+Follow
Hcm
No personal profile
11
Follow
0
Followers
0
Topic
0
Badge
Posts
Hot
Hcm
08-05
🙈
AMD's best-ever financial report resulted in a 9% plunge: The market doesn't want good results, but acceleration.
Hcm
07-02
$Roundhill Memory ETF(DRAM)$
🤔️
Hcm
10-14
$Meta Platforms, Inc.(META)$
Hcm
10-13
$AAPL 20261014 352.5 CALL$
Hcm
10-08
$Meta Platforms, Inc.(META)$
Hcm
10-08
$SpaceX(SPCX)$
Hcm
09-28
$MSFT 20260930 555.0 CALL$
Hcm
09-21
$AMD 20260923 650.0 CALL$
Hcm
09-21
$SpaceX(SPCX)$
👍
Hcm
09-08
$SpaceX(SPCX)$
🤣
Go to Tiger App to see more news
{"i18n":{"language":"en_US"},"userPageInfo":{"id":"4245325500824312","uuid":"4245325500824312","gmtCreate":1782221477536,"gmtModify":1782726019939,"name":"Hcm","pinyin":"hcm","introduction":"","introductionEn":null,"signature":"","avatar":"https://community-static.tradeup.com/news/d0991024d8c22de36c224065c9567f8b","hat":null,"hatId":null,"hatName":null,"vip":1,"status":2,"fanSize":0,"headSize":11,"tweetSize":29,"questionSize":0,"limitLevel":999,"accountStatus":4,"level":{"id":0,"name":"","nameTw":"","represent":"","factor":"","iconColor":"","bgColor":""},"themeCounts":0,"badgeCounts":0,"badges":[],"moderator":false,"superModerator":false,"manageSymbols":null,"badgeLevel":null,"boolIsFan":false,"boolIsHead":false,"favoriteSize":0,"symbols":null,"coverImage":null,"realNameVerified":"success","userBadges":[{"badgeId":"972123088c9646f7b6091ae0662215be-3","templateUuid":"972123088c9646f7b6091ae0662215be","name":"Legendary Trader","description":"Total number of securities or futures transactions reached 300","bigImgUrl":"https://static.tigerbbs.com/656db16598a0b8f21429e10d6c1cb033","smallImgUrl":"https://static.tigerbbs.com/03f10910d4dd9234f9b5702a3342193a","grayImgUrl":"https://static.tigerbbs.com/0c767e35268feb729d50d3fa9a386c5a","redirectLinkEnabled":0,"redirectLinkType":null,"redirectLink":null,"redirectLinkValidityFrom":null,"redirectLinkValidityTo":null,"hasAllocated":1,"isWearing":1,"stamp":null,"stampPosition":0,"hasStamp":0,"allocationCount":1,"allocatedDate":"2026.09.05","exceedPercentage":"93.54%","individualDisplayEnabled":0,"backgroundColor":null,"fontColor":null,"individualDisplaySort":0,"categoryType":1100,"isScarce":0,"effectEnabled":0,"plateImgUrl":null,"plateColors":null,"validityTo":null,"validityToTimestamp":null,"wearingSort":2},{"badgeId":"44212b71d0be4ec88898348dbe882e03-1","templateUuid":"44212b71d0be4ec88898348dbe882e03","name":"Boss Tiger","description":"The transaction amount of the securities account reaches $100,000","bigImgUrl":"https://static.tigerbbs.com/c8dfc27c1ee0e25db1c93e9d0b641101","smallImgUrl":"https://static.tigerbbs.com/f43908c142f8a33c78f5bdf0e2897488","grayImgUrl":"https://static.tigerbbs.com/82165ff19cb8a786e8919f92acee5213","redirectLinkEnabled":0,"redirectLinkType":null,"redirectLink":null,"redirectLinkValidityFrom":null,"redirectLinkValidityTo":null,"hasAllocated":1,"isWearing":1,"stamp":null,"stampPosition":0,"hasStamp":0,"allocationCount":1,"allocatedDate":"2026.09.03","exceedPercentage":"60.03%","individualDisplayEnabled":0,"backgroundColor":null,"fontColor":null,"individualDisplaySort":0,"categoryType":1101,"isScarce":0,"effectEnabled":0,"plateImgUrl":null,"plateColors":null,"validityTo":null,"validityToTimestamp":null,"wearingSort":3},{"badgeId":"a83d7582f45846ffbccbce770ce65d84-1","templateUuid":"a83d7582f45846ffbccbce770ce65d84","name":"Real Trader","description":"Completed a transaction","bigImgUrl":"https://static.tigerbbs.com/2e08a1cc2087a1de93402c2c290fa65b","smallImgUrl":"https://static.tigerbbs.com/4504a6397ce1137932d56e5f4ce27166","grayImgUrl":"https://static.tigerbbs.com/4b22c79415b4cd6e3d8ebc4a0fa32604","redirectLinkEnabled":0,"redirectLinkType":null,"redirectLink":null,"redirectLinkValidityFrom":null,"redirectLinkValidityTo":null,"hasAllocated":1,"isWearing":1,"stamp":null,"stampPosition":0,"hasStamp":0,"allocationCount":1,"allocatedDate":"2026.06.25","exceedPercentage":null,"individualDisplayEnabled":0,"backgroundColor":null,"fontColor":null,"individualDisplaySort":0,"categoryType":1100,"isScarce":0,"effectEnabled":0,"plateImgUrl":null,"plateColors":null,"validityTo":null,"validityToTimestamp":null,"wearingSort":1}],"userBadgeCount":3,"currentWearingBadge":{"badgeId":"a83d7582f45846ffbccbce770ce65d84-1","templateUuid":"a83d7582f45846ffbccbce770ce65d84","name":"Real Trader","description":"Completed a transaction","bigImgUrl":"https://static.tigerbbs.com/2e08a1cc2087a1de93402c2c290fa65b","smallImgUrl":"https://static.tigerbbs.com/4504a6397ce1137932d56e5f4ce27166","grayImgUrl":"https://static.tigerbbs.com/4b22c79415b4cd6e3d8ebc4a0fa32604","redirectLinkEnabled":0,"redirectLinkType":null,"redirectLink":null,"redirectLinkValidityFrom":null,"redirectLinkValidityTo":null,"hasAllocated":1,"isWearing":1,"stamp":null,"stampPosition":0,"hasStamp":0,"allocationCount":1,"allocatedDate":"2026.06.25","exceedPercentage":null,"individualDisplayEnabled":0,"backgroundColor":null,"fontColor":null,"individualDisplaySort":0,"categoryType":1100,"isScarce":0,"effectEnabled":0,"plateImgUrl":null,"plateColors":null,"validityTo":null,"validityToTimestamp":null,"wearingSort":1},"individualDisplayBadges":null,"crmLevel":12,"crmLevelSwitch":0,"location":null,"starInvestorFollowerNum":0,"starInvestorFlag":false,"starInvestorOrderShareNum":0,"subscribeStarInvestorNum":6,"ror":null,"winRationPercentage":null,"showRor":false,"investmentPhilosophy":null,"starInvestorSubscribeFlag":false},"baikeInfo":{},"tab":"hot","tweets":[{"id":618348332847608,"gmtCreate":1791944715841,"gmtModify":1791944718252,"author":{"id":"4245325500824312","authorId":"4245325500824312","name":"Hcm","avatar":"https://community-static.tradeup.com/news/d0991024d8c22de36c224065c9567f8b","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4245325500824312","authorIdStr":"4245325500824312"},"themes":[],"title":"","htmlText":"<a href=\"https://ttm.financial/S/META\">$Meta Platforms, Inc.(META)$ </a><v-v data-views=\"1\"></v-v> ","listText":"<a href=\"https://ttm.financial/S/META\">$Meta Platforms, Inc.(META)$ </a><v-v data-views=\"1\"></v-v> ","text":"$Meta Platforms, Inc.(META)$","images":[{"img":"https://community-static.tradeup.com/news/f9a3fc4fa111c2f771d5b5a60924e535","width":"1290","height":"2850"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/618348332847608","isVote":1,"tweetType":1,"viewCount":265,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":617951542428040,"gmtCreate":1791847592372,"gmtModify":1791852803639,"author":{"id":"4245325500824312","authorId":"4245325500824312","name":"Hcm","avatar":"https://community-static.tradeup.com/news/d0991024d8c22de36c224065c9567f8b","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4245325500824312","authorIdStr":"4245325500824312"},"themes":[],"title":"","htmlText":"<a href=\"https://ttm.financial/OPT/AAPL 20261014 352.5 CALL\">$AAPL 20261014 352.5 CALL$</a> ","listText":"<a href=\"https://ttm.financial/OPT/AAPL 20261014 352.5 CALL\">$AAPL 20261014 352.5 CALL$</a> ","text":"$AAPL 20261014 352.5 CALL$","images":[{"img":"https://community-static.tradeup.com/news/81ad3a898eb2293ca0dfba19bcf51312","width":"1044","height":"1622"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/617951542428040","isVote":1,"tweetType":1,"viewCount":160,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":616404892565632,"gmtCreate":1791468389248,"gmtModify":1791468391716,"author":{"id":"4245325500824312","authorId":"4245325500824312","name":"Hcm","avatar":"https://community-static.tradeup.com/news/d0991024d8c22de36c224065c9567f8b","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4245325500824312","authorIdStr":"4245325500824312"},"themes":[],"title":"","htmlText":"<a href=\"https://ttm.financial/S/META\">$Meta Platforms, Inc.(META)$ </a><v-v data-views=\"1\"></v-v> ","listText":"<a href=\"https://ttm.financial/S/META\">$Meta Platforms, Inc.(META)$ </a><v-v data-views=\"1\"></v-v> ","text":"$Meta Platforms, Inc.(META)$","images":[{"img":"https://community-static.tradeup.com/news/71f1133d6882e86c21a9670bb9fd90f6","width":"1290","height":"2580"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/616404892565632","isVote":1,"tweetType":1,"viewCount":196,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":616398203163000,"gmtCreate":1791468356766,"gmtModify":1791468359224,"author":{"id":"4245325500824312","authorId":"4245325500824312","name":"Hcm","avatar":"https://community-static.tradeup.com/news/d0991024d8c22de36c224065c9567f8b","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4245325500824312","authorIdStr":"4245325500824312"},"themes":[],"title":"","htmlText":"<a href=\"https://ttm.financial/S/SPCX\">$SpaceX(SPCX)$</a> ","listText":"<a href=\"https://ttm.financial/S/SPCX\">$SpaceX(SPCX)$</a> ","text":"$SpaceX(SPCX)$","images":[{"img":"https://community-static.tradeup.com/news/cceef7ae43eb0204be2444d523543db8","width":"1044","height":"1622"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/616398203163000","isVote":1,"tweetType":1,"viewCount":264,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":612485206208656,"gmtCreate":1790551708376,"gmtModify":1790556301384,"author":{"id":"4245325500824312","authorId":"4245325500824312","name":"Hcm","avatar":"https://community-static.tradeup.com/news/d0991024d8c22de36c224065c9567f8b","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4245325500824312","authorIdStr":"4245325500824312"},"themes":[],"title":"","htmlText":"<a href=\"https://ttm.financial/OPT/MSFT 20260930 555.0 CALL\">$MSFT 20260930 555.0 CALL$</a> ","listText":"<a href=\"https://ttm.financial/OPT/MSFT 20260930 555.0 CALL\">$MSFT 20260930 555.0 CALL$</a> ","text":"$MSFT 20260930 555.0 CALL$","images":[{"img":"https://community-static.tradeup.com/news/f1e0ea33cee20dd118f5e8de4dd7a0e2","width":"1044","height":"1622"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/612485206208656","isVote":1,"tweetType":1,"viewCount":479,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":610199209198832,"gmtCreate":1790001117365,"gmtModify":1790001350576,"author":{"id":"4245325500824312","authorId":"4245325500824312","name":"Hcm","avatar":"https://community-static.tradeup.com/news/d0991024d8c22de36c224065c9567f8b","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4245325500824312","authorIdStr":"4245325500824312"},"themes":[],"title":"","htmlText":"<a href=\"https://ttm.financial/OPT/AMD 20260923 650.0 CALL\">$AMD 20260923 650.0 CALL$</a> ","listText":"<a href=\"https://ttm.financial/OPT/AMD 20260923 650.0 CALL\">$AMD 20260923 650.0 CALL$</a> ","text":"$AMD 20260923 650.0 CALL$","images":[{"img":"https://community-static.tradeup.com/news/4efdaf241a4acc55b51a9202da160df3","width":"1044","height":"1622"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/610199209198832","isVote":1,"tweetType":1,"viewCount":749,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":609977987989928,"gmtCreate":1789946850456,"gmtModify":1789946853234,"author":{"id":"4245325500824312","authorId":"4245325500824312","name":"Hcm","avatar":"https://community-static.tradeup.com/news/d0991024d8c22de36c224065c9567f8b","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4245325500824312","authorIdStr":"4245325500824312"},"themes":[],"title":"","htmlText":"<a href=\"https://ttm.financial/S/SPCX\">$SpaceX(SPCX)$</a> 👍","listText":"<a href=\"https://ttm.financial/S/SPCX\">$SpaceX(SPCX)$</a> 👍","text":"$SpaceX(SPCX)$ 👍","images":[{"img":"https://community-static.tradeup.com/news/3f1c94ec188562ae130eb97acf36fd03","width":"1044","height":"1622"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/609977987989928","isVote":1,"tweetType":1,"viewCount":470,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":605372134069384,"gmtCreate":1788833032913,"gmtModify":1788833035163,"author":{"id":"4245325500824312","authorId":"4245325500824312","name":"Hcm","avatar":"https://community-static.tradeup.com/news/d0991024d8c22de36c224065c9567f8b","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4245325500824312","authorIdStr":"4245325500824312"},"themes":[],"title":"","htmlText":"<a href=\"https://ttm.financial/S/SPCX\">$SpaceX(SPCX)$</a> 🤣","listText":"<a href=\"https://ttm.financial/S/SPCX\">$SpaceX(SPCX)$</a> 🤣","text":"$SpaceX(SPCX)$ 🤣","images":[{"img":"https://community-static.tradeup.com/news/8548d5f7254aaeda77d4393acef59dad","width":"1044","height":"1622"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/605372134069384","isVote":1,"tweetType":1,"viewCount":967,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":602857094140408,"gmtCreate":1788218889152,"gmtModify":1788218891449,"author":{"id":"4245325500824312","authorId":"4245325500824312","name":"Hcm","avatar":"https://community-static.tradeup.com/news/d0991024d8c22de36c224065c9567f8b","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4245325500824312","authorIdStr":"4245325500824312"},"themes":[],"title":"","htmlText":"<a href=\"https://ttm.financial/S/SPCX\">$SpaceX(SPCX)$</a> ","listText":"<a href=\"https://ttm.financial/S/SPCX\">$SpaceX(SPCX)$</a> ","text":"$SpaceX(SPCX)$","images":[{"img":"https://community-static.tradeup.com/news/c55d352a72fa6fbd19d8e90fd549df22","width":"1044","height":"1622"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/602857094140408","isVote":1,"tweetType":1,"viewCount":692,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":600961576326296,"gmtCreate":1787756185737,"gmtModify":1787756334270,"author":{"id":"4245325500824312","authorId":"4245325500824312","name":"Hcm","avatar":"https://community-static.tradeup.com/news/d0991024d8c22de36c224065c9567f8b","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4245325500824312","authorIdStr":"4245325500824312"},"themes":[],"title":"","htmlText":"<a href=\"https://ttm.financial/OPT/AMD 20260826 487.5 CALL\">$AMD 20260826 487.5 CALL$</a> ","listText":"<a href=\"https://ttm.financial/OPT/AMD 20260826 487.5 CALL\">$AMD 20260826 487.5 CALL$</a> ","text":"$AMD 20260826 487.5 CALL$","images":[{"img":"https://community-static.tradeup.com/news/9d35882868ee5dfc20ae380163122dbf","width":"1044","height":"1622"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/600961576326296","isVote":1,"tweetType":1,"viewCount":759,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":597590857459288,"gmtCreate":1786922898932,"gmtModify":1786922900604,"author":{"id":"4245325500824312","authorId":"4245325500824312","name":"Hcm","avatar":"https://community-static.tradeup.com/news/d0991024d8c22de36c224065c9567f8b","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4245325500824312","authorIdStr":"4245325500824312"},"themes":[],"title":"","htmlText":"<a href=\"https://ttm.financial/S/SPCX\">$SpaceX(SPCX)$</a> ","listText":"<a href=\"https://ttm.financial/S/SPCX\">$SpaceX(SPCX)$</a> ","text":"$SpaceX(SPCX)$","images":[{"img":"https://community-static.tradeup.com/news/fa4f4bf612b347d2702b5d2235e68349","width":"1044","height":"1622"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/597590857459288","isVote":1,"tweetType":1,"viewCount":939,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":593534009368720,"gmtCreate":1785927068887,"gmtModify":1785927071155,"author":{"id":"4245325500824312","authorId":"4245325500824312","name":"Hcm","avatar":"https://community-static.tradeup.com/news/d0991024d8c22de36c224065c9567f8b","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4245325500824312","authorIdStr":"4245325500824312"},"themes":[],"title":"","htmlText":"🙈","listText":"🙈","text":"🙈","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/593534009368720","repostId":"2657515385","repostType":2,"repost":{"id":"2657515385","kind":"highlight","weMediaInfo":{"introduction":"追踪全球财经热点，精选影响您财富的资讯，投资理财必备神器！","home_visible":1,"media_name":"华尔街见闻","id":"1084101182","head_image":"https://static.tigerbbs.com/66809d1f5c2e43e2bdf15820c6d6897e"},"pubTimestamp":1785914426,"share":"https://ttm.financial/m/news/2657515385?lang=en_US&edition=fundamental","pubTime":"2026-08-05 15:20","market":"sh","language":"zh","title":"AMD's best-ever financial report resulted in a 9% plunge: The market doesn't want good results, but acceleration.","url":"https://stock-news.laohu8.com/highlight/detail?id=2657515385","media":"华尔街见闻","summary":"这份财报没有否定AMD的成长故事，它否定的是\"故事不需要新证据\"的定价。 当市场为2027年数据中心翻倍预付了130%的涨幅，接下来的每一个季度，AMD都要用超出预期的执行，为这个溢价续命。","content":"<p><html><head></head><body>This financial report does not deny AMD's growth story; it does deny the pricing that \"the story does not require new evidence.\" With the market prepaying a 130% increase for data centers to double in 2027, AMD will continue to execute beyond expectations in each subsequent quarter to keep this premium alive.</p><p><p style=\"text-align: justify;\">After the market closed on August 4, AMD delivered a nearly flawless financial report: revenue of $11.536 billion, a year-on-year increase of 50%, setting a new record; Non-GAAP earnings per share were $1.66, exceeding market expectations of $1.62; Data center revenue was $6.718 billion, more than doubling year-over-year, accounting for 58% of the company's total revenue. The stock price plummeted as much as 10% in after-hours trading, closing down 8.8%.</p><p>Why did exceeding expectations become a negative factor? The market prices acceleration, not performance. AMD's stock price has risen more than 130% this year, from $149 to $584 in a 52-week range, driven by expectations of \"catching up with Nvidia\". The Q3 guidance is approximately $13 billion, higher than the consensus of $12.5 billion, but only up 13% quarter-over-quarter – maintaining the slope, not jumping out of gear. The market wanted an acceleration, but the financial report didn't provide it.</p><p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/b2ecdf1ea51159ca1747e2de12633661\" tg-width=\"1024\" tg-height=\"664\"/></p><p><p style=\"text-align: justify;\">The cost of the investment is also reflected in the financial statements:<strong>The gross profit margin of 56% hit a new high, but the gross profit margin of AI data centers was lower than the company average, and the growth business, which accounted for 58%, was diluting the profit margin. To accelerate production capacity for Helios rack systems, capital expenditures were $808 million, nearly three times what analysts had expected, and free cash flow was halved from $2.57 billion to $1.56 billion. The cost of growth is becoming apparent on the balance sheet for the first time.</strong></p><p><h2 id=\"id_3056447987\">The market needed acceleration, but Q3 guidance was not provided.</h2><p style=\"text-align: justify;\">The Q3 guidance is around $13 billion, up 41% year-over-year and 13% quarter-over-quarter, with the median exceeding the consensus of $12.52 billion. This guidance isn't bad; the problem lies in its shape: it only increased by 13% month-on-month, just continuing the current slope.</p><p><p style=\"text-align: justify;\">Dolphin Research I did the math:<strong>Based on guidance, data center shipments in Q3 are expected to increase by approximately $1.2 billion to $1.8 billion month-over-month, while the MI455X has only just begun shipping, so this step forward is not particularly strong. The market had previously bet that AI demand would push AMD to another level, but the guidance did not provide this signal.</strong></p><p><p style=\"text-align: justify;\">AMD's stock price has risen by more than 130% this year. The market is buying a story: Nvidia's production capacity is limited, customers need a second supplier, and AMD has transformed from an alternative to a must-have for AI chips. What the financial report needs to do is prove that the story is accelerating.</p><p><p style=\"text-align: justify;\">In July, Anthropic announced the deployment of a 2-gigawatt MI450 GPU on Helios, and its stock price rose about 10% that day. Broadcom's earnings report in early June triggered a pullback in the semiconductor sector, but AMD subsequently recovered to above $518 due to expectations of Helios orders. Every price increase raises the threshold for the next financial report.</p><p><p style=\"text-align: justify;\"><strong>When AMD only delivers \"as good as expected,\" its 130% year-to-date increase loses all reason to continue rising. The sell order after the market closed is the point where expectations will be realized.</strong></p><p><h2 id=\"id_886190279\">A 107% doubling, half of which is a low base.</h2><p style=\"text-align: justify;\">The 107% year-on-year growth rate of data centers is the most eye-catching, but its quality is questionable.</p><p><p style=\"text-align: justify;\">In the second quarter of 2025, U.S. export controls forced AMD to set aside $800 million for MI308 inventory and related expenses, denting the original base. This year's doubling is partly due to filling gaps.</p><p><p style=\"text-align: justify;\">Dolphin Research broke down a number:<strong>Instinct AI GPU revenue this quarter was approximately $2.7 billion, compared to approximately $1.1 billion in the same period last year, also bearing the shadow of a base. In contrast, EPYC is cleaner: cloud and enterprise sales both grew by more than 70% year-on-year, server CPU revenue hit a record high for the fifth consecutive quarter, and the sixth-generation EPYC Venice has gone into production. The acceleration without a low base filter is the most solid part of this financial report.</strong></p><p><p style=\"text-align: justify;\">During the conference call, Lisa Su gave the anchor: data center revenue will \"more than double\" in 2027, server revenue will increase by more than 80% year-on-year in the second half of 2026, and will still grow by more than 70% in 2027 on a higher base.</p><p><h2 id=\"id_3973568968\">The hidden secret of gross profit margin: The larger the AI, the thinner the gross profit margin.</h2><p style=\"text-align: justify;\">The non-GAAP gross margin of 56% hit a new high, but the figure is inflated. The 13 percentage point increase year-on-year was largely due to the $800 million export control provision made in the same period last year.</p><p><p style=\"text-align: justify;\">Management confirmed during the conference call that:<strong>The gross profit margin of AI data centers is slightly lower than the company average. Data centers are precisely the fastest-growing business with the highest share, rising from 42% a year ago to 58% now. The most promising part of revenue is the structural gross profit dilution.</strong></p><p><p style=\"text-align: justify;\">Compared to Nvidia's 75% non-GAAP gross margin, the difference is nearly 20 percentage points. Nvidia makes excess profits through monopolistic pricing, while AMD exchanges its market share for price—Lisa Su put it bluntly: AMD sells a complete set of infrastructure that integrates CPUs, GPUs, and network chips, using lower unit prices and greater openness to attract customers. The price of this model is that the proportion of profit included in every dollar of revenue is naturally lower than that of its competitors.</p><p><p style=\"text-align: justify;\">Helios has shifted from selling chips to selling complete rack systems, and the unit price has increased, but the chips, network, and storage in the rack are all costs. The larger the scale, the more obvious the dilution effect. Part of the market's disappointment with this financial report lies in the hidden secrets of gross profit margin.</p><p><h2 id=\"id_499984952\">Capital expenditures tripled expectations, and growth began to burn money.</h2><p style=\"text-align: justify;\">The balance sheet is more telling than the income statement: capital expenditures of $808 million are nearly three times what analysts expected (about $299 million, according to Dolphin Research); Free cash flow (estimated) decreased from $2.57 billion to $1.56 billion; Inventories rose to $8.468 billion, while accounts receivable increased by 21% quarter-over-quarter to $7.281 billion.</p><p><p style=\"text-align: justify;\">This is not a financial deterioration, but a proactively chosen growth model: first invest money in production capacity and inventory, and then wait for orders to be fulfilled.</p><p><p style=\"text-align: justify;\">Lisa Su said that demand for Helios was \"very strong, exceeding our initial forecasts,\" and in order to secure orders, AMD had to lock in production capacity and stockpile inventory in advance. The simultaneous increase in cash, inventory, and accounts receivable is a sign of this early move.</p><p><p style=\"text-align: justify;\">The problem is that this model postpones the certainty of performance until the future. If AI capital expenditure growth slows down, or if a major customer's delivery schedule is delayed, these figures will turn from ammunition for the offensive into a burden on inventory.</p><p><h2 id=\"id_2512958195\">The real bottleneck lies in production capacity, not demand.</h2><p style=\"text-align: justify;\">Helios is the most crucial signal in this financial report.</p><p><p style=\"text-align: justify;\">This is AMD's first rack-level AI system, which packages CPUs, GPUs, and network chips into a complete rack for delivery. The first batch has been delivered to Meta, OpenAI, and Oracle this quarter. The Anthropic 2-gigawatt collaboration announced in July, with the first batch of 1 gigawatt deployments beginning in the first half of 2027; Microsoft will also deploy it on a large scale on Azure. The client list is still expanding: Anthropic, Cirrascale, HUMAIN, Meta, Microsoft, OpenAI, Oracle, Tensorwave, Vultr.</p><p><p style=\"text-align: justify;\"><strong>The story on the demand side is impeccable. AMD's ceiling is not here; it lies in TSMC's advanced packaging capabilities.</strong></p><p><p style=\"text-align: justify;\">In May, HSBC downgraded AMD to \"hold\" status, citing TSMC's capacity constraints. This financial report confirmed concerns to some extent; otherwise, AMD would not have needed to triple its capital expenditures to seize capacity. The competition for AI chips has shifted from whose chips are better to who will acquire TSMC's production capacity first. Nvidia's priority remains an unavoidable constraint for AMD.</p><p><p style=\"text-align: justify;\"><strong>Helios also carries a deeper meaning: AMD's business model is shifting from selling chips to selling systems. In the past, it sold GPUs and CPUs individually, and customers would buy them and assemble their own clusters. Now, the unit price and delivery complexity of complete rack delivery have reached a new level. This is both offensive and defensive—Nvidia has long proven with rack-level products that system-layer profits and customer loyalty are much higher than single-chip products. However, turning around also means heavier capital and greater delivery risks. When server racks malfunction, the responsibility shifts from chip manufacturers to system integrators.</strong></p><p><h2 id=\"id_2220326236\">The valuation of the pursuers has already prepaid for success.</h2><p style=\"text-align: justify;\">Nvidia holds approximately 80% of the AI accelerator market share, while AMD holds about 10% to 15%. Nvidia's data center revenue reached $75.2 billion in a single quarter, 11 times that of AMD's entire data center business. However, after surging 130% this year, AMD's dynamic P/E are significantly higher than Nvidia's, and analysts' valuation disagreements have come to the fore: Morgan Stanley questioned the valuation, and Benchmark gave it a target price of $685.</p><p><p style=\"text-align: justify;\">There is only one explanation for this price difference: the market has paid for the \"catch-up success\" in advance. AMD's rise is based on the assumption that its market share will increase from 12% to 25%. Once the path proves to be slower than expected, the valuation will have to return to reality. Conversely, if Helios' rack-mounted transformation and its 2027 doubling guidelines are fulfilled, its current valuation will not seem so expensive. The disagreeing parties are betting on both ends of the same variable.</p><p><h2 id=\"id_1954583591\">Nvidia will be the next hurdle</h2><p style=\"text-align: justify;\">It fell 8.8% to about $473 in after-hours trading, marking just the first round of this pricing exercise. Over the next few days, the market will reread the financial report in order.</p><p><p style=\"text-align: justify;\">First, let's see if AMD underlying shares can hold the $470 level: if it falls below $450, profit-taking this year will begin to take a hit, and the technical outlook will turn bearish; Holding above 470 indicates that long-term funds are taking the opportunity to accumulate shares, since the doubling target for 2027 is still on the table. The drop in the hour and a half after the market closed indicates that the Q3 guidance was not accelerating enough and does not mean that the story of 2027 has been overturned.</p><p><p style=\"text-align: justify;\">Let's look at Nvidia again. It released its financial report on August 26, reporting data center revenue of $75.2 billion in the previous fiscal quarter, a 92% year-over-year increase. AMD's overall better-than-expected performance failed to generate gains. How high has the market's expectation threshold for Nvidia been raised? When exceeding expectations becomes the benchmark and only significantly exceeding expectations can drive stock prices, every earnings report in the AI chip sector becomes an increasingly difficult test.</p><p><p style=\"text-align: justify;\">At the supply chain level, TSMC and Advanced Packaging Chain are hidden beneficiaries: AMD's capital expenditure was three times higher than expected, which ultimately flowed to TSMC's CoWoS production capacity; After Helios was racked, the value of packaging and networking was amplified. However, this also means that AMD's delivery ceiling is in the hands of others, and every guidance that exceeds expectations must first pass through TSMC's capacity allocation hurdle.</p><p><h2 id=\"id_1199044141\">The story needs new evidence.</h2><p style=\"text-align: justify;\">AMD exceeded expectations across the board but fell 9%. The pricing logic for US AI stocks this quarter is already quite clear:<strong>The stock price is first overdrawn within expectations, and then realized in the financial report. Guidance exceeding expectations is only a passing grade. What really determines the stock price is whether the market's pre-set acceleration curve has been refreshed.</strong></p><p><p style=\"text-align: justify;\">This financial report does not deny AMD's growth story; it does deny the pricing that \"the story does not require new evidence.\" With the market prepaying a 130% premium for data centers to double in 2027, AMD will continue to execute beyond expectations in each subsequent quarter to keep this premium alive.</p><p><p style=\"text-align: justify;\">Over the next month, the market will be watching three things: whether AMD's stock price can hold above $470, whether Nvidia's earnings report on August 26 can withstand the hurdle of rising prices, and whether the balance of TSMC's capacity allocation will tilt in AMD's favor. Going forward, Anthropic's first 1-gigawatt deployment in the first half of 2027, the quarterly shipment slope of the MI455X, and whether the gross profit margin of AI data centers can improve with scale are the three hard indicators to verify the effectiveness of the \"doubling guidance\". The arms race for AI chips is not over; it has only moved from storytelling to the stage of realization.</p><p></body></html></p>","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>AMD's best-ever financial report resulted in a 9% plunge: The market doesn't want good results, but acceleration.</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: 12.5px; color: #7E829C; margin: 0;}\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\">\nAMD's best-ever financial report resulted in a 9% plunge: The market doesn't want good results, but acceleration.\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1084101182\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/66809d1f5c2e43e2bdf15820c6d6897e);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">华尔街见闻 </p>\n<p class=\"h-time smaller\">2026-08-05 15:20</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p><html><head></head><body>This financial report does not deny AMD's growth story; it does deny the pricing that \"the story does not require new evidence.\" With the market prepaying a 130% increase for data centers to double in 2027, AMD will continue to execute beyond expectations in each subsequent quarter to keep this premium alive.</p><p><p style=\"text-align: justify;\">After the market closed on August 4, AMD delivered a nearly flawless financial report: revenue of $11.536 billion, a year-on-year increase of 50%, setting a new record; Non-GAAP earnings per share were $1.66, exceeding market expectations of $1.62; Data center revenue was $6.718 billion, more than doubling year-over-year, accounting for 58% of the company's total revenue. The stock price plummeted as much as 10% in after-hours trading, closing down 8.8%.</p><p>Why did exceeding expectations become a negative factor? The market prices acceleration, not performance. AMD's stock price has risen more than 130% this year, from $149 to $584 in a 52-week range, driven by expectations of \"catching up with Nvidia\". The Q3 guidance is approximately $13 billion, higher than the consensus of $12.5 billion, but only up 13% quarter-over-quarter – maintaining the slope, not jumping out of gear. The market wanted an acceleration, but the financial report didn't provide it.</p><p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/b2ecdf1ea51159ca1747e2de12633661\" tg-width=\"1024\" tg-height=\"664\"/></p><p><p style=\"text-align: justify;\">The cost of the investment is also reflected in the financial statements:<strong>The gross profit margin of 56% hit a new high, but the gross profit margin of AI data centers was lower than the company average, and the growth business, which accounted for 58%, was diluting the profit margin. To accelerate production capacity for Helios rack systems, capital expenditures were $808 million, nearly three times what analysts had expected, and free cash flow was halved from $2.57 billion to $1.56 billion. The cost of growth is becoming apparent on the balance sheet for the first time.</strong></p><p><h2 id=\"id_3056447987\">The market needed acceleration, but Q3 guidance was not provided.</h2><p style=\"text-align: justify;\">The Q3 guidance is around $13 billion, up 41% year-over-year and 13% quarter-over-quarter, with the median exceeding the consensus of $12.52 billion. This guidance isn't bad; the problem lies in its shape: it only increased by 13% month-on-month, just continuing the current slope.</p><p><p style=\"text-align: justify;\">Dolphin Research I did the math:<strong>Based on guidance, data center shipments in Q3 are expected to increase by approximately $1.2 billion to $1.8 billion month-over-month, while the MI455X has only just begun shipping, so this step forward is not particularly strong. The market had previously bet that AI demand would push AMD to another level, but the guidance did not provide this signal.</strong></p><p><p style=\"text-align: justify;\">AMD's stock price has risen by more than 130% this year. The market is buying a story: Nvidia's production capacity is limited, customers need a second supplier, and AMD has transformed from an alternative to a must-have for AI chips. What the financial report needs to do is prove that the story is accelerating.</p><p><p style=\"text-align: justify;\">In July, Anthropic announced the deployment of a 2-gigawatt MI450 GPU on Helios, and its stock price rose about 10% that day. Broadcom's earnings report in early June triggered a pullback in the semiconductor sector, but AMD subsequently recovered to above $518 due to expectations of Helios orders. Every price increase raises the threshold for the next financial report.</p><p><p style=\"text-align: justify;\"><strong>When AMD only delivers \"as good as expected,\" its 130% year-to-date increase loses all reason to continue rising. The sell order after the market closed is the point where expectations will be realized.</strong></p><p><h2 id=\"id_886190279\">A 107% doubling, half of which is a low base.</h2><p style=\"text-align: justify;\">The 107% year-on-year growth rate of data centers is the most eye-catching, but its quality is questionable.</p><p><p style=\"text-align: justify;\">In the second quarter of 2025, U.S. export controls forced AMD to set aside $800 million for MI308 inventory and related expenses, denting the original base. This year's doubling is partly due to filling gaps.</p><p><p style=\"text-align: justify;\">Dolphin Research broke down a number:<strong>Instinct AI GPU revenue this quarter was approximately $2.7 billion, compared to approximately $1.1 billion in the same period last year, also bearing the shadow of a base. In contrast, EPYC is cleaner: cloud and enterprise sales both grew by more than 70% year-on-year, server CPU revenue hit a record high for the fifth consecutive quarter, and the sixth-generation EPYC Venice has gone into production. The acceleration without a low base filter is the most solid part of this financial report.</strong></p><p><p style=\"text-align: justify;\">During the conference call, Lisa Su gave the anchor: data center revenue will \"more than double\" in 2027, server revenue will increase by more than 80% year-on-year in the second half of 2026, and will still grow by more than 70% in 2027 on a higher base.</p><p><h2 id=\"id_3973568968\">The hidden secret of gross profit margin: The larger the AI, the thinner the gross profit margin.</h2><p style=\"text-align: justify;\">The non-GAAP gross margin of 56% hit a new high, but the figure is inflated. The 13 percentage point increase year-on-year was largely due to the $800 million export control provision made in the same period last year.</p><p><p style=\"text-align: justify;\">Management confirmed during the conference call that:<strong>The gross profit margin of AI data centers is slightly lower than the company average. Data centers are precisely the fastest-growing business with the highest share, rising from 42% a year ago to 58% now. The most promising part of revenue is the structural gross profit dilution.</strong></p><p><p style=\"text-align: justify;\">Compared to Nvidia's 75% non-GAAP gross margin, the difference is nearly 20 percentage points. Nvidia makes excess profits through monopolistic pricing, while AMD exchanges its market share for price—Lisa Su put it bluntly: AMD sells a complete set of infrastructure that integrates CPUs, GPUs, and network chips, using lower unit prices and greater openness to attract customers. The price of this model is that the proportion of profit included in every dollar of revenue is naturally lower than that of its competitors.</p><p><p style=\"text-align: justify;\">Helios has shifted from selling chips to selling complete rack systems, and the unit price has increased, but the chips, network, and storage in the rack are all costs. The larger the scale, the more obvious the dilution effect. Part of the market's disappointment with this financial report lies in the hidden secrets of gross profit margin.</p><p><h2 id=\"id_499984952\">Capital expenditures tripled expectations, and growth began to burn money.</h2><p style=\"text-align: justify;\">The balance sheet is more telling than the income statement: capital expenditures of $808 million are nearly three times what analysts expected (about $299 million, according to Dolphin Research); Free cash flow (estimated) decreased from $2.57 billion to $1.56 billion; Inventories rose to $8.468 billion, while accounts receivable increased by 21% quarter-over-quarter to $7.281 billion.</p><p><p style=\"text-align: justify;\">This is not a financial deterioration, but a proactively chosen growth model: first invest money in production capacity and inventory, and then wait for orders to be fulfilled.</p><p><p style=\"text-align: justify;\">Lisa Su said that demand for Helios was \"very strong, exceeding our initial forecasts,\" and in order to secure orders, AMD had to lock in production capacity and stockpile inventory in advance. The simultaneous increase in cash, inventory, and accounts receivable is a sign of this early move.</p><p><p style=\"text-align: justify;\">The problem is that this model postpones the certainty of performance until the future. If AI capital expenditure growth slows down, or if a major customer's delivery schedule is delayed, these figures will turn from ammunition for the offensive into a burden on inventory.</p><p><h2 id=\"id_2512958195\">The real bottleneck lies in production capacity, not demand.</h2><p style=\"text-align: justify;\">Helios is the most crucial signal in this financial report.</p><p><p style=\"text-align: justify;\">This is AMD's first rack-level AI system, which packages CPUs, GPUs, and network chips into a complete rack for delivery. The first batch has been delivered to Meta, OpenAI, and Oracle this quarter. The Anthropic 2-gigawatt collaboration announced in July, with the first batch of 1 gigawatt deployments beginning in the first half of 2027; Microsoft will also deploy it on a large scale on Azure. The client list is still expanding: Anthropic, Cirrascale, HUMAIN, Meta, Microsoft, OpenAI, Oracle, Tensorwave, Vultr.</p><p><p style=\"text-align: justify;\"><strong>The story on the demand side is impeccable. AMD's ceiling is not here; it lies in TSMC's advanced packaging capabilities.</strong></p><p><p style=\"text-align: justify;\">In May, HSBC downgraded AMD to \"hold\" status, citing TSMC's capacity constraints. This financial report confirmed concerns to some extent; otherwise, AMD would not have needed to triple its capital expenditures to seize capacity. The competition for AI chips has shifted from whose chips are better to who will acquire TSMC's production capacity first. Nvidia's priority remains an unavoidable constraint for AMD.</p><p><p style=\"text-align: justify;\"><strong>Helios also carries a deeper meaning: AMD's business model is shifting from selling chips to selling systems. In the past, it sold GPUs and CPUs individually, and customers would buy them and assemble their own clusters. Now, the unit price and delivery complexity of complete rack delivery have reached a new level. This is both offensive and defensive—Nvidia has long proven with rack-level products that system-layer profits and customer loyalty are much higher than single-chip products. However, turning around also means heavier capital and greater delivery risks. When server racks malfunction, the responsibility shifts from chip manufacturers to system integrators.</strong></p><p><h2 id=\"id_2220326236\">The valuation of the pursuers has already prepaid for success.</h2><p style=\"text-align: justify;\">Nvidia holds approximately 80% of the AI accelerator market share, while AMD holds about 10% to 15%. Nvidia's data center revenue reached $75.2 billion in a single quarter, 11 times that of AMD's entire data center business. However, after surging 130% this year, AMD's dynamic P/E are significantly higher than Nvidia's, and analysts' valuation disagreements have come to the fore: Morgan Stanley questioned the valuation, and Benchmark gave it a target price of $685.</p><p><p style=\"text-align: justify;\">There is only one explanation for this price difference: the market has paid for the \"catch-up success\" in advance. AMD's rise is based on the assumption that its market share will increase from 12% to 25%. Once the path proves to be slower than expected, the valuation will have to return to reality. Conversely, if Helios' rack-mounted transformation and its 2027 doubling guidelines are fulfilled, its current valuation will not seem so expensive. The disagreeing parties are betting on both ends of the same variable.</p><p><h2 id=\"id_1954583591\">Nvidia will be the next hurdle</h2><p style=\"text-align: justify;\">It fell 8.8% to about $473 in after-hours trading, marking just the first round of this pricing exercise. Over the next few days, the market will reread the financial report in order.</p><p><p style=\"text-align: justify;\">First, let's see if AMD underlying shares can hold the $470 level: if it falls below $450, profit-taking this year will begin to take a hit, and the technical outlook will turn bearish; Holding above 470 indicates that long-term funds are taking the opportunity to accumulate shares, since the doubling target for 2027 is still on the table. The drop in the hour and a half after the market closed indicates that the Q3 guidance was not accelerating enough and does not mean that the story of 2027 has been overturned.</p><p><p style=\"text-align: justify;\">Let's look at Nvidia again. It released its financial report on August 26, reporting data center revenue of $75.2 billion in the previous fiscal quarter, a 92% year-over-year increase. AMD's overall better-than-expected performance failed to generate gains. How high has the market's expectation threshold for Nvidia been raised? When exceeding expectations becomes the benchmark and only significantly exceeding expectations can drive stock prices, every earnings report in the AI chip sector becomes an increasingly difficult test.</p><p><p style=\"text-align: justify;\">At the supply chain level, TSMC and Advanced Packaging Chain are hidden beneficiaries: AMD's capital expenditure was three times higher than expected, which ultimately flowed to TSMC's CoWoS production capacity; After Helios was racked, the value of packaging and networking was amplified. However, this also means that AMD's delivery ceiling is in the hands of others, and every guidance that exceeds expectations must first pass through TSMC's capacity allocation hurdle.</p><p><h2 id=\"id_1199044141\">The story needs new evidence.</h2><p style=\"text-align: justify;\">AMD exceeded expectations across the board but fell 9%. The pricing logic for US AI stocks this quarter is already quite clear:<strong>The stock price is first overdrawn within expectations, and then realized in the financial report. Guidance exceeding expectations is only a passing grade. What really determines the stock price is whether the market's pre-set acceleration curve has been refreshed.</strong></p><p><p style=\"text-align: justify;\">This financial report does not deny AMD's growth story; it does deny the pricing that \"the story does not require new evidence.\" With the market prepaying a 130% premium for data centers to double in 2027, AMD will continue to execute beyond expectations in each subsequent quarter to keep this premium alive.</p><p><p style=\"text-align: justify;\">Over the next month, the market will be watching three things: whether AMD's stock price can hold above $470, whether Nvidia's earnings report on August 26 can withstand the hurdle of rising prices, and whether the balance of TSMC's capacity allocation will tilt in AMD's favor. Going forward, Anthropic's first 1-gigawatt deployment in the first half of 2027, the quarterly shipment slope of the MI455X, and whether the gross profit margin of AI data centers can improve with scale are the three hard indicators to verify the effectiveness of the \"doubling guidance\". The arms race for AI chips is not over; it has only moved from storytelling to the stage of realization.</p><p></body></html></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/a593d85be38c3aa543ab3056553101ff","relate_stocks":{"AMUU":"2倍做多AMD ETF-Direxion","SG9999002232.USD":"Allianz Global High Payout USD","IE0004091025.USD":"BNY MELLON GLOBAL OPPORTUNITIES \"B\" (USD) ACC","LU2083900584.USD":"HSBC GIF US INCOME FOCUSED \"AM2\" (USD) INC","SG9999002224.SGD":"Allianz Global High Payout SGD","LU0265550946.USD":"BGF SYSTEMATIC GLOBAL ENHANCED EQUITY YIELD \"A5\" (USD) INC","SG9999015341.SGD":"United Income Focus Trust Acc SGD-H","BK4529":"IDC概念","IE00B3SWFQ91.USD":"PIMCO BALANCED INCOME AND GROWTH \"E\" (USD) INC","LU1934455863.HKD":"AB SICAV I LOW VOLATILITY TOTAL RETURN EQUITY PORT \"A\" (HKD) ACC","LU1400636491.USD":"Allianz Europe Income and Growth Cl AMg DIS H2-USD","LU1127390331.HKD":"AB SICAV I - ALL MARKET INCOME PORTFOLIO \"A\" (HKD) ACC","AMYY":"GraniteShares YieldBOOST AMD ETF","FTXL":"First Trust Nasdaq Semiconductor ETF","LU0472753341.HKD":"SUSTAINABLE GLOBAL THEMATIC PORTFOLIO \"A\" (HKD) ACC","LU1066051811.HKD":"HSBC GIF GLOBAL EQUITY VOLATILITY FOCUSED \"AM2\" (HKD) INC","SG9999014880.SGD":"大华全球优质成长基金Acc SGD","LU1244550494.USD":"FRANKLIN GLOBAL MULTI-ASSET INCOME \"A\" (USDHEDGED) ACC","LU1623119135.USD":"Natixis Mirova Global Sustainable Equity R-NPF/A USD","CHPS":"XTRACKERS SEMICONDUCTOR SELECT EQUITY ETF","LU0107464264.USD":"abrdn SICAV I - GLOBAL INNOVATION EQUITY \"A\" (USD) ACC","CHPX":"Global X AI Semiconductor & Quantum ETF","LU1712237335.SGD":"Natixis Mirova Global Sustainable Equity H-R-NPF/A SGD","SMHX":"VanEck Fabless Semiconductor ETF","LU0868494617.USD":"UBS (LUX) EQUITY SICAV - US TOTAL YIELD SUSTAINABLE \"P\" (USD) ACC","LU2417539215.USD":"ALLIANZ GLOBAL INCOME \"AMF\" (USD) INC","LU1880398471.USD":"AMUNDI FUNDS GLOBAL EQUITY \"A2\" (USD) ACC","HK0000304805.HKD":"PICTET 战略收益基金 P类港元","LU1974910355.USD":"Allianz Thematica Cl AMg DIS USD","HK0000304797.USD":"PICTET 战略收益基金 P类 美元","SGXZ31699556.SGD":"UGDP UNITED GLOBAL QUALITY GROWTH \"C\" (SGDHDG) ACC","LU1366333091.USD":"FIDELITY GLOBAL FOCUS \"A\" (USD) ACC","LU0965508806.USD":"AB LOW VOLATILITY EQUITY PORTFOLIO \"AD\" (USD) INC","BK4527":"明星科技股","IE0004086264.USD":"BNY MELLON GLOBAL OPPORTUNITIES \"A\" (USD) ACC","LU2065170008.USD":"M&G (LUX) GLOBAL MAXIMA \"A\" (USD) INC","LU0238689110.USD":"贝莱德环球动力股票基金","LU2322448791.USD":"ALLIANZ GLOBAL INTELLIGENT CITIES INCOME \"AMG\" (USD) INC","LU0310799852.SGD":"FTIF - Templeton Global Equity Income A MDIS SGD","LU0072462426.USD":"贝莱德全球配置 A2","AIFD":"TCW Artificial Intelligence ETF","LU2322448957.HKD":"ALLIANZ GLOBAL INTELLIGENT CITIES INCOME \"AMG\" (HKD) INC","LU0342679015.USD":"ALLIANZ GLOBAL EQUITY UNCONSTRAINED \"AT\" (USD) ACC","LU1366192091.USD":"ALLIANZ US EQUITY PLUS \"AM\" (USD) INC","BK4575":"芯片概念","METV":"Roundhill Ball Metaverse ETF","LU0545039389.USD":"BGF GLOBAL EQUITY INCOME \"A2\" ACC","LU0466842654.USD":"HSBC ISLAMIC GLOBAL EQUITY INDEX \"A\" (USD) ACC","IE00B1XK9C88.USD":"PINEBRIDGE US LARGE CAP RESEARCH ENHANCED \"A\" (USD) ACC","LU0048584097.USD":"FIDELITY FUNDS GLOBAL THEMATIC OPPORTUNITIES \"A\" (USD) INC","HK0000819398.USD":"BLACKROCK PREMIER SYSTEMATIC GLOBAL EQUITY HIGH INCOME FUND A10 (USD)INC","TEK":"iShares Technology Opportunities Active ETF","LU0308772762.SGD":"Blackrock Global Allocation A2 SGD-H","LU2860962120.EUR":"CPR INVEST - ARTIFICIAL INTELLIGENCE \"A2\" (EUR) ACC A","LU0138981039.USD":"FIDELITY FUNDS SUSTAINABLE MULTI ASSET INCOME \"A\" INC","BK4579":"人工智能","LU2237438978.USD":"Amundi Funds US Pioneer A2 (C) USD","LU0274383776.USD":"MANULIFE GF US SMALL CAP EQUITY \"AA\" (USD) INC","LU1642822529.SGD":"THREADNEEDLE (LUX) GLOBAL TECHNOLOGY \"A\" (SGD) ACC","LU2602419157.SGD":"HSBC ISLAMIC GLOBAL EQUITY INDEX \"AC\" (SGD) ACC","BK4573":"虚拟现实","LU1145028129.USD":"ALLIANZ INCOME AND GROWTH \"AQ\" (USD) INC","LU1496350171.SGD":"FRANKLIN DIVERSIFIED BALANCED \"A\" (SGDHDG) ACC","LU2473716301.USD":"ALLIANZ GLOBAL INTELLIGENT CITIES INCOME \"AMF\" (USD) INC","LU0719512351.SGD":"JPMorgan Funds - US Technology A (acc) SGD","BK4581":"高盛持仓","BK4532":"文艺复兴科技持仓","LU2463028550.USD":"AB SICAV I AMERICAN MULTI-ASSET PORTFOLIO \"A\" (USD) ACC","LU0157215616.USD":"FIDELITY GLOBAL FOCUS \"A\" INC","LU2065171311.SGD":"M&G (LUX) GLOBAL MAXIMA \"A\" (SGD) ACC","LU2249611893.SGD":"BNP PARIBAS ENERGY TRANSITION \"CRH\" (SGD) ACC","LU2420271590.USD":"ALLIANZ SELECT INCOME AND GROWTH \"AT\" (USD) ACC","BK4534":"瑞士信贷持仓","LU2543165471.USD":"E FUND (HK) GLOBAL QUALITY GROWTH \"A\" (USD) ACC","LU0096362180.USD":"CT (LUX) I GLOBAL FOCUS \"DU\" (USD)","LU2065171402.SGD":"M&G (LUX) GLOBAL MAXIMA \"A\" (SGD) INC","LU1839511570.USD":"WELLS FARGO GLOBAL FACTOR ENHANCED EQUITY \"I\" (USD) ACC","BK4533":"AQR资本管理(全球第二大对冲基金)","LU2471134952.CNY":"INVESCO GLOBAL EQUITY INCOME ADVANTAGE \"A\" (CNYHDG) INC","LU0795875086.SGD":"JPMorgan Investment Funds - Global Income A (div) SGD","AIPI":"REX AI EQUITY PREMIUM INCOME ETF","LU2471134879.HKD":"INVESCO GLOBAL EQUITY INCOME ADVANTAGE \"A\" (HKD) INC","LU1992135399.USD":"Allianz Global Intelligent Cities AT Acc USD","LU2471134523.USD":"INVESCO GLOBAL EQUITY INCOME ADVANTAGE \"A\" (USD) ACC","LU0511384066.AUD":"SUSTAINABLE GLOBAL THEMATIC PORTFOLIO \"A\" (AUDHDG) ACC","HK0000532082.HKD":"ALLIANZ SELECTION INCOME AND GROWTH \"AM\" (HKD) INC","LU0096364046.USD":"CT (LUX) I AMERICAN \"DU\" (USD) ACC","ESLG":"Eventide Large Cap Growth ETF","LU2247934214.USD":"FIDELITY FUNDS SUSTAINABLE FUTURE CONNECTIVITY \"A\" (USD) ACC","LU2471134796.USD":"INVESCO GLOBAL EQUITY INCOME ADVANTAGE \"A\" (USD) INC","LU0943347566.SGD":"安联收益及增长平衡基金AM H2-SGD","AIQ":"Global X Artificial Intelligence & Technology ETF","LU0109392836.USD":"富兰克林科技股A","LU0823434583.USD":"BNP PARIBAS US GROWTH \"C\" (USD) ACC","LU0820562030.AUD":"ALLIANZ INCOME AND GROWTH \"AMH2\" (AUDHDG) H2 INC","LU2750360641.GBP":"INVESCO GLOBAL EQUITY INCOME ADVANTAGE \"A\" (GBPHDG) INC","LU0187121727.USD":"FIDELITY SUSTAINABLE US EQUITY \"A\" (USD) INC","LU0210536198.USD":"JPM US GROWTH \"A\" ACC","LU0965509010.AUD":"AB LOW VOLATILITY EQUITY PORTFOLIO \"AD\" (AUDHDG) INC","LU2896262040.SGD":"JPM US GROWTH FUND \"A\" (SGD) ACC","LU2750360997.AUD":"INVESCO GLOBAL EQUITY INCOME ADVANTAGE \"A\" (AUDHDG) INC","LU0823434740.USD":"BNP PARIBAS US GROWTH \"C\" (USD) INC","SG9999015945.SGD":"LionGlobal Disruptive Innovation Fund A SGD","LU1732800096.USD":"摩根大通环球收益基金A (irc)","LU0143551892.USD":"T ROWE PRICE GLOBAL FOCUSED GROWTH EQUITY \"A\" (USD) ACC","LU2394011477.USD":"JPMORGAN CLIMATE CHANGE SOLUTIONS \"A\" (USD) ACC","IE00BZ199S13.USD":"BNY MELLON MOBILITY INNOVATION \"B\" (USD) ACC","LU2462591277.SGD":"TRP GLOBAL FOCUSED GROWTH EQUITY \"AN\" (SGDHDG) ACC","USXF":"iShares ESG Advanced MSCI USA ETF","LU1084165304.USD":"FIDELITY WORLD \"A\" (USD) ACC","LU2487616109.SGD":"JPM AMERICA EQUITY \"A\" (SGD) ACC","LU2954938101.SGD":"T ROWE PRICE GLOBAL FOCUSED GROWTH EQUITY \"A8P\" (SGD) INC","AIS":"VistaShares Artificial Intelligence Supercycle ETF","LU0210528500.USD":"JPM AMERICA EQUITY \"A\" ACC","LU2999663052.SGD":"T ROWE PRICE GLOBAL FOCUSED GROWTH EQUITY \"A4P\" (SGD) INC","LU0787776722.HKD":"AB SELECT US EQUITY PORTFOLIO \"A\" (HKD) ACC","LU2089283258.USD":"安联环球可持续基金Cl AM Dis","LU0444971666.USD":"天利全球科技基金","IE00B4YYXB79.USD":"PIMCO BALANCED INCOME AND GROWTH \"E\" (USD) ACC","ESUM":"EVENTIDE US MARKET ETF","LU1323610961.USD":"UBS (LUX) EQUITY SICAV - LONG TERM THEMES (USD) \"P\" (USD) ACC","LU0912757837.SGD":"JPMorgan Investment Funds - Global Income A (mth) SGD-H","LU2168564495.EUR":"AZ ALLOCATION - TREND \"AI\" (EUR) ACC","LU0689626769.HKD":"AB SICAV I - SUSTAINABLE US THEMATIC PORTFOLIO \"A\" (HKD) ACC","LU0965509101.SGD":"AB LOW VOLATILITY EQUITY PORTFOLIO \"A\" (SGDHDG) ACC","LU2047632596.USD":"T.ROWE MULTI-ASSET GLOBAL INCOME \"A\" (USD) ACC","LU0823414551.USD":"BNP PARIBAS ENERGY TRANSITION \"C\" (USD) INC","LU2168564222.USD":"AZ ALLOCATION - TREND \"AAZ\" (USDHDG) ACC","LU2168564065.EUR":"AZ ALLOCATION - TREND \"AAZ\" (EUR) ACC","LU0106261372.USD":"SCHRODER ISF US LARGE CAP \"A\" ACC","LU2100268510.USD":"T.ROWE MULTI-ASSET GLOBAL INCOME \"AX\" (USD) INC","LU1935042991.SGD":"MANULIFE GF GLOBAL MULTI-ASSET DIVERSIFIED INCOME \"AA\" (SGDHDG) INC","LU3102509885.SGD":"T.ROWE MULTI-ASSET GLOBAL INCOME \"A8P\" (SGDHDG) INC","LU2168563687.JPY":"AZ ALLOCATION - TREND \"AAZ\" (JPYHDG) ACC","LU1633808545.USD":"ALLIANZ GLOBAL EQUITY GROWTH \"AT\" (USD) ACC","CLSE":"Convergence Long/Short Equity ETF","LU2168564149.EUR":"AZ ALLOCATION - TREND \"BAZ\" (EUR) ACC","LU0251132253.USD":"FIDELITY FUNDS GLOBAL THEMATIC OPPORTUNITIES \"A\" (USD) ACC","IE00BKPKM429.USD":"NEUBERGER BERMAN GLOBAL SUSTAINABLE EQUITY \"A\" (USD) ACC","LU1066051225.USD":"HSBC GIF GLOBAL EQUITY VOLATILITY FOCUSED \"AC\" (USD) ACC","LU0077335932.USD":"FIDELITY AMERICAN GROWTH \"A\" INC","LU1069347547.HKD":"AB SICAV I - GLOBAL VALUE PORTFOLIO \"AD\" (HKD) INC","LU1732799900.SGD":"JPMorgan Investment Funds - Global Income A (irc) SGD-H","LU0353189680.USD":"富国美国全盘成长基金Cl A Acc","LU0158827781.USD":" ALLIANZ GLOBAL SUSTAINABILITY \"AT\" (USD) ACC","BK4567":"ESG概念","LU0553294199.USD":"BGF GLOBAL EQUITY INCOME \"A5G\" (USD) INC","LU2506951792.HKD":"BNP PARIBAS ENERGY TRANSITION \"CRH\" (HKDHDG) ACC","LU1804176565.USD":"EASTSPRING INV GLOBAL GROWTH EQUITY \"A\" (USD) ACC","BK4503":"景林资产持仓","LU2413666426.HKD":"BNP PARIBAS GLOBAL ENVIRONMENT \"C\" (HKD) ACC","BK4566":"资本集团","CMAG":"Corgi Mag 7 ETF","LU2452424414.USD":"BGF ESG MULTI-ASSET \"A10\" (USDHDG) INC","SNPE":"Xtrackers S&P 500 Scored & Screened ETF","SG9999015978.USD":"利安颠覆性创新基金A","LU0964807845.USD":"ALLIANZ INCOME & GROWTH \"A\" (USD) INC","LU0133085943.USD":"T ROWE PRICE US BLUE CHIP EQUITY \"A\" ACC","LU0276348264.USD":"THREADNEEDLE (LUX) GLOBAL DYNAMIC REAL RETURN\"AUP\" (USD) INC","HK0000306685.HKD":"TAIKANG KAITAI CHINA NEW OPPORTUNITIES FUND \"A\" (HKD) INC","LU0174119429.USD":"T ROWE PRICE US LARGE CAP GROWTH EQUITY \"A\" ACC","LU1861127337.USD":"ALLIANZ GLOBAL MULTI ASSET SUSTAINABILITY BALANCED \"AMG\" (USD) INC","LU0127658192.USD":"EASTSPRING INVESTMENTS GLOBAL TECHNOLOGY \"A\" (USD) ACC","LU1989772840.SGD":"CPR Invest - Climate Action A2 Acc SGD-H","LU2462591350.SGD":"T ROWE PRICE US LARGE CAP GROWTH EQUITY \"AN\" (SGDHDG) ACC","LU1935043536.SGD":"MANULIFE GF GLOBAL MULTI-ASSET DIVERSIFIED INCOME \"AA\" (SGDHDG) INC A","LU1400636574.HKD":"ALLIANZ EUROPE INCOME AND GROWTH \"AMG\" (HKDHDG) INC","GAMR":"Amplify Video Game Leaders ETF","LU1989772923.USD":"CPR Invest - Climate Action A2 Acc USD-H","LU2237443895.HKD":"abrdn SICAV I - GLOBAL DYNAMIC DIVIDEND \"A\" (HKD) ACC","LU1934455277.USD":"AB SICAV I LOW VOLATILITY TOTAL RETURN EQUITY PORT \"AD\" (USD) INC","LU1815336760.USD":"THREADNEEDLE (LUX) GLOBAL TECHNOLOGY \"AUP\" (USD) INC","LU1989764664.SGD":"CPR Invest - Global Disruptive Opportunities A2 Acc SGD-H","HK0000306701.USD":"TAIKANG KAITAI CHINA NEW OPPORTUNITIES FUND \"A\" (USD) INC","SG9999014575.USD":"UOB UNITED INCOME FOCUS TRUST FUND (USDHDG) INC","LU1989764748.USD":"东方汇理环球颠覆性机遇A2 Acc","LU0081259029.USD":"UBS (LUX) EQUITY FUND - TECH OPPORTUNITY \"P\" (USD) ACC","LU1119994496.HKD":"FIDELITY WORLD \"A\" (HKD) ACC","LU1934455194.USD":"AB SICAV I LOW VOLATILITY TOTAL RETURN EQUITY PORT \"A\" (USD) ACC","IE0034235303.USD":"PINEBRIDGE US RESEARCH ENHANCED CORE EQUITY \"A\" (USD) ACC","FAI":"First Trust Bloomberg Artificial Intelligence ETF","LU2637965513.SGD":"BGF GLOBAL ALLOCATION \"A10\" (SGDHDG) INC","LU0256863902.USD":"ALLIANZ US EQUITY \"AT\" (USD) ACC","LU2054465674.USD":"UBS (LUX) KEY SELEC SICAV DIGITAL TRANSFORMATION T \"P\" (USD) ACC","THMR":"THOR AdaptiveRisk Dynamic ETF","LU0390134368.USD":"FRANKLIN GLOBAL GROWTH \"A\" (USD) ACC","IE00B5TLWC47.USD":"BNY MELLON LONG-TERM GLOBAL EQUITY \"B\" (USD) ACC","LU0215105999.USD":"SCHRODER ISF GLOBAL EQUITY \"A\" ACC","CNAV":"Mohr Company Nav ETF","LU2265009873.SGD":"Eastspring Investments - Global Growth Equity AS SGD-H","LU2403377893.USD":"ALLIANZ SELECT INCOME AND GROWTH \"AM\" (USD) INC","LU0225283273.USD":"SCHRODER ISF GLOBAL EQUITY ALPHA \"A\" (USD) ACC","IE00BKDWB100.SGD":"PINEBRIDGE US LARGE CAP RESEARCH ENHANCED \"A5H\" (SGDHDG) ACC","AMDD":"1倍做空AMD ETF-Direxion","LU2250418816.HKD":"BGF WORLD TECHNOLOGY \"A\" (HKD) ACC","NULC":"Nuveen ESG Large-Cap ETF","IE0005OL40V9.USD":"JANUS HENDERSON BALANCED \"A6M\" (USD) INC","SG9999014559.SGD":"United Income Focus Trust Dis SGD","LU1992135472.HKD":"ALLIANZ GLOBAL INTELLIGENT CITIES \"AT\" (HKD) ACC","AMDG":"2倍做多AMD ETF- Leverage Shares","AMDL":"2倍做多AMD ETF-GraniteShares","LU1232071149.USD":"AZ FUND 1 GLOBAL GROWTH SELECTOR \"AAZ\" (USDHDG) ACC","SG9999014567.USD":"UOB UNITED INCOME FOCUS TRUST FUND (USD) ACC","CNEQ":"Alger Concentrated Equity ETF","BK4543":"AI","BK4512":"苹果概念","AMDS":"GRANITESHARES 1X SHORT AMD DAILY ETF","LU2148611432.USD":"AZ ALLOCATION BALANCED BRAVE \"AAZ\" (USDHDG) ACC","IE00BJLML261.HKD":"HSBC GLOBAL EQUITY INDEX \"HCH\" (HKD) ACC","LU0210533765.USD":"JPM GLOBAL GROWTH \"A\" (USD) ACC","AMDU":"Defiance Leveraged Long + Income AMD ETF","LU0061475181.USD":"THREADNEEDLE (LUX) AMERICAN \"AU\" (USD) ACC","LU2357125470.USD":"BNP PARIBAS ENERGY TRANSITION \"CLASSIC RH\" (USDHDG) ACC","SG9999015358.SGD":"United Income Focus Trust Dis SGD-H","LU0820561818.USD":"安联收益及增长平衡基金Cl AM DIS","SOXQ":"Invesco PHLX Semiconductor ETF","AMDW":"Roundhill AMD WeeklyPay ETF","LU1267930813.SGD":"FRANKLIN TEMPLETON SHARIAH GLOBAL EQUITY \"AS\" (SGD) ACC","LU0708995401.HKD":"FRANKLIN U.S. OPPORTUNITIES \"A\" (HKD) ACC","AMDY":"AMD期权收益策略ETF-YieldMax","LU0726765562.USD":"JPM GLOBAL INCOME \"A\" (USD HEDGED) INC","LU0154236417.USD":"BGF US FLEXIBLE EQUITY \"A2\" ACC","LU2294711713.HKD":"BNP PARIBAS ENERGY TRANSITION \"C\" (HKD) ACC","LU2381873111.SGD":"BGF SYSTEMATIC GLOBAL EQUITY HIGH INCOME \"A6\" (SGDHDG) INC","LU2347655073.USD":"JPM GLOBAL INCOME \"A\" (USDHDG) INC A","LU0289739343.SGD":"SUSTAINABLE GLOBAL THEMATIC PORTFOLIO \"A\" (SGD) ACC","LU0345769128.USD":"NINETY ONE GSF GLOBAL EQUITY \"A\" (USD) ACC","LU2097344431.USD":"SCHRODER ISF SUSTAINABLE MULTI-ASSET INCOME \"A\" (USDHDG) INC","SOXX":"iShares费城交易所半导体ETF","BK4549":"软银资本持仓","LU0070217475.USD":"JPM GLOBAL SELECT EQUITY \"A\" ACC","IE000Q6AESB8.SGD":"PIMCO BALANCED INCOME AND GROWTH \"A\" (SGDHDG) INC","SOXY":"YieldMax Target 12 Semiconductor Option Income ETF","LU0957808578.USD":"THREADNEEDLE (LUX) GLOBAL TECHNOLOGY \"ZU\" (USD) ACC","LU0128525929.USD":"TEMPLETON GLOBAL \"A\" (USD) ACC","LU2097344357.USD":"SCHRODER ISF SUSTAINABLE MULTI-ASSET INCOME \"A\" (USDHDG) ACC","BK4548":"巴美列捷福持仓","LU1244550577.SGD":"FTIF - Franklin Global Multi-Asset Income A (Mdis) SGD-H1","LU0345769631.USD":"NINETY ONE GSF GLOBAL EQUITY \"A\" (USD) INC","LU1868837300.USD":"CT (LUX) I AMERICAN FUND \"9\" (USD) ACC","LU0345770993.USD":"NINETY ONE GSF GLOBAL STRATEGIC EQUITY \"A\" (USD) INC","LU0006306889.USD":"SCHRODER ISF US LARGE CAP \"A\" (USD) INC AV","BK4554":"元宇宙及AR概念","USD":"ProShares Ultra Semiconductors","LU0683600562.USD":"AB SELECT US EQUITY \"A\" (USD) ACC","LU1814569148.SGD":"WELLINGTON GLOBAL QUALITY GROWTH \"D\" (SGDHDG) ACC","IE00BMPRXN33.USD":"NEUBERGER BERMAN 5G CONNECTIVITY \"A\" (USD) ACC","LU1868836914.USD":"CT (LUX) I AMERICAN \"3\" (USD) ACC","LU0965509283.SGD":"AB LOW VOLATILITY EQUITY PORTFOLIO \"AD\" (SGDHDG) INC","LU1821325948.USD":"NINETY ONE GSF GLOBAL MACRO ALLOCATION \"A\" (USD) ACC","LU1868837136.USD":"CT (LUX) I AMERICAN \"8\" (USD) ACC","SHOC":"Strive U.S. Semiconductor ETF","PSI":"INVESCO SEMICONDUCTORS ETF","LU1868836591.USD":"CT (LUX) I AMERICAN \"1U\"(USD) ACC","LU2264538146.SGD":"Fullerton Lux Funds - Global Absolute Alpha A Acc SGD","IE00BHPRN162.USD":"BNY MELLON BLOCKCHAIN INNOVATION \"B\" (USD) ACC","LU2756315664.SGD":"ALLIANZ INCOME AND GROWTH \"AMI\" (SGDHDG) INC","LU1868836757.USD":"CT (LUX) I AMERICAN FUND \"2\" (USD) ACC","VGT":"信息技术ETF-Vanguard","QQQA":"ProShares Nasdaq-100 Dorsey Wright Momentum ETF","LU1316542783.SGD":"Janus Henderson Horizon Global Technology Leaders A2 SGD","LU1935043023.USD":"MANULIFE GF GLOBAL MULTI-ASSET DIVERSIFIED INCOME \"AA\" (USD) INC A","LU0395794307.EUR":"JPM GLOBAL INCOME (DIV) \"A\" (EUR) INC","BK4550":"红杉资本持仓","LU2746668461.USD":"MANULIFE DYNAMIC LEADERS \"AA\" (USD) ACC","LU2430703095.HKD":"WELLINGTON MULTI-ASSET HIGH INCOME \"AM4\" (HKD) INC","LU2271345857.HKD":"ALLIANZ GLOBAL SUSTAINABILITY \"AT\" (HKD) ACC","LU0345768740.USD":"NINETY ONE GSF GLOBAL STRATEGIC MANAGED \"A\" (USD) INC","IE00B5949003.HKD":"JANUS HENDERSON GLOBAL TECHNOLOGY AND INNOVATION \"A\" (HKD) ACC","LU0642271901.SGD":"Janus Henderson Horizon Global Technology Leaders A2 SGD-H","LU2430703178.SGD":"WELLINGTON MULTI-ASSET HIGH INCOME \"AM4H\" (SGDHDG) INC","BK4551":"寇图资本持仓","LU2430703251.USD":"WELLINGTON MULTI-ASSET HIGH INCOME \"AM4\" (USD) INC","LU2360106780.USD":"BGF WORLD TECHNOLOGY \"A4\" (USD) INC","LU1983260115.SGD":"Janus Henderson Horizon Global Sustainable Equity A2 SGD-H","LU2089985449.USD":"MANULIFE GF GLOBAL SEMICONDUCTOR OPPORTUNITIES \"AA\" (USD) ACC","SG9999017495.SGD":"UGDP UNITED GLOBAL QUALITY GROWTH \"B\" (SGD) ACC","DAMD":"2倍做空AMD ETF-Defiance","LU1035775433.USD":"AB SICAV I - AMERICAN GROWTH PORTFOLIO \"AD\" (USD) INC","LU2931357623.SGD":"MANULIFE GF GLOBAL SEMICONDUCTOR OPPORTUNITIES \"AA\" (SGDHDG) ACC","ARTY":"ISHARES FUTURE AI & TECH ETF","LU2756315318.SGD":"ALLIANZ INCOME AND GROWTH \"AMG\" (SGDHDG) INC A","SMH":"半导体指数ETF-HOLDRs","LU0949170772.SGD":"Blackrock Global Equity Income A6 SGD-H","LU2746668974.SGD":"MANULIFE DYNAMIC LEADERS \"AA\" (SGDHDG) ACC","IETC":"iShares U.S. Tech Independence Focused ETF","SG9999014914.USD":"UNITED GLOBAL QUALITY GROWTH (USDHDG) INC","LU2272731600.USD":"Allianz Global Intelligent Cities AM Dis USD","LU1003077747.HKD":"BGF GLOBAL EQUITY INCOME \"A6\" (HKDHDG) INC","LU0347712357.USD":"BNP PARIBAS GLOBAL ENVIRONMENT \"C\" (USD) ACC","LU0417517546.SGD":"Allianz US Equity Cl AT Acc SGD","IE00BJJMRX11.SGD":"Janus Henderson Balanced A Acc SGD","LU1645745479.HKD":"ALLIANZ EUROPE INCOME AND GROWTH \"AM\" (HKDHDG) INC","LU0079474960.USD":"联博美国增长基金A","LU0738911758.USD":"Blackrock Global Equity Income A6 USD","IE00BK4W5L77.USD":"HSBC GLOBAL FUNDS ICAV US EQUITY INDEX \"HC\" (USD) ACC","LU2361044949.HKD":"WELLINGTON US QUALITY GROWTH \"A\" (HKD) ACC","LU2360032135.SGD":"ALLSPRING GLOBAL EQUITY ENHANCED INCOME \"A\" (SGDHDG) INC","LU2242649171.HKD":"FIDELITY FUNDS GLOBAL THEMATIC OPPORTUNITIES \"A\" (HKD) ACC","TTEQ":"T. Rowe Price Technology ETF","IE00BK4W5M84.HKD":"HSBC GLOBAL FUNDS ICAV US EQUITY INDEX \"HC\" (HKD) ACC","LU2462157665.USD":"ALLIANZ GLOBAL INCOME \"A\" (USD) INC","LU2361044865.SGD":"WELLINGTON US QUALITY GROWTH \"A\" (SGDHDG) ACC","LU0061474705.USD":"THREADNEEDLE (LUX) GLOBAL DYNAMIC REAL RETURN \"AU\" (USD) ACC","LU2087621335.USD":"ALLSPRING GLOBAL FACTOR ENHANCED EQUITY \"A\" (USD) ACC","VT":"世界全股市ETF-Vanguard","LU0289960550.SGD":"AB FCP I - GLOBAL EQUITY BLEND PORTFOLIO 'A' (SGD) ACC","LU2361045086.USD":"WELLINGTON US QUALITY GROWTH \"A\" (USD) ACC","IE00BD6J9T35.USD":"NEUBERGER BERMAN NEXT GENERATION MOBILITY \"A\" (USD) ACC","IE00BYXW3230.USD":"PINEBRIDGE GLOBAL DYNAMIC ASSET ALLOCATION \"AA\" (USD) ACC","BK4605":"半导体精选","IE00B775H168.HKD":"JANUS HENDERSON BALANCED \"A5M\" (HKD) INC","IE0004445239.USD":"JANUS HENDERSON US FORTY \"A2\" (USD) ACC","IE00BFSS8Q28.SGD":"Janus Henderson Balanced A Inc SGD-H","IE00BN29S564.USD":"JANUS HENDERSON BALANCED \"A3\" (USD) INC","LU2125154935.USD":"ALLSPRING (LUX) WF GLOBAL EQUITY ENHANCED INCOME \"I\" (USD) INC","LU2272731865.HKD":"ALLIANZ GLOBAL INTELLIGENT CITIES INCOME \"AM\" (HKD) INC","BK4608":"AI应用概念股","IE0004445015.USD":"JANUS HENDERSON BALANCED \"A2\" (USD) ACC","LU2237443382.USD":"Aberdeen Standard SICAV I - Global Dynamic Dividend A MIncA USD","SGXZ80539844.SGD":"ALLIANZ GLOBAL HIGH PAYOUT \"AMI\" (H2-SGD) INC","LU2355687059.USD":"NORDEA 1 GLOBAL IMPACT \"BP\" (USD) ACC","LU2237443549.SGD":"Aberdeen Standard SICAV I - Global Dynamic Dividend A MIncA SGD-H","LU0124676726.USD":"AB SICAV I - SUSTAINABLE US THEMATIC PORTFOLIO \"A\" (USD) ACC","TTXU":"Direxion Daily Technology Top 5 Bull 2X ETF","LU2237443622.USD":"Aberdeen Standard SICAV I - Global Dynamic Dividend A Acc USD","ILDR":"First Trust Innovation Leaders ETF","LU1066053197.SGD":"HSBC GIF GLOBAL EQUITY VOLATILITY FOCUSED \"AM3\" (SGDHDG) INC","LU0979878070.USD":"FULLERTON LUX FUNDS - ASIA ABSOLUTE ALPHA \"A\" (USD) ACC","LU0528227936.USD":"富达环球人口趋势基金A-ACC","LU2491049909.HKD":"WELLINGTON SUSTAINABLE OUTCOMES \"A\" (HKD) ACC","LU2028103732.USD":"ALLIANZ GLOBAL SUSTAINABILITY \"AMG\" (USD) INC","LU0889566641.SGD":"FTSF - Templeton Shariah Global Equity A Acc SGD","LU2237443978.SGD":"Aberdeen Standard SICAV I - Global Dynamic Dividend A Acc SGD-H","IE00B3M56506.USD":"NEUBERGER BERMAN EMERGING MARKETS EQUITY \"A\" (USD) ACC","LU1267930730.SGD":"富兰克林美国机遇基金AS Acc SGD (CPF)","SGXZ23171101.USD":"NIKKO AM SHENTON GLOBAL OPPORTUNITIES (USD) ACC","LU0289961442.SGD":"SUSTAINABLE GLOBAL THEMATIC PORTFOLIO \"AX\" (SGD) ACC","LU2357305700.SGD":"Allianz Global Artificial Intelligence ET H2-SGD","LU0985320562.USD":"NORDEA 1 GLOBAL STARS EQUITY \"BP\" (USD) ACC","LU1979441026.SGD":"AB SICAV I - AMERICAN GROWTH PORTFOLIO \"A\" (SGDHDG) ACC","LU0109391861.USD":"富兰克林美国机遇基金A Acc","LU2491050071.SGD":"WELLINGTON SUSTAINABLE OUTCOMES \"A\" (SGDHDG) ACC","LU0661504455.SGD":"Blackrock Global Equity Income A5 SGD-H","LU2491050154.USD":"WELLINGTON SUSTAINABLE OUTCOMES \"A\" (USD) ACC","GB00BDT5M118.USD":"天利环球扩展Alpha基金A Acc","WISE":"THEMES GENERATIVE ARTIFICIAL INTELLIGENCE ETF","LU2461242641.AUD":"WELLINGTON US QUALITY GROWTH \"A\" (AUDHDG) ACC","ROM":"ProShares Ultra Technology","LU0011850046.USD":"贝莱德全球长线股票 A2 USD","IE0009G5SDU7.USD":"PIMCO BALANCED INCOME AND GROWTH \"M\" (USD) INC","LU0640476718.USD":"THREADNEEDLE (LUX) US CONTRARIAN CORE EQ \"AU\" (USD) ACC","TRFK":"PACER DATA AND DIGITAL REVOLUTION ETF","IE0001KFT4U8.USD":"FTGF CLEARBRIDGE GLOBAL GROWTH LEADERS \"A\" (USD) INC","LU0097036916.USD":"贝莱德美国增长A2 USD","BK4612":"AI芯片","LU2089284900.SGD":"Allianz Global Sustainability Cl AM Dis H2-SGD","LU1280957306.USD":"THREADNEEDLE (LUX) US CONTRARIAN CORE EQUITIES \"AUP\" (USD) INC","IE000ITXATA3.USD":"PIMCO BALANCED INCOME AND GROWTH \"M\" (USD) ACC","BK4614":"Manus概念股","LU2592432038.USD":"WELLINGTON MULTI-ASSET HIGH INCOME \"A\" (USD) ACC","SG9999004303.SGD":"Nikko AM Shenton Global Opportunities SGD","IE000YTNTUN2.SGD":"PIMCO BALANCED INCOME AND GROWTH \"M\" (SGDHDG)INC","LU1202635105.USD":"ALLIANZ EUROPE INCOME AND GROWTH \"AM\" (USDHDG) INC","LU1988902786.USD":"FULLERTON LUX FUNDS GLOBAL ABSOLUTE ALPHA \"I\" (USD) ACC","IE0034235188.USD":"PINEBRIDGE GLOBAL FOCUS EQUITY \"A\" (USD) ACC","IE00BDCRKT87.USD":"PINEBRIDGE GLOBAL DYNAMIC ASSET ALLOCATION \"ADC\" (USD) INC","LU0444973449.USD":"CT (LUX) I GLOBAL TECHNOLOGY \"DU\" (USD) ACC","LU2191332357.HKD":"SCHRODER ISF SUSTAINABLE MULTI-ASSET INCOME \"A\" (HKDHDG) INC","SGXZ81514606.USD":"大华环球创新基金A Acc USD","LU2505996681.GBP":"WELLINGTON MULTI-ASSET HIGH INCOME \"AM4H\" (GBPHDG) INC","IE00BJJMRY28.SGD":"Janus Henderson Balanced A Inc SGD","LU0158827948.USD":"ALLIANZ GLOBAL SUSTAINABILITY \"A\" (USD) INC","LU0320765059.SGD":"FTIF - Franklin US Opportunities A Acc SGD","LU1914381329.SGD":"Allianz Best Styles Global Equity Cl ET Acc H2-SGD","LU2505996509.AUD":"WELLINGTON MULTI-ASSET HIGH INCOME \"AM4H\" (AUDHDG) INC","BK4141":"半导体产品","LU2552382215.SGD":"WELLINGTON US BRAND POWER \"A\" (SGDHDG) ACC","LU2237957902.USD":"NIKKO AM GLOBAL EQUITY \"F\" (USD) ACC","LU1861559042.SGD":"日兴方舟颠覆性创新基金B SGD","LU0353189763.USD":"ALLSPRING US ALL CAP GROWTH FUND \"I\" (USD) ACC","LU2237957811.SGD":"NIKKO AM GLOBAL EQUITY \"F\" (SGD) ACC","LU0708994859.HKD":"TEMPLETON GLOBAL \"A\" (HKD) ACC","LU2552382058.USD":"WELLINGTON US BRAND POWER \"A\" (USD) ACC","LU0823421333.USD":"BNP PARIBAS DISRUPTIVE TECHNOLOGY \"C\" (USD) ACC","IE00BJTD4N35.SGD":"Neuberger Berman US Long Short Equity A1 Acc SGD-H","LU2552382132.HKD":"WELLINGTON US BRAND POWER \"A\" (HKD) ACC","LU0029864427.USD":"TEMPLETON GLOBAL \"A\" (USD) INC","IE00B19Z8X17.USD":"FTGF CLEARBRIDGE US LARGE CAP GROWTH \"AG\" (USD) ACC","LU0823421416.USD":"BNP PARIBAS DISRUPTIVE TECHNOLOGY \"C\" (USD) INC","LU2413666699.HKD":"BNP PARIBAS GLOBAL ENVIRONMENT \"CRH\" (HKDHDG) INC","LU0861579265.USD":"联博低波幅策略股票基金A","IE00BFSS7M15.SGD":"Janus Henderson Balanced A Acc SGD-H","LU1935042215.USD":"MANULIFE GF GLOBAL MULTI-ASSET DIVERSIFIED INCOME \"AA\" (USD) INC A","LU2458330169.SGD":"FRANKLIN SHARIAH TECHNOLOGY \"A\" (SGD) ACC","IE0003U64NQ7.SGD":"PIMCO BALANCED INCOME AND GROWTH \"M\" (SGDHDG) ACC","IE000KEQY171.SGD":"PIMCO BALANCED INCOME AND GROWTH \"M\" (SGDHDG) INC","LU2458330243.SGD":"FRANKLIN SHARIAH TECHNOLOGY \"A-H1\" (SGDHDG) ACC","HK0000914686.HKD":"GFI Global Select Equity Fund Class A (HKD)","LU2023251221.USD":"ALLIANZ GLOBAL SUSTAINABILITY \"AM\" (USD) INC","LU0354030511.USD":"ALLSPRING U.S. LARGE CAP GROWTH \"I\" (USD) ACC","LU0345770308.USD":"NINETY ONE GSF GLOBAL STRATEGIC EQUITY \"A\" (USD) ACC","HK0000914660.USD":"GFI Global Select Equity Fund Class A (USD)","LU0354030438.USD":"富国美国大盘成长基金Cl A Acc","LU0175139822.USD":"AB FCP I Global Equity Blend A USD","BAI":"iShares A.I. Innovation and Tech Active ETF","LU1571399168.USD":"ALLSPRING GLOBAL LONG/SHORT EQUITY \"IP\" (USD) ACC","SG9999014898.SGD":"United Global Quality Growth Fund Dis SGD","IE00BMPRXR70.SGD":"Neuberger Berman 5G Connectivity A Acc SGD-H","LU1720051108.HKD":"ALLIANZ GLOBAL ARTIFICIAL INTELLIGENCE \"AT\" (HKD) ACC","SG9999018865.SGD":"United Global Quality Growth Fd Cl Dist SGD-H","LU1861215975.USD":"贝莱德新一代科技基金 A2","XNTK":"SPDR NYSE Technology ETF","SGXZ99366536.SGD":"United Global Innovation A Acc SGD-H","LU1861220033.SGD":"Blackrock Next Generation Technology A2 SGD-H","LU1267930490.SGD":"TEMPLETON GLOBAL EQUITY INCOME \"AS\" (SGD) INC A","LU2106854487.HKD":"ALLIANZ THEMATICA \"AMG\" (HKD) INC","LU0889565833.HKD":"FRANKLIN TECHNOLOGY \"A\" (HKD) ACC","LU0069063385.USD":"SUSTAINABLE GLOBAL THEMATIC PORTFOLIO \"A\" (USD) ACC","LU1400636657.SGD":"Allianz Europe Income and Growth Cl AMg DIS H2-SGD","LU2065169927.USD":"M&G (LUX) GLOBAL MAXIMA \"A\" (USD) ACC","SGXZ51526630.SGD":"大华环球创新基金A Acc SGD","LU1629891620.HKD":"ALLIANZ INCOME AND GROWTH \"AMG2\" (H2-HKD) INC","LU2326559502.SGD":"Natixis Loomis Sayles US Growth Equity P/A SGD-H","SG9999018857.SGD":"United Global Quality Growth Fd Cl Acc SGD-H","LU1935042488.USD":"MANULIFE GF GLOBAL MULTI-ASSET DIVERSIFIED INCOME \"AA\" (USD) INC","LU1778281490.HKD":"HSBC GIF GLOBAL LOWER CARBON EQUITY \"AD\" (HKD) INC","IE000W1ABFV2.USD":"PIMCO BALANCED INCOME AND GROWTH \"R\" (USD) INC","IE00BZ1G4Q59.USD":"LEGG MASON CLEARBRIDGE US EQUITY SUSTAINABILITY LEADER \"A\"(USD) INC (A)","FDTX":"Fidelity Disruptive Technology ETF","LU0203202063.USD":"AB SICAV I - ALL MARKET INCOME PORTFOLIO \"A2X\" (USD) ACC","SG9999015986.USD":"LIONGLOBAL DISRUPTIVE INNOVATION \"I\" (USD) ACC","IE0009356076.USD":"JANUS HENDERSON GLOBAL TECHNOLOGY AND INNOVATION \"A2\" (USD) ACC","LU0266013472.USD":"AXA WF - Framlington Longevity Economy A Cap USD","LU0348723411.USD":"ALLIANZ GLOBAL HI-TECH GROWTH \"A\" (USD) INC","LU0476273544.USD":"CT (LUX) I GLOBAL TECHNOLOGY \"BU\" (USD) ACC","LU0203201768.USD":"AB SICAV I - ALL MARKET INCOME PORTFOLIO \"AX\" (USD) INC","LU2023250330.USD":"ALLIANZ INCOME AND GROWTH \"AMG\" (USD) INC","LU1917777945.USD":"安联专题基金Cl AT Acc","LU1720051017.SGD":"Allianz Global Artificial Intelligence AT Acc H2-SGD","LU1923622614.USD":"Natixis Thematics Meta R/A USD","LU1244550221.USD":"FRANKLIN GLOBAL MULTI-ASSET INCOME \"A\" (USDHEDGED) INC (M)","LU1699723380.USD":"ALLSPRING GLOBAL LONG/SHORT EQUITY \"AP\" (USD) ACC","TYLG":"GLOBAL X INFORMATION TECHNOLOGY COVERED CALL & GROWTH ETF","LU2242650005.HKD":"FIDELITY FUNDS GLOBAL MULTI ASSET DYNAMIC \"A\" (HKD) ACC","LU1721428933.USD":"法巴全球经典环境基金RH MD Dis","LU2125909759.SGD":"Natixis Thematics Safety H-R/A SGD","LU0882574139.USD":"富达环球消费行业基金A ACC","SPTE":"SP FUNDS S&P GLOBAL TECHNOLOGY ETF","SG9999014542.SGD":"United Income Focus Trust Acc SGD","JGRO":"Jpmorgan Active Growth ETF","LU0057025933.USD":"SUSTAINABLE GLOBAL THEMATIC PORTFOLIO \"AX\" (USD) ACC","LU0211328371.USD":"TEMPLETON GLOBAL EQUITY INCOME \"A\" (MDIS) (USD) INC","LU2125909916.SGD":"Natixis Thematics Safety R/A SGD","LU2211815571.USD":"ALLIANZ POSITIVE CHANGE \"AT\" (USD) ACC","IE00BQXX3D17.EUR":"GUINNESS GLOBAL INNOVATORS \"C\" (EUR) ACC","LU1852331112.SGD":"Blackrock World Technology Fund A2 SGD-H","IE00BQXX3C00.GBP":"GUINNESS GLOBAL INNOVATORS \"C\" (GBP) ACC","LU1923622291.USD":"Natixis Thematics Safety R/A USD","LU0323239441.USD":"HSBC GIF GLOBAL EQUITY CLIMATE CHANGE \"AC\" ACC","LU2433249047.HKD":"THEMATICS META \"R/A\" (HKD) ACC","IE00BQXX3F31.USD":"GUINNESS GLOBAL INNOVATORS \"C\" (USD) ACC","LU2063271972.USD":"富兰克林创新领域基金","LU0792757196.USD":"TEMPLETON SHARIAH GLOBAL EQUITY FUND \"A\" (USD) ACC","LU2108987350.USD":"UBS (LUX) EQUITY SICAV GLOBAL OPPORTUNITY SUSTAINABLE (USD) \"P\" (USD) ACC","LU2244417387.USD":"FIDELITY SUSTAINABLE US EQUITY \"A\" (USD) ACC","LU1242518931.SGD":"Fullerton Lux Funds - Asia Absolute Alpha A Acc SGD","LU2213496289.HKD":"ALLIANZ INCOME AND GROWTH \"AT\" (HKD) ACC","LU0345768153.USD":"NINETY ONE GSF GLOBAL STRATEGIC MANAGED \"A\" (USD) ACC","LU2290526834.HKD":"BGF NEXT GENERATION TECHNOLOGY \"A2\" (HKDHDG) ACC","LU1037948897.HKD":"AB LOW VOLATILITY EQUITY PORTFOLIO \"AD\" (HKD) INC","LU1066051498.USD":"HSBC GIF GLOBAL EQUITY VOLATILITY FOCUSED \"AM2\" (USD) INC","LU2023250504.SGD":"Allianz Thematica Cl AMg DIS H2-SGD","LU0265550359.USD":"BGF SYSTEMATIC GLOBAL ENHANCED EQUITY YIELD \"A2\" (USD) ACC","LU0557290698.USD":"施罗德环球可持续增长基金","SG9999000418.SGD":"Aberdeen Standard Global Technology SGD","LU1037948541.HKD":"AB LOW VOLATILITY EQUITY PORTFOLIO \"A\" (HKD) ACC","LU0323591593.USD":"SCHRODER ISF QEP GLOBAL QUALITY \"A\" (USD) ACC","LU0198837287.USD":"UBS (LUX) EQUITY SICAV - USA GROWTH \"P\" (USD) ACC","LU0820561909.HKD":"ALLIANZ INCOME AND GROWTH \"AM\" (HKD) INC","FTEC":"Fidelity MSCI Information Techno","LU1116320737.USD":"BGF SYSTEMATIC GLOBAL ENHANCED EQUITY YIELD \"A6\" (USD) INC","IXN":"iShares Trust S&P Global Informa","EFIV":"SPDR S&P 500 ESG ETF","IE00BDRTCR15.USD":"PINEBRIDGE GLOBAL DYNAMIC ASSET ALLOCATION \"ADC\" (USD) INC A","LU1791710582.SGD":"Fidelity Global Demographics A-ACC-SGD (SGD/USD hedged)","IE00B19Z8W00.USD":"FTGF CLEARBRIDGE US LARGE CAP GROWTH \"A\" INC","LU2125909593.SGD":"Natixis Thematics Meta R/A SGD","LU1791710400.SGD":"Fidelity Global Demographics A-ACC-SGD","LU0056508442.USD":"贝莱德世界科技基金A2","LU0256863811.USD":"ALLIANZ US EQUITY \"A\" INC","LU0823414478.USD":"法巴经典能源转换基金","WUGI":"AXS Esoterica NextG Economy ETF","LU0689472784.USD":"安联收益及增长基金Cl AM AT Acc","LU0868494708.USD":"UBS (LUX) EQUITY SICAV - US TOTAL YIELD SUSTAINABLE \"P\" (USD) INC","SG9999001424.SGD":"United E-Commerce Fund SGD","LU0323240290.USD":"HSBC GIF GLOBAL EQUITY CLIMATE CHANGE \"AD\" INC","LU1261432733.SGD":"Fidelity World A-ACC-SGD","LU0267386448.USD":"FIDELITY FIRST ALL COUNTRY WORLD \"A\" (USD) INC","IE00B1BXHZ80.USD":"Legg Mason ClearBridge - US Appreciation A Acc USD","LU1116320901.HKD":"BGF SYSTEMATIC GLOBAL ENHANCED EQUITY YIELD \"A6\" (HKD) INC","LU0786609619.USD":"高盛全球千禧一代股票组合Acc","LU2092937148.SGD":"Blackrock ESG Multi-Asset A8 SGD-H","LU1064131342.USD":"Fullerton Lux Funds - Global Absolute Alpha A Acc USD","IE0034235295.USD":"PINEBRIDGE GLOBAL DYNAMIC ASSET ALLOCATION \"A\" (USD) ACC","LEGR":"First Trust Indxx Innovative Transaction & Process ETF","LU2111349929.HKD":"ALLIANZ GLOBAL SUSTAINABILITY \"AM\" (HKD) INC","LU1035773651.USD":"AB SICAV I - GLOBAL VALUE PORTFOLIO \"AD\" (USD) INC","IE00BJTD4V19.USD":"NEUBERGER BERMAN US LONG SHORT EQUITY \"A1\" (USD) ACC","LU2092627202.USD":"Blackrock ESG Multi-Asset A8 USD-H","LU2360107168.USD":"BGF NEXT GENERATION TECHNOLOGY \"A4\" (USD) INC","LU2077746001.SGD":"Blackrock ESG Multi-Asset A2 SGD-H","ABFL":"ABACUS FCF LEADERS ETF","AMD":"美国超微公司","LU0310800379.SGD":"FTIF - Templeton Global A Acc SGD","LU2237443465.HKD":"abrdn SICAV I - GLOBAL DYNAMIC DIVIDEND \"A\" (HKD) INC","LU1496350502.SGD":"FRANKLIN DIVERSIFIED DYNAMIC \"A\" (SGDHDG) ACC","LU1153585028.USD":"BGF GLOBAL LONG-HORIZON EQUITY \"A4\" (USD) INC","LU0724617625.USD":"BGF GLOBAL ALLOCATION \"A4\" (USD) INC","LU2236285917.USD":"ALLIANZ GLOBAL INCOME \"AMG\" (USD) INC","LU0788109477.HKD":"BGF GLOBAL ALLOCATION \"A2\" (HKDHGD) ACC","LU1674673691.USD":"HSBC GIF GLOBAL LOWER CARBON EQUITY \"AD\" (USD) INC","LU0316494557.USD":"FRANKLIN GLOBAL FUNDAMENTAL STRATEGIES \"A\" ACC","LU1674673428.USD":"HSBC GIF GLOBAL LOWER CARBON EQUITY \"AC\" (USD) ACC","IE00B3S45H60.SGD":"Neuberger Berman US Multicap Opportunities A Acc SGD-H","LU0234570918.USD":"高盛全球核心股票组合Acc Close","LU1718418525.SGD":"JPMorgan Investment Funds - Global Select Equity A (acc) SGD","LU2456880835.USD":"ALLIANZ GLOBAL INCOME \"AT\" (USD) ACC","LU0094547139.USD":"abrdn SICAV I - GLOBAL SUSTAINABLE EQUITY FUND \"A\" (USD) ACC","LU0942090050.USD":"UBS (LUX) EQUITY SICAV - US TOTAL YIELD SUSTAINABLE \"P\" (USD) INC","LU2133065610.SGD":"JPMorgan Investment Funds - Global Dividend A (mth) SGD","LU2286300806.USD":"Allianz Cyber Security AT Acc USD","LU1551013342.USD":"Allianz Income and Growth Cl AMg2 DIS USD","IE00B7KXQ091.USD":"Janus Henderson Balanced A Inc USD","LU2125154778.USD":"ALLSPRING GLOBAL EQUITY ENHANCED INCOME \"A\" (USD) INC","LU0080751232.USD":"富达环球多元动力基金A","LU1303367103.USD":"摩根大通多经理另类基金 A (acc)","BK4592":"伊斯兰概念","LU2098885051.SGD":"JPMorgan Funds - Multi-Manager Alternatives A (acc) SGD","IE00BMPRXQ63.HKD":"NEUBERGER BERMAN NEXT GENERATION CONNECTIVITY FUND \"A\" (HKDHDG) ACC","LU0234572021.USD":"高盛美国核心股票组合Acc","LU1880398554.USD":"AMUNDI FUNDS GLOBAL EQUITY \"A2\" (USD) INC","LU1670756490.USD":"ALLIANZ EUROPE INCOME AND GROWTH \"AT\" (USDHDG) ACC","LU1861558580.USD":"日兴方舟颠覆性创新基金B","LU1069344957.HKD":"AB SICAV I - AMERICAN GROWTH PORTFOLIO \"AD\" (HKD) INC","LU1951198990.SGD":"Natixis Thematics AI & Robotics Fund H-R/A SGD-H","IE00B19Z9505.USD":"美盛-美国大盘成长股A Acc","IE00BKVL7J92.USD":"Legg Mason ClearBridge - US Equity Sustainability Leaders A Acc USD","LU1951200564.SGD":"Natixis Thematics AI & Robotics Fund R/A SGD","IE00BWXC8680.SGD":"PINEBRIDGE US LARGE CAP RESEARCH ENHANCED \"A5\" (SGD) ACC","LU1923623000.USD":"Natixis Thematics AI & Robotics Fund R/A USD","LU0061474960.USD":"天利环球焦点基金AU Acc","LU2087625088.SGD":"ALLSPRING US ALL CAP GROWTH \"A\" (SGDHDG) ACC","LU1267930573.SGD":"TEMPLETON GLOBAL \"AA\" (SGD) ACC A","LFGY":"YieldMax Crypto Industry and Tech Portfolio Option Income ETF","LU0494093205.USD":"贝莱德ESG灵活多元资产A2 USD-H","LU0672654240.SGD":"FTIF - Franklin US Opportunities A Acc SGD-H1","LU2125909247.SGD":"Natixis Thematics Meta H-R/A SGD","LU1691799644.USD":"Amundi Funds Polen Capital Global Growth A2 (C) USD","BK4585":"ETF&股票定投概念","LU1429558221.USD":"Natixis Loomis Sayles US Growth Equity RA USD","LU1548497426.USD":"安联环球人工智能AT Acc","SG9999015952.SGD":"LIONGLOBAL DISRUPTIVE INNOVATION \"I\" (SGD) ACC","LU0170899867.USD":"EASTSPRING INVESTMENTS WORLD VALUE EQUITY \"A\" (USD) ACC","XLK":"高科技指数ETF-SPDR","AGOX":"Adaptive Alpha Opportunities ETF","LU1435385759.SGD":"Natixis Loomis Sayles US Growth Equity RA SGD-H","LU2279689827.SGD":"JPMorgan Investment Funds - Global Income Sustainable A (mth) SGD-H","BK4587":"ChatGPT概念","LU1815333072.USD":"THREADNEEDLE (LUX) GLOBAL FOCUS \"AUP\" (USD) INC","HK0000320223.HKD":"TAIKANG KAITAI CHINA NEW OPPORTUNITIES FUND \"A\" (HKD) ACC","LU2347655156.SGD":"JPMorgan Investment Funds - Global Income A (icdiv) SGD-H","SG9999014906.USD":"大华全球优质成长基金Acc USD","LU0957791311.USD":"THREADNEEDLE (LUX) GLOBAL FOCUS \"ZU\" (USD) ACC","IE00B4JS1V06.HKD":"JANUS HENDERSON BALANCED \"A2\" (HKD) ACC","LU1242518857.USD":"FULLERTON LUX FUNDS - ASIA ABSOLUTE ALPHA \"I\" (USD) ACC","CHAT":"ROUNDHILL GENERATIVE AI & TECHNOLOGY ETF","IE00B775SV38.USD":"NEUBERGER BERMAN US MULTICAP OPPORTUNITIES \"A\" (USD) ACC","BK4588":"碎股","HK0000320264.USD":"TAIKANG KAITAI CHINA NEW OPPORTUNITIES FUND \"A\" (USD) ACC","LU0211327993.USD":"TEMPLETON GLOBAL EQUITY INCOME \"A\" (USD) ACC","LU0053666078.USD":"摩根大通基金-美国股票A（离岸）美元","BK4598":"佩洛西持仓","LU0795875169.SGD":"JPMorgan Investment Funds - Global Income A (div) SGD-H","LU1551013425.SGD":"Allianz Income and Growth Cl AMg2 DIS H2-SGD","LU0082616367.USD":"摩根大通美国科技A（dist）","LU1803068979.SGD":"FTIF - Franklin Technology A (acc) SGD-H1","LU2272731782.SGD":"Allianz Global Intelligent Cities AM Dis H2-SGD"},"source_url":"https://wallstreetcn.com/articles/3778726","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2657515385","content_text":"这份财报没有否定AMD的成长故事，它否定的是\"故事不需要新证据\"的定价。 当市场为2027年数据中心翻倍预付了130%的涨幅，接下来的每一个季度，AMD都要用超出预期的执行，为这个溢价续命。8月4日盘后，AMD交出了一份几乎没有瑕疵的财报：营收115.36亿美元，同比增长 50%，创历史新高；非GAAP每股收益1.66美元，超过市场预期的1.62美元；数据中心营收67.18亿美元，同比翻倍，占公司总营收的58%。股价在盘后却一度暴跌10%，收跌8.8%。超预期为什么成了利空？市场定价的不是业绩，是加速。AMD年内股价涨超130%，52周区间从149美元到584美元，涨幅里装的是\"追赶英伟达\"的预期。Q3指引约130亿美元，高于共识的125亿美元，但环比只增 13%——维持斜率，不是跳档。市场要的加速，财报没有给。投资的代价在财报上也有所显现：56%的毛利率创了新高，但 AI 数据中心的毛利率低于公司平均，占比58%的成长业务反而在稀释利润率；为了 Helios 机柜系统抢产能，资本开支花了8.08亿美元，是分析师预期的近3倍，自由现金流从25.7亿美元腰斩到15.6亿美元。增长的代价，第一次在资产负债表上显形。市场要的加速，Q3 指引没有给Q3指引130亿美元上下，同比增41%，环比增13%，中值高于共识的125.2亿美元。这份指引谈不上差，问题在形态：环比只增13%，只是延续当前的斜率。Dolphin Research算了笔账：按指引推算，Q3 数据中心环比增量约12亿到18亿美元，而 MI455X 才刚刚开始出货，这个台阶算不上特别强。市场此前押注的是 AI 需求让 AMD 再上一个档，指引没有给出这个信号。AMD 年内涨超130%，市场买的是一个故事：英伟达产能受限、客户需要第二供应商，AMD 从 AI 芯片的备选项变成必选项。财报要做的，是证明这个故事在加速。7月 Anthropic 宣布在 Helios上部署2吉瓦MI450 GPU，消息当天股价涨约10%；6月初博通财报一度引发半导体板块回调，AMD 随后在 Helios 订单预期下重新修复至518美元上方。每一次上涨，都在抬高下一次财报的门槛。当AMD交出的只是\"符合预期的好\"，年内130%的涨幅就没了继续向上的理由。盘后的卖盘，是预期兑现的落点。107%的翻倍，一半是低基数数据中心同比107%的增速最抓眼球，但成色要打个问号。2025年二季度，美国出口管制让 AMD 计提了8亿美元的 MI308 库存及相关费用，把当时的基数砸出了一个坑。今年的翻倍，有一部分是填坑填回来的。Dolphin Research拆了一个数：本季度 Instinct AI GPU营收约27亿美元，上年同期约11亿美元，同样带着基数的阴影。相比之下 EPYC 更干净：云和企业销售同比增长都超过70%，服务器 CPU 营收连续第五个季度创纪录，第六代 EPYC Venice 已投产。没有低基数滤镜的加速，才是这份财报最扎实的一块。苏姿丰在电话会上给了锚：2027年数据中心营收\"翻倍有余\"，2026下半年服务器营收同比增长超过80%，2027年在更高基数上仍增长超过70%。毛利率的暗线：AI 越大，毛利越薄56%的非GAAP毛利率创了新高，但数字里有水分。同比13个百分点的跃升，一大半来自去年同期那笔8亿美元的出口管制计提。管理层在电话会上确认：AI 数据中心的毛利率略低于公司平均水平。而数据中心恰恰是增长最快、占比最高的业务，从一年前的42%升到现在的58%。营收中最具成长性的部分，是结构性的毛利稀释器。对比英伟达75%的非 GAAP 毛利率，差距近20个百分点。英伟达靠垄断定价赚超额利润，AMD 的份额靠价格换——苏姿丰说得很直白，AMD 卖的是整合 CPU、GPU、网络芯片的整套基础设施，用更低的单价和更高的开放度撬动客户。这个模式的代价，是每一块钱收入里装进利润的比例天然低于对手。Helios 从卖芯片转向卖整机柜系统，单价上去了，但机架里的芯片、网络、存储都是成本。规模越大，稀释效应越明显。市场对这份财报的失望，一部分就藏在毛利率的暗线里。资本开支三倍于预期，增长开始烧钱资产负债表比利润表更能说明问题：资本开支8.08亿美元，是分析师预期（约2.99亿美元，据 Dolphin Research 测算）的近3倍；自由现金流（据测算）从25.7亿美元降到15.6亿美元；存货增至84.68亿美元，应收账款环比增长21%，达到72.81亿美元。这不是财务恶化，是主动选择的增长模式：先把钱砸进产能和备货，再等订单兑现。苏姿丰说 Helios 的需求\"非常强劲，超出我们最初的预测\"，为了接住订单，AMD 必须提前锁产能、提前备库存。现金、存货、应收三个科目同步走高，就是这份抢跑的痕迹。问题在于，这种模式把业绩的确定性推迟到了未来。一旦 AI 资本开支增速放缓，或某个大客户交付节奏延后，这些数字会从进攻的弹药变成库存的负担。真正的瓶颈在产能，不在需求Helios 是这份财报里最关键的信号。这是 AMD 首款整机柜级 AI 系统，把 CPU、GPU、网络芯片打包成完整机柜交付，本季度已向 Meta、OpenAI、Oracle 交付首批；7月宣布的 Anthropic 2吉瓦合作，首批1吉瓦部署在2027年上半年开始；微软也将在 Azure 上大规模部署。客户名单还在扩：Anthropic、Cirrascale、HUMAIN、Meta、微软、OpenAI、Oracle、Tensorwave、Vultr。需求端的故事无可挑剔。AMD 的天花板不在这里，在台积电的先进封装产能。汇丰5月把 AMD 下调至持有，理由就是台积电产能限制——这份财报某种程度上证实了担忧，否则 AMD 没必要把资本开支打到预期三倍去抢产能。AI 芯片的竞争，已经从谁的芯片更好，变成谁先拿到台积电的产能。英伟达的优先权，依然是 AMD 绕不开的约束。Helios 还藏着一层更深的含义：AMD 的商业模式在从卖芯片转向卖系统。过去它卖一颗颗 GPU、CPU，客户买回去自己拼集群；现在整机柜交付，单价和交付复杂度都上了一个台阶。这既是进攻也是防御——英伟达早用机架级产品证明，系统层的利润和客户黏性比单芯片高得多。但转身也意味着资本更重、交付风险更大，机柜出问题，责任从芯片厂变成系统集成商。追赶者的估值，已经把成功预付了英伟达在 AI 加速器市场占约80%份额，AMD 大约10%到15%；英伟达数据中心单季营收752亿美元，是 AMD 全部数据中心业务的11倍。但年内大涨130%之后，AMD 的动态市盈率反而明显高于英伟达，分析师的估值分歧也摆上台面：摩根士丹利质疑估值，Benchmark 给出685美元目标价。这个价差只有一种解释：市场把\"追赶成功\"提前付了钱。AMD 的上涨建立在份额从12%走向25%的假设上，一旦路径被证实比想象中慢，估值就要向现实回归；反过来，Helios 机架化转型和2027年翻倍指引若兑现，当前估值又显得没那么贵。分歧的双方，赌的是同一个变量的两端。英伟达将是下一关盘后跌8.8%到约473美元，只是这场定价的第一回合。接下来几天，市场按顺序重读这份财报。先看 AMD 正股能否守住470美元一线：跌破450美元，年内获利盘开始踩踏，技术面转空；守住470，说明长线资金在借机吸筹，毕竟2027年翻倍指引还在桌上。盘后一个半小时的跌幅，交易的是 Q3 指引不够加速，不代表2027年的故事被推翻。再看英伟达。它8月26日发财报，此前一个财季数据中心营收752亿美元、同比增92%。AMD 全面超预期都换不来上涨，市场对英伟达的预期门槛被抬到了多高？当超预期成为基准、大幅超预期才能推动股价时，AI 芯片板块的每一次财报，都会变成一场越来越难的考试。产业链层面，TSMC 和先进封装链是隐性受益方：AMD 的资本开支三倍于预期，最终流向台积电的 CoWoS 产能；Helios 机柜化之后，封装和网络环节的价值量被放大。但这也意味着 AMD 的交付上限握在别人手里，每一份超预期指引，都要先过台积电产能分配这一关。故事需要新证据了AMD 全面超预期却跌9%，本季美股 AI 股的定价逻辑已经很明白：股价先在预期里透支，再在财报里兑现，指引超预期只是及格线，真正决定股价的，是市场预设的加速曲线有没有被刷新。这份财报没有否定 AMD 的成长故事，它否定的是\"故事不需要新证据\"的定价。 当市场为2027年数据中心翻倍预付了130%的涨幅，接下来的每一个季度，AMD 都要用超出预期的执行，为这个溢价续命。接下来一个月，市场盯着三件事：AMD 股价能否守住470美元、英伟达8月26日的财报能否扛住抬高的门槛、台积电产能分配的天平会不会向 AMD 倾斜。再往后，2027年上半年的 Anthropic 首批1吉瓦部署、MI455X 的季度出货斜率、AI 数据中心毛利率能否随规模改善，是验证\"翻倍指引\"成色的三个硬指标。AI 芯片的军备竞赛没有结束，只是从讲故事进入了兑现的阶段。","news_type":1,"symbols_score_info":{"GAMR":0.6,"WUGI":0.6,"SMH":0.6,"AMDD":0.6,"CMAG":0.6,"AMDY":0.6,"AMDL":0.6,"USD":0.6,"LEGR":0.6,"METV":0.6,"XLK":0.6,"WISE":0.6,"TTEQ":0.6,"SHOC":0.6,"LFGY":0.6,"CHPX":0.6,"IETC":0.6,"PSI":0.6,"TYLG":0.6,"DAMD":0.6,"ESLG":0.6,"SOXY":0.6,"AMDS":0.6,"AGOX":0.6,"AMUU":0.6,"TRFK":0.6,"AMDU":0.6,"TEK":0.6,"ROM":0.6,"ABFL":0.6,"TTXU":0.6,"SOXX":0.6,"SOXQ":0.6,"ESUM":0.6,"AIFD":0.6,"AMYY":0.6,"CNEQ":0.6,"CLSE":0.6,"THMR":0.6,"SMHX":0.6,"CNAV":0.6,"SPTE":0.6,"SNPE":0.6,"AIQ":0.6,"AMD":2,"AIPI":0.6,"ARTY":0.6,"AMDW":0.6,"BAI":0.6,"CHAT":0.6,"FAI":0.6,"VT":0.6,"FTXL":0.6,"VGT":0.6,"AMDG":0.6,"JGRO":0.6,"IXN":0.6,"EFIV":0.6,"QQQA":0.6,"CHPS":0.6,"ILDR":0.6,"XNTK":0.6,"AIS":0.6,"FTEC":0.6,"FDTX":0.6,"USXF":0.6,"NULC":0.6}},"isVote":1,"tweetType":1,"viewCount":2038,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":593400558789256,"gmtCreate":1785899675181,"gmtModify":1785899677250,"author":{"id":"4245325500824312","authorId":"4245325500824312","name":"Hcm","avatar":"https://community-static.tradeup.com/news/d0991024d8c22de36c224065c9567f8b","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4245325500824312","authorIdStr":"4245325500824312"},"themes":[],"title":"","htmlText":"🤣","listText":"🤣","text":"🤣","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/593400558789256","repostId":"1156159152","repostType":2,"repost":{"id":"1156159152","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":1785895917,"share":"https://ttm.financial/m/news/1156159152?lang=en_US&edition=fundamental","pubTime":"2026-08-05 10:11","market":"us","language":"zh","title":"The United States, Iran, and Oman are close to reaching an interim agreement to reopen the Strait of Hormuz, with the U.S. planning to announce it on Wednesday.","url":"https://stock-news.laohu8.com/highlight/detail?id=1156159152","media":"老虎资讯综合","summary":"据AXIOS，美国接近就霍尔木兹海峡达成协议，目标是在周三宣布。据两名地区消息人士和一名美国官员称，美国、伊朗和阿曼正接近达成一项临时协议，以重新开放霍尔木兹海峡，美国方面计划于周三宣布此事。这一初步协议将满足伊朗对霍尔木兹海峡交通管控权的若干要求——这是战争前伊朗所没有的控制权。据两名地区消息人士透露，正在讨论的协议将在霍尔木兹海峡建立一个为期60天的临时安排，且安排时间可能被延长。","content":"<p><html><head></head><body><p style=\"text-align: left;\">According to AXIOS, the United States is close to reaching an agreement on the Strait of Hormuz, with the goal of announcing it on Wednesday.</p><p><p style=\"text-align: left;\">The United States, Iran, and Oman are close to reaching a tentative agreement to reopen the Strait of Hormuz, with the U.S. planning to announce it on Wednesday, according to two regional sources and a U.S. official.</p><p><p style=\"text-align: left;\">This preliminary agreement would satisfy several Iranian demands for control over traffic in the Strait of Hormuz—a control Iran did not have before the war.</p><p><p style=\"text-align: left;\">According to two regional sources, the agreement under discussion would establish a 60-day temporary arrangement in the Strait of Hormuz, which could be extended.</p><p></body></html></p>","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>The United States, Iran, and Oman are close to reaching an interim agreement to reopen the Strait of Hormuz, with the U.S. planning to announce it on Wednesday.</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: 12.5px; color: #7E829C; margin: 0;}\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\">\nThe United States, Iran, and Oman are close to reaching an interim agreement to reopen the Strait of Hormuz, with the U.S. planning to announce it on Wednesday.\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/102\">\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 smaller\">2026-08-05 10:11</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p><html><head></head><body><p style=\"text-align: left;\">According to AXIOS, the United States is close to reaching an agreement on the Strait of Hormuz, with the goal of announcing it on Wednesday.</p><p><p style=\"text-align: left;\">The United States, Iran, and Oman are close to reaching a tentative agreement to reopen the Strait of Hormuz, with the U.S. planning to announce it on Wednesday, according to two regional sources and a U.S. official.</p><p><p style=\"text-align: left;\">This preliminary agreement would satisfy several Iranian demands for control over traffic in the Strait of Hormuz—a control Iran did not have before the war.</p><p><p style=\"text-align: left;\">According to two regional sources, the agreement under discussion would establish a 60-day temporary arrangement in the Strait of Hormuz, which could be extended.</p><p></body></html></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://community-static.tradeup.com/news/73d0237e57a87ac0832ad5bcd48adb22","relate_stocks":{"USO":"美国原油ETF"},"source_url":"","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1156159152","content_text":"据AXIOS，美国接近就霍尔木兹海峡达成协议，目标是在周三宣布。据两名地区消息人士和一名美国官员称，美国、伊朗和阿曼正接近达成一项临时协议，以重新开放霍尔木兹海峡，美国方面计划于周三宣布此事。这一初步协议将满足伊朗对霍尔木兹海峡交通管控权的若干要求——这是战争前伊朗所没有的控制权。据两名地区消息人士透露，正在讨论的协议将在霍尔木兹海峡建立一个为期60天的临时安排，且安排时间可能被延长。","news_type":1,"symbols_score_info":{"CLmain":2,"USO":2}},"isVote":1,"tweetType":1,"viewCount":1151,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":593379966874584,"gmtCreate":1785894560491,"gmtModify":1785894562994,"author":{"id":"4245325500824312","authorId":"4245325500824312","name":"Hcm","avatar":"https://community-static.tradeup.com/news/d0991024d8c22de36c224065c9567f8b","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4245325500824312","authorIdStr":"4245325500824312"},"themes":[],"title":"","htmlText":"<a href=\"https://ttm.financial/S/AMD\">$美國超微公司(AMD)$</a> 🙈","listText":"<a href=\"https://ttm.financial/S/AMD\">$美國超微公司(AMD)$</a> 🙈","text":"$美國超微公司(AMD)$ 🙈","images":[{"img":"https://community-static.tradeup.com/news/7d81b15f7a641a31567d6aac87fecbb7","width":"1290","height":"2760"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/593379966874584","isVote":1,"tweetType":1,"viewCount":1268,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":585898950882440,"gmtCreate":1784071843961,"gmtModify":1784071846184,"author":{"id":"4245325500824312","authorId":"4245325500824312","name":"Hcm","avatar":"https://community-static.tradeup.com/news/d0991024d8c22de36c224065c9567f8b","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4245325500824312","authorIdStr":"4245325500824312"},"themes":[],"title":"","htmlText":"<a href=\"https://ttm.financial/OPT/AAPL 20260731 320.0 CALL\">$AAPL 20260731 320.0 CALL$</a> 💪🏻","listText":"<a href=\"https://ttm.financial/OPT/AAPL 20260731 320.0 CALL\">$AAPL 20260731 320.0 CALL$</a> 💪🏻","text":"$AAPL 20260731 320.0 CALL$ 💪🏻","images":[{"img":"https://community-static.tradeup.com/news/413e94c520497b88e2bb8bdd82e27754","width":"1044","height":"1622"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/585898950882440","isVote":1,"tweetType":1,"viewCount":971,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":583237352829296,"gmtCreate":1783422134905,"gmtModify":1783422138003,"author":{"id":"4245325500824312","authorId":"4245325500824312","name":"Hcm","avatar":"https://community-static.tradeup.com/news/d0991024d8c22de36c224065c9567f8b","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4245325500824312","authorIdStr":"4245325500824312"},"themes":[],"title":"","htmlText":"<a href=\"https://ttm.financial/S/08090\">$寶蓋新材(08090)$</a> ","listText":"<a href=\"https://ttm.financial/S/08090\">$寶蓋新材(08090)$</a> ","text":"$寶蓋新材(08090)$","images":[{"img":"https://community-static.tradeup.com/news/bcb4d26ebb82162e6a94f0056f89d388","width":"1044","height":"1622"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/583237352829296","isVote":1,"tweetType":1,"viewCount":1432,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":581387214075048,"gmtCreate":1782970345776,"gmtModify":1782970348855,"author":{"id":"4245325500824312","authorId":"4245325500824312","name":"Hcm","avatar":"https://community-static.tradeup.com/news/d0991024d8c22de36c224065c9567f8b","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4245325500824312","authorIdStr":"4245325500824312"},"themes":[],"title":"","htmlText":"<a href=\"https://ttm.financial/S/DRAM\">$Roundhill Memory ETF(DRAM)$</a> 🤔️","listText":"<a href=\"https://ttm.financial/S/DRAM\">$Roundhill Memory ETF(DRAM)$</a> 🤔️","text":"$Roundhill Memory ETF(DRAM)$ 🤔️","images":[{"img":"https://community-static.tradeup.com/news/8add4e1525f81c2a7bbdd1ef5965d29a","width":"1044","height":"1622"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/581387214075048","isVote":1,"tweetType":1,"viewCount":1409,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":578706851464640,"gmtCreate":1782310847968,"gmtModify":1782311023104,"author":{"id":"4245325500824312","authorId":"4245325500824312","name":"Hcm","avatar":"https://community-static.tradeup.com/news/d0991024d8c22de36c224065c9567f8b","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4245325500824312","authorIdStr":"4245325500824312"},"themes":[],"title":"","htmlText":"<a href=\"https://ttm.financial/S/MU\">$美光科技(MU)$ </a> ","listText":"<a href=\"https://ttm.financial/S/MU\">$美光科技(MU)$ </a> ","text":"$美光科技(MU)$","images":[{"img":"https://community-static.tradeup.com/news/8b7d3fcf7998a65b3249a7259899f66c","width":"1044","height":"1622"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/578706851464640","isVote":1,"tweetType":1,"viewCount":870,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0}],"hots":[{"id":593534009368720,"gmtCreate":1785927068887,"gmtModify":1785927071155,"author":{"id":"4245325500824312","authorId":"4245325500824312","name":"Hcm","avatar":"https://community-static.tradeup.com/news/d0991024d8c22de36c224065c9567f8b","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4245325500824312","authorIdStr":"4245325500824312"},"themes":[],"title":"","htmlText":"🙈","listText":"🙈","text":"🙈","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/593534009368720","repostId":"2657515385","repostType":2,"repost":{"id":"2657515385","kind":"highlight","weMediaInfo":{"introduction":"追踪全球财经热点，精选影响您财富的资讯，投资理财必备神器！","home_visible":1,"media_name":"华尔街见闻","id":"1084101182","head_image":"https://static.tigerbbs.com/66809d1f5c2e43e2bdf15820c6d6897e"},"pubTimestamp":1785914426,"share":"https://ttm.financial/m/news/2657515385?lang=en_US&edition=fundamental","pubTime":"2026-08-05 15:20","market":"sh","language":"zh","title":"AMD's best-ever financial report resulted in a 9% plunge: The market doesn't want good results, but acceleration.","url":"https://stock-news.laohu8.com/highlight/detail?id=2657515385","media":"华尔街见闻","summary":"这份财报没有否定AMD的成长故事，它否定的是\"故事不需要新证据\"的定价。 当市场为2027年数据中心翻倍预付了130%的涨幅，接下来的每一个季度，AMD都要用超出预期的执行，为这个溢价续命。","content":"<p><html><head></head><body>This financial report does not deny AMD's growth story; it does deny the pricing that \"the story does not require new evidence.\" With the market prepaying a 130% increase for data centers to double in 2027, AMD will continue to execute beyond expectations in each subsequent quarter to keep this premium alive.</p><p><p style=\"text-align: justify;\">After the market closed on August 4, AMD delivered a nearly flawless financial report: revenue of $11.536 billion, a year-on-year increase of 50%, setting a new record; Non-GAAP earnings per share were $1.66, exceeding market expectations of $1.62; Data center revenue was $6.718 billion, more than doubling year-over-year, accounting for 58% of the company's total revenue. The stock price plummeted as much as 10% in after-hours trading, closing down 8.8%.</p><p>Why did exceeding expectations become a negative factor? The market prices acceleration, not performance. AMD's stock price has risen more than 130% this year, from $149 to $584 in a 52-week range, driven by expectations of \"catching up with Nvidia\". The Q3 guidance is approximately $13 billion, higher than the consensus of $12.5 billion, but only up 13% quarter-over-quarter – maintaining the slope, not jumping out of gear. The market wanted an acceleration, but the financial report didn't provide it.</p><p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/b2ecdf1ea51159ca1747e2de12633661\" tg-width=\"1024\" tg-height=\"664\"/></p><p><p style=\"text-align: justify;\">The cost of the investment is also reflected in the financial statements:<strong>The gross profit margin of 56% hit a new high, but the gross profit margin of AI data centers was lower than the company average, and the growth business, which accounted for 58%, was diluting the profit margin. To accelerate production capacity for Helios rack systems, capital expenditures were $808 million, nearly three times what analysts had expected, and free cash flow was halved from $2.57 billion to $1.56 billion. The cost of growth is becoming apparent on the balance sheet for the first time.</strong></p><p><h2 id=\"id_3056447987\">The market needed acceleration, but Q3 guidance was not provided.</h2><p style=\"text-align: justify;\">The Q3 guidance is around $13 billion, up 41% year-over-year and 13% quarter-over-quarter, with the median exceeding the consensus of $12.52 billion. This guidance isn't bad; the problem lies in its shape: it only increased by 13% month-on-month, just continuing the current slope.</p><p><p style=\"text-align: justify;\">Dolphin Research I did the math:<strong>Based on guidance, data center shipments in Q3 are expected to increase by approximately $1.2 billion to $1.8 billion month-over-month, while the MI455X has only just begun shipping, so this step forward is not particularly strong. The market had previously bet that AI demand would push AMD to another level, but the guidance did not provide this signal.</strong></p><p><p style=\"text-align: justify;\">AMD's stock price has risen by more than 130% this year. The market is buying a story: Nvidia's production capacity is limited, customers need a second supplier, and AMD has transformed from an alternative to a must-have for AI chips. What the financial report needs to do is prove that the story is accelerating.</p><p><p style=\"text-align: justify;\">In July, Anthropic announced the deployment of a 2-gigawatt MI450 GPU on Helios, and its stock price rose about 10% that day. Broadcom's earnings report in early June triggered a pullback in the semiconductor sector, but AMD subsequently recovered to above $518 due to expectations of Helios orders. Every price increase raises the threshold for the next financial report.</p><p><p style=\"text-align: justify;\"><strong>When AMD only delivers \"as good as expected,\" its 130% year-to-date increase loses all reason to continue rising. The sell order after the market closed is the point where expectations will be realized.</strong></p><p><h2 id=\"id_886190279\">A 107% doubling, half of which is a low base.</h2><p style=\"text-align: justify;\">The 107% year-on-year growth rate of data centers is the most eye-catching, but its quality is questionable.</p><p><p style=\"text-align: justify;\">In the second quarter of 2025, U.S. export controls forced AMD to set aside $800 million for MI308 inventory and related expenses, denting the original base. This year's doubling is partly due to filling gaps.</p><p><p style=\"text-align: justify;\">Dolphin Research broke down a number:<strong>Instinct AI GPU revenue this quarter was approximately $2.7 billion, compared to approximately $1.1 billion in the same period last year, also bearing the shadow of a base. In contrast, EPYC is cleaner: cloud and enterprise sales both grew by more than 70% year-on-year, server CPU revenue hit a record high for the fifth consecutive quarter, and the sixth-generation EPYC Venice has gone into production. The acceleration without a low base filter is the most solid part of this financial report.</strong></p><p><p style=\"text-align: justify;\">During the conference call, Lisa Su gave the anchor: data center revenue will \"more than double\" in 2027, server revenue will increase by more than 80% year-on-year in the second half of 2026, and will still grow by more than 70% in 2027 on a higher base.</p><p><h2 id=\"id_3973568968\">The hidden secret of gross profit margin: The larger the AI, the thinner the gross profit margin.</h2><p style=\"text-align: justify;\">The non-GAAP gross margin of 56% hit a new high, but the figure is inflated. The 13 percentage point increase year-on-year was largely due to the $800 million export control provision made in the same period last year.</p><p><p style=\"text-align: justify;\">Management confirmed during the conference call that:<strong>The gross profit margin of AI data centers is slightly lower than the company average. Data centers are precisely the fastest-growing business with the highest share, rising from 42% a year ago to 58% now. The most promising part of revenue is the structural gross profit dilution.</strong></p><p><p style=\"text-align: justify;\">Compared to Nvidia's 75% non-GAAP gross margin, the difference is nearly 20 percentage points. Nvidia makes excess profits through monopolistic pricing, while AMD exchanges its market share for price—Lisa Su put it bluntly: AMD sells a complete set of infrastructure that integrates CPUs, GPUs, and network chips, using lower unit prices and greater openness to attract customers. The price of this model is that the proportion of profit included in every dollar of revenue is naturally lower than that of its competitors.</p><p><p style=\"text-align: justify;\">Helios has shifted from selling chips to selling complete rack systems, and the unit price has increased, but the chips, network, and storage in the rack are all costs. The larger the scale, the more obvious the dilution effect. Part of the market's disappointment with this financial report lies in the hidden secrets of gross profit margin.</p><p><h2 id=\"id_499984952\">Capital expenditures tripled expectations, and growth began to burn money.</h2><p style=\"text-align: justify;\">The balance sheet is more telling than the income statement: capital expenditures of $808 million are nearly three times what analysts expected (about $299 million, according to Dolphin Research); Free cash flow (estimated) decreased from $2.57 billion to $1.56 billion; Inventories rose to $8.468 billion, while accounts receivable increased by 21% quarter-over-quarter to $7.281 billion.</p><p><p style=\"text-align: justify;\">This is not a financial deterioration, but a proactively chosen growth model: first invest money in production capacity and inventory, and then wait for orders to be fulfilled.</p><p><p style=\"text-align: justify;\">Lisa Su said that demand for Helios was \"very strong, exceeding our initial forecasts,\" and in order to secure orders, AMD had to lock in production capacity and stockpile inventory in advance. The simultaneous increase in cash, inventory, and accounts receivable is a sign of this early move.</p><p><p style=\"text-align: justify;\">The problem is that this model postpones the certainty of performance until the future. If AI capital expenditure growth slows down, or if a major customer's delivery schedule is delayed, these figures will turn from ammunition for the offensive into a burden on inventory.</p><p><h2 id=\"id_2512958195\">The real bottleneck lies in production capacity, not demand.</h2><p style=\"text-align: justify;\">Helios is the most crucial signal in this financial report.</p><p><p style=\"text-align: justify;\">This is AMD's first rack-level AI system, which packages CPUs, GPUs, and network chips into a complete rack for delivery. The first batch has been delivered to Meta, OpenAI, and Oracle this quarter. The Anthropic 2-gigawatt collaboration announced in July, with the first batch of 1 gigawatt deployments beginning in the first half of 2027; Microsoft will also deploy it on a large scale on Azure. The client list is still expanding: Anthropic, Cirrascale, HUMAIN, Meta, Microsoft, OpenAI, Oracle, Tensorwave, Vultr.</p><p><p style=\"text-align: justify;\"><strong>The story on the demand side is impeccable. AMD's ceiling is not here; it lies in TSMC's advanced packaging capabilities.</strong></p><p><p style=\"text-align: justify;\">In May, HSBC downgraded AMD to \"hold\" status, citing TSMC's capacity constraints. This financial report confirmed concerns to some extent; otherwise, AMD would not have needed to triple its capital expenditures to seize capacity. The competition for AI chips has shifted from whose chips are better to who will acquire TSMC's production capacity first. Nvidia's priority remains an unavoidable constraint for AMD.</p><p><p style=\"text-align: justify;\"><strong>Helios also carries a deeper meaning: AMD's business model is shifting from selling chips to selling systems. In the past, it sold GPUs and CPUs individually, and customers would buy them and assemble their own clusters. Now, the unit price and delivery complexity of complete rack delivery have reached a new level. This is both offensive and defensive—Nvidia has long proven with rack-level products that system-layer profits and customer loyalty are much higher than single-chip products. However, turning around also means heavier capital and greater delivery risks. When server racks malfunction, the responsibility shifts from chip manufacturers to system integrators.</strong></p><p><h2 id=\"id_2220326236\">The valuation of the pursuers has already prepaid for success.</h2><p style=\"text-align: justify;\">Nvidia holds approximately 80% of the AI accelerator market share, while AMD holds about 10% to 15%. Nvidia's data center revenue reached $75.2 billion in a single quarter, 11 times that of AMD's entire data center business. However, after surging 130% this year, AMD's dynamic P/E are significantly higher than Nvidia's, and analysts' valuation disagreements have come to the fore: Morgan Stanley questioned the valuation, and Benchmark gave it a target price of $685.</p><p><p style=\"text-align: justify;\">There is only one explanation for this price difference: the market has paid for the \"catch-up success\" in advance. AMD's rise is based on the assumption that its market share will increase from 12% to 25%. Once the path proves to be slower than expected, the valuation will have to return to reality. Conversely, if Helios' rack-mounted transformation and its 2027 doubling guidelines are fulfilled, its current valuation will not seem so expensive. The disagreeing parties are betting on both ends of the same variable.</p><p><h2 id=\"id_1954583591\">Nvidia will be the next hurdle</h2><p style=\"text-align: justify;\">It fell 8.8% to about $473 in after-hours trading, marking just the first round of this pricing exercise. Over the next few days, the market will reread the financial report in order.</p><p><p style=\"text-align: justify;\">First, let's see if AMD underlying shares can hold the $470 level: if it falls below $450, profit-taking this year will begin to take a hit, and the technical outlook will turn bearish; Holding above 470 indicates that long-term funds are taking the opportunity to accumulate shares, since the doubling target for 2027 is still on the table. The drop in the hour and a half after the market closed indicates that the Q3 guidance was not accelerating enough and does not mean that the story of 2027 has been overturned.</p><p><p style=\"text-align: justify;\">Let's look at Nvidia again. It released its financial report on August 26, reporting data center revenue of $75.2 billion in the previous fiscal quarter, a 92% year-over-year increase. AMD's overall better-than-expected performance failed to generate gains. How high has the market's expectation threshold for Nvidia been raised? When exceeding expectations becomes the benchmark and only significantly exceeding expectations can drive stock prices, every earnings report in the AI chip sector becomes an increasingly difficult test.</p><p><p style=\"text-align: justify;\">At the supply chain level, TSMC and Advanced Packaging Chain are hidden beneficiaries: AMD's capital expenditure was three times higher than expected, which ultimately flowed to TSMC's CoWoS production capacity; After Helios was racked, the value of packaging and networking was amplified. However, this also means that AMD's delivery ceiling is in the hands of others, and every guidance that exceeds expectations must first pass through TSMC's capacity allocation hurdle.</p><p><h2 id=\"id_1199044141\">The story needs new evidence.</h2><p style=\"text-align: justify;\">AMD exceeded expectations across the board but fell 9%. The pricing logic for US AI stocks this quarter is already quite clear:<strong>The stock price is first overdrawn within expectations, and then realized in the financial report. Guidance exceeding expectations is only a passing grade. What really determines the stock price is whether the market's pre-set acceleration curve has been refreshed.</strong></p><p><p style=\"text-align: justify;\">This financial report does not deny AMD's growth story; it does deny the pricing that \"the story does not require new evidence.\" With the market prepaying a 130% premium for data centers to double in 2027, AMD will continue to execute beyond expectations in each subsequent quarter to keep this premium alive.</p><p><p style=\"text-align: justify;\">Over the next month, the market will be watching three things: whether AMD's stock price can hold above $470, whether Nvidia's earnings report on August 26 can withstand the hurdle of rising prices, and whether the balance of TSMC's capacity allocation will tilt in AMD's favor. Going forward, Anthropic's first 1-gigawatt deployment in the first half of 2027, the quarterly shipment slope of the MI455X, and whether the gross profit margin of AI data centers can improve with scale are the three hard indicators to verify the effectiveness of the \"doubling guidance\". The arms race for AI chips is not over; it has only moved from storytelling to the stage of realization.</p><p></body></html></p>","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>AMD's best-ever financial report resulted in a 9% plunge: The market doesn't want good results, but acceleration.</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: 12.5px; color: #7E829C; margin: 0;}\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\">\nAMD's best-ever financial report resulted in a 9% plunge: The market doesn't want good results, but acceleration.\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1084101182\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/66809d1f5c2e43e2bdf15820c6d6897e);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">华尔街见闻 </p>\n<p class=\"h-time smaller\">2026-08-05 15:20</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p><html><head></head><body>This financial report does not deny AMD's growth story; it does deny the pricing that \"the story does not require new evidence.\" With the market prepaying a 130% increase for data centers to double in 2027, AMD will continue to execute beyond expectations in each subsequent quarter to keep this premium alive.</p><p><p style=\"text-align: justify;\">After the market closed on August 4, AMD delivered a nearly flawless financial report: revenue of $11.536 billion, a year-on-year increase of 50%, setting a new record; Non-GAAP earnings per share were $1.66, exceeding market expectations of $1.62; Data center revenue was $6.718 billion, more than doubling year-over-year, accounting for 58% of the company's total revenue. The stock price plummeted as much as 10% in after-hours trading, closing down 8.8%.</p><p>Why did exceeding expectations become a negative factor? The market prices acceleration, not performance. AMD's stock price has risen more than 130% this year, from $149 to $584 in a 52-week range, driven by expectations of \"catching up with Nvidia\". The Q3 guidance is approximately $13 billion, higher than the consensus of $12.5 billion, but only up 13% quarter-over-quarter – maintaining the slope, not jumping out of gear. The market wanted an acceleration, but the financial report didn't provide it.</p><p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/b2ecdf1ea51159ca1747e2de12633661\" tg-width=\"1024\" tg-height=\"664\"/></p><p><p style=\"text-align: justify;\">The cost of the investment is also reflected in the financial statements:<strong>The gross profit margin of 56% hit a new high, but the gross profit margin of AI data centers was lower than the company average, and the growth business, which accounted for 58%, was diluting the profit margin. To accelerate production capacity for Helios rack systems, capital expenditures were $808 million, nearly three times what analysts had expected, and free cash flow was halved from $2.57 billion to $1.56 billion. The cost of growth is becoming apparent on the balance sheet for the first time.</strong></p><p><h2 id=\"id_3056447987\">The market needed acceleration, but Q3 guidance was not provided.</h2><p style=\"text-align: justify;\">The Q3 guidance is around $13 billion, up 41% year-over-year and 13% quarter-over-quarter, with the median exceeding the consensus of $12.52 billion. This guidance isn't bad; the problem lies in its shape: it only increased by 13% month-on-month, just continuing the current slope.</p><p><p style=\"text-align: justify;\">Dolphin Research I did the math:<strong>Based on guidance, data center shipments in Q3 are expected to increase by approximately $1.2 billion to $1.8 billion month-over-month, while the MI455X has only just begun shipping, so this step forward is not particularly strong. The market had previously bet that AI demand would push AMD to another level, but the guidance did not provide this signal.</strong></p><p><p style=\"text-align: justify;\">AMD's stock price has risen by more than 130% this year. The market is buying a story: Nvidia's production capacity is limited, customers need a second supplier, and AMD has transformed from an alternative to a must-have for AI chips. What the financial report needs to do is prove that the story is accelerating.</p><p><p style=\"text-align: justify;\">In July, Anthropic announced the deployment of a 2-gigawatt MI450 GPU on Helios, and its stock price rose about 10% that day. Broadcom's earnings report in early June triggered a pullback in the semiconductor sector, but AMD subsequently recovered to above $518 due to expectations of Helios orders. Every price increase raises the threshold for the next financial report.</p><p><p style=\"text-align: justify;\"><strong>When AMD only delivers \"as good as expected,\" its 130% year-to-date increase loses all reason to continue rising. The sell order after the market closed is the point where expectations will be realized.</strong></p><p><h2 id=\"id_886190279\">A 107% doubling, half of which is a low base.</h2><p style=\"text-align: justify;\">The 107% year-on-year growth rate of data centers is the most eye-catching, but its quality is questionable.</p><p><p style=\"text-align: justify;\">In the second quarter of 2025, U.S. export controls forced AMD to set aside $800 million for MI308 inventory and related expenses, denting the original base. This year's doubling is partly due to filling gaps.</p><p><p style=\"text-align: justify;\">Dolphin Research broke down a number:<strong>Instinct AI GPU revenue this quarter was approximately $2.7 billion, compared to approximately $1.1 billion in the same period last year, also bearing the shadow of a base. In contrast, EPYC is cleaner: cloud and enterprise sales both grew by more than 70% year-on-year, server CPU revenue hit a record high for the fifth consecutive quarter, and the sixth-generation EPYC Venice has gone into production. The acceleration without a low base filter is the most solid part of this financial report.</strong></p><p><p style=\"text-align: justify;\">During the conference call, Lisa Su gave the anchor: data center revenue will \"more than double\" in 2027, server revenue will increase by more than 80% year-on-year in the second half of 2026, and will still grow by more than 70% in 2027 on a higher base.</p><p><h2 id=\"id_3973568968\">The hidden secret of gross profit margin: The larger the AI, the thinner the gross profit margin.</h2><p style=\"text-align: justify;\">The non-GAAP gross margin of 56% hit a new high, but the figure is inflated. The 13 percentage point increase year-on-year was largely due to the $800 million export control provision made in the same period last year.</p><p><p style=\"text-align: justify;\">Management confirmed during the conference call that:<strong>The gross profit margin of AI data centers is slightly lower than the company average. Data centers are precisely the fastest-growing business with the highest share, rising from 42% a year ago to 58% now. The most promising part of revenue is the structural gross profit dilution.</strong></p><p><p style=\"text-align: justify;\">Compared to Nvidia's 75% non-GAAP gross margin, the difference is nearly 20 percentage points. Nvidia makes excess profits through monopolistic pricing, while AMD exchanges its market share for price—Lisa Su put it bluntly: AMD sells a complete set of infrastructure that integrates CPUs, GPUs, and network chips, using lower unit prices and greater openness to attract customers. The price of this model is that the proportion of profit included in every dollar of revenue is naturally lower than that of its competitors.</p><p><p style=\"text-align: justify;\">Helios has shifted from selling chips to selling complete rack systems, and the unit price has increased, but the chips, network, and storage in the rack are all costs. The larger the scale, the more obvious the dilution effect. Part of the market's disappointment with this financial report lies in the hidden secrets of gross profit margin.</p><p><h2 id=\"id_499984952\">Capital expenditures tripled expectations, and growth began to burn money.</h2><p style=\"text-align: justify;\">The balance sheet is more telling than the income statement: capital expenditures of $808 million are nearly three times what analysts expected (about $299 million, according to Dolphin Research); Free cash flow (estimated) decreased from $2.57 billion to $1.56 billion; Inventories rose to $8.468 billion, while accounts receivable increased by 21% quarter-over-quarter to $7.281 billion.</p><p><p style=\"text-align: justify;\">This is not a financial deterioration, but a proactively chosen growth model: first invest money in production capacity and inventory, and then wait for orders to be fulfilled.</p><p><p style=\"text-align: justify;\">Lisa Su said that demand for Helios was \"very strong, exceeding our initial forecasts,\" and in order to secure orders, AMD had to lock in production capacity and stockpile inventory in advance. The simultaneous increase in cash, inventory, and accounts receivable is a sign of this early move.</p><p><p style=\"text-align: justify;\">The problem is that this model postpones the certainty of performance until the future. If AI capital expenditure growth slows down, or if a major customer's delivery schedule is delayed, these figures will turn from ammunition for the offensive into a burden on inventory.</p><p><h2 id=\"id_2512958195\">The real bottleneck lies in production capacity, not demand.</h2><p style=\"text-align: justify;\">Helios is the most crucial signal in this financial report.</p><p><p style=\"text-align: justify;\">This is AMD's first rack-level AI system, which packages CPUs, GPUs, and network chips into a complete rack for delivery. The first batch has been delivered to Meta, OpenAI, and Oracle this quarter. The Anthropic 2-gigawatt collaboration announced in July, with the first batch of 1 gigawatt deployments beginning in the first half of 2027; Microsoft will also deploy it on a large scale on Azure. The client list is still expanding: Anthropic, Cirrascale, HUMAIN, Meta, Microsoft, OpenAI, Oracle, Tensorwave, Vultr.</p><p><p style=\"text-align: justify;\"><strong>The story on the demand side is impeccable. AMD's ceiling is not here; it lies in TSMC's advanced packaging capabilities.</strong></p><p><p style=\"text-align: justify;\">In May, HSBC downgraded AMD to \"hold\" status, citing TSMC's capacity constraints. This financial report confirmed concerns to some extent; otherwise, AMD would not have needed to triple its capital expenditures to seize capacity. The competition for AI chips has shifted from whose chips are better to who will acquire TSMC's production capacity first. Nvidia's priority remains an unavoidable constraint for AMD.</p><p><p style=\"text-align: justify;\"><strong>Helios also carries a deeper meaning: AMD's business model is shifting from selling chips to selling systems. In the past, it sold GPUs and CPUs individually, and customers would buy them and assemble their own clusters. Now, the unit price and delivery complexity of complete rack delivery have reached a new level. This is both offensive and defensive—Nvidia has long proven with rack-level products that system-layer profits and customer loyalty are much higher than single-chip products. However, turning around also means heavier capital and greater delivery risks. When server racks malfunction, the responsibility shifts from chip manufacturers to system integrators.</strong></p><p><h2 id=\"id_2220326236\">The valuation of the pursuers has already prepaid for success.</h2><p style=\"text-align: justify;\">Nvidia holds approximately 80% of the AI accelerator market share, while AMD holds about 10% to 15%. Nvidia's data center revenue reached $75.2 billion in a single quarter, 11 times that of AMD's entire data center business. However, after surging 130% this year, AMD's dynamic P/E are significantly higher than Nvidia's, and analysts' valuation disagreements have come to the fore: Morgan Stanley questioned the valuation, and Benchmark gave it a target price of $685.</p><p><p style=\"text-align: justify;\">There is only one explanation for this price difference: the market has paid for the \"catch-up success\" in advance. AMD's rise is based on the assumption that its market share will increase from 12% to 25%. Once the path proves to be slower than expected, the valuation will have to return to reality. Conversely, if Helios' rack-mounted transformation and its 2027 doubling guidelines are fulfilled, its current valuation will not seem so expensive. The disagreeing parties are betting on both ends of the same variable.</p><p><h2 id=\"id_1954583591\">Nvidia will be the next hurdle</h2><p style=\"text-align: justify;\">It fell 8.8% to about $473 in after-hours trading, marking just the first round of this pricing exercise. Over the next few days, the market will reread the financial report in order.</p><p><p style=\"text-align: justify;\">First, let's see if AMD underlying shares can hold the $470 level: if it falls below $450, profit-taking this year will begin to take a hit, and the technical outlook will turn bearish; Holding above 470 indicates that long-term funds are taking the opportunity to accumulate shares, since the doubling target for 2027 is still on the table. The drop in the hour and a half after the market closed indicates that the Q3 guidance was not accelerating enough and does not mean that the story of 2027 has been overturned.</p><p><p style=\"text-align: justify;\">Let's look at Nvidia again. It released its financial report on August 26, reporting data center revenue of $75.2 billion in the previous fiscal quarter, a 92% year-over-year increase. AMD's overall better-than-expected performance failed to generate gains. How high has the market's expectation threshold for Nvidia been raised? When exceeding expectations becomes the benchmark and only significantly exceeding expectations can drive stock prices, every earnings report in the AI chip sector becomes an increasingly difficult test.</p><p><p style=\"text-align: justify;\">At the supply chain level, TSMC and Advanced Packaging Chain are hidden beneficiaries: AMD's capital expenditure was three times higher than expected, which ultimately flowed to TSMC's CoWoS production capacity; After Helios was racked, the value of packaging and networking was amplified. However, this also means that AMD's delivery ceiling is in the hands of others, and every guidance that exceeds expectations must first pass through TSMC's capacity allocation hurdle.</p><p><h2 id=\"id_1199044141\">The story needs new evidence.</h2><p style=\"text-align: justify;\">AMD exceeded expectations across the board but fell 9%. The pricing logic for US AI stocks this quarter is already quite clear:<strong>The stock price is first overdrawn within expectations, and then realized in the financial report. Guidance exceeding expectations is only a passing grade. What really determines the stock price is whether the market's pre-set acceleration curve has been refreshed.</strong></p><p><p style=\"text-align: justify;\">This financial report does not deny AMD's growth story; it does deny the pricing that \"the story does not require new evidence.\" With the market prepaying a 130% premium for data centers to double in 2027, AMD will continue to execute beyond expectations in each subsequent quarter to keep this premium alive.</p><p><p style=\"text-align: justify;\">Over the next month, the market will be watching three things: whether AMD's stock price can hold above $470, whether Nvidia's earnings report on August 26 can withstand the hurdle of rising prices, and whether the balance of TSMC's capacity allocation will tilt in AMD's favor. Going forward, Anthropic's first 1-gigawatt deployment in the first half of 2027, the quarterly shipment slope of the MI455X, and whether the gross profit margin of AI data centers can improve with scale are the three hard indicators to verify the effectiveness of the \"doubling guidance\". The arms race for AI chips is not over; it has only moved from storytelling to the stage of realization.</p><p></body></html></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/a593d85be38c3aa543ab3056553101ff","relate_stocks":{"AMUU":"2倍做多AMD ETF-Direxion","SG9999002232.USD":"Allianz Global High Payout USD","IE0004091025.USD":"BNY MELLON GLOBAL OPPORTUNITIES \"B\" (USD) ACC","LU2083900584.USD":"HSBC GIF US INCOME FOCUSED \"AM2\" (USD) INC","SG9999002224.SGD":"Allianz Global High Payout SGD","LU0265550946.USD":"BGF SYSTEMATIC GLOBAL ENHANCED EQUITY YIELD \"A5\" (USD) INC","SG9999015341.SGD":"United Income Focus Trust Acc SGD-H","BK4529":"IDC概念","IE00B3SWFQ91.USD":"PIMCO BALANCED INCOME AND GROWTH \"E\" (USD) INC","LU1934455863.HKD":"AB SICAV I LOW VOLATILITY TOTAL RETURN EQUITY PORT \"A\" (HKD) ACC","LU1400636491.USD":"Allianz Europe Income and Growth Cl AMg DIS H2-USD","LU1127390331.HKD":"AB SICAV I - ALL MARKET INCOME PORTFOLIO \"A\" (HKD) ACC","AMYY":"GraniteShares YieldBOOST AMD ETF","FTXL":"First Trust Nasdaq Semiconductor ETF","LU0472753341.HKD":"SUSTAINABLE GLOBAL THEMATIC PORTFOLIO \"A\" (HKD) ACC","LU1066051811.HKD":"HSBC GIF GLOBAL EQUITY VOLATILITY FOCUSED \"AM2\" (HKD) INC","SG9999014880.SGD":"大华全球优质成长基金Acc SGD","LU1244550494.USD":"FRANKLIN GLOBAL MULTI-ASSET INCOME \"A\" (USDHEDGED) ACC","LU1623119135.USD":"Natixis Mirova Global Sustainable Equity R-NPF/A USD","CHPS":"XTRACKERS SEMICONDUCTOR SELECT EQUITY ETF","LU0107464264.USD":"abrdn SICAV I - GLOBAL INNOVATION EQUITY \"A\" (USD) ACC","CHPX":"Global X AI Semiconductor & Quantum ETF","LU1712237335.SGD":"Natixis Mirova Global Sustainable Equity H-R-NPF/A SGD","SMHX":"VanEck Fabless Semiconductor ETF","LU0868494617.USD":"UBS (LUX) EQUITY SICAV - US TOTAL YIELD SUSTAINABLE \"P\" (USD) ACC","LU2417539215.USD":"ALLIANZ GLOBAL INCOME \"AMF\" (USD) INC","LU1880398471.USD":"AMUNDI FUNDS GLOBAL EQUITY \"A2\" (USD) ACC","HK0000304805.HKD":"PICTET 战略收益基金 P类港元","LU1974910355.USD":"Allianz Thematica Cl AMg DIS USD","HK0000304797.USD":"PICTET 战略收益基金 P类 美元","SGXZ31699556.SGD":"UGDP UNITED GLOBAL QUALITY GROWTH \"C\" (SGDHDG) ACC","LU1366333091.USD":"FIDELITY GLOBAL FOCUS \"A\" (USD) ACC","LU0965508806.USD":"AB LOW VOLATILITY EQUITY PORTFOLIO \"AD\" (USD) INC","BK4527":"明星科技股","IE0004086264.USD":"BNY MELLON GLOBAL OPPORTUNITIES \"A\" (USD) ACC","LU2065170008.USD":"M&G (LUX) GLOBAL MAXIMA \"A\" (USD) INC","LU0238689110.USD":"贝莱德环球动力股票基金","LU2322448791.USD":"ALLIANZ GLOBAL INTELLIGENT CITIES INCOME \"AMG\" (USD) INC","LU0310799852.SGD":"FTIF - Templeton Global Equity Income A MDIS SGD","LU0072462426.USD":"贝莱德全球配置 A2","AIFD":"TCW Artificial Intelligence ETF","LU2322448957.HKD":"ALLIANZ GLOBAL INTELLIGENT CITIES INCOME \"AMG\" (HKD) INC","LU0342679015.USD":"ALLIANZ GLOBAL EQUITY UNCONSTRAINED \"AT\" (USD) ACC","LU1366192091.USD":"ALLIANZ US EQUITY PLUS \"AM\" (USD) INC","BK4575":"芯片概念","METV":"Roundhill Ball Metaverse ETF","LU0545039389.USD":"BGF GLOBAL EQUITY INCOME \"A2\" ACC","LU0466842654.USD":"HSBC ISLAMIC GLOBAL EQUITY INDEX \"A\" (USD) ACC","IE00B1XK9C88.USD":"PINEBRIDGE US LARGE CAP RESEARCH ENHANCED \"A\" (USD) ACC","LU0048584097.USD":"FIDELITY FUNDS GLOBAL THEMATIC OPPORTUNITIES \"A\" (USD) INC","HK0000819398.USD":"BLACKROCK PREMIER SYSTEMATIC GLOBAL EQUITY HIGH INCOME FUND A10 (USD)INC","TEK":"iShares Technology Opportunities Active ETF","LU0308772762.SGD":"Blackrock Global Allocation A2 SGD-H","LU2860962120.EUR":"CPR INVEST - ARTIFICIAL INTELLIGENCE \"A2\" (EUR) ACC A","LU0138981039.USD":"FIDELITY FUNDS SUSTAINABLE MULTI ASSET INCOME \"A\" INC","BK4579":"人工智能","LU2237438978.USD":"Amundi Funds US Pioneer A2 (C) USD","LU0274383776.USD":"MANULIFE GF US SMALL CAP EQUITY \"AA\" (USD) INC","LU1642822529.SGD":"THREADNEEDLE (LUX) GLOBAL TECHNOLOGY \"A\" (SGD) ACC","LU2602419157.SGD":"HSBC ISLAMIC GLOBAL EQUITY INDEX \"AC\" (SGD) ACC","BK4573":"虚拟现实","LU1145028129.USD":"ALLIANZ INCOME AND GROWTH \"AQ\" (USD) INC","LU1496350171.SGD":"FRANKLIN DIVERSIFIED BALANCED \"A\" (SGDHDG) ACC","LU2473716301.USD":"ALLIANZ GLOBAL INTELLIGENT CITIES INCOME \"AMF\" (USD) INC","LU0719512351.SGD":"JPMorgan Funds - US Technology A (acc) SGD","BK4581":"高盛持仓","BK4532":"文艺复兴科技持仓","LU2463028550.USD":"AB SICAV I AMERICAN MULTI-ASSET PORTFOLIO \"A\" (USD) ACC","LU0157215616.USD":"FIDELITY GLOBAL FOCUS \"A\" INC","LU2065171311.SGD":"M&G (LUX) GLOBAL MAXIMA \"A\" (SGD) ACC","LU2249611893.SGD":"BNP PARIBAS ENERGY TRANSITION \"CRH\" (SGD) ACC","LU2420271590.USD":"ALLIANZ SELECT INCOME AND GROWTH \"AT\" (USD) ACC","BK4534":"瑞士信贷持仓","LU2543165471.USD":"E FUND (HK) GLOBAL QUALITY GROWTH \"A\" (USD) ACC","LU0096362180.USD":"CT (LUX) I GLOBAL FOCUS \"DU\" (USD)","LU2065171402.SGD":"M&G (LUX) GLOBAL MAXIMA \"A\" (SGD) INC","LU1839511570.USD":"WELLS FARGO GLOBAL FACTOR ENHANCED EQUITY \"I\" (USD) ACC","BK4533":"AQR资本管理(全球第二大对冲基金)","LU2471134952.CNY":"INVESCO GLOBAL EQUITY INCOME ADVANTAGE \"A\" (CNYHDG) INC","LU0795875086.SGD":"JPMorgan Investment Funds - Global Income A (div) SGD","AIPI":"REX AI EQUITY PREMIUM INCOME ETF","LU2471134879.HKD":"INVESCO GLOBAL EQUITY INCOME ADVANTAGE \"A\" (HKD) INC","LU1992135399.USD":"Allianz Global Intelligent Cities AT Acc USD","LU2471134523.USD":"INVESCO GLOBAL EQUITY INCOME ADVANTAGE \"A\" (USD) ACC","LU0511384066.AUD":"SUSTAINABLE GLOBAL THEMATIC PORTFOLIO \"A\" (AUDHDG) ACC","HK0000532082.HKD":"ALLIANZ SELECTION INCOME AND GROWTH \"AM\" (HKD) INC","LU0096364046.USD":"CT (LUX) I AMERICAN \"DU\" (USD) ACC","ESLG":"Eventide Large Cap Growth ETF","LU2247934214.USD":"FIDELITY FUNDS SUSTAINABLE FUTURE CONNECTIVITY \"A\" (USD) ACC","LU2471134796.USD":"INVESCO GLOBAL EQUITY INCOME ADVANTAGE \"A\" (USD) INC","LU0943347566.SGD":"安联收益及增长平衡基金AM H2-SGD","AIQ":"Global X Artificial Intelligence & Technology ETF","LU0109392836.USD":"富兰克林科技股A","LU0823434583.USD":"BNP PARIBAS US GROWTH \"C\" (USD) ACC","LU0820562030.AUD":"ALLIANZ INCOME AND GROWTH \"AMH2\" (AUDHDG) H2 INC","LU2750360641.GBP":"INVESCO GLOBAL EQUITY INCOME ADVANTAGE \"A\" (GBPHDG) INC","LU0187121727.USD":"FIDELITY SUSTAINABLE US EQUITY \"A\" (USD) INC","LU0210536198.USD":"JPM US GROWTH \"A\" ACC","LU0965509010.AUD":"AB LOW VOLATILITY EQUITY PORTFOLIO \"AD\" (AUDHDG) INC","LU2896262040.SGD":"JPM US GROWTH FUND \"A\" (SGD) ACC","LU2750360997.AUD":"INVESCO GLOBAL EQUITY INCOME ADVANTAGE \"A\" (AUDHDG) INC","LU0823434740.USD":"BNP PARIBAS US GROWTH \"C\" (USD) INC","SG9999015945.SGD":"LionGlobal Disruptive Innovation Fund A SGD","LU1732800096.USD":"摩根大通环球收益基金A (irc)","LU0143551892.USD":"T ROWE PRICE GLOBAL FOCUSED GROWTH EQUITY \"A\" (USD) ACC","LU2394011477.USD":"JPMORGAN CLIMATE CHANGE SOLUTIONS \"A\" (USD) ACC","IE00BZ199S13.USD":"BNY MELLON MOBILITY INNOVATION \"B\" (USD) ACC","LU2462591277.SGD":"TRP GLOBAL FOCUSED GROWTH EQUITY \"AN\" (SGDHDG) ACC","USXF":"iShares ESG Advanced MSCI USA ETF","LU1084165304.USD":"FIDELITY WORLD \"A\" (USD) ACC","LU2487616109.SGD":"JPM AMERICA EQUITY \"A\" (SGD) ACC","LU2954938101.SGD":"T ROWE PRICE GLOBAL FOCUSED GROWTH EQUITY \"A8P\" (SGD) INC","AIS":"VistaShares Artificial Intelligence Supercycle ETF","LU0210528500.USD":"JPM AMERICA EQUITY \"A\" ACC","LU2999663052.SGD":"T ROWE PRICE GLOBAL FOCUSED GROWTH EQUITY \"A4P\" (SGD) INC","LU0787776722.HKD":"AB SELECT US EQUITY PORTFOLIO \"A\" (HKD) ACC","LU2089283258.USD":"安联环球可持续基金Cl AM Dis","LU0444971666.USD":"天利全球科技基金","IE00B4YYXB79.USD":"PIMCO BALANCED INCOME AND GROWTH \"E\" (USD) ACC","ESUM":"EVENTIDE US MARKET ETF","LU1323610961.USD":"UBS (LUX) EQUITY SICAV - LONG TERM THEMES (USD) \"P\" (USD) ACC","LU0912757837.SGD":"JPMorgan Investment Funds - Global Income A (mth) SGD-H","LU2168564495.EUR":"AZ ALLOCATION - TREND \"AI\" (EUR) ACC","LU0689626769.HKD":"AB SICAV I - SUSTAINABLE US THEMATIC PORTFOLIO \"A\" (HKD) ACC","LU0965509101.SGD":"AB LOW VOLATILITY EQUITY PORTFOLIO \"A\" (SGDHDG) ACC","LU2047632596.USD":"T.ROWE MULTI-ASSET GLOBAL INCOME \"A\" (USD) ACC","LU0823414551.USD":"BNP PARIBAS ENERGY TRANSITION \"C\" (USD) INC","LU2168564222.USD":"AZ ALLOCATION - TREND \"AAZ\" (USDHDG) ACC","LU2168564065.EUR":"AZ ALLOCATION - TREND \"AAZ\" (EUR) ACC","LU0106261372.USD":"SCHRODER ISF US LARGE CAP \"A\" ACC","LU2100268510.USD":"T.ROWE MULTI-ASSET GLOBAL INCOME \"AX\" (USD) INC","LU1935042991.SGD":"MANULIFE GF GLOBAL MULTI-ASSET DIVERSIFIED INCOME \"AA\" (SGDHDG) INC","LU3102509885.SGD":"T.ROWE MULTI-ASSET GLOBAL INCOME \"A8P\" (SGDHDG) INC","LU2168563687.JPY":"AZ ALLOCATION - TREND \"AAZ\" (JPYHDG) ACC","LU1633808545.USD":"ALLIANZ GLOBAL EQUITY GROWTH \"AT\" (USD) ACC","CLSE":"Convergence Long/Short Equity ETF","LU2168564149.EUR":"AZ ALLOCATION - TREND \"BAZ\" (EUR) ACC","LU0251132253.USD":"FIDELITY FUNDS GLOBAL THEMATIC OPPORTUNITIES \"A\" (USD) ACC","IE00BKPKM429.USD":"NEUBERGER BERMAN GLOBAL SUSTAINABLE EQUITY \"A\" (USD) ACC","LU1066051225.USD":"HSBC GIF GLOBAL EQUITY VOLATILITY FOCUSED \"AC\" (USD) ACC","LU0077335932.USD":"FIDELITY AMERICAN GROWTH \"A\" INC","LU1069347547.HKD":"AB SICAV I - GLOBAL VALUE PORTFOLIO \"AD\" (HKD) INC","LU1732799900.SGD":"JPMorgan Investment Funds - Global Income A (irc) SGD-H","LU0353189680.USD":"富国美国全盘成长基金Cl A Acc","LU0158827781.USD":" ALLIANZ GLOBAL SUSTAINABILITY \"AT\" (USD) ACC","BK4567":"ESG概念","LU0553294199.USD":"BGF GLOBAL EQUITY INCOME \"A5G\" (USD) INC","LU2506951792.HKD":"BNP PARIBAS ENERGY TRANSITION \"CRH\" (HKDHDG) ACC","LU1804176565.USD":"EASTSPRING INV GLOBAL GROWTH EQUITY \"A\" (USD) ACC","BK4503":"景林资产持仓","LU2413666426.HKD":"BNP PARIBAS GLOBAL ENVIRONMENT \"C\" (HKD) ACC","BK4566":"资本集团","CMAG":"Corgi Mag 7 ETF","LU2452424414.USD":"BGF ESG MULTI-ASSET \"A10\" (USDHDG) INC","SNPE":"Xtrackers S&P 500 Scored & Screened ETF","SG9999015978.USD":"利安颠覆性创新基金A","LU0964807845.USD":"ALLIANZ INCOME & GROWTH \"A\" (USD) INC","LU0133085943.USD":"T ROWE PRICE US BLUE CHIP EQUITY \"A\" ACC","LU0276348264.USD":"THREADNEEDLE (LUX) GLOBAL DYNAMIC REAL RETURN\"AUP\" (USD) INC","HK0000306685.HKD":"TAIKANG KAITAI CHINA NEW OPPORTUNITIES FUND \"A\" (HKD) INC","LU0174119429.USD":"T ROWE PRICE US LARGE CAP GROWTH EQUITY \"A\" ACC","LU1861127337.USD":"ALLIANZ GLOBAL MULTI ASSET SUSTAINABILITY BALANCED \"AMG\" (USD) INC","LU0127658192.USD":"EASTSPRING INVESTMENTS GLOBAL TECHNOLOGY \"A\" (USD) ACC","LU1989772840.SGD":"CPR Invest - Climate Action A2 Acc SGD-H","LU2462591350.SGD":"T ROWE PRICE US LARGE CAP GROWTH EQUITY \"AN\" (SGDHDG) ACC","LU1935043536.SGD":"MANULIFE GF GLOBAL MULTI-ASSET DIVERSIFIED INCOME \"AA\" (SGDHDG) INC A","LU1400636574.HKD":"ALLIANZ EUROPE INCOME AND GROWTH \"AMG\" (HKDHDG) INC","GAMR":"Amplify Video Game Leaders ETF","LU1989772923.USD":"CPR Invest - Climate Action A2 Acc USD-H","LU2237443895.HKD":"abrdn SICAV I - GLOBAL DYNAMIC DIVIDEND \"A\" (HKD) ACC","LU1934455277.USD":"AB SICAV I LOW VOLATILITY TOTAL RETURN EQUITY PORT \"AD\" (USD) INC","LU1815336760.USD":"THREADNEEDLE (LUX) GLOBAL TECHNOLOGY \"AUP\" (USD) INC","LU1989764664.SGD":"CPR Invest - Global Disruptive Opportunities A2 Acc SGD-H","HK0000306701.USD":"TAIKANG KAITAI CHINA NEW OPPORTUNITIES FUND \"A\" (USD) INC","SG9999014575.USD":"UOB UNITED INCOME FOCUS TRUST FUND (USDHDG) INC","LU1989764748.USD":"东方汇理环球颠覆性机遇A2 Acc","LU0081259029.USD":"UBS (LUX) EQUITY FUND - TECH OPPORTUNITY \"P\" (USD) ACC","LU1119994496.HKD":"FIDELITY WORLD \"A\" (HKD) ACC","LU1934455194.USD":"AB SICAV I LOW VOLATILITY TOTAL RETURN EQUITY PORT \"A\" (USD) ACC","IE0034235303.USD":"PINEBRIDGE US RESEARCH ENHANCED CORE EQUITY \"A\" (USD) ACC","FAI":"First Trust Bloomberg Artificial Intelligence ETF","LU2637965513.SGD":"BGF GLOBAL ALLOCATION \"A10\" (SGDHDG) INC","LU0256863902.USD":"ALLIANZ US EQUITY \"AT\" (USD) ACC","LU2054465674.USD":"UBS (LUX) KEY SELEC SICAV DIGITAL TRANSFORMATION T \"P\" (USD) ACC","THMR":"THOR AdaptiveRisk Dynamic ETF","LU0390134368.USD":"FRANKLIN GLOBAL GROWTH \"A\" (USD) ACC","IE00B5TLWC47.USD":"BNY MELLON LONG-TERM GLOBAL EQUITY \"B\" (USD) ACC","LU0215105999.USD":"SCHRODER ISF GLOBAL EQUITY \"A\" ACC","CNAV":"Mohr Company Nav ETF","LU2265009873.SGD":"Eastspring Investments - Global Growth Equity AS SGD-H","LU2403377893.USD":"ALLIANZ SELECT INCOME AND GROWTH \"AM\" (USD) INC","LU0225283273.USD":"SCHRODER ISF GLOBAL EQUITY ALPHA \"A\" (USD) ACC","IE00BKDWB100.SGD":"PINEBRIDGE US LARGE CAP RESEARCH ENHANCED \"A5H\" (SGDHDG) ACC","AMDD":"1倍做空AMD ETF-Direxion","LU2250418816.HKD":"BGF WORLD TECHNOLOGY \"A\" (HKD) ACC","NULC":"Nuveen ESG Large-Cap ETF","IE0005OL40V9.USD":"JANUS HENDERSON BALANCED \"A6M\" (USD) INC","SG9999014559.SGD":"United Income Focus Trust Dis SGD","LU1992135472.HKD":"ALLIANZ GLOBAL INTELLIGENT CITIES \"AT\" (HKD) ACC","AMDG":"2倍做多AMD ETF- Leverage Shares","AMDL":"2倍做多AMD ETF-GraniteShares","LU1232071149.USD":"AZ FUND 1 GLOBAL GROWTH SELECTOR \"AAZ\" (USDHDG) ACC","SG9999014567.USD":"UOB UNITED INCOME FOCUS TRUST FUND (USD) ACC","CNEQ":"Alger Concentrated Equity ETF","BK4543":"AI","BK4512":"苹果概念","AMDS":"GRANITESHARES 1X SHORT AMD DAILY ETF","LU2148611432.USD":"AZ ALLOCATION BALANCED BRAVE \"AAZ\" (USDHDG) ACC","IE00BJLML261.HKD":"HSBC GLOBAL EQUITY INDEX \"HCH\" (HKD) ACC","LU0210533765.USD":"JPM GLOBAL GROWTH \"A\" (USD) ACC","AMDU":"Defiance Leveraged Long + Income AMD ETF","LU0061475181.USD":"THREADNEEDLE (LUX) AMERICAN \"AU\" (USD) ACC","LU2357125470.USD":"BNP PARIBAS ENERGY TRANSITION \"CLASSIC RH\" (USDHDG) ACC","SG9999015358.SGD":"United Income Focus Trust Dis SGD-H","LU0820561818.USD":"安联收益及增长平衡基金Cl AM DIS","SOXQ":"Invesco PHLX Semiconductor ETF","AMDW":"Roundhill AMD WeeklyPay ETF","LU1267930813.SGD":"FRANKLIN TEMPLETON SHARIAH GLOBAL EQUITY \"AS\" (SGD) ACC","LU0708995401.HKD":"FRANKLIN U.S. OPPORTUNITIES \"A\" (HKD) ACC","AMDY":"AMD期权收益策略ETF-YieldMax","LU0726765562.USD":"JPM GLOBAL INCOME \"A\" (USD HEDGED) INC","LU0154236417.USD":"BGF US FLEXIBLE EQUITY \"A2\" ACC","LU2294711713.HKD":"BNP PARIBAS ENERGY TRANSITION \"C\" (HKD) ACC","LU2381873111.SGD":"BGF SYSTEMATIC GLOBAL EQUITY HIGH INCOME \"A6\" (SGDHDG) INC","LU2347655073.USD":"JPM GLOBAL INCOME \"A\" (USDHDG) INC A","LU0289739343.SGD":"SUSTAINABLE GLOBAL THEMATIC PORTFOLIO \"A\" (SGD) ACC","LU0345769128.USD":"NINETY ONE GSF GLOBAL EQUITY \"A\" (USD) ACC","LU2097344431.USD":"SCHRODER ISF SUSTAINABLE MULTI-ASSET INCOME \"A\" (USDHDG) INC","SOXX":"iShares费城交易所半导体ETF","BK4549":"软银资本持仓","LU0070217475.USD":"JPM GLOBAL SELECT EQUITY \"A\" ACC","IE000Q6AESB8.SGD":"PIMCO BALANCED INCOME AND GROWTH \"A\" (SGDHDG) INC","SOXY":"YieldMax Target 12 Semiconductor Option Income ETF","LU0957808578.USD":"THREADNEEDLE (LUX) GLOBAL TECHNOLOGY \"ZU\" (USD) ACC","LU0128525929.USD":"TEMPLETON GLOBAL \"A\" (USD) ACC","LU2097344357.USD":"SCHRODER ISF SUSTAINABLE MULTI-ASSET INCOME \"A\" (USDHDG) ACC","BK4548":"巴美列捷福持仓","LU1244550577.SGD":"FTIF - Franklin Global Multi-Asset Income A (Mdis) SGD-H1","LU0345769631.USD":"NINETY ONE GSF GLOBAL EQUITY \"A\" (USD) INC","LU1868837300.USD":"CT (LUX) I AMERICAN FUND \"9\" (USD) ACC","LU0345770993.USD":"NINETY ONE GSF GLOBAL STRATEGIC EQUITY \"A\" (USD) INC","LU0006306889.USD":"SCHRODER ISF US LARGE CAP \"A\" (USD) INC AV","BK4554":"元宇宙及AR概念","USD":"ProShares Ultra Semiconductors","LU0683600562.USD":"AB SELECT US EQUITY \"A\" (USD) ACC","LU1814569148.SGD":"WELLINGTON GLOBAL QUALITY GROWTH \"D\" (SGDHDG) ACC","IE00BMPRXN33.USD":"NEUBERGER BERMAN 5G CONNECTIVITY \"A\" (USD) ACC","LU1868836914.USD":"CT (LUX) I AMERICAN \"3\" (USD) ACC","LU0965509283.SGD":"AB LOW VOLATILITY EQUITY PORTFOLIO \"AD\" (SGDHDG) INC","LU1821325948.USD":"NINETY ONE GSF GLOBAL MACRO ALLOCATION \"A\" (USD) ACC","LU1868837136.USD":"CT (LUX) I AMERICAN \"8\" (USD) ACC","SHOC":"Strive U.S. Semiconductor ETF","PSI":"INVESCO SEMICONDUCTORS ETF","LU1868836591.USD":"CT (LUX) I AMERICAN \"1U\"(USD) ACC","LU2264538146.SGD":"Fullerton Lux Funds - Global Absolute Alpha A Acc SGD","IE00BHPRN162.USD":"BNY MELLON BLOCKCHAIN INNOVATION \"B\" (USD) ACC","LU2756315664.SGD":"ALLIANZ INCOME AND GROWTH \"AMI\" (SGDHDG) INC","LU1868836757.USD":"CT (LUX) I AMERICAN FUND \"2\" (USD) ACC","VGT":"信息技术ETF-Vanguard","QQQA":"ProShares Nasdaq-100 Dorsey Wright Momentum ETF","LU1316542783.SGD":"Janus Henderson Horizon Global Technology Leaders A2 SGD","LU1935043023.USD":"MANULIFE GF GLOBAL MULTI-ASSET DIVERSIFIED INCOME \"AA\" (USD) INC A","LU0395794307.EUR":"JPM GLOBAL INCOME (DIV) \"A\" (EUR) INC","BK4550":"红杉资本持仓","LU2746668461.USD":"MANULIFE DYNAMIC LEADERS \"AA\" (USD) ACC","LU2430703095.HKD":"WELLINGTON MULTI-ASSET HIGH INCOME \"AM4\" (HKD) INC","LU2271345857.HKD":"ALLIANZ GLOBAL SUSTAINABILITY \"AT\" (HKD) ACC","LU0345768740.USD":"NINETY ONE GSF GLOBAL STRATEGIC MANAGED \"A\" (USD) INC","IE00B5949003.HKD":"JANUS HENDERSON GLOBAL TECHNOLOGY AND INNOVATION \"A\" (HKD) ACC","LU0642271901.SGD":"Janus Henderson Horizon Global Technology Leaders A2 SGD-H","LU2430703178.SGD":"WELLINGTON MULTI-ASSET HIGH INCOME \"AM4H\" (SGDHDG) INC","BK4551":"寇图资本持仓","LU2430703251.USD":"WELLINGTON MULTI-ASSET HIGH INCOME \"AM4\" (USD) INC","LU2360106780.USD":"BGF WORLD TECHNOLOGY \"A4\" (USD) INC","LU1983260115.SGD":"Janus Henderson Horizon Global Sustainable Equity A2 SGD-H","LU2089985449.USD":"MANULIFE GF GLOBAL SEMICONDUCTOR OPPORTUNITIES \"AA\" (USD) ACC","SG9999017495.SGD":"UGDP UNITED GLOBAL QUALITY GROWTH \"B\" (SGD) ACC","DAMD":"2倍做空AMD ETF-Defiance","LU1035775433.USD":"AB SICAV I - AMERICAN GROWTH PORTFOLIO \"AD\" (USD) INC","LU2931357623.SGD":"MANULIFE GF GLOBAL SEMICONDUCTOR OPPORTUNITIES \"AA\" (SGDHDG) ACC","ARTY":"ISHARES FUTURE AI & TECH ETF","LU2756315318.SGD":"ALLIANZ INCOME AND GROWTH \"AMG\" (SGDHDG) INC A","SMH":"半导体指数ETF-HOLDRs","LU0949170772.SGD":"Blackrock Global Equity Income A6 SGD-H","LU2746668974.SGD":"MANULIFE DYNAMIC LEADERS \"AA\" (SGDHDG) ACC","IETC":"iShares U.S. Tech Independence Focused ETF","SG9999014914.USD":"UNITED GLOBAL QUALITY GROWTH (USDHDG) INC","LU2272731600.USD":"Allianz Global Intelligent Cities AM Dis USD","LU1003077747.HKD":"BGF GLOBAL EQUITY INCOME \"A6\" (HKDHDG) INC","LU0347712357.USD":"BNP PARIBAS GLOBAL ENVIRONMENT \"C\" (USD) ACC","LU0417517546.SGD":"Allianz US Equity Cl AT Acc SGD","IE00BJJMRX11.SGD":"Janus Henderson Balanced A Acc SGD","LU1645745479.HKD":"ALLIANZ EUROPE INCOME AND GROWTH \"AM\" (HKDHDG) INC","LU0079474960.USD":"联博美国增长基金A","LU0738911758.USD":"Blackrock Global Equity Income A6 USD","IE00BK4W5L77.USD":"HSBC GLOBAL FUNDS ICAV US EQUITY INDEX \"HC\" (USD) ACC","LU2361044949.HKD":"WELLINGTON US QUALITY GROWTH \"A\" (HKD) ACC","LU2360032135.SGD":"ALLSPRING GLOBAL EQUITY ENHANCED INCOME \"A\" (SGDHDG) INC","LU2242649171.HKD":"FIDELITY FUNDS GLOBAL THEMATIC OPPORTUNITIES \"A\" (HKD) ACC","TTEQ":"T. Rowe Price Technology ETF","IE00BK4W5M84.HKD":"HSBC GLOBAL FUNDS ICAV US EQUITY INDEX \"HC\" (HKD) ACC","LU2462157665.USD":"ALLIANZ GLOBAL INCOME \"A\" (USD) INC","LU2361044865.SGD":"WELLINGTON US QUALITY GROWTH \"A\" (SGDHDG) ACC","LU0061474705.USD":"THREADNEEDLE (LUX) GLOBAL DYNAMIC REAL RETURN \"AU\" (USD) ACC","LU2087621335.USD":"ALLSPRING GLOBAL FACTOR ENHANCED EQUITY \"A\" (USD) ACC","VT":"世界全股市ETF-Vanguard","LU0289960550.SGD":"AB FCP I - GLOBAL EQUITY BLEND PORTFOLIO 'A' (SGD) ACC","LU2361045086.USD":"WELLINGTON US QUALITY GROWTH \"A\" (USD) ACC","IE00BD6J9T35.USD":"NEUBERGER BERMAN NEXT GENERATION MOBILITY \"A\" (USD) ACC","IE00BYXW3230.USD":"PINEBRIDGE GLOBAL DYNAMIC ASSET ALLOCATION \"AA\" (USD) ACC","BK4605":"半导体精选","IE00B775H168.HKD":"JANUS HENDERSON BALANCED \"A5M\" (HKD) INC","IE0004445239.USD":"JANUS HENDERSON US FORTY \"A2\" (USD) ACC","IE00BFSS8Q28.SGD":"Janus Henderson Balanced A Inc SGD-H","IE00BN29S564.USD":"JANUS HENDERSON BALANCED \"A3\" (USD) INC","LU2125154935.USD":"ALLSPRING (LUX) WF GLOBAL EQUITY ENHANCED INCOME \"I\" (USD) INC","LU2272731865.HKD":"ALLIANZ GLOBAL INTELLIGENT CITIES INCOME \"AM\" (HKD) INC","BK4608":"AI应用概念股","IE0004445015.USD":"JANUS HENDERSON BALANCED \"A2\" (USD) ACC","LU2237443382.USD":"Aberdeen Standard SICAV I - Global Dynamic Dividend A MIncA USD","SGXZ80539844.SGD":"ALLIANZ GLOBAL HIGH PAYOUT \"AMI\" (H2-SGD) INC","LU2355687059.USD":"NORDEA 1 GLOBAL IMPACT \"BP\" (USD) ACC","LU2237443549.SGD":"Aberdeen Standard SICAV I - Global Dynamic Dividend A MIncA SGD-H","LU0124676726.USD":"AB SICAV I - SUSTAINABLE US THEMATIC PORTFOLIO \"A\" (USD) ACC","TTXU":"Direxion Daily Technology Top 5 Bull 2X ETF","LU2237443622.USD":"Aberdeen Standard SICAV I - Global Dynamic Dividend A Acc USD","ILDR":"First Trust Innovation Leaders ETF","LU1066053197.SGD":"HSBC GIF GLOBAL EQUITY VOLATILITY FOCUSED \"AM3\" (SGDHDG) INC","LU0979878070.USD":"FULLERTON LUX FUNDS - ASIA ABSOLUTE ALPHA \"A\" (USD) ACC","LU0528227936.USD":"富达环球人口趋势基金A-ACC","LU2491049909.HKD":"WELLINGTON SUSTAINABLE OUTCOMES \"A\" (HKD) ACC","LU2028103732.USD":"ALLIANZ GLOBAL SUSTAINABILITY \"AMG\" (USD) INC","LU0889566641.SGD":"FTSF - Templeton Shariah Global Equity A Acc SGD","LU2237443978.SGD":"Aberdeen Standard SICAV I - Global Dynamic Dividend A Acc SGD-H","IE00B3M56506.USD":"NEUBERGER BERMAN EMERGING MARKETS EQUITY \"A\" (USD) ACC","LU1267930730.SGD":"富兰克林美国机遇基金AS Acc SGD (CPF)","SGXZ23171101.USD":"NIKKO AM SHENTON GLOBAL OPPORTUNITIES (USD) ACC","LU0289961442.SGD":"SUSTAINABLE GLOBAL THEMATIC PORTFOLIO \"AX\" (SGD) ACC","LU2357305700.SGD":"Allianz Global Artificial Intelligence ET H2-SGD","LU0985320562.USD":"NORDEA 1 GLOBAL STARS EQUITY \"BP\" (USD) ACC","LU1979441026.SGD":"AB SICAV I - AMERICAN GROWTH PORTFOLIO \"A\" (SGDHDG) ACC","LU0109391861.USD":"富兰克林美国机遇基金A Acc","LU2491050071.SGD":"WELLINGTON SUSTAINABLE OUTCOMES \"A\" (SGDHDG) ACC","LU0661504455.SGD":"Blackrock Global Equity Income A5 SGD-H","LU2491050154.USD":"WELLINGTON SUSTAINABLE OUTCOMES \"A\" (USD) ACC","GB00BDT5M118.USD":"天利环球扩展Alpha基金A Acc","WISE":"THEMES GENERATIVE ARTIFICIAL INTELLIGENCE ETF","LU2461242641.AUD":"WELLINGTON US QUALITY GROWTH \"A\" (AUDHDG) ACC","ROM":"ProShares Ultra Technology","LU0011850046.USD":"贝莱德全球长线股票 A2 USD","IE0009G5SDU7.USD":"PIMCO BALANCED INCOME AND GROWTH \"M\" (USD) INC","LU0640476718.USD":"THREADNEEDLE (LUX) US CONTRARIAN CORE EQ \"AU\" (USD) ACC","TRFK":"PACER DATA AND DIGITAL REVOLUTION ETF","IE0001KFT4U8.USD":"FTGF CLEARBRIDGE GLOBAL GROWTH LEADERS \"A\" (USD) INC","LU0097036916.USD":"贝莱德美国增长A2 USD","BK4612":"AI芯片","LU2089284900.SGD":"Allianz Global Sustainability Cl AM Dis H2-SGD","LU1280957306.USD":"THREADNEEDLE (LUX) US CONTRARIAN CORE EQUITIES \"AUP\" (USD) INC","IE000ITXATA3.USD":"PIMCO BALANCED INCOME AND GROWTH \"M\" (USD) ACC","BK4614":"Manus概念股","LU2592432038.USD":"WELLINGTON MULTI-ASSET HIGH INCOME \"A\" (USD) ACC","SG9999004303.SGD":"Nikko AM Shenton Global Opportunities SGD","IE000YTNTUN2.SGD":"PIMCO BALANCED INCOME AND GROWTH \"M\" (SGDHDG)INC","LU1202635105.USD":"ALLIANZ EUROPE INCOME AND GROWTH \"AM\" (USDHDG) INC","LU1988902786.USD":"FULLERTON LUX FUNDS GLOBAL ABSOLUTE ALPHA \"I\" (USD) ACC","IE0034235188.USD":"PINEBRIDGE GLOBAL FOCUS EQUITY \"A\" (USD) ACC","IE00BDCRKT87.USD":"PINEBRIDGE GLOBAL DYNAMIC ASSET ALLOCATION \"ADC\" (USD) INC","LU0444973449.USD":"CT (LUX) I GLOBAL TECHNOLOGY \"DU\" (USD) ACC","LU2191332357.HKD":"SCHRODER ISF SUSTAINABLE MULTI-ASSET INCOME \"A\" (HKDHDG) INC","SGXZ81514606.USD":"大华环球创新基金A Acc USD","LU2505996681.GBP":"WELLINGTON MULTI-ASSET HIGH INCOME \"AM4H\" (GBPHDG) INC","IE00BJJMRY28.SGD":"Janus Henderson Balanced A Inc SGD","LU0158827948.USD":"ALLIANZ GLOBAL SUSTAINABILITY \"A\" (USD) INC","LU0320765059.SGD":"FTIF - Franklin US Opportunities A Acc SGD","LU1914381329.SGD":"Allianz Best Styles Global Equity Cl ET Acc H2-SGD","LU2505996509.AUD":"WELLINGTON MULTI-ASSET HIGH INCOME \"AM4H\" (AUDHDG) INC","BK4141":"半导体产品","LU2552382215.SGD":"WELLINGTON US BRAND POWER \"A\" (SGDHDG) ACC","LU2237957902.USD":"NIKKO AM GLOBAL EQUITY \"F\" (USD) ACC","LU1861559042.SGD":"日兴方舟颠覆性创新基金B SGD","LU0353189763.USD":"ALLSPRING US ALL CAP GROWTH FUND \"I\" (USD) ACC","LU2237957811.SGD":"NIKKO AM GLOBAL EQUITY \"F\" (SGD) ACC","LU0708994859.HKD":"TEMPLETON GLOBAL \"A\" (HKD) ACC","LU2552382058.USD":"WELLINGTON US BRAND POWER \"A\" (USD) ACC","LU0823421333.USD":"BNP PARIBAS DISRUPTIVE TECHNOLOGY \"C\" (USD) ACC","IE00BJTD4N35.SGD":"Neuberger Berman US Long Short Equity A1 Acc SGD-H","LU2552382132.HKD":"WELLINGTON US BRAND POWER \"A\" (HKD) ACC","LU0029864427.USD":"TEMPLETON GLOBAL \"A\" (USD) INC","IE00B19Z8X17.USD":"FTGF CLEARBRIDGE US LARGE CAP GROWTH \"AG\" (USD) ACC","LU0823421416.USD":"BNP PARIBAS DISRUPTIVE TECHNOLOGY \"C\" (USD) INC","LU2413666699.HKD":"BNP PARIBAS GLOBAL ENVIRONMENT \"CRH\" (HKDHDG) INC","LU0861579265.USD":"联博低波幅策略股票基金A","IE00BFSS7M15.SGD":"Janus Henderson Balanced A Acc SGD-H","LU1935042215.USD":"MANULIFE GF GLOBAL MULTI-ASSET DIVERSIFIED INCOME \"AA\" (USD) INC A","LU2458330169.SGD":"FRANKLIN SHARIAH TECHNOLOGY \"A\" (SGD) ACC","IE0003U64NQ7.SGD":"PIMCO BALANCED INCOME AND GROWTH \"M\" (SGDHDG) ACC","IE000KEQY171.SGD":"PIMCO BALANCED INCOME AND GROWTH \"M\" (SGDHDG) INC","LU2458330243.SGD":"FRANKLIN SHARIAH TECHNOLOGY \"A-H1\" (SGDHDG) ACC","HK0000914686.HKD":"GFI Global Select Equity Fund Class A (HKD)","LU2023251221.USD":"ALLIANZ GLOBAL SUSTAINABILITY \"AM\" (USD) INC","LU0354030511.USD":"ALLSPRING U.S. LARGE CAP GROWTH \"I\" (USD) ACC","LU0345770308.USD":"NINETY ONE GSF GLOBAL STRATEGIC EQUITY \"A\" (USD) ACC","HK0000914660.USD":"GFI Global Select Equity Fund Class A (USD)","LU0354030438.USD":"富国美国大盘成长基金Cl A Acc","LU0175139822.USD":"AB FCP I Global Equity Blend A USD","BAI":"iShares A.I. Innovation and Tech Active ETF","LU1571399168.USD":"ALLSPRING GLOBAL LONG/SHORT EQUITY \"IP\" (USD) ACC","SG9999014898.SGD":"United Global Quality Growth Fund Dis SGD","IE00BMPRXR70.SGD":"Neuberger Berman 5G Connectivity A Acc SGD-H","LU1720051108.HKD":"ALLIANZ GLOBAL ARTIFICIAL INTELLIGENCE \"AT\" (HKD) ACC","SG9999018865.SGD":"United Global Quality Growth Fd Cl Dist SGD-H","LU1861215975.USD":"贝莱德新一代科技基金 A2","XNTK":"SPDR NYSE Technology ETF","SGXZ99366536.SGD":"United Global Innovation A Acc SGD-H","LU1861220033.SGD":"Blackrock Next Generation Technology A2 SGD-H","LU1267930490.SGD":"TEMPLETON GLOBAL EQUITY INCOME \"AS\" (SGD) INC A","LU2106854487.HKD":"ALLIANZ THEMATICA \"AMG\" (HKD) INC","LU0889565833.HKD":"FRANKLIN TECHNOLOGY \"A\" (HKD) ACC","LU0069063385.USD":"SUSTAINABLE GLOBAL THEMATIC PORTFOLIO \"A\" (USD) ACC","LU1400636657.SGD":"Allianz Europe Income and Growth Cl AMg DIS H2-SGD","LU2065169927.USD":"M&G (LUX) GLOBAL MAXIMA \"A\" (USD) ACC","SGXZ51526630.SGD":"大华环球创新基金A Acc SGD","LU1629891620.HKD":"ALLIANZ INCOME AND GROWTH \"AMG2\" (H2-HKD) INC","LU2326559502.SGD":"Natixis Loomis Sayles US Growth Equity P/A SGD-H","SG9999018857.SGD":"United Global Quality Growth Fd Cl Acc SGD-H","LU1935042488.USD":"MANULIFE GF GLOBAL MULTI-ASSET DIVERSIFIED INCOME \"AA\" (USD) INC","LU1778281490.HKD":"HSBC GIF GLOBAL LOWER CARBON EQUITY \"AD\" (HKD) INC","IE000W1ABFV2.USD":"PIMCO BALANCED INCOME AND GROWTH \"R\" (USD) INC","IE00BZ1G4Q59.USD":"LEGG MASON CLEARBRIDGE US EQUITY SUSTAINABILITY LEADER \"A\"(USD) INC (A)","FDTX":"Fidelity Disruptive Technology ETF","LU0203202063.USD":"AB SICAV I - ALL MARKET INCOME PORTFOLIO \"A2X\" (USD) ACC","SG9999015986.USD":"LIONGLOBAL DISRUPTIVE INNOVATION \"I\" (USD) ACC","IE0009356076.USD":"JANUS HENDERSON GLOBAL TECHNOLOGY AND INNOVATION \"A2\" (USD) ACC","LU0266013472.USD":"AXA WF - Framlington Longevity Economy A Cap USD","LU0348723411.USD":"ALLIANZ GLOBAL HI-TECH GROWTH \"A\" (USD) INC","LU0476273544.USD":"CT (LUX) I GLOBAL TECHNOLOGY \"BU\" (USD) ACC","LU0203201768.USD":"AB SICAV I - ALL MARKET INCOME PORTFOLIO \"AX\" (USD) INC","LU2023250330.USD":"ALLIANZ INCOME AND GROWTH \"AMG\" (USD) INC","LU1917777945.USD":"安联专题基金Cl AT Acc","LU1720051017.SGD":"Allianz Global Artificial Intelligence AT Acc H2-SGD","LU1923622614.USD":"Natixis Thematics Meta R/A USD","LU1244550221.USD":"FRANKLIN GLOBAL MULTI-ASSET INCOME \"A\" (USDHEDGED) INC (M)","LU1699723380.USD":"ALLSPRING GLOBAL LONG/SHORT EQUITY \"AP\" (USD) ACC","TYLG":"GLOBAL X INFORMATION TECHNOLOGY COVERED CALL & GROWTH ETF","LU2242650005.HKD":"FIDELITY FUNDS GLOBAL MULTI ASSET DYNAMIC \"A\" (HKD) ACC","LU1721428933.USD":"法巴全球经典环境基金RH MD Dis","LU2125909759.SGD":"Natixis Thematics Safety H-R/A SGD","LU0882574139.USD":"富达环球消费行业基金A ACC","SPTE":"SP FUNDS S&P GLOBAL TECHNOLOGY ETF","SG9999014542.SGD":"United Income Focus Trust Acc SGD","JGRO":"Jpmorgan Active Growth ETF","LU0057025933.USD":"SUSTAINABLE GLOBAL THEMATIC PORTFOLIO \"AX\" (USD) ACC","LU0211328371.USD":"TEMPLETON GLOBAL EQUITY INCOME \"A\" (MDIS) (USD) INC","LU2125909916.SGD":"Natixis Thematics Safety R/A SGD","LU2211815571.USD":"ALLIANZ POSITIVE CHANGE \"AT\" (USD) ACC","IE00BQXX3D17.EUR":"GUINNESS GLOBAL INNOVATORS \"C\" (EUR) ACC","LU1852331112.SGD":"Blackrock World Technology Fund A2 SGD-H","IE00BQXX3C00.GBP":"GUINNESS GLOBAL INNOVATORS \"C\" (GBP) ACC","LU1923622291.USD":"Natixis Thematics Safety R/A USD","LU0323239441.USD":"HSBC GIF GLOBAL EQUITY CLIMATE CHANGE \"AC\" ACC","LU2433249047.HKD":"THEMATICS META \"R/A\" (HKD) ACC","IE00BQXX3F31.USD":"GUINNESS GLOBAL INNOVATORS \"C\" (USD) ACC","LU2063271972.USD":"富兰克林创新领域基金","LU0792757196.USD":"TEMPLETON SHARIAH GLOBAL EQUITY FUND \"A\" (USD) ACC","LU2108987350.USD":"UBS (LUX) EQUITY SICAV GLOBAL OPPORTUNITY SUSTAINABLE (USD) \"P\" (USD) ACC","LU2244417387.USD":"FIDELITY SUSTAINABLE US EQUITY \"A\" (USD) ACC","LU1242518931.SGD":"Fullerton Lux Funds - Asia Absolute Alpha A Acc SGD","LU2213496289.HKD":"ALLIANZ INCOME AND GROWTH \"AT\" (HKD) ACC","LU0345768153.USD":"NINETY ONE GSF GLOBAL STRATEGIC MANAGED \"A\" (USD) ACC","LU2290526834.HKD":"BGF NEXT GENERATION TECHNOLOGY \"A2\" (HKDHDG) ACC","LU1037948897.HKD":"AB LOW VOLATILITY EQUITY PORTFOLIO \"AD\" (HKD) INC","LU1066051498.USD":"HSBC GIF GLOBAL EQUITY VOLATILITY FOCUSED \"AM2\" (USD) INC","LU2023250504.SGD":"Allianz Thematica Cl AMg DIS H2-SGD","LU0265550359.USD":"BGF SYSTEMATIC GLOBAL ENHANCED EQUITY YIELD \"A2\" (USD) ACC","LU0557290698.USD":"施罗德环球可持续增长基金","SG9999000418.SGD":"Aberdeen Standard Global Technology SGD","LU1037948541.HKD":"AB LOW VOLATILITY EQUITY PORTFOLIO \"A\" (HKD) ACC","LU0323591593.USD":"SCHRODER ISF QEP GLOBAL QUALITY \"A\" (USD) ACC","LU0198837287.USD":"UBS (LUX) EQUITY SICAV - USA GROWTH \"P\" (USD) ACC","LU0820561909.HKD":"ALLIANZ INCOME AND GROWTH \"AM\" (HKD) INC","FTEC":"Fidelity MSCI Information Techno","LU1116320737.USD":"BGF SYSTEMATIC GLOBAL ENHANCED EQUITY YIELD \"A6\" (USD) INC","IXN":"iShares Trust S&P Global Informa","EFIV":"SPDR S&P 500 ESG ETF","IE00BDRTCR15.USD":"PINEBRIDGE GLOBAL DYNAMIC ASSET ALLOCATION \"ADC\" (USD) INC A","LU1791710582.SGD":"Fidelity Global Demographics A-ACC-SGD (SGD/USD hedged)","IE00B19Z8W00.USD":"FTGF CLEARBRIDGE US LARGE CAP GROWTH \"A\" INC","LU2125909593.SGD":"Natixis Thematics Meta R/A SGD","LU1791710400.SGD":"Fidelity Global Demographics A-ACC-SGD","LU0056508442.USD":"贝莱德世界科技基金A2","LU0256863811.USD":"ALLIANZ US EQUITY \"A\" INC","LU0823414478.USD":"法巴经典能源转换基金","WUGI":"AXS Esoterica NextG Economy ETF","LU0689472784.USD":"安联收益及增长基金Cl AM AT Acc","LU0868494708.USD":"UBS (LUX) EQUITY SICAV - US TOTAL YIELD SUSTAINABLE \"P\" (USD) INC","SG9999001424.SGD":"United E-Commerce Fund SGD","LU0323240290.USD":"HSBC GIF GLOBAL EQUITY CLIMATE CHANGE \"AD\" INC","LU1261432733.SGD":"Fidelity World A-ACC-SGD","LU0267386448.USD":"FIDELITY FIRST ALL COUNTRY WORLD \"A\" (USD) INC","IE00B1BXHZ80.USD":"Legg Mason ClearBridge - US Appreciation A Acc USD","LU1116320901.HKD":"BGF SYSTEMATIC GLOBAL ENHANCED EQUITY YIELD \"A6\" (HKD) INC","LU0786609619.USD":"高盛全球千禧一代股票组合Acc","LU2092937148.SGD":"Blackrock ESG Multi-Asset A8 SGD-H","LU1064131342.USD":"Fullerton Lux Funds - Global Absolute Alpha A Acc USD","IE0034235295.USD":"PINEBRIDGE GLOBAL DYNAMIC ASSET ALLOCATION \"A\" (USD) ACC","LEGR":"First Trust Indxx Innovative Transaction & Process ETF","LU2111349929.HKD":"ALLIANZ GLOBAL SUSTAINABILITY \"AM\" (HKD) INC","LU1035773651.USD":"AB SICAV I - GLOBAL VALUE PORTFOLIO \"AD\" (USD) INC","IE00BJTD4V19.USD":"NEUBERGER BERMAN US LONG SHORT EQUITY \"A1\" (USD) ACC","LU2092627202.USD":"Blackrock ESG Multi-Asset A8 USD-H","LU2360107168.USD":"BGF NEXT GENERATION TECHNOLOGY \"A4\" (USD) INC","LU2077746001.SGD":"Blackrock ESG Multi-Asset A2 SGD-H","ABFL":"ABACUS FCF LEADERS ETF","AMD":"美国超微公司","LU0310800379.SGD":"FTIF - Templeton Global A Acc SGD","LU2237443465.HKD":"abrdn SICAV I - GLOBAL DYNAMIC DIVIDEND \"A\" (HKD) INC","LU1496350502.SGD":"FRANKLIN DIVERSIFIED DYNAMIC \"A\" (SGDHDG) ACC","LU1153585028.USD":"BGF GLOBAL LONG-HORIZON EQUITY \"A4\" (USD) INC","LU0724617625.USD":"BGF GLOBAL ALLOCATION \"A4\" (USD) INC","LU2236285917.USD":"ALLIANZ GLOBAL INCOME \"AMG\" (USD) INC","LU0788109477.HKD":"BGF GLOBAL ALLOCATION \"A2\" (HKDHGD) ACC","LU1674673691.USD":"HSBC GIF GLOBAL LOWER CARBON EQUITY \"AD\" (USD) INC","LU0316494557.USD":"FRANKLIN GLOBAL FUNDAMENTAL STRATEGIES \"A\" ACC","LU1674673428.USD":"HSBC GIF GLOBAL LOWER CARBON EQUITY \"AC\" (USD) ACC","IE00B3S45H60.SGD":"Neuberger Berman US Multicap Opportunities A Acc SGD-H","LU0234570918.USD":"高盛全球核心股票组合Acc Close","LU1718418525.SGD":"JPMorgan Investment Funds - Global Select Equity A (acc) SGD","LU2456880835.USD":"ALLIANZ GLOBAL INCOME \"AT\" (USD) ACC","LU0094547139.USD":"abrdn SICAV I - GLOBAL SUSTAINABLE EQUITY FUND \"A\" (USD) ACC","LU0942090050.USD":"UBS (LUX) EQUITY SICAV - US TOTAL YIELD SUSTAINABLE \"P\" (USD) INC","LU2133065610.SGD":"JPMorgan Investment Funds - Global Dividend A (mth) SGD","LU2286300806.USD":"Allianz Cyber Security AT Acc USD","LU1551013342.USD":"Allianz Income and Growth Cl AMg2 DIS USD","IE00B7KXQ091.USD":"Janus Henderson Balanced A Inc USD","LU2125154778.USD":"ALLSPRING GLOBAL EQUITY ENHANCED INCOME \"A\" (USD) INC","LU0080751232.USD":"富达环球多元动力基金A","LU1303367103.USD":"摩根大通多经理另类基金 A (acc)","BK4592":"伊斯兰概念","LU2098885051.SGD":"JPMorgan Funds - Multi-Manager Alternatives A (acc) SGD","IE00BMPRXQ63.HKD":"NEUBERGER BERMAN NEXT GENERATION CONNECTIVITY FUND \"A\" (HKDHDG) ACC","LU0234572021.USD":"高盛美国核心股票组合Acc","LU1880398554.USD":"AMUNDI FUNDS GLOBAL EQUITY \"A2\" (USD) INC","LU1670756490.USD":"ALLIANZ EUROPE INCOME AND GROWTH \"AT\" (USDHDG) ACC","LU1861558580.USD":"日兴方舟颠覆性创新基金B","LU1069344957.HKD":"AB SICAV I - AMERICAN GROWTH PORTFOLIO \"AD\" (HKD) INC","LU1951198990.SGD":"Natixis Thematics AI & Robotics Fund H-R/A SGD-H","IE00B19Z9505.USD":"美盛-美国大盘成长股A Acc","IE00BKVL7J92.USD":"Legg Mason ClearBridge - US Equity Sustainability Leaders A Acc USD","LU1951200564.SGD":"Natixis Thematics AI & Robotics Fund R/A SGD","IE00BWXC8680.SGD":"PINEBRIDGE US LARGE CAP RESEARCH ENHANCED \"A5\" (SGD) ACC","LU1923623000.USD":"Natixis Thematics AI & Robotics Fund R/A USD","LU0061474960.USD":"天利环球焦点基金AU Acc","LU2087625088.SGD":"ALLSPRING US ALL CAP GROWTH \"A\" (SGDHDG) ACC","LU1267930573.SGD":"TEMPLETON GLOBAL \"AA\" (SGD) ACC A","LFGY":"YieldMax Crypto Industry and Tech Portfolio Option Income ETF","LU0494093205.USD":"贝莱德ESG灵活多元资产A2 USD-H","LU0672654240.SGD":"FTIF - Franklin US Opportunities A Acc SGD-H1","LU2125909247.SGD":"Natixis Thematics Meta H-R/A SGD","LU1691799644.USD":"Amundi Funds Polen Capital Global Growth A2 (C) USD","BK4585":"ETF&股票定投概念","LU1429558221.USD":"Natixis Loomis Sayles US Growth Equity RA USD","LU1548497426.USD":"安联环球人工智能AT Acc","SG9999015952.SGD":"LIONGLOBAL DISRUPTIVE INNOVATION \"I\" (SGD) ACC","LU0170899867.USD":"EASTSPRING INVESTMENTS WORLD VALUE EQUITY \"A\" (USD) ACC","XLK":"高科技指数ETF-SPDR","AGOX":"Adaptive Alpha Opportunities ETF","LU1435385759.SGD":"Natixis Loomis Sayles US Growth Equity RA SGD-H","LU2279689827.SGD":"JPMorgan Investment Funds - Global Income Sustainable A (mth) SGD-H","BK4587":"ChatGPT概念","LU1815333072.USD":"THREADNEEDLE (LUX) GLOBAL FOCUS \"AUP\" (USD) INC","HK0000320223.HKD":"TAIKANG KAITAI CHINA NEW OPPORTUNITIES FUND \"A\" (HKD) ACC","LU2347655156.SGD":"JPMorgan Investment Funds - Global Income A (icdiv) SGD-H","SG9999014906.USD":"大华全球优质成长基金Acc USD","LU0957791311.USD":"THREADNEEDLE (LUX) GLOBAL FOCUS \"ZU\" (USD) ACC","IE00B4JS1V06.HKD":"JANUS HENDERSON BALANCED \"A2\" (HKD) ACC","LU1242518857.USD":"FULLERTON LUX FUNDS - ASIA ABSOLUTE ALPHA \"I\" (USD) ACC","CHAT":"ROUNDHILL GENERATIVE AI & TECHNOLOGY ETF","IE00B775SV38.USD":"NEUBERGER BERMAN US MULTICAP OPPORTUNITIES \"A\" (USD) ACC","BK4588":"碎股","HK0000320264.USD":"TAIKANG KAITAI CHINA NEW OPPORTUNITIES FUND \"A\" (USD) ACC","LU0211327993.USD":"TEMPLETON GLOBAL EQUITY INCOME \"A\" (USD) ACC","LU0053666078.USD":"摩根大通基金-美国股票A（离岸）美元","BK4598":"佩洛西持仓","LU0795875169.SGD":"JPMorgan Investment Funds - Global Income A (div) SGD-H","LU1551013425.SGD":"Allianz Income and Growth Cl AMg2 DIS H2-SGD","LU0082616367.USD":"摩根大通美国科技A（dist）","LU1803068979.SGD":"FTIF - Franklin Technology A (acc) SGD-H1","LU2272731782.SGD":"Allianz Global Intelligent Cities AM Dis H2-SGD"},"source_url":"https://wallstreetcn.com/articles/3778726","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2657515385","content_text":"这份财报没有否定AMD的成长故事，它否定的是\"故事不需要新证据\"的定价。 当市场为2027年数据中心翻倍预付了130%的涨幅，接下来的每一个季度，AMD都要用超出预期的执行，为这个溢价续命。8月4日盘后，AMD交出了一份几乎没有瑕疵的财报：营收115.36亿美元，同比增长 50%，创历史新高；非GAAP每股收益1.66美元，超过市场预期的1.62美元；数据中心营收67.18亿美元，同比翻倍，占公司总营收的58%。股价在盘后却一度暴跌10%，收跌8.8%。超预期为什么成了利空？市场定价的不是业绩，是加速。AMD年内股价涨超130%，52周区间从149美元到584美元，涨幅里装的是\"追赶英伟达\"的预期。Q3指引约130亿美元，高于共识的125亿美元，但环比只增 13%——维持斜率，不是跳档。市场要的加速，财报没有给。投资的代价在财报上也有所显现：56%的毛利率创了新高，但 AI 数据中心的毛利率低于公司平均，占比58%的成长业务反而在稀释利润率；为了 Helios 机柜系统抢产能，资本开支花了8.08亿美元，是分析师预期的近3倍，自由现金流从25.7亿美元腰斩到15.6亿美元。增长的代价，第一次在资产负债表上显形。市场要的加速，Q3 指引没有给Q3指引130亿美元上下，同比增41%，环比增13%，中值高于共识的125.2亿美元。这份指引谈不上差，问题在形态：环比只增13%，只是延续当前的斜率。Dolphin Research算了笔账：按指引推算，Q3 数据中心环比增量约12亿到18亿美元，而 MI455X 才刚刚开始出货，这个台阶算不上特别强。市场此前押注的是 AI 需求让 AMD 再上一个档，指引没有给出这个信号。AMD 年内涨超130%，市场买的是一个故事：英伟达产能受限、客户需要第二供应商，AMD 从 AI 芯片的备选项变成必选项。财报要做的，是证明这个故事在加速。7月 Anthropic 宣布在 Helios上部署2吉瓦MI450 GPU，消息当天股价涨约10%；6月初博通财报一度引发半导体板块回调，AMD 随后在 Helios 订单预期下重新修复至518美元上方。每一次上涨，都在抬高下一次财报的门槛。当AMD交出的只是\"符合预期的好\"，年内130%的涨幅就没了继续向上的理由。盘后的卖盘，是预期兑现的落点。107%的翻倍，一半是低基数数据中心同比107%的增速最抓眼球，但成色要打个问号。2025年二季度，美国出口管制让 AMD 计提了8亿美元的 MI308 库存及相关费用，把当时的基数砸出了一个坑。今年的翻倍，有一部分是填坑填回来的。Dolphin Research拆了一个数：本季度 Instinct AI GPU营收约27亿美元，上年同期约11亿美元，同样带着基数的阴影。相比之下 EPYC 更干净：云和企业销售同比增长都超过70%，服务器 CPU 营收连续第五个季度创纪录，第六代 EPYC Venice 已投产。没有低基数滤镜的加速，才是这份财报最扎实的一块。苏姿丰在电话会上给了锚：2027年数据中心营收\"翻倍有余\"，2026下半年服务器营收同比增长超过80%，2027年在更高基数上仍增长超过70%。毛利率的暗线：AI 越大，毛利越薄56%的非GAAP毛利率创了新高，但数字里有水分。同比13个百分点的跃升，一大半来自去年同期那笔8亿美元的出口管制计提。管理层在电话会上确认：AI 数据中心的毛利率略低于公司平均水平。而数据中心恰恰是增长最快、占比最高的业务，从一年前的42%升到现在的58%。营收中最具成长性的部分，是结构性的毛利稀释器。对比英伟达75%的非 GAAP 毛利率，差距近20个百分点。英伟达靠垄断定价赚超额利润，AMD 的份额靠价格换——苏姿丰说得很直白，AMD 卖的是整合 CPU、GPU、网络芯片的整套基础设施，用更低的单价和更高的开放度撬动客户。这个模式的代价，是每一块钱收入里装进利润的比例天然低于对手。Helios 从卖芯片转向卖整机柜系统，单价上去了，但机架里的芯片、网络、存储都是成本。规模越大，稀释效应越明显。市场对这份财报的失望，一部分就藏在毛利率的暗线里。资本开支三倍于预期，增长开始烧钱资产负债表比利润表更能说明问题：资本开支8.08亿美元，是分析师预期（约2.99亿美元，据 Dolphin Research 测算）的近3倍；自由现金流（据测算）从25.7亿美元降到15.6亿美元；存货增至84.68亿美元，应收账款环比增长21%，达到72.81亿美元。这不是财务恶化，是主动选择的增长模式：先把钱砸进产能和备货，再等订单兑现。苏姿丰说 Helios 的需求\"非常强劲，超出我们最初的预测\"，为了接住订单，AMD 必须提前锁产能、提前备库存。现金、存货、应收三个科目同步走高，就是这份抢跑的痕迹。问题在于，这种模式把业绩的确定性推迟到了未来。一旦 AI 资本开支增速放缓，或某个大客户交付节奏延后，这些数字会从进攻的弹药变成库存的负担。真正的瓶颈在产能，不在需求Helios 是这份财报里最关键的信号。这是 AMD 首款整机柜级 AI 系统，把 CPU、GPU、网络芯片打包成完整机柜交付，本季度已向 Meta、OpenAI、Oracle 交付首批；7月宣布的 Anthropic 2吉瓦合作，首批1吉瓦部署在2027年上半年开始；微软也将在 Azure 上大规模部署。客户名单还在扩：Anthropic、Cirrascale、HUMAIN、Meta、微软、OpenAI、Oracle、Tensorwave、Vultr。需求端的故事无可挑剔。AMD 的天花板不在这里，在台积电的先进封装产能。汇丰5月把 AMD 下调至持有，理由就是台积电产能限制——这份财报某种程度上证实了担忧，否则 AMD 没必要把资本开支打到预期三倍去抢产能。AI 芯片的竞争，已经从谁的芯片更好，变成谁先拿到台积电的产能。英伟达的优先权，依然是 AMD 绕不开的约束。Helios 还藏着一层更深的含义：AMD 的商业模式在从卖芯片转向卖系统。过去它卖一颗颗 GPU、CPU，客户买回去自己拼集群；现在整机柜交付，单价和交付复杂度都上了一个台阶。这既是进攻也是防御——英伟达早用机架级产品证明，系统层的利润和客户黏性比单芯片高得多。但转身也意味着资本更重、交付风险更大，机柜出问题，责任从芯片厂变成系统集成商。追赶者的估值，已经把成功预付了英伟达在 AI 加速器市场占约80%份额，AMD 大约10%到15%；英伟达数据中心单季营收752亿美元，是 AMD 全部数据中心业务的11倍。但年内大涨130%之后，AMD 的动态市盈率反而明显高于英伟达，分析师的估值分歧也摆上台面：摩根士丹利质疑估值，Benchmark 给出685美元目标价。这个价差只有一种解释：市场把\"追赶成功\"提前付了钱。AMD 的上涨建立在份额从12%走向25%的假设上，一旦路径被证实比想象中慢，估值就要向现实回归；反过来，Helios 机架化转型和2027年翻倍指引若兑现，当前估值又显得没那么贵。分歧的双方，赌的是同一个变量的两端。英伟达将是下一关盘后跌8.8%到约473美元，只是这场定价的第一回合。接下来几天，市场按顺序重读这份财报。先看 AMD 正股能否守住470美元一线：跌破450美元，年内获利盘开始踩踏，技术面转空；守住470，说明长线资金在借机吸筹，毕竟2027年翻倍指引还在桌上。盘后一个半小时的跌幅，交易的是 Q3 指引不够加速，不代表2027年的故事被推翻。再看英伟达。它8月26日发财报，此前一个财季数据中心营收752亿美元、同比增92%。AMD 全面超预期都换不来上涨，市场对英伟达的预期门槛被抬到了多高？当超预期成为基准、大幅超预期才能推动股价时，AI 芯片板块的每一次财报，都会变成一场越来越难的考试。产业链层面，TSMC 和先进封装链是隐性受益方：AMD 的资本开支三倍于预期，最终流向台积电的 CoWoS 产能；Helios 机柜化之后，封装和网络环节的价值量被放大。但这也意味着 AMD 的交付上限握在别人手里，每一份超预期指引，都要先过台积电产能分配这一关。故事需要新证据了AMD 全面超预期却跌9%，本季美股 AI 股的定价逻辑已经很明白：股价先在预期里透支，再在财报里兑现，指引超预期只是及格线，真正决定股价的，是市场预设的加速曲线有没有被刷新。这份财报没有否定 AMD 的成长故事，它否定的是\"故事不需要新证据\"的定价。 当市场为2027年数据中心翻倍预付了130%的涨幅，接下来的每一个季度，AMD 都要用超出预期的执行，为这个溢价续命。接下来一个月，市场盯着三件事：AMD 股价能否守住470美元、英伟达8月26日的财报能否扛住抬高的门槛、台积电产能分配的天平会不会向 AMD 倾斜。再往后，2027年上半年的 Anthropic 首批1吉瓦部署、MI455X 的季度出货斜率、AI 数据中心毛利率能否随规模改善，是验证\"翻倍指引\"成色的三个硬指标。AI 芯片的军备竞赛没有结束，只是从讲故事进入了兑现的阶段。","news_type":1,"symbols_score_info":{"GAMR":0.6,"WUGI":0.6,"SMH":0.6,"AMDD":0.6,"CMAG":0.6,"AMDY":0.6,"AMDL":0.6,"USD":0.6,"LEGR":0.6,"METV":0.6,"XLK":0.6,"WISE":0.6,"TTEQ":0.6,"SHOC":0.6,"LFGY":0.6,"CHPX":0.6,"IETC":0.6,"PSI":0.6,"TYLG":0.6,"DAMD":0.6,"ESLG":0.6,"SOXY":0.6,"AMDS":0.6,"AGOX":0.6,"AMUU":0.6,"TRFK":0.6,"AMDU":0.6,"TEK":0.6,"ROM":0.6,"ABFL":0.6,"TTXU":0.6,"SOXX":0.6,"SOXQ":0.6,"ESUM":0.6,"AIFD":0.6,"AMYY":0.6,"CNEQ":0.6,"CLSE":0.6,"THMR":0.6,"SMHX":0.6,"CNAV":0.6,"SPTE":0.6,"SNPE":0.6,"AIQ":0.6,"AMD":2,"AIPI":0.6,"ARTY":0.6,"AMDW":0.6,"BAI":0.6,"CHAT":0.6,"FAI":0.6,"VT":0.6,"FTXL":0.6,"VGT":0.6,"AMDG":0.6,"JGRO":0.6,"IXN":0.6,"EFIV":0.6,"QQQA":0.6,"CHPS":0.6,"ILDR":0.6,"XNTK":0.6,"AIS":0.6,"FTEC":0.6,"FDTX":0.6,"USXF":0.6,"NULC":0.6}},"isVote":1,"tweetType":1,"viewCount":2038,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":581387214075048,"gmtCreate":1782970345776,"gmtModify":1782970348855,"author":{"id":"4245325500824312","authorId":"4245325500824312","name":"Hcm","avatar":"https://community-static.tradeup.com/news/d0991024d8c22de36c224065c9567f8b","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4245325500824312","authorIdStr":"4245325500824312"},"themes":[],"title":"","htmlText":"<a href=\"https://ttm.financial/S/DRAM\">$Roundhill Memory ETF(DRAM)$</a> 🤔️","listText":"<a href=\"https://ttm.financial/S/DRAM\">$Roundhill Memory ETF(DRAM)$</a> 🤔️","text":"$Roundhill Memory ETF(DRAM)$ 🤔️","images":[{"img":"https://community-static.tradeup.com/news/8add4e1525f81c2a7bbdd1ef5965d29a","width":"1044","height":"1622"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/581387214075048","isVote":1,"tweetType":1,"viewCount":1409,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":618348332847608,"gmtCreate":1791944715841,"gmtModify":1791944718252,"author":{"id":"4245325500824312","authorId":"4245325500824312","name":"Hcm","avatar":"https://community-static.tradeup.com/news/d0991024d8c22de36c224065c9567f8b","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4245325500824312","authorIdStr":"4245325500824312"},"themes":[],"title":"","htmlText":"<a href=\"https://ttm.financial/S/META\">$Meta Platforms, Inc.(META)$ </a><v-v data-views=\"1\"></v-v> ","listText":"<a href=\"https://ttm.financial/S/META\">$Meta Platforms, Inc.(META)$ </a><v-v data-views=\"1\"></v-v> ","text":"$Meta Platforms, Inc.(META)$","images":[{"img":"https://community-static.tradeup.com/news/f9a3fc4fa111c2f771d5b5a60924e535","width":"1290","height":"2850"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/618348332847608","isVote":1,"tweetType":1,"viewCount":265,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":617951542428040,"gmtCreate":1791847592372,"gmtModify":1791852803639,"author":{"id":"4245325500824312","authorId":"4245325500824312","name":"Hcm","avatar":"https://community-static.tradeup.com/news/d0991024d8c22de36c224065c9567f8b","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4245325500824312","authorIdStr":"4245325500824312"},"themes":[],"title":"","htmlText":"<a href=\"https://ttm.financial/OPT/AAPL 20261014 352.5 CALL\">$AAPL 20261014 352.5 CALL$</a> ","listText":"<a href=\"https://ttm.financial/OPT/AAPL 20261014 352.5 CALL\">$AAPL 20261014 352.5 CALL$</a> ","text":"$AAPL 20261014 352.5 CALL$","images":[{"img":"https://community-static.tradeup.com/news/81ad3a898eb2293ca0dfba19bcf51312","width":"1044","height":"1622"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/617951542428040","isVote":1,"tweetType":1,"viewCount":160,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":616404892565632,"gmtCreate":1791468389248,"gmtModify":1791468391716,"author":{"id":"4245325500824312","authorId":"4245325500824312","name":"Hcm","avatar":"https://community-static.tradeup.com/news/d0991024d8c22de36c224065c9567f8b","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4245325500824312","authorIdStr":"4245325500824312"},"themes":[],"title":"","htmlText":"<a href=\"https://ttm.financial/S/META\">$Meta Platforms, Inc.(META)$ </a><v-v data-views=\"1\"></v-v> ","listText":"<a href=\"https://ttm.financial/S/META\">$Meta Platforms, Inc.(META)$ </a><v-v data-views=\"1\"></v-v> ","text":"$Meta Platforms, Inc.(META)$","images":[{"img":"https://community-static.tradeup.com/news/71f1133d6882e86c21a9670bb9fd90f6","width":"1290","height":"2580"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/616404892565632","isVote":1,"tweetType":1,"viewCount":196,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":616398203163000,"gmtCreate":1791468356766,"gmtModify":1791468359224,"author":{"id":"4245325500824312","authorId":"4245325500824312","name":"Hcm","avatar":"https://community-static.tradeup.com/news/d0991024d8c22de36c224065c9567f8b","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4245325500824312","authorIdStr":"4245325500824312"},"themes":[],"title":"","htmlText":"<a href=\"https://ttm.financial/S/SPCX\">$SpaceX(SPCX)$</a> ","listText":"<a href=\"https://ttm.financial/S/SPCX\">$SpaceX(SPCX)$</a> ","text":"$SpaceX(SPCX)$","images":[{"img":"https://community-static.tradeup.com/news/cceef7ae43eb0204be2444d523543db8","width":"1044","height":"1622"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/616398203163000","isVote":1,"tweetType":1,"viewCount":264,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":612485206208656,"gmtCreate":1790551708376,"gmtModify":1790556301384,"author":{"id":"4245325500824312","authorId":"4245325500824312","name":"Hcm","avatar":"https://community-static.tradeup.com/news/d0991024d8c22de36c224065c9567f8b","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4245325500824312","authorIdStr":"4245325500824312"},"themes":[],"title":"","htmlText":"<a href=\"https://ttm.financial/OPT/MSFT 20260930 555.0 CALL\">$MSFT 20260930 555.0 CALL$</a> ","listText":"<a href=\"https://ttm.financial/OPT/MSFT 20260930 555.0 CALL\">$MSFT 20260930 555.0 CALL$</a> ","text":"$MSFT 20260930 555.0 CALL$","images":[{"img":"https://community-static.tradeup.com/news/f1e0ea33cee20dd118f5e8de4dd7a0e2","width":"1044","height":"1622"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/612485206208656","isVote":1,"tweetType":1,"viewCount":479,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":610199209198832,"gmtCreate":1790001117365,"gmtModify":1790001350576,"author":{"id":"4245325500824312","authorId":"4245325500824312","name":"Hcm","avatar":"https://community-static.tradeup.com/news/d0991024d8c22de36c224065c9567f8b","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4245325500824312","authorIdStr":"4245325500824312"},"themes":[],"title":"","htmlText":"<a href=\"https://ttm.financial/OPT/AMD 20260923 650.0 CALL\">$AMD 20260923 650.0 CALL$</a> ","listText":"<a href=\"https://ttm.financial/OPT/AMD 20260923 650.0 CALL\">$AMD 20260923 650.0 CALL$</a> ","text":"$AMD 20260923 650.0 CALL$","images":[{"img":"https://community-static.tradeup.com/news/4efdaf241a4acc55b51a9202da160df3","width":"1044","height":"1622"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/610199209198832","isVote":1,"tweetType":1,"viewCount":749,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":609977987989928,"gmtCreate":1789946850456,"gmtModify":1789946853234,"author":{"id":"4245325500824312","authorId":"4245325500824312","name":"Hcm","avatar":"https://community-static.tradeup.com/news/d0991024d8c22de36c224065c9567f8b","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4245325500824312","authorIdStr":"4245325500824312"},"themes":[],"title":"","htmlText":"<a href=\"https://ttm.financial/S/SPCX\">$SpaceX(SPCX)$</a> 👍","listText":"<a href=\"https://ttm.financial/S/SPCX\">$SpaceX(SPCX)$</a> 👍","text":"$SpaceX(SPCX)$ 👍","images":[{"img":"https://community-static.tradeup.com/news/3f1c94ec188562ae130eb97acf36fd03","width":"1044","height":"1622"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/609977987989928","isVote":1,"tweetType":1,"viewCount":470,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":605372134069384,"gmtCreate":1788833032913,"gmtModify":1788833035163,"author":{"id":"4245325500824312","authorId":"4245325500824312","name":"Hcm","avatar":"https://community-static.tradeup.com/news/d0991024d8c22de36c224065c9567f8b","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4245325500824312","authorIdStr":"4245325500824312"},"themes":[],"title":"","htmlText":"<a href=\"https://ttm.financial/S/SPCX\">$SpaceX(SPCX)$</a> 🤣","listText":"<a href=\"https://ttm.financial/S/SPCX\">$SpaceX(SPCX)$</a> 🤣","text":"$SpaceX(SPCX)$ 🤣","images":[{"img":"https://community-static.tradeup.com/news/8548d5f7254aaeda77d4393acef59dad","width":"1044","height":"1622"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/605372134069384","isVote":1,"tweetType":1,"viewCount":967,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0}],"lives":[]}