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2026-08-11 全球资产日报

• 数据时间：2026-08-11 11:02:19 Asia/Shanghai
• 报告类型：全球资产日报

展开市场热力、期权压力和 Crypto 盘口

股票与 ETF 板块热力

云计算及平台

MSFT+1.25%

较前交易日5D +3.78%Put/Call 0.13 · 大单 10

GOOG+0.76%

较前交易日5D -4.46%Put/Call 0.40

芯片设计与制造

GFS-6.42%

较前交易日5D +0.08%Put/Call 0.41

MRVL-3.63%

较前交易日5D +7.63%Put/Call 0.44 · 大单 4

NVDA-2.25%

较前交易日5D +5.28%Put/Call 0.48 · 大单 11

数据中心及算力基础设施

NBIS-0.68%

较前交易日5D -13.39%Put/Call 0.93 · 大单 3

APLD+0.17%

较前交易日5D -1.46%Put/Call 0.36

光通信及互连

COHR-13.65%

较前交易日5D +12.84%Put/Call 0.83 · 大单 1

关键矿物

USAR-9.42%

较前交易日5D +20.05%Put/Call 0.30

数字资产基础设施

CRCL+0.40%

较前交易日5D +11.10%Put/Call 0.57

航天与国防主题

SPCX+2.64%

较前交易日5D +21.14%Put/Call 0.69 · 大单 26

半导体与存储 ETF

SOXL-4.63%

较前交易日5D +11.39%Put/Call 3.52

PSI-2.93%

较前交易日5D +2.50%Put/Call 0.21

FTXL-2.73%

较前交易日5D +4.85%Put/Call 0.30

SOXX-1.61%

较前交易日5D +4.28%Put/Call 0.55 · 大单 2

KMEM-1.04%

较前交易日5D -4.09%Put/Call N/A

期权压力

SPCX0.69

Put/Call VolOI 0.99IV 84.94% · Max Pain 135.00 · 大单 26

SPY4.03

Put/Call VolOI 4.09IV 10.90% · Max Pain 771.00 · 大单 11

QQQ1.02

Put/Call VolOI 1.32IV 18.02% · Max Pain 720.00 · 大单 11

NVDA0.48

Put/Call VolOI 0.82IV 35.05% · Max Pain 215.00 · 大单 11

MSFT0.13

Put/Call VolOI 0.52IV 28.78% · Max Pain 485.00 · 大单 10

MRVL0.44

Put/Call VolOI 0.91IV 79.83% · Max Pain 200.00 · 大单 4

NBIS0.93

Put/Call VolOI 1.04IV 124.60% · Max Pain 200.00 · 大单 3

SOXX0.55

Put/Call VolOI 1.38IV 49.01% · Max Pain 525.00 · 大单 2

快照对比基准：2026-08-10。本面板只展示已落盘事实，不生成操作判断。

今日总览

核心判断

优先级	相对上一期变化	判断	组合含义	触发 / 失效	证据
1	升级	市场已把原油上涨、10 年期美债收益率约 4.70% 和鹰派联储表态计入风险资产折现率，但尚未拿到 7 月 CPI。我的判断是事件前保持核心现货暴露，停止新增高 beta 与杠杆风险；当前广度不足以抵消油价和利率的共同压力。	保留长期 thesis 仓位，新增风险预算等 CPI 后再分配；避免半导体、AI 基建与 Crypto 在同一宏观因子上同步加仓。	CPI 温和、油价与收益率同时回落且 RSP/IWM 相对 SPY 改善时恢复预算；CPI 偏高并引发成长、半导体和 Crypto 共振下跌时继续降低风险。	美股、原油与利率（08/10）；BLS 发布日历
2	升级	半导体基本面仍有台积电 7 月销售增长支撑，市场资金却从 SOXX、SMH 流向 QQQ，SMH 中期相对 SPY 仍弱。我的判断是产业需求没有失效，组合中的半导体、光通信和 AI 基建已经形成同一需求与估值集群，事件风险应先按因果暴露管理。	股票主线位占总组合比例不高，价格回撤本身不构成 AI thesis 失效；COHR、NBIS 相邻财报和多只相关持仓仍需共用一个事件预算。	COHR/NBIS 订单、利润率、产能转化与现金流兑现且行业相对强弱修复时增加预算；需求、利润率或融资兑现弱于预期时按公司级证据降级。	芯片 ETF 资金流；台积电销售
4	新增	AI 投入仍在扩张，下一阶段的估值差异取决于云需求、项目交付、资本强度和自由现金流。MSFT 的 Azure 增速与 VRT 的利润率、现金流提供了两类可验证样本，但都缺少同口径估值和预期差输入。	MSFT 列为 A 级研究对象，VRT 列为 B 级观察对象；两者均不形成今日建仓指令，也不替代现有 GOOG、APLD、NBIS 暴露的组合审视。	MSFT 需验证 AI 资本开支后的利润率与现金回报；VRT 需验证大型项目收入确认、供应链和后续订单。任一变量走弱则降级。	MSFT 云与资本回报；VRT 二季度电话会

今日动作

标的 / 风险预算	当前动作	升级条件	降级 / 失效条件
跨资产新增风险	保持核心现货 thesis 暴露；CPI、COHR 和 NBIS 事件落地前，不增加杠杆 ETF、永续与高 beta 同因子仓位。	CPI 温和，油价、收益率回落，市场广度改善，且公司级证明节点通过。	CPI 偏高、油价维持高位，成长/半导体/Crypto 同跌时继续压低新增风险预算。
COHR / NBIS	财报前不加仓；先核对两项相邻财报的合计跳空损失是否落在既定事件预算内。已隐藏	订单、产能、利润率与现金流共同验证 AI 基建兑现，并在财报后重建技术支撑。	任何一项超出事件预算时在财报前降低风险；业绩后若基本面或结构失效，按公司分别降级。
BTC / ETH 永续	降低风险：新增杠杆预算归零；如需马上降低组合波动，先减永续名义敞口，不先动无杠杆长期仓位。	Funding 降温、ETF 资金完整转正、价格结构修复且保证金缓冲扩大。	已隐藏
MSFT / VRT	仅增加研究预算。MSFT 优先补估值、资本开支与云利润率；VRT 优先补订单转化、项目节奏和供应链。	经营变量与估值同时通过，且新增风险位不会放大现有 AI 因果集群。	只有价格上涨、缺少预期差或现金流验证时保持观察。

跨资产主线

当前传导顺序是“霍尔木兹航运状态—油气价格—7 月 CPI—美债收益率—成长与 Crypto 折现率”。组合内部还叠加“AI 资本开支—半导体/光通信/数据中心订单—COHR 与 NBIS 财报”的公司级链条。操作顺序应先控制永续和财报跳空等工具风险，再判断长期产业 thesis；现金与 DeFi 稳定币仓位也要按协议、锚定和赎回流动性分别计量。

全市场快讯

类别	时间	事实与关键数字	影响资产	市场含义与证据边界	来源
宏观	08/10 美股收盘	WTI 涨逾 5%，美国 10 年期收益率升约 5 个基点至 4.70%；标普 500、纳指 100 分别跌 0.06%、0.34%。克利夫兰联储主席哈玛克称可能需要多次加息。	原油、美债、美元、成长股、黄金	7 月 CPI 将于 08/12 08:30 ET 发布，当前只有事件前定价，没有实际结果。	市场回顾；金十；BLS
地缘	08/11 05:30—09:42 北京时间	美方称已控制霍尔木兹海峡并完成清雷；伊朗称正与阿曼讨论安全航运，未与美国直接谈判。Brent 站上 87 美元，欧洲天然气涨 10.1% 至 61.14 欧元/兆瓦时。	原油、欧洲天然气、航运、通胀预期	多方表述相互冲突，通航能力、保险和实物流量尚无独立确认。	美方表述；伊朗与阿曼；伊朗回应
市场结构	截至 08/10 收盘	SPY 距 60 日高点约 0.03%；RSP、IWM 相对 SPY 的 5 日表现分别为 -0.59、-0.76 个百分点，IWD 60 日相对表现 +5.93 个百分点，MTUM 20 日为 -5.51 个百分点。	美股广度、价值/成长、动量	指数高位由有限宽度支撑；相对收益只描述价格结构，不提供资金流因果。	Yahoo Finance chart API 落盘日线
半导体	截至 08/07 一周；TSMC 7 月	SOXX、SMH 分别净流出 36.95 亿、18.02 亿美元，QQQ 净流入 101.75 亿美元；台积电 7 月销售约 145.1 亿美元，同比 +44.7%。	SOXX、SMH、半导体设备与 AI 链	行业需求与 ETF 资金方向分化，单周流出不足以确认长期配置反转。	ETF 资金流；TSMC 销售
AI 基建	最近季度	MSFT Azure 增长 43%，管理层称 AI 基建需求仍超过供给；VRT 二季度营收增长 24%、调整后经营利润增长 51%，但大型项目延迟部分收入确认。	MSFT、VRT、GOOG、APLD、NBIS	需求仍强，估值要继续接受资本强度、项目交付和自由现金流检验。	MSFT；VRT
持仓事件	08/10；事件日 08/12	COHR 常规时段跌 14.24%，近 ATM IV 约 111%；NBIS 近 ATM IV 约 124.6%。NBIS 08/12 盘前、COHR 08/12 盘后披露业绩。	COHR、NBIS、光通信、AI 基建	期权成交与 OI 显示高事件定价，但缺少仓位方向与 Greeks，不能据此判断净多空。	COHR 期权链；Coherent 官方日历；NBIS 期权链
公司	08/10	USAR 二季度收入 582 万美元、净亏损 1,033 万美元、经营现金流净流出 5,687 万美元；期末现金约 15.3 亿美元，最多 16 亿美元融资与里程碑挂钩。	USAR、稀土与磁材	价值兑现依赖 Serra Verde 交割、融资拨付和磁材产能爬坡，现金余额只提供执行窗口。	USAR 官方业绩
亚洲盘面	08/11 盘中	韩国 KOSPI +0.46%、KOSDAQ -0.05%，三星电子 +3.80%；A 股延迟快照显示上证 -0.33%、深证 -0.08%。	韩国半导体、A 股存储、亚洲风险偏好	韩国缺少完整宽度，A 股缺少全市场成交与板块宽度，盘中差异只作后续验证线索。	金十韩国盘面；金十 A 股
Crypto	08/11 11:18 北京时间；ETF 流量截至 08/10	BTC、ETH、SOL 24 小时分别 -1.58%、-2.31%、-0.90%，Funding 均为正；BTC ETF 合计净流出 9,100 万美元，ETH、SOL 分别净流入 530 万、880 万美元。	BTC、ETH、SOL、永续与现货 ETF	BTC 的 IBIT、ETH 的 ETHA/ETHB 当日单元格缺失，保留源表总数，不将缺失值补零。	Binance；Farside BTC；ETH；SOL
贸易政策	07/23 发布	USTR 对 60 个经济体的强迫劳动相关 Section 301 调查采取行动，税率为 10% 或 12.5%，并设置部分豁免。	进口链、制造业、供应链	这是政策背景，具体公司成本与利润影响仍需按供应链和豁免逐项验证。	USTR 最终行动

宏观

主题	最新事实	市场影响	后续验证	来源
CPI 与利率	美国 7 月 CPI 将于 08/12 08:30 ET 发布；10 年期收益率在前一交易日升至约 4.70%，联储官员公开讨论进一步加息。	高于定价的 CPI 会继续压缩长久期成长与 Crypto 的估值空间；温和数据需要收益率和美元同步回落才构成风险预算改善。	实际 CPI、2Y/10Y 收益率、美元、RSP/IWM 相对 SPY。	BLS 日历；市场回顾
能源通胀	WTI 单日涨逾 5%，Brent 站上 87 美元，欧洲天然气升至 61.14 欧元/兆瓦时。	能源价格会先影响通胀预期、运输与电力成本，再传导至收益率和 AI 数据中心资本回报要求。	霍尔木兹可观测通航、保险费率、EIA 月度供需预测、油气价格持续性。	金十油气；EIA STEO 日历
市场广度与风格	SPY 接近 60 日高点，等权与小盘短中期相对表现偏弱；价值、质量和低波动的 60 日相对表现优于成长与动量。	指数高位没有转化为广泛风险偏好，新增集中成长仓位需要更高的公司级证明。	RSP/IWM 成交量恢复并转为相对强势；成长 20 日相对表现收复。	Yahoo Finance chart API 落盘日线

地缘与政策

主题	最新事实	影响链条	后续验证	来源
霍尔木兹航运	美方称已控制海峡并清雷；伊朗称经阿曼讨论安全航运且未与美国直接谈判。	通航与保险成本→油气价格→通胀预期→收益率与风险资产折现率。	双方或多方官方安排、AIS 航运量、保险报价与实物装运。	美方表述；伊朗表述
强迫劳动贸易措施	USTR 对 60 个经济体设置 10% 或 12.5% 税率，并保留部分豁免。	进口成本与供应链调整→制造业毛利与采购路径；公司影响取决于来源地、品类和豁免。	实施清单、企业供应链披露、后续豁免与法律进展。	USTR 最终行动

当日已开盘市场盘面

市场	指数	宽度与成交	代表股	判断与验证
韩国（12:35 KST 左右）	KOSPI 6328.73，+0.46%；KOSDAQ 854.07，-0.05%	KOSPI+KOSDAQ 成交额约 15.40 万亿韩元；未取得上涨/下跌家数	三星电子 +3.80%	大盘与三星电子偏强，KOSDAQ 未同步。下午需看 KOSDAQ、SK 海力士及上涨家数是否收敛，才可确认半导体强度具有宽度。
A 股（10:11 CST 左右，延迟快照）	上证 3953.38，-0.33%；深证 14305.65，-0.08%	只取得上海页面成交量，缺少全 A 成交额、上涨/下跌家数和完整板块行	金十随后报道存储芯片板块上行	盘面接近平盘，存储链强度缺少全市场宽度与持续性证明；午后再检查成交和板块扩散。

持仓观察

分类	标的	结构 / 强弱	最近均线压力 / 支撑	支撑	压力 / 确认	日线九转	新闻 / 日历 / 期权	判断 / 动作
半导体设计	MRVL	回踩；日线 10/60 日 +10.25%/+17.20%，MA20 斜率 -2.25%	上方 MA5 213.49；下方 MA20 199.11	205.83，进一步 201.74/199.11	先站稳 208.51，再收复 214.20	低 1	08/27 财报，10/06 投资者日；ATM IV 79.8%，P/C OI 0.91	保持，不在 CPI 前补仓；站稳 214.20 且集群预算允许才升级，跌破 199.11 重新核对订单与估值。
晶圆代工	GFS	同向偏弱；日线 10/20/60 日 -5.89%/-21.72%/-33.26%	上方 MA10 50.18；下方暂无日线均线	49.89，进一步 48.00/47.55	收复 50.18，再看 50.67/51.33	低 1	Q2 营收 17.86 亿美元，非 IFRS 毛利率 29.9%，调整后自由现金流 -300 万美元；ATM IV 66.4%	保持小仓观察，不按成本补仓；收复 51.33 且现金流改善才升级，跌破 47.55 启动基本面重估。
数据中心	APLD	分歧；10/20 日 +10.18%/+0.76%，60 日 -36.10%	上方 MA5 29.66；下方 MA10 28.30	28.80，进一步 28.66/28.24	收复 29.28，再确认 29.81	低 2	FYQ4 营收 2.587 亿美元，普通股净亏损 1.106 亿美元；已发行高息担保票据支持扩张	保持 thesis、暂停摊低成本；只有 29.81 上方企稳且项目现金转化改善才增加风险，跌破 28.24 降级。
战略资源	USAR	分歧且盘外急跌；日线 10/20 日 +27.53%/+10.63%，1 小时 RSI6 4.67	上方 MA120 20.28；下方 MA5 18.04	17.15，进一步 16.95	先收复 17.87/18.04，再看 20.28	高 8	Q2 收入 582 万美元、净亏损 1,033 万美元；Serra Verde 交割、融资里程碑与 Q4 磁材产能待兑现	保持小仓、不追盘外波动；等交割和产能节点，跌破 16.95 重新评估交易融资与现金消耗。
光通信	COHR	压力测试；日线 10/20 日 +19.84%/+5.78%，60 日 -19.46%	上方 MA5 338.09；下方 MA120 317.19	318.96，进一步 317.19	收复 327.78，再确认 336.76	高 6	08/12 盘后财报；ATM IV 111.1%，P/C 成交 0.83、OI 1.22，Max Pain 320	财报前不加仓；只在事件预算超限时先降风险。结果后用订单、利润率和 336.76 的价格确认重建判断。
数字金融	CRCL	回踩；10/20 日 +2.10%/+6.43%，60 日 -47.03%	上方 MA60 78.75；下方 MA5 64.71	65.98，进一步 64.59	收复 66.89，再确认 69.13	高 3	USDC 733 亿美元、链上交易量 14.8 万亿美元；Arc 计划 09/16 上主网；ATM IV 78.7%	保持小仓，不以成本为加仓依据；69.13 上方且 Arc/收入兑现才升级，跌破 64.59 降低风险。
大型科技	GOOG	压力测试；10/20 日 +8.96%/+1.47%，60 日 -10.83%	上方 MA60 359.63；下方 MA10 353.26	353.82，进一步 351.58	收复 359.95/360.79	低 3	Q2 收入 +24%、Search +17%、YouTube Ads +13%、Cloud +82%；仍需资本开支与利润率验证	保持，不在 CPI 前扩张久期风险；360.79 上方且云利润率可见度改善才升级，跌破 351.58 收缩战术风险。
AI 云	NBIS	同向偏弱；10/20/60 日 -2.01%/-12.54%/-11.17%	上方 MA10 191.60；下方 MA120 175.13	183.30/182.81，进一步 175.13	收复 187.46，再确认 192.14	低 3	08/12 盘前财报；ATM IV 124.6%，P/C 成交 0.93、OI 1.04，Max Pain 200	财报前不加仓并核对事件预算；业绩后验证产能上线、融资成本和利润率，跌破 175.13 重估 thesis。

ETF 持仓与观察

ETF	当前 / 盘外	NAV / 溢折价	前十大内部强弱	技术结构 / 日线九转	集中判断
PSI	144.08；常规收盘 142.56；盘外 +1.06%；已隐藏	动态 NAV 与溢折价未取得；费率 0.56%	发行方成分数据未取得，内部强弱留空	5 日 +2.50%、20 日 -6.01%；日线低 1；站稳 145.25/145.82 才确认，跌破 141.72 转弱	已隐藏
SOXX	534.50；常规收盘 529.39；盘外约 +0.97%	08/10 NAV 529.48，较 08/07 -2.58%；08/07 市价折价 0.04%	发行方成分数据未取得，内部强弱留空	5 日 +4.28%、20 日 -4.37%；技术九转未覆盖	非杠杆行业工具；周度大额流出与中期相对弱势并存，等待资金和相对强弱修复。
SOXL	133.75；常规收盘 130.00；盘外约 +2.88%	08/07 NAV 140.44；净费率 0.75%	发行方成分数据未取得，内部强弱留空	5 日 +11.39%、20 日 -21.39%；每日 +300% 杠杆	只作短期战术工具，不承载中期半导体 thesis。
FTXL	230.04；常规收盘 229.20；盘外约 +0.37%	官方最新可见 07/24：NAV 229.59，折价 0.10%；费率 0.60%	发行方成分数据未取得，内部强弱留空	5 日 +4.85%、20 日 -5.14%；官方基金事实陈旧	暂不据此做基金内部归因，待发行方数据恢复。
DRAM	50.60；常规收盘 49.60；盘外约 +2.02%	动态 NAV 与溢折价未取得；费率 0.65%	发行方成分数据未取得，内部强弱留空	5 日 -2.99%、20 日 -13.44%；技术九转未覆盖	存储主题价格仍弱，等待产品价格、订单与发行方数据共同验证。
KMEM	16.19；常规收盘 16.08；盘外约 +0.72%	官方最新可见 07/09：NAV 21.57、溢价 1.17%、AUM 4,141 万美元；费率 0.65%	发行方成分数据未取得，内部强弱留空	5 日 -4.09%、20 日 -15.22%；日线历史较短	小规模与资料陈旧提高执行不确定性，今日不增加研究结论。

Crypto 与组合风险

• 市场结构：BTC 64,039 美元、ETH 1,878.92 美元、SOL 76.06 美元，24 小时分别 -1.58%、-2.31%、-0.90%；三者 Funding 均为正。08/10 现货 ETF 源表显示 BTC 净流出 9,100 万美元，ETH、SOL 分别净流入 530 万、880 万美元，部分大基金单元格尚未更新。
• 已隐藏
• 已隐藏
• 已隐藏

美股机会雷达

赛道地图

优先级	赛道	市场证据	经营证明	当前结论
A	AI 云与软件	IGV 相对 SPY 的 5/20/60 日收益为 +5.76/+10.09/+14.38 个百分点	MSFT Azure 增长 43%，AI 需求超过现有供给；仍需资本开支后利润率与现金回报	研究优先级最高，但先补估值和预期差。
B	数据中心基础设施	VRT 相对 SPY 的 20/60 日收益为 -14.88/-31.14 个百分点，5 日转为 +0.65 个百分点	VRT 营收、利润率与现金流改善，大型项目延迟暴露交付复杂度	经营强、价格弱，适合观察修复，不形成追涨指令。
B	能源与油气	油气价格因霍尔木兹风险上行	当前输入没有公司级订单、资产负债表和估值候选	保留跨资产风险研究，不生成个股候选。
C	医疗与生物科技	只有板块价格比较	缺少公司级催化、财务和估值证据	暂不推进。
C	铜与材料	有商品和政策线索	缺少可比公司与现金流证据；USAR 属稀土整合，不替代铜候选	暂不推进。

未持有标的深挖

标的	分级	已验证事实	缺口	下一步
MSFT	A 级研究	Azure 增长 43%，AI 需求超过供给；过去五年返还股东 2,230 亿美元	缺少同口径估值、资本开支强度、云利润率预期差	补估值与现金流桥，比较 AI 投入后自由现金流回报，再决定是否进入建仓评估。
VRT	B 级观察	Q2 营收 32.74 亿美元、调整后经营利润率 22.6%、自由现金流 9.25 亿美元；全年指引上调	缺少同口径估值、订单预期差；大型项目和供应链节奏仍需验证	跟踪下半年收入确认、订单与现金转化；相对强弱修复后再升级。

组合映射

赛道	现有直接暴露	组合含义
AI 云与软件	已隐藏	已隐藏
数据中心基础设施	已隐藏	已隐藏
半导体	已隐藏	已隐藏
能源与油气	无直接持仓	只保留宏观对冲与输入成本观察，今日没有公司级候选。
医疗、铜与材料	已隐藏	USAR 不替代铜产业候选，两个赛道均需独立公司证据。

重要日历

• 08/11：EIA 8 月短期能源展望，用于核对油气供需路径。
• 08/12 08:00 ET：NBIS 二季度业绩与电话会，重点看产能上线、收入、利润率与融资成本。
• 08/12 08:30 ET：美国 7 月 CPI，重点看收益率、美元、广度与 Crypto 的共振方向。
• 08/12 16:30 ET：COHR FY2026 第四季度电话会，重点看光通信订单、利润率与指引。
• 08/26：NVDA 业绩；用于验证 AI 加速器需求、客户资本开支与供应约束。
• 08/27 13:45 PT：MRVL FY2027 第二季度电话会。
• 09/16：Circle Arc 计划开放公共主网；后续验证生态接入与经济活动。
• 10/06：MRVL 投资者日；10/09：GFS 计划派发每股 0.12 美元股息。

重要文章与快讯

重要文章

重要性	中文标题	发布日期	来源	相关标的	评级理由
5/5 高	芯片ETF资金转向纳指龙头	2026-08-10	etf.com	BND, GLD, IVV, QQQ, SMH, SOXX, TLT, VOO	直接涉及SOXX，资金流规模和样本日期明确，能补充半导体ETF的短期配置背景；主要限制是周度流量动因无法直接验证。
5/5 高	原油冲击推升通胀与利率压力	2026-08-10	Barchart	$DOWI, $IUXX, $SPX, AAL, ADBE, ADI, ADSK, ALK	发布时间接近当日日报，覆盖原油、利率、地缘风险、AI盈利和多板块价格反应，跨资产相关性与事实密度最高。
5/5 高	USAR融资收购同步推进	2026-08-10	USA Rare Earth Investor Relations	USAR	直接对应 USAR，涵盖最新季度财务、政府融资、重大收购和产能建设，事件密度与执行影响较高。
5/5 高	维谛上调指引应对项目复杂度	2026-08-08	Motley Fool	VRT	直接覆盖VRT季度实际业绩、全年指引和AI数据中心产品路线，电话会还披露了大型项目交付与供应链执行风险，当前日报阅读价值高。
5/5 高	COHR暴跌后临近财报	未提供发布时间	Yahoo Finance公开期权链	COHR	COHR出现显著单日波动，且业绩电话会临近；期权链提供了当期成交和未平仓量线索，但数据存在延迟。
5/5 高	NBIS财报前看跌成交占优	未提供发布时间	Yahoo Finance公开期权链	NBIS	NBIS 财报电话会临近，期权链直接覆盖事件窗口，且看跌成交量和未平仓量均占优；页面数据虽有延迟，仍具较强时效性。
4/5 中高	微软云增长支撑高额股东回报	2026-08-10	Trefis	AAPL, AMZN, CRM, GOOG, MSFT, ORCL, ORCL-PD, SPGI	直接涉及MSFT，事实密度高，覆盖云增长、资本回报和传统业务收缩；但数据主要回顾过去五年，部分结论依赖管理层指引与Trefis整理。
4/5 中高	台积电增长验证AI芯片需求	2026-08-10	Yahoo Finance	AMAT, ASML, LRCX, SOXX, TSM, TSMC34.SA	台积电销售数据对SOXX及设备股具有直接行业关联，数字清晰且发布时间较近；但文章极短，设备股行情叙述与报价冲突，证据完整度有限。
4/5 中高	Nebius业绩前的需求与估值拉扯	2026-08-10	Zacks	CRWV, MSFT, NBIS, NVDA	NBIS财报临近且与输入标的直接相关，文章同时提供需求、产能、融资和估值数据；但实际结果尚未公布，预测与评级来自Zacks研究模型。

金十快讯

金十数据快讯 · 2026-08-11 02:39:24Z · GLOBAL / A股 / 存储芯片 / A股/存储芯片 / equity

A股存储芯片板块走高

太极实业涨停，联芸科技涨超10%，麦捷科技、圣邦股份、江波龙、托伦斯、科翔股份跟涨。

金十数据快讯 · 2026-08-11 01:42:24Z · GLOBAL / 原油 / commodity / 全球

布伦特原油站上87美元

布伦特原油站上87美元/桶，日内涨0.10%。

金十数据快讯 · 2026-08-11 01:20:52Z · GLOBAL / 02259.HK / 06693.HK / 港股 / 黄金

港股开盘恒指与科指小幅高开

恒指开涨0.24%，科指开涨0.27%；紫金黄金国际开涨3.13%、赤峰黄金开涨2.55%。

金十数据快讯 · 2026-08-10 21:56:07Z · GLOBAL / 原油 / 航运 / 地缘风险 / 霍尔木兹/航运安全

特朗普称美军实际控制霍尔木兹并已清除水雷

特朗普称美国实际控制霍尔木兹海峡，并已清除伊朗布设的水雷；航运状态仍需独立核验。

金十数据快讯 · 2026-08-10 21:30:27Z · GLOBAL / 原油 / 航运 / 地缘风险 / 中东/谈判/航运

金十整理中东局势：霍尔木兹安排与谈判仍有分歧

伊朗称与阿曼讨论安全航运路线，未就过境费征收讨论；伊朗称未与华盛顿直接谈判，仅通过中间人交换信息；特朗普称要求伊朗赔偿并纳入后续谈判。

金十数据快讯 · 2026-08-10 18:47:24Z · GLOBAL / USD / 美国利率 / Fed/通胀/利率 / rates

美联储哈玛克：可能需要进行若干次加息

克利夫兰联储主席哈玛克称可能需要若干次加息，不预判次数和最终利率水平；她认为当前利率未明显限制经济，通胀尚未回到目标。

金十数据快讯 · 2026-08-10 08:12:26Z · GLOBAL / 港股 / 黄金 / 半导体 / 港股收盘

港股10日收盘：恒指涨1.05%，科指涨1.26%

恒指收25937.49点、涨1.05%，科指收4919.46点、涨1.26%；黄金股强，算力硬件、光通信、存储概念走弱。

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原油系期货涨幅扩大

标签

来源：金十数据快讯发布时间：2026-08-11 02:48:06Z检索：原油标签：`GLOBAL`, 原油, 燃料油, commodity, 全球

快讯正文

低硫燃料油主力合约涨超5%，燃料油和SC原油主力合约涨超4%。

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A股存储芯片板块走高

标签

来源：金十数据快讯发布时间：2026-08-11 02:39:24Z检索：A股/存储芯片标签：`GLOBAL`, A股, 存储芯片, A股/存储芯片, equity, 中国

快讯正文

太极实业涨停，联芸科技涨超10%，麦捷科技、圣邦股份、江波龙、托伦斯、科翔股份跟涨。

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全球燃气轮机订单创纪录

标签

来源：金十数据快讯发布时间：2026-08-11 02:33:10Z检索：AI基础设施/电力标签：`GLOBAL`, 天然气, 电力, AI基础设施, AI基础设施/电力, cross_asset, 全球/美国

快讯正文

摩根大通称二季度全球燃气轮机订单约38GW，环比增29%、同比增71%；美国占近一半，数据中心扩张与电气化是需求背景。

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机构预计澳洲联储按兵不动，但不大幅下调通胀预测

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来源：金十数据快讯发布时间：2026-08-11 02:28:45Z检索：澳洲联储/通胀标签：`GLOBAL`, `AUD`, 澳大利亚利率, 澳洲联储/通胀, rates, 澳大利亚

快讯正文

道明证券预计澳洲联储维持4.35%不变；高油价仍是通胀上行风险，政策声明措辞可能是主要信息变量。

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现货黄金日内涨幅扩大至1%

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来源：金十数据快讯发布时间：2026-08-11 02:14:52Z检索：黄金标签：`GLOBAL`, 黄金, commodity, 全球

快讯正文

现货黄金报4434.15美元/盎司，日内涨幅扩大至1.00%。

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布伦特原油站上87美元

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来源：金十数据快讯发布时间：2026-08-11 01:42:24Z检索：原油标签：`GLOBAL`, 原油, commodity, 全球

快讯正文

布伦特原油站上87美元/桶，日内涨0.10%。

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中国央行公开市场当日净回笼465亿元

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来源：金十数据快讯发布时间：2026-08-11 01:23:10Z检索：中国央行/流动性标签：`GLOBAL`, 人民币流动性, 中国央行/流动性, rates, 中国

快讯正文

中国央行当日不开展逆回购操作，因465亿元7天期逆回购到期，当日实现净回笼465亿元。

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港股开盘恒指与科指小幅高开

标签

来源：金十数据快讯发布时间：2026-08-11 01:20:52Z检索：港股/贵金属股标签：`GLOBAL`, `02259.HK`, `06693.HK`, 港股, 黄金, 港股/贵金属股, equity, 香港

快讯正文

恒指开涨0.24%，科指开涨0.27%；紫金黄金国际开涨3.13%、赤峰黄金开涨2.55%。

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8月11日人民币中间价

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来源：金十数据快讯发布时间：2026-08-11 01:15:36Z检索：人民币汇率标签：`GLOBAL`, `CNY`, USD/CNH, USD/JPY, 人民币汇率, fx, 中国

快讯正文

美元/人民币报6.7900，较前一日上调16点；欧元/人民币7.8153；100日元/人民币4.2567。

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美元兑日元回落至159下方

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来源：金十数据快讯发布时间：2026-08-11 00:43:00Z检索：日元标签：`GLOBAL`, `JPY`, USD/JPY, 日元, fx, 日本

快讯正文

美元兑日元回落至159下方，日内跌0.17%。

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金十科技要闻：AI融资、英特尔融资与台积电营收

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来源：金十数据快讯发布时间：2026-08-10 23:37:05Z检索：AI/半导体标签：`INTC`, `TSM`, `META`, AI基础设施, 半导体, 数据中心, AI/半导体, equity, 全球

快讯正文

金十整理称阿里云拟将全球数据中心产能提升两倍以上；英特尔拟发行150亿美元普通股；台积电7月营收4675.8亿新台币、同比增44.7%；Meta推出Muse Glimmer开源模型。

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俄乌冲突最新24小时：能源设施与粮食出口受扰

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来源：金十数据快讯发布时间：2026-08-10 22:45:24Z检索：俄乌/能源与粮食供应标签：`GLOBAL`, 原油, 粮食, 航运, 俄乌/能源与粮食供应, cross_asset, 俄罗斯/乌克兰

快讯正文

金十整理称乌方攻击俄罗斯石化厂及炼油厂；俄方称打击乌能源、交通和无人机设施；乌方因港口袭击下调粮食出口预期。

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特朗普称美军实际控制霍尔木兹并已清除水雷

标签

来源：金十数据快讯发布时间：2026-08-10 21:56:07Z检索：霍尔木兹/航运安全标签：`GLOBAL`, 原油, 航运, 地缘风险, 霍尔木兹/航运安全, cross_asset, 中东

快讯正文

特朗普称美国实际控制霍尔木兹海峡，并已清除伊朗布设的水雷；航运状态仍需独立核验。

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基辅出现持续爆炸声，乌方称遭弹道导弹袭击

标签

来源：金十数据快讯发布时间：2026-08-10 21:54:36Z检索：俄乌/安全标签：`GLOBAL`, 地缘风险, 俄乌/安全, cross_asset, 乌克兰

快讯正文

新华社记者称基辅当地时间11日零时30分至36分听到两轮爆炸；基辅市长称俄军发动弹道导弹袭击。

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金十整理中东局势：霍尔木兹安排与谈判仍有分歧

标签

来源：金十数据快讯发布时间：2026-08-10 21:30:27Z检索：中东/谈判/航运标签：`GLOBAL`, 原油, 航运, 地缘风险, 中东/谈判/航运, cross_asset, 中东

快讯正文

伊朗称与阿曼讨论安全航运路线，未就过境费征收讨论；伊朗称未与华盛顿直接谈判，仅通过中间人交换信息；特朗普称要求伊朗赔偿并纳入后续谈判。

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美元指数10日上涨0.27%

标签

来源：金十数据快讯发布时间：2026-08-10 19:32:07Z检索：美元/外汇标签：`GLOBAL`, `DXY`, `USDJPY`, `EURUSD`, 美元/外汇, fx, 美国/日本/欧元区

快讯正文

美元指数纽约尾市收于99.809；美元兑日元159.24，欧元兑美元1.1542。

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伊朗外交部回应经济制裁

标签

来源：金十数据快讯发布时间：2026-08-10 19:18:09Z检索：伊朗/制裁标签：`GLOBAL`, 制裁, 地缘风险, 伊朗/制裁, cross_asset, 伊朗

快讯正文

伊朗外交部发言人称不会被其所称已失效的经济制裁手段“扼杀”，并批评美国对制裁工具的依赖。

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美联储哈玛克：可能需要进行若干次加息

标签

来源：金十数据快讯发布时间：2026-08-10 18:47:24Z检索：Fed/通胀/利率标签：`GLOBAL`, `USD`, 美国利率, Fed/通胀/利率, rates, 美国

快讯正文

克利夫兰联储主席哈玛克称可能需要若干次加息，不预判次数和最终利率水平；她认为当前利率未明显限制经济，通胀尚未回到目标。

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特朗普将《琼斯法案》能源运输豁免延长90天

标签

来源：金十数据快讯发布时间：2026-08-10 17:14:30Z检索：航运/能源政策标签：`GLOBAL`, 原油, 天然气, 航运, 航运/能源政策, commodity, 美国

快讯正文

豁免范围转向石油、汽油、航空燃油、原油、石脑油、液化天然气、大豆油和化肥运输，并加入单航次审批限制。

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英伟达与金融集团筹划5000亿美元AI基础设施融资计划

标签

来源：金十数据快讯发布时间：2026-08-10 16:27:25Z检索：AI基础设施/融资标签：`NVDA`, AI基础设施, 芯片, 数据中心, 电力, AI基础设施/融资, equity, 美国

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英国《金融时报》引述知情人士称，英伟达正与多家金融集团筹备最高约5000亿美元AI基础设施融资计划。

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欧洲天然气价格上涨10.1%

标签

来源：金十数据快讯发布时间：2026-08-10 15:28:28Z检索：天然气标签：`GLOBAL`, 天然气, commodity, 欧洲

快讯正文

欧洲天然气价格上涨10.1%，达到每兆瓦时61.14欧元。

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中国对美国和墨西哥进口碧根果实施临时反倾销措施

标签

来源：金十数据快讯发布时间：2026-08-10 10:12:41Z检索：贸易/反倾销标签：`GLOBAL`, 贸易政策, 贸易/反倾销, cross_asset, 中国/美国/墨西哥

快讯正文

中国商务部称初步证据显示存在倾销及产业损害；墨西哥倾销幅度17.8%–51.6%，美国公司按可获得事实裁定54.3%。

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韩国拟设5万亿韩元半导体基金

标签

来源：金十数据快讯发布时间：2026-08-10 09:18:32Z检索：半导体政策标签：`GLOBAL`, 半导体, 芯片材料, 出口, 半导体政策, equity, 韩国

快讯正文

韩国拟设约5万亿韩元基金，重点投向芯片材料、零部件和无晶圆厂企业；另拟提供5万亿韩元贸易融资。

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港股10日收盘：恒指涨1.05%，科指涨1.26%

标签

来源：金十数据快讯发布时间：2026-08-10 08:12:26Z检索：港股收盘标签：`GLOBAL`, 港股, 黄金, 半导体, 港股收盘, equity, 香港

快讯正文

恒指收25937.49点、涨1.05%，科指收4919.46点、涨1.26%；黄金股强，算力硬件、光通信、存储概念走弱。

事实参考

以下为事实表、数据对照、账户细项与来源口径，默认折叠；需要核对数据时展开。

美股 / ETF / 公开文章事实

美股 / ETF / 公开行情

标的	IBKR 当前价	较前交易日	盘后/收盘后	上一交易日收盘	今日常规收盘
MSFT	506.25	+1.25%	+0.04%	499.99	506.06
NVDA	218.91	-2.25%	+0.63%	223.96	217.55
MRVL	210.78	-3.63%	+1.06%	218.72	208.56
GFS	50.47	-6.42%	+0.84%	53.93	50.05
APLD	29.27	+0.17%	+0.72%	29.22	29.06
USAR	17.51	-9.42%	-8.04%	19.33	19.04
SOXX	534.50	-1.61%	+0.97%	543.27	529.39
SOXL	133.75	-4.63%	+2.88%	140.25	130.00
FTXL	230.04	-2.73%	+0.37%	236.49	229.20
PSI	144.08	-2.93%	+1.06%	148.42	142.56
DRAM	50.60	-0.00%	+2.02%	50.60	49.60
KMEM	16.19	-1.04%	+0.75%	16.36	16.07
VRT	272.69	+0.11%	+0.96%	272.40	270.10
COHR	327.39	-13.65%	+0.69%	379.13	325.15
CRCL	66.94	+0.40%	-0.16%	66.67	67.05
SPCX	136.63	+2.64%	-1.52%	133.11	138.74
GOOG	356.15	+0.76%	+0.09%	353.47	355.84
NBIS	186.70	-0.68%	+1.41%	187.97	184.11

美股事实与文章索引

标的	IBKR 当前价	较前交易日	盘后/收盘后	文章数	数据缺口
MSFT	506.25	+1.25%	+0.04%	8 条	-
NVDA	218.91	-2.25%	+0.63%	8 条	-
MRVL	210.78	-3.63%	+1.06%	8 条	-
GFS	50.47	-6.42%	+0.84%	8 条	-
APLD	29.27	+0.17%	+0.72%	8 条	-
USAR	17.51	-9.42%	-8.04%	8 条	-
SOXX	534.50	-1.61%	+0.97%	8 条	-
SOXL	133.75	-4.63%	+2.88%	8 条	-
FTXL	230.04	-2.73%	+0.37%	8 条	-
PSI	144.08	-2.93%	+1.06%	8 条	-
DRAM	50.60	-0.00%	+2.02%	8 条	-
KMEM	16.19	-1.04%	+0.75%	8 条	-
VRT	272.69	+0.11%	+0.96%	8 条	-
COHR	327.39	-13.65%	+0.69%	8 条	-
CRCL	66.94	+0.40%	-0.16%	8 条	-
SPCX	136.63	+2.64%	-1.52%	8 条	-
GOOG	356.15	+0.76%	+0.09%	8 条	-
NBIS	186.70	-0.68%	+1.41%	8 条	-

入选文章原文与摘要

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芯片ETF资金转向纳指龙头

重要性5/5 高

直接涉及SOXX，资金流规模和样本日期明确，能补充半导体ETF的短期配置背景；主要限制是周度流量动因无法直接验证。

标签

标的：`SOXX`来源：etf.com发布日期：2026-08-10重要性：5/5 高评级理由：直接涉及SOXX，资金流规模和样本日期明确，能补充半导体ETF的短期配置背景；主要限制是周度流量动因无法直接验证。评级依据：与SOXX直接相关, 资金规模和年内表现数据明确, 发布时间接近且可补充ETF配置背景原文字数：706

中文摘要

核心结论

etf.com的周度资金数据呈现出明显的结构差异：美国上市交易所交易基金（ETF）总体仍有大量流入，资金集中进入QQQ、VOO和IVV，但SOXX与SMH出现大额流出。文章将芯片ETF流出解释为上涨反弹后的获利回吐，数据同时显示半导体板块年内涨幅仍然很高。

重要性评级

评级：5/5（高）

文章直接涉及SOXX，且给出截至08/07的一周资金流、规模和年内表现，适合判断半导体ETF近期资金背景。限制是资金数据为周度统计，不能单独确认资金流出是否代表长期配置转向。

关键事实

• 截至08/07的一周，美国上市ETF净流入370.49亿美元，年初至今累计流入超过1.25万亿美元。
• QQQ（纳斯达克100指数交易所交易基金）净流入101.75亿美元，VOO流入87.26亿美元，IVV流入36.88亿美元。
• SOXX净流出36.95亿美元，SMH净流出18.02亿美元；两者年内仍分别上涨约77%和59%。
• QQQ年内上涨约18%，但较近期高点回落约3%；文章称部分资金可能利用回调增加配置。
• SPY净流出152.29亿美元，TLT流出12.89亿美元，AIQ流出7.55亿美元，PAVE流出7.27亿美元。
• 按资产类别，美国股票ETF流入124.96亿美元，美国固定收益ETF流入121.30亿美元；杠杆ETF流出11.15亿美元。
• 样本期总ETF资产规模约16.17万亿美元，周度净流入占资产规模约0.23%。

作者观点与证据

作者把SOXX和SMH的资金流出归因于反弹后的获利回吐，依据是两只基金经历二季度上涨、三季度明显回落后再次反弹。可验证证据主要是etf.com整理的基金净流量、资产规模和年内涨跌幅；“资金正在获利回吐”属于基于流量与行情的解释，文中没有投资者账户或申赎动因的直接调查。

与相关标的的关系

SOXX是输入焦点，SMH是同类半导体ETF。两者同时流出而QQQ、VOO、IVV流入，说明该周资金偏好更广泛的科技或大盘指数产品，半导体专项配置出现短期压力。GLD和XLI也进入主要流入名单，但文章没有给出SOXX成分股层面的资金拆分。

时效性与限制（仅在有新增信息时）

文章发表于美东时间 08/10 17:16（UTC+8 08/11 05:16），流量数据截至08/07；原始数据按发布日美东时间 08/11 06:00（UTC+8 08/11 18:00）统计，交易所后续可能修订。周度流量无法区分主动配置、被动再平衡和短期赎回。

后续跟踪

• SOXX与SMH后续周度净流量及资产规模变化。
• QQQ、VOO、IVV资金流能否延续。
• 半导体ETF年内涨幅与成分股盈利预期的匹配程度。
• 资金是否同步流向固定收益、黄金或工业板块。

英文原文

Semiconductor ETFs See Profit-Taking as Investors Pile Into QQQ

Semiconductor ETFs See Profit-Taking as Investors Pile Into QQQ

Sumit Roy

Tue, August 11, 2026 at 5:16 AM GMT+8 4 min read

• QQQ

-0.30%

• ^GSPC

-0.06%

ETF Investing Tools Investors poured $37 billion into US-listed ETFs during the week ending Aug. 7, lifting year-to-date inflows past $1.25 trillion.

The buying came as the US stock market notched fresh record highs, extending its gain for the year to 14%. Bonds were largely flat, and the Vanguard Total Bond Market ETF (BND) remains down fractionally in 2026.

By category, US equity ETFs led with $12.5 billion in inflows, closely followed by US fixed income ETFs at $12.1 billion. International equity funds took in $5.1 billion and international fixed income funds added $3 billion. Commodity ETFs pulled in $2 billion, while leveraged ETFs bucked the trend, shedding $1.1 billion.

At the individual fund level, the biggest winner was the Invesco QQQ Trust (QQQ) , with $10.2 billion in inflows. The tech-heavy fund has outrun the S&P 500 this year, rising 18%, but it remains off about 3% from its highs. Some investors may have used the recent pullback to add to positions.

The Vanguard S&P 500 ETF (VOO) and the iShares Core S&P 500 ETF (IVV) followed, with $8.7 billion and $3.7 billion of inflows respectively. The SPDR Gold Shares (GLD) and the Industrial Select Sector SPDR Fund (XLI) also cracked the top 10, taking in $1.4 billion and $941 million.

Profit Taking In Chip ETFs

On the other side of the ledger, investors appeared to take profits in semiconductor funds. The iShares Semiconductor ETF (SOXX) shed $3.7 billion and the VanEck Semiconductor ETF (SMH) lost $1.8 billion. Both remain up sharply on the year, 77% and 59% respectively, but the ride has been anything but smooth.

The funds surged through the second quarter, sold off hard in the third, and have more recently bounced off their lows. The latest outflows suggest ETF investors are booking gains after that rebound.

Other notable outflows included the iShares 20+ Year Treasury Bond ETF (TLT) , which lost $1.3 billion, the Global X Artificial Intelligence & Technology ETF (AIQ) , down $755 million, and the Global X U.S. Infrastructure Development ETF (PAVE) , which shed $727 million.

Top 10 Creations (All ETFs)

Ticker

Name

Net Flows ($, mm)

AUM ($, mm)

AUM % Change<

QQQ

Invesco QQQ Trust Series I

10,175.26

480,677.79

2.12

VOO

Vanguard S&P 500 ETF

8,725.90

1,031,969.96

0.85

IVV

iShares Core S&P 500 ETF

3,687.67

898,562.70

0.41

SGOV

iShares 0-3 Month Treasury Bond ETF

1,981.11

101,668.69

1.95

SPYM

SPDR Portfolio S&P 500 ETF

1,861.25

168,217.60

1.11

DIA

SPDR Dow Jones Industrial Average ETF Trust

1,658.10

48,080.23

3.45

GLD

SPDR Gold Shares

1,440.44

139,612.47

1.03

QQQM

Invesco NASDAQ 100 ETF

1,047.35

101,935.46

1.03

VTI

Vanguard Total Stock Market ETF

998.06

685,963.71

0.15

XLI

Industrial Select Sector SPDR Fund

940.87

34,744.53

2.71

Story Continues

Top 10 Redemptions (All ETFs)

Ticker

Name

Net Flows ($, mm)

AUM ($, mm)

AUM % Change

SPY

SPDR S&P 500 ETF Trust

-15,228.60

803,308.44

-1.90

SOXX

iShares Semiconductor ETF

-3,695.47

43,477.03

-8.50

SMH

VanEck Semiconductor ETF

-1,802.37

70,214.98

-2.57

SDY

SPDR S&P Dividend ETF

-1,774.75

21,957.61

-8.08

TLT

iShares 20+ Year Treasury Bond ETF

-1,289.28

40,407.37

-3.19

IWM

iShares Russell 2000 ETF

-1,285.97

80,721.55

-1.59

SPYD

SPDR Portfolio S&P 500 High Dividend ETF

-1,043.98

7,650.81

-13.65

AIQ

Global X Artificial Intelligence & Technology ETF

-754.84

9,969.05

-7.57

PAVE

Global X U.S. Infrastructure Development ETF

-727.43

14,302.77

-5.09

VO

Vanguard Mid-Cap ETF

-703.56

107,494.40

-0.65

ETF Weekly Flows By Asset Class

Net Flows ($, mm)

AUM ($, mm)

% of AUM

Alternatives

1,016.64

148,983.26

0.68%

Asset Allocation

950.69

44,317.99

2.15%

Commodities E T Fs

2,046.13

327,834.71

0.62%

Currency

755.88

99,075.97

0.76%

International Equity

5,147.95

2,914,306.36

0.18%

International Fixed Income

3,002.75

449,551.10

0.67%

Inverse

617.44

12,869.73

4.80%

Leveraged

-1,114.58

181,695.53

-0.61%

Us Equity

12,496.06

9,829,056.75

0.13%

Us Fixed Income

12,130.34

2,165,740.53

0.56%

Total:

37,049.29

16,173,431.93

0.23%

Disclaimer: All data as of 6 a.m. Eastern time the date the article is published. Data is believed to be accurate; however, transient market data is often subject to subsequent revision and correction by the exchanges.

Permalink | © Copyright 2026 etf.com. All rights reserved

打开原文

原油冲击推升通胀与利率压力

重要性5/5 高

发布时间接近当日日报，覆盖原油、利率、地缘风险、AI盈利和多板块价格反应，跨资产相关性与事实密度最高。

标签

标的：`MRVL`, `MSFT`来源：Barchart发布日期：2026-08-10重要性：5/5 高评级理由：发布时间接近当日日报，覆盖原油、利率、地缘风险、AI盈利和多板块价格反应，跨资产相关性与事实密度最高。评级依据：即时市场与宏观相关性高, 覆盖多个直接标的和资产类别, 包含明确价格、收益率、盈利与政策概率数据原文字数：1740

中文摘要

核心结论

Barchart将美股周一走弱与WTI原油上涨、通胀预期升温和美债收益率上行联系起来。市场同时受到鹰派利率表态与中东航运风险压制，但强劲的AI支出和季度盈利预期为软件、网络安全及能源股提供支撑，形成板块分化。

重要性评级

评级：5/5（高）

文章覆盖原油、利率、地缘风险、AI资本开支和主要指数，时间接近当日日报且影响面广。部分市场概率和事件描述具有快速变化特征，评级依据是即时性与跨资产事实密度，而非单一价格方向。

关键事实

• 08/10收盘，标普500指数下跌0.06%，道琼斯工业平均指数下跌0.11%，纳斯达克100指数下跌0.34%。
• WTI原油期货周一上涨超过5%，10年期美国国债收益率上升约5个基点至4.699%。
• 克利夫兰联储主席Beth Hammack称当前利率对经济限制不足，通胀不会自行下降，并表示可能需要多次加息。
• 市场计入9月15日至16日美联储联邦公开市场委员会（FOMC）会议加息25个基点的概率为52%；9月10日欧洲央行会议加息25个基点的概率为90%。
• 台积电7月销售额同比增长45%；彭博情报预计标普500二季度盈利增长接近32%，已公布业绩的444家公司中85%超出预期，AI基础设施股票预计贡献约60%的每股收益增长。
• 芯片股普遍走弱，MRVL跌幅超过4%、NVDA超过2%；MSFT、CRM等软件股上涨，能源股和网络安全股同步走强。
• 伊朗与阿曼尚未就重开霍尔木兹海峡达成协议，文章还提到阿联酋油轮遇袭及胡塞武装宣称袭击沙特贾赞炼厂。

作者观点与证据

作者的市场解释是原油供应与中东风险抬高通胀预期，鹰派言论进一步推高利率压力；支撑市场的因素包括AI硬件需求和二季度盈利超预期。证据来自指数收盘、WTI和国债收益率、联储官员讲话、彭博情报数据及新闻事件。文章属于Barchart盘后市场综述，部分中东事件和利率概率为当时信息或市场定价，不能单独证明因果关系。

与相关标的的关系

CL=F和10年期美债收益率是文章的直接宏观变量。高油价和收益率上行对航空、邮轮、房屋建筑和芯片股形成压力；文章列出的AAL、ALK、MRVL、AMAT、NVDA等均走弱。MSFT、CRM、ORCL、DDOG、CRWD等软件或网络安全股上涨，显示同一交易日内AI和软件需求叙事仍提供局部支撑。

时效性与限制（仅在有新增信息时）

文章发表于美东时间 08/10 16:35（UTC+8 08/11 04:35），描述的是08/10收盘及当日新闻。油价、利率概率和霍尔木兹谈判状态均可能在下一交易日快速变化；文章未提供事件持续时间或原油供应损失的量化估计。

后续跟踪

• WTI原油价格与霍尔木兹海峡航运状态。
• 10年期美债收益率和9月FOMC利率定价。
• AI基础设施企业盈利贡献与台积电后续销售数据。
• 航空、房屋建筑、芯片、能源和软件板块的相对表现。

英文原文

Stocks Finish Lower as Soaring Crude Prices Spur Inflation Fears

Stocks Finish Lower as Soaring Crude Prices Spur Inflation Fears

Rich Asplund

Tue, August 11, 2026 at 4:35 AM GMT+8 8 min read

• CL=F

+0.28%

• ^GSPC

-0.06%

• ^IXIC

-0.32%

• ^DJI

-0.11%

• ^NDX

-0.34%

Wall street sign in New York City by f11photo via Shutterstock The S&P 500 Index ($SPX) (SPY) closed down -0.06% on Monday, the Dow Jones Industrial Average ($DOWI) (DIA) closed down -0.11%, and the Nasdaq 100 Index ($IUXX) (QQQ) closed down -0.34%.  September E-mini S&P futures (ESU26) fell -0.07%, and September E-mini Nasdaq futures (NQU26) fell -0.30%.

Stock indices settled lower on Monday.  The broader market was under pressure on Monday from higher crude oil prices, which boosted inflation expectations and T-note yields.  WTI crude oil surged more than +5% on Monday, pushing the 10-year T-note yield up by +5 bp to 4.70%.

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Stocks and bonds were also pressured by hawkish comments on Monday from Cleveland Fed President Beth Hammack, who said she is not seeing a problem with the job market and that inflation is not coming down on its own. She added that "now is the time" for us to take action, as the current interest rate is not meaningfully restricting the economy and we would probably need  "some number" of rate hikes to bring down inflation.

Losses in stock indices were limited on Monday by strength in energy providers, software stocks, and cybersecurity companies.  Also, optimism about the sustainability of AI spending is supportive for stocks after Taiwan Semiconductor Manufacturing Co. (TSMC), a bellwether for AI spending that produces the vast majority of the world's most advanced chips, reported Monday that its July sales rose 45% y/y, a sign of sustained demand for its AI hardware.

JPMorgan Chase & Co. raised its year-end projection for the S&P 500 to 8,000 from 7,800, saying a strong earnings season and faster AI monetization than expected are boosting profit estimates.

The outlook for strong Q2 earnings is a bullish factor for stocks. The S&P 500 is tracking for earnings growth of almost 32% in Q2, well above projections of +23%, and nearly four times the average earnings growth rate outside of the Covid period since Q4 of 2013, according to Bloomberg Intelligence.  AI spending is expected to account for most of earnings, with AI infrastructure stocks set to contribute nearly 60% of the S&P 500's earnings-per-share growth in Q2.  So far, earnings results have been positive, with 85% of the 444 S&P 500 companies that have reported Q2 earnings beating estimates, according to Bloomberg data.

Story Continues

Sep WTI crude oil prices (CLU26) surged more than +5% on Monday as Iran and Oman remained short of a deal to reopen the Strait of Hormuz.  Iranian Foreign Minister Abbas Araghchi said an agreement with Oman to establish a shipping route through the strait was "very close," but its reopening would require the US to end its blockade of Iranian shipping, withdraw its forces from around Iran, remove sanctions, release frozen assets, and compensate Iran for damages caused by US attacks.  It also demanded a permanent end to attacks on groups it backs in Lebanon, Iraq, Yemen, and Gaza.

Crude prices raced to their highs Monday afternoon when President Trump spoke out against Iran's demand for compensation from the war, dimming hopes of a quick deal to reopen the Strait of Hormuz.  In response to Iran's demand for compensation, President Trump said he will "demand compensation from Iran for people killed and wounded with roadside bombs and many conflicts to people in Lebanon, Syria, Yemen and Gaza over the last 50 years."  On Sunday, Mr. Trump signaled he's prepared to let economic pressure on Iran build rather than launch additional military strikes, saying the US was only "semi-negotiating" with Iran on the Strait of Hormuz and that the US blockade of Iran was deepening the country's financial woes.

The risk of a renewed flare-up across the Middle East remains high, as another UAE tanker was targeted by a missile on Saturday while transiting the Strait of Hormuz.  Also, on Sunday, Houthi militants in Yemen claimed an attack on Saudi Arabia's Jazan refinery.

The markets are discounting a 52% chance of a +25 bp rate hike at the next FOMC meeting on September 15-16.

Overseas stock markets settled higher on Monday.  The Euro Stoxx 50 closed up +0.18%.  China's Shanghai Composite climbed to a 3.5-week high and closed up +0.672%.  Japan's Nikkei-225 Stock Average rallied to a 2-week high and closed up sharply by +2.08%.

Interest Rates

September 10-year T-notes (ZNU6) closed down -8.5 ticks on Monday.  The 10-year T-note yield rose +5.4 bp to 4.699%.  T-notes were under pressure on Monday from a more than +5% surge in WTI crude oil prices, which boosted inflation expectations.  Also, hawkish comments from Cleveland Fed President Beth Hammack undercut T-note prices when she said the current interest rate is not meaningfully restricting the economy, and we would probably need "some number" of rate hikes to bring inflation down.  In addition, supply pressures weighed on T-notes as the Treasury will auction $125 billion of T-notes and T-bonds this week, beginning with a $58 billion auction of 3-year T-notes on Tuesday.

European government bond yields moved higher on Monday.  The 10-year German bund yield climbed to a 1-week high of 3.182% and finished up +4.6 bp to 3.179%.  The 10-year UK gilt yield rose +6.7 bp to 4.989%.

The Eurozone Aug Sentix investor confidence index rose +4.0 to a 6-month high of 0.9, stronger than expectations of -0.5.

Markets are discounting a 90% chance of a +25 bp ECB rate hike at its next policy meeting on September 10.

US Stock Movers

Chipmakers moved lower on Monday, weighing on the broader market.  ARM Holdings (ARM) closed down more than -5%, and Marvel Technology (MRVL) closed down more than -4%.  Also, Microchip Technology (MCHP), Qualcomm (QCOM), and  Applied Materials (AMAT) closed down more than -3%, and Nvidia (NVDA) closed down more than -2% to lead losers in the Dow Jones Industrials.  In addition, Advanced Micro Devices (AMD), KLA Corp (KLAC), and NXP Semiconductors (NXPI) closed down more than -2%, and Micron Technology (MU), Analog Devices (ADI), Lam Research (LRCX), and Texas Instruments (TXN) closed down more than -1%.

Airline stocks and cruise line operators retreated on Monday after WTI crude oil soared more than +5%. Alaska Air Group (ALK) closed down more than -5%, and American Airlines Group (AAL) and Southwest Airlines (LUV) closed down more than -4%.  Also, United Airlines Holdings (UAL), Carnival (CCL), Royal Caribbean Cruises (RCL), and Norwegian Cruise Line Holdings (NCLH) closed down more than -3%.  In addition, Delta Air Lines (DAL) closed down more than -1%.

Homebuilders and building supply companies were under pressure on Monday after the 10-year T-note yield rose +5 bp, which boosts mortgage rates and is negative for housing demand.  KB Home (KBH), Toll Brothers (TOL), and Builders Firstsource (BLDR) closed down more than -3%.  Also, DR Horton (DHI), Pulte Group (PHM), and Lennar (LEN) closed down more than -2%, and Home Depot (HD) closed down more than -1%.

Software companies rallied on Monday, providing support to the overall market.  Datadog (DDOG) closed up more than +11% to lead gainers in the S&P 500 and Nasdaq 100. Also, Autodesk (ADSK), Adobe Systems (ADBE), Salesforce (CRM), Intuit (INTU), Thomson Reuters Corp (TRI), Workday (WDAY), and Oracle (ORCL) closed up more than +2%.  In addition, Palantir Technologies (PLTR) and Microsoft (MSFT) closed up more than +1%.

Energy stocks and service providers moved sharply higher on Monday as the price of WTI crude oil surged more than +5%.  APA Corp (APA) closed up more than +9%, and Marathon Petroleum (MPC) closed up more than +7%.  Also, Devon Energy (DVN), Diamondback Energy (FANG), Haliburton (HAL), SLB Ltd (SLB), Phillips 66 (PSX), and Valero Energy (VLO) closed up more than +5%, and Chevron (CVX) closed up more than +4% to lead gainers in the Dow Jones Industrials. In addition, Baker Hughes (BKR), Occidental Petroleum (OXY), ExxonMobil Holdings (XOM), and ConocoPhillips (COP) closed up more than +4%.

Cybersecurity stocks moved higher on Monday to provide support for the broader market. CrowdStrike Holdings (CRWD) and Palo Alto Networks (PANW) closed up more than +5%, and Zscaler (ZS) closed up more than +4%.  Also, Cloudflare (NET) closed up more than +3%, Fortinet (FTNT) closed up more than +2%, and Okta (OKTA) closed up more than +1%.

Intel (INTC) closed down more than -4% after announcing its intention to offer $15 billion in common stock.

Monday.com (MNDY) closed down more than -4% after forecasting Q3 revenue of $370 million, weaker than the consensus of $372.8 million.

Trade Desk (TTD) closed down more than -2%, adding to last Friday's -22% plunge, after reporting weaker-than-expected Q2 and forecasting Q3 revenue below consensus.

Samsara (IOT) closed down more than -2% after Piper Sandler downgraded the stock to neutral from overweight with a price target of $40.

Varex Imaging Corporation (VREX) closed up more than +48% after Teledyne Technologies agreed to acquire the company for $1.1 billion or $18.90 per share.

RadNet (RDNT) closed up more than +6% after raising its full-year Imaging Center revenue estimate to $2.37 billion to $2.42 billion from a previous estimate of $2.36 billion to $2.41 billion.

Hewlett Packard Enterprise (HPE) closed up more than +2% after Morgan Stanley upgraded the stock to overweight from neutral with a price target of $69.

Earnings Reports (8/11/2026)

Aramark (ARMK), Cardinal Health Inc (CAH), Cava Group Inc (CAVA), CoreWeave Inc (CRWV), H&R Block Inc (HRB), Lumentum Holdings Inc (LITE), Middleby Corp/The (MIDD), On Holding AG (ONON), Smithfield Foods Inc (SFD), Super Micro Computer Inc (SMCI).

On the date of publication, Rich Asplund did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. This article was originally published on Barchart.com

打开原文

USAR融资收购同步推进

重要性5/5 高

直接对应 USAR，涵盖最新季度财务、政府融资、重大收购和产能建设，事件密度与执行影响较高。

标签

标的：`USAR`来源：USA Rare Earth Investor Relations发布日期：2026-08-10重要性：5/5 高评级理由：直接对应 USAR，涵盖最新季度财务、政府融资、重大收购和产能建设，事件密度与执行影响较高。评级依据：timeliness, evidence_strength, source_quality, fact_density原文字数：4769

中文摘要

核心结论

USA Rare Earth（美国稀土公司，代码 USAR）在 08/10（未给出具体时刻）公布的第二季度报告，把美国融资、Serra Verde 收购、Round Top 项目和磁材产能建设放在同一条整合路径上。财务数据仍显示收入规模有限、经营亏损和现金消耗较高，后续价值兑现取决于交易交割、融资拨付和项目里程碑。

重要性评级

评级：5/5（高）。文章直接对应 USAR，包含截至 06/30 的季度财务数据、最多 16 亿美元政府融资安排、约 28 亿美元 Serra Verde 收购及多项近期项目进展，时效性和事实密度较高。

关键事实

• 2026 年第二季度收入为 582.1 万美元，毛亏损 158.3 万美元，经营亏损 4,631.4 万美元，归属于公司的净亏损为 1,033.3 万美元；上半年经营活动现金净流出 7,532.4 万美元。
• 截至 06/30，公司现金及现金等价物约 15.301 亿美元，2025 年 12 月 31 日为 3.599 亿美元；总资产由 6.950 亿美元增至 29.988 亿美元。
• 06 月，公司与美国商务部签署最终融资文件，最高包括 2.77 亿美元联邦资金和 13 亿美元高级担保贷款额度，拨款与项目里程碑挂钩。
• 04 月，公司签署约 28 亿美元收购 Serra Verde Group 100% 股权的协议，标的包括巴西 Pela Ema 矿山和加工厂，并配有 15 年、100% 包销及价格下限安排；公司预计在 08 月底前完成组合交易。
• 07 月，Wheat Ridge 水冶示范设施产出来自回收磁体废料的镝氧化物和钕镨氧化物样品；公司预计磁体废料未来可占磁性稀土氧化物原料需求的最高 30%。
• 07 月，公司签署收购法国 Carester SAS 约 13.6% 股权的最终协议；08 月又完成对 Texas Mineral Resources Corp.（TMRC）的收购，取得 Round Top 项目 100% 经济权益。
• 公司计划在 2026 年第四季度完成 Round Top 最终可行性研究，并于 2027 年第一季度发布；Stillwater 工厂目标是在 2026 年第四季度达到 600 吨/年的磁体制造运行产能。
• 南卡罗来纳州 Blacksburg 工厂目标产能为每年 6,400 吨钕铁硼磁体和 5,000 吨金属、合金及带材，计划 2028 年开始投产；公司预计包括 Stillwater 扩产在内的美国国内磁体产能达到每年 10,000 吨。

作者观点与证据

公告及 CEO Barbara Humpton 将融资、收购、示范产线和产能布局描述为建立西方稀土供应链的决定性进展。支持这一叙事的硬事实包括融资最终文件、TMRC 收购完成、Carester 最终协议和氧化物样品产出；Serra Verde 交割时间、融资拨付、产能、息税折旧摊销前利润和现金流贡献仍属于公司预期。公告同时披露了非美国通用会计准则口径，相关指标需要结合美国通用会计准则结果和财务报表阅读。

与相关标的的关系

USAR 是本文唯一直接相关的标的。政府融资影响项目资金来源，Serra Verde 和 TMRC 改变资源与上游权益，Carester 补充分离与回收技术，Round Top 可行性研究和磁体工厂投产则决定整合计划能否转化为商业产能。公告还称 Barbara Humpton 将于 10 月 1 日退休，由 Serra Verde CEO Thras Moraitis 接任；该安排与 Serra Verde 交割进度存在关联。

时效性与限制

文章发布日期为 08/10（未给出具体时刻），检索时间为美东时间 08/10 23:18（UTC+8 08/11 11:18）。公告安排美东时间 08/10 17:00（UTC+8 08/11 05:00）举行第二季度业绩电话会，但本条材料未提供电话会后的新增问答或管理层修订。前瞻声明受到交易先决条件、融资里程碑、债务契约、项目建设、原料供应、监管和市场价格波动影响。

后续跟踪

• Serra Verde 交易是否在 08 月底前完成，以及相关包销协议和融资条件是否满足。
• 美国商务部资金的实际拨付金额、拨付时间和对应项目里程碑。
• Round Top 最终可行性研究、Wheat Ridge 商业化工程和 2026 年第四季度产能目标。
• Thras Moraitis 接任安排及整合后的收入、现金流和项目执行数据。

英文原文

USA Rare Earth Reports Second Quarter 2026 Financial Results - Mon, 08/10/2026 - 16:30

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info@usare.com

Release Details

##

USA Rare Earth Reports Second Quarter 2026 Financial Results

Aug 10, 2026

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STILLWATER, Okla., Aug. 10, 2026 (GLOBE NEWSWIRE) -- USA Rare Earth, Inc. (Nasdaq: USAR) (the Company), (USAR), a rare earth, critical minerals and advanced materials company, today announced its financial and operational results for the second quarter and six months ended June 30, 2026.

Executive Commentary

“The second quarter of 2026 marked a period of decisive progress for USA Rare Earth, defined by the milestones that bring our integrated global rare earth value chain to life,” said Barbara Humpton, CEO of USA Rare Earth. “We announced our intent to acquire Serra Verde, the only scaled producer of all four magnetic rare earths outside Asia; signed definitive documentation for our funding package with the U.S. Department of Commerce; announced our intent to invest in Carester; and selected Blacksburg, South Carolina, as the site of our second U.S. metal-making and magnet manufacturing facility. We also commissioned our hydrometallurgical facility in Wheat Ridge, Colorado, a critical step that demonstrates our processing capability that lies at the heart of a secure, non-China supply chain.”

Ms. Humpton continued, “With these building blocks in place, USA Rare Earth is entering a new chapter. We are moving from assembling a world-class set of operations to delivering for our customers and driving value for our shareholders. The urgency in the market has never been greater, and we are among the very few companies anywhere positioned to meet it. I am confident we have the right assets, the right operations, and the right team to establish ourselves as the global leader in rare earths, the partner of choice for advanced manufacturers, and to secure the critical materials essential for Western industrial leadership.”

Second Quarter Highlights

Financial Highlights

• The Company’s cash balance as of June 30, 2026 was approximately $1.53 billion

• Revenues for Q2’2026 of $5.8 million

Business Highlights

• Finalized Definitive Agreements with the U.S. Department of Commerce : In June 2026, the Company announced the execution of definitive agreements with the U.S. Department of Commerce, unlocking access to up to $1.6 billion in funding under the Department of Commerce’s CHIPS Act program. The definitive agreements comprise up to $277 million in federal funding and up to $1.3 billion in senior secured loan capacity under the CHIPS Act, with disbursements tied to the achievement of project milestones. These agreements significantly de-risk the Company’s path to full scale production, and the Company views them as a validation of its asset base, its business model, and its growth plans.

• Announced definitive agreement to acquire Serra Verde Group for ~$2.8 billion, creating the global rare earth leader : In April 2026, the Company announced a definitive agreement to acquire 100% of Serra Verde Group, owner of the Pela Ema rare earth mine and processing plant in Goiás, Brazil. The acquisition would secure the only large-scale producer of vital HREEs outside Asia, de-risk upstream supply with a 15-year 100% offtake agreement including price floors, and accelerate the Company’s EBITDA and cash-flow generation.

• Announced investment in Carester and strategic partnership in France : In April 2026, the Company along with InfraVia, the leading independent European private investment platform specialized in real assets and technology investments, announced it had entered into an investment term sheet to take a stake in Carester, a leading French specialist in rare earth processing and separation technologies, subject to the execution of a definitive documentation and closing conditions. The Company believes the platform will unite the technological expertise, process innovation, and production capacity of USA Rare Earth, Less Common Metals (LCM), and Carester to accelerate development and strengthen capabilities across the rare earth value chain.

• Selected South Carolina for new rare earth metal and magnet manufacturing operation : In June 2026, the Company announced the selection of Blacksburg, South Carolina, as the site of a new magnet manufacturing and refined metals operation. The facility is targeting production capacity of 6,400 metric tons per annum (tpa) of NdFeB rare earth magnets and 5,000 tpa of strip-cast, metal and alloy. Combined with the planned expansion at the Company’s Stillwater facility, the Company expects total domestic production capacity to reach 10,000 tpa of NdFeB rare earth magnets and 10,000 tpa of heavy rare earth strip-cast, metal and alloy, aligned with the Company’s business plan and government financing. The project is expected to create about 490 high-skill, high-wage jobs, with commissioning targeted to begin in 2028.

• Commissioned hydrometallurgical demonstration facility, targeting heavy rare earth oxide production in Q3 2026 : In June 2026, the Company announced the commissioning of its hydrometallurgical demonstration facility in Wheat Ridge, Colorado. The facility has commenced an initial campaign to de-risk three processing flowsheets in parallel: ore from Round Top, third-party mixed rare earth carbonate (MREC) feedstock — including material from Serra Verde’s Pela Ema mine — and rare earth magnet swarf recycling. Insights from the campaigns are expected to underpin the Round Top Definitive Feasibility Study, on track for Q4 2026 completion and Q1 2027 publication, and to guide commercial engineering of the planned on-site Round Top processing facility and the Company’s anticipated third-party MREC processing and magnet swarf recycling facility.

• Completed first commercial Yttrium metal production : In April 2026, the Company announced the first commercial pour of 2N–2N5 (99%–99.5% purity) yttrium metal through its wholly-owned subsidiary, LCM, at its facility in Cheshire, United Kingdom. This milestone places the Company among a limited number of producers of commercial-grade yttrium metal operating outside of China. Yttrium is a key material in thermal barrier coatings used on turbine blades and other high-temperature aerospace components, where it enhances oxidation resistance and improves adhesion, helping extend component life under intense thermal and mechanical stress. Yttrium is also used in electronics, energy systems, lasers, superconductors, and advanced ceramics, where its chemical stability and high-temperature performance are essential.

• Expanded the corporate leadership team with additional expertise : In April 2026, the Company announced the appointment of Chaitan Kansal as Chief Commercial Officer. Mr. Kansal brings more than 25 years of experience across the critical minerals, specialty chemicals, and advanced materials sectors. Mr. Kansal’s deep experience across lithium, battery materials, and specialty chemicals - combined with a track record of executing go-to-market strategies at global scale - makes him the ideal leader to drive customer engagement, secure long-term offtake partnerships, and position the Company as the partner of choice for rare earth products across the Western world.

• Awarded $14.2 million grant from the Texas Semiconductor Innovation Fund to accelerate round top heavy rare earth project : In May 2026, the Company announced it was selected to receive a grant for up to $14.2 million from the Texas Semiconductor Innovation Fund to accelerate the development of its Round Top Mountain heavy rare earth project in Hudspeth County, Texas. The award would support a project expected to generate approximately 260 new jobs and to represent more than $1.4 billion in capital investment in West Texas.

• Selected for U.S. Department of Energy Funding Under Critical Minerals Innovation Program : In May 2026, the Company announced that the U.S. Department of Energy (DOE) has selected it to receive up to $19.3 million in funding, subject to final negotiation, under DOE’s Critical Minerals Innovation, Efficiency and Alternatives program. The award will support the development of a pilot-scale rare earth element (“REE”) separations project advancing domestic processing capacity for materials essential to U.S. energy, defense and advanced manufacturing supply chains.

• Expanded commitment to France with plans for additional investment in the French rare earth ecosystem : In June 2026, the Company announced a planned expansion of its metal, alloy, and magnet production in France, building upon its planned LCM Lacq facility and Carester investment. Aligned with the U.S. Department of Commerce funding plan, the initiative projects over €175 million in investment and 300+ new jobs by 2030, supported by French government incentives such as C3IV, potential debt guarantees, and possible direct equity investment into the USAR European subsidiary.

Recent Developments

Subsequent to quarter-end, the Company announced the following achievements and milestones:

• Successfully produced first light and heavy rare earth oxide samples for qualification : In July 2026, the Company announced that its hydrometallurgical facility in Wheat Ridge, Colorado, had successfully produced commercial-grade dysprosium (Dy) oxide and neodymium-praseodymium (NdPr) oxide samples from recycled rare earth magnet scrap, known in the industry as “swarf.” This positions USA Rare Earth as one of the few Western producers capable of executing this technically demanding process outside Asia. In addition, this capability broadens the Company’s feedstock options and strengthens the circularity of its value chain, with swarf projected to support up to 30% of future magnetic rare earth oxide feedstock needs.

• Announced retirement of CEO Barbara Humpton, to be succeeded by Thras Moraitis, current CEO of Serra Verde : In July 2026, the Company announced that Barbara Humpton will retire as Chief Executive Officer and Board Director on October 1, 2026. The Company’s Board of Directors named Thras Moraitis, current CEO of the Serra Verde Group (“Serra Verde”) and a highly experienced operator in the rare earths industry, as Ms. Humpton’s successor. Mr. Moraitis will assume the CEO role on October 1, 2026, following the anticipated completion of the Company’s combination with Serra Verde by the end of August. During the interim period, Mr. Moraitis will continue to oversee the combined company’s operations as President.

• Finalized definitive agreements to acquire minority stake in Carester : In July 2026, the Company announced that it had entered into definitive agreements to acquire a strategic minority stake representing approximately 13.6 percent in Carester SAS, a French leader in rare earth processing and separation. InfraVia, acting through its Critical Metals Fund, seeded by the French State as an anchor investor alongside private institutional capital, is acquiring a similar stake in Carester alongside the Company. In addition to targeting healthy returns, the Company and its subsidiary Less Common Metals – Europe will have the ability to purchase a portion of Carester’s oxide output from its Caremag facility. The Company will have access to Carester’s engineering capabilities and related intellectual property for separation, processing, and recycling. In turn, Carester will have access to the Company’s feedstock sources, including Serra Verde and the Round Top deposit in Texas.

• Closed Acquisition of Texas Mineral Resources Corp. (TMRC): In August 2026, the company closed the acquisition of TMRC, to which the Company acquired 100% of the outstanding shares of TMRC. Subsequent to closing, the Company will be the sole operator and 100% economic beneficiary of the Round Top project. This strategic transaction is expected to streamline the Company’s operations, governance and decision-making as it builds the global leader in rare earths and critical minerals.

2026 Outlook

As it builds a global leader in rare earths, in 2026 the Company expects to:

• Complete the Round Top Definitive Feasibility Study (DFS) in Q4 2026: This DFS is expected to be completed in Q4 2026 and published in Q1 2027, and is expected to provide the balance of commercial engineering and design and definitive project economics.

• Reach 600 MTPA of run-rate magnet manufacturing capacity at the Stillwater Facility in Q4 2026: This manufacturing capacity build out is expected to support the Company’s growing pipeline of magnet customers across the aerospace, defense, semiconductor, industrial motor, heavy equipment, mobility, healthcare, and energy sectors.

• Evaluate metal making and alloy capacity at LCM to optimize for customer demand across rare earth and critical mineral metals and alloys, and geographic footprint distribution: This capacity build out is expected to support the Company’s internal metal and alloy needs for magnet manufacturing, as well as a growing pipeline of third-party rare earth and critical mineral metal and alloy demand.

Financial Highlights

Three Months Ended June 30,     Six Months Ended June 30,

2026       2025         2026       2025

(In thousands, except for per share amounts)

Loss from operations   $ (46,314 )   $ (8,804 )     $ (82,989 )   $ (17,522 )

Net loss attributable to USA Rare Earth, Inc.     (10,333 )     (142,506 )       (77,322 )     (90,674 )

Net loss per share attributable to USA Rare Earth, Inc. - Diluted     (0.05 )     (1.54 )       (0.37 )     (0.99 )

Net cash used in operating activities     (56,868 )     (7,909 )       (75,324 )     (18,238 )

Cash and cash equivalents               1,530,147       359,925

Non-GAAP Financial Highlights (1)

Three Months Ended June 30,     Six Months Ended June 30,

2026       2025         2026       2025

(In thousands, except for per share amounts)

Adjusted net loss attributable to USA Rare Earth, Inc.   $ (33,484 )   $ (19,084 )     $ (57,629 )   $ (28,031 )

Adjusted net loss per share attributable to USA Rare Earth, Inc. - Diluted     (0.15 )     (0.21 )       (0.27 )     (0.31 )

______________

(1)    Refer to the sections “About Non-GAAP Financial Measures” and “Reconciliation of Non-GAAP Financial Measures” for definitions of our non-GAAP financial measures and reconciliations of GAAP to non-GAAP amounts, respectively.

Forward-looking Statements

This press release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. These statements include those relating to the proposed acquisition of Serra Verde Group, the expected timing and completion of the Serra Verde acquisition, the expected benefits of the Serra Verde acquisition, the expected benefits from our transactions with Carester SAS and Texas Mineral Resources Corp. (“TMRC”), development of our magnet production facility at Stillwater and our refined metals production facility at Blacksburg, the benefits expected from the acquisition of Less Common Metals Ltd., the ability to satisfy the funding conditions of and to realize the anticipated benefits of the anticipated funding from the U.S. Department of Commerce, demand for magnets from our production facility once it is operational, the opportunity, size and growth rates of the rare earth element market and the market for related magnets, our ability to process raw materials for magnet production including through swarf processing and development of the Round Top Project, development of our Wheat Ridge, Colorado hydrometallurgical demonstration facility, development and results of the Round Top Project, the ability to raise financing in the future and to comply with restrictive covenants contained in our long-term indebtedness, the future financial performance of our business, the ability to retain or recruit key personnel, the ability to comply with laws and regulations applicable to our business, expansion plans and opportunities, our anticipated operating and financial performance, our business plans, strategy, goals and prospects, our plans for and prospects of our other acquisitions, investments and other business development activities, including the announced Carester transaction, our ability to successfully capitalize on growth opportunities and prospects, and other statements regarding the Company’s expectations for future development, operations, strategies, transactions and financial performance. Such statements can be identified by the fact that they do not relate strictly to historical or current facts. Words such as “accelerate,” “advance,” “aim,” “anticipate,” “believe,” “can,” “continue,” “could,” “estimate,” “expect,” “growth,” “intend,” “may,” “might,” “plan,” “potential,” “project,” “propose,” “should,” “target,” “vision,” “will,” “would” and similar expressions may identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking.

Forward-looking statements are subject to risks and uncertainties and potentially inaccurate assumptions that could cause actual results to differ materially from our expectations, including without limitation: risks that the proposed transactions with Serra Verde and Carester may not be consummated on their anticipated timeline or at all; risks that we may not realize the anticipated benefits of our proposed, current, and prior acquisitions, including transactions with Serra Verde, Carester and TMRC, including expected synergies, financial performance, estimated EBITDA and, in the case of Serra Verde, integration of operations, on the anticipated timeline or at all; ; political, economic, regulatory, tax, currency and other risks associated with Serra Verde’s operations in Brazil and Switzerland following the consummation of the Serra Verde acquisition; the assumption of substantial indebtedness under Serra Verde’s Retained Finance Agreement, which contains restrictive covenants and other requirements that could adversely affect the combined company’s financial flexibility and operations; the potential failure to satisfy the conditions precedent to the offtake agreement entered into in connection with the Serra Verde acquisition, and the possibility that the offtake agreement may be terminated for any reason; the risk that the planned CEO transition is contingent on the timely closing of the Serra Verde acquisition and that any delay or failure of this acquisition to close could result in leadership uncertainty and may require the Board to identify an alternative CEO successor; the ability of our Stillwater magnet manufacturing facility to generate revenue and the ability of our planned Blacksburg facility to commence commercial operations on the timing and with the production capacity anticipated or at all; our limited operating history; our ability to commercially extract minerals from the Round Top deposit on our anticipated timeline or at all; risks that we may experience delays, unforeseen expenses, increased capital costs, and other complications while developing our projects; our ability to raise necessary capital on acceptable terms or at all; potential dilution to existing stockholders and adverse effect on our stock price if we issue additional common stock or equity-linked securities; the volatility of our stock price; the availability of rare earth oxide, metal feedstock and other materials, utilities (including power and water) and equipment in quantities and prices that allow us to develop and commercially operate our Stillwater facility and other facilities; our ability to meet individual customer specifications and produce a consistently high quality product; fluctuations in demand for and prices of neo magnets and our other products, including without limitation as a result of dumping, predatory pricing and other tactics by the Company’s competitors or state actors or the overall competitive environment; our ability to achieve positive cash flow or profitability or the ability to access cash flow within our corporate structure due to restrictions contained in our financing agreements; our ability to convert current commercial discussions and/or memorandums of understanding with customers for the sale of our neo magnets and other products into definitive orders; our dependence, in part, on the growth of existing and emerging uses for neo magnets; the risk that additional manufacturing, refining and mining competitors could result in a reduction in revenue; geopolitical developments or disruptions, such as changes in the political environment, export/import or environmental policy of the People’s Republic of China, the United States or other countries in which we operate or sell products or otherwise; our designation on an export control list by China which has had and is expected to continue to have an adverse impact on our ability to source key raw materials and supplies from China; war, terrorism, natural disasters or public health emergencies; our ability to retain or recruit key personnel; environmental, health and safety regulations; the receipt of funding from the U.S. Department of Commerce is subject to the achievement of milestones which may not be achieved on the expected timeline or at all; and our ability to comply with requirements for federal, state and local government incentives and financing.

Additional risks and detailed information regarding factors that may cause actual results to differ materially has been and will be included in the Company’s filings with the SEC, including the Company’s most recently filed Annual Report on Form 10-K and any subsequent Quarterly Reports on Form 10-Q and subsequent filings. Any forward-looking statements speak only as of the date of this press release (or such other date as is specified in such statements), and the Company undertakes no obligation to update any forward-looking statements as a result of new information or future events or developments.

About Non-GAAP Financial Measures

This press release includes certain non-GAAP financial measures, including adjusted net loss attributable to USA Rare Earth, Inc., and adjusted net loss per share attributable to USA Rare Earth, Inc. (defined as follows):

• Adjusted net loss attributable to USA Rare Earth, Inc. is defined as net loss attributable to USA Rare Earth, Inc. adjusted for declared and deemed dividends, and interest accretion, and loss (gain) on fair market value of financial instruments, net.

• Adjusted net loss per share attributable to USA Rare Earth, Inc. - Diluted is defined as adjusted net loss attributable to USA Rare Earth, Inc. divided by weighted average diluted shares outstanding.

Generally, a non-GAAP financial measure is a numerical measure of a company’s performance, financial position, or cash flows that either excludes or includes amounts that are not normally excluded or included in the most directly comparable measure calculated and presented in accordance with generally accepted accounting principles in the United States of America, or GAAP. These non-GAAP financial measures do not reflect a comprehensive system of accounting, differ from GAAP measures with the same captions, and may differ from non-GAAP financial measures with the same or similar captions that are used by other companies. As such, these non-GAAP measures should be considered as a supplement to, and not as a substitute for, or superior to, financial measures calculated in accordance with GAAP.

The Company believes these non-GAAP measures of financial results provide useful supplemental information to management and investors regarding certain financial and business trends related to the Company’s financial condition and results of operations, and as a supplemental tool for investors to use in evaluating its ongoing operating results and trends and in comparing its financial measures with other companies that present similar non-GAAP financial measures. The Company uses these non-GAAP financial measures to analyze its operating performance and future prospects, develop internal budgets and financial goals, and to facilitate period-to-period comparisons. The Company believes these non-GAAP financial measures reflect an additional way of viewing aspects of its operations that, when viewed with its GAAP results, provide a more complete understanding of factors and trends affecting its business. Current and prospective investors should review the Company’s audited annual and unaudited interim financial statements, which are filed with the U.S. Securities and Exchange Commission, and not rely on any single financial measure to evaluate our business.

Conference Call to Discuss Financial Results

The Company will hold a conference call on Monday, August 10, 2026, at 5:00 PM ET to discuss its second quarter and six months ended June 30, 2026 results. Please see below for dial-in information.

LIVE CONFERENCE CALL:

Monday, August 10, 2026, at 5:00 PM ET

US / Canada Toll-Free: +1 (833) 890-8030

Local / International Toll: +1 (412) 564-6268

CONFERENCE CALL REPLAY:

Available approximately three hours after conclusion of the live call.

Expiration: September 10, 2026

US/Canada Toll-Free: +1 (855) 669-9658

International Toll: +1 (412) 317-0088

Access code: 7520719

Investors may also access the live call and the replay over the internet on the “Events” page of the Company’s investor website located at www.usare.com or at https://event.choruscall.com/mediaframe/webcast.html?webcastid=SCYm7iDr.

Disclosure Information

USA Rare Earth uses the investor relations section on its website as means of complying with its disclosure obligations under Regulation FD. Accordingly, investors should monitor USA Rare Earth’s investor relations website in addition to following USA Rare Earth’s press releases, SEC filings, and public conference calls and webcasts.

About USA Rare Earth

USA Rare Earth, Inc. (Nasdaq: USAR) is building a fully integrated rare earth and permanent magnet value chain across the United States, the United Kingdom, France and Brazil. Through its ownership of Less Common Metals (LCM), one of the world’s leading producers of rare earth metals and alloys, its development of magnet manufacturing capacity in Stillwater, Oklahoma, the Pela Ema mine in Brazil (subject to closing the SVG transaction) and the Round Top deposit in Texas, USA Rare Earth operates across the entire value chain from mining to metal-making, alloy production and neodymium magnet manufacturing. USA Rare Earth is establishing a secure, Western-aligned supply of materials essential to the aerospace and defense, semiconductor, energy, data center, physical AI, mobility, healthcare and industrial sectors.

For more information, visit www.usare.com.

Investor Relations Contact

J.B. Lowe, CFA

VP, Head of Investor Relations

ir@USARE.com

Media Relations Contact

Collected Strategies

Dan Moore / Scott Bisang

USAR-CS@collectedstrategies.com

USA Rare Earth, Inc.

Condensed Consolidated Balance Sheets

(Unaudited)

June 30,

2026   December 31,

2025

(In thousands)

ASSETS

Current assets

Cash and cash equivalents   $ 1,530,147   $ 359,925

Accounts receivable     6,270     3,764

Inventories     50,138     18,535

Prepaid expenses and other current assets     86,034     3,151

Total current assets     1,672,589     385,375

Property, plant and equipment, net     146,751     86,449

Mineral interests     17,339     17,339

Goodwill     134,848     134,848

Other intangible assets, net     65,899     68,612

Equipment deposits     46,904     1,879

Operating lease right-of-use assets     2,151     321

Deferred arrangement costs     912,091     —

Other assets, non-current     255     176

Total assets   $ 2,998,827   $ 694,999

LIABILITIES, MEZZANINE AND STOCKHOLDERS' EQUITY

Liabilities

Current liabilities

Accounts payable   $ 17,367   $ 11,069

Accrued liabilities     31,679     14,073

Contract liabilities, current     1,328     10,500

Note payable     —     1,849

Finance and operating leases, current     640     420

Total current liabilities     51,014     37,911

Deferred grant income     8,482     8,200

Finance and operating leases, non-current     2,556     777

Warrant and earnout liabilities     364,189     128,205

Deferred tax liability     15,665     16,715

Contract liabilities, non-current     9,602     —

Total liabilities     451,508     191,808

Mezzanine equity     10,347     8,905

Stockholders' equity     2,536,972     494,286

Total liabilities, mezzanine equity, and stockholders' equity   $ 2,998,827   $ 694,999

USA Rare Earth, Inc.

Condensed Consolidated Statements of Operations

(Unaudited)

Three Months Ended June 30,   Six Months Ended June 30,

2026       2025       2026       2025

(In thousands, except per share amounts)

Revenue   $ 5,821     $ —     $ 11,519     $ —

Cost of product revenue     7,404       —       12,996       —

Gross loss     (1,583 )     —       (1,477 )     —

Operating expenses:

Selling, general and administrative     32,607       6,227       53,782       13,256

Research and development     10,768       2,577       25,017       4,266

Amortization of intangible assets     1,356       —       2,713       —

Total operating expenses     44,731       8,804       81,512       17,522

Loss from operations     (46,314 )     (8,804 )     (82,989 )     (17,522 )

Other income (expense), net     33,838       (133,909 )     1,868       (73,509 )

Loss before income taxes     (12,476 )     (142,713 )     (81,121 )     (91,031 )

Benefit from income taxes     (513 )     —       (1,090 )     —

Net loss   $ (11,963 )   $ (142,713 )   $ (80,031 )   $ (91,031 )

Net loss attributable to non-controlling interest   $ (1,630 )   $ (207 )   $ (2,709 )   $ (357 )

Net loss attributable to USA Rare Earth, Inc.     (10,333 )     (142,506 )     (77,322 )     (90,674 )

USA Rare Earth, Inc.

Condensed Consolidated Statements of Cash Flows

(Unaudited)

Six Months Ended June 30,

2026       2025

(In thousands)

Cash flows from operating activities:

Net loss   $ (80,031 )   $ (91,031 )

Non-cash adjustments     36,598       78,080

Changes in assets and liabilities     (31,891 )     (5,287 )

Net cash used in operating activities   $ (75,324 )   $ (18,238 )

Cash flows from investing activities:

Capital expenditures and equipment deposits   $ (108,388 )   $ (6,297 )

Net cash used in investing activities   $ (108,388 )   $ (6,297 )

Cash flows from financing activities:

Reverse merger costs   $ —     $ 45,717

Issuance costs     (51,003 )     (8,281 )

Proceeds from issuance of common stock under PIPE financing     1,500,000       75,000

Proceeds from exercise of warrants     68       21,951

Finance leases     (140 )     —

Other     (29,594 )     (4,822 )

Net cash provided by financing activities   $ 1,419,331     $ 129,565

Effect of exchange rate differences on cash, cash equivalents and restricted cash   $ (1,175 )   $ —

Net change in cash, cash equivalents and restricted cash   $ 1,234,444     $ 105,030

Cash, cash equivalents and restricted cash, beginning of period     359,925       16,761

Cash, cash equivalents and restricted cash, end of period   $ 1,594,369     $ 121,791

USA Rare Earth, Inc.

Reconciliation of Non-GAAP Financial Measures

(Unaudited)

This press release includes certain non-GAAP financial information. The following table reconciles the GAAP financial information to the non-GAAP financial information.

Three Months Ended June 30,   Six Months Ended June 30,

2026       2025       2026       2025

(In thousands, except for per share amounts)

Net loss attributable to USA Rare Earth, Inc.   $ (10,333 )   $ (142,506 )   $ (77,322 )   $ (90,674 )

Declared and deemed dividends, and interest accretion     (733 )     (11,240 )     (1,442 )     (11,719 )

Loss (gain) on fair market value of financial instruments, net     (22,418 )     134,662       21,135       74,362

Adjusted net loss attributable to USA Rare Earth, Inc. (1)   $ (33,484 )   $ (19,084 )   $ (57,629 )   $ (28,031 )

Adjusted net loss per share attributable to USA Rare Earth, Inc. - Diluted (1)   $ (0.15 )   $ (0.21 )   $ (0.27 )   $ (0.31 )

_____________

(1)     Refer to the section “About Non-GAAP Financial Measures” for an explanation of our use of non-GAAP financial measures and the definitions of such measures.

EMAIL ALERTS

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General: info@usare.com Investors: ir@usare.com 813-867-6155

©2026 USA Rare Earth.

All rights reserved.

打开原文

维谛上调指引应对项目复杂度

重要性5/5 高

直接覆盖VRT季度实际业绩、全年指引和AI数据中心产品路线，电话会还披露了大型项目交付与供应链执行风险，当前日报阅读价值高。

标签

标的：`VRT`来源：Motley Fool发布日期：2026-08-08重要性：5/5 高评级理由：直接覆盖VRT季度实际业绩、全年指引和AI数据中心产品路线，电话会还披露了大型项目交付与供应链执行风险，当前日报阅读价值高。评级依据：与VRT直接相关, 包含季度实际结果和上修后的全年指引, 公司电话会提供高密度一手管理层与分析师问答证据原文字数：9367

中文摘要

核心结论

维谛（Vertiv，VRT）二季度业绩强劲并上调2026年全年指引，管理层把增长归因于数据中心基础设施、AI算力需求、产能扩张和运营效率提升。大型多阶段项目带来的内部与外部供应链协同复杂度导致部分二季度收入延后，管理层预计下半年释放相关收入，同时承认大型项目执行仍处于学习曲线。

重要性评级

评级：5/5（高）

这是直接针对VRT的业绩电话会文字记录，包含季度实际数据、全年及下季度指引、AI数据中心产品路线和分析师对供应链延迟的追问。证据来自公司电话会，前瞻性内容仍需以后续订单、收入确认和现金流验证。

关键事实

• 电话会于美东时间 07/29 11:00（UTC+8 07/29 23:00）举行；二季度营收32.74亿美元，同比增长24%，有机增长18%。美洲营收增长29%，亚太增长29%，欧洲、中东和非洲地区营收增长2%，但有机营收下降2%。
• 调整后经营利润7.38亿美元，同比增长51%；调整后经营利润率22.6%，同比扩大410个基点；调整后每股收益1.52美元，同比增长60%。
• 调整后自由现金流9.25亿美元，同比增长234%，自由现金流转化率超过150%；期末净杠杆率为负0.1倍。
• 公司将2026年全年营收指引上调至140亿美元，同比增长37%；调整后每股收益指引为6.70美元，调整后经营利润为33.25亿美元，调整后经营利润率为23.8%，调整后自由现金流为25亿美元。
• 公司预计第三季度营收37.5亿美元，同比增长40%；调整后每股收益1.80美元，同比增长45%，调整后经营利润率24.5%。
• 800伏直流电架构计划在2026年进行客户验证、2027年部署；数据大厅级800伏直流方案计划2027年验证、2028年部署。管理层仍预计交流和直流架构将长期并存。
• 公司称与NVIDIA（英伟达）及VisionBay AI合作，在台湾高雄建设采用NVIDIA GB300的AI数据中心，并推进采用Vera Rubin的800伏直流架构项目；闭环冷却与PurgeRite近零方案可使启动用水量最高减少90%。
• 二季度部分收入受大型多阶段项目执行和供应链拥堵影响而延后；管理层称需求、订单管线和产能仍强，并表示全年下半年指引已预留执行不完美的空间。

作者观点与证据

Motley Fool提供的是维谛二季度业绩电话会转录，主要观点来自首席执行官Giordano Albertazzi、首席财务官Craig Chamberlin及执行董事长David Cote。实际季度数据和公司指引构成硬事实；AI数据中心订单管线、800伏直流采用速度、项目收入释放和全年利润率属于管理层判断。电话会明确提示前瞻性声明存在重大风险，且部分指标为非公认会计准则口径。

与相关标的的关系

VRT直接受益于AI数据中心电力、热管理和服务需求，收入机会与单兆瓦设备内容量可能随架构复杂度提升；公司在投资者日引用的相关内容量区间为每兆瓦325万至375万美元，但电话会未给出本季度实际确认值。NVIDIA的GB300和Vera Rubin项目为产品验证线索，不能直接等同于VRT未来收入或订单规模。

时效性与限制（仅在有新增信息时）

转录发表于美东时间 08/07 20:00（UTC+8 08/08 08:00），电话会发生于美东时间 07/29 11:00（UTC+8 07/29 23:00）。公司未量化二季度延后收入的具体金额，且大型项目交付、供应链协同、800伏直流部署和下半年收入释放均存在执行风险；现金流改善也包含项目预付款和里程碑收款。

后续跟踪

• 下半年大型项目收入确认、订单管线转化和交付准时率。
• 2026年客户验证及2027年部署的800伏直流产品进度。
• 二季度递延收入、项目预付款与自由现金流的后续变化。
• 140亿美元全年营收及23.8%经营利润率指引的兑现情况。

英文原文

Vertiv (VRT) Q2 2026 Earnings Call Transcript

Vertiv (VRT) Q2 2026 Earnings Call Transcript

Motley Fool Transcribing, The Motley Fool

Sat, August 8, 2026 at 8:00 AM GMT+8 47 min read

• VRT

-0.84%

Image source: The Motley Fool.

DATE

Wednesday, July 29, 2026 at 11 a.m. ET

CALL PARTICIPANTS

• vice president Investor Relations - Lynne Maxeiner

• Executive Chairman - David Cote

• Chief Executive Officer - Giordano Albertazzi

• Chief Financial Officer - Craig Chamberlin

Full Conference Call Transcript

Operator: Good morning. My name is Lucas Penner, and I will be your conference operator today. At this time, I would like to welcome everyone to Vertiv's Second Quarter 26 Earnings Conference Call. All lines have been placed on mute to prevent any background noise. Please note that this call is being recorded. I would now like to turn the program over to your host for today's conference call, Lynne Maxeiner, vice president Investor Relations.

Lynne Maxeiner: Great. Thank you, Lucas. Good morning, and welcome to Vertiv's Second Quarter 26 Earnings Conference Call. Joining me today are Vertiv's Executive Chairman, David Cote Chief Executive Officer, Giordano Albertazzi and Chief Financial Officer, Craig Chamberlin. We have 1 hour for the call today, During the Q and A portion of the call, please be mindful of others in the queue and limit yourself to 1 And if you have a follow-up question, please rejoin the queue. Before we begin, I would like to point out that during the course of this call, we will make forward-looking statements regarding future events including the future financial and operating performance of Vertiv.

Forward looking statements are subject to material risks and uncertainties, that could cause actual results to differ materially from those in the forward-looking statements. We refer you to the cautionary language included in today's earnings release and you can learn more about these risks in our annual and quarterly reports and other filings made with the SEC. Any forward-looking statements that we make today are based on a assumptions that we believe to be reasonable as of this date. Undertake no obligation to update these statements as a result of new information or future events.

During this call, we will also present both GAAP and non GAAP financial measures, Our GAAP results and GAAP to non GAAP reconciliations can be found in our earnings press release and in the investor slide deck found on our website at investors.vertiv.com. With that, I will turn the call over to Executive Chairman, David Cote.

David Cote: I am incredibly pleased by our second quarter performance and outlook for the rest of the year and beyond. We have a great position in a good industry and continue to execute very well. Gio and his team stay at the forefront of technology with organic investments and acquisitions. The industry outlook is incredibly good because the digital age has decades to go. Our outlook is incredibly good and deservedly so. As we provide the picks and shovels for the digital age. The seed planning Giordano and his team have been doing continues to pay off and will do so even more in the future as the benefits from our technology investments unfold over time.

Story Continues

And with all that goodness, we still have opportunity to further improve. As Gio likes to say, we are still far from our full potential. The future is so bright we have to wear shades. I love it. With that, I now turn it over to Giordano Albertazzi.

Giordano Albertazzi: Well, thank you, David, and, welcome, everyone. Let us go to slide 3. A strong quarter EPS, margin, profit and cash convincingly strong. Continuing on a trajectory of strong sales growth even with some timing elements. Pleased with what we see in July and full confidence in h 2 execution and backlog. As a result, we have raised our full year outlook Net sales were up 24% versus Q2 25 driven by continued strength in The Americas which grew 29%, and APAC also up 29%. Importantly, EMEA returned to positive net sales growth with a 2% year-on-year increase, On an organic basis, net sales grew 18% with additional 5% from acquisitions and 1% from favorable currency.

Adjusted operating margin came in at 22.6%, exceeding our guidance and growing 410 basis points year-on-year. The strong margin performance translated into adjusted operating profit of $738 million up 51% from a year ago. Adjusted diluted EPS were $1.52 or 60% up from second quarter 25 driven primarily by high volume and continued operational productivity. Adjusted free cash flow came in at 925 million a very strong 234% year on year growth. Driven by higher operating profit and working capital efficiency. Free cash flow conversion exceeded 150% in the quarter. We are raising our full year guidance across all key metrics. Net sales raised to $14 billion, a $250 million increase from previous guidance, up 37% year-on-year.

Adjusted diluted EPS now at $6.70. A 60% increase from 2025. AOP now expected almost 60% up year-on-year. And adjusted free cash flow expected at $2.5 billion and we achieved a net cash position at the end of Q2. Let's now move to slide 4. And let's start with the market environment. On the left. Our global pipeline momentum remains very strong. And we expect another year of robust orders growth. Demand signals are clear and broad based. Regionally, let's start with The Americas where market continues to be strong. Pipeline is actually accelerating. Corroborating the long term growth trajectory of our business. EMEA's momentum is further strengthening.

This reinforces our confidence in the acceleration for the second half of the year. APAC showed broad based strength pipeline expansion and favorable market conditions. This supports continued growth across the region. Pricing continues to be favorable We expect positive price cost in 2026, including the current impact of tariffs and countermeasures. Now to the right side of this slide, Q2 revenue showed strong growth year-on-year, quarter-to-quarter. We are executing on further acceleration in Q3 and Q4, on strong backlog. Additional capacity is online globally. Examples are Johor in Malaysia, 5 large plants expansions in The Americas, chiller capacity increases in EMEA, and then more. During investor day, you saw that this expansion is rapid and broad based.

At speed but always in a very disciplined fashion. We are delivering data center infrastructure solution at an increasing scale and level of complexity, that is exactly where we want to be. We experienced some minor timing shifts in Q2 revenue, primarily driven by multiphase project execution and temporary supply chain dynamics. But the demand is there and the trajectory is strong. Keep in mind, there are increasingly large projects underway, Think Smartron and think even bigger with 1 core. These come with significant interdependencies, a lot of coordination, a lot of rapid learning, I like the pace of our progress. And we get stronger every day.

On capital expenditures, we now expect to be at the high end of our range 4% of 2026 sales, As we further expand the global capabilities and capacity going into 2027. We continue to invest for the long term, in a disciplined manner in future power architecture, advanced thermal systems, services, converged infrastructure. These are the building blocks that enable the next-generation AI data centers and factories and we intend to continue to lead the industry. Let's now go to slide 5. I am sure many of you will recall our CTO Scott Armul's power architecture presentation at our Investor Day in May. I want to reiterate and build on what, we shared there.

Multiple partner architectures will coexist in the future. Virtu supports each 1 of them through a complete orchestrated powertrain. On the left side of the slide, you see the different architectures. Our AC foundation with as an example, Vertiv Trinergy and energy Core battery storage system and the rest of the Vertiv powertrain, of course. This architecture is broadly deployed, growing, and will continue to be used by many categories of customers. The next architecture serving even higher density has a medium voltage AC source that feeds low voltage AC to deliver 800V DC at rack and port level. Here you see new VERTIV technologies like medium voltage pass UPS, and Vertiv 800 volt DC sidecars.

This is under customer validation in 2026 with deployment planned in 2027. Then the 800V DC architecture at data hall level. Here, Vertiv solutions will include MV DC UPS and solid state transformer. To cover the multiple ways to address the end to end powertrain. Where active in the development with plan 2027 customer validation supporting 2028 deployment. As stated, rather than transitioning to a single architecture, the market is expected to leverage both AC and DC solutions as power requirements continue to evolve for years to come. Now the right side of the slide. This is an example of deploying multiple power architectures at sites, sites evolve and expand.

I am thrilled to highlight our collaboration with NVIDIA and VisionBay AI. Foxconn's business unit focused on AI supercomputing. At their site in Kaohsiang, Taiwan. For the initial phase, of this site, VisionBay AI awarded the power thermal and services business to Vertiv for what is Taiwan's first AI data center featuring NVIDIA GB 300. On top of this, we are collaborating for the world's first AI data center adopting 800V DC, well, DC architectures at the rack and pod level featuring NVIDIA 'Vera Rubin'. This is an example of early customer validation of our roadmap and supports the broad power architecture evolution. This is real. This has happened.

In a nutshell, as a number of viable power architectures expand and AC and DC coexist to deliver on the 800V DC, Vertiv's content opportunity per megawatt expands. And we are leading this transition. Let us now go to page 6. And let's continue on the topic of technology. I want to spend a moment talking about Vertiv's data center cooling architectures and our unique fluid management services. When the 2 are coupled and combined, we ensure our customers to use nearly zero water. As they scale, many customers have been and are adopting closed loop cooling architectures. As they optimize power and water use. A closed loop cooling architecture is just that. Closed or sealed with water recirculating.

Typically, it does not require additional water after the fill at start up. Vertiv's end to end thermal chain technologies for both the primary and secondary cooling loops Examples are Vertiv Liebert Trim Cooler, Vertiv Liebert CoolChip CDUs, to name a few, fully enable this approach. This architecture enables a data center to run on no water consumption. Now let's take the focus on water use a step further. Let's also address the initial system fill. And this is where PurgeRite's near-zero comes into the equation. As part of our unique fluid management technology and services, our PerchRite near zero utilizes a closed loop recirculation system to capture, treat, and reuse water during start up.

This reduces the water normally used in the process by up to 90% during the startup of a data center. For our customers, this means a faster and more cost effective deployment and commissioning of liquid cooling system and chilled water circuits. This means a significantly less waste and less disruption on-site. More broadly, this expands vertex differentiation thermal management services, and we are managing fluid performance from the start and throughout decades of operational life. PurgeRite near-zero is scaling through our existing service network a capability we believe no 1 else can replicate at our scale. And with that, over to you, Craig Chamberlin.

Craig Chamberlin: Thanks, Giordano. Turn to slide 7. Let's walk through our second quarter financial results in more detail. On adjusted diluted EPS, we delivered $1.52 that is up $0.57 or 60% versus prior year. And $0.12 above guidance. The year over year improvement was driven by $0.58 from higher adjusted after tax adjusted operating profit which was driven primarily from higher sales volume and increased profitability. Looking at net sales, we delivered $3.274 billion in the quarter, that is up $636 million or 24% versus prior year. Organic sales growth was 18%, with 5% additional growth contribution from acquisitions and an additional 1% growth contribution from favorable foreign exchange.

By regions, Americas grew 21% organically APAC grew 26% organically, and EMEA was down 2% organically. Moving to adjusted operating profit. We delivered $738 million that is up $249 million or 51% versus prior year, and $28 million above the midpoint of our guidance. Adjusted operating margin of 22.6% expanded 410 basis points year-over-year and came in 140 basis points above guidance. The margin expansion was driven by strong operational execution, continued productivity gains, and favorable price cost execution, partially offset by tariff impacts. We are also continuing to invest in capacity and engineering R&D to support future business growth. To round out the quarter, adjusted free cash flow momentum was outstanding.

With the quarter ending at $925 million $648 million or 234% from prior year. The improvement was driven by higher adjusted operating profit, strong working capital performance, including project milestone collections, is inclusive of initial advanced payments, and lower cash interest. These items were partially offset by higher cash taxes and higher spending on CapEx investments. At our quarter end, our net leverage is at negative 0.1x, providing even more flexibility. Just a quick note on our deferred revenue. You will see an increase in the quarter, and that is driven by project advanced payments and ongoing milestone collection.

We are very happy with our execution on project milestone development, and what you are seeing in deferred revenue is a combination of payments at project initiation, order placement, and ongoing project milestone execution. Moving to slide 8, let's look at segment performance. In Americas, net sales were $2.071 billion up 29% with organic growth of 21%. Organic sales growth remained strong in the quarter. As Gio mentioned earlier, some minor timing shifts in Q2 revenue. These shifts were reflected in The Americas revenue numbers and were primarily driven by multiphase project execution and temporary supply chain congestion. However, we expect the associated timing delay to resolve in the second half of 2026.

Adjusted operating profit was $571 million driving 360 basis points in adjusted operating margin percentage. The margin expansion was delivered by ongoing commercial excellence and strong operational execution. Moving to APAC, the region had strong results. With net sales of $720 million up 29% with organic growth of 26%. We continue to see strong end market demand and the commercial execution across the team gives us confidence going forward. Adjusted operating margin percentage grew 270 basis points in the quarter, due to strong operating leverage realized in the region. In EMEA, net sales were $484 million up 2%, with organic sales down 2%.

We continue to see a strengthening market, which supports our position for the region to return to organic sales growth in the second half of 2026. EMEA also saw strong growth in adjusted operating margin percent, up 380 basis points year-on-year. The team continues to drive improved operational execution, which came through in this strong margin performance. Turning to slide 9. Let's walk through our third-quarter 2026 guidance. For 3Q, we are projecting adjusted diluted EPS of $1.80 at the midpoint that represents 45% growth versus prior year. That year over year improvement is driven by continued volume growth and ongoing margin expansion.

On net sales, we expect $3.75 billion at the midpoint that is up $1.074 billion or 40% versus prior year. Organic sales growth is expected to be up approximately 35% with an additional 5% from acquisitions. By region, we expect Americas organic growth in the high 30s APAC in the high 30s, and EMEA in the mid- to high teens. Adjusted operating profit is expected to be $918 million at the midpoint, that is up $322 million or 54% versus prior year. Adjusted operating margin is expected to be 24.5% at the midpoint, that is up 220 basis points year-over-year and is driven by strong organic sales growth continued operational leverage, and ongoing productivity realization. Let's turn to slide 10.

For our updated full-year 2026 guidance. We are raising our outlook across all key metrics. Starting with adjusted diluted EPS, we now expect $6.70 at the midpoint, that is up $2.50 or 60% versus 2025. The updated range is now at $6.65 to $6.75. This is an increase of $0.35 at the midpoint versus prior guidance. The year over year improvement is driven by continued volume growth and ongoing margin expansion. For net sales, we now expect $14 billion at the midpoint. that is up $3.77 billion or 37% versus 2025. This represents an increase of $250 million versus our prior guidance.

Organic sales growth is expected to be at 31%, with 5% growth from acquisitions and 1% growth from favorable currency. By region, we expect Americas organic growth in the high thirties, APAC in the low 30s, and EMEA in the low single digits. Moving to adjusted operating profit, we now expect $3.325 billion at the midpoint, that is up approximately $1.235 billion or 59% versus 2025. This is an increase of $125 million versus our prior guidance. Adjusted operating margin is expected to be 23.8% at the midpoint, expanding approximately 340 basis points from 2025 and up 50 basis points versus our prior guidance.

The margin expansion is driven by continued operational leverage and positive price cost execution which is offsetting some tariff headwinds. Finally, adjusted free cash flow is expected to be $2.5 billion at the midpoint. that is up $1.613 billion or 182% versus 2025. The year over year improvement is driven by higher adjusted operating profit and lower cash interest, partially offset by higher cash taxes and higher investments in CapEx. Capital expenditures. We are delivering strong results. Raising our outlooks, and executing with discipline. Based on our performance and momentum, we are very confident in our ability to continue driving results throughout the balance of the With that, I will send it back to you, Giordano Albertazzi.

Giordano Albertazzi: Well, thank you. Thank you, thank you, Craig, let's go to slide 11. To wrap up. Strong Q2 performance. We are delivering and the team continues to raise the bar on what is possible. We raised our full year 2026 guidance across all key metrics. The momentum is strong. it is broad based and it is accelerating. We continue to invest with discipline. Not just for the 45% growth we are expecting in the second half, but for the years beyond. Capacity innovation services. On m and a, we closed the Thermo King acquisition strengthening our heat-rejection capabilities.

We closed the acquisition of Thermal-Lube in April, we are adding server-side liquid cooling and cold plate expertise for high density thermal management. Together, these 2 are positions expand what we offer across the full thermal spectrum. From heat rejection to direct-to-chip cooling. Allow me 2 additional spotlights. At the naval Postgraduate School in partnership with NVIDIA, we delivered a fully engineered packaged rack, power, and cooling system into an existing on prem facility. This includes liquid cooling integration, commissioning, and deployment and deployment support. This is a repeatable at scale reference architecture for NVIDIA GB 300, we call this Vertiv smart IT solution. The project establish an advanced locally operated AI environment for education, research, engineering, modeling, and simulation.

This also shows how an existing facility can rapidly be transformed to support next-generation accelerated computing. Easy for enterprise and sovereign customers to adopt. In EMEA, Germany, our collaboration with Dataforce is a great example of the momentum we are seeing in that region. Vertiv delivers a complete powertrain, including switchgear, UPS, and battery systems, etcetera, and a thermal chain like chilled-water units, free cooling chillers, and our industry leading services it all will enable Dataforce's new Frankfurt site. Is exactly the kind of optimized end to end system deployment where Vertiv excels. To conclude, I am more confident in our trajectory today than I have ever been.

We are executing, we are investing ahead of the curve, and increasingly, our customers are asking us to help them architect their most complex infrastructures. that is the role we have earned. And it is the role we intend to further strengthen. With that, let's go to the Q&A.

Operator: We will now begin the question and answer session. In order to ask a question, press star, then the number 1 on your telephone keypad. In the interest of time, please limit yourself to 1 question. And if you have a follow-up question, please rejoin the queue. We will pause for just a moment to compile the Q&A. The first question comes from the line of Scott Davis from Melius Research. Scott, please go ahead. A reminder to unmute locally.

Scott Davis: Oh, yes. Thanks for the reminder, operator. I have not figured out my phone yet. it is anyway, sorry, guys, and good morning. Still good morning. Look. I just wanna address a little bit of the issue that may be hurting you a little bit today with the timing shifts in Q2 revenues, the supply chain congestion comment. What can you give us a little bit more detail on that? And more explicitly, is this something I mean, complexity is something that I would imagine is gonna just do nothing but increase over the next 5 years and perhaps forever. Is this potentially gonna be an ongoing issue not just a 1-off?

And if so,, how do you how do you mitigate or kinda manage through it so that it really does not disrupt quarters the way that perhaps it can?

Giordano Albertazzi: Well, thanks, Scott, for the question and you are right. Complexity is increasing Some of the projects are not only bigger but multidimensional. There could be a lot of supply chain interdependencies. And this supply chain is necessarily an external supply chain. It can be very often an internal, within-Vertiv supply chain. Now clearly, like everything, and like we have done so far, there is a learning curve. I am pleased with the speed at which we are progressing in this learning curve. And this learning curve is a learning curve of the execution. On this complexity. So I am pretty I am pretty confident about, our direction of travel.

And, and, again, these are the first very large projects with this level of, of complexity. And, and we are, more and more equipped for this, just from a technology standpoint, but from a logistics and operations in general. When it comes to the part of your question, so what could be the, there an ongoing impact on the future? Well, certainly, as I said, there is a learning curve that we are progressing on, at speed. But there is also the fact that we are prudent. Anyway in our, second half guidance. This is true in general also for the for the future. So, if you think about our h 2 guidance, we are not assuming all stars align.

We have a wiggle room for, this progress on the learning curve not to be perfect. Though of course, speed and perfection is, is our goal.

Scott Davis: Okay. Fair point. And then just a quick 1. Would is there a price where you would start buying back stock a little bit more aggressively just given the pullback we are seeing in the entire complex right now?

Craig Chamberlin: I mean, I think we always look at it opportunistically, Scott, and that is the thing that we have talked about even at Investor Day. Again, you know, given today, it is a good time to look at it, but I think it is always something that we evaluate and take a you know, what do we consider our capital deployment, and it is 1 of the areas we look at.

Scott Davis: So Fair enough. Wish you all the best, guys. Good luck, and I will pass it on.

Operator: The next question comes from the line of Jeffrey Sprague. With Vertical Research. Jeffrey, please go ahead.

Jeffrey Sprague: Hey. Thanks. Good morning. Hey, Giordano. Just on the comment that the pipeline is actually accelerating, I assume that is sort of all hyperscale, but can you give a little bit more context on sort of the nature of the acceleration? Is it is it is it scope to burden? Is it kind of additional customers? Is it existing customers? Looking to do more quickly? And it seems to support the comment you are making about robust orders for the year, but just love a little bit more color there if you could.

Giordano Albertazzi: And, let's start from the end. Yes. Let's start from, from the end. Yes. Of course, it is this is support certainly supporting our comments about the about orders. When I talk about pipeline, always like to talk about magnitude of the pipeline, if you will, and the speed of the pipeline. If I talk about the speed of the pipeline, we talk about acceleration. It means that the sales cycle within the within the pipeline can be faster or slower. So we noticed an acceleration. So it is becoming faster sales cycle.

But at the same time, just to be extremely clear, the strength is also in sheer size of the pipeline in terms of a quarter to quarter, year-on-year, year-on-year growth, and this is broad-based. it is pretty much across the world, but also it is broad based across the various customer categories. So certainly, the whole range of hyperscalers. It is true for enterprise. it is certainly true for colo, neocloud. So pretty, pretty broad based.

Craig Chamberlin: And just to add on to that, Jeffrey, I would also just say, again, as hyperscalers and colos hyperscalers are sometimes deploying through colos. So to look at it that way, you might get a little bit of a mix there. So just to ensure going back to what Giordano said, we are seeing it, it, again, across regions, across products, and that is the way we really look at it, but that is the way we would view our pipeline. And see it, accelerating in all those spaces.

Jeffrey Sprague: And just a quick 1 if I could. Do you have a solid state transformer solution at scale at this point? Where do you stand on that product's evolution?

Giordano Albertazzi: Just like, 1 of the slides was describing, the solid state is currently a matter of project development for us. it is in project development phase. Thank you. Yep. Thanks.

Operator: Your next question comes from Amit Daryanani with Evercore. Amit, please go ahead.

Amit Daryanani: Yep. Good afternoon, everyone. Thanks for taking my question. I guess, Giordano, if you just go back to the supply chain issues delays, can you just talk about how much revenues actually pushed out due to these challenges you had in the quarter? I think you missed the Street numbers by $100 million but I am actually wondering if the supply issues were perhaps much larger than that from a dollar perspective. And maybe just on the same lines, can you just talk about, you know, was it a Vertiv specific issue or something at the customer side that led to this impact? And then how do you see this flowing back into the model into the back half?

Thank you.

Giordano Albertazzi: So good afternoon. First of all, is it is it customer, or is it is it veritiv? On the customer side, pretty much we see the same dynamics that we have seen historically. So no big, no big differences. When it comes to the Vertiv side and the exact amount, well, that will not be too specific. But the majority of what we are seeing is really coming from, those dynamics that I have described, during, while I was going through my opening remarks, but also the conversation with Scott. That is pretty much the dynamics that we see Is it on the supply chain?

You know, the supply chain is, is always a matter of, of working the sequence of things. Is nothing different than what we have experienced, historically. And we are pleased with how we are strengthening our the resilience of our business in general.

Craig Chamberlin: And, Amit, I would just add that just to clarify, we are talking about the large project deployments and the learning curve around that, which has confounding effects from both the external supply chain, and our own internal supply chain. So there are some, I would say, gray areas in there when, you know, we typically can recover from a late part and our and our smaller supply chains. When it becomes a larger supply chain, it becomes more confounding. So, again, not to define that specifically, but that is the areas where we are seeing it, and they are large project deployments.

And we are learning and understanding what that takes to go forward and how to iron those out. And then also, again, as we talked about thinking of not always that being perfect in the second half as we look into guidance.

Operator: The next question comes from the line of Deane Dray with RBC Capital Markets. Deane, please go ahead.

Deane Dray: Thank you. Good morning, everyone. I will keep it to 1 question. Really good performance on free cash flow conversion this quarter. But for Craig, I would be interested in hearing was there any contribution from customer deposits on orders I know that is something you all have been looking at. And Dave Cote knows from his aerospace and defense days that is pretty standard. To require deposits on larger orders. So any contribution there?

Craig Chamberlin: Yeah, Deane. And, again, I wanna congratulate you; I know you are retiring in September. So congratulations. A great career. Fantastic career. But to your question, yeah, if you look at the face of the balance sheet, and the face of the balance sheet, you will see that our deferred revenue did go up. And our deferred revenue is a read through in terms of those advanced deposits on orders, but it is also ongoing deposits as we go through the milestones of delivering those larger projects. So it is a combination of both. But that is driving the working capital and the great cash performance when you look at it across the entire balance sheet.

So definitely an indicator of strong commercial performance on both sides.

Deane Dray: Great. Thank you for those kind words, and I appreciate all the support from the team and wish you all continued success. Thanks. Thank you.

Operator: The next question comes from Nigel Coe with Wolfe Research. Nigel, please go ahead.

Nigel Coe: Thanks. Good morning, everyone. Just wanna pick up on that topic. I think this is the first time maybe I am wrong, but the first time I have heard progress collections you know, kind of staged payments. Maybe just touch on that. I know your assortment is changing with, you know, OneCore and Smartron. So maybe just talk about that. You know, what kind of percentage of revenues that we are talking about now that actually have progress collections? And then just it is not a second question, by the way. it is more of a kind of add-on to the first 1. The balance sheet numbers moved quite a lot this quarter.

So, I mean, the Thermo Key acquisition seemed quite small, but did it come with quite a big balance sheet? Thanks.

Operator: Thermo King did not come with a large balance sheet, so I will answer that 1 first, and then we can go a little bit I will double click on as we go further into the your question, Nigel.

Craig Chamberlin: But in terms of the actual progress collections, yeah, there is a portion that we get up front, and there is a portion as we deliver milestones. And a lot of that is related to delivering products to the end project. And so that is how you would start phasing it in. And sometimes you get those a couple, like a month before you deliver projects. Sometimes you get those at the end of design. So they are all phased in different ways. So we would get a portion upfront. We would get a portion at the delivery milestones that we set forth.

Always, in our view, staying ahead of the curve in terms of a cash position in that project. So some of it is going to be related to deliveries where you would see revenue incurred Some of it might be delivered on terms of a design point, which should be a secondary milestone before revenue occurs. And, again, they are all a little different in how we look through them, all the goal being staying ahead of the cash curve and being cash positive on that. On the other phases of the balance sheet, you mentioned lots of movement. We do have a significant ramp in the second half, so you would see some inventory come on.

And as that comes on, you will see AP come on as well. And we did have a good quarter in terms of sales. So that is where our AR is going up as well. So all of this is a reflection of the volume you are seeing. ThermoKey had little impact to that. Alright. Thank you.

Operator: The next question comes from Andrew Kaplowitz with Citigroup. Andrew, please go ahead.

Andrew Kaplowitz: Morning, everyone. Good day to you, Andrew. Good morning So, Gio, you updated us again regarding the evolution toward 800V DC potentially in the start. To impact Vertiv in 2027. And I know you commented on an SST and product development to Jeffrey. But when you step back, how confident are you that Vertiv's content per megawatt could go up as 800 VDC technologies adopted, as I think you reiterated today? And would you surmise that Vertiv's 800-volt DC offering could be toward the higher end of that 3.25 million to 3.75 million per megawatt range you gave us at the Analyst Day.

Giordano Albertazzi: Yeah. We are pretty convinced about that. And we are also when we look at all the elements of the powertrain, in the various architectures, And, and when we think what happens inside the white space, in the gray space, we see value there for Vertiv and an expansion of revenue per TAM per megawatt. So not differently from our conversations or what we shared at Investor Day. it is 2 months ago. We continue to go through that math, and that math is corroborated by, of course, all the progress that we are doing on the on the product development, but also on the on the activity that we are we are conducting with customers.

So we would need to go element by element in that in that chain. But, again, think about the entire, powertrain, all the elements, vis a vis what we have today, and see that with that, density, with that complexity, our content is impacted favorably. You too.

Operator: The next question comes from Andrew Obin with Bank of America. Andrew, please go ahead.

Andrew Obin: Yes. Good morning. Good morning, Andrew. Just maybe another question on this deferred revenue So, you know, we have been getting lots of questions on this topic. it is a large number, but I guess what folks are trying to figure out, and I know of some people have been asking a similar question: Has the structure of your deferred revenue sort of change materially from what it was like. I am not asking I know that it fluctuates quarter to quarter. I totally get that. But has the structure of what goes into deferred revenue changed materially or still, if we look at deferred revenue over the past several quarters, it is apples to apples.

Craig Chamberlin: it is apples-to-apples, Andrew. No. What you might be feeling a little bit differently is, as we talked about back in fourth quarter, we had a large order influx on the Infer Solutions business where I would say a lot of these milestones are set up in the project based world as opposed to the point, you know, product based world. So the project based world might have more milestones before delivery of revenue, So you would get 1 at the input of the order and then 1 along the way as a design and 1 that you potentially as you start to deliver products. So you have different levels of milestones on those projects versus a point product.

And we know that the project basis that we have talked about a lot,, those larger ones, OneCore Smartron, runs, We had a large order intake in the fourth quarter of last year that we spoke to. And that would be some of the stuff that you might be seeing in the deferred revenue as it comes through throughout the year. And then, again, it is tied to our regular down payments as well. But no structural change in the way that we would recognize deferred revenue. Thank you.

Operator: The next question comes from Christopher Snyder with Morgan Stanley. Christopher, go ahead.

Christopher Snyder: Thank you. I wanted to follow up on the conversation around the production disruption and some of the supply chain impact. I guess, you guys are obviously guiding to a pretty significant organic ramp here into the back half relative to what we saw in the first half. So I guess, anything that you could provide around confidence that you are seeing that these disruptions are getting better getting better? Like, I would imagine that as the quarter went on, the monthlies got better. I think you said July was off to a start that presumably supports this ramp. So I guess has it gotten better? Any just kind of color on that monthly cadence?

To give us more confidence in the back half? Thank you.

Giordano Albertazzi: Thank you. I would not use the word disruption. Yeah. I think we have to I want to be clear about when we talk about complexity into the interdependencies. As I said, very, very often, in these large projects, you will see multiple Vertiv factories feeding others, besides, of course, external suppliers feeding those factories. Well. So it is really a complexity. So there is an operational aspect to your question, that is, we are getting stronger in the operational execution of that complexity. So the complexity does not go away, but the our ability to handle that complexity is accelerating very, very strongly, and that is what enhanced my comments.

But, again, I would not I would not talk in terms of disruption.

Craig Chamberlin: Agree. I think on your second point of why do we feel comfortable about the second half, as Giordano said, know, it is a learning curve when you have these large projects, and you do have congestion in your supply chain, which, again, some of that stuff's normal on point products, which is easier to iron out as you have a learning project for larger project. it takes a little bit more time to get smoothed out and understand. We are seeing good signs of it being able to ratchet up on that learning curve. And as we think about the second half, we have also assumed some of that congestion continues as we normally would.

But on these projects, it might be a little bit further of congestion that we would have assumed than normal. So all in all, exactly. So all in all, we believe that we are prudent in our second half and very well supported by the platform. Thank you.

Operator: The next question comes from Nicole DeBlaseBlase with Deutsche Bank. Nicole, please go ahead.

Nicole DeBlase: Yeah. Thanks, and good morning, guys. I am sorry to beat a dead horse, but I am going to. With respect to the second half ramp, there is still, you know, a lot of questions about what is specifically is embedded and what is not. Maybe a way to frame it I will try this.

Like, how much of the second half ramp is based upon this improvement in learning curve and maybe unlocking some of the revenue that was pushed out of 2Q versus just the overall capacity ramp that you guys are doing at the same time just so that we can try to get more comfortable with the step up in revenues that are embedded in the second half and how much visibility you have into that.

Giordano Albertazzi: Yeah. Thank you. Thank you, Nicole. When we talk about unlocking revenue, let's just be clear that you know, the revenues that were let's say, little bit locked in some elements on the second quarter are being delivered, deployed in the second half. And we feel extremely well about that. When it comes to some elements of congestion, elements of congestion, as Craig mentioned, we are prudent in our guidance, though we believe that there will be and we see, we are seeing a strong acceleration and improvement from an operational standpoint. We are still remain prudent in our guidance. There is capacity that is being released, and that is a big element, of course, of, also the backlog conversion.

So look at it as 3 levels. The operational acceleration in the complex projects, the capacity coming available. That has been coming available in the in the second quarter, but even more so in the second half, a very strong backlog coverage. And over and above that, wrap it up with, anyway, a guidance that is not an all-stars-aligned type of guidance.

Operator: The next question comes from Amit Mehrotra with UBS. Amit, please go ahead.

Amit Mehrotra: Thanks, operator. Jio, I just I would be curious to compare and contrast some of the challenges you are having today to the challenges you had really at this time last year, And you know, you got back on track. Pretty quickly from an operational. But at that time, it was not a revenue issue. It was more of a margin issue and an operational issue. And I know at heart, you are an operational guy. So just maybe compare and contrast that and are there multiple points of just wanna maybe explain the complexity within the complexity.

What I mean by that is that are there multiple points of challenges, or is there a sort of 1 main challenge that is sort of cascading across the supply chain That little bit of color there would be helpful.

Giordano Albertazzi: Yeah. Thank you. Thank you, Amit. And I really appreciate that you draw that parallel to exactly a year ago. It was a different nature. At that stage, it was Ireland and some executional challenges on the on the busbar switchgear that we have amply recouped as you were saying. But I think this highlights the fact that in a business that is moving at this speed, that is growing at this speed with the number, let's say, of technology, with the technology speed sorry. The speed of technology evolution, that we are experiencing and indeed driving, there is a lot of complexity. To you know, to manage. And so in many respect, the parallel is similar.

You were talking about well, that was a margin; this is a revenue. Anyway, it is operational execution. that we are concentrating on right now. So it may be different in the type of product line, if you will, it is not different in terms of the type of focus and the type of, let's say, recipe that we applied. And, again, it is a matter of, really continuing to mature operationally as the market's portfolio, the scope of what we do continues to evolve. So I feel very good about that.

Amit Mehrotra: As I did. But, Giordano, are you failing are you-- it is not failing, but are you reducing the on-time delivery of the customer? Because 1 of the USPs has been Vertiv has been 1 of the few companies that can deliver on time in full. Are you disappointing customers with this development? That opens up market share opportunities for other companies? Or no?

Giordano Albertazzi: Well, look. Our, our overall performance is, if anything, in improving. So I would say that the answer is no. it is not something that changes our perception in the market, we believe.

Operator: The next question comes from Mark Delaney. With Goldman Sachs. Mark, please go ahead.

Mark Delaney: Yes. Thank you for taking my question. 1 of the topics at the Investor Day that we have not discussed yet on the call this morning is around M and A. I think you talked about something in the order of $24 billion that could be deployed. And light of some of the pullback in financial market valuations. as well as all the opportunities you see on the technology front, including areas like 800 volt, curious if you could give us your latest thoughts on the M and A opportunity and if the pipeline there is active, and that might be something that could be executed upon relatively soon. Thanks.

Craig Chamberlin: I mean, I would say our outlook does not change in terms of the M and A world. We still look at it in the same way we looked at it back during Investor Day, but it is active. And we do see an active market, and we are participating in that after active market looking at, know, several targets. But, again, it has to fit us, and it has to be the right I would say, value play for us in terms of fit in our portfolio and what we believe we can grow and what we can return to investors in terms of what we are going to pay.

Again, I have always talked about we invest in ourselves first, and that is capacity, and that is R&D, and that is development, and that is the things we are always going to look at. And then we will look at the spots where we believe we can get true value out of an acquisition and an add on whether it be regional reach or a product that we believe could get us to the market faster or a technology we do not currently have. So, yes, we are active, and we continue to look at it in terms of that framework.

Operator: The next question comes from Noah Kaye. With Oppenheimer. Noah, please go ahead.

Noah Kaye: Thanks for taking the question. You know, talking about some of these learning curve developments around what seems to be more of a focus on infrastructure solutions. You know, the components of these as we understand them, the building blocks they are already part of the Vertiv portfolio largely. But I am just curious, as you come up this learning curve, to what extent are you increasing your vertical integration across those building blocks and supply chain Is that a process that you are undertaking now? Is it something that needs to happen on a go forward basis to mitigate and manage some of those challenges in architecting these solutions?

Giordano Albertazzi: Well, there is clearly always an analysis of make or buy vertical integration in anything we do. Be it at a point product level, and at, let's say, large infrastructure solution level, When you when you talk about the vertical integration for solutions, for us is really we are very, very integrated in the sense that we are putting into our infrastructure solutions, products that are Vertiv products. So then clearly, we are in good control of the of the supply chain in that respect.

And so we feel good in this moment We do not think there are any major gaps in vertical integration for what we are doing, but that does not mean that we will not adjust over time the mix of, make or buy in whichever dimension. That could be depending on, depending on the type of business, depending on where we manufacture and auto manufacturing locations are the same in terms of access to a nearby let's say, critical mass. So it is it is always there now, but we do not perceive in this moment that there are any major gaps. But for example, if you think about an acquisition that we shared with you last quarter, B.

Mark, that was that was moved to vertically integrate on our frame construction for our infrastructure solutions. So that is, I think, a testament to the dynamic approach that we have when it comes to make-or-buy. Yep. Thank you, Jeffrey.

Operator: The next question comes from Anand Baruah with Loop Capital. Anand, please go ahead.

Analyst: Yeah. Thanks, Scott, for taking the question. Really appreciate it. I would love to get your guys' view. This is an 800-volt, 450-volt question. For 800-volt, how broadly throughout the marketplace are you expecting in the next couple of years the, the technology to be adopted And really, the genesis for the question is there is that, as you guys may know, there is of been speculation last few months that 1 of the larger AI infrastructure companies could see a push out that would use 800-volt as far as far as 2029, how if there were a major customer push out, how broad is the tech-- are you guys anticipating the tech to be throughout the industry?

And then we have heard really good things on 450-volt potential over the next 24 months. You know, what is the right way to think about the impact that could have and could that fill in any white space? You know, if there were, like, a meaningful you know, sort of AI infrastructure 800V customer push out? Thanks. Just any context would be helpful. Thanks.

Giordano Albertazzi: Well, thanks. A multidimensional, multilayer question here. So I would not comment on rumors in the market. As we shared with investors in May, but also but also earlier today, we believe that the adoption of 800-volt will be gradual would be convincing. We are certainly very invested in that part of the in that part of the of the portfolio.

Whether that happens at the speed that is currently in our roadmaps and that you saw or something slower than that, you know, we will be flexible and certainly, we are extremely resilient with that because it means that other parts of the architectures that we provide to our customers will certainly be take the share of the market in terms of architecture. So whichever way no matter the speed of acceleration, we think that we are in a good in a good place because we have the architectures, we have the technologies, the roadmaps as we shared, but there is a 400-volt DC question, and that 400-volt DC volt question is an important 1.

We see that some players are thinking in terms both of 800 and 400. The underlying technology is not dramatically different. And quite honestly, we are involved in both. that is really helpful. Thanks so much. Really appreciate it. Sure.

Operator: The next question comes from Luke Junk with Baird. Luke, please go ahead.

Analyst: Yeah. Thanks for sneaking me in here. Giordano, hoping just to get some texture around your ongoing increase in confidence around the EMEA market specifically, and we saw a step up in margins. Sequentially this quarter. How do you think about the sustainability there or maybe in the potential for some further improvement in the back half of the year? Thank you.

Giordano Albertazzi: Yeah. Well, thanks for the EMEA question. The we are we are pretty bullish about EMEA as you saw Certainly, we believe in a strong, second half, and back to growth. You see EMEA faring better than we expected anyway in the second quarter. So very confident in the second half. I was vocal about the fact that we were very happy with orders in EMEA in the first quarter. I would say that we like what we see in the second quarter. And there is a backlog formation that is certainly convincing. And we see that the improvement translates in top line and bottom line improvement has demonstrated. So the market continues to accelerate.

And we certainly have a very important position in that market.

Craig Chamberlin: Luke, I will just hit on the fact that we do and as we have talked about through even back as early as last year, we do see a second half increase in growth for EMEA in terms of where we expect their organic growth to go from a revenue perspective. In terms of the I would say, the gain that you saw in margin, was a favorable comp too, as you had mentioned, the Ireland portion did come through Q2 last year, which was in EMEA. So a little bit of a favorable comp in there, but we do still expect margins to be pretty good. Got it. Leaving it there. Thank you. Thank you.

Operator: This concludes our question and answer session. I would like to turn the conference back to Giordano Albertazzi, for any closing remarks.

Giordano Albertazzi: Well, thank you. And thank you very much, everyone. Thank you for the questions, and thank you for your time today. I am very pleased with what we delivered this quarter. And how we are positioned for the second half. The team is executing at a high level. Scaling capacity, deepening customer partnerships, and advancing our technology portfolio. All simultaneously. it is not easy. But this invigorates us Pipelines are strong, our operational discipline is sharp, and our customers trust us to deliver at scale. Just to be clear, I am very encouraged by our trajectory. I am pleased, but certainly never satisfied. With that, thank you all, and I wish you all a great rest of the day.

Operator: The conference has now concluded. Thank you for attending today's presentation. May now disconnect.

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打开原文

COHR暴跌后临近财报

重要性5/5 高

COHR出现显著单日波动，且业绩电话会临近；期权链提供了当期成交和未平仓量线索，但数据存在延迟。

标签

标的：`COHR`来源：Yahoo Finance公开期权链发布日期：未提供发布时间重要性：5/5 高评级理由：COHR出现显著单日波动，且业绩电话会临近；期权链提供了当期成交和未平仓量线索，但数据存在延迟。评级依据：timeliness, evidence_strength, source_quality, fact_density原文字数：3302

中文摘要

核心结论

雅虎财经的 Coherent Corp.（相干公司，代码 COHR）页面显示，标的在 08/10 常规交易收于 325.15 美元，日跌 14.24%；截至美东时间 08/10 23:17（UTC+8 08/11 11:17）的隔夜报价为 327.50 美元，涨 0.72%。08/14 到期的期权链显示看跌合约成交量高于看涨合约，但未平仓量接近，数据只能说明事件前的市场活动结构，无法单独解释价格下跌原因。

重要性评级

评级：5/5（高）。文章直接对应 COHR，包含显著单日价格变化、临近的季度业绩电话会和短期限期权链，适合纳入当日日报的事件与波动观察。

关键事实

• 页面记录 COHR 在 08/10 常规交易收于 325.15 美元，较前一收盘下跌 53.98 美元或 14.24%。
• 页面记录截至美东时间 08/10 23:17（UTC+8 08/11 11:17）的隔夜交易价格为 327.50 美元，较常规收盘上涨 2.35 美元或 0.72%；该价格来自 Blue Ocean ATS（隔夜交易平台）。
• COHR 2026 财年第四季度业绩电话会安排在美东时间 08/12 16:30（UTC+8 08/13 04:30）。
• 08/14 到期链列出 115 个看涨合约和 122 个看跌合约；页面汇总成交量分别为 7,964 和 10,108，未平仓量分别为 8,676 和 8,372。
• 看跌成交量比看涨成交量多 2,144 张，但看跌未平仓量比看涨少 304 张；成交与存量的方向并不一致。
• 页面展示多档合约的隐含波动率，部分接近当前股价的合约超过 140%；不同执行价的流动性和最后成交时间差异较大。

作者观点与证据

该页面没有提供公司基本面评论、业绩预期或作者独立判断，主要内容是价格、业绩电话会日程和期权报价。看跌成交量较高是直接数据，看跌未平仓量并未同步超过看涨未平仓量；成交可能包含开仓、平仓或对冲，单凭合约方向不能确认市场对业绩结果的统一看法。

与相关标的的关系

COHR 是本文唯一直接相关的标的。08/12 业绩电话会是近期期权链和价格变化的明确时间节点，短期限到期合约对股价和隐含波动率变化较敏感。页面没有给出导致 08/10 下跌 14.24% 的公司公告、财务原因或行业事件，因此价格变动的归因仍待其他资料验证。

时效性与限制

文章没有独立发布日期，检索时间为美东时间 08/10 23:18（UTC+8 08/11 11:18）。期权数据延迟 15 分钟，部分合约最后成交日期早于 08/10；隔夜报价来自 Blue Ocean ATS，不等同于常规交易所收盘价。页面只提供期权横截面，未包含财报结果、管理层指引、历史波动率比较或完整成交明细。

后续跟踪

• 美东时间 08/12 16:30（UTC+8 08/13 04:30）的业绩电话会内容、收入和管理层指引。
• 业绩事件前后 COHR 常规交易价格与隔夜报价的差异。
• 08/14 到期链的看涨、看跌成交量和未平仓量是否继续分化。
• 近执行价合约的隐含波动率、买卖价差和实际成交更新时间。

英文原文

Coherent Corp. (COHR) Options Chain - Yahoo Finance

NYSE - BOATS Real Time Price • USD

Coherent Corp. (COHR)

Time to act on COHR?

325.15 -53.98 (-14.24%)

At close: August 10 at 4:00:02 PM EDT

327.50 +2.35 (+0.72%)

Overnight: 11:17:22 PM EDT

This price reflects trading activity during the overnight session on the Blue Ocean ATS, available 8 PM to 4 AM ET, Sunday through Thursday, when regular markets are closed.

Time to act on COHR?

COHR Q4 2026 earnings call

August 12, 2026 at 4:30 PM EDT

Join call

Aug 14, 2026

All Strike Prices

List

All Options

Calls

In The Money

Options data delayed by 15 minutes. For real-time data, try AlphaSpace .

Contract Name Last Trade Date (EDT) Strike Last Price Bid Ask Change % Change Volume Open Interest Implied Volatility

COHR260814C00115000 7/29/2026 12:23 PM 115 108.82 207.50 214.70 0.00 0.00% - 1 507.23%

COHR260814C00120000 8/10/2026 10:54 AM 120 211.85 202.50 209.70 -55.67 -20.81% 1 1 487.89%

COHR260814C00157500 7/31/2026 2:43 PM 157.5 108.66 163.40 172.20 0.00 0.00% 1 0 281.64%

COHR260814C00190000 7/29/2026 11:57 AM 190 42.80 131.00 139.70 0.00 0.00% - 0 221.48%

COHR260814C00195000 7/31/2026 3:32 PM 195 74.08 127.30 134.70 0.00 0.00% 1 0 262.99%

COHR260814C00200000 8/5/2026 3:05 PM 200 134.50 121.60 129.70 0.00 0.00% 10 13 230.47%

COHR260814C00202500 7/30/2026 10:02 AM 202.5 53.13 119.50 127.20 0.00 0.00% - 1 237.89%

COHR260814C00205000 8/7/2026 9:31 AM 205 158.30 117.50 124.80 0.00 0.00% 1 1 247.66%

COHR260814C00207500 8/4/2026 10:34 AM 207.5 114.60 115.00 122.30 0.00 0.00% - 1 241.99%

COHR260814C00210000 8/7/2026 1:00 PM 210 174.86 111.90 119.90 0.00 0.00% 10 13 224.61%

COHR260814C00212500 7/29/2026 10:43 AM 212.5 32.85 110.00 117.30 0.00 0.00% - 1 230.96%

COHR260814C00220000 8/7/2026 1:00 PM 220 164.95 103.10 109.80 0.00 0.00% 10 5 226.17%

COHR260814C00222500 7/29/2026 1:25 PM 222.5 24.77 100.10 107.30 0.00 0.00% - 1 211.52%

COHR260814C00225000 8/4/2026 10:34 AM 225 97.80 97.40 104.80 0.00 0.00% 2 11 202.34%

COHR260814C00227500 8/3/2026 10:38 AM 227.5 63.55 94.30 102.30 0.00 0.00% 1 2 183.98%

COHR260814C00230000 8/7/2026 1:21 PM 230 152.72 92.00 100.00 0.00 0.00% 1 19 188.09%

COHR260814C00232500 8/5/2026 10:53 AM 232.5 99.70 90.00 97.40 0.00 0.00% 2 3 190.72%

COHR260814C00235000 8/4/2026 10:57 AM 235 94.00 87.00 94.90 0.00 0.00% 1 8 176.17%

COHR260814C00237500 8/7/2026 11:51 AM 237.5 146.00 84.70 92.60 0.00 0.00% 17 29 178.81%

COHR260814C00240000 8/7/2026 9:41 AM 240 132.05 82.50 90.00 0.00 0.00% 1 34 177.20%

COHR260814C00242500 8/3/2026 12:06 PM 242.5 56.10 80.40 87.50 0.00 0.00% 10 17 178.32%

COHR260814C00245000 8/10/2026 11:45 AM 245 89.45 78.30 85.10 -1.56 -1.71% 10 40 180.08%

COHR260814C00247500 8/3/2026 10:21 AM 247.5 40.60 74.00 82.60 0.00 0.00% 2 15 146.39%

COHR260814C00250000 8/10/2026 3:39 PM 250 81.60 73.10 80.30 -45.40 -35.75% 11 60 169.68%

COHR260814C00252500 7/31/2026 3:41 PM 252.5 30.90 70.60 77.80 0.00 0.00% 12 6 164.50%

COHR260814C00255000 8/7/2026 3:52 PM 255 120.60 67.80 75.60 0.00 0.00% 33 42 159.38%

COHR260814C00257500 8/3/2026 3:03 PM 257.5 46.06 65.00 73.00 0.00 0.00% 28 29 149.41%

COHR260814C00260000 8/6/2026 12:26 PM 260 79.80 63.10 70.80 0.00 0.00% 9 25 154.74%

COHR260814C00262500 7/31/2026 9:45 AM 262.5 30.98 59.80 68.30 0.00 0.00% 7 16 140.72%

COHR260814C00265000 8/7/2026 3:17 PM 265 115.30 58.80 65.90 0.00 0.00% 5 9 152.22%

COHR260814C00267500 8/7/2026 11:59 AM 267.5 117.46 56.40 63.70 0.00 0.00% 1 8 150.49%

COHR260814C00270000 8/10/2026 1:54 PM 270 65.24 54.90 61.60 -42.46 -39.42% 5 465 156.45%

COHR260814C00272500 8/3/2026 2:09 PM 272.5 37.70 51.60 59.20 0.00 0.00% 13 9 145.41%

COHR260814C00275000 8/10/2026 11:49 AM 275 62.20 49.90 57.20 -50.80 -44.96% 2 26 149.54%

COHR260814C00277500 8/10/2026 12:56 PM 277.5 58.00 48.40 53.80 -42.06 -42.03% 1 9 144.51%

COHR260814C00280000 8/10/2026 11:26 AM 280 58.00 46.70 52.90 -50.95 -46.76% 183 107 154.18%

COHR260814C00282500 8/6/2026 10:14 AM 282.5 67.70 43.40 50.90 0.00 0.00% 1 86 146.29%

COHR260814C00285000 8/10/2026 1:41 PM 285 52.25 42.30 48.80 -43.00 -45.14% 183 25 150.57%

COHR260814C00287500 8/10/2026 1:10 PM 287.5 49.30 40.50 47.00 -7.02 -12.46% 2 57 151.83%

COHR260814C00290000 8/7/2026 3:11 PM 290 92.52 37.90 45.10 0.00 0.00% 8 29 147.95%

COHR260814C00292500 8/10/2026 1:13 PM 292.5 45.75 36.00 43.30 -37.25 -44.88% 1 7 147.86%

COHR260814C00295000 8/10/2026 3:43 PM 295 40.60 35.10 41.30 -43.52 -51.74% 13 34 151.12%

COHR260814C00297500 8/10/2026 1:33 PM 297.5 42.55 32.80 38.70 -41.92 -49.63% 24 5 144.63%

COHR260814C00300000 8/10/2026 3:56 PM 300 34.00 31.20 36.20 -45.65 -57.31% 59 550 141.65%

COHR260814C00302500 8/10/2026 9:52 AM 302.5 56.65 29.80 36.50 -22.00 -27.97% 1 20 151.27%

COHR260814C00305000 8/10/2026 12:32 PM 305 37.05 28.00 34.30 -39.55 -51.63% 2 200 147.90%

COHR260814C00307500 8/10/2026 11:10 AM 307.5 33.45 27.00 31.90 -19.37 -36.67% 1 8 146.72%

COHR260814C00310000 8/10/2026 11:10 AM 310 31.85 25.50 30.70 -42.20 -56.99% 4 296 147.96%

COHR260814C00312500 8/10/2026 11:45 AM 312.5 32.47 24.50 30.50 -36.53 -52.94% 4 25 154.59%

COHR260814C00315000 8/10/2026 2:10 PM 315 30.88 23.20 29.20 -37.92 -55.12% 10 70 155.27%

COHR260814C00317500 8/10/2026 1:33 PM 317.5 29.05 21.10 26.30 -38.31 -56.87% 3 9 146.48%

COHR260814C00320000 8/10/2026 3:40 PM 320 25.69 20.70 25.20 -40.11 -60.96% 39 158 150.64%

COHR260814C00322500 8/7/2026 1:11 PM 322.5 69.93 19.40 24.90 0.00 0.00% 1 38 153.96%

COHR260814C00325000 8/10/2026 3:58 PM 325 20.10 18.70 21.80 -40.20 -66.67% 29 125 148.76%

COHR260814C00327500 8/10/2026 3:59 PM 327.5 18.90 17.60 22.90 -48.10 -71.79% 24 31 157.24%

COHR260814C00330000 8/10/2026 3:57 PM 330 18.00 17.30 19.70 -38.65 -68.23% 213 274 152.47%

COHR260814C00332500 8/10/2026 3:39 PM 332.5 19.80 15.90 18.70 -42.09 -68.01% 126 25 151.39%

COHR260814C00335000 8/10/2026 3:56 PM 335 16.57 14.90 17.80 -36.68 -68.88% 191 171 151.83%

COHR260814C00337500 8/10/2026 3:40 PM 337.5 17.60 14.00 16.30 -41.24 -70.09% 63 32 150.07%

COHR260814C00340000 8/10/2026 3:59 PM 340 13.60 13.60 15.30 -35.90 -72.53% 337 188 151.71%

COHR260814C00342500 8/10/2026 3:55 PM 342.5 14.20 12.50 14.50 -33.48 -70.22% 196 32 151.16%

COHR260814C00345000 8/10/2026 3:59 PM 345 12.30 11.80 15.60 -34.12 -73.50% 123 102 159.08%

COHR260814C00347500 8/10/2026 3:56 PM 347.5 12.22 10.80 13.50 -37.38 -75.36% 50 55 153.31%

COHR260814C00350000 8/10/2026 3:59 PM 350 11.18 10.00 11.50 -30.82 -73.38% 875 332 148.19%

COHR260814C00352500 8/10/2026 11:59 AM 352.5 14.60 7.60 13.20 -28.19 -65.88% 36 41 151.09%

COHR260814C00355000 8/10/2026 3:53 PM 355 11.00 9.00 10.20 -30.40 -73.43% 121 55 150.06%

COHR260814C00357500 8/10/2026 3:59 PM 357.5 9.15 6.60 11.30 -34.72 -79.14% 13 24 149.95%

COHR260814C00360000 8/10/2026 3:59 PM 360 8.86 7.60 9.50 -28.93 -76.55% 162 417 151.68%

COHR260814C00362500 8/10/2026 3:59 PM 362.5 8.36 6.40 10.50 -24.55 -74.60% 19 10 155.84%

COHR260814C00365000 8/10/2026 3:57 PM 365 8.30 6.40 8.50 -28.20 -77.26% 146 58 151.79%

COHR260814C00367500 8/10/2026 3:29 PM 367.5 9.10 4.60 10.10 -22.72 -71.40% 16 20 155.59%

COHR260814C00370000 8/10/2026 3:58 PM 370 7.60 5.70 7.50 -23.12 -75.26% 261 134 153.13%

COHR260814C00372500 8/10/2026 3:57 PM 372.5 6.09 2.95 7.40 -31.61 -83.85% 184 45 143.31%

COHR260814C00375000 8/10/2026 3:59 PM 375 5.86 5.00 6.70 -23.14 -79.79% 128 70 154.49%

COHR260814C00377500 8/10/2026 3:28 PM 377.5 6.99 2.80 9.80 -20.01 -74.11% 33 59 163.28%

COHR260814C00380000 8/10/2026 3:59 PM 380 4.92 4.30 5.40 -22.08 -81.78% 379 177 152.17%

COHR260814C00382500 8/10/2026 2:29 PM 382.5 6.10 3.50 5.30 -18.80 -75.50% 23 57 151.05%

COHR260814C00385000 8/10/2026 3:56 PM 385 4.50 2.55 4.50 -19.10 -80.93% 73 97 144.24%

COHR260814C00387500 8/10/2026 3:49 PM 387.5 4.50 2.50 5.80 -20.60 -82.07% 171 158 155.69%

COHR260814C00390000 8/10/2026 3:59 PM 390 3.78 2.25 5.20 -18.37 -82.93% 250 145 154.10%

COHR260814C00392500 8/10/2026 3:58 PM 392.5 3.70 3.10 4.10 -18.70 -83.48% 22 31 156.05%

COHR260814C00395000 8/10/2026 3:31 PM 395 4.35 1.80 4.70 -15.40 -77.97% 44 55 154.86%

COHR260814C00397500 8/10/2026 1:07 PM 397.5 4.00 1.65 5.80 -15.70 -79.70% 4 23 164.72%

COHR260814C00400000 8/10/2026 3:59 PM 400 2.70 2.20 3.00 -16.52 -85.95% 1,125 905 152.05%

COHR260814C00402500 8/10/2026 3:28 PM 402.5 3.40 0.90 5.00 -14.20 -80.68% 6 55 160.64%

COHR260814C00405000 8/10/2026 3:48 PM 405 2.60 1.70 2.90 -13.69 -84.04% 48 1,007 153.56%

COHR260814C00407500 8/7/2026 10:32 AM 407.5 15.00 1.30 5.40 0.00 0.00% 13 44 173.00%

COHR260814C00410000 8/10/2026 3:59 PM 410 1.70 1.70 2.40 -13.46 -88.79% 287 272 155.32%

COHR260814C00412500 8/10/2026 3:48 PM 412.5 2.08 0.25 2.75 -12.92 -86.13% 2 30 147.39%

COHR260814C00415000 8/10/2026 3:59 PM 415 1.75 0.55 2.00 -12.53 -87.75% 24 34 145.12%

COHR260814C00417500 8/10/2026 3:54 PM 417.5 1.85 0.05 3.90 -10.35 -84.84% 6 40 162.74%

COHR260814C00420000 8/10/2026 3:58 PM 420 2.00 1.00 2.00 -10.20 -83.61% 160 211 155.76%

COHR260814C00422500 8/10/2026 3:58 PM 422.5 1.40 0.15 1.75 -11.60 -89.23% 33 11 144.58%

COHR260814C00425000 8/10/2026 3:52 PM 425 1.50 1.00 3.00 -9.79 -86.71% 75 62 171.73%

COHR260814C00427500 8/10/2026 2:28 PM 427.5 1.45 0.50 2.65 -10.76 -88.12% 49 14 165.58%

COHR260814C00430000 8/10/2026 3:35 PM 430 1.40 0.05 2.25 -8.25 -85.49% 92 149 157.81%

COHR260814C00432500 8/10/2026 3:56 PM 432.5 1.40 0.75 1.45 -9.90 -87.61% 10 16 158.98%

COHR260814C00435000 8/10/2026 1:53 PM 435 1.20 0.00 3.90 -7.40 -86.05% 64 41 181.69%

COHR260814C00440000 8/10/2026 3:44 PM 440 1.00 0.75 1.70 -7.30 -87.95% 123 83 169.92%

COHR260814C00445000 8/10/2026 3:48 PM 445 0.71 0.00 2.40 -6.69 -90.41% 92 80 174.12%

COHR260814C00450000 8/10/2026 3:59 PM 450 0.50 0.50 1.10 -6.52 -92.88% 730 1,453 166.31%

COHR260814C00455000 8/10/2026 3:05 PM 455 0.70 0.45 1.00 -5.16 -88.05% 107 26 167.97%

COHR260814C00460000 8/10/2026 3:49 PM 460 0.45 0.00 1.40 -4.82 -91.46% 136 104 171.39%

COHR260814C00465000 8/10/2026 3:54 PM 465 0.45 0.00 2.00 -4.76 -91.36% 59 10 186.67%

COHR260814C00470000 8/10/2026 3:40 PM 470 0.33 0.00 2.30 -4.37 -92.98% 98 53 195.90%

COHR260814C00475000 8/10/2026 3:54 PM 475 0.30 0.10 1.45 -4.20 -93.33% 57 58 187.16%

COHR260814C00480000 8/10/2026 3:54 PM 480 0.42 0.10 1.55 -3.28 -88.65% 50 14 193.26%

COHR260814C00485000 8/10/2026 3:41 PM 485 0.25 0.10 1.50 -2.95 -92.19% 171 6 196.39%

COHR260814C00490000 8/10/2026 2:37 PM 490 0.24 0.00 1.30 -2.59 -91.52% 64 8 193.95%

COHR260814C00500000 8/10/2026 3:57 PM 500 0.15 0.10 0.20 -2.20 -93.62% 188 319 166.02%

COHR260814C00510000 8/10/2026 3:59 PM 510 0.16 0.00 0.80 -1.49 -90.30% 41 10 195.12%

COHR260814C00520000 8/10/2026 9:32 AM 520 0.93 0.00 0.80 -3.87 -80.62% 2 26 202.05%

COHR260814C00530000 8/10/2026 3:07 PM 530 0.04 0.00 1.75 -1.08 -96.43% 47 62 234.18%

COHR260814C00540000 8/7/2026 2:45 PM 540 0.92 0.00 1.00 0.00 0.00% 5 13 222.17%

COHR260814C00550000 8/10/2026 3:38 PM 550 0.03 0.00 0.05 -0.52 -94.55% 65 231 165.63%

Puts

In The Money

Options data delayed by 15 minutes. For real-time data, try AlphaSpace .

Contract Name Last Trade Date (EDT) Strike Last Price Bid Ask Change % Change Volume Open Interest Implied Volatility

COHR260814P00115000 8/7/2026 11:46 AM 115 0.15 0.00 0.15 0.00 0.00% 3 4 366.41%

COHR260814P00120000 8/10/2026 3:53 PM 120 0.10 0.00 0.20 0.04 66.67% 10 2 362.50%

COHR260814P00125000 8/10/2026 2:51 PM 125 0.05 0.00 0.15 -0.01 -16.67% 82 2 338.28%

COHR260814P00130000 8/10/2026 3:54 PM 130 0.10 0.00 0.70 0.05 100.00% 1 1 389.45%

COHR260814P00135000 8/10/2026 3:36 PM 135 0.05 0.00 0.60 -1.63 -97.02% 114 3 366.80%

COHR260814P00140000 8/10/2026 3:28 PM 140 0.05 0.00 0.90 0.00 0.00% 90 5 372.85%

COHR260814P00145000 8/10/2026 12:01 PM 145 0.05 0.00 1.70 -0.02 -28.57% 44 1 395.02%

COHR260814P00146000 8/10/2026 3:24 PM 146 0.05 0.00 1.65 -0.01 -16.67% 31 2 390.04%

COHR260814P00147000 8/10/2026 3:28 PM 147 0.05 0.00 4.20 -0.44 -89.80% 92 7 458.50%

COHR260814P00148000 8/10/2026 3:24 PM 148 0.05 0.00 1.10 -0.03 -37.50% 43 1 360.55%

COHR260814P00149000 8/10/2026 2:43 PM 149 0.05 0.00 0.85 -0.50 -90.91% 57 6 344.53%

COHR260814P00150000 8/10/2026 2:31 PM 150 0.05 0.00 1.75 -0.01 -16.67% 25 385 381.84%

COHR260814P00152500 7/28/2026 11:48 AM 152.5 1.45 0.00 1.70 0.00 0.00% - 13 372.66%

COHR260814P00155000 8/10/2026 3:36 PM 155 0.05 0.00 0.65 -0.02 -28.57% 38 1 316.60%

COHR260814P00160000 8/10/2026 3:31 PM 160 0.05 0.00 2.20 0.00 0.00% 52 169 367.09%

COHR260814P00162500 8/10/2026 2:43 PM 162.5 0.05 0.00 2.20 -0.02 -28.57% 15 1 359.96%

COHR260814P00165000 8/10/2026 2:40 PM 165 0.05 0.00 1.00 -0.03 -37.50% 18 3 310.55%

COHR260814P00167500 8/10/2026 2:43 PM 167.5 0.05 0.00 0.95 0.00 0.00% 10 2 301.95%

COHR260814P00170000 8/10/2026 11:44 AM 170 0.10 0.00 0.45 0.02 25.00% 12 21 266.99%

COHR260814P00172500 8/10/2026 2:55 PM 172.5 0.05 0.00 1.40 -0.02 -28.57% 14 1 307.81%

COHR260814P00175000 8/10/2026 10:46 AM 175 0.10 0.00 0.05 0.05 100.00% 5 8 202.34%

COHR260814P00177500 8/10/2026 11:48 AM 177.5 0.05 0.00 1.05 -0.03 -37.50% 8 4 282.32%

COHR260814P00180000 8/10/2026 2:52 PM 180 0.05 0.00 1.25 -0.02 -28.57% 8 36 284.08%

COHR260814P00182500 8/10/2026 2:51 PM 182.5 0.05 0.00 2.35 -0.03 -37.50% 6 1 309.96%

COHR260814P00185000 8/10/2026 10:21 AM 185 0.10 0.00 4.30 0.02 25.00% 2 40 342.38%

COHR260814P00187500 8/10/2026 2:53 PM 187.5 0.05 0.00 0.70 -0.03 -37.50% 16 1 244.34%

COHR260814P00190000 8/10/2026 2:53 PM 190 0.05 0.00 0.50 0.02 66.67% 4 41 228.13%

COHR260814P00192500 8/10/2026 2:45 PM 192.5 0.07 0.00 1.25 -0.03 -30.00% 6 16 255.27%

COHR260814P00195000 8/10/2026 11:57 AM 195 0.05 0.00 1.05 -0.45 -90.00% 14 38 242.97%

COHR260814P00197500 8/10/2026 10:04 AM 197.5 0.01 0.00 4.30 -0.12 -92.31% 13 3 308.55%

COHR260814P00200000 8/10/2026 3:39 PM 200 0.05 0.00 0.30 -0.03 -37.50% 5 131 195.12%

COHR260814P00202500 8/10/2026 10:31 AM 202.5 0.10 0.00 0.50 -0.03 -23.08% 10 1 203.52%

COHR260814P00205000 8/10/2026 10:36 AM 205 0.10 0.00 0.55 0.06 150.00% 8 13 201.56%

COHR260814P00207500 8/10/2026 10:45 AM 207.5 0.10 0.00 0.55 0.00 0.00% 16 6 196.68%

COHR260814P00210000 8/10/2026 11:46 AM 210 0.08 0.00 0.70 -0.02 -20.00% 16 176 198.83%

COHR260814P00212500 8/10/2026 10:59 AM 212.5 0.06 0.00 0.55 -0.09 -60.00% 22 6 187.50%

COHR260814P00215000 8/10/2026 12:36 PM 215 0.15 0.00 0.35 -0.23 -60.53% 5 18 171.88%

COHR260814P00217500 8/10/2026 11:07 AM 217.5 0.12 0.00 0.50 -0.09 -42.86% 4 13 175.98%

COHR260814P00220000 8/10/2026 2:45 PM 220 0.18 0.00 0.45 0.08 80.00% 15 121 168.95%

COHR260814P00222500 8/10/2026 11:11 AM 222.5 0.16 0.00 0.20 0.03 23.08% 2 11 148.44%

COHR260814P00225000 8/10/2026 2:10 PM 225 0.11 0.00 0.25 -0.24 -68.57% 20 179 148.44%

COHR260814P00227500 8/5/2026 3:03 PM 227.5 1.15 0.00 0.25 0.00 0.00% 11 15 144.53%

COHR260814P00230000 8/10/2026 3:01 PM 230 0.17 0.05 0.40 -0.23 -57.50% 97 213 151.76%

COHR260814P00232500 8/10/2026 12:02 PM 232.5 0.16 0.00 1.80 -2.52 -94.03% 2 11 185.06%

COHR260814P00235000 8/10/2026 12:19 PM 235 0.20 0.05 0.25 0.05 33.33% 129 46 135.74%

COHR260814P00237500 8/10/2026 11:53 AM 237.5 0.15 0.00 1.50 -0.02 -11.76% 22 36 169.24%

COHR260814P00240000 8/10/2026 3:55 PM 240 0.20 0.00 0.30 0.02 11.11% 131 2,300 127.93%

COHR260814P00242500 8/10/2026 3:17 PM 242.5 0.30 0.10 0.90 -0.54 -64.29% 4 4 148.54%

COHR260814P00245000 8/10/2026 3:59 PM 245 0.30 0.25 0.35 0.09 42.86% 125 31 132.62%

COHR260814P00247500 8/10/2026 9:39 AM 247.5 0.55 0.10 0.55 0.12 27.91% 8 30 130.18%

COHR260814P00250000 8/10/2026 3:59 PM 250 0.55 0.00 0.50 0.19 52.78% 403 686 121.00%

COHR260814P00252500 8/10/2026 3:31 PM 252.5 0.45 0.20 0.95 -0.07 -13.46% 136 35 134.28%

COHR260814P00255000 8/10/2026 3:39 PM 255 0.60 0.45 0.90 -0.04 -6.25% 52 74 133.79%

COHR260814P00257500 8/10/2026 3:54 PM 257.5 0.79 0.60 1.05 0.19 31.67% 48 45 134.47%

COHR260814P00260000 8/10/2026 3:58 PM 260 0.93 0.75 1.00 0.37 66.07% 450 136 131.45%

COHR260814P00262500 8/10/2026 3:55 PM 262.5 0.85 0.50 1.25 0.00 0.00% 63 18 126.86%

COHR260814P00265000 8/10/2026 3:57 PM 265 1.30 0.95 1.50 0.60 85.71% 219 826 131.59%

COHR260814P00267500 8/10/2026 2:55 PM 267.5 1.01 0.45 1.55 0.08 8.60% 101 50 121.09%

COHR260814P00270000 8/10/2026 3:59 PM 270 1.70 1.15 1.90 0.85 100.00% 341 173 128.61%

COHR260814P00272500 8/10/2026 3:58 PM 272.5 1.99 1.75 2.20 1.03 107.29% 55 17 132.32%

COHR260814P00275000 8/10/2026 3:58 PM 275 2.35 1.90 3.00 1.31 125.96% 739 89 135.18%

COHR260814P00277500 8/10/2026 3:59 PM 277.5 2.65 2.25 3.00 1.45 120.83% 166 36 132.52%

COHR260814P00280000 8/10/2026 3:59 PM 280 3.00 2.60 3.20 1.65 122.22% 629 648 131.13%

COHR260814P00282500 8/10/2026 3:58 PM 282.5 3.45 2.40 4.10 1.70 97.14% 196 158 130.42%

COHR260814P00285000 8/10/2026 3:59 PM 285 4.00 3.00 4.30 2.31 136.69% 215 179 129.88%

COHR260814P00287500 8/10/2026 3:57 PM 287.5 4.82 1.60 8.00 2.82 141.00% 272 35 137.62%

COHR260814P00290000 8/10/2026 3:59 PM 290 5.20 4.40 5.50 2.85 121.28% 434 122 133.13%

COHR260814P00292500 8/10/2026 3:35 PM 292.5 5.12 5.00 6.30 2.62 104.80% 44 53 134.28%

COHR260814P00295000 8/10/2026 3:48 PM 295 6.15 5.30 7.10 3.28 114.29% 592 93 133.35%

COHR260814P00297500 8/10/2026 3:44 PM 297.5 6.50 5.70 7.70 3.42 111.04% 60 22 131.57%

COHR260814P00300000 8/10/2026 3:59 PM 300 8.30 7.00 9.00 5.10 159.38% 775 235 136.72%

COHR260814P00302500 8/10/2026 2:48 PM 302.5 6.70 4.40 11.10 2.75 69.62% 11 11 127.47%

COHR260814P00305000 8/10/2026 3:56 PM 305 9.54 7.50 12.60 5.45 133.25% 56 31 139.98%

COHR260814P00307500 8/10/2026 3:55 PM 307.5 10.50 6.90 12.00 5.90 128.26% 36 20 127.47%

COHR260814P00310000 8/10/2026 3:59 PM 310 11.90 10.40 12.60 7.00 142.86% 576 270 136.41%

COHR260814P00312500 8/10/2026 3:56 PM 312.5 12.80 10.10 14.50 7.60 146.15% 47 28 134.70%

COHR260814P00315000 8/10/2026 3:39 PM 315 12.30 11.30 16.80 6.80 123.64% 206 34 139.94%

COHR260814P00317500 8/10/2026 3:50 PM 317.5 14.30 11.00 17.40 8.21 134.81% 70 12 132.48%

COHR260814P00320000 8/10/2026 3:58 PM 320 17.00 14.90 17.60 10.20 150.00% 202 235 139.03%

COHR260814P00322500 8/10/2026 3:35 PM 322.5 15.40 13.80 20.10 4.68 43.66% 23 20 135.02%

COHR260814P00325000 8/10/2026 3:54 PM 325 18.10 15.90 21.00 10.04 124.57% 90 303 136.57%

COHR260814P00327500 8/10/2026 3:48 PM 327.5 20.00 17.40 22.80 12.20 156.41% 34 78 138.82%

COHR260814P00330000 8/10/2026 3:58 PM 330 21.76 19.00 24.10 12.79 142.59% 213 102 139.21%

COHR260814P00332500 8/10/2026 3:58 PM 332.5 23.75 21.10 25.30 14.12 146.63% 59 34 140.70%

COHR260814P00335000 8/10/2026 3:35 PM 335 22.10 22.50 28.20 11.90 116.67% 127 235 145.53%

COHR260814P00337500 8/10/2026 3:35 PM 337.5 23.70 22.40 28.90 12.50 111.61% 18 12 136.24%

COHR260814P00340000 8/10/2026 3:55 PM 340 28.00 24.00 29.00 15.68 127.27% 158 166 130.54%

COHR260814P00342500 8/10/2026 11:16 AM 342.5 26.55 25.70 33.10 13.15 98.13% 15 6 140.10%

COHR260814P00345000 8/10/2026 3:55 PM 345 30.50 27.40 34.50 16.72 121.34% 126 160 139.04%

COHR260814P00347500 8/10/2026 11:20 AM 347.5 29.50 30.00 37.00 14.53 97.06% 28 22 145.48%

COHR260814P00350000 8/10/2026 3:24 PM 350 31.20 32.80 38.00 16.20 108.00% 168 109 146.61%

COHR260814P00352500 8/10/2026 3:35 PM 352.5 33.50 33.00 39.40 17.38 107.82% 11 13 138.42%

COHR260814P00355000 8/10/2026 3:55 PM 355 37.60 36.50 41.10 20.10 114.86% 37 1,006 144.65%

COHR260814P00357500 8/10/2026 10:47 AM 357.5 35.50 38.50 43.40 17.00 91.89% 3 9 146.97%

COHR260814P00360000 8/10/2026 3:41 PM 360 40.10 38.30 45.40 21.80 119.13% 71 95 138.05%

COHR260814P00362500 8/10/2026 3:21 PM 362.5 40.00 40.30 47.30 19.05 90.93% 8 10 137.87%

COHR260814P00365000 8/10/2026 12:17 PM 365 40.00 44.40 49.70 17.86 80.67% 40 38 149.51%

COHR260814P00367500 8/10/2026 3:44 PM 367.5 45.30 45.70 51.30 23.90 111.68% 63 24 144.29%

COHR260814P00370000 8/10/2026 3:19 PM 370 45.83 47.60 53.40 21.03 84.80% 30 279 143.85%

COHR260814P00372500 8/10/2026 9:51 AM 372.5 36.22 50.50 55.20 14.07 63.52% 4 27 146.66%

COHR260814P00375000 8/10/2026 3:44 PM 375 51.30 51.50 57.90 24.59 92.06% 3 58 144.07%

COHR260814P00377500 8/10/2026 10:57 AM 377.5 54.15 53.50 59.40 25.75 90.67% 30 38 139.75%

COHR260814P00380000 8/10/2026 1:51 PM 380 52.45 55.00 61.70 23.25 79.62% 12 132 136.47%

COHR260814P00382500 8/10/2026 9:52 AM 382.5 43.80 57.20 64.10 13.29 43.56% 1 39 137.70%

COHR260814P00385000 8/7/2026 1:32 PM 385 46.49 59.30 66.80 15.09 48.06% 1 20 140.06%

COHR260814P00387500 8/10/2026 9:39 AM 387.5 53.00 61.50 68.70 23.00 76.67% 1 11 137.45%

COHR260814P00390000 8/10/2026 9:32 AM 390 38.00 63.70 70.30 4.00 11.76% 1 18 131.84%

COHR260814P00395000 7/6/2026 11:16 AM 395 79.20 68.20 75.70 0.00 0.00% - 1 137.55%

COHR260814P00397500 8/7/2026 3:54 PM 397.5 39.85 70.50 78.10 0.00 0.00% 6 6 138.18%

COHR260814P00400000 8/10/2026 1:51 PM 400 69.45 72.80 79.80 28.22 68.45% 3 18 131.79%

COHR260814P00405000 8/7/2026 1:12 PM 405 40.20 77.40 85.30 0.00 0.00% 10 8 138.75%

COHR260814P00410000 8/10/2026 10:39 AM 410 77.33 82.10 90.30 31.33 68.11% 6 6 141.26%

COHR260814P00412500 8/7/2026 11:03 AM 412.5 54.35 84.40 92.00 0.00 0.00% 2 1 131.25%

COHR260814P00415000 7/14/2026 3:42 PM 415 114.23 86.80 94.10 0.00 0.00% - 1 125.68%

COHR260814P00417500 8/7/2026 10:15 AM 417.5 59.10 89.60 97.30 0.00 0.00% 2 1 143.46%

COHR260814P00420000 8/10/2026 9:51 AM 420 73.10 91.80 98.50 12.25 20.13% 1 1 116.99%

COHR260814P00422500 8/7/2026 11:11 AM 422.5 56.60 94.20 101.40 0.00 0.00% 4 1 126.90%

COHR260814P00425000 8/7/2026 11:10 AM 425 59.27 96.60 104.70 0.00 0.00% 12 12 142.53%

COHR260814P00430000 8/10/2026 9:33 AM 430 71.15 101.40 108.80 8.95 14.39% 1 1 122.66%

COHR260814P00440000 8/10/2026 10:54 AM 440 109.15 111.10 119.10 45.67 71.94% 3 1 131.06%

COHR260814P00450000 8/7/2026 1:27 PM 450 77.00 120.90 129.30 0.00 0.00% 2 2 139.26%

COHR260814P00455000 8/7/2026 1:14 PM 455 78.70 125.80 133.50 0.00 0.00% 2 1 233.89%

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64.88 -5.41%

PNG.V Kraken Robotics Inc.

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BMI Badger Meter, Inc.

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FTV Fortive Corporation

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打开原文

NBIS财报前看跌成交占优

重要性5/5 高

NBIS 财报电话会临近，期权链直接覆盖事件窗口，且看跌成交量和未平仓量均占优；页面数据虽有延迟，仍具较强时效性。

标签

标的：`NBIS`来源：Yahoo Finance公开期权链发布日期：未提供发布时间重要性：5/5 高评级理由：NBIS 财报电话会临近，期权链直接覆盖事件窗口，且看跌成交量和未平仓量均占优；页面数据虽有延迟，仍具较强时效性。评级依据：timeliness, evidence_strength, source_quality, fact_density原文字数：3056

中文摘要

核心结论

雅虎财经的 Nebius Group N.V.（代码 NBIS）页面显示，标的在 08/10 常规交易收于 184.11 美元，日跌 2.05%；截至美东时间 08/10 23:17（UTC+8 08/11 11:17）的隔夜报价为 186.20 美元，涨 1.14%。08/14 到期的看跌期权在成交量和未平仓量上都高于看涨期权，说明财报前相关合约活动偏向看跌一侧，但页面没有给出仓位目的或价格下跌的事件归因。

重要性评级

评级：5/5（高）。文章直接对应 NBIS，2026 年第二季度业绩电话会在两日内举行，期权链又覆盖短期限合约，时效性和日报阅读优先级较高。

关键事实

• 页面记录 NBIS 在 08/10 常规交易收于 184.11 美元，较前一收盘下跌 3.86 美元或 2.05%。
• 页面记录截至美东时间 08/10 23:17（UTC+8 08/11 11:17）的隔夜交易价格为 186.20 美元，较常规收盘上涨 2.09 美元或 1.14%；该价格来自 Blue Ocean ATS（隔夜交易平台）。
• NBIS 2026 年第二季度业绩电话会安排在美东时间 08/12 08:00（UTC+8 08/12 20:00）。
• 08/14 到期链列出 100 个看涨合约和 118 个看跌合约；页面汇总成交量分别为 10,927 和 14,248，未平仓量分别为 13,938 和 16,535。
• 看跌成交量比看涨成交量多 3,321 张，未平仓量多 2,597 张；这组差异支持“看跌活动占优”的描述，但不能确定持仓是买入保护、方向性仓位还是平仓。
• 在看跌合约中，185 美元行权价的成交量为 952，未平仓量为 996，均为该看跌链的单项高位；页面同时显示各执行价隐含波动率差异明显。

作者观点与证据

该页面没有提供 NBIS 基本面分析或作者独立观点，主体是价格、财报电话会安排和期权报价。“看跌活动占优”来自看跌与看涨成交量、未平仓量的横截面对比，属于对页面数据的描述；数据没有说明交易者身份、开平仓方向、对冲目的或对财报结果的预期。

与相关标的的关系

NBIS 是本文唯一直接相关的标的。08/12 业绩电话会与 08/14 到期合约形成紧邻的事件窗口，价格、隐含波动率和期权持仓可能在该窗口内快速变化。页面没有提供业绩数字、公司指引或导致 08/10 下跌的具体消息，无法从这条期权链单独推导事件原因。

时效性与限制

文章没有独立发布日期，检索时间为美东时间 08/10 23:18（UTC+8 08/11 11:18）。期权数据延迟 15 分钟，部分合约最后成交日期早于 08/10；隔夜报价来自 Blue Ocean ATS，不等同于常规交易所收盘价。该页面是单一时点快照，缺少历史期权结构、成交方向和财报后数据。

后续跟踪

• 美东时间 08/12 08:00（UTC+8 08/12 20:00）的第二季度业绩电话会、业绩数字和管理层指引。
• 财报前后 NBIS 常规交易价格与隔夜报价的变化。
• 08/14 到期链中看跌成交量和未平仓量的持续性，以及 185 美元行权价附近的持仓变化。
• 业绩事件前后的隐含波动率和买卖价差。

英文原文

Nebius Group N.V. (NBIS) Options Chain - Yahoo Finance

NasdaqGS - BOATS Real Time Price • USD

Nebius Group N.V. (NBIS)

Is NBIS a long-term buy?

184.11 -3.86 (-2.05%)

At close: August 10 at 4:00:00 PM EDT

186.20 +2.09 (+1.14%)

Overnight: 11:17:46 PM EDT

This price reflects trading activity during the overnight session on the Blue Ocean ATS, available 8 PM to 4 AM ET, Sunday through Thursday, when regular markets are closed.

Is NBIS a long-term buy?

NBIS Q2 2026 earnings call

August 12, 2026 at 8 AM EDT

Join call

Aug 14, 2026

All Strike Prices

List

All Options

Calls

In The Money

Options data delayed by 15 minutes. For real-time data, try AlphaSpace .

Contract Name Last Trade Date (EDT) Strike Last Price Bid Ask Change % Change Volume Open Interest Implied Volatility

NBIS260814C00085000 7/30/2026 9:30 AM 85 84.15 98.10 100.95 0.00 0.00% - 9 370.70%

NBIS260814C00090000 7/29/2026 1:09 PM 90 68.83 93.25 95.95 0.00 0.00% - 2 355.27%

NBIS260814C00095000 7/29/2026 9:52 AM 95 63.10 88.30 90.95 0.00 0.00% - 4 333.98%

NBIS260814C00098000 8/10/2026 2:24 PM 98 88.30 84.85 87.95 -0.84 -0.94% 52 1 291.80%

NBIS260814C00099000 8/10/2026 2:23 PM 99 87.30 83.55 86.95 -0.86 -0.98% 20 1 259.38%

NBIS260814C00100000 8/7/2026 2:44 PM 100 88.45 83.15 85.95 0.00 0.00% 1 4 302.73%

NBIS260814C00102000 8/5/2026 9:34 AM 102 117.50 80.70 84.00 0.00 0.00% - 1 267.58%

NBIS260814C00103000 8/5/2026 9:34 AM 103 116.50 80.20 83.00 0.00 0.00% - 1 294.92%

NBIS260814C00105000 7/29/2026 9:52 AM 105 54.80 78.10 81.00 0.00 0.00% - 1 281.25%

NBIS260814C00110000 7/29/2026 9:52 AM 110 50.83 72.90 76.00 0.00 0.00% 2 5 249.81%

NBIS260814C00115000 8/4/2026 2:54 PM 115 112.92 68.05 71.05 0.00 0.00% 1 7 240.82%

NBIS260814C00117000 8/7/2026 11:02 AM 117 66.42 65.55 69.05 0.00 0.00% 12 4 204.10%

NBIS260814C00118000 8/7/2026 11:02 AM 118 65.47 65.45 68.05 0.00 0.00% 12 4 245.61%

NBIS260814C00120000 8/10/2026 11:25 AM 120 68.92 63.50 66.10 6.17 9.83% 1 9 241.21%

NBIS260814C00121000 8/3/2026 9:58 AM 121 82.60 62.00 65.10 0.00 0.00% 5 8 218.16%

NBIS260814C00125000 8/7/2026 10:11 AM 125 58.02 58.50 61.15 0.00 0.00% 6 17 223.14%

NBIS260814C00126000 8/5/2026 10:15 AM 126 100.21 57.35 60.15 0.00 0.00% 1 2 214.55%

NBIS260814C00130000 8/10/2026 9:59 AM 130 61.42 53.00 56.45 -9.88 -13.86% 46 151 198.05%

NBIS260814C00131000 8/7/2026 11:27 AM 131 55.48 52.65 55.25 0.00 0.00% 3 3 207.32%

NBIS260814C00134000 8/7/2026 10:58 AM 134 49.62 49.50 52.30 0.00 0.00% 1 1 193.36%

NBIS260814C00135000 8/7/2026 10:58 AM 135 48.72 48.50 51.35 0.00 0.00% 61 84 190.92%

NBIS260814C00138000 8/7/2026 10:59 AM 138 45.95 45.70 48.45 0.00 0.00% 1 1 186.82%

NBIS260814C00139000 8/7/2026 10:59 AM 139 45.08 44.75 47.45 0.00 0.00% 1 1 184.08%

NBIS260814C00140000 8/6/2026 3:31 PM 140 51.55 43.65 46.50 -2.80 -5.15% 1 45 179.30%

NBIS260814C00142000 8/7/2026 10:55 AM 142 41.85 41.90 44.60 0.00 0.00% 40 40 178.91%

NBIS260814C00144000 8/10/2026 3:12 PM 144 43.10 40.00 42.75 -29.15 -40.35% 6 20 175.93%

NBIS260814C00145000 8/10/2026 2:15 PM 145 42.60 38.95 41.80 -34.00 -44.39% 6 13 172.07%

NBIS260814C00146000 8/10/2026 2:15 PM 146 41.70 37.95 40.90 -36.65 -46.78% 7 15 169.97%

NBIS260814C00148000 8/10/2026 2:49 PM 148 39.42 36.15 38.75 -39.23 -49.88% 3 15 163.13%

NBIS260814C00149000 8/10/2026 3:13 PM 149 38.65 35.60 38.15 -38.45 -49.87% 3 15 172.27%

NBIS260814C00150000 8/10/2026 3:57 PM 150 35.54 34.75 36.75 -4.61 -11.48% 56 190 164.65%

NBIS260814C00152500 8/10/2026 10:37 AM 152.5 42.00 32.25 34.25 6.01 16.70% 4 7 154.79%

NBIS260814C00155000 8/10/2026 1:23 PM 155 34.05 30.10 32.65 -2.96 -8.00% 22 61 160.79%

NBIS260814C00157500 8/7/2026 2:57 PM 157.5 30.65 28.10 30.00 -2.59 -7.79% 1 7 154.35%

NBIS260814C00160000 8/10/2026 1:15 PM 160 29.62 26.65 27.50 -2.80 -8.64% 29 160 154.79%

NBIS260814C00162500 8/10/2026 1:59 PM 162.5 27.95 24.45 25.90 -10.45 -27.21% 16 21 155.22%

NBIS260814C00165000 8/10/2026 3:57 PM 165 23.50 22.65 23.60 -4.85 -17.11% 30 133 151.71%

NBIS260814C00167500 8/10/2026 2:33 PM 167.5 23.00 20.95 21.85 -4.00 -14.81% 7 21 152.66%

NBIS260814C00170000 8/10/2026 2:54 PM 170 21.28 19.35 20.25 -4.04 -15.96% 51 1,768 154.15%

NBIS260814C00172500 8/10/2026 12:51 PM 172.5 21.42 17.70 18.60 -1.15 -5.10% 3 28 153.56%

NBIS260814C00175000 8/10/2026 3:47 PM 175 18.90 16.25 17.15 -3.10 -14.09% 45 189 154.61%

NBIS260814C00177500 8/10/2026 3:22 PM 177.5 16.30 14.90 15.60 -4.20 -20.49% 99 32 154.44%

NBIS260814C00180000 8/10/2026 3:59 PM 180 14.00 13.75 14.25 -4.96 -26.16% 210 3,204 155.79%

NBIS260814C00182500 8/10/2026 3:58 PM 182.5 12.50 12.25 13.10 -4.90 -28.16% 258 193 155.01%

NBIS260814C00185000 8/10/2026 3:59 PM 185 11.58 11.40 11.80 -4.82 -29.39% 839 770 156.37%

NBIS260814C00187500 8/10/2026 3:58 PM 187.5 10.20 10.40 10.80 -5.15 -33.55% 630 206 157.67%

NBIS260814C00190000 8/10/2026 3:59 PM 190 9.50 9.15 9.85 -4.60 -32.62% 1,759 754 156.62%

NBIS260814C00192500 8/10/2026 3:59 PM 192.5 8.59 8.35 8.80 -4.42 -33.97% 768 113 156.84%

NBIS260814C00195000 8/10/2026 3:59 PM 195 7.80 7.50 8.00 -4.70 -37.60% 944 666 157.42%

NBIS260814C00197500 8/10/2026 3:59 PM 197.5 7.00 6.65 7.40 -4.12 -37.05% 390 220 158.42%

NBIS260814C00200000 8/10/2026 3:59 PM 200 6.35 6.25 6.45 -4.05 -38.94% 3,888 1,563 159.25%

NBIS260814C00202500 8/10/2026 3:54 PM 202.5 6.00 5.40 5.95 -3.70 -38.14% 237 331 159.18%

NBIS260814C00205000 8/10/2026 3:59 PM 205 5.09 5.00 5.20 -3.86 -43.13% 1,019 320 159.77%

NBIS260814C00207500 8/10/2026 3:59 PM 207.5 4.54 4.40 4.70 -3.96 -46.59% 242 99 159.86%

NBIS260814C00210000 8/10/2026 3:59 PM 210 4.10 3.95 4.20 -3.44 -45.62% 1,701 2,268 160.38%

NBIS260814C00212500 8/10/2026 3:58 PM 212.5 3.85 3.50 3.80 -3.15 -45.00% 235 244 160.94%

NBIS260814C00215000 8/10/2026 3:59 PM 215 3.30 3.10 3.35 -3.10 -48.44% 1,007 2,120 160.77%

NBIS260814C00217500 8/10/2026 3:47 PM 217.5 2.90 2.76 3.10 -2.92 -50.17% 155 167 162.30%

NBIS260814C00220000 8/10/2026 3:59 PM 220 2.61 2.60 2.68 -2.84 -52.11% 2,669 1,841 163.33%

NBIS260814C00222500 8/10/2026 3:58 PM 222.5 2.43 2.21 2.47 -2.71 -52.72% 88 306 163.48%

NBIS260814C00225000 8/10/2026 3:59 PM 225 2.08 2.02 2.15 -2.47 -54.29% 1,399 2,770 163.97%

NBIS260814C00227500 8/10/2026 3:15 PM 227.5 2.01 1.75 1.98 -2.33 -53.69% 176 162 164.65%

NBIS260814C00230000 8/10/2026 3:59 PM 230 1.71 1.64 1.76 -2.14 -55.58% 2,159 1,784 166.21%

NBIS260814C00232500 8/10/2026 3:57 PM 232.5 1.52 1.34 1.65 -2.28 -60.00% 102 269 166.16%

NBIS260814C00235000 8/10/2026 3:58 PM 235 1.37 1.28 1.46 -1.91 -58.23% 268 565 167.87%

NBIS260814C00237500 8/10/2026 3:51 PM 237.5 1.35 1.15 1.33 -1.71 -55.88% 145 341 168.99%

NBIS260814C00240000 8/10/2026 3:58 PM 240 1.12 1.03 1.16 -1.65 -59.57% 1,680 2,903 169.14%

NBIS260814C00242500 8/10/2026 3:56 PM 242.5 1.00 0.94 1.14 -1.66 -62.41% 71 43 172.07%

NBIS260814C00245000 8/10/2026 3:59 PM 245 0.93 0.90 0.95 -1.39 -59.91% 297 372 172.46%

NBIS260814C00247500 8/10/2026 3:57 PM 247.5 0.83 0.74 0.97 -1.25 -60.10% 246 100 174.22%

NBIS260814C00250000 8/10/2026 3:59 PM 250 0.74 0.70 0.84 -1.32 -64.08% 3,376 1,985 175.00%

NBIS260814C00252500 8/10/2026 3:55 PM 252.5 0.70 0.63 0.81 -1.31 -65.17% 54 40 177.05%

NBIS260814C00255000 8/10/2026 3:57 PM 255 0.61 0.54 0.68 -1.20 -66.30% 378 443 175.68%

NBIS260814C00257500 8/10/2026 3:34 PM 257.5 0.62 0.30 0.74 -0.95 -60.51% 37 425 174.71%

NBIS260814C00260000 8/10/2026 3:53 PM 260 0.57 0.27 0.57 -0.78 -57.78% 647 1,294 172.27%

NBIS260814C00262500 8/10/2026 3:54 PM 262.5 0.75 0.19 0.97 -0.56 -42.75% 79 56 186.23%

NBIS260814C00265000 8/10/2026 3:55 PM 265 0.49 0.39 0.54 -0.83 -62.88% 298 251 183.01%

NBIS260814C00267500 8/10/2026 3:34 PM 267.5 0.43 0.11 0.98 -0.81 -65.32% 45 18 191.89%

NBIS260814C00270000 8/10/2026 3:57 PM 270 0.39 0.35 0.43 -0.65 -62.50% 245 1,072 185.16%

NBIS260814C00272500 8/10/2026 3:54 PM 272.5 0.51 0.16 0.51 -0.42 -45.16% 31 28 184.38%

NBIS260814C00275000 8/10/2026 3:48 PM 275 0.36 0.06 0.80 -0.55 -60.44% 175 951 195.31%

NBIS260814C00277500 8/10/2026 3:46 PM 277.5 0.33 0.00 0.45 -0.45 -57.69% 38 224 180.47%

NBIS260814C00280000 8/10/2026 3:58 PM 280 0.26 0.18 0.33 -0.50 -65.79% 222 953 186.91%

NBIS260814C00282500 8/10/2026 2:53 PM 282.5 0.25 0.03 0.98 -0.41 -62.12% 16 9 211.23%

NBIS260814C00285000 8/10/2026 3:56 PM 285 0.23 0.15 0.30 -0.47 -67.14% 156 122 190.23%

NBIS260814C00287500 8/10/2026 1:01 PM 287.5 0.36 0.03 0.31 -0.34 -48.57% 16 9 186.13%

NBIS260814C00290000 8/10/2026 3:05 PM 290 0.21 0.20 0.25 -0.54 -72.00% 88 457 196.48%

NBIS260814C00292500 8/10/2026 3:58 PM 292.5 0.22 0.20 0.42 -0.29 -56.86% 51 83 208.79%

NBIS260814C00295000 8/10/2026 3:22 PM 295 0.23 0.05 0.53 -0.31 -57.41% 38 315 209.77%

NBIS260814C00297500 8/10/2026 11:37 AM 297.5 0.24 0.12 0.30 -0.23 -48.94% 8 29 203.71%

NBIS260814C00300000 8/10/2026 3:59 PM 300 0.20 0.02 0.23 -0.29 -59.18% 912 1,936 193.36%

NBIS260814C00305000 8/10/2026 3:57 PM 305 0.16 0.06 0.29 -0.29 -64.44% 38 565 207.42%

NBIS260814C00310000 8/10/2026 3:59 PM 310 0.15 0.09 0.15 -0.21 -58.33% 52 459 203.52%

NBIS260814C00315000 8/10/2026 3:30 PM 315 0.13 0.00 0.20 -0.12 -48.00% 43 61 204.69%

NBIS260814C00320000 8/10/2026 2:55 PM 320 0.10 0.02 0.15 -0.22 -68.75% 81 249 205.86%

NBIS260814C00325000 8/10/2026 3:06 PM 325 0.10 0.06 0.18 -0.05 -33.33% 38 103 219.14%

NBIS260814C00330000 8/10/2026 1:25 PM 330 0.11 0.00 0.18 -0.09 -45.00% 57 365 217.19%

NBIS260814C00335000 8/10/2026 3:51 PM 335 0.12 0.07 0.18 -0.08 -40.00% 20 126 230.08%

NBIS260814C00340000 8/10/2026 3:51 PM 340 0.10 0.06 0.15 -0.15 -60.00% 91 1,347 230.47%

NBIS260814C00350000 8/10/2026 3:17 PM 350 0.05 0.02 0.05 -0.10 -66.67% 1,830 3,293 214.06%

Puts

In The Money

Options data delayed by 15 minutes. For real-time data, try AlphaSpace .

Contract Name Last Trade Date (EDT) Strike Last Price Bid Ask Change % Change Volume Open Interest Implied Volatility

NBIS260814P00085000 8/10/2026 3:19 PM 85 0.03 0.01 0.03 0.00 0.00% 217 2,264 256.25%

NBIS260814P00090000 8/10/2026 3:40 PM 90 0.03 0.02 0.05 -0.08 -72.73% 102 5,370 253.13%

NBIS260814P00095000 8/10/2026 2:54 PM 95 0.03 0.02 0.05 -0.04 -57.14% 36 706 234.38%

NBIS260814P00097000 8/10/2026 12:17 PM 97 0.05 0.01 0.04 -0.02 -28.57% 72 38 220.31%

NBIS260814P00098000 8/10/2026 11:34 AM 98 0.04 0.01 0.08 -0.06 -60.00% 38 41 230.47%

NBIS260814P00099000 8/7/2026 3:52 PM 99 0.06 0.01 0.10 0.00 0.00% 10 21 232.03%

NBIS260814P00100000 8/10/2026 3:55 PM 100 0.04 0.01 0.08 -0.03 -42.86% 509 985 223.44%

NBIS260814P00101000 8/10/2026 3:36 PM 101 0.03 0.01 0.04 -0.07 -70.00% 34 27 207.81%

NBIS260814P00102000 8/10/2026 3:02 PM 102 0.03 0.03 0.20 -0.07 -70.00% 13 152 242.19%

NBIS260814P00103000 8/10/2026 9:53 AM 103 0.07 0.00 0.29 0.00 0.00% 7 208 245.70%

NBIS260814P00104000 8/10/2026 11:11 AM 104 0.05 0.00 0.30 -0.05 -50.00% 5 344 242.97%

NBIS260814P00105000 8/10/2026 3:10 PM 105 0.03 0.00 0.31 -0.07 -70.00% 36 331 240.23%

NBIS260814P00106000 8/10/2026 10:19 AM 106 0.06 0.02 0.20 -0.06 -50.00% 4 34 226.17%

NBIS260814P00107000 8/10/2026 3:51 PM 107 0.07 0.00 0.14 -0.16 -69.57% 1 30 210.94%

NBIS260814P00108000 8/10/2026 3:48 PM 108 0.04 0.04 0.08 -0.10 -71.43% 179 64 203.91%

NBIS260814P00109000 8/10/2026 2:15 PM 109 0.05 0.00 0.09 -0.08 -61.54% 12 97 193.75%

NBIS260814P00110000 8/10/2026 3:22 PM 110 0.07 0.05 0.10 -0.07 -50.00% 158 1,406 202.34%

NBIS260814P00111000 8/10/2026 11:38 AM 111 0.12 0.00 0.33 -0.11 -47.83% 42 34 220.70%

NBIS260814P00112000 8/10/2026 3:52 PM 112 0.16 0.03 0.18 -0.05 -23.81% 87 243 204.69%

NBIS260814P00113000 8/10/2026 3:53 PM 113 0.19 0.02 0.19 -0.01 -5.00% 16 142 201.17%

NBIS260814P00114000 8/10/2026 2:09 PM 114 0.10 0.03 0.20 -0.14 -58.33% 2 151 200.00%

NBIS260814P00115000 8/10/2026 3:01 PM 115 0.11 0.08 0.12 -0.09 -45.00% 120 1,382 193.36%

NBIS260814P00116000 8/10/2026 3:59 PM 116 0.16 0.06 0.33 -0.11 -40.74% 24 121 208.20%

NBIS260814P00117000 8/10/2026 3:53 PM 117 0.15 0.08 0.22 -0.09 -37.50% 12 263 197.27%

NBIS260814P00118000 8/10/2026 3:53 PM 118 0.11 0.05 0.12 -0.12 -52.17% 60 315 180.08%

NBIS260814P00119000 8/10/2026 12:08 PM 119 0.15 0.00 0.20 -0.23 -60.53% 5 315 180.47%

NBIS260814P00120000 8/10/2026 3:51 PM 120 0.12 0.12 0.13 -0.15 -55.56% 476 867 182.81%

NBIS260814P00121000 8/10/2026 3:46 PM 121 0.14 0.09 0.19 -0.08 -36.36% 16 216 182.42%

NBIS260814P00122000 8/10/2026 1:49 PM 122 0.21 0.03 0.21 -0.14 -40.00% 28 192 175.39%

NBIS260814P00123000 8/10/2026 3:59 PM 123 0.21 0.05 0.38 -0.14 -40.00% 50 109 187.50%

NBIS260814P00124000 8/10/2026 3:59 PM 124 0.16 0.10 0.22 -0.31 -65.96% 24 89 176.17%

NBIS260814P00125000 8/10/2026 3:57 PM 125 0.17 0.16 0.24 -0.19 -52.78% 537 1,000 178.91%

NBIS260814P00126000 8/10/2026 3:53 PM 126 0.14 0.00 0.69 -0.26 -65.00% 47 176 191.60%

NBIS260814P00127000 8/10/2026 3:41 PM 127 0.19 0.16 0.30 -0.27 -58.70% 45 70 176.17%

NBIS260814P00128000 8/10/2026 3:59 PM 128 0.16 0.19 0.29 -0.30 -65.22% 47 80 174.02%

NBIS260814P00129000 8/10/2026 3:54 PM 129 0.26 0.09 0.31 -0.24 -48.00% 37 69 166.02%

NBIS260814P00130000 8/10/2026 3:59 PM 130 0.25 0.23 0.32 -0.28 -52.83% 1,362 1,803 171.29%

NBIS260814P00131000 8/10/2026 3:30 PM 131 0.25 0.00 0.56 -0.32 -56.14% 129 71 168.55%

NBIS260814P00132000 8/10/2026 3:54 PM 132 0.36 0.19 0.46 -0.22 -37.93% 155 137 169.53%

NBIS260814P00133000 8/10/2026 3:54 PM 133 0.30 0.20 0.38 -0.32 -51.61% 119 166 163.09%

NBIS260814P00134000 8/10/2026 3:56 PM 134 0.41 0.26 0.60 -0.38 -48.10% 68 56 171.29%

NBIS260814P00135000 8/10/2026 3:58 PM 135 0.36 0.32 0.41 -0.40 -52.63% 440 1,010 162.89%

NBIS260814P00136000 8/10/2026 3:55 PM 136 0.38 0.32 0.59 -0.41 -51.90% 74 646 166.21%

NBIS260814P00137000 8/10/2026 3:46 PM 137 0.40 0.35 0.46 -0.48 -54.55% 21 116 159.38%

NBIS260814P00138000 8/10/2026 3:34 PM 138 0.45 0.30 0.61 -0.55 -55.00% 46 183 159.47%

NBIS260814P00139000 8/10/2026 2:24 PM 139 0.54 0.20 0.60 -0.47 -46.53% 40 166 152.34%

NBIS260814P00140000 8/10/2026 3:59 PM 140 0.55 0.51 0.60 -0.56 -50.45% 927 1,831 158.98%

NBIS260814P00141000 8/10/2026 3:57 PM 141 0.59 0.31 0.68 -0.54 -47.79% 69 106 151.95%

NBIS260814P00142000 8/10/2026 3:33 PM 142 0.65 0.50 0.93 -0.62 -48.82% 90 102 160.55%

NBIS260814P00143000 8/10/2026 3:58 PM 143 0.73 0.60 1.01 -0.60 -45.11% 320 221 161.23%

NBIS260814P00144000 8/10/2026 3:58 PM 144 0.80 0.62 0.85 -0.65 -44.83% 2,141 258 154.39%

NBIS260814P00145000 8/10/2026 3:59 PM 145 0.83 0.74 0.92 -0.71 -46.10% 656 1,117 155.18%

NBIS260814P00146000 8/10/2026 3:48 PM 146 0.80 0.79 1.01 -1.02 -56.04% 115 224 154.49%

NBIS260814P00147000 8/10/2026 3:58 PM 147 1.05 0.96 1.07 -0.65 -38.24% 126 74 155.42%

NBIS260814P00148000 8/10/2026 3:57 PM 148 1.11 0.95 1.15 -0.77 -40.96% 439 513 153.03%

NBIS260814P00149000 8/10/2026 3:57 PM 149 1.14 1.02 1.28 -0.86 -43.00% 128 156 152.93%

NBIS260814P00150000 8/10/2026 3:59 PM 150 1.25 1.24 1.34 -0.93 -42.66% 2,506 3,308 153.86%

NBIS260814P00152500 8/10/2026 3:57 PM 152.5 1.60 1.43 1.68 -0.97 -37.74% 377 308 152.34%

NBIS260814P00155000 8/10/2026 3:58 PM 155 1.94 1.87 2.00 -1.03 -34.68% 866 1,060 152.69%

NBIS260814P00157500 8/10/2026 3:59 PM 157.5 2.23 2.27 2.43 -1.18 -34.60% 290 104 152.34%

NBIS260814P00160000 8/10/2026 3:59 PM 160 2.83 2.75 2.90 -1.20 -29.78% 1,590 2,348 151.93%

NBIS260814P00162500 8/10/2026 3:58 PM 162.5 3.35 3.30 3.50 -1.21 -26.54% 228 140 152.15%

NBIS260814P00165000 8/10/2026 3:59 PM 165 4.15 3.90 4.15 -1.20 -22.43% 940 1,516 151.88%

NBIS260814P00167500 8/10/2026 3:59 PM 167.5 4.75 4.65 4.85 -1.26 -20.97% 221 447 152.00%

NBIS260814P00170000 8/10/2026 3:58 PM 170 5.59 5.55 5.70 -1.30 -18.87% 1,803 2,027 153.17%

NBIS260814P00172500 8/10/2026 3:59 PM 172.5 6.44 6.10 6.75 -1.26 -16.36% 125 203 151.88%

NBIS260814P00175000 8/10/2026 3:59 PM 175 7.75 7.20 7.75 -0.95 -10.92% 842 1,336 153.00%

NBIS260814P00177500 8/10/2026 3:58 PM 177.5 8.56 8.30 8.70 -1.23 -12.56% 158 186 152.54%

NBIS260814P00180000 8/10/2026 3:58 PM 180 9.85 9.40 10.00 -1.10 -10.05% 1,296 2,380 153.27%

NBIS260814P00182500 8/10/2026 3:57 PM 182.5 11.00 10.70 11.35 -1.17 -9.61% 130 419 154.47%

NBIS260814P00185000 8/10/2026 3:59 PM 185 12.40 12.10 12.65 -1.00 -7.46% 952 996 154.88%

NBIS260814P00187500 8/10/2026 3:59 PM 187.5 13.82 13.40 14.25 -0.89 -6.05% 366 371 155.52%

NBIS260814P00190000 8/10/2026 3:59 PM 190 15.32 15.00 15.40 -0.92 -5.67% 606 1,436 154.13%

NBIS260814P00192500 8/10/2026 3:59 PM 192.5 16.90 16.50 17.20 -0.45 -2.59% 122 158 155.32%

NBIS260814P00195000 8/10/2026 3:53 PM 195 17.50 18.00 18.95 -1.60 -8.38% 186 639 155.20%

NBIS260814P00197500 8/10/2026 2:16 PM 197.5 19.08 19.40 20.95 -1.81 -8.66% 4 124 155.13%

NBIS260814P00200000 8/10/2026 3:58 PM 200 22.20 21.60 22.70 0.04 0.18% 227 1,358 157.96%

NBIS260814P00202500 8/10/2026 1:52 PM 202.5 22.62 23.40 24.60 -1.68 -6.91% 76 126 158.25%

NBIS260814P00205000 8/10/2026 1:52 PM 205 24.45 25.25 26.50 -1.20 -4.68% 21 387 158.01%

NBIS260814P00207500 8/10/2026 9:30 AM 207.5 28.91 26.85 28.40 1.24 4.48% 3 89 154.83%

NBIS260814P00210000 8/10/2026 3:42 PM 210 27.92 29.30 30.50 -1.48 -5.03% 51 2,113 159.30%

NBIS260814P00212500 8/10/2026 3:54 PM 212.5 29.85 31.40 32.55 -1.97 -6.19% 9 87 159.81%

NBIS260814P00215000 8/10/2026 3:54 PM 215 31.53 33.10 34.95 -2.07 -6.16% 61 506 159.11%

NBIS260814P00217500 8/10/2026 3:14 PM 217.5 34.40 35.65 37.50 -0.48 -1.38% 45 114 167.19%

NBIS260814P00220000 8/10/2026 3:23 PM 220 37.00 37.00 38.95 -0.55 -1.46% 24 6,283 151.42%

NBIS260814P00222500 8/10/2026 10:12 AM 222.5 31.98 40.15 41.65 -8.20 -20.41% 3 49 167.14%

NBIS260814P00225000 8/10/2026 12:33 PM 225 40.15 41.40 44.25 -1.00 -2.43% 8 2,858 160.40%

NBIS260814P00227500 8/10/2026 2:42 PM 227.5 43.00 43.80 46.20 -0.68 -1.56% 8 36 158.11%

NBIS260814P00230000 8/10/2026 1:09 PM 230 45.40 45.50 49.00 -0.45 -0.98% 29 152 156.79%

NBIS260814P00232500 8/10/2026 2:56 PM 232.5 48.02 48.40 51.20 -2.91 -5.71% 12 5 163.72%

NBIS260814P00235000 8/10/2026 3:16 PM 235 50.45 50.40 53.05 -0.43 -0.85% 14 59 149.71%

NBIS260814P00237500 8/6/2026 3:46 PM 237.5 51.25 52.80 55.60 0.00 0.00% - 1 153.61%

NBIS260814P00240000 8/10/2026 12:14 PM 240 54.55 55.95 57.85 0.94 1.75% 4 116 166.11%

NBIS260814P00242500 8/6/2026 1:17 PM 242.5 48.55 57.55 60.15 0.00 0.00% - 16 146.19%

NBIS260814P00245000 8/10/2026 12:35 PM 245 58.05 59.95 63.30 3.60 6.61% 9 53 164.45%

NBIS260814P00247500 8/7/2026 10:01 AM 247.5 64.00 62.35 65.00 0.00 0.00% 2 2 142.77%

NBIS260814P00250000 8/10/2026 2:58 PM 250 64.52 64.80 67.55 -1.69 -2.55% 10 185 146.68%

NBIS260814P00252500 8/10/2026 2:58 PM 252.5 66.95 67.25 69.95 17.50 35.39% 6 20 143.75%

NBIS260814P00255000 8/10/2026 12:17 PM 255 68.15 69.65 72.40 1.40 2.10% 1 40 138.67%

NBIS260814P00257500 8/7/2026 10:47 AM 257.5 75.80 72.10 74.85 0.00 0.00% 30 31 133.98%

NBIS260814P00260000 8/10/2026 11:28 AM 260 72.60 74.60 77.65 3.88 5.65% 2 117 157.42%

NBIS260814P00265000 8/10/2026 2:28 PM 265 79.55 79.55 82.80 22.75 40.05% 5 39 169.34%

NBIS260814P00270000 8/10/2026 3:35 PM 270 83.71 84.45 87.35 1.84 2.25% 7 30 121.88%

NBIS260814P00275000 8/10/2026 1:00 PM 275 87.86 89.40 92.55 29.26 49.93% 2 16 156.25%

NBIS260814P00277500 8/7/2026 10:17 AM 277.5 92.45 91.85 94.55 0.00 0.00% 2 26 237.79%

NBIS260814P00280000 8/6/2026 3:35 PM 280 88.59 94.35 97.00 0.00 0.00% 3 221 239.65%

NBIS260814P00282500 8/7/2026 9:30 AM 282.5 91.10 96.85 99.55 0.00 0.00% 10 30 245.61%

NBIS260814P00285000 8/10/2026 1:00 PM 285 97.57 99.30 102.55 3.82 4.07% 2 1 153.13%

NBIS260814P00290000 8/7/2026 3:18 PM 290 101.38 104.30 107.65 0.00 0.00% 1 4 173.83%

NBIS260814P00292500 8/6/2026 1:17 PM 292.5 94.10 106.75 109.30 0.00 0.00% - 20 248.93%

NBIS260814P00297500 8/7/2026 9:34 AM 297.5 105.84 111.75 115.10 0.00 0.00% 2 1 166.41%

NBIS260814P00300000 8/10/2026 12:59 PM 300 112.52 114.25 117.05 7.67 7.32% 6 8 271.48%

NBIS260814P00305000 8/10/2026 1:01 PM 305 117.12 119.25 122.65 22.42 23.67% 12 30 183.59%

NBIS260814P00310000 8/10/2026 3:00 PM 310 123.80 124.20 126.90 27.80 28.96% 9 1 278.13%

NBIS260814P00315000 8/10/2026 3:00 PM 315 128.70 129.20 132.00 17.75 16.00% 5 1 289.65%

NBIS260814P00325000 8/10/2026 2:32 PM 325 138.87 139.15 141.90 26.77 23.88% 24 28 297.36%

NBIS260814P00340000 8/10/2026 2:59 PM 340 153.85 154.15 157.65 10.85 7.59% 10 22 184.38%

NBIS260814P00350000 8/7/2026 10:46 AM 350 167.80 164.15 167.70 0.00 0.00% 2 8 214.84%

RDDT Reddit, Inc.

158.72 -1.84%

GOOG Alphabet Inc.

355.84 +0.67%

META Meta Platforms, Inc.

594.92 +0.48%

GOOGL Alphabet Inc.

357.52 +0.91%

SNAP Snap Inc.

5.35 +0.38%

SPOT Spotify Technology S.A.

511.82 +4.85%

PINS Pinterest, Inc.

24.37 +2.91%

BIDU Baidu, Inc.

109.50 -0.19%

DJT Trump Media & Technology Group Corp.

9.39 -8.03%

TCEHY Tencent Holdings Limited

61.52 -0.65%

打开原文

微软云增长支撑高额股东回报

重要性4/5 中高

直接涉及MSFT，事实密度高，覆盖云增长、资本回报和传统业务收缩；但数据主要回顾过去五年，部分结论依赖管理层指引与Trefis整理。

标签

标的：`GOOG`, `MSFT`来源：Trefis发布日期：2026-08-10重要性：4/5 中高评级理由：直接涉及MSFT，事实密度高，覆盖云增长、资本回报和传统业务收缩；但数据主要回顾过去五年，部分结论依赖管理层指引与Trefis整理。评级依据：与MSFT直接相关, 财务与业务事实密度高, 部分数据为长期回顾和管理层展望原文字数：824

中文摘要

核心结论

Trefis将微软（MSFT）的高额股东回报归因于云业务和人工智能（AI）基础设施需求，同时指出增长越来越集中于云与AI，Windows、设备和Xbox等传统业务正在收缩。文章的关键检验点是利润率能否承受AI基础设施投入。

重要性评级

评级：4/5（中高）

文章直接涉及MSFT，包含云业务增长、资本回报和传统业务变化等高密度事实；但其核心比较覆盖过去五年，部分结论依赖管理层指引与Trefis整理，时效性低于即时业绩公告。

关键事实

• 过去五年微软向股东返还2230亿美元，其中回购1130亿美元、分红1100亿美元，按绝对金额计为美国公司第三高。
• 2230亿美元相当于微软市值的6.0%，低于标普500公司中位数16.2%；同期微软总回报为83%，标普500为88%。
• 微软年营收已超过3310亿美元，微软云（Microsoft Cloud，云业务集合）营收超过2140亿美元。
• 最新季度Azure及其他云服务营收同比增长43%，管理层称AI基础设施需求持续超过可用产能。
• 管理层预计Windows OEM与设备业务全年收入按高个位数至高十位数下降，Xbox最新季度收入下降10%。
• 全年经营利润率指引为下降不足1个百分点，文章将其作为AI投入回报是否足够的重要观察指标。

作者观点与证据

作者认为微软拥有强劲的现金生成能力，但股东回报并未完全转化为相对市场的超额回报。证据来自公司营收、Azure增速、回购分红金额、股价总回报和管理层对传统业务及利润率的指引。现金回报排名和业务比较由Trefis整理，原文没有给出独立审计口径或完整计算方法；“AI利润覆盖自身增长成本”属于作者的分析框架。

与相关标的的关系

输入元数据列出MSFT与GOOG，正文焦点是MSFT。云与AI需求若延续，可能支持微软云收入和利润增长；传统业务收缩、Azure成本及利润率变化则构成对MSFT估值叙事的约束。文章提及XLK（科技板块交易所交易基金）作为主题产品，但没有提供其成分或资金流证据。

时效性与限制（仅在有新增信息时）

文章发表于美东时间 08/10 18:19（UTC+8 08/11 06:19），但主要数据覆盖过去五年，且部分数字来自管理层展望和Trefis整理。文章末段含有Trefis自有组合推广内容，相关比较不宜视为独立业绩验证。

后续跟踪

• Azure及其他云服务增速与AI基础设施供给释放速度。
• 微软云收入增长对经营利润率的实际影响。
• Windows OEM、设备和Xbox业务的收入变化。
• 回购与分红规模相对市值的变化。

英文原文

Microsoft Stock Runs One Of The Market

Microsoft Stock Runs One Of The Market's Biggest Cash-Return Machines

Trefis Team

Tue, August 11, 2026 at 6:19 AM GMT+8 4 min read

• AMZN

+1.32%

• GOOG

+0.67%

• CRM

+2.47%

• SPGI

+0.67%

• AAPL

-1.53%

Photo by Free-Photos on Pixabay Microsoft showered investors with one of the largest cash returns on the market, but the real story is what that spending says about the tech giant's future.

Over the last five years, Microsoft (MSFT) handed its owners $223 billion in cash, a figure so large it ranks as the 3rd highest among all U.S. companies. While that sum dwarfs the $5.8 billion returned by the median S&P 500 firm in absolute dollars, it equals just 6.0% of Microsoft's entire market value—well below the 16.2% proportion returned by the median firm.

For an owner of the stock, which trades around $499.99 a share after underperforming the market over the last year, this torrent of cash raises a sharp question: With a total return that trailed the index over that five-year period, was this large payout a sign of extraordinary financial strength or a consolation prize for a business in a complex transition?

The payout is powered by a cloud business running at full throttle.

The $223 billion machine is funded by one of the most profitable enterprises on the planet. The cash, split between $113 billion in share repurchases and $110 billion in dividends, flows directly from a business firing on its most important cylinder. The company's annual revenue recently surpassed $331 billion, and its broader Microsoft Cloud business alone is a behemoth with revenue over $214 billion.

In its latest quarter, revenue from Azure and other cloud services grew 43%, a rapid pace for a business of its scale. Demand for its AI infrastructure is so intense that management stated, "Customer demand continues to exceed available capacity." This is the source of the cash, a high-margin, high-growth cloud operation that generates more money than the company currently needs to run its day-to-day operations.

The stock's return lagged the market as legacy segments faded.

Despite the gusher of cash, holding the stock was not a market-beating experience. Over the five-year payout period, Microsoft stock delivered a total return of +83%, a strong result that nonetheless trailed the S&P 500's +88% return. Rather than a sign of underinvestment, the gap highlights a business in two distinct cycles: a booming cloud segment funding the payout, and legacy divisions navigating shifting demand and strategic overhauls.

While the AI-fueled cloud business booms, legacy segments are contracting. Management expects revenue from its Windows OEM and Devices segment to "decline in the high teens for the fiscal year." Its Xbox division saw revenue decrease 10% in the last quarter. This is the honest catch for investors. The enormous capital return coincides with a strategic pivot where growth is becoming highly concentrated in AI and the cloud, while older, foundational businesses are fading. The tension between Microsoft's soaring Azure costs and its profit margins is a key part of this story.

Story Continues

The test is whether AI's profit can cover the cost of its own growth.

The capital-return story is not about a company out of ideas, but one making a large, focused bet on an AI-centric future while managing the slow decline of other divisions. For those holding Microsoft, the question is whether the new growth engine can carry the weight of the whole company.

The single most important metric to watch is how this transition affects profitability. Management has been clear about the scale of investment required. The test of their discipline will be in the bottom line. They have guided that for the full fiscal year, operating margins "should be down less than 1 point." Holding that line would be the clearest signal that the AI bet is profitable enough to power the entire Microsoft machine for years to come, in addition to driving revenue.

Curious which companies write the biggest checks to their owners? Our Buybacks & Dividends ranking sorts every name we track by total cash returned.

Prefer the theme to this single name? A technology ETF like XLK owns the whole group. It is still a concentrated bet on that one theme, though, which is exactly the gap the portfolio below closes.

One Generous Company Is Income. Thirty Is A Plan

A record like this shows what disciplined capital return looks like. It is still one company's discipline, one board's choice, and one industry's cash cycle, and any of the three can change.

The Trefis High Quality (HQ) Portfolio assembles about 30 businesses with exactly the traits that fund durable payouts, consistent cash generation, strong margins, sound balance sheets, and re-balances them by rules. It has a track record of outpacing a benchmark that combines the three major indices - the S&P 500, S&P Mid-cap, and Russell 2000. Take the income lesson; apply it across a portfolio.

打开原文

台积电增长验证AI芯片需求

重要性4/5 中高

台积电销售数据对SOXX及设备股具有直接行业关联，数字清晰且发布时间较近；但文章极短，设备股行情叙述与报价冲突，证据完整度有限。

标签

标的：`SOXX`来源：Yahoo Finance发布日期：2026-08-10重要性：4/5 中高评级理由：台积电销售数据对SOXX及设备股具有直接行业关联，数字清晰且发布时间较近；但文章极短，设备股行情叙述与报价冲突，证据完整度有限。评级依据：与SOXX和半导体设备股直接相关, 台积电营收数据明确, 正文行情叙述存在口径冲突原文字数：258

中文摘要

核心结论

Yahoo Finance以台积电（TSMC）的销售增长说明人工智能（AI）芯片需求仍强，并将ASML、应用材料和泛林集团等设备商列为受益关联标的。文章提供了明确的台积电营收数据，但篇幅很短，设备股“上涨”的叙述与同页收盘报价存在差异。

重要性评级

评级：4/5（中高）

文章直接关联SOXX及半导体设备公司，台积电销售数据的行业指示意义较强；不过正文只有约1分钟阅读量，设备股价格字段与标题叙述不完全一致，因此证据完整度低于正式业绩公告。

关键事实

• 文章发表于美东时间 08/10 09:38（UTC+8 08/10 21:38），称台积电7月营收约145.1亿美元，环比增长5.6%，同比增长44.7%。
• 台积电2026年1月至7月累计营收约891.1亿美元，同比增加37%。
• 台积电上一月公布的二季度营收为402亿美元，同比增长36%，并将2026年营收增长指引提高至超过40%。
• 台积电是全球最大芯片制造商，文章将AI半导体需求列为其业务增长背景。
• 正文称ASML、应用材料（AMAT）和泛林集团（LRCX）股价上涨，但页面报价显示ASML下跌0.43%、LRCX下跌1.59%、AMAT下跌3.16%。
• ASML页面显示的收盘时刻为美东时间 08/10 16:00（UTC+8 08/11 04:00），报价为1733.48美元，下跌7.51美元。

作者观点与证据

作者将台积电销售增长解释为AI硬件需求持续，并据此把设备商列为行业传导对象。台积电营收数字属于公司销售事实，二季度营收和全年指引来自此前公司披露；设备股上涨属于文章叙述，但同页报价形成反向证据，说明价格部分存在时间或数据口径问题。

与相关标的的关系

SOXX可能受到台积电、ASML、AMAT和LRCX权重与行业情绪的共同影响。台积电销售增长支持半导体需求线索，但单月销售无法代表设备商订单、毛利率或SOXX后续表现；设备股报价矛盾也削弱了文章作为即时价格催化证据的可靠性。

时效性与限制（仅在有新增信息时）

文章发布时间接近市场交易日，但正文只提供约1分钟阅读内容，未给出台积电销售公告链接、设备商订单数据或SOXX成分权重。页面收盘报价与“上涨”描述不一致，需以正式行情和公司披露复核。

后续跟踪

• 台积电后续月度销售与季度营收指引。
• ASML、AMAT和LRCX订单、交付与利润率数据。
• SOXX成分股对台积电需求线索的价格和盈利反应。
• AI芯片需求是否扩散至更广泛的非AI终端市场。

英文原文

Chip equipment stocks rise after Taiwan Semiconductor revenue surges 45%

Chip equipment stocks rise after Taiwan Semiconductor revenue surges 45%

Ines Ferré · Senior Business Reporter

Mon, August 10, 2026 at 9:38 PM GMT+8 1 min read

• TSM

-0.37%

• TSMC34.SA

-0.15%

• ASML

-0.43%

• LRCX

-1.59%

• AMAT

-3.16%

What happened: Shares of chip equipment makers rose on Monday, with ASML ( ASML ) leading Applied Materials ( AMAT ) and Lam Research ( LRCX ) higher.

What's behind the move: The companies, which provide advanced semiconductor-making equipment to Taiwan Semiconductor Manufacturing Company ( TSM ), moved higher after TSMC said its revenue jumped 5.6% in July to around $14.51 billion from the prior month and 44.7% from a year earlier.

On an annualized basis, TSMC's revenue for January through July 2026 totaled roughly $89.11 billion, up 37% from the same period in 2025.

( ASML )

Go deeper with AlphaSpace

1,733.48 -7.51 (-0.43%)

At close: August 10 at 4:00:01 PM EDT

ASML LRCX AMAT

What else you need to know: TSMC is the world's largest chipmaker, and its business has boomed, driven by demand for semiconductors used in artificial intelligence.

Last month, the company reported record second quarter revenue of $40.2 billion, up 36% from a year earlier, and raised its 2026 revenue growth forecast to more than 40%.

Ines Ferre is a senior business reporter for Yahoo Finance. Follow her on X at @ines_ferre .

Click here for in-depth analysis of the latest stock market news and events moving stock prices

Read the latest financial and business news from Yahoo Finance

打开原文

Nebius业绩前的需求与估值拉扯

重要性4/5 中高

NBIS财报临近且与输入标的直接相关，文章同时提供需求、产能、融资和估值数据；但实际结果尚未公布，预测与评级来自Zacks研究模型。

标签

标的：`NBIS`来源：Zacks发布日期：2026-08-10重要性：4/5 中高评级理由：NBIS财报临近且与输入标的直接相关，文章同时提供需求、产能、融资和估值数据；但实际结果尚未公布，预测与评级来自Zacks研究模型。评级依据：财报事件临近, 与NBIS直接相关且经营变量具体, 预测和估值证据尚未由实际业绩验证原文字数：1046

中文摘要

核心结论

Zacks预计Nebius（NBIS）将在08/12（未给出具体时刻）美股开盘前公布2026年第二季度业绩，需求、GPU价格和客户管线仍然强劲，但后置产能部署、扩张前置投入和高估值使利润兑现存在较大观察窗口。Zacks模型没有给出本季度超预期信号，文章整体采取谨慎的财报前判断。

重要性评级

评级：4/5（中高）

文章直接涉及NBIS，且财报发布时间临近，提供了市场预期、产能节奏、融资和估值比较。限制是数据主要来自Zacks估计及公司此前电话会，实际二季度结果尚未公布，来源还带有研究机构推广属性。

关键事实

• Zacks预计NBIS二季度每股亏损0.72美元，营收共识为5.851亿美元；分析师过去30天已下调亏损预期。
• Zacks模型给出的盈利意外指数为正13.59%，但Zacks评级为4级“卖出”，模型组合未满足其历史上支持业绩超预期的条件。
• 公司此前表示第一季度可用产能已售罄，需求超过供给，GPU新旧代际均有提价；2026年产能投放后置，新增基础设施上线时间将直接影响二季度收入与利润率。
• 管理层预计二季度调整后息税折旧摊销前利润率低于一季度，原因包括招聘、工程、市场拓展、收购和新产品能力投入先发生，而对应产能和收入稍后释放。
• 第一季度AI云管线环比增长3.5倍并创纪录，覆盖AI原生公司、软件供应商和企业客户；管理层称胜率、销售周期和平均售价均有改善。
• 07/17公司宣布约7.75亿美元的高级担保债务融资，用于全球GPU部署和计算容量扩张；07/15推出允许基础设施伙伴在自有数据中心部署平台的轻资产AI云模式。
• NBIS过去一年上涨167.6%，同期Zacks计算机与科技板块上涨32.2%，互联网软件服务行业上涨15.2%，标普500上涨25.7%。
• NBIS市净率为6.57倍，高于互联网软件服务行业的3.95倍；文中列出的NVDA、MSFT和CRWV市净率分别为27.73倍、8.39倍和8.53倍。

作者观点与证据

Zacks把需求、价格和管线视为NBIS经营端的支持因素，把产能上线时点、扩张投入造成的利润率压力和估值作为主要不确定性。证据包括市场一致预期、Zacks模型、公司此前管理层表述、融资公告和估值比较。实际财报尚未披露，模型评级与预测属于分析机构观点，不能替代公司公告或审计财务数据。

与相关标的的关系

NBIS是直接标的，财报将检验AI云需求是否能转化为收入、现金流和利润率。NVDA、CRWV和MSFT是文章用于业绩表现或估值比较的同业或关联公司；GPU价格与供给、客户预付款、基础设施投放速度也会影响整个AI云基础设施链条，但文章没有提供这些公司的订单交叉验证。

时效性与限制（仅在有新增信息时）

文章发表于美东时间 08/10 09:20（UTC+8 08/10 21:20），财报安排在08/12（未给出具体时刻）美股开盘前。文章使用的是财报前共识、公司历史表述和Zacks模型，且原文含有研究产品推广内容；过去一年涨幅和市净率会随股价与财务数据变化。

后续跟踪

• 二季度实际营收、亏损和调整后利润率。
• 新GPU基础设施上线节奏与产能利用率。
• AI云管线转化、客户预付款和定价变化。
• 7.75亿美元债务融资后的资本开支、现金流与杠杆变化。

英文原文

Should You Buy, Hold or Sell Nebius Stock Before Q2 Earnings Release?

Should You Buy, Hold or Sell Nebius Stock Before Q2 Earnings Release?

Shivangi Deora

Mon, August 10, 2026 at 9:20 PM GMT+8 5 min read

• NBIS

-2.05%

Nebius Group N.V. NBIS will report second-quarter 2026 results on Wednesday, before market open.

The Zacks Consensus Estimate for loss for the to-be-reported quarter is pegged at 72 cents. Analysts have revised their estimates downward for NBIS' bottom line over the past 30 days. The consensus estimate for total revenues is pinned at $585.1 million.

What Our Model Predicts for NBIS

Our proven model does not predict an earnings beat for NBIS this time around. The combination of a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy), or 3 (Hold) increases the chances of an earnings beat. That is not the case here. You can uncover the best stocks to buy or sell before they are reported with our Earnings ESP Filter.

NBIS has an Earnings ESP of +13.59% and a Zacks Rank #4 (Sell).

You can see the complete list of today's Zacks #1 Rank stocks here .

Factors to Note Ahead of NBIS' Q2 Earnings

Strong demand and continued capacity utilization are expected to have been key drivers of Nebius Group's second-quarter performance. On the last earnings call, management highlighted that the company continued to sell out its available capacity in the first quarter, with demand exceeding supply, and expects this trend to continue. Utilization is currently not limiting growth, while strong demand is supporting pricing gains. The company continues to see strong pricing across both older and newer GPU generations and has raised prices again, while still selling out across all chip types at higher prices.

Capacity availability will be a key factor for second-quarter revenue. However, the deployment schedule of new infrastructure is expected to influence the upcoming results. The company said its 2026 capacity rollout is back-end weighted, meaning the timing of capacity coming online will have a direct impact on quarterly revenue and profitability.

Second-quarter margins are expected to have faced pressure from investments made ahead of capacity expansion. Management expects second-quarter adjusted EBITDA margins to be lower than the first-quarter level, primarily because investments in hiring, engineering, go-to-market activities, acquisitions and new product capabilities are already reflected in the cost base, while the capacity and revenue associated with these investments are being deployed later. Management highlighted this as a timing dynamic rather than a structural change in the business.

Customer demand and pipeline conversion could have provided further support in the quarter. AI cloud pipeline generation increased 3.5 times sequentially in the first quarter, reaching a record level. Management said the pipeline covers core AI cloud and Token Factory products across AI-native companies, software vendors and enterprises. Solid win rates, faster sales cycles and higher average selling prices are also supporting the conversion of opportunities into business.

Story Continues

Zacks Investment Research

Image Source: Zacks Investment Research

Customer prepayments are another factor to watch in the second quarter. Nebius highlighted that prepayments have become increasingly significant, with customers, including hyperscalers, paying in advance to secure future capacity. The company stated that this improves its working capital position and provides greater flexibility around its external financing requirements.

The company's inference business could also have contributed to its second-quarter momentum. On the last earnings call, management described inference as the fastest-growing segment in its stack and said Token Factory is currently its primary inference product, with good product-market fit. The company continues to expand its software capabilities to support growing workloads and customer requirements.

Nebius Group N.V. Price and Consensus

Nebius Group N.V. Price and Consensus Nebius Group N.V. price-consensus-chart | Nebius Group N.V. Quote

Overall, the company's second-quarter results are expected to be shaped primarily by the level of demand, GPU pricing, available capacity, the timing of infrastructure deployment and the impact of ongoing investments on margins. Management expects the quarter to reflect the timing of these investments and capacity additions, while maintaining confidence in the underlying strength of the business.

Key Developments

On July 17, 2026, Nebius strengthened its AI infrastructure strategy by announcing its first senior secured debt facility of approximately $775 million, providing capital to accelerate global GPU deployment, expand compute capacity and support long-term growth with reduced reliance on equity financing.

On July 15, 2026, Nebius introduced an asset-light AI cloud model that enables infrastructure partners to deploy its platform in their own data centers, allowing the company to scale AI capacity faster, reduce capital intensity and strengthen its competitive position.

NBIS Stock Performance

Nebius shares have surged 167.6% over the past year, outperforming the  Zacks Computer & Technology sector and the Zacks Internet Software Services industry's growth of 32.2% and 15.2%, respectively. The S&P 500 Composite has returned 25.7% over the same time frame.

Zacks Investment Research

Image Source: Zacks Investment Research

The company has also outpaced its peers, NVIDIA Corporation NVDA, CoreWeave, Inc. CRWV and Microsoft Corporation MSFT. Shares of NVIDIA have surged 23.1%, while CoreWeave and Microsoft declined 35.1% and 3.4%, respectively, in the same period.

NBIS' Stretched Valuation

NBIS stock is not so cheap, as its Value Style Score of F suggests a stretched valuation at this moment.

In terms of Price/Book, NBIS shares are trading at 6.57X, higher than the Internet Software Services industry's 3.95X, indicating more risk than opportunity.

Zacks Investment Research

Image Source: Zacks Investment Research

In comparison, NVDA, MSFT and CRWV trade at multiples of 27.73X, 8.39X and 8.53X, respectively.

What to Do With NBIS Stock Before Q2 Earnings?

Nebius' strong AI demand, pricing gains and growing customer pipeline bode well, but capacity deployment timing, investment-driven margin pressure and a stretched valuation remain concerns.

Investors should wait for a better entry point before buying NBIS stock, particularly given the sharp run-up and elevated valuation ahead of earnings.

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This article originally published on Zacks Investment Research (zacks.com).

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打开原文

BTC期货24小时回落

重要性4/5 中高

数据新鲜且直接对应 BTC，但原始载荷只覆盖 BTC 价格成交，缺少 ETH、SOL、Funding 和 OI，证据范围受限。

标签

标的：`BTCUSDT,ETHUSDT,SOLUSDT`来源：Binance Futures public REST发布日期：未提供发布时间重要性：4/5 中高评级理由：数据新鲜且直接对应 BTC，但原始载荷只覆盖 BTC 价格成交，缺少 ETH、SOL、Funding 和 OI，证据范围受限。评级依据：timeliness, evidence_strength, source_quality原文字数：1

中文摘要

核心结论

币安美元稳定币保证金期货公开接口的快照显示，BTCUSDT 24 小时价格下行：最新价为 64,113.10 美元，较开盘价下跌 853.80 美元或 1.314%。输入标题提及 BTC、ETH、SOL、Funding（资金费率）和 OI（未平仓量），但原始载荷只返回 BTCUSDT 的 24 小时行情字段，无法覆盖其余标的或衍生品指标。

重要性评级

评级：4/5（中高）。数据检索时间较新，且 BTCUSDT 直接对应加密货币日报；但单一交易对载荷缺少 ETH、SOL、资金费率和未平仓量，市场结构信息不完整。

关键事实

• 快照检索时间为美东时间 08/10 23:18（UTC+8 08/11 11:18），原始载荷中的交易对为 BTCUSDT。
• 最新价为 64,113.10 美元，24 小时开盘价为 64,966.90 美元，价格变动为 -853.80 美元，变动幅度为 -1.314%。
• 24 小时最高价为 65,348.40 美元，最低价为 63,788.00 美元，加权平均价为 64,432.94 美元。
• 24 小时成交量为 119,157.867 BTC，成交额为 7,677,691,118.96 美元，成交笔数为 2,103,742。
• 原始载荷没有 ETHUSDT、SOLUSDT 的价格字段，也没有 Funding 或 OI 字段。

作者观点与证据

该条目没有叙述性作者观点，证据来自币安公开接口返回的 BTCUSDT 24 小时统计字段。价格回落、区间、成交量和成交笔数属于直接事实；接口没有提供造成价格变化的新闻、事件归因或交易者持仓解释。

与相关标的的关系

BTCUSDT 是当前载荷直接覆盖的标的，数据可用于描述币安美元稳定币保证金期货市场中的 BTC 近 24 小时价格与成交活动。ETH 和 SOL 仅出现在输入元数据的相关标的列表中，当前快照没有形成对应证据；Funding 和 OI 同样缺失。

时效性与限制

该条目没有发布日期，检索时间为美东时间 08/10 23:18（UTC+8 08/11 11:18）。24 小时变动是接口截至该快照时点的滚动统计，不能替代更长周期价格历史。数据源只代表币安合约市场，且本次原始载荷字段不完整。

后续跟踪

• 重新获取 BTCUSDT 的价格、资金费率和未平仓量，确认价格变化与合约持仓结构是否同步。
• 补齐 ETHUSDT 和 SOLUSDT 的同口径价格、Funding 和 OI 字段。
• 对比下一次快照中的价格区间、成交量和成交笔数变化。
• 将币安合约数据与其他市场来源分开记录，保持市场覆盖边界清晰。

英文原文

Binance Futures：BTC、ETH、SOL 24小时行情、Funding、OI与成交量

{"closeTime":1786418281180,"count":2103742,"firstId":7962587113,"highPrice":"65348.40","lastId":7964697555,"lastPrice":"64113.10","lastQty":"0.004","lowPrice":"63788.00","openPrice":"64966.90","openTime":1786331880000,"priceChange":"-853.80","priceChangePercent":"-1.314","quoteVolume":"7677691118.96","symbol":"BTCUSDT","volume":"119157.867","weightedAvgPrice":"64432.94"}

美股事实摘要

• 报价事实：上涨 6 / 下跌 12 / 震荡 0；广度 33.33%；平均较前交易日 -2.42%。
• 公开新闻/财报讨论覆盖：18 / 18 个标的；新闻条目 144 条。

公开数据对照

标的	IBKR 当前价	K线收盘	K线来源	差异	5D	20D	K线行数
MSFT	506.25	506.06	Yahoo Finance chart API	+0.04%	+3.78%	+29.43%	162
NVDA	218.91	217.55	Yahoo Finance chart API	+0.63%	+5.28%	+6.89%	281
MRVL	210.78	208.56	Yahoo Finance chart API	+1.06%	+7.63%	-4.12%	162
GFS	50.47	50.05	Yahoo Finance chart API	+0.84%	+0.08%	-21.72%	162
APLD	29.27	29.06	Yahoo Finance chart API	+0.72%	-1.46%	+0.76%	162
USAR	17.51	19.04	Yahoo Finance chart API	-8.04%	+20.05%	+10.63%	162
SOXX	534.50	529.39	Yahoo Finance chart API	+0.97%	+4.28%	-4.37%	283
SOXL	133.75	130.00	Yahoo Finance chart API	+2.88%	+11.39%	-21.39%	162
FTXL	230.04	229.20	Yahoo Finance chart API	+0.37%	+4.85%	-5.14%	283
PSI	144.08	142.56	Yahoo Finance chart API	+1.06%	+2.50%	-6.01%	283
DRAM	50.60	49.60	Yahoo Finance chart API	+2.02%	-2.99%	-13.44%	89
KMEM	16.19	16.08	Yahoo Finance chart API	+0.72%	-4.09%	-15.22%	28
VRT	272.69	270.10	Yahoo Finance chart API	+0.96%	+2.68%	-11.69%	281
COHR	327.39	325.15	Yahoo Finance chart API	+0.69%	+12.84%	+5.78%	280
CRCL	66.94	67.05	Yahoo Finance chart API	-0.16%	+11.10%	+6.43%	279
SPCX	136.63	138.74	Yahoo Finance chart API	-1.52%	+21.14%	-0.29%	40
GOOG	356.15	355.84	Yahoo Finance chart API	+0.09%	-4.46%	+1.47%	162
NBIS	186.70	184.11	Yahoo Finance chart API	+1.41%	-13.39%	-12.54%	162

期权链事实

观察标的：MSFT, NVDA, MRVL, GFS, APLD, USAR, SOXX, SOXL, FTXL, PSI, DRAM, KMEM, VRT, COHR, CRCL, SPCX, GOOG, SPY, QQQ, NBIS

来源：Yahoo Finance 公开期权链

覆盖：19 / 20 个观察标的。

标的	ATM IV	Put/Call Vol	Put/Call OI	Max Pain	最大OI	期限结构	Vol/OI异常	大单数	新闻数
MSFT	28.78%	0.13	0.52	485.00	C 510.00 (52,786) / P 300.00 (7,164)	8D 28.78% / 31D 28.80% / 66D 29.64% / 101D 32.66%	4		5
NVDA	35.05%	0.48	0.82	215.00	C 180.00 (105,751) / P 180.00 (48,938)	8D 35.05% / 31D 40.67% / 66D 39.54% / 101D 41.26%	7		5
MRVL	79.83%	0.44	0.91	200.00	C 250.00 (15,321) / P 100.00 (8,786)	10D 79.83% / 31D 88.30% / 66D 83.71% / 101D 82.26%	3		5
GFS	66.43%	0.41	0.66	55.00	C 70.00 (19,016) / P 50.00 (2,494)	10D 66.43% / 38D 66.04% / 66D 66.89% / 157D 71.48%	0	0	5
APLD	90.63%	0.36	0.45	30.00	C 35.00 (18,372) / P 30.00 (4,272)	10D 90.63% / 31D 85.30% / 45D 94.14% / 66D 97.71%	1	0	5
USAR	110.01%	0.30	0.86	17.50	C 23.00 (8,644) / P 16.00 (8,067)	10D 110.01% / 31D 100.88% / 45D 99.05% / 129D 100.32%	0	0	5
SOXX	49.01%	0.55	1.38	525.00	C 550.00 (13,764) / P 490.00 (11,059)	10D 49.01% / 31D 51.35% / 66D 50.83% / 101D 51.88%	6		5
SOXL	143.52%	3.52	2.50	110.00	C 200.00 (2,936) / P 20.00 (12,248)	10D 143.52% / 31D 141.78% / 45D 145.18% / 101D 146.42%	5	0	5
FTXL	52.17%	0.30	0.38	225.00	C 280.00 (141) / P 280.00 (68)	10D 52.17% / 38D 0.39% / 129D 56.06% / 220D 58.17%	0	0	5
PSI	53.10%	0.21	0.18	145.00	C 205.00 (1,150) / P 135.00 (62)	10D 53.10% / 38D 52.43% / 101D 52.93% / 192D 53.76%	0	0	5
DRAM	74.63%	0.65	0.63	60.00	C 60.00 (107,727) / P 60.00 (50,941)	10D 74.63% / 31D 71.46% / 66D 72.96% / 101D 72.68%	1	0	5
VRT	65.67%	5.06	2.08	290.00	C 400.00 (2,798) / P 210.00 (24,835)	10D 65.67% / 31D 61.29% / 66D 63.19% / 101D 67.30%	0		5
COHR	111.11%	0.83	1.22	320.00	C 380.00 (2,354) / P 240.00 (2,317)	10D 111.11% / 31D 94.58% / 66D 93.34% / 101D 95.23%	1		5
CRCL	78.70%	0.57	0.78	71.00	C 80.00 (7,970) / P 75.00 (7,175)	10D 78.70% / 31D 78.17% / 66D 80.60% / 129D 82.57%	0	0	5
SPCX	84.94%	0.69	0.99	135.00	C 450.00 (51,799) / P 125.00 (40,711)	10D 84.94% / 31D 77.48% / 66D 74.43% / 101D 74.77%	8		5
GOOG	31.25%	0.40	0.92	360.00	C 370.00 (12,919) / P 350.00 (11,526)	10D 31.25% / 31D 31.86% / 66D 31.79% / 101D 34.26%	1	0	5
SPY	10.90%	4.03	4.09	771.00	C 783.00 (20,754) / P 525.00 (301,019)	7D 10.90% / 31D 13.09% / 66D 14.42% / 80D 14.89%	8		0
QQQ	18.02%	1.02	1.32	720.00	C 700.00 (18,550) / P 680.00 (21,077)	7D 18.02% / 31D 20.58% / 66D 21.72% / 80D 22.21%	8		0
NBIS	124.60%	0.93	1.04	200.00	C 250.00 (28,942) / P 120.00 (17,950)	10D 124.60% / 31D 110.05% / 66D 108.39% / 101D 109.76%	1		5

最新大单 / 异常成交

大单活动只保留最近一次成功的 Yahoo 期权链快照，不是逐笔成交 tape。 当前显示：本次快照 Top 80。

观察时间	标的	合约	方向	Strike	到期	Volume	OI	IV	Vol/OI	估算权利金
2026-08-11 03:02:19.171Z	MSFT	MSFT261016C00510000	call	510.00	2026-10-16	63,546	52,786	30.62%	1.20	$154,416,780
2026-08-11 03:02:19.171Z	MSFT	MSFT261016C00550000	call	550.00	2026-10-16	56,878	3,998	29.98%	14.23	$58,726,535
2026-08-11 03:02:19.171Z	MSFT	MSFT261016C00460000	call	460.00	2026-10-16	2,646	5,010	34.48%	0.53	$14,949,900
2026-08-11 03:02:19.171Z	QQQ	QQQ261016C00360000	call	360.00	2026-10-16	400	400	87.26%	1.00	$14,527,800
2026-08-11 03:02:19.171Z	SPCX	SPCX260821C00115000	call	115.00	2026-08-21	3,934	9,846	81.30%	0.40	$9,638,300
2026-08-11 03:02:19.171Z	SPCX	SPCX260821C00130000	call	130.00	2026-08-21	7,447	17,327	83.47%	0.43	$9,606,630
2026-08-11 03:02:19.171Z	SPY	SPY261030C00689000	call	689.00	2026-10-30	1,029	35	28.61%	29.40	$9,572,273
2026-08-11 03:02:19.171Z	SPCX	SPCX260821C00135000	call	135.00	2026-08-21	8,603	21,024	84.38%	0.41	$8,603,000
2026-08-11 03:02:19.171Z	SPCX	SPCX260821C00140000	call	140.00	2026-08-21	10,238	12,698	85.69%	0.81	$7,832,070
2026-08-11 03:02:19.171Z	MSFT	MSFT261120P00510000	put	510.00	2026-11-20	2,070	46	30.65%	45.00	$7,074,225
2026-08-11 03:02:19.171Z	SPY	SPY261016P00630000	put	630.00	2026-10-16	40,056	1,686	28.19%	23.76	$6,228,708
2026-08-11 03:02:19.171Z	SPY	SPY261030C00688000	call	688.00	2026-10-30	608	69	28.76%	8.81	$5,712,464
2026-08-11 03:02:19.171Z	SPCX	SPCX260821C00120000	call	120.00	2026-08-21	2,840	20,775	77.88%	0.14	$5,680,000
2026-08-11 03:02:19.171Z	SPCX	SPCX260821C00150000	call	150.00	2026-08-21	11,732	33,227	89.38%	0.35	$5,162,080
2026-08-11 03:02:19.171Z	QQQ	QQQ261016P00700000	put	700.00	2026-10-16	3,036	9,745	21.42%	0.31	$5,098,962
2026-08-11 03:02:19.171Z	SPCX	SPCX261016C00120000	call	120.00	2026-10-16	1,821	10,601	75.78%	0.17	$5,039,618
2026-08-11 03:02:19.171Z	NBIS	NBIS260821C00190000	call	190.00	2026-08-21	3,491	4,656	126.68%	0.75	$4,747,760
2026-08-11 03:02:19.171Z	MRVL	MRVL260821P00390000	put	390.00	2026-08-21	255	0	190.82%	N/A	$4,614,225
2026-08-11 03:02:19.171Z	QQQ	QQQ261016C00730000	call	730.00	2026-10-16	1,911	8,087	22.88%	0.24	$4,573,023
2026-08-11 03:02:19.171Z	NVDA	NVDA261016C00220000	call	220.00	2026-10-16	3,209	84,911	41.35%	0.04	$4,532,713
2026-08-11 03:02:19.171Z	MSFT	MSFT261120C00510000	call	510.00	2026-11-20	1,304	1,752	34.71%	0.74	$4,511,840
2026-08-11 03:02:19.171Z	NBIS	NBIS260821P00180000	put	180.00	2026-08-21	3,337	7,405	121.72%	0.45	$4,454,895
2026-08-11 03:02:19.171Z	QQQ	QQQ261030P00780000	put	780.00	2026-10-30	648	1	16.57%	648.00	$4,063,932
2026-08-11 03:02:19.171Z	QQQ	QQQ261016P00690000	put	690.00	2026-10-16	2,862	4,876	22.20%	0.59	$4,013,955
2026-08-11 03:02:19.171Z	SOXX	SOXX260821C00500000	call	500.00	2026-08-21	1,032	802	52.99%	1.29	$3,828,720
2026-08-11 03:02:19.171Z	SPY	SPY261030C00693000	call	693.00	2026-10-30	423	83	28.01%	5.10	$3,778,448
2026-08-11 03:02:19.171Z	SPCX	SPCX260821C00145000	call	145.00	2026-08-21	6,432	16,838	87.30%	0.38	$3,730,560
2026-08-11 03:02:19.171Z	SPY	SPY261030C00695000	call	695.00	2026-10-30	418	209	27.71%	2.00	$3,656,873
2026-08-11 03:02:19.171Z	QQQ	QQQ261016C00750000	call	750.00	2026-10-16	2,384	15,703	21.63%	0.15	$3,580,768
2026-08-11 03:02:19.171Z	SPCX	SPCX261120C00135000	call	135.00	2026-11-20	1,453	763	77.20%	1.90	$3,494,465
2026-08-11 03:02:19.171Z	QQQ	QQQ260911C00715000	call	715.00	2026-09-11	1,560	478	22.69%	3.26	$3,466,320
2026-08-11 03:02:19.171Z	QQQ	QQQ261030P00785000	put	785.00	2026-10-30	514	154	16.78%	3.34	$3,444,571
2026-08-11 03:02:19.171Z	MSFT	MSFT261016C00570000	call	570.00	2026-10-16	5,147	17,661	30.07%	0.29	$3,255,478
2026-08-11 03:02:19.171Z	NVDA	NVDA261120P00220000	put	220.00	2026-11-20	1,718	2,508	38.76%	0.69	$3,251,315
2026-08-11 03:02:19.171Z	SPCX	SPCX261016C00150000	call	150.00	2026-10-16	2,350	11,875	76.97%	0.20	$3,243,000
2026-08-11 03:02:19.171Z	NVDA	NVDA260819C00225000	call	225.00	2026-08-19	16,513	10,268	34.92%	1.61	$3,236,548
2026-08-11 03:02:19.171Z	QQQ	QQQ261030P00770000	put	770.00	2026-10-30	542	9	17.16%	60.22	$3,023,276
2026-08-11 03:02:19.171Z	SPCX	SPCX261120P00135000	put	135.00	2026-11-20	1,571	1,902	73.01%	0.83	$3,004,538
2026-08-11 03:02:19.171Z	SPY	SPY261016P00735000	put	735.00	2026-10-16	3,895	3,507	16.66%	1.11	$2,948,515
2026-08-11 03:02:19.171Z	SPCX	SPCX261016C00125000	call	125.00	2026-10-16	1,172	2,575	75.24%	0.46	$2,886,050
2026-08-11 03:02:19.171Z	NVDA	NVDA260911C00180000	call	180.00	2026-09-11	714	77	51.73%	9.27	$2,793,525
2026-08-11 03:02:19.171Z	SPY	SPY261016C00650000	call	650.00	2026-10-16	210	94	35.42%	2.23	$2,689,155
2026-08-11 03:02:19.171Z	VRT	VRT260821P00250000	put	250.00	2026-08-21	6,511	6,247	63.48%	1.04	$2,653,233
2026-08-11 03:02:19.171Z	SPCX	SPCX260821C00134000	call	134.00	2026-08-21	2,484	813	84.33%	3.06	$2,620,620
2026-08-11 03:02:19.171Z	SPY	SPY261016P00770000	put	770.00	2026-10-16	1,619	4,511	13.33%	0.36	$2,600,114
2026-08-11 03:02:19.171Z	NBIS	NBIS260821C00200000	call	200.00	2026-08-21	2,508	7,257	127.15%	0.35	$2,533,080
2026-08-11 03:02:19.171Z	SPCX	SPCX260821C00160000	call	160.00	2026-08-21	9,895	37,170	93.63%	0.27	$2,503,435
2026-08-11 03:02:19.171Z	COHR	COHR260911C00360000	call	360.00	2026-09-11	1,002	419	99.11%	2.39	$2,494,980
2026-08-11 03:02:19.171Z	SPCX	SPCX261016C00135000	call	135.00	2026-10-16	1,247	3,428	76.39%	0.36	$2,459,708
2026-08-11 03:02:19.171Z	NVDA	NVDA261120C00250000	call	250.00	2026-11-20	2,964	22,848	41.90%	0.13	$2,437,890
2026-08-11 03:02:19.171Z	SPCX	SPCX260821C00170000	call	170.00	2026-08-21	16,191	10,123	98.39%	1.60	$2,428,650
2026-08-11 03:02:19.171Z	SPCX	SPCX261016P00135000	put	135.00	2026-10-16	1,582	6,387	72.99%	0.25	$2,404,640
2026-08-11 03:02:19.171Z	MSFT	MSFT261120C00550000	call	550.00	2026-11-20	1,263	4,437	33.33%	0.28	$2,371,282
2026-08-11 03:02:19.171Z	SPY	SPY261016C00300000	call	300.00	2026-10-16	50	59	100.29%	0.85	$2,370,100
2026-08-11 03:02:19.171Z	SPCX	SPCX260821C00125000	call	125.00	2026-08-21	1,383	12,514	81.35%	0.11	$2,243,918
2026-08-11 03:02:19.171Z	NVDA	NVDA261120C00180000	call	180.00	2026-11-20	504	6,765	50.22%	0.07	$2,241,540
2026-08-11 03:02:19.171Z	MRVL	MRVL261016P00370000	put	370.00	2026-10-16	135	135	72.85%	1.00	$2,194,425
2026-08-11 03:02:19.171Z	NVDA	NVDA261016C00210000	call	210.00	2026-10-16	1,120	13,471	42.57%	0.08	$2,178,400
2026-08-11 03:02:19.171Z	SPCX	SPCX261016C00140000	call	140.00	2026-10-16	1,241	3,545	75.88%	0.35	$2,156,238
2026-08-11 03:02:19.171Z	SPCX	SPCX260821P00130000	put	130.00	2026-08-21	5,105	14,520	82.76%	0.35	$2,093,050
2026-08-11 03:02:19.171Z	MSFT	MSFT261016C00545000	call	545.00	2026-10-16	1,773	628	30.25%	2.82	$2,065,545
2026-08-11 03:02:19.171Z	SPCX	SPCX261016P00110000	put	110.00	2026-10-16	3,910	11,606	73.94%	0.34	$2,052,750
2026-08-11 03:02:19.171Z	SPCX	SPCX261016P00130000	put	130.00	2026-10-16	1,587	13,970	72.96%	0.11	$2,011,523
2026-08-11 03:02:19.171Z	SPY	SPY261030C00698000	call	698.00	2026-10-30	235	90	27.26%	2.61	$1,991,155
2026-08-11 03:02:19.171Z	MSFT	MSFT261120P00525000	put	525.00	2026-11-20	465	11	30.27%	42.27	$1,976,250
2026-08-11 03:02:19.171Z	MRVL	MRVL260821P00400000	put	400.00	2026-08-21	102	0	191.89%	N/A	$1,946,925
2026-08-11 03:02:19.171Z	NVDA	NVDA261120C00175000	call	175.00	2026-11-20	401	1,553	50.19%	0.26	$1,945,853
2026-08-11 03:02:19.171Z	SPCX	SPCX261016C00155000	call	155.00	2026-10-16	1,581	760	77.20%	2.08	$1,932,772
2026-08-11 03:02:19.171Z	MSFT	MSFT261120P00660000	put	660.00	2026-11-20	94	0	0.00%	N/A	$1,871,070
2026-08-11 03:02:19.171Z	SPCX	SPCX261016C00200000	call	200.00	2026-10-16	4,257	11,430	81.46%	0.37	$1,862,438
2026-08-11 03:02:19.171Z	SPCX	SPCX261016P00125000	put	125.00	2026-10-16	1,773	3,450	72.95%	0.51	$1,843,920
2026-08-11 03:02:19.171Z	NVDA	NVDA261016C00200000	call	200.00	2026-10-16	707	7,202	44.05%	0.10	$1,827,595
2026-08-11 03:02:19.171Z	QQQ	QQQ261016P00865000	put	865.00	2026-10-16	130	0	0.00%	N/A	$1,807,975
2026-08-11 03:02:19.171Z	QQQ	QQQ261016P00660000	put	660.00	2026-10-16	2,197	11,800	24.73%	0.19	$1,805,934
2026-08-11 03:02:19.171Z	SPY	SPY261016P00750000	put	750.00	2026-10-16	1,751	7,687	15.13%	0.23	$1,796,526
2026-08-11 03:02:19.171Z	NVDA	NVDA261016C00215000	call	215.00	2026-10-16	1,076	16,269	41.96%	0.07	$1,791,540
2026-08-11 03:02:19.171Z	SOXX	SOXX261120P00630000	put	630.00	2026-11-20	150	189	47.53%	0.79	$1,771,500
2026-08-11 03:02:19.171Z	MRVL	MRVL260821P00370000	put	370.00	2026-08-21	110	0	173.58%	N/A	$1,769,625
2026-08-11 03:02:19.171Z	SPCX	SPCX261016C00160000	call	160.00	2026-10-16	1,630	13,246	77.56%	0.12	$1,768,550
2026-08-11 03:02:19.171Z	NVDA	NVDA261016P00215000	put	215.00	2026-10-16	1,386	5,394	38.16%	0.26	$1,763,685

技术指标事实

标的	类型	Benchmark	最新价	Strength	日线九转	1H 支撑 / 压力	4H 支撑 / 压力	1D 支撑 / 压力	数据限制
MSFT	美股/ETF	SPY	505.3300	24.76	高序列第9根已完成，延续1根	505.1026 (-0.04%；MA20/布林中轨/摆动低点) / 512.9741 (+1.51%；布林上轨/摆动高点/区间极值)	503.7157 (-0.32%；MA10/MA5/摆动高点) / 513.0945 (+1.54%；布林上轨/摆动高点/区间极值)	497.2360 (-1.74%；MA5) / 513.7300 (+1.52%；区间极值)	-
NVDA	美股/ETF	SPY	217.9900	2.61	高序列第7根	216.7029 (-0.59%；摆动低点/布林下轨/摆动高点) / 218.9434 (+0.44%；摆动低点/MA5/MA10)	217.0000 (-0.45%；摆动低点) / 218.6595 (+0.31%；MA20/布林中轨)	213.7275 (-1.76%；摆动高点) / 217.6940 (+0.07%；摆动高点/摆动低点/MA5)	-
MRVL	美股/ETF	SPY	208.7300	3.25	低序列第1根	208.5140 (-0.10%；摆动低点/MA5) / 211.0907 (+1.13%；摆动低点/MA10)	205.8332 (-1.39%；摆动低点/MA30/布林下轨) / 214.6543 (+2.84%；MA20/布林中轨/MA5)	201.7400 (-3.27%；摆动低点) / 214.2030 (+2.71%；MA5/摆动高点)	-
GFS	美股/ETF	SPY	50.1300	-20.19	低序列第1根	49.8933 (-0.47%；摆动低点/摆动高点) / 50.3127 (+0.36%；MA5/摆动低点)	47.8438 (-4.56%；布林下轨) / 50.6700 (+1.08%；摆动低点)	48.0000 (-4.10%；摆动低点) / 50.1800 (+0.26%；MA10)	-
APLD	美股/ETF	SPY	29.0100	-5.98	低序列第2根	28.8020 (-0.72%；摆动低点/布林下轨) / 29.2790 (+0.93%；MA5/MA10/MA30)	28.6606 (-1.20%；MA60) / 29.0854 (+0.26%；摆动低点/摆动高点/MA10)	28.2369 (-2.83%；MA20/布林中轨/MA10) / 29.8144 (+2.60%；MA5/MA30/摆动低点)	-
USAR	美股/ETF	SPY	17.3300	7.86	高序列第8根	17.3064 (-0.14%；摆动低点/摆动高点/布林下轨) / 17.5600 (+1.33%；摆动高点)	17.1518 (-1.03%；MA120) / 17.8710 (+3.12%；摆动高点/MA20/布林中轨)	18.0440 (-5.23%；MA5) / 19.3160 (+1.45%；摆动高点/布林上轨/摆动低点)	-
SOXX	美股/ETF	SPY	529.1600	-4.08	低序列第1根	528.5139 (-0.12%；摆动低点/布林下轨/MA120) / 534.3581 (+0.98%；摆动低点/MA10/摆动高点)	524.1016 (-0.96%；摆动低点/MA60/布林下轨) / 535.0724 (+1.12%；摆动低点/摆动高点/MA20)	527.6990 (-0.32%；MA20/布林中轨) / 534.6520 (+0.99%；摆动高点/MA5/摆动低点)	-
SOXL	美股/ETF	SPY	129.7700	-15.66	低序列第1根	126.3447 (-2.64%；摆动低点/布林下轨) / 129.9330 (+0.13%；摆动低点/MA5)	129.2213 (-0.42%；MA30) / 132.0099 (+1.73%；摆动低点/MA60)	122.2230 (-5.98%；MA10) / 130.1200 (+0.09%；摆动高点)	-
FTXL	美股/ETF	SPY	228.3400	-6.10	低序列第1根	225.4412 (-1.27%；MA120) / 229.9380 (+0.70%；摆动低点/MA5/MA10)	227.0413 (-0.57%；MA30/MA60) / 229.9533 (+0.71%；摆动高点/摆动低点)	223.2170 (-2.61%；MA10/摆动低点) / 229.3583 (+0.07%；MA20/布林中轨/摆动低点)	-
PSI	美股/ETF	SPY	144.0700	-6.00	低序列第1根	143.2613 (-0.56%；摆动低点/MA120/MA5) / 145.2469 (+0.82%；摆动低点/摆动高点/MA60)	142.6991 (-0.95%；布林下轨/摆动低点/MA60) / 145.8170 (+1.21%；摆动高点/MA20/布林中轨)	141.7200 (-0.59%；摆动低点) / 143.7733 (+0.85%；摆动低点/MA20/布林中轨)	-
DRAM	美股/ETF	SPY	49.5100	-12.62	低序列第2根	48.7800 (-1.47%；摆动低点/区间极值) / 49.5433 (+0.07%；摆动低点/布林下轨/MA5)	49.1400 (-0.75%；摆动高点/摆动低点) / 50.1010 (+1.19%；MA5/摆动低点)	48.4750 (-2.27%；摆动低点) / 50.6730 (+2.16%；MA10)	-
KMEM	美股/ETF	SPY	16.1900	N/A	低序列第2根	16.0803 (-0.68%；摆动低点/布林下轨/MA5) / 16.3099 (+0.74%；MA20/布林中轨/摆动高点)	16.0250 (-1.02%；摆动低点) / 16.2190 (+0.18%；摆动高点/MA5)	15.6400 (-2.68%；摆动低点) / 16.2900 (+1.37%；摆动低点)	1D 少于 60 根K线
VRT	美股/ETF	SPY	270.7700	-16.03	高序列第5根	267.8894 (-1.06%；摆动低点/布林下轨) / 270.9473 (+0.07%；摆动低点/MA5/MA10)	268.6357 (-0.79%；摆动低点/布林下轨) / 272.7558 (+0.73%；摆动低点/MA5/MA60)	259.0260 (-4.10%；MA10) / 273.0190 (+1.08%；摆动低点/MA5)	-
COHR	美股/ETF	SPY	325.2100	3.68	高序列第6根	320.4267 (-1.47%；摆动低点) / 325.3633 (+0.05%；摆动低点/MA5)	318.9557 (-1.92%；MA30/摆动高点) / 327.7800 (+0.79%；摆动高点)	317.1874 (-2.45%；MA120) / 327.7800 (+0.81%；摆动高点)	-
CRCL	美股/ETF	SPY	66.7000	-10.51	高序列第3根	66.2533 (-0.67%；摆动高点/摆动低点/MA10) / 66.8320 (+0.20%；MA20/布林中轨/MA5)	65.9790 (-1.08%；摆动高点/MA10) / 66.8860 (+0.28%；摆动高点/MA5)	66.8500 (-0.30%；摆动高点) / 69.1305 (+3.10%；布林上轨)	-
SPCX	美股/ETF	SPY	136.5800	N/A	高序列第3根	134.9438 (-1.20%；摆动高点/MA20/布林中轨) / 136.9670 (+0.28%；摆动高点/MA5)	135.8880 (-0.51%；摆动低点/MA5) / 137.7600 (+0.86%；摆动高点)	132.1907 (-4.72%；MA30) / 139.4272 (+0.50%；布林上轨)	1D 少于 60 根K线
GOOG	美股/ETF	SPY	354.9900	-1.32	低序列第3根	354.2450 (-0.21%；摆动低点/区间极值/布林下轨) / 358.0271 (+0.86%；布林上轨/摆动高点/MA60)	351.5810 (-0.96%；摆动高点/MA120/摆动低点) / 355.6184 (+0.18%；摆动低点/MA5/MA10)	353.8185 (-0.57%；MA10/摆动低点) / 359.9540 (+1.16%；MA60/MA5)	-
NBIS	美股/ETF	SPY	184.6500	-11.08	低序列第3根	183.2991 (-0.73%；摆动低点/布林下轨) / 184.7720 (+0.07%；MA5)	182.8050 (-1.00%；摆动低点) / 187.1250 (+1.34%；MA5/摆动低点)	183.0000 (-0.60%；摆动低点) / 192.1360 (+4.36%；MA10/摆动低点)	-
BTCUSDT	Crypto	BTCUSDT	64,038.9000	0.00	低序列第2根	63,963.5328 (-0.12%；布林下轨/摆动低点/区间极值) / 64,974.8228 (+1.46%；MA30/摆动低点/MA120)	63,526.4000 (-0.80%；摆动高点/摆动低点) / 64,466.2330 (+0.67%；布林下轨/摆动高点/摆动低点)	63,647.7983 (-0.61%；MA60/摆动低点) / 64,392.7375 (+0.55%；MA20/布林中轨/摆动高点)	自身为基准
ETHUSDT	Crypto	BTCUSDT	1,878.9300	2.44	低序列第2根	1,872.3778 (-0.35%；摆动低点/区间极值/MA10) / 1,914.1834 (+1.88%；MA20/布林中轨/MA30)	1,855.1460 (-1.27%；摆动低点) / 1,883.2667 (+0.23%；摆动低点/摆动高点/布林下轨)	1,850.2567 (-1.53%；摆动低点/摆动高点) / 1,891.7976 (+0.68%；MA30/MA20/布林中轨)	-
SOLUSDT	Crypto	BTCUSDT	76.0700	4.74	高序列第5根	76.0128 (-0.08%；MA120/摆动高点/布林下轨) / 76.9638 (+1.18%；摆动高点/布林上轨)	75.4198 (-0.84%；MA30/摆动高点/摆动低点) / 76.2204 (+0.21%；MA20/布林中轨/摆动低点)	75.9580 (-0.15%；MA5/摆动高点/摆动低点) / 77.2259 (+1.52%；布林上轨/摆动高点)	-

账户、公开补充与来源

公开数据补充

• 美股常规交易已结束，持仓价格使用 IBKR 盘外快照，常规收盘与多周期技术指标来自共享市场历史；亚洲市场为盘中快照。
• 公开文章与公司公告只提供事实和前瞻性陈述。市场概率、管理层指引和项目计划均需后续实际数据验证。
• 本期没有纳入国债/T-Bill 独立板块；国债研究需另行读取 IBKR ASK_YIELD、财政部拍卖与 TreasuryDirect 参考价。

IBKR 账户与保证金

| --- |--- | | 已连接 |是 | | 持仓数 |已隐藏 | | 错误数 |0 |

| --- |--- |--- |--- | | 已隐藏 |AvailableFunds |已隐藏 |USD | | 已隐藏 |BuyingPower |已隐藏 |USD | | 已隐藏 |GrossPositionValue |已隐藏 |USD | | 已隐藏 |InitMarginReq |已隐藏 |USD | | 已隐藏 |MaintMarginReq |已隐藏 |USD |

持仓上下文

• 已隐藏
• 已隐藏
• 已隐藏

数据源列表

• Binance 合约市场数据
• IBKR 行情数据
• IBKR 账户与持仓数据
• Merkl 官方奖励数据
• Yahoo Finance 公开期权链
• Yahoo Finance 历史行情
• Yahoo Finance 新闻检索
• 金十数据快讯事实雷达