President Donald Trump wants lower interest rates, but the Federal Reserve may not see the need for further cuts. Federal Reserve Chair Jerome Powell concluded the Fed's January meeting, as he always does, with a press conference to go over the Fed's recent actions and answer reporters' questions about the economy. The market keeps a close eye on these press conferences, looking for clues about future interest rate and balance-sheet moves by the Fed. At the Fed's recent meeting and during the press conference, Powell provided a positive update about the economy, but that was likely bad news for President Donald Trump, who has been at odds with the Fed since the beginning of his second term. A positive update on the economy and the labor market During the post-meeting press conference, Powell essentially issued positive updates on the strength of the economy, inflation, and the labor market. On inflation, Powell said the Federal Reserve's Board of Governors has observed disinflation in the services sector. However, inflation in the goods sector is still elevated due to tariffs. Long-term inflation expectations are still within the Fed's preferred 2% target. Powell also said that data show solid economic activity continuing to surprise positively. Consumers remain resilient, and businesses are also continuing to boost investments, although Powell noted that housing remains a weak spot. Powell also believes the government shutdown likely weighed on economic activity, but he expects a reversal this quarter. Finally, Powell noted that labor market data suggest that things may be stabilizing after experiencing some softening in the months prior. While job growth is slowing, much of this can be attributed to slower growth in the number of available workers, driven by lower immigration and lower labor force participation, although labor demand is still weak. Job openings, layoffs, hiring, and nominal wage growth have not changed much in recent months. Bad news for Trump So ...

Earnings Call Insights: Reddit, Inc. (RDDT) Q4 2025 Management View CEO Steven Huffman stated that "2025 was a breakout year for Reddit. We surpassed bold targets, built real momentum across our business, improved our unique community model at scale. We crossed $2.2 billion in revenue, up 69% year-over-year and delivered $530 million in net income." Huffman emphasized the platform's differentiation in a changing Internet landscape, noting, “Reddit is the most human place on the Internet. In a world flooded with AI swap, people are seeking real community, lived experience and trusted opinions.” Huffman announced the rollout of verified profiles for brands and individuals in Q4, with plans for bot verification and labeling next. He highlighted progress in consumer product work, particularly in new user onboarding and search integration, and noted that "over 80 million people searching directly on Reddit every week in Q4, up from 60 million just a year ago." Huffman introduced Maria Angelidou-Smith as the new Chief Product Officer and revealed a $1 billion share repurchase program, describing it as "a testament to our growth and our commitment to delivering for our shareholders as we continue to invest in the business." COO Jennifer Wong noted that "Total revenue in Q4 grew 70% year-over-year to $726 million. And for the full year, revenue grew 69% year-over-year to $2.2 billion." She said, "In Q4, the advertising business grew 75% year-over-year to $690 million," with strong contributions from performance ads, channel diversification, vertical expansion, and geography. SMB revenue doubled, and 11 of the top 15 verticals grew revenue by 50% or more. CFO Andrew Vollero stated, "Q4 was a solid finish to a standout year for Reddit. Both the strength and the consistency of our results continue to shine." Vollero highlighted net income of $252 million for Q4, diluted EPS of $1.24, and free cash flow of $264 million. He also noted, "Q4 was Reddit's sixth consecutive quarter ...

Earnings Call Insights: Byrna Technologies Inc. (BYRN) Q4 2025 Management View Bryan Ganz, CEO, highlighted that "Fiscal 2025 was truly a landmark year for Byrna. We scaled Byrna from a largely direct-to-consumer business model... into a more diversified multi-platform model focused on reaching a broader audience through our nationwide dealer base and expanded advertising opportunities." He emphasized the company's achievement of $35.2 million in Q4 revenue, a 26% year-over-year increase, and record full-year sales of $118.1 million. Ganz detailed the success of brick-and-mortar retail, noting an expansion from 200 to 900 chain store locations by year-end and a partnership with Sportsman's Warehouse, which is rolling out Byrna programs to nearly all its locations in 2026. The CEO also announced the introduction of the Byrna CL XL, the next-generation modular launcher, and the upcoming Byrna cam accessory. He discussed the company's decision to implement a 4% to 5% price increase effective February 2026 and the expanded $20 million credit facility for growth and acquisitions. Ganz addressed his succession planning, affirming: "I plan to remain involved for as long as the company needs me... I remain 100% committed to the future success of the company." Laurilee Kearnes, CFO, stated: "Net revenue for Q4 2025 was $35.2 million, a 26% increase from the $28 million reported in the fiscal fourth quarter of 2024," attributing the growth to dealer and chain store performance and new product launches. She noted, "Gross profit for Q4 2025 was $21.1 million or 60% of net revenue," and discussed margin impacts from channel mix and start-up costs. Kearnes added, "Operating expenses for Q4 2025 were $17.1 million... The increase reflected higher advertising expenses and marketing costs to support the rollout of more than 500 additional chain store locations in Q4." Outlook Management reiterated expectations for continued revenue growth in 2026, with Ganz stating, "We expect the g...

Earnings Call Insights: Bloom Energy Corporation (BE) Q4 2025 Management View K. Sridhar, CEO, highlighted record revenue, gross margin, and operating margin for 2025, with the product backlog increasing 140% year-over-year to about $6 billion. Service business profitability continued for the eighth consecutive quarter, and the service backlog stands at approximately $14 billion. Sridhar stated, "Bloom is rapidly becoming the standard for on-site power as evidenced by our excellent fourth quarter, capping our best year yet." Sridhar noted a significant geographic shift in the U.S. backlog, now with over 80% coming from states outside California and the Northeast, indicating cost competitiveness in traditionally lower-cost markets. The company is seeing robust demand from data center and commercial & industrial customers, with C&I backlog growing over 135% year-over-year. Sridhar announced that Bloom now natively produces 800 volts DC, positioning the company ahead of the expected industry shift in data center power architecture. "Starting now, every Bloom server we ship will be 800 volts DC ready with a removable adapter that allows customers to deploy in legacy AC environments and migrate to DC on their own time line." The CEO emphasized "quick time to power" as a competitive advantage, citing the delivery of a hyperscale AI factory order in 55 days against a 90-day commitment. Maciej Kurzymski, Chief Accounting Officer & Interim CFO, stated, "We achieved record financial results in several key metrics. I would like to highlight the $271.6 million in adjusted EBITDA, proving just how much operating leverage there is in the business as we start to scale." Outlook Kurzymski provided 2026 guidance: "We expect 2026 revenue to be $3.1 billion to $3.3 billion. Non-GAAP gross margin of approximately 32% and non-GAAP operating income of approximately $425 million to $475 million. We expect capital spending to be $150 million to $200 million and cash flow from operations to...

Image source: The Motley Fool. Thursday, Feb. 5, 2026 at 5 p.m. ET CALL PARTICIPANTS Chief Executive Officer — Gregory Hart Chief Financial Officer — Michael Foley Vice President, Investor Relations — Cam Carey TAKEAWAYS Total Revenue -- $197 million for the quarter, representing 10% year-over-year growth, driven by both Consumer and Enterprise segments. -- $197 million for the quarter, representing 10% year-over-year growth, driven by both Consumer and Enterprise segments. Consumer Revenue -- $132 million, up 12% year over year, with strength primarily in subscriptions and courses, slightly offset by a decline in degrees. -- $132 million, up 12% year over year, with strength primarily in subscriptions and courses, slightly offset by a decline in degrees. Enterprise Revenue -- $65.4 million, reflecting 5% year-over-year growth, with paid enterprise customers rising to 1,730, an increase of 7%. -- $65.4 million, reflecting 5% year-over-year growth, with paid enterprise customers rising to 1,730, an increase of 7%. Gross Profit -- $109 million, up 12% year over year, equating to a 55% margin and a 90-basis point improvement, primarily due to favorable revenue share and content arrangements in the consumer segment. -- $109 million, up 12% year over year, equating to a 55% margin and a 90-basis point improvement, primarily due to favorable revenue share and content arrangements in the consumer segment. Consumer Segment Gross Margin -- 62%, up from 60% a year ago, due to higher engagement with content under improved economic terms. -- 62%, up from 60% a year ago, due to higher engagement with content under improved economic terms. Enterprise Segment Gross Margin -- 70%, up 130 basis points from the prior year, attributed to similar content engagement trends benefiting margin expansion. -- 70%, up 130 basis points from the prior year, attributed to similar content engagement trends benefiting margin expansion. Net Income -- $11 million, representing 5.6% of revenue for th...

JHVEPhoto/iStock Editorial via Getty Images If you define a high quality company as one that is growing nicely and that generates strong and improving profit margins as time goes on, then one of the highest quality companies out there has got to be CME Group ( CME ). This is a fascinating business that strikes at the heart of the market. Specifically, the firm helps to facilitate transactions and futures, options, cash, over-the-counter products, and more. It's also a major provider of data and tools for market participants and consumers of market related data in other industries. Ever since I found out about the company in college well over a decade ago, I appreciated what I saw. But unfortunately, I have not been able to be bullish about the company. In my article about it, published in September of last year, I acknowledged that CME Group is a great business. But the stock was not cheap enough to justify a bullish assessment. Since that time, the stock has risen nicely, jumping 14.1%, while the S&P 500 is up 4.2%. Considering that I had it rated a 'hold', I find this to be a bit disappointing. After all, whenever I rate a company a 'hold', I am making the claim that shares should experience upside or downside that is more or less in line with the market for the foreseeable future. Short term, the company has performed far better than that. Still, this doesn't change the fact that shares are expensive. And I maintain that even after management announced financial results for the final quarter of the 2025 fiscal year on February 4th. In fact, while I am not yet prepared to downgrade it to something bearish, I do think it is priced at levels that investors should be very cautious about. A great quarter From a purely fundamental standpoint, I really don't have any complaints when it comes to CME Group and the final quarter of the company's 2025 fiscal year. Revenue, for instance, came in at $1.65 billion. That was up solidly from the $1.53 billion the business report...

Live cattle are falling on Thursday, with contracts down $3.20 to $4.05. The Thursday Fed Cattle Exchange online auction showed no sales on the 1,602 head offered, with bids of $235-236. Cash movement has been quiet. Feeder cattle futures are down $4.32 to $5.02 in the front months on the day. The CME Feeder Cattle Index was back down 44 cents to $374.57 on February 3. Late on Wednesday, workers at the Greeley, CO JBS plant (~5,000 hd/day) voted to authorize a strike, though they did not give specifics on a timeline of when said strike would begin. Don’t Miss a Day: USDA reported 19,748 MT of beef sold in the week ending on 1/29. That was the largest so far in the calendar year. Shipments were tallied at just 12,992 MT, which was 3.32% above the previous week, but down 34.53% from the same week last year. Wholesale Boxed Beef prices were lower in the Thursday morning report, with the Chc/Sel spread at $6.19. Choice boxes were down 82 cents to $367.20, while Select was $1.08 lower at $361.01. USDA reported federally inspected cattle slaughter at 113,000 head for Wednesday, with the weekly total at 336,000 head. That is 12,000 head above last week but 20,175 head shy of the same week last year. Feb 26 Live Cattle are at $237.075, down $3.450, Apr 26 Live Cattle are at $237.750, down $4.050, Jun 26 Live Cattle are at $234.025, down $3.200, Mar 26 Feeder Cattle are at $365.750, down $4.325 Apr 26 Feeder Cattle are at $362.475, down $5.025 May 26 Feeder Cattle are at $358.725, down $5.025 On the date of publication, Austin Schroeder did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here. The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

北海道迎大風雪 陣風時速近100公里 氣象廳警告要留意對交通影響 To view this video please enable JavaScript, and consider upgrading to a web browser that supports HTML5 video 【有線新聞】一股急速發展的低氣壓，為北海道多處地區帶來大風雪，氣象廳警告要留意惡劣天氣對交通的影響。 北海道留萌市街道和屋頂都鋪滿積雪，有廣告招牌在強風中損毀，從3米高的支柱掉落地面，當地的最高陣風風速接近時速100公里。大雪令市內能見度極低，稚內市沿岸亦刮起大浪。氣象廳預測，日本海沿岸、關東以至九州地區周末將有大雪，可能會影響交通甚至停電，呼籲民眾保持警惕。

电气风电再获576MW海风订单 2026-02-06 08:43:36 来源： 同花顺7x24快讯 分享 文章提及标的 风电 -- 电气风电 -- 继2月2日获福建华电长乐55万千瓦海上风电（885641）项目后，近日，申能海南CZ2海上风电（885641）示范项目二期风力发电机组(含塔筒)设备采购标段I、II中标结果公示，公示内容显示，电气风电（688660）均位列第一中标候选人。两个标段中标总容量为576MW。(电气风电（688660）)

当地时间2月5日，美国总统特朗普宣布推出新网站，帮助美国民众直接以折扣价购买精选药品。特朗普称，从当晚起，数十种常用处方药将通过新网站TrumpRx.gov以大幅折扣向所有消费（883434）者开放。特朗普称，40余种可供选择的药品将包括诺和诺德（NVO）的Ozempic和Wegovy等减肥药（886051），这两款产品将以199美元的价格直接面向消费（883434）者销售。EMD Serono公司也将“大幅降低其最常用试管婴儿药物的价格”。(界面新闻)

Source: Bloomberg, 5:41

"The system is not necessarily focused on the needs of the children it is supposed to be there to help," Craft said. "There's an enormous amount of money in the system but it's not being spent well."

Amazon shares plummeted Thursday evening after the tech giant revealed a $200 billion capital expenditures plan for this year. Additionally, management's current quarter profit forecast miss overshadowed what was otherwise a generally good final quarter of 2025. Revenue increased 14% year over year to $213.39 billion, beating expectations for $211.33 billion, according to estimates compiled by LSEG. Earnings per share based on generally accepted accounting principles (GAAP) increased 5% to $1.95, missing the $1.97 estimate, per LSEG. Operating income increased 18% year over year to $24.97 billion, beating the $24.77 billion consensus forecast. Amazon's operating income included three special charges that negatively impacted operating income by about $2.4 billion. Why we own it Amazon may be widely known for online shopping, but its cloud business is the real breadwinner. Advertising is another fast-growing business with high margins. Investment in robust e-commerce logistics infrastructure makes its online storefront the place to be. Prime leverages free shipping and video streaming with tons of other perks to keep users paying every month. Competitors : Walmart , Target , Microsoft , and Alphabet Most recent buy : April 15, 2025 Initiated : February 2018 Bottom line Let's break down why Amazon shares were falling nearly 11% in after-hours trading, extending a slump that has been market-wide with the Magnificent Seven and other tech stocks selling off this week. Here's the thing: the reported fourth quarter of 2025 was actually solid. The bulls wanted to see Amazon Web Services revenue growth accelerate, and the company delivered. The segment reported revenue growth of roughly 24% and added about $7 billion in revenue year over year. The cloud segment also delivered better-than-expected margins, a great achievement because management has to balance profitability with investments. It's a sign of virtually no wasted capacity. Whatever is added is being used. The compa...

农业农村部发布关于落实《中共中央国务院关于锚定农业农村现代化扎实推进乡村全面振兴的意见》的实施意见，其中提出，完善乡村振兴（885705）多元投入机制。推动优先保障农业农村领域一般公共预算投入，积极争取超长期特别国债，优化实施“两重”项目和“两新”政策。指导地方按规定落实好土地出让收入用于农业农村相关政策，提升农业农村领域政府债券使用效能。完善金融服务支持机制，用好数据赋能、农业保险等增信助贷工具，创新推广农业设施装备、畜禽活体、保单仓单等抵质押贷款产品，鼓励和引导金融机构开发更多中长期信贷产品，创新农业科技金融服务。引导民间投资依法规范有序投入农业农村。

格隆汇2月6日｜比特币升破63000美元，日内涨0.22%。

格隆汇2月6日｜据The Information，由于行业内存涨价潮致供应紧张，以及公司将产能优先倾斜至AI芯片，英伟达将推迟RTX 50系列SUPER显卡的发布计划。受此影响，面向游戏玩家的下一代产品线RTX 60系列也将延后量产，预计要到2027年底才会启动大规模生产，这意味着该系列显卡可能要到2028年甚至更晚才会上市。

Image source: The Motley Fool. Thursday, Feb. 5, 2026 at 4:30 p.m. ET CALL PARTICIPANTS Interim President and Chief Executive Officer — William Austen Chief Financial Officer — Rajesh Agrawal President, Global Components — Richard Marano President, Global Enterprise Computing Solutions — Eric Nowak Vice President, Investor Relations — Michael Nelson Need a quote from a Motley Fool analyst? Email [email protected] TAKEAWAYS Revenue -- $8.7 billion for the fourth quarter, up 20% year over year and exceeding guidance. -- $8.7 billion for the fourth quarter, up 20% year over year and exceeding guidance. Non-GAAP Diluted EPS -- $4.39 for the quarter, a 48% increase year over year, driven by higher sales, value-added mix, and lower interest expense. -- $4.39 for the quarter, a 48% increase year over year, driven by higher sales, value-added mix, and lower interest expense. Global Components Sales -- $5.9 billion for the quarter, up $1.1 billion year over year and $326 million sequentially, with a 6% increase from the prior quarter. -- $5.9 billion for the quarter, up $1.1 billion year over year and $326 million sequentially, with a 6% increase from the prior quarter. Global Components Non-GAAP Operating Income -- $219 million, up approximately $20 million and 10% from the previous quarter. -- $219 million, up approximately $20 million and 10% from the previous quarter. Global ECS Sales -- $2.9 billion, up around $400 million or 16% year over year, above midpoint of guidance. -- $2.9 billion, up around $400 million or 16% year over year, above midpoint of guidance. Global ECS Total Billings -- $7.1 billion for the quarter, up 16% year over year, and backlog grew over 75% year over year to another all-time high. -- $7.1 billion for the quarter, up 16% year over year, and backlog grew over 75% year over year to another all-time high. Non-GAAP Gross Margin -- 11.5% of sales for the quarter, down 20 basis points year over year due to regional and customer mix in global compone...

过去几年，AI 行业看起来一片繁荣。模型参数越卷越大，训练数据越喂越多，投融资动辄百亿美元。 但这场繁荣背后，电力依然是最大的瓶颈。 2026 年 2 月 5 日，马斯克在最新一场访谈中讲了 xAI 的真实遭遇：为了让 Colossus 集群上线，他们不得不跨州修电厂，连关键部件都考虑自己造。芯片产能正呈指数级爆发，但电力供应却被死死卡在了审批、冷却和设备交付的漫长周期里。 他给出的结论是：地面这条路，走不通了。未来 36 个月内，部署 AI 最便宜的地方会在太空。 为什么是太空？马斯克算过一笔账。 如果这件事发生，整个 AI 产业的游戏规则会被重写： 数据中心不再依赖电网， 算力扩张不再受地面许可限制， 规模化天花板从地球移到了太空。 问题只剩一个：你信吗？ 第一节｜不是没芯片,是没电开机 过去行业谈算力瓶颈，盯的都是芯片产能。但马斯克指出，真正卡住 AI规模化的，不是 GPU，是电。 xAI的Colossus 2 集群部署了 33 万个 GB300 芯片。马斯克算过账：要让它们全开，加上网络设备、CPU、存储、冷却系统、备用功率，总共需要 1 吉瓦发电能力。 什么概念? 美国全国平均用电 500 吉瓦，单个集群就要占 0.2%。 但即使理论上电够，这 1 吉瓦在现实中也接不上。 为什么接不上？马斯克梳理了让芯片跑起来之前的整个流程： 发电许可： xAI原计划在田纳西州建电厂，卡在州级审批，最后改到密西西比州，跨州拉高压线，硬是迁了几英里。 设备积压： 燃气涡轮机的动叶和静叶，全球只有三家铸造厂能造，订单已排到2030年。马斯克说，为了拿到叶片，SpaceX和特斯拉可能得自己建铸造产线。 冷却与并网： 芯片功耗只是起点，实际运行中还要给服务器、网络、存储和空调供电。为了应对峰值负载，冷却功率要预留40%余量。想接入公共电网?公用事业公司会先做一年研究，拿着报告告诉你能不能并网。 一年时间，对 AI 公司来说等不起。xAI 需要的是几个月内上线集群，电力行业给的却是按年计算的审批周期。几个月对一年，这个时间差让快速扩张根本推不动。 最终 xAI自建了电厂，自己采购发电设备。 这些具体案例发生在美国，但电力瓶颈不只是美国的问题。马斯克在访谈中提到，除中国外，全球电力产出基本持平，芯片产能却在指数增长。无论哪个国家，很快都会面临缺电的问题。 马斯克预测：到今年年底，会有...

巴士安全帶｜相關條文刊憲廢除 陳美寶：展開公眾諮詢廣納民意 To view this video please enable JavaScript, and consider upgrading to a web browser that supports HTML5 video 【有線新聞】運輸及物流局長陳美寶宣布正式刊憲廢除巴士乘客佩戴安全帶的相關條文，並會全面檢視相關要求，展開公眾諮詢廣納民意，同步研究安全帶設計及效能。 陳美寶：「我們在過去這幾天其實已經全面去檢視運輸及物流局的工作流程，相關組別人員在推行措施過程中未能察覺到法律條文不足，而在解說部分亦不是完全精準，以至令條文出現不同的理解，我認為我們現在必須因為這件事件要作出檢視。」

運輸策略藍圖｜運物局提出6大策略共25項建議 六號幹線今年內全線開通 To view this video please enable JavaScript, and consider upgrading to a web browser that supports HTML5 video 【有線新聞】運輸及物流局公布運輸策略藍圖，提出六大策略共25項建議。 運輸及物流局指，本港會繼續以鐵路為骨幹，提升公共交通服務，建設「八縱八橫」的運輸基建佈局，六號幹線今年內全線開通，並開展研究港深西部鐵路洪水橋至前海南向延伸方案，建議在洪水橋、新田、紅磡等規劃新一代智能交通運輸樞紐。15個路口包括鄰近石門站及將軍澳站位置，今年起應用「對角行人過路處」。首批網約車平台預計最快今年第四季開始營運，運輸署署長將主持工作組審視自動車先導計劃的進度，並進一步推動商業載客營運。

Epstein Death Gets Weirder: DOJ Finally Admits To 'Orange-Colored Shape' Moving Up Staircase The death of Jeffrey Epstein has always been extremely suspect, if only for the sheer number of odd coincidences that occurred the night of August 9th, 2019. There are three theories : One, he actually killed himself. Two, the DOJ - headed up by Bill Barr whose pedocentric-author father hired Epstein to teach at Dalton in the 70s - had him murdered while in custody. Three, Epstein was smuggled out of jail and replaced by a mask-wearing homeless dude, with skeptics pointing to different nose and ear shapes on the body vs. photos of Epstein when he was alive. Now - despite former FBI director Dan Bongino insisting "There's video clear as day, he's the only person in there and the only person coming out. You can see it," the DOJ just released new documents revealing that surveillance footage from the night of Epstein's death captured an orange-colored shape moving up a staircase toward the isolated, locked tier where his cell was located at around 10:39 p.m. the night he died, or whatever. The orange flash was initially reported last August , so this is the 'official' accounting for that. That entry in an observation log of the video from the Metropolitan Correctional Center appears to suggest something previously unreported by authorities: "A flash of orange looks to be going up the L Tier stairs — could possibly be an inmate escorted up to that Tier." It also appears, according to an FBI memorandum , that reviews by investigators led to disparate conclusions by the FBI and those examining the same video from the Department of Justice's Office of Inspector General. - CBS News The orange flash is described as "possibly an inmate." DOJ The observation was logged by the inspector general as an officer carrying orange "linen or bedding," noting it in their final report as "an unidentified [corrections officer]," despite the fact that the officers on duty said they didn't replace a...

2月5日，美团于香港联交所发布公告，将以约7.17亿美元的初始对价，完成对叮咚买菜中国业务100%股权的收购。此外，转让方可从目标集团提取不超过2.8亿美元的资金。 这意味着，交易总对价最高可达9.97亿美元。 看到这个消息，第一反应是：美团赚了，京东亏了。 2025年，生鲜前置仓被卷入巨头即时零售大战的旋涡当中，此后市场屡传叮咚买菜卖身的消息。但此前并购主体被传最多的是京东。 从巨头实力对比来看，京东其实最需要叮咚买菜。在自营即时零售业务板块，美团小象超市已经占领线上规模优势，正在通过小象超市、快乐猴加强线下布局；阿里有盒马的店仓一体，线下零售规模处于领先地位。2025年，盒马鲜生线下门店超400家、超盒算NB 400家，整体GMV超过750亿元。所以前置仓只是盒马加快扩张的抓手之一。而京东七鲜，由于此前的战略摇摆和反复，在店、仓规模上均处于落后环节，目前主要围绕京津冀如北京、天津、石家庄加密网络、同时通过广州等地拓展华南市场。 所以从业务互补角度出发，京东错失叮咚买菜，等于失掉了短期补课提成绩的想象空间。 接近交易方人士向《降噪NoNoise》透露，此前跟叮咚买菜接洽的一直是京东，美团的杀入比较突然。 据36氪报道，有接近美团人士表示不解，认为美团去收购叮咚花掉的钱可能还不如继续自建前置仓划算。 但在我们看来，美团这笔钱花得很划算。 其一，蜜雪冰城在一条步行街上连开三家店，未必是需求导向，而是用抢占点位阻击其他奶茶品牌。美团自然也不想叮咚买菜落入京东口袋。 其二，叮咚买菜对美团的核心价值并非前置仓个数，而是品质供应链、久攻不下的华东市场，以及效率经验。 2025年美团二季度财报电话会上表示，美团管理层明确表态，「我们没有指望前置仓零售成为利润丰厚的业务，但如果规模足够大，综合效率足够好，应该能够实现个位数的利润率，3%是可行的。」 我们曾在《王兴暗度陈仓》一文中提过，前置仓不仅为美团增加盈利渠道，也为现金流、品类、交叉销售效率、DAU等多方面帮助美团加固护城河。 但这个领域盈利并不容易，尤其生鲜前置仓，由于损耗高、配送成本固定，盈利门槛更高。所以叮咚买菜、朴朴都在供应链上游下功夫。 叮咚买菜的供应链能力体现在两个方面：一是上游资源，平台85%以上生鲜为源头直采，并拥有12家自营工厂、2家自营农场；二是品质商品开发，我们此前报道过，叮咚买菜2025年转向「品质人群...

工作靠迭代，投资靠反脆弱 爱迪生雇佣了大量廉价工人，测试了上千种灯丝材料，每次失败只损失一点时间和材料，一旦成功后，立刻工业化量产，迅速将这一结果商业化放大，名利双收。 LTCM由两位诺贝尔经济学奖得主默顿、斯科尔斯创立，初期靠收敛套利的模型，再叠加高倍杠杆，连续多年策略年化40%+，却在全盛时期遭遇1998年俄罗斯债务违约引发连锁反应，4个月亏掉90%本金，被清算。 这两个不同的结果，背后是两套不同的思维：工作思维和投资思维。 工作中使用的是渐进迭代的思维，投资中使用的是概率管理的思维 ，它们之间有方法论上的本质冲突。 套用“农场主假说”，日常工作像火鸡生活的前1000天，环境稳定，经验可积累，投资像火鸡生活的完整的1001天，随时突然遭遇“黑天鹅”。 股民大多是业余投资的白领，投资金额越高，说明职场越成功，这种工作思维与投资思维的冲突也就更明显。 别把职场那套用在股市上 两种思维首先源于两类任务环境的差异。 日常工作的环境通常 具有可重复性、可控制性、局部影响，比如： 产品开发中的A/B测试，如果A方案小范围表现好，则大范围一般也是如此，这是“可重复性”； 其他条件不变，把测试范围中的男性去除，其结果的变化一定与性别有关，这是“可控制性”； 小范围测试的过程投入有限，不会影响未来在大范围的运用，这是“局部影响”。 而投资的环境，几乎每一条都与之相反。 在A行业有效的方法，在B行业可能无效，今天有用的方法，明天就可能失效，你有效的方法，别人可能就无效； 这种 “不可重复性”又导致了“不可控制性”， 你改变了其中一个变量，却无法证明结果的差异只是源于这个改变，因为它们是在不同时间发生的“不可重复性”事件。 你用一种方法赚到钱，意味着越来越多的人都开始用这种方法赚到钱，而投资短期是零和博弈，输家是谁呢？“放大成功经验”可能触发系统共振，导致崩溃，输家可能就是未来的你， 持续有效的方法总会在某一段时间失效，以出清使用者，这就是“非局部影响” 。 相比日常工作，金融市场是 非线性、不可逆的复杂适应系统 ，投资更像是一个 概率游戏 ，现象之间没有严格的因果关系，并且充满博弈性，你的方法这一次是否有效，往往取决于你的对手盘这一次用了什么方法。 这种环境“可重复性”的差异，导致了第二个差异——反馈质量。 聪明反被聪明误 差异二：反馈质量 日常工作的因果性和可重复性，提供了清晰、...

【昨日行情回顾】财联社2月6日电，上个交易日三大指数午后跌幅收窄，此前一度跌超1%，北证50指数跌超2%。全市场超3700只个股下跌。沪深两市成交额2.18万亿，较前日缩量3048亿。1）日前商务部等9单位关于印发《2026“乐购新春”春节特别活动方案》的通知，春节消费旺季大幕拉开。影视板块卷土重来，横店影视走出反包板，幸福蓝海、金逸影视、光线传媒等纷纷走高。零售、旅游等消费板块涨势持续扩大，零售股杭州解百、新华都、三江购物以及旅游股三峡旅游等纷纷涨停。2）随着此前谷歌、亚马逊等北美头部云服务商先后上调CDN服务费率后，国内云服务厂商的涨价何时落地备受市场关注。算力租赁概念结束调整卷土重来，群兴玩具、二六三反包涨停，利通电子、网宿科技、南凌科技、天威视讯等纷纷展开像样反弹。3）上交所最新数据显示，2026年1月，新增投资者开户数达491.58万户，环比2025年12月大增89%、同比飙升213%。大金融板块午后强势崛起，华林证券封涨停，华鑫股份、赢时胜、银之杰等一度大幅冲高。4）美国联邦通信委员会（FCC）美东时间2月4日接受SpaceX公司提出的建造非地球静止轨道卫星系统的申请并进行公示。商业航天概念午后持续回暖，神剑股份、北摩高科封涨停，巨力索具、雷科防务、西部材料等前期人气股逆势走强。不过此前持续表现火爆的太空光伏概念表现降温。钧达股份、宇晶股份等10厘米人气股跌停，捷佳伟创、连城数控、迈为股份等趋势抱团股均跌超10%。

【盘前题材挖掘】①功率半导体巨头英飞凌宣布涨价，国产厂商有望迎来盈利改善空间。②春节消费旺季大幕拉开，机构称消费市场或迎强劲复苏。③腾讯推出“火龙漫剧”平台，AI漫剧有望成为AI应用最佳商业化落点。

365.07亿美元。 随着礼来公布2025年财报，替尔泊肽以这一惊人销售额，正式加冕为新一代全球药王。 不得不再次感慨GLP-1的吸金实力。曾经的热门选手司美格鲁肽（361亿美元）也仅以4亿美元之差，与药王失之交臂。而随着药王竞争的空前白热化，曾经的“王者”修美乐曾蝉联十年，而K药仅在位两年便黯然退场。 这场药王更迭的背后，还隐含着不同赛道迥异的命运。替尔泊肽开启了GLP-1代谢领域的新时代；而在肿瘤领域，K药虽失全球王座，但其在肿瘤药中的王者地位依然稳固，未来3年有望冲击350亿美元峰值。相比之下，自免药王之争则更为跌宕。 赛诺菲的Dupixent在2024年接替修美乐成为新自免药王，2025年约182亿美元继续蝉联。但艾伯维的IL-23抗体Skyrizi正以175.62亿美元、近50%的增速紧追不舍。按此趋势，Skyrizi极可能在2026年实现反超，这意味着Dupixent将成为史上第一个“短命”的自免药王。 这场持续的药王之争，不仅不断推高着爆款药物销售额的天花板——从曾经的200亿美元、300亿美元，一路奔向400亿美元的新高度。但与此同时，王座的更迭频率也在加快。一款爆款药物从崛起到登顶，再到被挑战的时间窗口正被急剧压缩。 当药物放量的曲线越来越陡峭，后来者的追赶速度越来越快，医药行业的“王座游戏”已进入全新阶段，医药创新也随之来到了一个“加速时代”。 / 01 /GLP-1时代正式加冕 药王的每一次更迭，都标志着一个治疗时代的开启。2025年，这个时代属于GLP-1，更具体地说，属于礼来的替尔泊肽。 根据礼来财报，替尔泊肽在2025年狂揽365.07亿美元，其中降糖版Mounjaro贡献229.65亿美元，减肥版Zepbound贡献135.42亿美元。其第四季度表现尤为炸裂，Mounjaro单季营收74亿美元，同比增长110%，远超此前66亿美元的预期；Zepbound同样超出预期，营收达43亿美元，同比增长123%。 基于替尔泊肽的强劲增长，礼来为2026年给出了800亿至830亿美元的全年营收指引，尽管增速相比2025年的41%有所放缓，但依然是一条颇为陡峭的增长曲线。这也预示着，替尔泊肽已提前预定了2026年全球药王的宝座。 替尔泊肽的登顶，标志着以减重和代谢疾病为代表的医疗需求，完成了从潜力市场到商业顶流的蜕变。它不仅仅是一款药物，更是一个现象...

财联社2月6日电，现货金银回升，现货黄金跌幅收窄至1%以内，此前跌超2.5%；现货白银跌幅收窄至2%，此前跌近10%。

Investors may be underestimating the value of this company's AI business. Micron Technology (MU +0.78%) has been one of the hottest stocks over the last six months. The memory chipmaker is benefiting from significant pricing power as demand for its chips increased substantially faster than the market's supply. Its chips are a key component in packaging GPUs, which are essential infrastructure for large language model training and inference. With the share price more than quadrupling at some points over the last six months (it's currently up 261%), Micron now has a market cap approaching $500 billion. Only about 20 publicly traded stocks are worth more. But I expect one artificial intelligence (AI) stock to surpass Micron's value by the end of next year. Here's why I think it's a better investment opportunity right now. Can Micron's strength last forever? Micron is one of the leading manufacturers of DRAM chips, which form the foundation of high-bandwidth memory (HBM) chips. HBM has seen an increase in demand over the past year because it has enabled faster and more efficient AI training as developers increase the size and complexity of their models. But Micron can't just flip a switch and supply more chips. Building manufacturing capacity takes months, if not years. During its first-quarter earnings update, management said it had already contracted out its entire 2026 supply. With tight supply and voracious demand, Micron has been able to raise the price for its chips. The company's gross margin climbed to 57% in its fiscal first quarter, up from 46% in the fourth quarter and 40% in the first quarter of 2025. Those numbers should continue to improve. However, it isn't the only memory chipmaker, and its product isn't highly differentiated. A GPU maker could opt for a competitor's chips without much change to its design. As such, Micron's ability to maintain its pricing power is heavily dependent on the entire industry's manufacturing build-out. Expand NASDAQ : MU Mic...