The number of job openings in December fell to the lowest level in eight years if the pandemic era is excluded, underscoring the fragility of the U.S. labor market as the new year got under way.

格隆汇2月5日｜WTI原油失守63美元/桶，日内跌3.29%。

格隆汇2月5日｜据证券日报，近日，多家外资机构发布2026年中国市场展望。外资机构普遍认为，基于强劲的制造业和出口，以及企业盈利持续改善和产业升级，中国经济将更具韧性。与此同时，外资投资中国市场的意愿也在持续提升，科技、高端制造、出海产业链是重点布局领域，其中，电力成为AI投资中确定性最高的投资方向。 宏观经济的稳健前景、产业升级的明确方向、较低的估值、发达市场的低相关性，也推动国际资金高度重视中国股票市场的配置价值，2026年，外资持续流入中国股市。 高盛首席中国股票策略分析师刘劲津表示，海外主动型共同基金大约低配中国股票300个基点，每提高1个基点，对应50亿美元左右的资金。 贝莱德基金权益、量化及多资产首席投资官王晓京对《证券日报》记者表示，从长期趋势看，全球科技主线仍在演进，当前仍处于AI硬件与软件发展阶段，尚未全面渗透至各行业。港股拥有大量可与美股对标甚至替代的科技标的，且估值普遍低于美股，具备一定吸引力。预计今年科技仍将是重要主题之一，但也会受国内政策导向影响，若消费等领域出台增量政策，可能催生新的结构性机会。 在具体板块布局上，外资聚焦于AI、商业航天等科技领域，以及消费、医疗等具备结构性利好的领域。

ijeab/iStock via Getty Images Blue Owl Capital ( OWL ) on Thursday delivered better-than-expected Q4 2025 earnings as " we crossed $300 billion of AUM, a big milestone for the firm, and we continue to deliver strong investment performance for our clients," Co-CEOs Doug Ostrover and Marc Lipschultz said in a statement. OWL shares sank 7.1% in late morning trading amid a wider risk-asset selloff. That brings the stock's year-to-date loss to 25%, Q4 distributable EPS of $0.24, topping the $0.22 average analyst estimate, rose from $0.21 in Q4 2024. GAAP revenues of $755.6M, exceeding the $700.6M consensus, gained 20% from a year earlier, with net management fees of $648.7M (+16%), administrative, transaction and other fees of $87.6M (+26%), and performance revenues of $19.3M (+321%). Expenses totaled $588.6M in Q4, also up 20% Y/Y. Fee-related earnings rose to $416.6M, or $0.27 per adjusted share, from $340.3M in last year's Q4, or $0.23 per adjusted share. Assets under management totaled $307.4B at the end of Q4, up from $251.1B a year before. On fundraising, the company recorded $17.3B in new capital commitments during the three-month period, mostly comprising new equity capital. More on Blue Owl Capital Investing Experts Live: Steven Bavaria And Samuel Smith's Top Income Picks For 2026 My Ultimate Contrarian Bet For 2026: Blue Owl Capital Blue Owl: I'm Doubling Down On This Dirt-Cheap, High-Yielding Asset Manager Blue Owl Capital Non-GAAP EPS of $0.24 beats by $0.02, revenue of $755.5M beats by $54.87M Blue Owl Capital Q4 2025 Earnings Preview

格隆汇2月5日｜杰富瑞发表研报指，Alphabet公布去年末季业绩，云业务按年增长第三季的34%，加速至第四季48%，高于该行预测的36%；YouTube广告收入增9%，较预测低4%。公司料今年资本支出将增约一倍，达到1750亿至1850亿美元，以中点计算意味着年增97%，增速高于2025财年74%，认为这显示了集团在人工智能、Gemini及核心业务的强劲动能。该行予Alphabet目标价400美元，评级“买入”。

Investing.com -- Rising artificial intelligence spending across Big Tech is sharpening investor focus on the companies supplying the core infrastructure behind the buildout, with one semiconductor name emerging as a clear beneficiary of surging data-center capex. Google parent Alphabet (NASDAQ:GOOGL) is among a group of technology giants sharply lifting investment to expand AI-focused data centers. Much of that spending is going into servers, compute power and networking — areas closely tied to the production of custom AI chips and the infrastructure that connects them. Mizuho TMT specialist Jordan Klein said the post-capex surge trade increasingly points toward Broadcom (NASDAQ:AVGO), which plays a central role in building Google’s tensor processing units, or TPUs, alongside key networking components used inside modern data centers. “We know that at least 60% of the GOOG $180B capex guide is servers. So that is a ton of compute, and a lot of TPUs made by AVGO,” Klein wrote, adding that Google will both use the chips internally and sell compute capacity externally to more AI customers. Unlike many AI workloads that rely on graphics processors from Nvidia, Google has increasingly leaned on its in-house TPU architecture, with Broadcom supporting production through its growing custom chip, or ASIC, business. That push extends beyond compute into networking and connectivity, which Klein said sits within the remaining portion of Google’s infrastructure spending. “AVGO IS THE BIGGEST WINNER in my view and low $300s to me is a close to a ‘gift’ you will ever see, assuming you have duration and patience,” Klein wrote in his pre-open note. Broadcom’s custom silicon push has also expanded beyond Google. The company recently began selling Google’s TPU Ironwood rack systems to Anthropic, underscoring rising commercial demand for non-GPU AI hardware. Shares of Broadcom have fallen nearly 30% from their peak, a pullback Klein views as creating a rare long-term entry point as AI i...

Google plans to spend up to $185 billion this year, and analysts say its data-center suppliers stand to benefit.

台积电 （TSMC）周四早盘小幅下跌。该公司计划在日本熊本县量产3纳米芯片，当地媒体估计投资规模达170亿美元，以扩产应对激增的AI需求。 责任编辑：张俊 SF065

相关阅读： 力拓和嘉能可或因价格问题放弃合并谈判 根据一份声明， 力拓 集团已不再考虑与 嘉能可 进行可能的合并或其他业务合并。 力拓认为，无法达成一项能够为股东带来价值的协议。 责任编辑：李桐

GN Store Nord A/S ( GGNDF ): FY Revenue of DKK828B. Profit of DKK653B More on GN Store Nord A/S GN Store Nord A/S 2025 Q3 - Results - Earnings Call Presentation GN Store Nord A/S (GNNDY) Q3 2025 Earnings Call Transcript Seeking Alpha’s Quant Rating on GN Store Nord A/S Historical earnings data for GN Store Nord A/S Financial information for GN Store Nord A/S

Gary Yeowell CoStar Group ( CSGP ) responded to D.E. Shaw's letter pushing for board changes and the sale of Homes.com"On top of Board change already obtained last year, D.E. Shaw is seeking majority change of CoStar Group’s Board of Directors based on arguments that demonstrate a fundamental misunderstanding of our business and push a false narrative that we have not substantially engaged with D.E. Shaw or considered their feedback," CoStar said in a statement on Wednesday. CoStar ( CSGP ) also argues that abandoning Homes.com would lead to "value destruction.""Abandoning Homes.com, as D.E. Shaw and Third Point suggest, would cause irreparable harm to our entire business and lead to certain and significant value destruction," CoStar said in a statement. "D.E. Shaw and Third Point’s attempt to prescribe a break-up, sale or amputation remedy misdiagnoses an imagined patient and smacks of activism malpractice. Shares of CoStar edged lower by 0.9% on Thursday. Goldman Sachs is serving as financial advisor to CoStar (CGSP) and Latham & Watkins LLP is serving as legal counsel. More on CoStar Group Costar Group: Third Point Is Being Impatient (Rating Upgrade) CoStar Group: Activist Pressure Makes The Upside Hard To Ignore CoStar Group, Inc. (CSGP) Presents at Stephens Annual Investment Conference 2025 Transcript D.E. Shaw to push for board shake-up at CoStar - WSJ CoStar Group gains as activist Third Point confirms proxy fight (update)

Shares of Advanced Micro DevicesAMD slumped 17% on the bourses yesterday despite surpassing analysts’ top- and bottom-line expectations. This pullback was most likely triggered by the chipmaker’s first-quarter sales forecast, which fell short of some analysts’ expectations. For investors, this share price slump may offer an opportune moment to invest in AMD shares, considering the company’s solid long-term growth potential, particularly in connection with the artificial intelligence (AI)-led technology boom. Against the backdrop of hyperscalers expanding infrastructure to meet rising demand for cloud services and AI, alongside enterprises modernizing their data centers, AMD is engaged in active discussions with customers on at-scale, multiyear deployments starting later this year with its Helios and MI450 platforms. This follows AMD’s multi-generation partnership with OpenAI to deploy 6 gigawatts of Instinct GPUs. However, direct investment in AMD stock carries company-specific risks, including unforeseen challenges such as sudden shifts in global semiconductor export policies or major supply-chain disruptions related to its fabrication and design processes. These operational hurdles could trigger sudden and sharp declines in AMD’s share price. Therefore, for investors looking to capitalize on this recent dip without being fully exposed to the unique single-stock volatility and company-specific challenges that could severely impact AMD’s share price at any point of time, a more prudent strategy could be to invest in Exchange-Traded Funds (ETFs) with significant exposure to this chipmaker. This approach allows investors to capture the potential upside of AMD and other industry leaders while mitigating company-specific risks arising from sector-specific challenges or geopolitical factors. But before diving straight into these ETFs, let us check AMD’s overall performance in the fourth quarter, in terms of other metrics. A Brief Analysis of AMD’s Q4 Results AMD’s fourth...

Image source: The Motley Fool. Feb. 5, 2026, 9 a.m. ET CALL PARTICIPANTS Chairman, Chief Executive Officer, and President — Pierre Brondeau Executive Vice President and Chief Financial Officer — Andrew Sandifer TAKEAWAYS Strategic Review -- The board authorized a formal process to explore strategic options, including a potential sale of the entire company, and has retained financial and legal advisers to assist with the review. -- The board authorized a formal process to explore strategic options, including a potential sale of the entire company, and has retained financial and legal advisers to assist with the review. Debt Reduction Target -- Management is targeting paying down over $1 billion of debt in 2026 through asset sales and licensing agreements, including continued progress on the India commercial business sale with binding bids expected in the second quarter. -- Management is targeting paying down over $1 billion of debt in 2026 through asset sales and licensing agreements, including continued progress on the India commercial business sale with binding bids expected in the second quarter. Core Portfolio Manufacturing Costs -- Of the approximately $2.2 billion of 2025 sales in the core portfolio (excluding Rynaxypyr), nearly $1 billion came from high-cost facilities, with a plan to reduce manufacturing costs by at least 35% by 2027. -- Of the approximately $2.2 billion of 2025 sales in the core portfolio (excluding Rynaxypyr), nearly $1 billion came from high-cost facilities, with a plan to reduce manufacturing costs by at least 35% by 2027. Rynaxypyr Post-Patent Dynamics -- Generic CTPR (chlorantraniliprole) offerings will be available in all markets beginning in 2026, with management expecting branded Rynaxypyr earnings to be "in line with prior years" as price reductions are offset by higher volumes and lower costs. -- Generic CTPR (chlorantraniliprole) offerings will be available in all markets beginning in 2026, with management expecting branded Rynaxy...

Source: Bloomberg, 39:06

The deep learning revolution has a curious blind spot: the spreadsheet. While Large Language Models (LLMs) have mastered the nuances of human prose and image generators have conquered the digital canvas, the structured, relational data that underpins the global economy — the rows and columns of ERP systems, CRMs, and financial ledgers — has so far been treated as just another file format similar to text or PDFs. That's left enterprises to forecast business outcomes using the typical bespoke, labor-intensive data science process of manual feature engineering and classic machine learning algorithms that predate modern deep learning. But now Fundamental , a San Francisco-based AI firm co-founded by DeepMind alumni, is launching today with $255 million in total funding to bridge this gap . Emerging from stealth, the company is debuting NEXUS, a Large Tabular Model (LTM) designed to treat business data not as a simple sequence of words, but as a complex web of non-linear relationships. The tech: moving beyond sequential logic Most current AI models are built on sequential logic — predicting the next word in a sentence or the next pixel in a frame. However, enterprise data is inherently non-sequential. A customer’s churn risk isn't just a timeline; it's a multi-dimensional intersection of transaction frequency, support ticket sentiment, and regional economic shifts. Existing LLMs struggle with this because they are poorly suited to the size and dimensionality constraints of enterprise-scale tables. "The most valuable data in the world lives in tables and until now there has been no good foundation model built specifically to understand it," said Jeremy Fraenkel, CEO and Co-founder of Fundamental. In a recent interview with VentureBeat, Fraenkel emphasized that while the AI world is obsessed with text, audio, and video, tables remain the largest modality for enterprises. "LLMs really cannot handle this type of data very well," he explained, "and enterprises currently rely ...

oliver de la haye/iStock via Getty Images NextEra Energy (NYSE: NEE ) is one of the largest electric utility companies on the market. The company has substantially outperformed the market since our ratings upgrade , as the market has been a fan of its steady-state utility performance. Despite that, as we'll see in this article, the company is now overvalued, making it a poor investment. NextEra Energy Results NextEra Energy managed to achieve $3.71 in EPS up 8% YoY enabling it to go near the top-end of its benchmark. NextEra Energy Investor Presentation At the same time, the company also got approval for FPLs rate agreement, enabling the company to substantially increase potential cash flow. Energy Resources has continued to do a fantastic job with low-carbon energy and the company has continued to execute on what is an ambitious capital plan in high demand datacenter makets. NextEra Energy Investor Presentation The FPL rate agreement enables the company to invest massively, almost $100 billion over the next 6-years. An almost 11% return is allowed in this plan. However, it's worth noting that the company is investing heavily in large-load power through datacenters with 20+ GW of power interest and ~9 GW of advanced discussions. Should the datacenter boom not come to fruition, that could force the company to recoup its investment elsewhere. NextEra Energy Financial Results The company's financial results were supported by strength in the FPL division and energy production. NextEra Energy Investor Presentation The company had more than $5 billion in full-year income with EPS at more than $2.4 / share for the year. The charts above are obviously not scaled well, but that high-single digit growth is impressive in a market where expenses are continuously rising for fixed inputs. NextEra Energy Investor Presentation In the Florida economy, we have some concerns that the growth rate is starting to slow down after a massive spike during COVID-19. Customer growth and mix gr...

知情人士透露， 力拓 集团和 嘉能可 准备放弃合并计划。两家矿业公司很可能在周四宣布这一决定。 责任编辑：李桐

A data breach at government technology giant Conduent appears to affect far more people than first disclosed, with the number of victims potentially stretching to dozens of millions of people across the United States. The January 2025 ransomware attack, which knocked out Conduent’s operations for several days, is now known to affect at least 15.4 million people in Texas alone, accounting for about half of the state’s population. Conduent said in October that 4 million people across the state were affected. Another 10.5 million people are affected across Oregon, per the state’s attorney general. Conduent has also notified hundreds of thousands of people across Delaware, Massachusetts, New Hampshire, and other states, according to data breach notifications seen by TechCrunch. The stolen data includes individuals’ names, Social Security numbers, medical data and health insurance information. One of the largest government contractors today, Conduent handles and processes large amounts of personal and sensitive information on behalf of large corporations, government departments, and several U.S. states. The company says its technology and operational support services reach more than 100 million people in the United States across various government healthcare programs. When contacted with several questions about the data breach, Conduent spokesperson Sean Collins provided a boilerplate statement that did not address the questions, nor did they answer if Conduent knows how many individuals are affected by the cyberattack. The spokesperson would not say if the breach affects more than 100 million people. Collins said that the company has been working to “conduct a detailed analysis of the affected files to identify the personal information” taken in the breach, but would not say how many data breach notifications the company has sent out to date. Little else is known about the breach, and the company has disclosed few details. Conduent disclosed the cyberattack in April, mo...

美股虚拟货币概念股普跌，Coinbase下跌7.7%，Strategy重挫12.1%。受到广泛避险情绪与加密货币大规模清算影响，周四早盘比特币跌破68000美元，日内跌7.17%。 责任编辑：张俊 SF065

William_Potter/iStock via Getty Images Shares of Ares Management ( ARES ) have been a poor performer over the past year, losing about 30% of their value. Shares pushed towards a 52-week low this week, given a confluence of pressures. Private credit has, of course, been an increasing concern for investors following several high-profile defaults last year. More recently, concerns about AI disruptions have exerted significant exposure on software stocks, and this is a sector that Ares has a long history of lending to and investing in. On Thursday, it reported Q4 earnings that did not appear to help address some of these concerns, sending shares 5% lower in early trading. With new financials and shares so beaten up, now is a good time to see if the dip is worth buying. Seeking Alpha Management fee growth offset by costs and a PE loss In the company’s fourth quarter , Ares Management earned $1.45 per share, which missed expectations by $0.24. Fee-related earnings (”FRE”) were $528 million. Ares generated $991 million of management fees, which was up 27%. Its $171 million of performance fees were up a much more modest 6%, reflecting the more challenging investment environment and a private equity loss, though they still grew. While its FRE margin was up 160bps from last year to 42.5%, this was a bit narrower than expected. In particular, the 42% jump in G&A spending to $189 million was surprisingly high, contributing to the earnings miss. It is important to emphasize that ARES investors are buying shares in the asset management company, which earns fees on investments, and not on investments themselves. Of course, over the long term, stronger investment performance likely leads to more inflows and more fee revenue, but Ares’s revenue will have less sensitivity in the short term to investment outcomes in private credit than the returns of its funds. This is especially true because only about 11% of its revenue is tied to performance fees, which are the most volatile. The v...