最近全球投资者最忙的事情，已经不是看财报。 而是追踪黄仁勋今天又去了哪里。 去了台北，AI PC涨。去了韩国，HBM涨。 夸了谁，谁涨。点名谁，谁起飞。 仿佛全球股市已经进入一种新的运行机制： 黄仁勋经济学。 一、624亿美元，一句话的价格 6月2日，台北Computex展会第二天。黄仁勋和Marvell CEO Matt Murphy同台。 他转向观众，说了一句： the next trilli...
最近全球投资者最忙的事情，已经不是看财报。 而是追踪黄仁勋今天又去了哪里。 去了台北，AI PC涨。去了韩国，HBM涨。 夸了谁，谁涨。点名谁，谁起飞。 仿佛全球股市已经进入一种新的运行机制： 黄仁勋经济学。 一、624亿美元，一句话的价格 6月2日，台北Computex展会第二天。黄仁勋和Marvell CEO Matt Murphy同台。 他转向观众，说了一句： the next trillion dollar company，ladies and gentlemen。 第二天美股开盘，Marvell股价暴涨32.52%。市值从1920亿美元跳到2540亿美元。一个交易日，市值多出624亿美元。 同一天，Coherent涨17%，Lumentum涨14%，康宁涨13%，整条光通信链全面起飞。 没有业绩指引，没有订单公告。只是黄仁勋说了一句话，资本市场就完成了一次重新定价。 这不是第一次。 1月CES上，他说新一代Rubin芯片无需冷水机组。当天江森自控暴跌11%，摩丁制造跌21%。 在AI PC和服务器双重架构爆发的当下，Arm被他两次点名，年内一度涨超270%，市值突破3000亿美元。中际旭创被他在GTC上定义为"NVLink生态核心供应商"，一度三天三个涨停。 放在几年前，这几乎不可想象。一个企业CEO，持续影响的不是自己公司的股价，而是整条产业链的资本流向。 从GPU到HBM，从晶圆代工到AI PC，从台北到韩国到日本，全世界的投资者都在等他开口。 二、为什么市场如此相信他 历史上伟大的CEO很多。盖茨、乔布斯、贝索斯、库克。没有谁能像今天的黄仁勋这样，持续影响整个资本市场的风险偏好。 问题不在于他说了什么，在于市场为什么愿意信。 今天的黄仁勋，毫无疑问站在全球AI计算漏斗的绝对几何中心。 云厂商在和他合作。模型公司在用他的GPU。服务器厂商在围绕他的架构设计产品。HBM厂商在根据他的路线图扩产。机器人公司在用他的平台。自动驾驶公司在部署他的芯片。 没有第二个人能同时看到这么多AI底层的产业核心信息。也没有第二个人能同时接触这么多企业的核心决策层。 直接点说，黄仁勋已经是AI时代最大的信息中枢。 市场默认，他知道一些别人还不知道的事情，看到了一些别人还没看到的趋势。 所以当他说Marvell是下一个万亿美元公司，这不是分析师的推荐，这是客户在公开暗示未来的...
Three of the largest U.S. equity index funds on the market look like clones at first glance. Vanguard 500 Index Fund ETF (NYSEARCA:VOO), iShares Core S&P 500 ETF (NYSEARCA:IVV), and Schwab U.S. Large-Cap ETF (NYSEARCA:SCHX) all promise the same thing: cheap, passive exposure to the biggest companies in America. The marketing pitches are nearly indistinguishable. ... These 3 S&P 500 ETFs Are Nearly...
Three of the largest U.S. equity index funds on the market look like clones at first glance. Vanguard 500 Index Fund ETF (NYSEARCA:VOO), iShares Core S&P 500 ETF (NYSEARCA:IVV), and Schwab U.S. Large-Cap ETF (NYSEARCA:SCHX) all promise the same thing: cheap, passive exposure to the biggest companies in America. The marketing pitches are nearly indistinguishable. ... These 3 S&P 500 ETFs Are Nearly Identical But After Doing the Math One of Them Saves You Money Over a Lifetime
bgwalker/iStock Unreleased via Getty Images Midway through 2026, I think the biggest priority for investors should be to prepare for a market rotation. This year’s historic gains have been very lopsided, benefiting a small group of AI-linked semiconductor stocks at the expense of the software companies that drove much of the S&P 500’s post-COVID gains. No doubt many of these stocks’ valuations req...
bgwalker/iStock Unreleased via Getty Images Midway through 2026, I think the biggest priority for investors should be to prepare for a market rotation. This year’s historic gains have been very lopsided, benefiting a small group of AI-linked semiconductor stocks at the expense of the software companies that drove much of the S&P 500’s post-COVID gains. No doubt many of these stocks’ valuations required correction, but in many cases the downfall has been too extreme. Duolingo ( DUOL ) is looking particularly interesting as the company resets its product strategy. The popular language learning app, which reached all-time highs last year as it was billed as an AI beneficiary, has fallen more than 35% this year as its bookings growth pulls back. Data by YCharts I last wrote an article upgrading Duolingo to a buy rating in April, when the stock was trading at $103 per share. While I fully acknowledge that the company’s slower-growth reality (which is partially driven by the company’s scale, and partially driven by product actions) merits a re-rating, I also think the stickiness of the product and its superb monetization are overlooked. While this is a stock that requires patience going forward, I reiterate my buy rating here. As a reminder for investors who are newer to Duolingo, here is what I consider to be the core bull case for the company: Sharp user growth at scale. Despite reaching tens of millions of daily active users, the company continues to grow all core user metrics: MAUs, DAUs, and paid users at a double digit pace, which is impressive for a company at Duolingo’s scale. Product stickiness. The company’s ratio of DAUs to MAUs continues to climb, which is a clear indication that Duolingo excels at being a habitual product that more users (including myself) use every day, laying a strong foundation for monetization. Product initiatives may increase the overall user funnel. The company is making an unpopular move with investors this year, purposefully removing ...
Christian Guiton/iStock via Getty Images Investors who did not want abrdn Global Infrastructure Income Fund ( ASGI ) to abandon its term structure and become a perpetual Closed End Fund (“CEF”) may benefit from selling while ASGI still trades in close proximity to (“NAV”). Permanent capital vehicles heavily invested in Level 2 and 3 stocks and Private Equity are commonly available at large discoun...
Christian Guiton/iStock via Getty Images Investors who did not want abrdn Global Infrastructure Income Fund ( ASGI ) to abandon its term structure and become a perpetual Closed End Fund (“CEF”) may benefit from selling while ASGI still trades in close proximity to (“NAV”). Permanent capital vehicles heavily invested in Level 2 and 3 stocks and Private Equity are commonly available at large discounts to NAV. Infrastructure CEFs are also available at 10%+ discounts to NAV. ASGI currently trades around parity with NAV. Trading around NAV or even at a premium is somewhat typical for the optionality that a term fund provides, which was ASGI’s structure until very recently. ASGI was established in 2020 with a defined term of 15 years ending in July 2035. Thus, shareholders were previously entitled to a full valuation exit via tender offer or fund liquidation when ASGI reached term. However, ASGI is now a more common version of a 1940 Act Fund, a perpetual CEF. This is typically not seen as a positive change, which is why a term structure was a part of ASGI's IPO. The last CEF to remove its term structure was XFLT and has since moved from a premium to an NAV discount worse than 20%. Things may prove especially rough for ASGI market demand given Mr. Market's current distaste for illiquid holdings. More than 40% of the common stocks in ASGI’s portfolio as of the most recent annual report were valued based on Level 2 inputs rather than Level 1 quoted prices. Additionally, ASGI has relevant Private Equity exposure. source ASGI annual report (ASGI Annual Report) How Did ASGI Convert From a Term Structure to a Perpetual Closed-End Fund? ASGI's Board of Trustees determined in March to convert the fund from a term structure to a traditional permanent capital vehicle, which is not obligated to provide any liquidity event to shareholders. The Board's choice was first subject to shareholder approval. The Term Amendment proposal (Proposal 1) required the meeting to have a quorum prese...
The SpaceX initial public offering (IPO) is happening on June 12, and according to reports, as much as 30% of IPO shares are going to retail investors instead of investment banks. Retail investors can submit a request to buy shares through SoFi Technologies , Robinhood Markets , and several other trading platforms, subject to eligibility requirements. Shares are not guaranteed, and the lucky inves...
The SpaceX initial public offering (IPO) is happening on June 12, and according to reports, as much as 30% of IPO shares are going to retail investors instead of investment banks. Retail investors can submit a request to buy shares through SoFi Technologies , Robinhood Markets , and several other trading platforms, subject to eligibility requirements. Shares are not guaranteed, and the lucky investors who receive them will receive a confirmation message the day before the IPO . The shares will then be deposited into your investment account at the IPO. But before you press the buy button, make sure you know about this important policy. Image source: Getty Images. Continue reading