Key PointsAI chip stocks tumbled last week, led by Broadcom.

当前中国人口老龄化加快、慢性病负担持续上升，医保基金和公共卫生体系面临长期支出压力，而烟草税兼具财政增收和健康治理的双重属性，专家认为，当前已具备推进烟草税改革的窗口期 【财新网】 在人口老龄化加剧和慢性病负担上升背景下，如何推进控烟措施并降低吸烟率仍是待解的难题。在近日由北京市控制吸烟协会、中日友好医院、对外经济贸易大学联合主办的“烟草税与健康”媒体沟通会上，多位与会专家指出，提高烟草税是当前最值得重点推进的单项控烟措施之一。 “烟草使用成因非常复杂，不仅是成瘾性健康问题，同时也是受到价格、市场环境、社会文化环境等多重因素影响的消费行为。所以单一措施往往难以达到最佳效果”，世界卫生组织驻华代表处无烟草行动技术官员李可薇说，“与宣传教育等需要长期改变公众认知的措施相比，税收政策的效果在短期之内会更加直接。”

中信建投研报指出，中信建投认为市场低估了油价短期和中期的上行风险。短期看，一方面是霍尔木兹海峡已经关闭数周，更多油井被迫关停，而长时间关停将会导致部分产能的永久损失。长期看，在低资本开支的背景下，美国的库存井和新钻井数量屡创新低，这也意味着美国原油高产量难以为继，未来剩余供给和定价权有望掌握在中东手中。此前市场过分乐观估计了中东战事的结束进度，然而现实世界的矛盾越发显著，近期市场开始逐渐定价远期油价的上行，同样需要关注潜在的通胀风险。（界面新闻）

格隆汇6月9日｜欧盟外交与安全政策高级代表卡拉斯8日表示，必须做出一切努力，以便俄罗斯和乌克兰能够进行对话，同时欧洲的核心安全利益也需要得到尊重。但卡拉斯认为现在不是与俄罗斯就乌克兰问题展开谈判的合适时机。记者获悉，目前欧盟内部对于如何推动谈判以及何时启动实质性接触仍存在不同看法，一些国家认为目前尚不具备与俄方开展严肃谈判的条件。英法德三国领导人7日在伦敦与乌克兰总统泽连斯基会晤并发表联合声明，表示支持乌克兰和俄罗斯直接对话。

标普500、纳指反弹，英特尔涨超10%，美光涨近10%；以伊停止互袭，原油回吐盘中多数涨幅。 中国国家主席对朝鲜进行国事访问，同金正恩举行会谈。 特朗普称以伊寻求立即停火；报道称特朗普“积极介入斡旋”，伊朗宣布对以打击“告一段落”，以总理称“暂停”袭伊；伊总统：伊朗未离开谈判桌。 中国金融监管总局：稳妥推进地方中小金融机构风险化解，坚决守住不“爆雷”底线。 报道：跨境券商整改期间，部分香港券商开户通道未关，中介仍在招揽内地客户。 报道：月之暗面启动新一轮多达20亿美元融资、剑指300亿美元估值，半年估值翻七倍。 苹果WWDC 2026发布Siri AI但姗姗来迟，中国和欧盟市场不会立即上市，Apple Intelligence全面升级、透露引入谷歌Gemini技术，OS集体迈入27版，股价盘中转跌。 报道：SpaceX IPO获大幅超额认购，机构认购将于周三截止。 英伟达与海力士官宣多年合作计划，锁定先进存储供应，黄仁勋称“协议期限将超两年且有能力持续续约”。英伟达与LG集团宣布共建AI工厂，覆盖机器人、数据中心、自动驾驶。 美光CEO：存储是AI被忽视的瓶颈，供给紧张或延续至2026年后，“我们从不自我怀疑”。 亚马逊与康宁签署数十亿美元光纤协议，康宁收涨5.6%。亚马逊拟发售140亿加元债券，创加元企业债发行历史新高。 报道：谷歌和英伟达将英特尔列为备选芯片代工企业，谷歌拟下单300万AI芯片、英伟达测试其18A工艺，英特尔股价涨超10%。 OpenAI秘密提交IPO申请，据称和Anthropic均瞄准今秋上市。 提醒：周二将公布中国5月进出口数据。

格隆汇6月9日｜据港媒，美国国防部更新「中国军事企业」名单，阿里巴巴、百度及比亚迪等中国大型企业被列入名单；腾讯早于2025年已被列入同一名单。 本次名单亦包括长鑫存储、长江存储、药明康德、速腾聚创及宇树科技等公司。 该名单本身不等同即时制裁，亦不代表相关公司即时被禁止在美营运；列入名单的公司可申请移除。不过，美国国防部将受限制，不得与名单内企业签订合约或采购。美国国防部亦表示，美国政府保留在1260H以外其他权限下，对名单内企业采取额外行动的权利。

matejmo/iStock via Getty Images Market Review Health care stocks, as represented by the MSCI U.S. IMI Health Care 25/50 Index, returned -4.94% in the first quarter of 2026, modestly underperforming the broad market S&P 500® index, which returned -4.33%. The MSCI health care index was hurt this quarter by regulatory pressure, higher medical costs and idiosyncratic industry headwinds. Meanwhile, the broad market decline was driven by concern about the viability of artificial intelligence–related investments and the Iran war, which sent a shockwave through oil markets, with the potential to dampen growth and stoke inflation. Within the MSCI sector index, managed health care (-18%) stocks were notable laggards this quarter. In January, the Centers for Medicare & Medicaid Services proposed a 0.09% net rate increase for 2026 – far below than the 4%-6% increase analysts expected. In addition, investors were concerned about the recent expiration of the enhanced premium tax credits for health insurance purchased on the Affordable Care Act marketplace. After much policy debate, the tax cuts expired at the end of 2025, substantially increasing premium costs for enrollees and potentially worsening the commercial mix for insurers, which will likely face a substantial decline in members. As a result, large health insurers like UnitedHealth Group ( UNH ) (-17%) struggled. Life science tools & services (-16%) and health care equipment (-14%) also significantly declined. This was reflected in the poor performance of industry stalwarts such as Danaher ( DHR ) (-17%) and Boston Scientific ( BSX ) (-34%). Conversely, biotechnology and pharmaceuticals (+2% each) stocks gained during the past three months. Biotech benefited from strong clinical data for multiple drug candidates and a surge in M&A activity, whereas pharma stocks were boosted because many large firms struck Most Favored Nation deals with the government, which appeared less onerous than expected. Here, large index component...

After a powerful run, the biggest vulnerability for one of the world's most valuable companies may be the very thing that made it so successful: its extraordinary profitability.

Kyiv has made it difficult for Moscow to provide military and civilian supplies to the territories it occupies.

The market is bracing for the largest-ever run of public listings. SpaceX plans an initial public offering (IPO) in mid-June at a valuation near $1.7 trillion. OpenAI and Anthropic are sure to be queued up right behind it, with each circling the $1 trillion mark. The traditional perspective is that these huge and highly in-demand offerings would suck liquidity out of the financial system, harming disfavored sectors, like crypto. But this time, there's a wrinkle that could make these IPOs into a powerful cocktail of growth for at least a few cryptocurrencies. Here's why that might be the case, and what you can do to get some upside if it plays out. Continue reading

SpaceX is preparing for a stock market debut that could transform the company, the wider market and Elon Musk's fortune.

Smart Money Is Buying Broadcom Inc. (AVGO) The Acquirer's Multiple

哥伦比亚商学院研究人员的最新研究显示，在近年来华尔街最热门领域 —— 规模1.8万亿美元的私募信贷市场中，支撑其中越来越大一部分资产的评级系统性地低估了投资风险。 这一发现来自本月在线发表、尚未经过同行评审的一篇论文，加剧了外界对美国寿险行业潜藏风险的担忧。保险公司正加码押注私募信贷，为打造这些产品的金融家带来了丰厚收益，同时促使主要监管机构和分析师警告称，保单持有人可能面临潜在风险。 该研究聚焦所谓的私函评级（private-letter ratings）；这类评级不像传统公开评级那样广泛传播。Xuelin Li、Sangmin S． Oh和Giacomo Ricciardi在论文中称，带有非公开评级的资产发生信用损失的可能性约为公开评级中同等评级债务的两倍。这些出人意料的的损失率 —— 尽管低于1% —— 是在相对平稳的年份。 换句话说，研究人员发现，在底层资产减值风险相同的情况下，非公开评级要比公开评级高出两到三个级别。这意味着，拥有非公开BBB评级的债券 —— BBB是最低投资级别之一 —— 遭受损失的可能性与公开评级为BB+或BB的债券大致相当，而后者属于投资级以下。 “多年来，我们一直把这套信用评级系统视为理所当然，”哥伦比亚大学助理教授Oh在接受采访时表示，“很多监管措施和投资者的决策都依赖于信用评级系统在衡量和评估风险方面的准确性。” 寿险公司使用的多数非公开评级都来自三家评级机构：Egan-Jones Ratings Co．、Kroll Bond Rating Agency（KBRA）和Morningstar DBRS。该研究中使用的数据并未指明哪些公司对遭受损失的信贷进行了评级。 KBRA和Morningstar表示，无论公司是上市公司还是非上市公司，他们都采用相同的评级标准和方法，而且这两种类型都拥有良好记录。Morningstar还表示，哥伦比亚大学的报告包含“严重的错误和假设”，并称其结论“存在严重缺陷”。 Morningstar投资者策略主管Richard Sibthorpe在采访中补充称，该论文将所有评级公司混为一谈，没有考虑它们之间的差异。 Egan-Jones拒绝置评。 研究人员称，截至去年底，寿险公司持有的非公开评级资产总额约为4，810亿美元，占其评级信贷组合的约12%，高于2018年的不足2%。 华尔街投资公司旗下的保险公司往...

The embattled chief prosecutor of the International Criminal Court (ICC) was suspended from his duties late on Monday, after the court’s oversight body referred Karim Khan for disciplinary proceedings. In a scandal that has dragged on for more than two years, Khan is facing allegations of sexual misconduct with a female aide. He has steadfastly denied any wrongdoing. A final decision on the fate of the British barrister is now up to the Assembly of States Parties, the body that oversees the ICC,...

包括人工智能版Siri 苹果发布了其下一代人工智能平台，其中包括对Siri的升级。 苹果软件主管克雷格·费德里吉在公司全球开发者大会（WWDC）主题演讲中表示，新的Apple Intelligence由谷歌技术提供底层支持，将能够更好地理解用户请求的上下文信息。 这对苹果而言是一个关键时刻。 两年前苹果首次发布Apple Intelligence平台时，许多功能上线缓慢，或在表现上落后于竞品。Siri的全面升级是苹果AI复苏计划的核心。 自2011年首次推出以来，Siri在AI能力方面一直未能跟上竞争对手的发展步伐。 费德里吉在发布会上表示，新软件更新将聚焦三个领域：人工智能、性能提升和安全性。在Mac产品线方面，下一代macOS将命名为Golden Gate。 苹果还对去年发布的Liquid Glass设计进行了调整，其中一项变化是新增滑块功能，允许用户调节视觉效果强度。

Explore the exciting world of Byrna Technologies (NASDAQ: BYRN) with our contributing expert analysts in this Motley Fool Scoreboard episode. Check out the video below to gain valuable insights into market trends and potential investment opportunities!*Stock prices used were the

北京时间6月9日凌晨，美国三大股指收盘涨跌不一，道指跌0.16%报50786.01点，标普500指数涨0.3%报7405.73点，纳指涨0.86%报25929.66点。 大型科技股多数下跌， 苹果跌近2%，脸书、谷歌、微软跌超1%，亚马逊跌0.33%，特斯拉涨超4%，英伟达涨逾1%。 芯片股普遍上涨， 费城半导体指数涨5.61%，英特尔涨超11%。 存储概念股集体反弹， 美光科技涨9.87%，市值重回1万亿美元上方。闪迪涨5.3%，Rambus涨4.62%，希捷科技涨3.46%，西部数据涨2.97%。 光通信概念整体走高， 迈威尔科技涨9.63%，康宁涨5.61%。 中概股多数下跌， 纳斯达克中国金龙指数跌0.62%，万得中概科技龙头指数跌0.96%。热门中概股方面，大全新能源跌逾4%，BOSS直聘跌近3%，拼多多、金山云、百度跌超2%，华住集团跌近2%。 大宗商品方面 ，金银开盘小幅走低，截至6：38，现货黄金报4325.51美元/盎司，现货白银报68.11美元/盎司。 WTI原油期跌0.01%，报91.29美元/桶；布伦特原油期货涨超1%，报94.07美元/桶。 以色列与伊朗暂缓交火，国际油价冲高回落， WTI原油隔夜一度涨超1.45%，布伦特原油期货一度涨超1.5%， 截至6：38，涨幅均有所回落。 加密货币集体反弹， 比特币重回63000美元上方，热门币种同步跟涨。 美伊以冲突有所缓和。 据新华社报道，伊朗与以色列8日先后宣布停止对对方的袭击。 伊朗武装部队哈塔姆安比亚中央总部当天发表声明说，如果以色列继续在黎南部等地区实施军事行动或导致局势进一步升级，伊朗将采取“更加严厉和更具打击力度”的后续措施。据央视新闻报道，以色列总理内塔尼亚胡8日发表声明说，如果伊朗恢复袭击以色列，以色列将予以强力回应。 （声明：文章内容仅供参考，不构成投资建议。投资者据此操作，风险自担。） 责任编辑：王珂

Gold was steady, after Israel and Iran agreed to end attacks that had jeopardized talks to end the war in the Middle East. Bullion was near $4,325 an ounce in early trading, having closed the previous session little changed. The pledges from the two sides to stop missile strikes followed an appeal by US President Donald Trump for de-escalation as he seeks a wider resolution to the conflict that’s roiled global markets. Now in its fourth month, the war has disrupted energy flows via the Strait of Hormuz, driven oil prices higher and raised concerns about global inflation, making central banks more likely to keep interest rates steady or raise them — a headwind for precious metals. Read More: Iran, Israel Pledge to End Attacks That Threatened Talks Bullion fell sharply in the early days of the conflict and remains about 18% below its immediate pre-war level, having erased its year-to-date gains on Friday after a strong US jobs report fueled bets that the Federal Reserve will hike rates this year. “Longer term, we maintain a bullish gold view, but we believe it is extremely high-risk in the near term for anyone without very wide stops and longer-term investment horizons,” analysts from Citigroup Inc. including Kenny Hu said in a note, maintaining their six- to 12-month price target for bullion at $5,000 an ounce. Spot gold edged down 0.1% to $4,326.23 an ounce at 7:06 a.m. in Singapore. Silver slid 0.1% to $68.12 an ounce. Platinum and palladium were little changed. The Bloomberg Dollar Spot Index , a gauge of the US currency, was flat.

华见早安之声 请各位听众升级为见闻最新版APP，以便成功收听以下音频。 市场概述 芯片股领衔标普纳指反弹 ，道指两日跌离纪录高位；芯片指数收涨5.6%， 英特尔涨逾10% ， 美光涨近10% ，AMD和闪迪涨超5%，英伟达涨近2%；英伟达对手Cerebras涨近20%；康宁收涨5.6%；发布Siri AI但指出将在部分市场推迟上线后， 苹果盘中先涨超3%后转跌 ，收跌近2%。 美债收益率盘中走V ，两年期美债收益率又创逾一年新高，后曾转降。 美元指数连创两月新高后转跌 、一度跌破100关口；日元连创日本4月末干预以来新低后转涨，离岸人民币一度上测6.78、走出逾两周低位；比特币盘中涨破6.4万美元、较日低涨近4%。 以伊停止互袭 ， 原油 冲高回落， 盘中涨超5%后回吐多数涨幅 ， 美油一度转跌 ，有惊无险收盘扭转两连跌；金银两连跌，盘中期金跌近2%、期银跌超4%，后抹平多数跌幅，金银期货两日收创年内次低；伦铜和纽铜走出两周低谷，纽铜反弹超1%。 亚洲时段，创业板重挫超3%，芯片半导体集体下跌，机器人逆势拉升，恒科指跌超2%，沪银狂泻10%。 要闻 中国 中国国家主席 对朝鲜进行国事访问 ， 同金正恩举行会谈 。 金融监管总局 ：稳 妥推进地方中小金融机构风险化解 ， 坚决守住不“爆雷”底线 。 报道： 跨境券商整改期间 ，部分 香港 券商开户通道未关， 中介 仍在招揽内地客户 。 报道： 月之暗面 启动新 一轮多达20亿美元 融资 、 剑指300亿美元估值 ，半年估值翻七倍。 海外 特朗普称以伊寻求立即停火；报道称 特朗普 “积极介入斡旋” ， 伊朗 宣布对以打击“告一段落” ， 以总理 称“暂停”袭伊 ； 伊总统 ： 伊朗未离开谈判桌 。 苹果WWDC 2026 发布Siri AI但姗姗来迟 ，中国和欧盟市场不会立即上市，Apple Intelligence全面升级、透露引入谷歌Gemini技术，OS集体迈入27版，股价盘中转跌。 报道： SpaceX IPO 获大幅超额认购 ，机构认购将于周三截止。 英伟达与海力士 官宣多年合作计划 ，锁定先进存储供应，黄仁勋称“ 协议期限将超两年且有能力持续续约 ”。 英伟达与LG 集团宣布 共建AI工厂 ，覆盖机器人、数据中心、自动驾驶。 美光CEO ： 存储 是AI被忽视的瓶颈， 供给紧张或延续至2026年后 ，“我们从...

Meta to train workers to build data centers, other AI infrastructure in Indiana Fox 59

神译局是36氪旗下编译团队，关注科技、商业、职场、生活等领域，重点介绍国外的新技术、新观点、新风向。 编者按：万亿资本的AI垄断梦正被中国开源粉碎。为救活算力账单，美国正用政治手段强造稀缺，此举恐会让其AI重蹈汽车业覆辙。文章来自编译。 核心摘要与要点 美国前沿实验室的交易估值，完全建立在“学徒期”结束后能获取垄断级超额利润的假设之上。一旦沦为商品化结局，其现有的金融架构将难以为继。 运行在 LangChain、vLLM、llama.cpp 和 Ollama 技术栈之上的权重开放模型（如 DeepSeek、千问、Kimi、智谱 GLM），正在以远超闭源实验室加固护城河的速度，将 AI 能力推向商品化。 当技术无法人为制造稀缺性时，美国资本就会转而通过行政监管围剿、垂直整合以及捆绑分发来强行制造稀缺。这就是美国资本主义在这种境遇下的惯用伎俩，而他们现在正在故伎重演。 关于美国未来的三个预测：一是以安全为幌子对中国开源/开放权重模型进行监管围剿；二是前沿实验室将转型为运营商，吞并自身客户；三是一个分裂的市场——美国本土用户不得不为闭源实验室的高昂定价买单，而世界其他地区则会绕开美国的掌控。 防守即是进攻。立足于公共领地构建生态，趁现在监管大网尚未收紧尽快运行开放权重模型，并在被迫迁移之前，未雨绸缪地设计好具备跨司法管辖区弹性的架构。 美国人工智能的繁荣建立在一场特殊的豪赌之上。这场豪赌笃定前沿模型将成为下一个垄断行业巨头——赢家通吃、靠垄断暴利支撑巨额资本开支，进入那种能撑起万亿美元估值并吸引海量资金入场构建的结构性保护市场。然而，在这轮周期走过两年半之际，这一假设正在破灭。这不是温水煮青蛙，也不是边缘性的修修补补，而是真真切切地发生在公开基准测试、开源仓库、Hugging Face 下载量以及推理价格表里的剧烈动荡。 这种破灭的现状显而易见。权重开放模型——大部分由中国实验室发布，并通过大多由西方主导的开源基础设施技术栈进行服务——正在让那些本该由护城河保护的能力沦为普通商品。在2024年，美国闭源实验室尚能对这些能力收取昂贵的企业级费用；而到了2026年的今天，用户只需花上百分之几的成本，就能直接下载并部署在租赁的硬件上。开源前沿与闭源前沿之间的差距仅剩六到十二个月，而且这种差距正在缩小，而非扩大。 这两大事实之间的正面碰撞——即美国资本为了护城河买单，而技术本身却...

Apple unveiled its next generation Siri AI and Apple Intelligence platform at WWDC 2026. The new system focuses on on-device and Private Cloud Compute models with a privacy-first design. Apple also introduced enhanced parental controls aimed at user wellbeing and family usage. For investors watching NasdaqGS:AAPL, this AI update comes with the stock at a share price of $301.54 and a value score of 1. Over the past year, the share price is up 50.3%, and over 5 years it is up 137.1%, which...

ozgurdonmaz/iStock Unreleased via Getty Images The last time I covered Apple Inc. ( AAPL ) was in Q2 (check it here ), and it was an analysis somewhat focused on the transition from CEO Tim Cook to John Ternus. Here is an excerpt from the previous analysis that summarizes my opinion at the time: “From here on, I don’t think Apple will become less efficient in supply chain or anything like that, but I think the product side can be more “innovative,” let’s put it that way. And this is already happening again. The MacBook Neo (which also had participation from Ternus) is already a success. There are also already some rumors that the MacBook Ultra should come out between the end of 2026 and the start of 2027. Besides that, we also have the iPhone Air, prospects for the foldable iPhone, not to mention that the “core” cycle with iPhone 17 is very strong.” Now, WWDC 26 brought some very interesting developments. Very important enhancements (in my view, crucial) to Apple Intelligence and Siri, making it even clearer what this John Ternus’ Apple will be like. Although I still have some resistance to Apple’s valuation, I am even more optimistic about the company’s future at the moment. Some Underrated Announcements From WWDC The more “boring” side of WWDC was some updates announced regarding design and performance. Some changes to the liquid glass design, as well as some promises of performance improvements in several aspects across various operating systems. For instance, it was mentioned that in the new OS, some apps will launch up to ~30% faster, in addition to performance improvements in AirDrop, Camera Roll (which may improve by up to 70% ), and so on. As I mentioned, these announcements are more boring than innovation. Okay, maybe my WhatsApp or my Instagram will open slightly faster, but at least on my device, it already opens fast enough that it doesn’t bother me. I would never say that what the iPhone really needs is a faster camera roll. But although this is not exc...