以来最佳季度表现。AI叙事生变，“买芯片、卖软件”策略失灵了？上月，芯片股相对软件股录得史上最大单日超额收益，同时也出现过史上最大单日相对跌幅。","content":"<html><head></head><body><p style=\"text-align: left;\">2026年美股市场最流行的科技交易策略——买入芯片股、卖出软件股正出现瓦解的迹象。</p><p style=\"text-align: left;\">此前数月，市场担忧人工智能(AI)会侵蚀软件企业增长空间，软件板块持续遭抛售。眼下该板块终于迎来反弹。与此同时，今年以来一直受益于人工智能强劲需求而飙升的芯片制造商却走势疲软，因为投资者质疑数万亿美元的人工智能资本支出计划中究竟有多少能够真正落实。</p><p style=\"text-align: left;\">本月，一项广泛使用的软件指数上涨了2.2%，使其今年迄今为止的跌幅收窄至12%。与此同时，费城半导体指数在7月份下跌了12%，尽管该指数今年迄今仍上涨了78%，并刚刚创下有史以来最佳季度表现。</p><p class=\"t-img-caption\"><img src=\"https://community-static.tradeup.com/news/e12e85ca474d0966271da0bd7e5a4313\" data-align=\"center\" tg-width=\"200\" tg-height=\"120\"/><span></span></p><p style=\"text-align: left;\"><strong>AI叙事生变，“买芯片、卖软件”策略失灵了？</strong></p><p style=\"text-align: left;\">“当市场走向如此极端时，我的观点是应该适度反向布局，” Crossmark Global Investments首席投资官鲍勃·多尔表示。他一直在增持软件股，同时减持芯片股。“我不认为软件行业会倒闭，也不认为半导体行业发现了新的宝藏。把芯片行业捧上神坛，把软件行业贬得一文不值，这种做法未免有些极端。”</p><p style=\"text-align: left;\">两大板块走势分化程度已创下历史记录。上月，芯片股相对软件股录得史上最大单日超额收益，同时也出现过史上最大单日相对跌幅。追溯至2001年的数据显示，芯片指数与软件指数40日相关性近期首次转负。</p><p style=\"text-align: left;\">近期，华尔街唱多软件股的声音渐响。古根海姆上调了<a href=\"https://laohu8.com/S/CRM\">赛富时</a>(CRM.US)、<a href=\"https://laohu8.com/S/NOW\">ServiceNow</a>(NOW.US)和Check Point(CHKP.US)等三家软件公司的评级，并指出尽管人工智能可能会带来颠覆性影响，但此前关于该行业将走向毁灭的预测“纯属无稽之谈”。仅隔一日，<a href=\"https://laohu8.com/S/HSBC\">汇丰</a>将<a href=\"https://laohu8.com/S/ADBE\">Adobe</a>(ADBE.US)的评级从“持有”上调至“买入”，并表示“市场高估了人工智能设计工具带来的负面影响”。</p><p style=\"text-align: left;\">与此同时，芯片板块的形势也变得更加严峻。<a href=\"https://laohu8.com/S/SSNLF\">三星电子</a>周一发布亮眼财报，却未能带动板块反弹;媒体周二报道，中国DeepSeek正在研发用于人工智能系统的芯片，引发费城半导体指数大跌4.7%。</p><p style=\"text-align: left;\">该消息戳中投资者最担忧的问题：对人工智能芯片及相关基础设施的需求可能不及预期。例如上周有消息称，<a href=\"https://laohu8.com/S/META\">Meta Platforms</a>(META.US)计划对外出租算力，市场将其视作算力过剩的悲观信号，人工智能基础设施类股票遭到抛售。</p><p style=\"text-align: left;\">加拿大<a href=\"https://laohu8.com/S/BNS\">丰业银行</a>分析师纳特·辛德勒在7月1日的报告中写道：“悲观的解读是，一家大型超大规模数据中心运营商愿意出售过剩的算力资源，同时仍在投资前沿模型，这表明其内部需求低于产能，市场会对全行业未来资本开支预期打上问号。我们并非判断资本开支见顶，也不认为Meta放缓前沿技术布局，但这是投资者接下来会重点消化的利空逻辑。”</p><p style=\"text-align: left;\">市场质疑情绪进一步升温：知名投资人迈克尔・伯里上周建仓做空<a href=\"https://laohu8.com/S/NVDA\">英伟达</a>(NVDA.US)、<a href=\"https://laohu8.com/S/AMAT\">应用材料</a>(AMAT.US)以及<a href=\"https://laohu8.com/S/EEMA\">iShares</a> 半导体ETF，他评价该ETF是“指数层面罕见的纯粹高估标的，高估特征一目了然”。此外，另一家在人工智能基础设施方面投入巨资的公司OpenAI原定今年秋季上市，但受科技股剧烈波动影响，据悉计划推迟至明年IPO。</p><p style=\"text-align: left;\"><strong>机构解读两大赛道：芯片高位存估值隐忧，软件走势两极分化</strong></p><p style=\"text-align: left;\">半导体波动率指数自年初以来近乎翻倍。BTIG首席市场技术分析师乔纳森·克林斯基在7月2日的报告中写道，这种波动剧烈的行情，加上该板块接近历史高位，“往好了说，表明将进入一段较长的盘整期;往坏了说，则意味着一轮幅度较大的见顶回调。</p><p style=\"text-align: left;\">尽管如此，芯片股的基本面依然强劲。该板块2027年的盈利增长率预计将达到47%，这一预测值在最近几周大幅上调。相比之下，软件和服务板块今年的盈利增长率预计为16.5%，而且这一预期在过去几周持续下滑。</p><p style=\"text-align: left;\">Thornburg Investment Management的投资组合经理肖恩・孙表示：“人工智能改变了市场认知，软件行业高利润率、持续收入和稳定增长的商业模式不再具备长期确定性，这令市场开始重新审视该行业的最终价值。”</p><p style=\"text-align: left;\">Blueprint Equity 的联合创始人兼管理合伙人鲍比・奥坎波则认为，即便半导体行业基本面稳健，芯片股本轮上涨行情还能持续多久，市场仍存巨大疑问。</p><p style=\"text-align: left;\">他表示：“问题不在于当下生意好不好，而在于股价是否已完全定价。只要行业增长持续，芯片仍是布局人工智能赛道的优质选择，但没人能预判数年之后的行业格局。”</p><p style=\"text-align: left;\">软件板块的行情逻辑则更为复杂。</p><p style=\"text-align: left;\">奥坎波称：“我不确定行业估值能否重回2021年水平，尤其是在增长没有大幅加速的情况下。但当前市场一刀切地看待所有软件企业。如果软件公司在人工智能浪潮中处于劣势，那么估值底部遥遥无期;反之，若企业能依托人工智能实现增长，那么我们尚未看到天花板。”</p></body></html>","source":"stock_zhitongcaijing","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>AI叙事生变！美股“买芯片、卖软件”拥挤交易现瓦解迹象</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nAI叙事生变！美股“买芯片、卖软件”拥挤交易现瓦解迹象\n</h2>\n\n<h4 class=\"meta\">\n\n\n2026-07-09 23:32 北京时间 <a href=http://www.zhitongcaijing.com/content/detail/1465560.html><strong>智通财经</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>2026年美股市场最流行的科技交易策略——买入芯片股、卖出软件股正出现瓦解的迹象。此前数月，市场担忧人工智能(AI)会侵蚀软件企业增长空间，软件板块持续遭抛售。眼下该板块终于迎来反弹。与此同时，今年以来一直受益于人工智能强劲需求而飙升的芯片制造商却走势疲软，因为投资者质疑数万亿美元的人工智能资本支出计划中究竟有多少能够真正落实。本月，一项广泛使用的软件指数上涨了2.2%，使其今年迄今为止的跌幅收窄...</p>\n\n<a href=\"http://www.zhitongcaijing.com/content/detail/1465560.html\">网页链接</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/8c95dc9b62af63b498dce2238fb18ba3","relate_stocks":{"SOX":"费城半导体指数","MVLL":"2倍做多MRVL ETF-GraniteShares","KLAC":"科磊","SNPS":"新思科技","TXN":"德州仪器","AVGG":"2倍做多AVGO ETF-Leverage Shares","SNDK":"闪迪","AVGU":"2倍做多AVGO ETF-GraniteShares","ON":"安森美半导体","WOLF":"Wolfspeed Inc.","ASMG":"2倍做多ASML ETF- Leverage Shares","QCMD":"1倍做空QCOM ETF-Direxion","LABX":"Tradr 2X Long ALAB Daily ETF","AVGW":"Roundhill AVGO WeeklyPay ETF","07788":"南方两倍做多英伟达","ASMU":"Direxion Daily ASML Bull 2X ETF","QCML":"2倍做多QCOM ETF-GraniteShares","AMDD":"1倍做空AMD ETF-Direxion","AVGX":"2倍做多AVGO ETF-Defiance","QCMU":"2倍做多QCOM ETF-Direxion","LRCX":"拉姆研究","STSM":"Defiance Daily Target 2X Short TSM ETF","SOXL":"三倍做多半导体ETF-Direxion Daily","AMDG":"2倍做多AMD ETF- Leverage Shares","MCHP":"微芯科技","ARMU":"2倍做多ARM ETF-T-REX","WDCX":"Tradr 2X Long WDC Daily 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Inc."},"source_url":"http://www.zhitongcaijing.com/content/detail/1465560.html","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2650922165","content_text":"2026年美股市场最流行的科技交易策略——买入芯片股、卖出软件股正出现瓦解的迹象。此前数月，市场担忧人工智能(AI)会侵蚀软件企业增长空间，软件板块持续遭抛售。眼下该板块终于迎来反弹。与此同时，今年以来一直受益于人工智能强劲需求而飙升的芯片制造商却走势疲软，因为投资者质疑数万亿美元的人工智能资本支出计划中究竟有多少能够真正落实。本月，一项广泛使用的软件指数上涨了2.2%，使其今年迄今为止的跌幅收窄至12%。与此同时，费城半导体指数在7月份下跌了12%，尽管该指数今年迄今仍上涨了78%，并刚刚创下有史以来最佳季度表现。AI叙事生变，“买芯片、卖软件”策略失灵了？“当市场走向如此极端时，我的观点是应该适度反向布局，” Crossmark Global Investments首席投资官鲍勃·多尔表示。他一直在增持软件股，同时减持芯片股。“我不认为软件行业会倒闭，也不认为半导体行业发现了新的宝藏。把芯片行业捧上神坛，把软件行业贬得一文不值，这种做法未免有些极端。”两大板块走势分化程度已创下历史记录。上月，芯片股相对软件股录得史上最大单日超额收益，同时也出现过史上最大单日相对跌幅。追溯至2001年的数据显示，芯片指数与软件指数40日相关性近期首次转负。近期，华尔街唱多软件股的声音渐响。古根海姆上调了赛富时(CRM.US)、ServiceNow(NOW.US)和Check Point(CHKP.US)等三家软件公司的评级，并指出尽管人工智能可能会带来颠覆性影响，但此前关于该行业将走向毁灭的预测“纯属无稽之谈”。仅隔一日，汇丰将Adobe(ADBE.US)的评级从“持有”上调至“买入”，并表示“市场高估了人工智能设计工具带来的负面影响”。与此同时，芯片板块的形势也变得更加严峻。三星电子周一发布亮眼财报，却未能带动板块反弹;媒体周二报道，中国DeepSeek正在研发用于人工智能系统的芯片，引发费城半导体指数大跌4.7%。该消息戳中投资者最担忧的问题：对人工智能芯片及相关基础设施的需求可能不及预期。例如上周有消息称，Meta Platforms(META.US)计划对外出租算力，市场将其视作算力过剩的悲观信号，人工智能基础设施类股票遭到抛售。加拿大丰业银行分析师纳特·辛德勒在7月1日的报告中写道：“悲观的解读是，一家大型超大规模数据中心运营商愿意出售过剩的算力资源，同时仍在投资前沿模型，这表明其内部需求低于产能，市场会对全行业未来资本开支预期打上问号。我们并非判断资本开支见顶，也不认为Meta放缓前沿技术布局，但这是投资者接下来会重点消化的利空逻辑。”市场质疑情绪进一步升温：知名投资人迈克尔・伯里上周建仓做空英伟达(NVDA.US)、应用材料(AMAT.US)以及iShares 半导体ETF，他评价该ETF是“指数层面罕见的纯粹高估标的，高估特征一目了然”。此外，另一家在人工智能基础设施方面投入巨资的公司OpenAI原定今年秋季上市，但受科技股剧烈波动影响，据悉计划推迟至明年IPO。机构解读两大赛道：芯片高位存估值隐忧，软件走势两极分化半导体波动率指数自年初以来近乎翻倍。BTIG首席市场技术分析师乔纳森·克林斯基在7月2日的报告中写道，这种波动剧烈的行情，加上该板块接近历史高位，“往好了说，表明将进入一段较长的盘整期;往坏了说，则意味着一轮幅度较大的见顶回调。尽管如此，芯片股的基本面依然强劲。该板块2027年的盈利增长率预计将达到47%，这一预测值在最近几周大幅上调。相比之下，软件和服务板块今年的盈利增长率预计为16.5%，而且这一预期在过去几周持续下滑。Thornburg Investment Management的投资组合经理肖恩・孙表示：“人工智能改变了市场认知，软件行业高利润率、持续收入和稳定增长的商业模式不再具备长期确定性，这令市场开始重新审视该行业的最终价值。”Blueprint Equity 的联合创始人兼管理合伙人鲍比・奥坎波则认为，即便半导体行业基本面稳健，芯片股本轮上涨行情还能持续多久，市场仍存巨大疑问。他表示：“问题不在于当下生意好不好，而在于股价是否已完全定价。只要行业增长持续，芯片仍是布局人工智能赛道的优质选择，但没人能预判数年之后的行业格局。”软件板块的行情逻辑则更为复杂。奥坎波称：“我不确定行业估值能否重回2021年水平，尤其是在增长没有大幅加速的情况下。但当前市场一刀切地看待所有软件企业。如果软件公司在人工智能浪潮中处于劣势，那么估值底部遥遥无期;反之，若企业能依托人工智能实现增长，那么我们尚未看到天花板。”","news_type":1,"symbols_score_info":{"TSM":2,"LRCU":0.6,"NVII":0.6,"SNDK":2,"NVDW":0.6,"MCHP":2,"NVDU":0.6,"AMD":2,"ASML":2,"ON":2,"INTC":2,"QRVO":2,"TSMG":0.6,"AMDL":0.6,"TSMY":0.6,"SMTC":2,"CRDU":0.6,"UCTT":2,"WDCX":0.6,"USD":2,"WDC":2,"SMCC":0.6,"HIMX":2,"PXLW":2,"ADI":2,"STX":2,"TSMX":0.6,"ALAB":2,"SMH":2,"INTW":0.6,"SNXX":0.6,"SMHX":2,"DAMD":0.6,"NVDB":0.6,"SNDG":0.6,"NVDS":0.6,"DIPS":0.6,"SOX":1.9,"ARMW":0.6,"SOXS":2,"NVDD":0.6,"AMBQ":2,"LSCC":2,"SWKS":2,"MULL":0.6,"07788":0.6,"LRCX":2,"QCMU":0.6,"NVDQ":0.6,"ASMU":0.6,"WOLF":2,"QCOM":2,"SOXQ":2,"AVGU":0.6,"MUD":0.6,"NVDO":0.6,"KLAG":0.6,"STSM":0.6,"SMCX":0.6,"NVDY":0.6,"AVS":0.6,"SOXX":2,"FTXL":2,"AVGG":0.6,"SNDC":0.6,"AMDY":0.6,"MRVU":0.6,"SNDU":0.6,"AVGW":0.6,"SMYY":0.6,"NVDL":0.6,"AMAT":2,"07388":0.6,"TSMZ":0.6,"SOXL":2,"STM":2,"AMUU":0.6,"MUU":0.6,"NVTS":2,"SOXM":2,"MRVL":2,"AMBA":2,"NVDA":2,"LINT":0.6,"AVL":0.6,"NVD":0.6,"CRDO":2,"SNPX":0.6,"MVLL":0.6,"AMDW":0.6,"AMYY":0.6,"NVDG":0.6,"UMC":2,"MU":2,"TXN":2,"SMCI":2,"TSMU":0.6,"KLAC":2,"AMDD":0.6,"ANV":0.6,"Q":2,"AVGO":2,"AMDG":0.6,"QCML":0.6,"ARMG":0.6,"SMCY":0.6,"SMCZ":0.6,"CHPY":2,"ARMU":0.6,"NVYY":0.6,"NVTX":0.6,"SNPS":2,"AMDU":0.6,"AVGX":0.6,"QCMD":0.6,"LABX":0.6,"SNDQ":0.6,"XSD":2,"GFS":2,"NXPI":2,"SMCL":0.6,"SSG":2,"ARM":2,"NVDX":0.6,"ASMG":0.6}},"isVote":1,"tweetType":1,"viewCount":155,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":574149211505632,"gmtCreate":1781187026566,"gmtModify":1781187278144,"author":{"id":"3573012753941916","authorId":"3573012753941916","name":"King_0997","avatar":"https://static.tigerbbs.com/04eab3849869123611506d08d3beceae","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3573012753941916","authorIdStr":"3573012753941916"},"themes":[],"title":"","htmlText":"分析是为了自己多买到筹码","listText":"分析是为了自己多买到筹码","text":"分析是为了自己多买到筹码","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/574149211505632","repostId":"1137074603","repostType":2,"repost":{"id":"1137074603","kind":"news","weMediaInfo":{"introduction":"为用户提供金融资讯、行情、数据，旨在帮助投资者理解世界，做投资决策。","home_visible":1,"media_name":"老虎资讯综合","id":"102","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1781177651,"share":"https://www.laohunote.com/m/news/1137074603?lang=zh_CN&edition=full","pubTime":"2026-06-11 19:34","market":"us","language":"zh","title":"首批华尔街机构发布对SpaceX的评级建议，以下是他们的看法","url":"https://stock-news.laohu8.com/highlight/detail?id=1137074603","media":"老虎资讯综合","summary":"两家华尔街机构开始对SpaceX进行覆盖，埃隆·马斯克旗下SpaceX准备于周五在纳斯达克开启公开市场首秀。Oppenheimer首次覆盖SpaceX，给予其\"跑赢大盘\"评级，12至18个月目标价定为190美元，这意味着较135美元的IPO发行价有40%的上涨空间。分析师皮埃尔·费拉古认为，到2030年SpaceX的营收将达到1950亿美元，高于2025年的187亿美元，并从2027年开始实现净利润。大多数华尔街大型银行在IPO之后才能发布推荐评级，因为它们担任此次发行的承销商，不能有推高发行之嫌。","content":"<html><head></head><body><p style=\"text-align: left;\">两家华尔街机构开始对SpaceX进行覆盖，埃隆·马斯克旗下SpaceX准备于周五在纳斯达克开启公开市场首秀。</p><p style=\"text-align: left;\">Oppenheimer首次覆盖SpaceX，给予其"跑赢大盘"评级，12至18个月目标价定为190美元，这意味着较135美元的IPO发行价有40%的上涨空间。</p><p style=\"text-align: left;\">在周四的一份报告中，分析师蒂莫西·霍兰写道，公司多元化的业务组合对投资者具有吸引力。</p><p style=\"text-align: left;\">"我们认为SPCX有潜力将地面计算专业知识作为桥梁（以及可能的备用计划），以实现关键的规模和成本优势。我们认为它是唯一一家垂直整合的AI公司，拥有所需的资本、数据、大型语言模型、硬件、制造和工程人才，"他写道。"其太空基础设施在结构上具备优势。"</p><p style=\"text-align: left;\">霍兰指出，他预计该股会有波动，不过一开始应该会上涨。</p><p style=\"text-align: left;\">与此同时，New Street Research也对该公司启动覆盖，给出165美元的12个月目标价，这较IPO发行价有22%的上涨空间。该公司未对该股设定评级。</p><p style=\"text-align: left;\">该目标价基于公司的未来增长。分析师皮埃尔·费拉古认为，到2030年SpaceX的营收将达到1950亿美元，高于2025年的187亿美元，并从2027年开始实现净利润。2025年该公司净亏损49亿美元。</p><p style=\"text-align: left;\">费拉古估计，该公司2027年的估值将达到2.3万亿美元，但他指出，若其太空业务的潜在市场总规模大于预期，这一估值可能进一步上升——New Street在制定预测时采用了低端的市场增长假设。</p><p style=\"text-align: left;\">"但如果整个市场机会增长至我们高端预估水平，且SpaceX拿下50%的份额，这将意味着每股公允价值为330美元，"费拉古写道。</p><p style=\"text-align: left;\">这两家是首批启动覆盖的银行。大多数华尔街大型银行在IPO之后才能发布推荐评级，因为它们担任此次发行的承销商，不能有推高发行之嫌。</p></body></html>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>首批华尔街机构发布对SpaceX的评级建议，以下是他们的看法</title>\n<style 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margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n首批华尔街机构发布对SpaceX的评级建议，以下是他们的看法\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/102\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">老虎资讯综合 </p>\n<p class=\"h-time\">2026-06-11 19:34</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<html><head></head><body><p style=\"text-align: left;\">两家华尔街机构开始对SpaceX进行覆盖，埃隆·马斯克旗下SpaceX准备于周五在纳斯达克开启公开市场首秀。</p><p style=\"text-align: left;\">Oppenheimer首次覆盖SpaceX，给予其"跑赢大盘"评级，12至18个月目标价定为190美元，这意味着较135美元的IPO发行价有40%的上涨空间。</p><p style=\"text-align: left;\">在周四的一份报告中，分析师蒂莫西·霍兰写道，公司多元化的业务组合对投资者具有吸引力。</p><p style=\"text-align: left;\">"我们认为SPCX有潜力将地面计算专业知识作为桥梁（以及可能的备用计划），以实现关键的规模和成本优势。我们认为它是唯一一家垂直整合的AI公司，拥有所需的资本、数据、大型语言模型、硬件、制造和工程人才，"他写道。"其太空基础设施在结构上具备优势。"</p><p style=\"text-align: left;\">霍兰指出，他预计该股会有波动，不过一开始应该会上涨。</p><p style=\"text-align: left;\">与此同时，New Street Research也对该公司启动覆盖，给出165美元的12个月目标价，这较IPO发行价有22%的上涨空间。该公司未对该股设定评级。</p><p style=\"text-align: left;\">该目标价基于公司的未来增长。分析师皮埃尔·费拉古认为，到2030年SpaceX的营收将达到1950亿美元，高于2025年的187亿美元，并从2027年开始实现净利润。2025年该公司净亏损49亿美元。</p><p style=\"text-align: left;\">费拉古估计，该公司2027年的估值将达到2.3万亿美元，但他指出，若其太空业务的潜在市场总规模大于预期，这一估值可能进一步上升——New Street在制定预测时采用了低端的市场增长假设。</p><p style=\"text-align: left;\">"但如果整个市场机会增长至我们高端预估水平，且SpaceX拿下50%的份额，这将意味着每股公允价值为330美元，"费拉古写道。</p><p style=\"text-align: left;\">这两家是首批启动覆盖的银行。大多数华尔街大型银行在IPO之后才能发布推荐评级，因为它们担任此次发行的承销商，不能有推高发行之嫌。</p></body></html>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://community-static.tradeup.com/news/2cb39ef2500763ed02451a67f81df811","relate_stocks":{"SPCX":"SPAC and New Issue ETF"},"source_url":"","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1137074603","content_text":"两家华尔街机构开始对SpaceX进行覆盖，埃隆·马斯克旗下SpaceX准备于周五在纳斯达克开启公开市场首秀。Oppenheimer首次覆盖SpaceX，给予其\"跑赢大盘\"评级，12至18个月目标价定为190美元，这意味着较135美元的IPO发行价有40%的上涨空间。在周四的一份报告中，分析师蒂莫西·霍兰写道，公司多元化的业务组合对投资者具有吸引力。\"我们认为SPCX有潜力将地面计算专业知识作为桥梁（以及可能的备用计划），以实现关键的规模和成本优势。我们认为它是唯一一家垂直整合的AI公司，拥有所需的资本、数据、大型语言模型、硬件、制造和工程人才，\"他写道。\"其太空基础设施在结构上具备优势。\"霍兰指出，他预计该股会有波动，不过一开始应该会上涨。与此同时，New Street Research也对该公司启动覆盖，给出165美元的12个月目标价，这较IPO发行价有22%的上涨空间。该公司未对该股设定评级。该目标价基于公司的未来增长。分析师皮埃尔·费拉古认为，到2030年SpaceX的营收将达到1950亿美元，高于2025年的187亿美元，并从2027年开始实现净利润。2025年该公司净亏损49亿美元。费拉古估计，该公司2027年的估值将达到2.3万亿美元，但他指出，若其太空业务的潜在市场总规模大于预期，这一估值可能进一步上升——New Street在制定预测时采用了低端的市场增长假设。\"但如果整个市场机会增长至我们高端预估水平，且SpaceX拿下50%的份额，这将意味着每股公允价值为330美元，\"费拉古写道。这两家是首批启动覆盖的银行。大多数华尔街大型银行在IPO之后才能发布推荐评级，因为它们担任此次发行的承销商，不能有推高发行之嫌。","news_type":1,"symbols_score_info":{"SPCX":2}},"isVote":1,"tweetType":1,"viewCount":473,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":456916377567288,"gmtCreate":1752588937393,"gmtModify":1752589987356,"author":{"id":"3573012753941916","authorId":"3573012753941916","name":"King_0997","avatar":"https://static.tigerbbs.com/04eab3849869123611506d08d3beceae","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3573012753941916","authorIdStr":"3573012753941916"},"themes":[],"title":"","htmlText":"哈哈哈哈哈贝贝哈哈哈哈哈","listText":"哈哈哈哈哈贝贝哈哈哈哈哈","text":"哈哈哈哈哈贝贝哈哈哈哈哈","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/456916377567288","isVote":1,"tweetType":1,"viewCount":1480,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":456915694190824,"gmtCreate":1752588927513,"gmtModify":1752589987402,"author":{"id":"3573012753941916","authorId":"3573012753941916","name":"King_0997","avatar":"https://static.tigerbbs.com/04eab3849869123611506d08d3beceae","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3573012753941916","authorIdStr":"3573012753941916"},"themes":[],"title":"","htmlText":"哈哈哈哈哈贝贝哈哈哈哈哈","listText":"哈哈哈哈哈贝贝哈哈哈哈哈","text":"哈哈哈哈哈贝贝哈哈哈哈哈","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/456915694190824","isVote":1,"tweetType":1,"viewCount":1027,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":456915400286472,"gmtCreate":1752588891908,"gmtModify":1752589987302,"author":{"id":"3573012753941916","authorId":"3573012753941916","name":"King_0997","avatar":"https://static.tigerbbs.com/04eab3849869123611506d08d3beceae","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3573012753941916","authorIdStr":"3573012753941916"},"themes":[],"title":"","htmlText":"鲍威尔辞职 美股即将暴涨做好准备","listText":"鲍威尔辞职 美股即将暴涨做好准备","text":"鲍威尔辞职 美股即将暴涨做好准备","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/456915400286472","isVote":1,"tweetType":1,"viewCount":1386,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0}],"hots":[{"id":574149211505632,"gmtCreate":1781187026566,"gmtModify":1781187278144,"author":{"id":"3573012753941916","authorId":"3573012753941916","name":"King_0997","avatar":"https://static.tigerbbs.com/04eab3849869123611506d08d3beceae","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3573012753941916","idStr":"3573012753941916"},"themes":[],"title":"","htmlText":"分析是为了自己多买到筹码","listText":"分析是为了自己多买到筹码","text":"分析是为了自己多买到筹码","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/574149211505632","repostId":"1137074603","repostType":2,"repost":{"id":"1137074603","kind":"news","weMediaInfo":{"introduction":"为用户提供金融资讯、行情、数据，旨在帮助投资者理解世界，做投资决策。","home_visible":1,"media_name":"老虎资讯综合","id":"102","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1781177651,"share":"https://www.laohunote.com/m/news/1137074603?lang=zh_CN&edition=full","pubTime":"2026-06-11 19:34","market":"us","language":"zh","title":"首批华尔街机构发布对SpaceX的评级建议，以下是他们的看法","url":"https://stock-news.laohu8.com/highlight/detail?id=1137074603","media":"老虎资讯综合","summary":"两家华尔街机构开始对SpaceX进行覆盖，埃隆·马斯克旗下SpaceX准备于周五在纳斯达克开启公开市场首秀。Oppenheimer首次覆盖SpaceX，给予其\"跑赢大盘\"评级，12至18个月目标价定为190美元，这意味着较135美元的IPO发行价有40%的上涨空间。分析师皮埃尔·费拉古认为，到2030年SpaceX的营收将达到1950亿美元，高于2025年的187亿美元，并从2027年开始实现净利润。大多数华尔街大型银行在IPO之后才能发布推荐评级，因为它们担任此次发行的承销商，不能有推高发行之嫌。","content":"<html><head></head><body><p style=\"text-align: left;\">两家华尔街机构开始对SpaceX进行覆盖，埃隆·马斯克旗下SpaceX准备于周五在纳斯达克开启公开市场首秀。</p><p style=\"text-align: left;\">Oppenheimer首次覆盖SpaceX，给予其"跑赢大盘"评级，12至18个月目标价定为190美元，这意味着较135美元的IPO发行价有40%的上涨空间。</p><p style=\"text-align: left;\">在周四的一份报告中，分析师蒂莫西·霍兰写道，公司多元化的业务组合对投资者具有吸引力。</p><p style=\"text-align: left;\">"我们认为SPCX有潜力将地面计算专业知识作为桥梁（以及可能的备用计划），以实现关键的规模和成本优势。我们认为它是唯一一家垂直整合的AI公司，拥有所需的资本、数据、大型语言模型、硬件、制造和工程人才，"他写道。"其太空基础设施在结构上具备优势。"</p><p style=\"text-align: left;\">霍兰指出，他预计该股会有波动，不过一开始应该会上涨。</p><p style=\"text-align: left;\">与此同时，New Street Research也对该公司启动覆盖，给出165美元的12个月目标价，这较IPO发行价有22%的上涨空间。该公司未对该股设定评级。</p><p style=\"text-align: left;\">该目标价基于公司的未来增长。分析师皮埃尔·费拉古认为，到2030年SpaceX的营收将达到1950亿美元，高于2025年的187亿美元，并从2027年开始实现净利润。2025年该公司净亏损49亿美元。</p><p style=\"text-align: left;\">费拉古估计，该公司2027年的估值将达到2.3万亿美元，但他指出，若其太空业务的潜在市场总规模大于预期，这一估值可能进一步上升——New Street在制定预测时采用了低端的市场增长假设。</p><p style=\"text-align: left;\">"但如果整个市场机会增长至我们高端预估水平，且SpaceX拿下50%的份额，这将意味着每股公允价值为330美元，"费拉古写道。</p><p style=\"text-align: left;\">这两家是首批启动覆盖的银行。大多数华尔街大型银行在IPO之后才能发布推荐评级，因为它们担任此次发行的承销商，不能有推高发行之嫌。</p></body></html>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>首批华尔街机构发布对SpaceX的评级建议，以下是他们的看法</title>\n<style 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margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n首批华尔街机构发布对SpaceX的评级建议，以下是他们的看法\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/102\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">老虎资讯综合 </p>\n<p class=\"h-time\">2026-06-11 19:34</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<html><head></head><body><p style=\"text-align: left;\">两家华尔街机构开始对SpaceX进行覆盖，埃隆·马斯克旗下SpaceX准备于周五在纳斯达克开启公开市场首秀。</p><p style=\"text-align: left;\">Oppenheimer首次覆盖SpaceX，给予其"跑赢大盘"评级，12至18个月目标价定为190美元，这意味着较135美元的IPO发行价有40%的上涨空间。</p><p style=\"text-align: left;\">在周四的一份报告中，分析师蒂莫西·霍兰写道，公司多元化的业务组合对投资者具有吸引力。</p><p style=\"text-align: left;\">"我们认为SPCX有潜力将地面计算专业知识作为桥梁（以及可能的备用计划），以实现关键的规模和成本优势。我们认为它是唯一一家垂直整合的AI公司，拥有所需的资本、数据、大型语言模型、硬件、制造和工程人才，"他写道。"其太空基础设施在结构上具备优势。"</p><p style=\"text-align: left;\">霍兰指出，他预计该股会有波动，不过一开始应该会上涨。</p><p style=\"text-align: left;\">与此同时，New Street Research也对该公司启动覆盖，给出165美元的12个月目标价，这较IPO发行价有22%的上涨空间。该公司未对该股设定评级。</p><p style=\"text-align: left;\">该目标价基于公司的未来增长。分析师皮埃尔·费拉古认为，到2030年SpaceX的营收将达到1950亿美元，高于2025年的187亿美元，并从2027年开始实现净利润。2025年该公司净亏损49亿美元。</p><p style=\"text-align: left;\">费拉古估计，该公司2027年的估值将达到2.3万亿美元，但他指出，若其太空业务的潜在市场总规模大于预期，这一估值可能进一步上升——New Street在制定预测时采用了低端的市场增长假设。</p><p style=\"text-align: left;\">"但如果整个市场机会增长至我们高端预估水平，且SpaceX拿下50%的份额，这将意味着每股公允价值为330美元，"费拉古写道。</p><p style=\"text-align: left;\">这两家是首批启动覆盖的银行。大多数华尔街大型银行在IPO之后才能发布推荐评级，因为它们担任此次发行的承销商，不能有推高发行之嫌。</p></body></html>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://community-static.tradeup.com/news/2cb39ef2500763ed02451a67f81df811","relate_stocks":{"SPCX":"SPAC and New Issue ETF"},"source_url":"","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1137074603","content_text":"两家华尔街机构开始对SpaceX进行覆盖，埃隆·马斯克旗下SpaceX准备于周五在纳斯达克开启公开市场首秀。Oppenheimer首次覆盖SpaceX，给予其\"跑赢大盘\"评级，12至18个月目标价定为190美元，这意味着较135美元的IPO发行价有40%的上涨空间。在周四的一份报告中，分析师蒂莫西·霍兰写道，公司多元化的业务组合对投资者具有吸引力。\"我们认为SPCX有潜力将地面计算专业知识作为桥梁（以及可能的备用计划），以实现关键的规模和成本优势。我们认为它是唯一一家垂直整合的AI公司，拥有所需的资本、数据、大型语言模型、硬件、制造和工程人才，\"他写道。\"其太空基础设施在结构上具备优势。\"霍兰指出，他预计该股会有波动，不过一开始应该会上涨。与此同时，New Street Research也对该公司启动覆盖，给出165美元的12个月目标价，这较IPO发行价有22%的上涨空间。该公司未对该股设定评级。该目标价基于公司的未来增长。分析师皮埃尔·费拉古认为，到2030年SpaceX的营收将达到1950亿美元，高于2025年的187亿美元，并从2027年开始实现净利润。2025年该公司净亏损49亿美元。费拉古估计，该公司2027年的估值将达到2.3万亿美元，但他指出，若其太空业务的潜在市场总规模大于预期，这一估值可能进一步上升——New Street在制定预测时采用了低端的市场增长假设。\"但如果整个市场机会增长至我们高端预估水平，且SpaceX拿下50%的份额，这将意味着每股公允价值为330美元，\"费拉古写道。这两家是首批启动覆盖的银行。大多数华尔街大型银行在IPO之后才能发布推荐评级，因为它们担任此次发行的承销商，不能有推高发行之嫌。","news_type":1,"symbols_score_info":{"SPCX":2}},"isVote":1,"tweetType":1,"viewCount":473,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":456916377567288,"gmtCreate":1752588937393,"gmtModify":1752589987356,"author":{"id":"3573012753941916","authorId":"3573012753941916","name":"King_0997","avatar":"https://static.tigerbbs.com/04eab3849869123611506d08d3beceae","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3573012753941916","idStr":"3573012753941916"},"themes":[],"title":"","htmlText":"哈哈哈哈哈贝贝哈哈哈哈哈","listText":"哈哈哈哈哈贝贝哈哈哈哈哈","text":"哈哈哈哈哈贝贝哈哈哈哈哈","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/456916377567288","isVote":1,"tweetType":1,"viewCount":1480,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":456915694190824,"gmtCreate":1752588927513,"gmtModify":1752589987402,"author":{"id":"3573012753941916","authorId":"3573012753941916","name":"King_0997","avatar":"https://static.tigerbbs.com/04eab3849869123611506d08d3beceae","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3573012753941916","idStr":"3573012753941916"},"themes":[],"title":"","htmlText":"哈哈哈哈哈贝贝哈哈哈哈哈","listText":"哈哈哈哈哈贝贝哈哈哈哈哈","text":"哈哈哈哈哈贝贝哈哈哈哈哈","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/456915694190824","isVote":1,"tweetType":1,"viewCount":1027,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":456915400286472,"gmtCreate":1752588891908,"gmtModify":1752589987302,"author":{"id":"3573012753941916","authorId":"3573012753941916","name":"King_0997","avatar":"https://static.tigerbbs.com/04eab3849869123611506d08d3beceae","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3573012753941916","idStr":"3573012753941916"},"themes":[],"title":"","htmlText":"鲍威尔辞职 美股即将暴涨做好准备","listText":"鲍威尔辞职 美股即将暴涨做好准备","text":"鲍威尔辞职 美股即将暴涨做好准备","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/456915400286472","isVote":1,"tweetType":1,"viewCount":1386,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":584007502823840,"gmtCreate":1783611386158,"gmtModify":1783612926441,"author":{"id":"3573012753941916","authorId":"3573012753941916","name":"King_0997","avatar":"https://static.tigerbbs.com/04eab3849869123611506d08d3beceae","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3573012753941916","idStr":"3573012753941916"},"themes":[],"title":"","htmlText":"跟放了个屁一样什么都没说 p","listText":"跟放了个屁一样什么都没说 p","text":"跟放了个屁一样什么都没说 p","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/584007502823840","repostId":"2650922165","repostType":2,"repost":{"id":"2650922165","kind":"news","pubTimestamp":1783611170,"share":"https://www.laohunote.com/m/news/2650922165?lang=zh_CN&edition=full","pubTime":"2026-07-09 23:32","market":"hk","language":"zh","title":"AI叙事生变！美股“买芯片、卖软件”拥挤交易现瓦解迹象","url":"https://stock-news.laohu8.com/highlight/detail?id=2650922165","media":"智通财经","summary":"智通财经APP获悉，2026年美股市场最流行的科技交易策略——买入芯片股、卖出软件股正出现瓦解的迹象。此前数月，市场担忧人工智能会侵蚀软件企业增长空间，软件板块持续遭抛售。与此同时，费城半导体指数在7月份下跌了12%，尽管该指数今年迄今仍上涨了78%，并刚刚创下有史以来最佳季度表现。AI叙事生变，“买芯片、卖软件”策略失灵了？上月，芯片股相对软件股录得史上最大单日超额收益，同时也出现过史上最大单日相对跌幅。","content":"<html><head></head><body><p style=\"text-align: left;\">2026年美股市场最流行的科技交易策略——买入芯片股、卖出软件股正出现瓦解的迹象。</p><p style=\"text-align: left;\">此前数月，市场担忧人工智能(AI)会侵蚀软件企业增长空间，软件板块持续遭抛售。眼下该板块终于迎来反弹。与此同时，今年以来一直受益于人工智能强劲需求而飙升的芯片制造商却走势疲软，因为投资者质疑数万亿美元的人工智能资本支出计划中究竟有多少能够真正落实。</p><p style=\"text-align: left;\">本月，一项广泛使用的软件指数上涨了2.2%，使其今年迄今为止的跌幅收窄至12%。与此同时，费城半导体指数在7月份下跌了12%，尽管该指数今年迄今仍上涨了78%，并刚刚创下有史以来最佳季度表现。</p><p class=\"t-img-caption\"><img src=\"https://community-static.tradeup.com/news/e12e85ca474d0966271da0bd7e5a4313\" data-align=\"center\" tg-width=\"200\" tg-height=\"120\"/><span></span></p><p style=\"text-align: left;\"><strong>AI叙事生变，“买芯片、卖软件”策略失灵了？</strong></p><p style=\"text-align: left;\">“当市场走向如此极端时，我的观点是应该适度反向布局，” Crossmark Global Investments首席投资官鲍勃·多尔表示。他一直在增持软件股，同时减持芯片股。“我不认为软件行业会倒闭，也不认为半导体行业发现了新的宝藏。把芯片行业捧上神坛，把软件行业贬得一文不值，这种做法未免有些极端。”</p><p style=\"text-align: left;\">两大板块走势分化程度已创下历史记录。上月，芯片股相对软件股录得史上最大单日超额收益，同时也出现过史上最大单日相对跌幅。追溯至2001年的数据显示，芯片指数与软件指数40日相关性近期首次转负。</p><p style=\"text-align: left;\">近期，华尔街唱多软件股的声音渐响。古根海姆上调了<a href=\"https://laohu8.com/S/CRM\">赛富时</a>(CRM.US)、<a href=\"https://laohu8.com/S/NOW\">ServiceNow</a>(NOW.US)和Check Point(CHKP.US)等三家软件公司的评级，并指出尽管人工智能可能会带来颠覆性影响，但此前关于该行业将走向毁灭的预测“纯属无稽之谈”。仅隔一日，<a href=\"https://laohu8.com/S/HSBC\">汇丰</a>将<a href=\"https://laohu8.com/S/ADBE\">Adobe</a>(ADBE.US)的评级从“持有”上调至“买入”，并表示“市场高估了人工智能设计工具带来的负面影响”。</p><p style=\"text-align: left;\">与此同时，芯片板块的形势也变得更加严峻。<a href=\"https://laohu8.com/S/SSNLF\">三星电子</a>周一发布亮眼财报，却未能带动板块反弹;媒体周二报道，中国DeepSeek正在研发用于人工智能系统的芯片，引发费城半导体指数大跌4.7%。</p><p style=\"text-align: left;\">该消息戳中投资者最担忧的问题：对人工智能芯片及相关基础设施的需求可能不及预期。例如上周有消息称，<a href=\"https://laohu8.com/S/META\">Meta Platforms</a>(META.US)计划对外出租算力，市场将其视作算力过剩的悲观信号，人工智能基础设施类股票遭到抛售。</p><p style=\"text-align: left;\">加拿大<a href=\"https://laohu8.com/S/BNS\">丰业银行</a>分析师纳特·辛德勒在7月1日的报告中写道：“悲观的解读是，一家大型超大规模数据中心运营商愿意出售过剩的算力资源，同时仍在投资前沿模型，这表明其内部需求低于产能，市场会对全行业未来资本开支预期打上问号。我们并非判断资本开支见顶，也不认为Meta放缓前沿技术布局，但这是投资者接下来会重点消化的利空逻辑。”</p><p style=\"text-align: left;\">市场质疑情绪进一步升温：知名投资人迈克尔・伯里上周建仓做空<a href=\"https://laohu8.com/S/NVDA\">英伟达</a>(NVDA.US)、<a href=\"https://laohu8.com/S/AMAT\">应用材料</a>(AMAT.US)以及<a href=\"https://laohu8.com/S/EEMA\">iShares</a> 半导体ETF，他评价该ETF是“指数层面罕见的纯粹高估标的，高估特征一目了然”。此外，另一家在人工智能基础设施方面投入巨资的公司OpenAI原定今年秋季上市，但受科技股剧烈波动影响，据悉计划推迟至明年IPO。</p><p style=\"text-align: left;\"><strong>机构解读两大赛道：芯片高位存估值隐忧，软件走势两极分化</strong></p><p style=\"text-align: left;\">半导体波动率指数自年初以来近乎翻倍。BTIG首席市场技术分析师乔纳森·克林斯基在7月2日的报告中写道，这种波动剧烈的行情，加上该板块接近历史高位，“往好了说，表明将进入一段较长的盘整期;往坏了说，则意味着一轮幅度较大的见顶回调。</p><p style=\"text-align: left;\">尽管如此，芯片股的基本面依然强劲。该板块2027年的盈利增长率预计将达到47%，这一预测值在最近几周大幅上调。相比之下，软件和服务板块今年的盈利增长率预计为16.5%，而且这一预期在过去几周持续下滑。</p><p style=\"text-align: left;\">Thornburg Investment Management的投资组合经理肖恩・孙表示：“人工智能改变了市场认知，软件行业高利润率、持续收入和稳定增长的商业模式不再具备长期确定性，这令市场开始重新审视该行业的最终价值。”</p><p style=\"text-align: left;\">Blueprint Equity 的联合创始人兼管理合伙人鲍比・奥坎波则认为，即便半导体行业基本面稳健，芯片股本轮上涨行情还能持续多久，市场仍存巨大疑问。</p><p style=\"text-align: left;\">他表示：“问题不在于当下生意好不好，而在于股价是否已完全定价。只要行业增长持续，芯片仍是布局人工智能赛道的优质选择，但没人能预判数年之后的行业格局。”</p><p style=\"text-align: left;\">软件板块的行情逻辑则更为复杂。</p><p style=\"text-align: left;\">奥坎波称：“我不确定行业估值能否重回2021年水平，尤其是在增长没有大幅加速的情况下。但当前市场一刀切地看待所有软件企业。如果软件公司在人工智能浪潮中处于劣势，那么估值底部遥遥无期;反之，若企业能依托人工智能实现增长，那么我们尚未看到天花板。”</p></body></html>","source":"stock_zhitongcaijing","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>AI叙事生变！美股“买芯片、卖软件”拥挤交易现瓦解迹象</title>\n<style 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margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nAI叙事生变！美股“买芯片、卖软件”拥挤交易现瓦解迹象\n</h2>\n\n<h4 class=\"meta\">\n\n\n2026-07-09 23:32 北京时间 <a href=http://www.zhitongcaijing.com/content/detail/1465560.html><strong>智通财经</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>2026年美股市场最流行的科技交易策略——买入芯片股、卖出软件股正出现瓦解的迹象。此前数月，市场担忧人工智能(AI)会侵蚀软件企业增长空间，软件板块持续遭抛售。眼下该板块终于迎来反弹。与此同时，今年以来一直受益于人工智能强劲需求而飙升的芯片制造商却走势疲软，因为投资者质疑数万亿美元的人工智能资本支出计划中究竟有多少能够真正落实。本月，一项广泛使用的软件指数上涨了2.2%，使其今年迄今为止的跌幅收窄...</p>\n\n<a href=\"http://www.zhitongcaijing.com/content/detail/1465560.html\">网页链接</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/8c95dc9b62af63b498dce2238fb18ba3","relate_stocks":{"SOX":"费城半导体指数","MVLL":"2倍做多MRVL ETF-GraniteShares","KLAC":"科磊","SNPS":"新思科技","TXN":"德州仪器","AVGG":"2倍做多AVGO ETF-Leverage Shares","SNDK":"闪迪","AVGU":"2倍做多AVGO ETF-GraniteShares","ON":"安森美半导体","WOLF":"Wolfspeed Inc.","ASMG":"2倍做多ASML ETF- Leverage Shares","QCMD":"1倍做空QCOM ETF-Direxion","LABX":"Tradr 2X Long ALAB Daily ETF","AVGW":"Roundhill AVGO WeeklyPay ETF","07788":"南方两倍做多英伟达","ASMU":"Direxion Daily ASML Bull 2X ETF","QCML":"2倍做多QCOM ETF-GraniteShares","AMDD":"1倍做空AMD ETF-Direxion","AVGX":"2倍做多AVGO ETF-Defiance","QCMU":"2倍做多QCOM ETF-Direxion","LRCX":"拉姆研究","STSM":"Defiance Daily Target 2X Short TSM ETF","SOXL":"三倍做多半导体ETF-Direxion Daily","AMDG":"2倍做多AMD ETF- Leverage Shares","MCHP":"微芯科技","ARMU":"2倍做多ARM ETF-T-REX","WDCX":"Tradr 2X Long WDC Daily 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Inc."},"source_url":"http://www.zhitongcaijing.com/content/detail/1465560.html","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2650922165","content_text":"2026年美股市场最流行的科技交易策略——买入芯片股、卖出软件股正出现瓦解的迹象。此前数月，市场担忧人工智能(AI)会侵蚀软件企业增长空间，软件板块持续遭抛售。眼下该板块终于迎来反弹。与此同时，今年以来一直受益于人工智能强劲需求而飙升的芯片制造商却走势疲软，因为投资者质疑数万亿美元的人工智能资本支出计划中究竟有多少能够真正落实。本月，一项广泛使用的软件指数上涨了2.2%，使其今年迄今为止的跌幅收窄至12%。与此同时，费城半导体指数在7月份下跌了12%，尽管该指数今年迄今仍上涨了78%，并刚刚创下有史以来最佳季度表现。AI叙事生变，“买芯片、卖软件”策略失灵了？“当市场走向如此极端时，我的观点是应该适度反向布局，” Crossmark Global Investments首席投资官鲍勃·多尔表示。他一直在增持软件股，同时减持芯片股。“我不认为软件行业会倒闭，也不认为半导体行业发现了新的宝藏。把芯片行业捧上神坛，把软件行业贬得一文不值，这种做法未免有些极端。”两大板块走势分化程度已创下历史记录。上月，芯片股相对软件股录得史上最大单日超额收益，同时也出现过史上最大单日相对跌幅。追溯至2001年的数据显示，芯片指数与软件指数40日相关性近期首次转负。近期，华尔街唱多软件股的声音渐响。古根海姆上调了赛富时(CRM.US)、ServiceNow(NOW.US)和Check Point(CHKP.US)等三家软件公司的评级，并指出尽管人工智能可能会带来颠覆性影响，但此前关于该行业将走向毁灭的预测“纯属无稽之谈”。仅隔一日，汇丰将Adobe(ADBE.US)的评级从“持有”上调至“买入”，并表示“市场高估了人工智能设计工具带来的负面影响”。与此同时，芯片板块的形势也变得更加严峻。三星电子周一发布亮眼财报，却未能带动板块反弹;媒体周二报道，中国DeepSeek正在研发用于人工智能系统的芯片，引发费城半导体指数大跌4.7%。该消息戳中投资者最担忧的问题：对人工智能芯片及相关基础设施的需求可能不及预期。例如上周有消息称，Meta Platforms(META.US)计划对外出租算力，市场将其视作算力过剩的悲观信号，人工智能基础设施类股票遭到抛售。加拿大丰业银行分析师纳特·辛德勒在7月1日的报告中写道：“悲观的解读是，一家大型超大规模数据中心运营商愿意出售过剩的算力资源，同时仍在投资前沿模型，这表明其内部需求低于产能，市场会对全行业未来资本开支预期打上问号。我们并非判断资本开支见顶，也不认为Meta放缓前沿技术布局，但这是投资者接下来会重点消化的利空逻辑。”市场质疑情绪进一步升温：知名投资人迈克尔・伯里上周建仓做空英伟达(NVDA.US)、应用材料(AMAT.US)以及iShares 半导体ETF，他评价该ETF是“指数层面罕见的纯粹高估标的，高估特征一目了然”。此外，另一家在人工智能基础设施方面投入巨资的公司OpenAI原定今年秋季上市，但受科技股剧烈波动影响，据悉计划推迟至明年IPO。机构解读两大赛道：芯片高位存估值隐忧，软件走势两极分化半导体波动率指数自年初以来近乎翻倍。BTIG首席市场技术分析师乔纳森·克林斯基在7月2日的报告中写道，这种波动剧烈的行情，加上该板块接近历史高位，“往好了说，表明将进入一段较长的盘整期;往坏了说，则意味着一轮幅度较大的见顶回调。尽管如此，芯片股的基本面依然强劲。该板块2027年的盈利增长率预计将达到47%，这一预测值在最近几周大幅上调。相比之下，软件和服务板块今年的盈利增长率预计为16.5%，而且这一预期在过去几周持续下滑。Thornburg Investment Management的投资组合经理肖恩・孙表示：“人工智能改变了市场认知，软件行业高利润率、持续收入和稳定增长的商业模式不再具备长期确定性，这令市场开始重新审视该行业的最终价值。”Blueprint Equity 的联合创始人兼管理合伙人鲍比・奥坎波则认为，即便半导体行业基本面稳健，芯片股本轮上涨行情还能持续多久，市场仍存巨大疑问。他表示：“问题不在于当下生意好不好，而在于股价是否已完全定价。只要行业增长持续，芯片仍是布局人工智能赛道的优质选择，但没人能预判数年之后的行业格局。”软件板块的行情逻辑则更为复杂。奥坎波称：“我不确定行业估值能否重回2021年水平，尤其是在增长没有大幅加速的情况下。但当前市场一刀切地看待所有软件企业。如果软件公司在人工智能浪潮中处于劣势，那么估值底部遥遥无期;反之，若企业能依托人工智能实现增长，那么我们尚未看到天花板。”","news_type":1,"symbols_score_info":{"TSM":2,"LRCU":0.6,"NVII":0.6,"SNDK":2,"NVDW":0.6,"MCHP":2,"NVDU":0.6,"AMD":2,"ASML":2,"ON":2,"INTC":2,"QRVO":2,"TSMG":0.6,"AMDL":0.6,"TSMY":0.6,"SMTC":2,"CRDU":0.6,"UCTT":2,"WDCX":0.6,"USD":2,"WDC":2,"SMCC":0.6,"HIMX":2,"PXLW":2,"ADI":2,"STX":2,"TSMX":0.6,"ALAB":2,"SMH":2,"INTW":0.6,"SNXX":0.6,"SMHX":2,"DAMD":0.6,"NVDB":0.6,"SNDG":0.6,"NVDS":0.6,"DIPS":0.6,"SOX":1.9,"ARMW":0.6,"SOXS":2,"NVDD":0.6,"AMBQ":2,"LSCC":2,"SWKS":2,"MULL":0.6,"07788":0.6,"LRCX":2,"QCMU":0.6,"NVDQ":0.6,"ASMU":0.6,"WOLF":2,"QCOM":2,"SOXQ":2,"AVGU":0.6,"MUD":0.6,"NVDO":0.6,"KLAG":0.6,"STSM":0.6,"SMCX":0.6,"NVDY":0.6,"AVS":0.6,"SOXX":2,"FTXL":2,"AVGG":0.6,"SNDC":0.6,"AMDY":0.6,"MRVU":0.6,"SNDU":0.6,"AVGW":0.6,"SMYY":0.6,"NVDL":0.6,"AMAT":2,"07388":0.6,"TSMZ":0.6,"SOXL":2,"STM":2,"AMUU":0.6,"MUU":0.6,"NVTS":2,"SOXM":2,"MRVL":2,"AMBA":2,"NVDA":2,"LINT":0.6,"AVL":0.6,"NVD":0.6,"CRDO":2,"SNPX":0.6,"MVLL":0.6,"AMDW":0.6,"AMYY":0.6,"NVDG":0.6,"UMC":2,"MU":2,"TXN":2,"SMCI":2,"TSMU":0.6,"KLAC":2,"AMDD":0.6,"ANV":0.6,"Q":2,"AVGO":2,"AMDG":0.6,"QCML":0.6,"ARMG":0.6,"SMCY":0.6,"SMCZ":0.6,"CHPY":2,"ARMU":0.6,"NVYY":0.6,"NVTX":0.6,"SNPS":2,"AMDU":0.6,"AVGX":0.6,"QCMD":0.6,"LABX":0.6,"SNDQ":0.6,"XSD":2,"GFS":2,"NXPI":2,"SMCL":0.6,"SSG":2,"ARM":2,"NVDX":0.6,"ASMG":0.6}},"isVote":1,"tweetType":1,"viewCount":155,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0}],"lives":[]}
