2026-08-21 全球资产日报

数据时间：2026-08-21 10:47:06 Asia/Shanghai
报告类型：全球资产日报

重要新闻摘要

日本 7 月核心 CPI 同比上涨 1.8%，高于 6 月的 1.6%；剔除生鲜和燃料的指标升至 1.9%，服务价格涨幅由 1.1% 升至 1.2%。报道中的 9 月加息仍是市场预期，不是日本央行决定。美国一侧，利率市场给出的 9 月维持利率不变概率为 63.8%，旧金山联储主席 Daly 称没有证据支持提前加息。全球贴现率的主风险来自日本政策正常化、美国长债供给和能源价格的叠加，而非已经确认的新一轮联储加息。日本通胀，8 月 21 日、联储定价，8 月 21 日、Daly 表态，8 月 20 日
WTI 与 Brent 结算价分别约为 87.83 和 93.78 美元，单日均上涨超过 2%；快讯转述称霍尔木兹海峡日均通行船只仍处个位数。OFAC 的伊朗相关 General License X 授权期限截至 8 月 21 日，页面没有说明此后的续期或执行变化。EIA 8 月情景假设通行约束在本月持续，并预计三季度 Brent 现货均价约 85 美元。实时供应变化尚未确认，油价和通航事实足以维持通胀尾部，却不足以把情景预测写成新的永久短缺。油价收盘，8 月 21 日、通航快讯，8 月 21 日、OFAC 许可、EIA 8 月展望
AI 基础设施的经营证据继续增加。MRVL 确认 8 月 27 日 13:45 PDT 举行 FY2027 第二季度财报电话会，并披露 Bravera SC6 等产品计划在第四季度开始送样；COHR 第四季度收入 20.5 亿美元、同比增长 34%，数据中心收入同比增长 66%，管理层称订单覆盖 2027 年，部分延伸至 2028 年。MRVL 最近完成交易日上涨 5.79%，5 日和 20 日涨幅约为 12.98% 和 19.92%，财报对收入、毛利率、订单兑现和现金转换的证明门槛已经提高。MRVL 财报安排、MRVL 产品披露、COHR 业绩
Alphabet 与 MRVL 的合作安排包含最高约 121.8 亿美元的 MRVL 股份认购选择权，但入选文章没有给出采购量、收入贡献或利润影响，选择权名义规模不能当作订单。公开期权链中，8 月 28 日到期的 250 美元 Call 成交量为 3500 张、OI 为 3942 张，四行 Call 活动估算权利金约 2102 万美元；链上缺成交方向、Greeks、逐笔 tape 和事件隔离 implied move，只能证明财报前波动与拥挤度上升。Alphabet 与 MRVL，8 月 20 日
NBIS 把高级无担保可转债扩大至 50 亿美元，预计 8 月 24 日交割；30 亿美元票据 2030 年到期、票息 0.50%，20 亿美元票据 2034 年到期、票息 4.50%，初始转股价约 313.46 和 324.65 美元。预计净募资 49.4 亿美元，另有合计 8 亿美元旧可转债换股，涉及约 1580 万股。融资增强扩张能力，也增加换债、对冲和未来每股价值兑现压力；实际交割、资金使用和经营回报仍待验证。NBIS 融资条款，8 月 20 日
最近完成的美股日线显示，RSP 相对 SPY 在 5 日、20 日和 60 日分别领先约 0.86、0.64 和 4.49 个百分点；IWD、USMV、XLV、XBI、XLE 和 XOP 也保持多窗口领先。SMH 三个窗口分别落后约 2.53、6.33 和 8.16 个百分点。扩散方向偏价值、防御与现实现金流，尚未形成半导体全面修复；D1 技术分析分片没有合并行，今天不使用均线、支撑位或九转生成执行判断。RSP 行情、XLV 行情、SMH 行情
北京时间 8 月 21 日 10:47 左右，KOSPI 上涨 0.65%，KOSDAQ 下跌 5.08%，三星电子上涨 3.14%；韩国前 20 日出口同比增长 56%，贸易顺差约 139.8 亿美元。三星董事会拟讨论新的股东回报方案，媒体此前提到的规模可能超过 100 万亿韩元，但公司尚未确认条款。韩国大盘、成长板与存储龙头明显分化，不能把三星上涨外推为亚洲风险偏好全面改善。KOSPI 实时快照、KOSDAQ 实时快照、三星电子实时快照、三星股东回报消息，8 月 21 日
Binance USDS-M 在北京时间 8 月 21 日 10:47 的快照中，BTC、ETH、SOL 约为 74561.60、2348.29 和 89.60 美元，24 小时分别上涨 7.57%、4.05% 和 5.60%，三者 Funding 均为正。媒体把反弹与美国加密政策进展相连，但没有给出充分因果验证。单一交易所价格可以证明反弹，正 Funding 同时说明多头仍在付费，不能据此扩大期货名义。Binance 永续合约快照、Crypto 市场报道，8 月 20 日

观点

当日已开盘市场盘面：韩国存储龙头走强，区域宽度没有同步确认

韩国盘面的有效信息是分化：三星电子上涨、KOSPI小幅走强，KOSDAQ却下跌5.08%。出口数据和潜在股东回报支持存储龙头的经营与资本配置预期，成长板的大幅下跌说明风险承接并未扩散。A股当日已经开盘，但公开抓取只保留8月20日收盘的上证、沪深300、广度和成交额，不把这些数字写成8月21日盘中表现。

对美股开盘的使用边界很直接：韩国存储链可作为MRVL、COHR和半导体需求的旁证，不能替代美国半导体的相对强度。若美股盘中SMH、SOXX仍弱于SPY，三星上涨不构成增加半导体篮子风险的理由；若三星方案落地、韩国宽度修复，同时美国半导体恢复成交和相对强度，再提高行业信号权重。下一次验证看三星董事会正式条款、韩国收盘宽度和美股半导体开盘后的相对表现。

长端与油价共同约束高久期风险，杠杆半导体继续回避

美国长债回购可以缓和流动性压力，暂时没有消除日本政策正常化、霍尔木兹约束和90美元以上Brent共同构成的贴现率尾部。今天的方向是回避新增宽泛高久期仓和SOXL等杠杆半导体工具；已有公司级经营证据的现货单独判断，不用宏观风险机械清仓。

若Brent跌回90美元下方、霍尔木兹船流连续恢复，美日长端收益率也同步回落，可以恢复高久期新增预算。若OFAC许可到期后供应约束收紧、Brent继续上行，或长端收益率重新突破近期高位，继续压低事件前风险预算。下一次验证看OFAC后续、EIA和船流更新，以及Jackson Hole后的利率定价。

AI 股票保留经营证据，停止事件前追涨和弱证据摊低

MRVL和COHR的经营证据强于行业价格，GOOG的平台资产也不因一笔公开期权活动改变。MRVL财报前的动作是持有、不追涨；公开链只能证明高波动，不能证明看涨资金。财报需要同时回答定制芯片和AI数据基础设施收入、Alphabet安排的商业化条件、毛利率、资本开支与现金转换。只重申TAM、设计胜出或送样计划，不能满足目前价格已经抬高的证明门槛。

NBIS已经披露的票息和转股溢价比“条款未知”更清楚，但50亿美元新融资与8亿美元换债仍增加资本结构复杂度。已隐藏若NBIS按期交割且新增资本对应可验证合同、收入和现金回收，可以保留starter；若资金需求继续快于经营兑现，或换债对冲压力与行业弱势同时扩大，再降低风险。

MRVL的统一重审点是8月27日财报。收入、指引、毛利率和现金转换同时支持上修，且事件后半导体相对强度停止恶化，才恢复新增预算；任何一项明显落空，先减PSI等弱证据篮子和融资依赖标的，不用COHR或GOOG的证据为整个主题背书。

Crypto 反弹用于先减重复期货敞口

今天最明确的主动动作在Crypto。保证金余量仍充足，没有被迫减仓条件；真正的约束是ETH收益仓与ETH期货的重复方向敏感度、正Funding和跨分区风险同时消耗。已隐藏这是降低工具重复与路径成本，不是否定BTC或ETH长期逻辑，也不触碰自动下单。

`XLV`维持分散作用，能源与FCX只进入下一轮研究

XLV、XBI、XLE、XOP与COPX的多窗口相对强度支持低相关研究，但最新一日XLV和XBI均落后SPY，且D1技术分片没有可用行。已隐藏XLV只能提供小幅分散，不能对冲Crypto和AI同步回撤。

能源列为A级行业研究：XOP的20日成交量比约1.17，并处于20日、60日高点附近；下一步补公司产量、实现价格、成本、套保和自由现金流。通航约束获得官方或多源确认、公司指引同时上修时再选个股；通航恢复且XOP失去20日、60日相对领先时取消该线。

铜列为B级尽调，FCX是首个公司下钻。公司二季度铜产量7.86亿磅、销量7.10亿磅，2026年资本开支预计43亿美元；Grasberg恢复、修复成本、铜价敏感性和资本开支后自由现金流尚未闭环。完成这些项目并验证COPX中期强势后才讨论建仓，当前不买入FCX、REPL或新的能源个股。

组合事实概览

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

GOOG-0.81%

较前交易日5D -1.67%Put/Call 0.43 · 大单 3

芯片设计与制造

MRVL+6.21%

较前交易日5D +12.98%Put/Call 0.45 · 大单 4

GFS-1.91%

较前交易日5D -10.17%Put/Call 1.79

数据中心及算力基础设施

APLD+2.73%

较前交易日5D -6.43%Put/Call 0.37

VRT+1.76%

较前交易日5D -7.82%Put/Call 1.35 · 大单 1

NBIS+0.04%

较前交易日5D -13.70%Put/Call 0.87 · 大单 3

光通信及互连

COHR+2.05%

较前交易日5D -11.37%Put/Call 1.00

关键矿物

USAR-4.59%

较前交易日5D -8.06%Put/Call 0.52

数字资产基础设施

CRCL+8.16%

较前交易日5D +10.98%Put/Call 0.70

航天与国防主题

SPCX-3.54%

较前交易日5D -5.16%Put/Call 1.07 · 大单 8

半导体与存储 ETF

DRAM+7.24%

较前交易日5D +1.14%Put/Call 0.32

KMEM+4.34%

较前交易日5D +2.10%Put/Call N/A

SOXL+3.64%

较前交易日5D -15.93%Put/Call 1.93

PSI0.00%

较前交易日5D -8.33%Put/Call 0.35

其他股票

XLV-1.78%

较前交易日5D +2.38%Put/Call 0.59

PLTR-0.49%

较前交易日5D -2.82%Put/Call 1.09 · 大单 1

期权压力

SPY2.80

Put/Call VolOI 4.68Yahoo IV 12.68% · IBKR IV N/A · Skew 0.00 vol @ N/A · Max Pain 767.00 · 大单 23

QQQ2.62

Put/Call VolOI 1.13Yahoo IV 20.02% · IBKR IV N/A · Skew 0.00 vol @ N/A · Max Pain 720.00 · 大单 21

NVDA0.48

Put/Call VolOI 0.75Yahoo IV 52.79% · IBKR IV N/A · Skew 0.00 vol @ N/A · Max Pain 215.00 · 大单 14

SPCX1.07

Put/Call VolOI 1.18Yahoo IV 64.62% · IBKR IV N/A · Skew 0.00 vol @ N/A · Max Pain 132.00 · 大单 8

MRVL0.45

Put/Call VolOI 1.24Yahoo IV 105.26% · IBKR IV N/A · Skew 0.00 vol @ N/A · Max Pain 220.00 · 大单 4

NBIS0.87

Put/Call VolOI 1.37Yahoo IV 93.66% · IBKR IV N/A · Skew 0.00 vol @ N/A · Max Pain 210.00 · 大单 3

GOOG0.43

Put/Call VolOI 0.88Yahoo IV 28.66% · IBKR IV N/A · Skew 0.00 vol @ N/A · Max Pain 340.00 · 大单 3

SOXX0.59

Put/Call VolOI 0.85Yahoo IV 44.49% · IBKR IV N/A · Skew 0.00 vol @ N/A · Max Pain 535.00 · 大单 2

快照对比基准：2026-08-20。本面板只展示已落盘事实，不生成操作判断。

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	日本核心通胀升至1.8%强化加息预期	2026-08-21	Reuters	`JPY=X`, `JPYUSD=X`, `USD=X`	发布时间最新，来源质量较高，通胀数据直接连接日本央行政策预期和日元汇率，对跨资产日报具有明确宏观传导价值。
5/5 高	Nebius五十亿美元融资冲击云股	2026-08-20	24/7 Wall St.	`CRWV`, `NBIS`, `NET`, `NVDA`, `QQQ`, `SNOW`, `WCLD`	NBIS刚完成融资定价，条款、换债安排和潜在对冲压力均具即时市场相关性；主要事实来自公司披露，资金使用效果仍待后续验证。
5/5 高	比特币反弹带动加密股齐涨	2026-08-20	CryptoProwl	`BLSH`, `BTC-USD`, `COIN`, `CRCL`, `ETH-USD`, `MSTR`, `STRC`, `STRD`	覆盖BTC、ETH及CRCL、MSTR、COIN等多个相关标的，包含24小时涨幅、价格和政策背景，时效与事实密度高；但催化归因来自短篇报道。
5/5 高	Coherent光互连订单支撑增长	2026-08-19	Motley Fool	`COHR`	文章直接覆盖COHR最新FY26业绩、FY27指引和订单能见度，发布时间距日报仅两天；关键数字密集，但主要证据来自公司管理层电话会陈述，部分内容属于前瞻性目标。
4/5 中高	美债回购承诺难稳长期收益率	2026-08-21	AFP	`CL=F`	文章及时覆盖美债回购、通胀、油价、日元和Jackson Hole等跨资产变量，并直接涉及CL=F；来源为通讯社且包含市场报价，但对政策效果和地缘影响的判断仍具有不确定性。
4/5 中高	三星拟推出超710亿美元回报方案	2026-08-21	Reuters	`005930.KS`, `SKHY`	董事会会议安排在报告日举行，潜在股东回报规模较大，且与存储芯片龙头的资本配置比较直接相关；方案金额和细节尚未由三星确认，输入主标的字段还存在与正文不一致的问题。
4/5 中高	Alphabet加码Marvell芯片合作	2026-08-20	Simply Wall St.	`GOOG`, `MRVL`	内容直接关联MRVL，并补充Alphabet芯片供应链和AI资本开支的战略背景；但文章属于分析性解读，缺少采购兑现和财务影响数据，且与同期Marvell合作报道存在信息重叠。
4/5 中高	比特币领涨三大加密资产	未提供发布时间	Binance	`BTCUSDT`, `ETHUSDT`, `SOLUSDT`	采集时间接近日报时点，直接覆盖BTC、ETH和SOL三项重点标的；Binance官方公开行情接口提供价格和涨跌幅等高密度事实，但快照仅代表单一平台，且缺少Funding与OI字段。
未评级	Coherent 公布 FY2026 第四季度及全年业绩	2026-08-12	Coherent	`COHR`	发布时间早于日报 5 天摘要窗口。
未评级	Short-Term Energy Outlook, August 2026	2026-08-11	U.S. Energy Information Administration	`BZ`, `CL`	发布时间早于日报 5 天摘要窗口。
未评级	Marvell 推进 AI 内存基础设施产品组合	2026-08-04	Marvell IR	`MRVL`	发布时间早于日报 5 天摘要窗口。
未评级	Marvell 公布 FY2027 第二季度业绩电话会与投资者日安排	2026-08-03	Marvell IR	`MRVL`	发布时间早于日报 5 天摘要窗口。
未评级	Issuance of Iran-related General License	2026-06-22	U.S. Department of the Treasury, OFAC	-	发布时间早于日报 5 天摘要窗口。

打开原文

日本核心通胀升至1.8%强化加息预期

重要性5/5 高

发布时间最新，来源质量较高，通胀数据直接连接日本央行政策预期和日元汇率，对跨资产日报具有明确宏观传导价值。

标签

标的：`GOOG`, `KMEM`来源：Reuters发布日期：2026-08-21重要性：5/5 高评级理由：发布时间最新，来源质量较高，通胀数据直接连接日本央行政策预期和日元汇率，对跨资产日报具有明确宏观传导价值。评级依据：08/21发布，时效性最高, 直接关联JPY汇率与日本央行政策, Reuters报道结合统计指标，但加息路径仍是预期原文字数：520

中文简要摘要

完整摘要达到当日时间预算，以下保留已完成的模型简要摘要。

路透社08/21报道，日本7月核心消费者价格指数同比上涨1.8%，高于6月的1.6%，但连续第七个月低于日本央行2%目标；剔除生鲜和燃料的指标升至1.9%，服务价格涨幅由1.1%升至1.2%，7月批发通胀达到7.2%。报道指出，日元疲弱和进口成本转嫁推高物价，中东局势可能通过原油加剧压力；市场普遍预期日本央行将在9月17—18日会议把政策利率从1%升至1.25%，路透消息人士还称可能进一步加快加息。加息时间与幅度仍属预期，燃料补贴也压低了当前核心读数，JPY相关汇率是直接观察对象。

英文原文

Japan

Japan's core inflation accelerates in July, bolsters case for rate hike

By Leika Kihara

Fri, August 21, 2026 at 11:42 AM GMT+9 2 min read

JPY=X

-0.04%

By Leika Kihara

TOKYO, Aug 21 (Reuters) - Japan's core consumer inflation accelerated in July from a year earlier as firms passed on rising import costs from a weak yen and the U.S.-Israeli war with Iran, ‌data showed on Friday, bolstering the case for an interest rate hike from the central bank.

The data will ‌be among factors the Bank of Japan will scrutinise at its next policy meeting on September 17 and 18, when it is widely expected to raise its key rate to 1.25% from 1%.

The core consumer price index, which includes energy-related items but excludes volatile fresh food prices, rose 1.8% in July from the same month a year earlier, matching a median forecast.

It followed a 1.6% rise in June and remained below the BOJ's 2% target for a seventh successive month, due largely to the effect of government subsidies aimed ‌at curbing fuel costs.

Analysts expect core inflation ⁠to accelerate beyond the BOJ's target in the coming months as the transfer of raw material costs, which led to a spike in wholesale inflation, broadens.

"Core consumer inflation is likely to ⁠re-accelerate given renewed tension in the Middle East, which will push up crude oil prices and add to price pressures from a weak yen," said Masato Koike, senior economist at Sompo Institute Plus, adding that he expects the BOJ to raise interest rates in September.

An index that strips out both volatile fresh food and fuel prices, which is closely watched by the BOJ as a ‌clearer gauge of underlying inflation, rose 1.9% in July from a year earlier after a 1.7% gain in June.

While far more moderate than a 2.7% year-on-year rise in goods prices, service-sector inflation perked up to 1.2% in July from 1.1% in June, in a sign firms were gradually passing on rising labour costs from a tight job market, the data showed.

After raising its key interest rate to a 31-year high of 1% in June, the BOJ kept monetary policy steady in July ‌but issued its strongest comments to date about mounting inflation risk.

Sources have told Reuters that the BOJ is set to raise the rate as soon as September and is considering hiking more aggressively thereafter from the current pace of roughly two times a year.

A recent spike in wholesale ‌inflation, which reached 7.2% in July from a year earlier, has highlighted mounting price pressure from the Middle East conflict that will likely push up consumer prices with a lag, analysts said.

"Companies are passing on costs more aggressively than in the past," said Taro Saito, an economist at NLI Research Institute, who predicts price hikes for food ‌and daily necessities to intensify later this year.

"We expect core consumer inflation to accelerate above 2% around autumn and exceed 3% toward the March 2027 end of the current fiscal year," he said.

(Reporting by Leika Kihara; Editing by Thomas Derpinghaus, Jamie Freed and Christopher Cushing)

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Nebius五十亿美元融资冲击云股

重要性5/5 高

NBIS刚完成融资定价，条款、换债安排和潜在对冲压力均具即时市场相关性；主要事实来自公司披露，资金使用效果仍待后续验证。

标签

标的：`NBIS`来源：24/7 Wall St.发布日期：2026-08-20重要性：5/5 高评级理由：NBIS刚完成融资定价，条款、换债安排和潜在对冲压力均具即时市场相关性；主要事实来自公司披露，资金使用效果仍待后续验证。评级依据：timeliness, evidence_strength, fact_density原文字数：925

中文简要摘要

完整摘要达到当日时间预算，以下保留已完成的模型简要摘要。

文章发表于08/20，Nebius将原定45亿美元的高级无担保可转债扩大至50亿美元，预计8月24日交割；其中30亿美元为2030年到期、票息0.50%的票据，20亿美元为2034年到期、票息4.50%的票据，预计净募资49.4亿美元，超额认购权全数行使时可达56.8亿美元。资金用于数据中心、GPU和AI云平台建设。两批票据初始转股价约313.46美元和324.65美元，较8月19日收盘价223.90美元高40%和45%；另有合计8亿美元旧可转债换股，涉及约1580万股，持有人出售或调整对冲可能压低NBIS股价。

英文原文

Nebius Drops 4%, Cloudflare Falls 3%, Snowflake Slips: Are Financing Concerns Sinking AI-Cloud Stocks?

David Moadel

Fri, August 21, 2026 at 2:11 AM GMT+9 5 min read

NBIS

-1.69%

-4.44%

CRWV

-1.22%

SNOW

-1.14%

-0.72%

Quick Read

Nebius (NBIS) sank 4% after pricing a $5B convertible note overnight, dragging Cloudflare (NET) down 3% on dilution read-through fears.

CoreWeave (CRWV) held near its range despite a similar capital-intensive model, confirming the drop is issuer-specific, not a broad cloud rotation.

The three sliding names gained anywhere from 48% to 167% YTD before today, making this a crowded-winner pullback that investors with narrow cloud exposure should expect to repeat.

Act now: the analyst who called NVIDIA in 2010 just named his top 10 AI stocks — and Snowflake didn't make the cut. Grab the names FREE today .

Today's selling in AI cloud is concentrated in the names that ran furthest into the summer, with a fresh financing from one issuer doing most of the damage.

24/7 Wall Street Nebius Group ( NASDAQ:NBIS ) stock is down 4% to $214.80 midday Thursday after pricing a $5 billion convertible note offering overnight. Cloudflare ( NYSE:NET ) stock is down 3% to $282.75 on read-through concerns about dilutive AI financing.

Snowflake ( NYSE:SNOW ) shares are down 2% to $319.85. Meanwhile, CoreWeave ( NASDAQ:CRWV ) stock is down only 1% to $89.68.

The Invesco QQQ Trust ( NASDAQ:QQQ ) is down 0.5% to $712.44, providing broad NASDAQ 100 context, while cloud software as a group has essentially matched the index this year trades at $40.31.

One Winner Giving Back After Its Financing

The Invesco QQQ Trust is up 17% YTD up 16%, and cloud software as a group has essentially matched the broad Nasdaq this year, so the framing here matters. This is a crowded winner giving back after a financing, and narrow-basket cloud exposure is one reason drawdowns can feel amplified when a marquee holding stumbles.

Set that against Nebius Group stock's 167% YTD gain, and today's selling looks concentrated in the names that ran furthest. Cloudflare stock is up 48% YTD, Snowflake stock is up 48%, and CoreWeave stock is up 27%. Investors holding narrow thematic exposure to cloud names also carry concentration risk that comes with a small, focused basket.

Act now: the analyst who called NVIDIA in 2010 just named his top 10 AI stocks — and Snowflake didn't make the cut. Grab the names FREE today .

Nebius Prices a $5 Billion Convertible

Nebius Group priced a $5 billion senior unsecured convertible note offering Wednesday, upsized from $4.5 billion. The deal comprises $3 billion of 0.5% notes due 2030 and $2 billion of 4.5% notes due 2034, with expected net proceeds of $4.94 billion. Those 2030 notes carry an initial conversion price of $313.46 per Class A share, a 40% premium to Nebius Group's August 19 closing price of $223.90.

Story Continues

Alongside the offering, Nebius Group agreed to exchange $400 million of 2% notes due 2029 and $400 million of 3% notes due 2031 with a limited group of holders, who will receive 15.8 million Class A shares. In its own disclosure, the company said related sales or hedge transactions could weigh on its share price. That statement is the cleanest explanation for today's move.

Proceeds from the Nebius Group offering are earmarked for data center construction, additional sites, GPU procurement, and development of its AI cloud platform (we profiled seven of the suppliers powering exactly this kind of buildout, from power to cooling, in a free report you can grab here). Splitting the deal into two tranches balances coupon load and maturity between a low-yield 2030 note and a higher-yield 2034 note, spreading refinancing risk while giving convertible arbitrage desks room to hedge.

Why CoreWeave Isn't Falling the Same Way

Both Nebius Group and CoreWeave finance AI capacity through convertible debt, and both build hyperscaler-class GPU infrastructure. The difference today is what's on the tape. Nebius Group has a fresh $5 billion deal with disclosed hedging pressure, while CoreWeave has nothing company-specific driving flows.

That gap isolates the convertible as the driver of today's move. Cloudflare stock and Snowflake stock are drifting on read-through from the Nebius deal, and both still trade well above where they started the year. CoreWeave stock, despite similar capital intensity in its business model, is holding within its recent range.

In the options tape, Nebius Group's full-chain put/call ratio sits at 1.28, tilted toward puts around the deal. Broader cloud names remain calmer at the front of the curve, which reinforces the read that this is an issuer-specific event rather than a rotation out of the cohort.

What to Watch Now

Convertible financing is a recurring feature for capital-intensive AI cloud builders, so dilution and hedge-related selling pressure tend to return rather than passing as one-time events. Investors sizing new positions in Nebius Group after a 167% YTD run should assume more of these financings ahead and moderate accordingly.

Traders can watch for follow-on issuance activity across the AI cloud cohort into month-end. Any capped-call disclosures from Nebius Group could shape the next leg for the stock, and follow-through in Cloudflare stock and Snowflake stock may indicate whether the read-through has legs beyond one session.

Act now: the analyst who called NVIDIA in 2010 just named his top 10 AI stocks — and Snowflake didn't make the cut. Grab the names FREE today .

Contact editorial@247wallst.com for any questions or corrections.

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比特币反弹带动加密股齐涨

重要性5/5 高

覆盖BTC、ETH及CRCL、MSTR、COIN等多个相关标的，包含24小时涨幅、价格和政策背景，时效与事实密度高；但催化归因来自短篇报道。

标签

标的：`CRCL`来源：CryptoProwl发布日期：2026-08-20重要性：5/5 高评级理由：覆盖BTC、ETH及CRCL、MSTR、COIN等多个相关标的，包含24小时涨幅、价格和政策背景，时效与事实密度高；但催化归因来自短篇报道。评级依据：发布时间接近日报日期, 覆盖多个加密资产及相关股票, 包含明确价格与区间涨幅数据原文字数：362

中文简要摘要

完整摘要达到当日时间预算，以下保留已完成的模型简要摘要。

文章发表于美东时间 08/20 09:36（UTC+8 08/20 21:36）。报道指8月20日比特币24小时上涨逾10%，升破7万美元，为5月以来首次；以太坊近涨15%并站上2,000美元阻力位。早盘MSTR一度涨约9%、COIN涨约6%，BLSH和CRCL涨约5%；文中另称MSTR五个交易日涨20%、COIN一周涨14%，但Strategy年内仍跌逾25%，股价约113.78美元。文章把特朗普敦促国会推进《清晰法案》及美国财政部拟将政府票据购买量翻倍列为催化背景；CryptoProwl为短篇报道，未给出充分独立验证，涨幅与催化关系仍属文章叙述。

英文原文

Crypto Stocks Soar Alongside Bitcoin As Rally Reignited

CryptoProwl

Thu, August 20, 2026 at 10:36 PM GMT+9 2 min read

BTC-USD

+7.42%

ETH-USD

+4.14%

BLSH

+5.65%

CRCL

+6.45%

MSTR

+7.81%

Stocks of leading cryptocurrency companies are soaring on Aug. 20 as a rally in Bitcoin (CRYPTO: $BTC) and other digital assets is reignited.

Strategy's (NASDAQ: $MSTR) stock is up 9% and shares of Coinbase Global (NASDAQ: $COIN) are up 6% in early trading with the price of BTC at $72,000 U.S.

Other crypto stocks such as Bullish (NYSE: $BLSH) and Circle Internet Group (NYSE: $CRCL) are up 5% as digital asset prices move sharply higher on the day.

Coherent光互连订单支撑增长

重要性5/5 高

文章直接覆盖COHR最新FY26业绩、FY27指引和订单能见度，发布时间距日报仅两天；关键数字密集，但主要证据来自公司管理层电话会陈述，部分内容属于前瞻性目标。

标签

标的：`COHR`来源：Motley Fool发布日期：2026-08-19重要性：5/5 高评级理由：文章直接覆盖COHR最新FY26业绩、FY27指引和订单能见度，发布时间距日报仅两天；关键数字密集，但主要证据来自公司管理层电话会陈述，部分内容属于前瞻性目标。评级依据：时效性：文章于美东时间 08/19 19:31 发布，接近日报日期, 直接标的相关度：全文聚焦Coherent（COHR）业绩、订单与产品进展, 证据强度：包含收入、利润率、每股收益、订单覆盖和产能数据，但前瞻部分仍依赖管理层指引, 来源质量：Motley Fool整理的公司业绩电话会记录，原始依据为公司管理层与分析师问答, 事实密度：涵盖FY26已实现结果及FY27收入、CPO、1.6T和产能计划原文字数：9862

中文简要摘要

完整摘要达到当日时间预算，以下保留已完成的模型简要摘要。

Coherent（COHR）管理层在美东时间 08/12 16:30（UTC+8 08/13 04:30）的FY26业绩电话会上称，全年营收71.2亿美元，同比增长23%（按备考口径增长28%），第四季度营收20.5亿美元，同比增长34%，非GAAP每股收益1.74美元，同比增长74%。数据中心与通信业务占Q4营收79%，数据中心营收同比增66%；订单已覆盖2027年，部分客户订单延伸至2028年，长期协议覆盖本十年末。公司预计FY27末季度营收超过30亿美元，1.6T收发器、光电路交换、CPO等将继续爬坡。上述增长和时间表主要来自管理层陈述，电话会记录可能存在转录误差，前瞻性目标仍受需求、产能和客户认证影响；文章于美东时间 08/19 19:31（UTC+8 08/20 07:31）发布。

英文原文

Coherent (COHR) Q4 2026 Earnings Call Transcript

Motley Fool Transcribing, The Motley Fool

Thu, August 20, 2026 at 8:31 AM GMT+9 7 min read

COHR

+0.89%

Image source: The Motley Fool.

DATE

Wednesday, Aug. 12, 2026 at 4:30 p.m. ET

CALL PARTICIPANTS

Senior Vice President of Investor Relations - Paul Jonas Silverstein

Chief Executive Officer - James Robert Anderson

Chief Financial Officer - Sherri R. Luther

Full Conference Call Transcript

Operator: Greetings, and welcome to the Coherent Fourth Quarter and Fiscal Year 26 Earnings Call. It is now my pleasure to introduce your host, Mr. Paul Jonas Silverstein, Senior Vice President of Investor Relations for Coherent. Please go ahead.

Paul Jonas Silverstein: Thank you, operator, and good afternoon, everyone. With me today are Jim Anderson, Coherent's CEO and Sherri R. Luther, Coherent's CFO. During today's call, we will provide a financial and business review of the fourth quarter of fiscal 26, and the business outlook for the first quarter of fiscal 27. Our earnings press release can be found in the Investor Relations section of our company website at coherent.com. I would like to remind everyone that during our conference call, you may make projections or other forward looking statements regarding future events or the future financial performance of the company. These are subject to a number of significant risks and uncertainties and our actual results may differ materially.

For a discussion of factors that could affect our future financial results and business, please refer to the disclosure in today's earnings release. Our most recent Forms 10 ks and 10 Q and the reports that we may file on Form 8 ks with the Securities and Exchange Commission. All our statements are made as of today, August 12, 2026, based on information currently available to us. Except as required by law, we assume no obligation to update any such statements. During this call, we will discuss non GAAP financial measures.

You can find a reconciliation of these non GAAP financial measures to GAAP financial measures in our earnings release and investor presentation that can be found on the Investor Relations section of our website at coherent.com. Let me now turn the call over to our CEO, Jim Anderson.

James Robert Anderson: Thank you, Paul, and thank you everyone for joining today's call. Fiscal 26 was an outstanding year for Coherent. On a pro forma basis, revenue increased 28% to a record $7 billion Our revenue growth combined with gross margin expansion and continued operating leverage drove non GAAP EPS growth of approximately 59% more than twice the rate of revenue growth. We also finished the year with significant momentum. In Q4, our pro forma revenue growth rate accelerated significantly with revenue increasing 14% sequentially, and 42% year over year, while non GAAP EPS increased 74% year over year. Our accelerated growth rate reflects the exceptional demand environment and our continued rapid expansion of production capacity.

Story Continues

While we are very pleased with our fiscal 26 performance, we are even more excited about the year ahead. We expect our growth to accelerate significantly in fiscal 2027. Having achieved our first $2 billion revenue quarter, we now expect to achieve our first quarter with over $3 billion of revenue by the end of fiscal 27. Coherent is a global leader in photonic technology. Our broad photonic technology platform is foundational to the performance and scalability of AI data centers. AI runs on compute, but it scales on optical connectivity.

Coherent is at the center of an extraordinary expansion in optical networking infrastructure, driven by the rapid growth of AI, the transition from copper to optical connectivity, and the increasing need for bandwidth and energy efficiency across increasingly large and complex data center architectures. Our competence in fiscal 27 is based on 3 factors. First, customer demand continues to grow. As demonstrated by another quarter of record bookings. Second, our supply of critical components is increasing, including the planned doubling of our internal Indium Phosphide year over year by the end of the current quarter. Third, multiple new revenue streams are expected to ramp over the coming quarters.

Including Optical Circuit Switching, co-packaged optics, multi-rail systems, and advanced materials for data center thermal and power management. Along with strong revenue growth, we expect continued gross margin expansion and operating leverage enabling us to grow EPS significantly faster than revenue. We expect fiscal 27 to be another outstanding year for Coherent. Our data center and communications segment continues to be the primary driver of our growth and accounted for 79% of total company revenue in Q4. Segment revenue increased 40% for full year fiscal 26. In Q4, our segment revenue growth rate accelerated significantly revenue increasing 19% sequentially and 59% year over year.

Demand continues to strengthen, driving another quarter of record bookings and extending our visibility further into the future. Our order coverage through calendar 27 is exceptional. Customer orders now extend into calendar 28. Customer LTAs extend through the end of the decade. We continue to see no signs of attenuation in customer demand. Our broad photonic technology portfolio manufacturing scale, and significant US production footprint are increasingly differentiating Coherent with customers and translating into deeper longer term partnerships and revenue opportunities. In our data center business, revenue increased 41% for full year fiscal 26. In Q4, our data center revenue growth rate accelerated significantly, revenue increasing 24% sequentially and 66% year over year.

This marked our third consecutive quarter of double digit sequential growth and we expect strong sequential growth again in the current quarter. Demand in our data center business remains exceptionally strong and broad based across multiple customers and product categories. Within transceivers, we expect growth to be driven by both 800G and 1.6T. We expect 800G revenue to continue growing year over year in calendar 2026, while 1.60 transceivers ramp rapidly through the balance of calendar 2026 and into calendar 2027, as adoption broadens across customers. Beyond transceivers, OCS revenue increased sequentially in Q4 we expect continued growth over the coming quarters as we expand production capacity.

We also expect CPO to begin contributing to revenue growth in fiscal Q2, consistent with our planned production ramp. Our 6-inch Indium Phosphide capacity expansion is a key driver of revenue growth and margin expansion. We remain on track to double our internal Indium Phosphide output capacity year over year by the end of the current quarter, 1 quarter ahead of our original plan. This ramp contributed meaningfully to our data center revenue growth in Q4 and we expect it to remain an important growth driver in Q1. Looking further ahead, we remain on track to more than double our internal Indium Phosphide output capacity again by the end of calendar 27.

We have secured the substrates and other critical inputs required to support this ramp. Given the strength of customer demand, we are planning additional capacity beyond 2027. Our capacity expansion is being driven by the transition to 6-inch Indium Phosphide production. Our 6-inch lines in Texas and Sweden are producing EMLs CW lasers, and photodiodes with yields that continue to exceed our 3-inch lines. We remain on track to begin 6-inch production in Zurich during the first half of calendar 2027, further extending what we believe is a meaningful manufacturing advantage. Our Texas facility has also begun ramping our ultra high power CW laser for CPO solutions. Including those covered by our NVIDIA partnership.

With revenue expected to begin ramping in Q2. Turning to OCS, revenue increased in Q4 as we continue to ramp production. Given strong customer demand across our 320x320 platform, and other system sizes, we expect OCS revenue to grow significantly through fiscal 27. We continue to estimate that OCS represents more than $4 billion of addressable market opportunity across data center interconnect, scale-out and scale-up networks. As we expand production across 2 manufacturing locations, we expect OCS to become an increasingly meaningful contributor to revenue growth and margin expansion. CPO, NPO, and other forms of integrated optics represent a tremendous growth opportunity for Coherent.

These technologies enable the transition from copper to optical connectivity represent more than $15 billion of incremental addressable market opportunity the coming years. At the ECOC industry event in September, we plan to unveil coherent PhotonLink, our new platform for integrated optics. PhotonLink spans the complete optical signal chain from light generation and beam shaping through transmission, detection, and conversion back to an electric signal for the XPU or switch ASIC. Platform supports CPO, NPO, and other forms of optical integration. PhotonLink leverages the breadth of coherent photonic technology portfolio and manufacturing capabilities to enable next generation data center architectures that use optical links to achieve new levels of bandwidth, performance, and energy efficiency.

We have deep engagements with multiple customers across both TPO and NPO applications. We believe offer comparable content opportunities for Coherent. We expect initial revenue from PhotonLink related products to begin in our December quarter We will share additional details about PhotonLink at our launch event on September 21. Turning to our communications business, customer demand remained exceptionally strong in Q4. Communications revenue increased approximately 54% for full year fiscal 26. Q4 revenue increased 11% sequentially and 56% year over year, driven by continued strength across data center interconnect, scale-out, traditional telecom applications. We expect another quarter of strong sequential growth in Q1.

Demand remains broad based across our portfolio with particular strength in DCI solutions, including ZR and ZR plus transceivers dwells pump lasers and complex high end optical subsystems. Multi rail is an important new growth opportunity in our communications business, addressing scale-out AI networking as workloads increasingly span multiple data centers require greater bandwidth between locations. We estimate a more than $2 billion addressable market by calendar 2030, continue to expect initial revenue to ramp in the first half of calendar 27. Preparation for the expected revenue ramp we recently delivered samples to multiple customers.

We believe Coherent is well positioned with a broad technology portfolio differentiated density and power efficiency, strong customer engagement, We expect multi-rail to become a meaningful contributor to revenue growth and margin expansion over time. Turning to our Industrial segment, revenue was roughly flat on a pro forma basis in both fiscal 26 and Q4. In Q4, semiconductor capital equipment and display capital equipment both grew sequentially and year over year offset by continued weakness across broader industrial markets. We expect growth to resume over the coming quarters, led by semiconductor capital equipment where bookings continue to strengthen.

Over the longer term, we see meaningful growth opportunities across several emerging applications, 1 example is data center XPU cooling where our proprietary thermodynamic material can improve thermal performance and enable higher XPU performance. Which can translate into greater AI token generation per XPU. We are engaged with multiple strategic customers and have delivered samples of our thermodynamic cooling solutions. We expect revenue to begin ramping in the second half of calendar 27, representing a meaningful expansion of our long term market opportunity. We also see longer term opportunities in fusion energy, quantum technologies, and micro LED display capital equipment.

Overall, we believe industrial is positioned to return to growth and become an increasingly important source of revenue diversification over time. In summary, we enter fiscal 27 with exceptional customer demand, record visibility, expanding production capacity, and multiple new growth platforms beginning to ramp. We believe Coherent is uniquely positioned to capitalize on the multiyear expansion of AI data center infrastructure supported by the breadth of our photonic technology portfolio, our manufacturing scale, and our significant US production footprint. I want to thank the entire Coherent team for their outstanding execution and innovation throughout fiscal 26. I will now turn the call over to Sherri.

Sherri R. Luther: Thank you, Jim. Fiscal 26 was an exceptional year for Coherent. We delivered record revenue of $7.12 billion, expanded gross margin by over 150 basis points, increased operating margin by nearly 300 basis points, and grew non GAAP earnings per share by 59% significantly faster than revenue growth. We also strengthened our balance sheet, reducing debt leverage to 0.7 times from 2 times at the end of FY 25 while continuing to invest in capacity as well as our product road map to support the growing AI data center and communications demand. Let me now provide a summary of our results.

Fourth quarter revenue was a record $2.05 billion, up 13% sequentially and 34% year over year, driven by growth in AI data center and communications demand. On a pro forma basis, revenue increased 14% sequentially and 42% year over year. Excluding revenue from the aerospace and defense business and the Munich Germany product division, which were sold in Q1 and Q3, respectively. Full year 2026 revenue was $7.12 billion up 23% from 2025 and up 28% on a pro forma basis. AI data center and communication strength was the key driver of our full year 2026 revenue growth. Fiscal 26 was the first year in Coherent's history to exceed $7 billion in revenue.

Our Q4 non GAAP gross margin was 40.2% a 66 basis point improvement compared to the prior quarter and a 215 basis point improvement compared to the year ago quarter. Our full year 2026 non GAAP gross margin was 39.4% up 152 basis points from 2025. Gross margin performance continued to improve both sequentially and year over year as a result of the initiatives we have been executing throughout fiscal 26. We saw benefits from our gross margin expansion strategy primarily within data center and communications segment. These improvements were driven by lower product input costs improved manufacturing yields and efficiencies, including continued progress on our 6-inch Indium Phosphide platform, as well as benefits from our pricing optimization efforts.

We expect gross margin to continue to improve over the coming quarters as pricing optimization and cost structure improvements such as increasing capacity from our 6-inch Indium Phosphide platform continue to take effect. Fourth quarter non GAAP operating expense was $377 million compared to $348 million in the prior quarter and $307 million in the year ago quarter. Non GAAP operating expense as a percentage of revenue decreased to 18.4% in Q4 from 19.3% in Q3 and 20.1% in the year ago quarter. As we continue to focus on driving better leverage and operating efficiencies.

Full year 2026 non GAAP operating expense increased to $1.35 billion from $1.17 billion in FY 2025 primarily driven by increased investments in our product portfolio. As a percent of revenue, operating expenses decreased 19% in 2026 from 20.1% in 2025. R&D expense as a percentage of revenue increased 10.2% in Q4 from 9.9% in the prior quarter and 9.8% in the year ago quarter. For the full year, R&D expense as a percentage of revenue increased 9.7% compared to 9.5% in FY 2025. The sequential and year over year increases were driven primarily by investments within the data center and communications segment product portfolio. R&D investments remain focused in areas where we see the strongest long term growth opportunities.

Including transceivers, CPO, OCS systems, and thermal management solutions We continue to prioritize investments that address customer demand while generating attractive returns and supporting future growth. SG&A expense declined to 8.2% of revenue in Q4 compared to 9.4% in the prior quarter and 10.3% in the year ago quarter. For the full year, SG&A expense decreased 9.2% of revenue from 10.5% in FY 2025 reflecting continued progress and driving efficiencies and generating greater operating leverage. During fiscal 26, we made significant progress simplifying our operating model and driving greater operational efficiency. The expansion of our regional shared services structure has reduced costs improved process consistency, and improved leverage across our global operations.

The benefits realized during the year exceeded our original expectations, and we expect these benefits to continue to increase throughout fiscal year 27. Our fourth quarter non GAAP operating margin increased to 21.8% compared to 20.3% in the prior quarter and 18% in the year ago quarter. Our full year 2026 non GAAP operating margin increased 20.5% from 17.8% in FY 2025. The increases for both Q4 and FY 2026 were driven by strong revenue growth continued gross margin expansion, and improved operating leverage. Fourth quarter non GAAP earnings per diluted share was $1.74 up 23% from the third quarter and up 74% from the year ago quarter.

FY 2026 non GAAP earnings per share was $5.61 up 59% from FY 2025. Earnings growth continued to outpace revenue growth in both the quarter and the full year, driven by strong revenue performance gross margin expansion, and improved operating leverage. Our FY 2026 year end cash balance of 2.59 billion compares to $3.05 billion at the end of the prior quarter. And $1.63 billion at the end of FY 2025. Consistent with our capital allocation priorities we continued investing in opportunities that we believe will drive long term growth and profitability. These investments were primarily focused on expanding data center and communications capacity and advancing our product development road maps.

During FY 2026, we made 513 million in debt payments exiting the year with a debt leverage ratio of 0.7 times compared to 2x at the end of FY 2025. Our capital expenditures increased $556 million up from $290 million last quarter and 131 million in the year ago period. This acceleration directly supports future growth across our data center and communications business These strategic investments are expected to yield excellent financial returns For example, the investments we are making in the data center business have a roughly 18 month payback period. Our conviction in these high return investments backed by excellent visibility from our customers with a robust pipeline of strong purchase orders and long term agreements.

This CapEx is primarily directed towards advanced tooling and state of the art manufacturing equipment that accelerates our volume manufacturing capabilities and optimizes production yields. Furthermore, as a vertically integrated manufacturer, this capacity offers significant fungibility as our infrastructure can be dynamically repurposed support multiple product lines. Given the exceptional demand profile and clear ROI visibility, we expect capital expenditures to increase sequentially again in Q1. These results reflect strong customer demand, disciplined operational execution, continued progress on our gross margin expansion initiatives, and investments in the products and technologies that we believe will drive future growth. I will now turn to our guidance for the first quarter of fiscal 27.

We expect revenue to be between 2.2 billion and 2.4 billion We expect non GAAP gross margin to be between 39.541.5% We expect total operating expenses of between $400 million and $420 million on a non GAAP basis We expect the tax rate for the quarter to be between 1.82 thousand% on a non GAAP basis. We expect EPS of between a $1.85 and $2.05 on a non GAAP basis. We are entering fiscal 27 with strong momentum. Supported by record backlog, excellent visibility into customer demand, and a significantly stronger financial position. We remain focused on expanding capacity, improving profitability, and allocating capital in a disciplined manner as we support future growth and drive long term shareholder value.

That concludes my formal comments. Operator, please open the call for Q&A.

Operator: Thank you. We will now be conducting a question and answer session. If you would like to ask a question, please press 1 on your telephone keypad. A confirmation tone will indicate your line is in the question queue. You may press 2 if you would like to remove your question from the queue. For participants using speaker equipment, it may be necessary to pick up your handset before pressing the star keys. 1 moment, while we poll for questions. Our first question is from Samik Chatterjee with JPMorgan. Please proceed with your question.

Joe: Hi, good afternoon and thanks for taking the questions. Maybe for my first, it sounds like you continue to make good progress on the 6-inch ramp and even hinting at further expansion beyond 2027. Can you provide us an update on the ramp and specifically how we should be thinking about how it translates into revenue and gross margins? And then I have a follow-up. Thank you.

James Robert Anderson: Yes. Thanks, Samik, for the question. Yes, I would say, I am quite pleased with the progress on our 6-inch Indium Phosphide ramp. I think the team is doing just an outstanding job of ramping that production. As I mentioned in the prepared remarks, we are on track to double the output capacity of Indium Phosphide production. This quarter. that is 1 quarter earlier. Than our original plan. And then by the end of next calendar year, we expect to more than double it again. So we are on a pretty fast pace of expansion and executing well to that. And actually a little ahead of our plan.

So really pleased with that And maybe a helpful data point just to kind of measure our progress along the way is if I look at our June quarter and I look at, well, how many lasers, Indium Phosphide lasers did we produce in our June quarter, on a year over year basis, we produced about 80 about 80% more Indium Phosphide lasers in our June quarter than we did the prior year. So 80% year over year growth. And those are the lasers that go specifically into our 800 gig transceivers and our 1.6T transceivers.

And so that 80% growth year over year, I see that as a really good measure of progress towards, you know, continuing to expand our Indium Phosphide capacity. And then I think you asked how does that relate to revenue You know, that 80% growth in lasers in the June quarter, we use those basically go into transceiver shipments in the current quarter. And so we would expect our data center growth, for instance, this quarter on a year over year basis to exceed 80%. Right? We certainly got the lasers this quarter to make that happen, And so that is kind of how you can think about how it impacts the data center transceiver revenue growth.

And, you know, I just a couple other comments on the progress. 1 of the things I continue to be pleased by is our yields. Our yields continue to be better than our 3-inch production. So yields of 6-inch better than 3-inch, and that is across all 3 devices that we have in production. That CW, EML, and photodiodes. And so all 3 showing better yields than 3-inch. And you know, another milestone that I mentioned in prepared remarks, we have now you know, we are starting production and ramping production of our ultra high power CW lasers that go into CPO applications. We will see revenue from those.

We expect in our December quarter, it is our Texas and Sweden plants that are ramping right now. So we are ramping in 2 locations. 6 inch, and we will bring a third 6-inch location online We expect in the first half of calendar 27. So yeah, I would say the progress, quite pleased with it. So And then I it sounded like, Samik, you had a follow-up question?

Joe: Yes. And the second 1 and very useful color there. Thanks, Jim. The second 1 is and maybe you started touching on this, but the CPO revenue starting in December quarter, Just curious, can you shed any light or additional color around the opportunity, both near and long term, just particularly given the recent noise surrounding it from the market perspective around concerns around delays and maybe the forward pull-in of NPO. Just curious in terms of if any other color you can share there just given kind of all that noise surrounding it. Thank you.

James Robert Anderson: Yeah. Sure. Thanks, Samik. Yeah. First of all, we have seen absolutely no push out of CPO demand. In fact, it is been the opposite. We have seen demand increase and demand request from customers demand getting pulled in. And so we have only seen the opposite. And then that is on CPO specifically. And then the other thing that we have seen, especially over the last 3 to 6 months, is a significant ramp up in the engagement with customers on not just CPO, but now NPO.

So I would say we have, you know, multiple very important engagements across many customers, around either CPO or NPO And so the, yeah, the intensity is has really gone up over the last 3 to 6 months. And so we are really pleased to see that. And just as a reminder, when we talk about integrated optics, whether it is CPO or NPO or any other form of it, we have a very wide portfolio that we can bring to our customers. it is not just 1 ingredient, but a really wide range of products. it is of course, it is the laser. We have you know, we have very strong laser capabilities.

But the laser, the external laser module the optical components that go into that external laser module, like isolators, We manufacture polarization maintaining fiber. This is the type of fiber that you would use to connect the laser module to the device or the device back to the front panel We have got the we can do the full assembly of the entire fiber attach kit. We do the SiPho PICs. So we are able to bring to our customers a full range of integrated optics capability. And we see NPO or CPO to us, it is just a different form factor.

The amount of content that we would have in an NPO application versus a CPO is very comparable, very similar. And so we are just we are driving whatever the customer prefers in terms of their type of application, CPO or NPO. We are there to support them. And then the other thing that we are going to be launching in September that I mentioned is a new platform technology platform called PhotonLink. And what we were seeing with customers around CPO and NPO is customers not wanting to just buy a point individual ingredient like a laser or an isolator, but really wanting help bringing the full the full solution.

And so what PhotonLink is it is our integrated platform for basically being the 1 stop shop for integrated optics platform. And so it spans all the way from light generation to beam shaping and transport transmission to detection and conversion back to the signal. So we will talk more about it at our product launch event in September. But we think that is, you know, based on the initial customer reaction, great. You know, great solution for customers that want more of a complete solution. So we are pretty excited about that as well. Thank you. Appreciate all the details.

Operator: Our next question is from Simon Leopold with Raymond James. Please proceed with your question.

Simon Leopold: Great. Thank you very much for taking the question. The first thing I wanted to ask you about and I know this, it is not a done deal, but there is been press coverage on potential import restrictions for optical transceivers. And I think I have 2 parts to this question. The first aspect is what does it mean to Coherent specifically? And part of this would I think it applies to the CHIPS Act, creating US jobs. So could you in practice move transceiver manufacturing? Would you or could you move that to The US? And then I have got a follow-up. Thank you.

James Robert Anderson: Yeah. Thanks, Simon. So, you know, that report is speculative at this point. But, you know, certainly, we would benefit from something like that as the as the main, you know, the largest US supplier of transceivers, something like that would certainly be beneficial. Although, you know, we always want to compete for our customers' business based on our technology and based on our manufacturing. And we think we have got the broadest, deepest photonic technology in the industry and the most extensive manufacturing footprint. And 1 of the things that we are really proud about on our manufacturing is of course, we are a global manufacturer with locations all over the world, which gives us resiliency.

Of course, we are also vertically integrated. We build a number of the very important components ourselves. But, Simon, as you mentioned, we have an outside footprint in The US. We have over 20 production facilities in The US, and that I think is really a strategic advantage for us. You know, just 1 example is that Sherman, Texas facility. We are making very critical components in Sherman, Texas for not just transceivers, but for CPO and NPO applications. And there is other facilities throughout the US where we make other critical components like fiber optic cable, like growing the garnet that goes in the isolators for transceivers.

So to the extent that we need to we are already investing US manufacturing, but to the extent we need to increase that US manufacturing we would certainly be open to doing that. We have got we were founded over 50 years ago as a US manufacturing company And so we have a great footprint, and we could certainly build off of that. Thanks.

Simon Leopold: And then just the follow-up is I think it was you gave us a target for Q4 2027, June 2027 of revenue exceeding $3 billion I think that is well above current consensus. I would like to get a better sense then of what you are thinking about your gross margin. I know in the past, you have talked about a target of 42.5%. Wondering if you could update us given sort of the shifts in growth in the mix, how you are thinking about the gross margin trajectory? Thank you.

James Robert Anderson: Yeah. I will pass that 1 on to Sherri to comment on gross margin. But the, you know, the quick version is that we have made, I think, great progress over the past quarters, and we are certainly super focused on continuing to make progress moving forward. But, Sherri, do you want to add color to that?

Sherri R. Luther: Sure. Sure, Jim. Thanks, Simon. So first of I would like to say I am extremely pleased with the progress we have made in improving gross margin. We increased gross margin 66 basis points sequentially and 250 basis points year over year. In fact, in 8 out of the past 9 quarters, we have increased our gross margin. So that is not just a trend. that is showing that we are actively driving gross margin improvement. And the accumulation of improvement was over 660 basis points of improvement. So clearly, an area that we are actively driving and focused on. Now the target, that we gave at our Investor Day of greater than 42%.

And at the midpoint of our Q1 guide, which is at 40.5%, you know, that is you know, certainly, we are we are still early. We have a little bit of ways to go. I do view that we are early in our you know, in our strategy for gross margin expansion, but we are extremely focused on getting to greater than 42%. And let me tell you why I am confident. The bulk of the 6-inch Indium Phosphide product ramp is still ahead of us. that is still to come. New product ramps for 1.6T OCS system CPO multi-rail systems, thermal management solutions, all of those new products, those ramps are all still to come.

They are all ahead of us. And of course, we will continue to drive cost reductions, pricing optimization improvements, the bulk of those improvements driven to date are in these areas, and we have clear plans to drive you know, what I view as a very significant opportunity ahead. So once we get to our target of greater than 42%, we will no doubt raise the target. Thank you. Thanks, Simon. Thanks, Simon.

Operator: Our next question is from George Notter with Wolfe Research. Please proceed with your question.

George Notter: Hi, guys. Thanks very much. I guess I was just curious about where you are in terms of your transceiver mix right now. Obviously, there is an initiative to insource as much of those laser datacom chips as you can. I am just curious, like, how much of your mix is now, you know, insourced in terms of the laser datacom chip? And then also, I know there was a plan to kind of, you know, exceed your own internal needs and supply EMLs externally. I am just curious, like, what the road map looks like for, you know, selling EMLs commercially in the market. Thanks.

James Robert Anderson: Yeah. Thanks, George. I think on the last point, given the demand that we see in our data center business with transceivers, I do not see any time in the near future where we would be selling Indium Phosphide lasers externally. Our data center transceiver demand is absorbing every bit of capacity. That we have and then some. So I do not I do not see any near term ability to do that. Maybe further out, but today, we use a mix of internal internally produced and externally sourced. I still believe that over the long term, we will have some portion of our datacom transceivers that will be supported by external sources.

I think that is there is a number of strategic reasons why that is good for the transceiver business. But certainly, think as we expand our internal production, which is growing very quickly, I talked about the 80% year over year growth that we saw in laser production. In our June quarter, and that will grow from here given the ramp in Indium Phosphide, You know, I would expect over time for a greater percentage of our transceivers to be serviced with internal Indium Phosphide. Great, thank you.

George Notter: And then just as a quick follow on, I am curious about where you are on VCSELs. It seems like there is a lot of new enthusiasm around VCSELs in scale up applications. Obviously, you guys are working on a 200G VCSEL. I am just curious about where that is and how do you see that opportunity for Coherent? Thanks.

James Robert Anderson: Yeah. I think that is a great tool in our chest. Right? Is in our tool chest is the 200G VCSEL. We continue to make good progress on that. I do think that 200G VCSEL will see adoption in integrated optics applications. In you know, like, NPO type of applications. And so we are actively working with customers on VCSEL-related NPO or integrated optics application. So that is certainly an important tool, and, yeah, we think that will be deployed. Thank you.

Operator: Our next question is from Ryan Koontz with Needham and Company. Please proceed with your question.

Ryan Koontz: Great, thanks. I want to ask about your capacity constraints here. I wonder if you could look at kind of your input capacity constraints as well as your own internal production capacity constraints? And how should investors think about those and where you are investing now? But where are your sharpest pain points now to grow the business over the next 12 months?

James Robert Anderson: Yeah. Thanks, Ryan. I would not say that any-- Indium Phosphide capacity continues to be our primary constraint. that is why we are so focused on ramping that 6-inch production. That we are not constrained, for instance, if you look at transceivers, we are not constrained in the assembly and test capacity right now. We have that capacity available. We are really just constrained by the ramp of the Indium Phosphide production. And so as we as we continue to ramp that Indium Phosphide output, we expect that to continue to help drive revenue growth for our transceivers. So it is it is really as simple as that. that is the primary constraint.

Ryan Koontz: Helpful. Thank you. And maybe as you think about, the telecom side of the world and multi-rail and pump lasers and all that is involved there, You know, how do you, think about that monetization opportunity in terms of various parts or systems you might sell into that market?

James Robert Anderson: Yeah. Thanks, Ryan. In that market, we actually sell a multiple different levels, so we do sell components into that market, we sell what I would call subsystems. So these should be amplifiers, line cards, in some cases, we will sell kind of full systems. And so we sell at multiple levels, and I would say the growth there is incredibly strong. You know, in communications, the kind of scale-out DCI falls within our communications business. We saw in our June quarter 56% year over year growth in that segment.

I think that segment moving forward, we are gonna continue to see faster growth just as we have seen in the sort of data center applications and that is across, just a multiple different products, whether it is our ZR/ZR+, transceivers, whether it is some of the components like the pump lasers or the products that go into the pump lasers. And then as I mentioned in the prepared remarks, soon you know, we will start to see revenue from a multi-rail So the our technology for multi-rail systems is in the hands of customers now. We have sampled that. And we expect revenue to start to flow from multi-rail in the first half of calendar 27.

So, yeah, there is just a wide range of products there, and I would say the demand just continues to go up for anything DCI or scale-out related. Super. Thanks, Jim.

Operator: Our next question is from Blayne Curtis with Jefferies. Please proceed with your question.

Blayne Curtis: Hey, good afternoon, guys. I had 2 questions. First, maybe you could just talk about the OCS demand. I mean, you mentioned the $4 billion TAM. I think you are starting to ship in smaller volumes. Can you just talk about where you are seeing the demand, how broad that is? And, you know, I think there is expanding applications as well, like inter-rack and such. Can you just comment on that?

James Robert Anderson: Yeah. Definitely, Blayne. We are certainly seeing an expanding range of applications. So you know, originally, when we started working on OCS, we were thinking about it mostly in the in the context of scale out. But now, clearly, we think we will see adoption and scale-out and then a clear path to scale up as well. So have active customer engagements in scale up applications. And so that is really what led us to double the size of our market outlook at OFC earlier this year. So we doubled it from 2 to over 4 billion. And we may have even been conservative on that $4 billion number in terms of the addressable market over time.

I think that was for a 2020, 2030 time frame. And so, yeah, we have only seen the application widen, and the demand looks stronger than what we had thought 6 or 12 months ago. So it looks very good. And then in terms of our progress, yeah, pleased with our progress. The demand is clearly at there, and so we are really just focused on ramping manufacturing capacity as fast as we can. We saw revenue grow in our June quarter, and as I look forward over the coming quarters, we expect to continue to expand production capacity and then drive faster revenue growth as well.

So we believe it becomes a very meaningful product line over time for us. Thanks.

Blayne Curtis: And then I want to go back to NPO. If you could just talk about, is there a way to kind of think about how many projects you are working on? And then I just wanna drill down on there is a lot of questions on you said the content would be similar to CPO. But then I think there is some talk about integrated, and then you answered a question talking about VCSELs. So can you just walk through that content? Where are you seeing the demand Is it kind of even on the projects you are working on now, and it might change in the future? Can you just walk through that?

James Robert Anderson: Sure. And what I would say is with almost every customer that we work with, certainly large strategic customers, we have either a CPO or an NPO or in some cases, a CPO and NPO project ongoing. So and that is really that sort of intensity and engagement around CPO and/or NPO has really gone up over the last 3 to 6 months. And so I would say those engagements are very active. And just as a reminder, as I said earlier, we are, you know, we are not just bringing 1 ingredient like a laser to the solution. Bringing a full platform solution The laser, the interconnect, the different optical components etcetera.

So we I would say, you know, engagements across all the major customers. And then on the second part of your question on the dollars of content, yeah, we see comparable levels of content for both CPO and NPO. To us, it is just a different attach point, whether it is connecting directly near the piece of silicon or whether it is on the motherboard, NPO or the level of content that we would see, we view as very similar. And maybe that is because we are we are providing a pretty broad range of solutions in both of those types of applications. But we see the level of content similar.

And I would say all of this, I would point out, is incremental addressable market for us, but also for the optics industry in general. I mean, most of these projects are focused on scale up applications where we are gonna be converting more of those copper electrical lines to optical over the coming years. So it is it is great addressable market expansion for us, and we expect it to be a major growth area for us. Thanks, Tim.

Operator: Our next question is from Karl Ackerman with BNP Paribas. Please proceed with your question.

Karl Ackerman: Yes, thank you. I have 2, if I may. First question, Jim, you spoke about quarterly revenue exceeding $3 billion by the end of fiscal 27, which is quite robust. Could you unpack that a bit and describe how much of that is an uplift from perhaps 1.6T transceivers? You talked about OCS demand. You talked about multi rail. Perhaps how much of this is coming from any backlog or pricing as well If you just kind of bucketize those, it would be very helpful. And I have a follow-up. Yeah.

James Robert Anderson: Thanks, Karl. So first of all, you know, that is all the primary driver there is data center and communications. We expect some improvement in industrial but it is really the bulk of that is driven by data center and communications given that is 80% of our revenue. And then within that, I would say, certainly, transceivers is a big driver of that. You know, we have got 800G is still growing very robustly on a year over year basis, and then 1.6T is ramping incredibly fast. In fact, we have seen the 1.6T ramp only the pull in be stronger, demand increase, and so that ramp is even faster than what we thought say, 3 months ago.

So 800G, 1.6T transceiver is certainly a key part of that. But beyond that, OCS ramping through the course of this fiscal year. CPO now starting to really kick in, in the December our December quarter. And ramping in the following quarters. We talked about multi-rail as well And then, yeah, there are pricing improvements that we are driving, either kinda normal pricing improvements or pricing improvements are part of our LTAs, long term agreements with our customers. That are kicking in as well. So it is really a number of factors Across, you know, across data center and communications, we are I am trying to think if there is any product line where we are not supply constrained on.

The demand is robust across almost every single product. Across data center and comms and it is really just a matter of as fast, we can sell as fast as we can ramp production. And so our we have had just an extreme focus on ramping production as quickly as possible. Thank you.

Karl Ackerman: And then you also spoke about how customer orders extend into 2028 and LTAs to the end of the decade. When you discuss LTAs extending into 2028, is that volume committed in 2028 at a higher volume commitment 2027? Perhaps you could provide some guardrails with respect to the volume commitments that you are seeing today and how that is improved over the last 90 days? Thank you.

James Robert Anderson: Yes. Thanks, Karl. So first of all, on the when I am talking about the near term, we are talking about purchase orders or backlog. And so in terms of backlog and bookings, we take, like, our June quarter, we saw I would call, just an extraordinary level of bookings, record bookings, again in our June quarter, and so our backlog now extends out--you know, fiscal 27 is basically completely booked out We are booked really through the end of calendar 2027. And what we are seeing now is, you know, customers now looking into calendar 2028. Right? So those are those are purchase orders for specific products etcetera.

So that is really good because that is very high quality near term demand visibility. And then at the same time in parallel, a lot of customers putting in place long term agreements with us. Where long term agreements for supply over a multiyear period. Many of those periods extending out through the through the end of the decade. And yeah, generally, those agreements have, you know, increasing supply each year because what we are doing is we are expanding capacity to bring on or to support their demand requirements moving forward. So expanding capacity, expanding demand from them. And then they have pricing related commitments.

And then they also have sort of minimum demand guarantees from our customers or sometimes you refer to those as take or pay agreements. And so those LTAs are also really helpful. Those give us a great visibility just beyond 2028. Those give us really good visibility into the key products we need to be building and the capacity we need to be expanding through the rest of the decade.

Operator: Our next question is from Meta Marshall with Morgan Stanley. Please proceed with your question.

Meta Marshall: Great. Thanks so much. Maybe a question for Sherri. I know you alluded to 6-inch yields kind of being a big portion of the gross margin increase. But just as we think about into the next year, how much of that improvement is really the yield improvements versus maybe some of the product mix or pricing? And then second question, just in Jim, a question for you. I know it was kind of asked about you know, the potential restrictions being put into place. But just you know, have you seen kind of a change in customer urgency to get product?

I know you are kind of sold out, but just in terms of a change in customer communication since over the past couple of weeks? Thanks.

Operator: Thanks, Meta, for your question.

Sherri R. Luther: So in terms of 6-inch yields, what I was mentioning is it is 6-inch cost structure. Because if you remember, we have talked about the fact that 6-inch wafers are--you know, we get 4x the amount of output from that from that wafer versus 3 inch. Right? 4 times, but it is at half the cost. So it is that cost structure that is beneficial to us. When I talk about, you know, what is ahead of us that will help drive, gross margin improvement, it is really that ramp of 6-inch Indium Phosphide products that will be beneficial to us because of the cost structure of 6 inch.

And I think, Jim, you should have Yeah, and I will just reiterate I said earlier that when we look at yields for 6-inch, the yields for 6-inch are actually higher than our 3-inch production. And so, again, it is more the benefit of the 6-inch is the cost structure cost structure benefit.

Operator: And then on the second part of your question around customer you know, sort of customer reaction to the to the recent writer's article.

James Robert Anderson: I would say, yeah, we have seen there is a number of customers that have reached out to us and have engaged in, you know, discussion around manufacturing and exploring different options around that. And so, yeah, I would say that has spurred some new customer demand and supply discussions. And so those discussions are ongoing. Great. Thank you.

Operator: Our next question is from Given Arya from Bank of America. Please proceed with your question.

Given Arya: Thanks for taking my questions. For the first 1, Jim, CPO for scale up, what is the timeline for Coherent? Is it second half of 27? Is it 2028? And then how broad is it? And what is the pushback from customers who do not want to adopt it early?

James Robert Anderson: Thanks, Vivek. As we have said this in the past. We continue to expect revenue from CPO for scale up applications to start to flow in the second half of calendar 27. And, yeah, that is been a consistent view for quite a while for us. And so the CPO that we are ramping right now will first go into scale out applications. And then that will continue to grow. And then scale up will kick in the second half of 27. And then you know, customers, I would say, within the scale up domain with customers, if we are not having a CPO discussion, they are at least considering or engage with us in NPO.

So I think almost every customer that we have, certainly the big strategic customers, are engaged with us in a discussion of CPO or NPO. And there is just a differing views by our customers depending on their architecture, whether they would prefer an NPO app, an NPO sort of form factor to start with or CPO. And some customers that were engaged with an NPO, I expect to eventually transfer to CPO further down the line, and some are choosing to go directly to CPO. And so it really depends on the particular customer and comes down to their specific architecture. Got it. Thank you.

Given Arya: And for my follow-up, maybe 1 more on gross margins. In the it is probably more nitpicking, but in the first half of the year, saw incremental gross margins that were more in the I think, mid forties or better. I think what you guided to for September is sort of in the low forties. I am just curious if there is anything specific for September and just broadly, how should we think about, incremental gross margin fall through for fiscal 27 given that you have kinda given us the bookends? For the year. Thank you.

Sherri R. Luther: Yeah. So, Vivek, when you think about you think about gross margin improvement going forward, it is really driving the initiatives that I talked about, right? Continued cost reduction pricing optimization. We will continue to focus on that. The timing of those benefits, it is it is gonna differ because it just depends on the initiatives and when they kick in. As we ramp throughout the rest of this year, as Jim mentioned, that $3 billion revenue number, by the end of FY 27, and you talked about the revenue opportunities there. He mentioned new products, right? He mentioned 1.6T, OCS, CPO, all these things kicking in, which are going be beneficial to our gross margin.

And so that will help drive improvements in gross margin as we move ahead. But when you talk about flow through on gross margin and what you can think about, the other thing that I would like to make sure that I call your attention to is that if you look at our operating expenses, in our Q1 guide that we provided at the midpoint of that guide, we are we are already below our operating our target model rather. So we gave a target model for OpEx just last year, in fact, of 18% for OpEx. And so the midpoint of our Q1 guide, we are already below that. And we are going to continue to drive operating efficiency.

We have made tremendous progress on the SG&A front, but there is more operating leverage that we will get out of R&D as well. So when you think about total flow through, you know, keep that in mind as well. I just wanna point that out because I expect that there is significant opportunity to drive even greater operating leverage for the reasons that I just stated. Thank you.

Operator: Our next question is from Michael Mani with Rosenblatt Securities. Please proceed with your question.

Michael: Great. Thanks, Jim. it is really good to see the expectation for CPO laser revenues in the fiscal second quarter because that would imply that you are either qualified or have line of sight to qualification and would kind of you know, go against some of the fuzz. I think that is not coming from Wall Street, but more coming from a substack saying you guys are having trouble with that laser. Just any more color on, like, the confidence that, you know, you will be ready for the customer to actually recognize revenue in that quarter and just progress that is been made recently? Thanks.

James Robert Anderson: Yeah. I am really pleased with the progress. I think the team's done a great job. I actually think our design on that particular laser is outstanding and has some significant technical advantages and production advantages. And, yeah, we have we have already started production wafers for those shipments in our December quarter, and that customer continues to tell us to please ship more as fast as possible. So, yeah, I think we feel really good about that. And but just as a reminder, it is not just lasers. Right?

We supply lasers, external laser modules, the different optical connectors, the fiber optic cable, the fiber attach unit. there is a there is a lot of content that we supply just beyond just the laser. But, certainly, laser is a key ingredient. Great.

Michael: Sounds good. Last question. You have mentioned already repeatedly about the LTAs, which gives you revenue visibility. My question is, does that also give you pricing visibility and specifically, you know, how far into the future do you think that prices of lasers will keep rising when you sort of weigh your LTAs and the and the amount of capacity that is been added and the potential for increasing competition may be coming from China. But your confidence sort of how far out you think before we have to worry about, you know, laser prices not going up anymore?

James Robert Anderson: Yeah. it is a good question, Michael. The so when we when we do LTAs, they almost always have not just a volume commitment, but agreed upon pricing as well. And so the pricing is set for I think, all or almost all of our LTAs out through the length of the LTA. Some of those are 3 years. Many of those go out through the rest of the decade. So that gives us great visibility on not just the volume that we need to go drive, but the pricing that we can expect as well. So it is it is good visibility from both those aspects. Thanks for taking the questions. Appreciate it. Thank you.

Operator: This concludes our Q and A session. I would like to turn the floor back over to Jim Anderson for closing comments.

James Robert Anderson: Yes. Thanks, operator, and thanks again for joining us on the call today. So we are certainly entering our fiscal 27 with great momentum exceptional customer demand, and really accelerating growth prospects given the capacity and the ramp in new growth platforms ahead of us. I think with our with our photonic technology and manufacturing scale, I think the company is just really well positioned moving forward. I just want to say thanks again to our employees, for their great work in fiscal 26 and to all of our customers, partners, and shareholders for their support. So thank you, and we will look forward to updating you again in another quarter.

Operator: This concludes today's teleconference. You may disconnect your lines at this time. Thank you for your participation.

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Coherent (COHR) Q4 2026 Earnings Call Transcript was originally published by The Motley Fool

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美债回购承诺难稳长期收益率

重要性4/5 中高

文章及时覆盖美债回购、通胀、油价、日元和Jackson Hole等跨资产变量，并直接涉及CL=F；来源为通讯社且包含市场报价，但对政策效果和地缘影响的判断仍具有不确定性。

标签

标的：`GOOG`, `KMEM`来源：AFP发布日期：2026-08-21重要性：4/5 中高评级理由：文章及时覆盖美债回购、通胀、油价、日元和Jackson Hole等跨资产变量，并直接涉及CL=F；来源为通讯社且包含市场报价，但对政策效果和地缘影响的判断仍具有不确定性。评级依据：timeliness, source_quality, evidence_strength原文字数：749

中文简要摘要

完整摘要达到当日时间预算，以下保留已完成的模型简要摘要。

AFP于美东时间08/20 22:34（UTC+8 08/21 10:34）报道，亚洲股市在评估美国财政部至少将主权债券回购规模翻倍的计划；30年期收益率随后大跌，但次日反弹。财政部长Scott Bessent称仍有更多工具，市场仍担心通胀、政府融资和公司债供给。美伊未就重开霍尔木兹海峡取得进展，油价近两周走高，文中WTI报87.83美元、布伦特报93.89美元。日本通胀回升推升下月加息预期，Jackson Hole会议前货币政策表态仍是观察点。回购措施对长期融资成本的持续效果尚未验证。

英文原文

Asian markets extend rally as traders assess US Treasuries pledge

AFP

Fri, August 21, 2026 at 11:34 AM GMT+9 4 min read

CL=F

-0.21%

The yen rose against the dollar after data showed Japanese inflation picked up last month (Richard A. Brooks) Asian stocks edged higher on Friday as investors assessed the US Treasury's move to push down long-term bond yields, while analysts warned that alone would not be enough to keep borrowing costs from spiking.

Treasury Secretary Scott Bessent's pledge that he had more tools to provide support did little to comfort US markets as sceptical Wall Street investors resumed their selling amid concerns over elevated inflation and government borrowing, among other things.

The lack of progress on reopening the Strait of Hormuz added to unease on trading floors, with oil prices gradually rising over the past two weeks as the United States and Iran remain deadlocked.

The US Treasury provided a much-needed boost to markets on Wednesday when it said it planned to "at least double" its sovereign bond buybacks, a day after the 30-year yield surged to levels last seen in 2007 just before the global financial crisis.

That sent long-term rates plunging but they rebounded on Thursday, with Mark Malek, of Muriel Siebert & Co, calling it "a housekeeping move destined to be short-term, at best".

Bessent told CNBC on Thursday that his department had a "big toolkit" to address a rise in yields that it views as unmoored to financial conditions. Such measures could include increased bond purchases beyond the scale announced the day before.

"We think that this is a thinly traded area of the market, that we're in August, and there's been a lot of corporate issuance that's influenced the market," Bessent said.

"We believe that the yields don't reflect the underlying fundamentals."

He added that inflation -- which has been running above the Federal Reserve's two percent target for more than five years -- would ease once the United States gets "on the other side" of the Iran war and oil prices retreat.

The increase in yields weighed on Wall Street, where all three main indexes fell as tech firms -- which rely on debt to fund their huge investments -- dropped.

However, Asia fared better, with tech-rich Seoul helped by a rally in chipmakers Samsung and SK hynix, with the former said to be planning a shareholder return worth as much as $79 billion.

SK hynix rocketed more than 12 percent Thursday after announcing a $29 billion share buyback.

Hong Kong, Singapore, Wellington and Taipei also rose, though Tokyo, Sydney and Shanghai dipped.

On currency markets, the yen rose against the dollar after Japanese inflation picked up last month on higher oil prices caused by the Middle East crisis, giving the country's central bank room to hike interest rates next month.

Story Continues

Observers have said the spike in yields is down to a number of things.

Michael Hewson at MCH Market Insights wrote: "We already knew at the start of this year that governments would be looking to raise a lot of money due to increased spending commitments on both sides of the Atlantic, which would mean that buyers would likely be spoiled for choice.

"With the boom in AI infrastructure spending, we've discovered yet another source of supply in the form of corporate bonds with the likes of Amazon, Alphabet, Meta and the like looking to raise up to $500 billion of their own.

"This excess in supply is also likely an additional factor serving to weigh on global sovereign debt markets with some investors preferring to invest in Big Tech as opposed to indebted sovereigns."

Others pointed to Fed Chair Kevin Warsh's refusal to provide markets with forward guidance on the bank's plans as fuelling uncertainty on trading floors.

Traders will be closely watching his speech at next week's annual meeting of central bankers, economists and finance chiefs in Jackson Hole, hoping for some clarification on monetary policy.

Key figures at around 0200 GMT -

Tokyo - Nikkei 225: DOWN 0.7 percent at 65,746.88 (break)

Hong Kong - Hang Seng Index: UP 0.7 percent at 25,882.03

Shanghai - Composite: DOWN 0.1 percent at 3,891.45

Dollar/yen: UP at 158.97 yen from 159.11 yen on Thursday

Euro/dollar: UP at $1.1690 from $1.1680

Pound/dollar: UP at $1.3644 from $1.3630

Euro/pound: DOWN at 85.67 pence from 85.68 pence

West Texas Intermediate: FLAT at $87.83 per barrel

Brent North Sea Crude: UP 0.1 percent at $93.89 per barrel

dan/pbt

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三星拟推出超710亿美元回报方案

重要性4/5 中高

董事会会议安排在报告日举行，潜在股东回报规模较大，且与存储芯片龙头的资本配置比较直接相关；方案金额和细节尚未由三星确认，输入主标的字段还存在与正文不一致的问题。

标签

标的：`GOOG`来源：Reuters发布日期：2026-08-21重要性：4/5 中高评级理由：董事会会议安排在报告日举行，潜在股东回报规模较大，且与存储芯片龙头的资本配置比较直接相关；方案金额和细节尚未由三星确认，输入主标的字段还存在与正文不一致的问题。评级依据：时效性很高：董事会会议计划于08/21召开, 直接标的相关性明确：正文对象为三星电子及SK海力士, 金额重要：媒体提及超过100万亿韩元的潜在回报规模, 证据强度中等：依赖单一知情人士，三星拒绝置评, 数据关联存在缺口：输入symbols字段为GOOG，与正文标的不同原文字数：242

中文简要摘要

完整摘要达到当日时间预算，以下保留已完成的模型简要摘要。

路透于美东时间 08/20 22:31（UTC+8 08/21 10:31）援引知情人士称，三星电子计划于08/21周五下午召开董事会，讨论新的股东回报方案，媒体此前称规模可能超过100万亿韩元（约717.5亿美元），会议或在收盘后举行。消息人士未提供细节，三星发言人拒绝置评。作为行业对照，SK海力士已宣布回购并注销4万亿韩元（约286.1亿美元）库存股，并将2025—2027年自由现金流的超过50%用于股东回报。输入元数据将GOOG列为主标的，但正文与关联代码指向三星电子005930.KS和SK海力士。

英文原文

Samsung Elec to convene board meeting Friday to discuss shareholder return plan, says source

Samsung Elec set to face major strike on Thursday after union talks collapse · Reuters

Reuters

Fri, August 21, 2026 at 11:31 AM GMT+9 1 min read

005930.KS

+3.32%

SKHY

+4.43%

SEOUL, Aug 21 (Reuters) - Samsung Electronics plans to hold a board meeting on Friday ‌afternoon to discuss a new shareholder return ‌package, a person familiar with the matter told Reuters, after media reports said the plan could be worth more than $70 billion.

The source did not give details, but said it could be a significant ‌amount and the ⁠meeting could take place after the market closes.

A Samsung Electronics spokesperson declined ⁠to comment.

South Korea's MoneyToday reported on Thursday that the company is set to announce a new shareholder return policy later this month worth more than ‌100 trillion won ($71.75 billion).

Samsung Electronics, the world's top memory chipmaker and rival SK Hynix, have been under growing investor pressure to return more of their AI-driven cash gains to shareholders through ‌dividends and buybacks after their record-high profits failed to ease investor jitters about AI spending.

SK Hynix said on ‌Wednesday it will buy back and cancel 40 trillion won ($28.61 billion) of treasury shares and allocate more than 50% of free cash flow ‌generated between 2025 and 2027 to boost shareholder returns.

(Reporting by Cynthia Kim and Hyunjoo JinEditing by Ed Davies)

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Alphabet加码Marvell芯片合作

重要性4/5 中高

内容直接关联MRVL，并补充Alphabet芯片供应链和AI资本开支的战略背景；但文章属于分析性解读，缺少采购兑现和财务影响数据，且与同期Marvell合作报道存在信息重叠。

标签

标的：`MRVL`来源：Simply Wall St.发布日期：2026-08-20重要性：4/5 中高评级理由：内容直接关联MRVL，并补充Alphabet芯片供应链和AI资本开支的战略背景；但文章属于分析性解读，缺少采购兑现和财务影响数据，且与同期Marvell合作报道存在信息重叠。评级依据：timeliness, evidence_strength, source_quality原文字数：567

中文简要摘要

完整摘要达到当日时间预算，以下保留已完成的模型简要摘要。

美东时间 08/20 19:12（UTC+8 08/21 07:12）发布的Simply Wall St分析称，Alphabet扩大与Marvell Technology的AI定制处理器合作，并设置一项最高约121.8亿美元的Marvell股份认购选择权，条件与定向芯片设计及制造业务有关。文章将其解读为Alphabet在自研TPU之外增加外部芯片伙伴、分散对大型GPU供应商依赖，并支撑Google产品和云服务的AI算力需求。文中未提供采购量、收入贡献或利润影响的确认数据，且明确分析可能未纳入最新价格敏感信息。

英文原文

What Is Alphabet (GOOGL) Signaling With Its New AI Chip Stake Option?

Bailey Pemberton

Fri, August 21, 2026 at 8:12 AM GMT+9 3 min read

Never miss an important update on your stock portfolio and cut through the noise. Over 7 million investors trust Simply Wall St to stay informed where it matters for FREE.

Alphabet (NasdaqGS:GOOGL) has expanded its AI chip partnership with Marvell Technology, focusing on custom processors for AI workloads.

The agreement includes an option that could allow Google to acquire a significant stake in Marvell based on directed chip design and manufacturing business.

The move adds a new external chip partner alongside Alphabet's in house TPU efforts and reduces reliance on dominant third party GPU suppliers.

The partnership targets growing demand for AI compute infrastructure across Alphabet's products and cloud services.

For readers looking to find more companies involved in building and supplying AI infrastructure, the next useful step is to explore 54 AI infrastructure stocks .

NasdaqGS:GOOGL Earnings & Revenue Growth as at Aug 2026 Alphabet runs global products such as Search, YouTube and Google Cloud across the US, Europe, the Middle East, Africa, the Asia-Pacific, Canada and Latin America, so changes to how it sources AI chips can influence the compute backbone behind many of these services.

Beyond the headline: 2 risks and 4 things going right for Alphabet that every investor should see.

What Alphabet's Marvell chip deal signals about AI capex and supplier risk

For Alphabet, this expanded Marvell agreement reinforces the Narrative catalyst around heavy AI infrastructure spending and custom hardware, but it also speaks directly to one of the key risks. On the positive side, widening the chip toolkit beyond in house TPUs and a single GPU supplier aligns with the view that Google Cloud and Gemini need broad, reliable compute capacity to support AI demand. On the risk side, the warrant for up to US$12.18b of Marvell shares underlines how capital hungry this strategy is, which ties back to concerns about record capex and pressure on margins if revenue does not keep pace.

If we take a look at the community Narrative for Alphabet , we can see how this news fits into the bigger investment story.

From here, the practical check for investors is how this shows up in Google Cloud and AI disclosures over the next few quarters, especially any commentary on AI infrastructure capacity, capex run rates and uptake of AI services such as Google AI Pro and Google AI Plus that lean on this expanded chip stack.

For the full picture including more risks and rewards, check out the complete Alphabet analysis .

This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.

Companies discussed in this article include GOOGL .

Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team@simplywallst.com

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比特币领涨三大加密资产

重要性4/5 中高

采集时间接近日报时点，直接覆盖BTC、ETH和SOL三项重点标的；Binance官方公开行情接口提供价格和涨跌幅等高密度事实，但快照仅代表单一平台，且缺少Funding与OI字段。

标签

标的：`BTCUSDT,ETHUSDT,SOLUSDT`来源：Binance发布日期：未提供发布时间重要性：4/5 中高评级理由：采集时间接近日报时点，直接覆盖BTC、ETH和SOL三项重点标的；Binance官方公开行情接口提供价格和涨跌幅等高密度事实，但快照仅代表单一平台，且缺少Funding与OI字段。评级依据：时效性高，采集于日报当日, 直接覆盖BTCUSDT、ETHUSDT、SOLUSDT, Binance官方公开24小时行情快照，证据明确但平台范围有限原文字数：1

中文简要摘要

完整摘要达到当日时间预算，以下保留已完成的模型简要摘要。

Binance 公共合约24小时行情快照于美东时间 08/20 23:01（UTC+8 08/21 11:01）采集。BTCUSDT报74,382.70美元，24小时上涨7.358%，区间高点75,767.50美元；ETHUSDT报2,343.65美元，上涨4.103%；SOLUSDT报89.19美元，上涨5.227%。数据直接覆盖日报关注的三项加密资产，反映Binance平台当时的价格与成交事实。原始快照没有发布时刻，且正文可见字段为24小时行情，未包含Funding或OI指标，相关判断需以独立数据为准。

英文原文

Binance Futures public 24h, funding and open-interest facts

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Coherent 公布 FY2026 第四季度及全年业绩

重要性未评级

发布时间早于日报 5 天摘要窗口。

标签

标的：`COHR`来源：Coherent发布日期：2026-08-12重要性：未评级评级理由：发布时间早于日报 5 天摘要窗口。评级依据：stale原文字数：302

中文事实摘录

文章摘要达到当日时间预算，本次保留新闻索引与来源，不阻断日报生成；如有可读归档原文，可从下方原文区查看。

英文原文

Coherent Corp. Reports Fourth Quarter and Full Year Fiscal 2026 Results

8/12/2026

For Immediate Release

Coherent Corp. Reports Fourth Quarter and Full Year Fiscal 2026 Results

Q4 REVENUE OF $2.05B, INCREASED 34% Y/Y AND 42% Y/Y ON A PRO FORMA BASIS

Q4 GAAP GROSS MARGIN OF 38.5%, INCREASED 277 bps Y/Y; Q4 NON-GAAP GROSS MARGIN OF 40.2%, INCREASED 215 bps Y/Y

Q4 GAAP EPS OF $1.19, INCREASED $2.02 Y/Y; Q4 NON-GAAP EPS OF $1.74, INCREASED $0.74 Y/Y

SAXONBURG, Pa., August 12, 2026 – Coherent Corp. (NYSE: COHR) (“Coherent,” “We,” or the “Company”), a global leader in photonics, announced financial results today for its fiscal fourth quarter and full year fiscal 2026 ended June 30, 2026.

Revenue for the fourth quarter of fiscal 2026 was $2.05 billion, with GAAP gross margin of 38.5% and GAAP net income of $1.19 per diluted share. On a non-GAAP basis, gross margin was 40.2% with net income per diluted share of $1.74.

“Fiscal 2026 was an outstanding year for Coherent, with record revenue, significant margin expansion, and non-GAAP EPS growth that was more than twice the rate of revenue growth” said Jim Anderson, CEO. “We enter fiscal 2027 with exceptional customer demand, expanding production capacity, and multiple new growth platforms beginning to ramp. As AI datacenter architectures increasingly transition from copper to optical connectivity, we believe Coherent’s broad photonic technology portfolio and manufacturing scale uniquely position us to deliver accelerating growth and capitalize on this multi-year opportunity.”

Sherri Luther, CFO, said, “Strong operational execution across our business drove meaningful gross margin expansion and converted our top-line revenue growth into robust GAAP and non-GAAP EPS growth. As we enter fiscal 2027, we remain disciplined in our capital allocation, prioritizing investments to expand manufacturing capacity so we can efficiently fulfill the ongoing acceleration in customer demand.”

Webcast Click here for full release

Investor Presentation

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Short-Term Energy Outlook, August 2026

重要性未评级

发布时间早于日报 5 天摘要窗口。

标签

标的：`BRENT`来源：U.S. Energy Information Administration发布日期：2026-08-11重要性：未评级评级理由：发布时间早于日报 5 天摘要窗口。评级依据：stale原文字数：1111

中文事实摘录

文章摘要达到当日时间预算，本次保留新闻索引与来源，不阻断日报生成；如有可读归档原文，可从下方原文区查看。

英文原文

U.S. Energy Information Administration - EIA - Independent Statistics and Analysis

&lsaquo; Analysis & Projections

Short-Term Energy Outlook

Release Date: August 11, 2026 |

Forecast Completed: August 6, 2026 |

Next Release Date: September 9, 2026

Full Report

Text Only

All Tables

All Figures

Glossary &rsaquo; FAQS &rsaquo;

Forecasts

Overview

Global oil markets

Petroleum products

Natural gas

Electricity, coal, and renewables

Economy, weather, and CO 2

Data

Figures

Tables

STEO Data browser

Real Prices Viewer

Data series changes

Global Energy Security Data

Supplements

Forecast overview

Global oil market assumptions. We have increased our estimates of Middle East shut-in crude oil production in the coming months compared with our July forecast due to continued severe constraints on Strait of Hormuz transits, which we assume persist through August. We expect most crude oil production in the region to return to near pre-conflict averages in early 2027; however, we expect ongoing disruptions of about 0.6 million barrels per day to continue through the end of next year.

Global oil prices. Based on our updated assumption, reduced oil shipments through the Strait of Hormuz lower global oil inventories further in the coming months and keep crude oil prices near levels from the first week of August. We now forecast the Brent crude oil spot price to average around $85 per barrel (b) in the third quarter of 2026 (3Q26). As inventories rebuild, with most production expected to recover by early 2027, we expect the Brent spot price to gradually fall to an average of $69/b in 2027.

Crude oil inventories. We expect U.S. commercial crude oil inventories to remain below the five-year (2021–2025) low through the end of 2026. Increased crude oil exports, reduced imports, and high refinery runs since mid-April have led to consistent weekly declines in crude oil stocks. Net imports are forecast to remain below average through 2027 due to strong international demand for U.S. crude oil exports.

LNG exports. U.S. liquefied natural gas (LNG) exports in 3Q26 average 16.5 billion cubic feet per day in our forecast, slightly lower than in last month’s STEO, because of ongoing maintenance at Freeport LNG. Maintenance at export terminals has decreased feedgas demand, resulting in storage levels above the five-year average in the South Central region at the end of July. Mexico’s new Energia Costa Azul LNG terminal and increased use of U.S. natural gas for power generation are driving pipeline exports higher, with total U.S. natural gas exports expected to rise through 2027.

Natural gas prices. The Henry Hub spot price is forecast to average $2.87 per million British thermal units (MMBtu) in 3Q26, down 50 cents/MMBtu compared with the July STEO. The price decline is driven by reduced LNG feedgas demand and robust natural gas production. Our forecast assumes prices will remain below $3.00/MMBtu in the coming months, driven by near record-high storage levels heading into October.

Electricity demand. U.S. electricity generation has been rising to meet growing demand from data centers. On August 3, the Texas governor announced a pause on new data center development , and as a result, we have lowered our forecast for electricity demand in Texas. We expect electricity load in Texas will grow by 6% in 2027, in contrast to our forecast of 14% growth in the previous STEO.

Electricity generation. New solar projects and increased use of natural gas-fired power plants are leading sources of generation growth in 2026. Solar, hydropower, and wind generation grew by 21%, 9%, and 6%, respectively, in the first half of 2026 (1H26) compared with 1H25. We expect continued growth in renewable energy capacity additions to sustain this trend through 2027. Natural gas-fired electricity generation, which increased by 2% in 1H26, is forecast to increase in 2027 as natural gas prices remain relatively low, while coal generation continues to decline due to the shift toward lower-cost natural gas.

Coal exports. U.S. coal exports rose sharply in April and May, resulting in an upward revision of our 2026 coal exports forecast to 102 million short tons. Metallurgical coal exports increased throughout 1H26, supported by new and reopened mines, while steam coal exports fell in 1Q26 before rising in 2Q26 as global market conditions, including natural gas-to-coal switching in Europe and Asia, favored U.S. coal exporters.

Notable Forecast Changes

2026

2027

The current STEO forecast was released August 11.

The previous STEO forecast was released July 7.

Wholesale diesel price (dollars per gallon)

$3.37

$2.62

Previous forecast

$3.10

$2.47

Percentage change

8.5%

6.3%

Wholesale gasoline price (dollars per gallon)

$2.91

$2.32

Previous forecast

$2.75

$2.13

Percentage change

5.9%

9.0%

U.S. crude oil inventories (million barrels)

396

432

Previous forecast

433

432

Percentage change

-8.6%

0.0%

Henry Hub spot price (dollars per million British thermal units)

$3.44

$3.31

Previous forecast

$3.67

$3.49

Percentage change

-6.2%

-5.1%

You can find more information in the detailed table of forecast changes .

Overview

2024 2025 2026 projected 2027 projected

Brent crude oil

(dollars per barrel)

81 69 87 69

Gasoline retail price

(dollars per gallon)

3.31 3.10 3.78 3.29

U.S. crude oil production

(million barrels per day)

13.2 13.6 13.8 14.2

Natural gas spot price

(dollars per million BTU)

2.19 3.53 3.44 3.31

U.S. LNG exports

(billion cubic feet per day)

11.9 15.1 17.4 18.6

Shares of U.S. electricity generation

(percentage)

Natural gas

42 40 40 40

Coal

16 17 16 15

Nuclear

19 18 18 18

Conventional hydropower

6 6 6 6

Wind

11 11 11 12

Solar

5 7 8 9

Other energy sources

1 1 1 1

U.S. GDP

(percentage change)

2.8 2.1 2.0 2.4

U.S. CO2 emissions

(million metric tons)

4,789 4,904 4,818 4,843

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Related Tables

Table 3a. International Petroleum and Other Liquids Production, Consumption, and Inventories

PDF

Table 1. U.S. Energy Markets Summary

PDF

Table 2. Energy Prices

PDF

Table 9b. U.S. Regional Macroeconomic Data

PDF

Table 9c. U.S. Regional Weather Data

PDF

Related Figures

West Texas Intermediate (WTI) crude oil price

XLSX

PNG

U.S. gasoline and crude oil prices

XLSX

PNG

U.S. diesel fuel and crude oil prices

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Henry Hub natural gas price

XLSX

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U.S. residential electricity price

XLSX

PNG

U.S. Census regions and divisions

XLSX

PNG

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Marvell 推进 AI 内存基础设施产品组合

重要性未评级

发布时间早于日报 5 天摘要窗口。

标签

标的：`MRVL`来源：Marvell IR发布日期：2026-08-04重要性：未评级评级理由：发布时间早于日报 5 天摘要窗口。评级依据：stale原文字数：1221

中文事实摘录

文章摘要达到当日时间预算，本次保留新闻索引与来源，不阻断日报生成；如有可读归档原文，可从下方原文区查看。

英文原文

Marvell Advances AI Memory Infrastructure Portfolio to Accelerate Agentic AI Inference

August 04, 2026

Industry’s broadest portfolio: New Marvell ® Bravera ® and Photonic Fabric™ innovations build on Marvell Structera™ CXL memory leadership across AI storage, rack-scale memory expansion and pooling, and pod-level optical shared memory.

Overcoming memory bottlenecks: Increased access to high-capacity, high-bandwidth memory across AI infrastructure helps address growing KV cache demands, reduce GPU stalls, improve utilization and increase token efficiency in next-gen inference workloads.

Optimized for hyperscale deployments: Bravera SC6 SSD controller features NAND-agnostic architecture from multiple suppliers, providing cloud providers with the flexibility to build and scale AI memory infrastructure.

SANTA CLARA, Calif.--(BUSINESS WIRE)-- FMS 2026 – Marvell Technology, Inc. (NASDAQ: MRVL), a leader in data infrastructure semiconductor solutions, today announced new innovations across its AI memory infrastructure portfolio, advancing its position spanning server-level AI storage, rack-scale CXL memory expansion and pooling, and pod-level optical shared memory. The portfolio helps hyperscalers and cloud providers scale memory more independently from compute, improving infrastructure utilization, scalability and token efficiency for agentic AI inference.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20260804094436/en/

Marvell Bravera® SC6 PCIe 6.0 SSD controller

As agentic AI inference scales, memory capacity, bandwidth and connectivity are becoming as critical as compute. Larger models, longer context windows and growing KV caches are driving unprecedented memory demands and exposing the limits of traditional server-attached architectures. Increasingly, AI performance and token efficiency depend on how efficiently processors can access and move data across memory resources.

Memory disaggregation addresses this challenge by enabling memory to be expanded, pooled and shared more independently of compute. By making memory more accessible and reducing data movement and latency, the Marvell portfolio helps reduce GPU stalls and improve model FLOPs utilization, allowing AI infrastructure to generate more tokens within the same data center footprints and power envelopes.

“AI infrastructure is moving beyond isolated servers to systems where compute, memory and connectivity operate seamlessly together,” said Will Chu, executive vice president and general manager, Custom Cloud Solutions, at Marvell. “As AI scales, memory must scale more independently of compute so resources can be deployed where they deliver the greatest value. With the industry’s broadest AI memory infrastructure portfolio, Marvell is helping customers improve utilization, boost token efficiency and scale AI without compromising performance, power or cost.”

“As AI workloads grow larger and more complex, memory capacity, bandwidth, latency and data movement are becoming primary constraints on AI performance,” said Alan Weckel, co-founder and technology analyst at 650 Group. “Marvell’s memory and storage portfolio gives hyperscalers and cloud providers a strong foundation for building scalable, efficient AI systems capable of supporting increasingly advanced workloads.”

Server-level AI Storage

The Marvell Bravera SC6 PCIe ® 6.0 SSD controller advances storage performance for AI inference, enabling more KV cache to move from high-bandwidth memory to SSD to improve infrastructure efficiency. Doubling the performance of the widely deployed Bravera SC5 PCIe 5.0 SSD controller, Bravera SC6 helps cloud providers support demanding AI, cloud and enterprise workloads while improving performance, reducing write amplification and extending NAND endurance. Optimized for hyperscale deployments, Bravera SC6 supports NAND from multiple suppliers, providing cloud providers with greater flexibility in storage sourcing and deployment. Visit the Marvell blog for more information here .

Rack-level Memory Expansion and Pooling

The Marvell Structera X memory expansion solutions help hyperscalers scale memory more efficiently for increasingly memory-intensive AI workloads. Developed in close collaboration with leading hyperscalers, Structera X enables customers to expand, optimize and better utilize memory resources, including extending the value of existing memory investments while supporting demanding AI inference applications. As larger models, longer context windows and growing KV-cache requirements make memory capacity and bandwidth critical infrastructure constraints, Structera X provides a path toward more flexible and disaggregated memory architectures. By enabling larger memory pools and more efficient sharing of resources across servers, the platform helps improve infrastructure utilization, operational efficiency and total cost of ownership while laying the foundation for future advances in CXL-based memory pooling and sharing. Visit the Marvell blog for more information here .

Pod-level Optical Shared Memory

The Marvell Photonic Fabric memory modules, Photonic Fabric NIC and Photonic Fabric chiplets are foundational elements of a multi-rack optical shared-memory architecture for AI inference. The solution creates a new shared-memory tier across multiple XPUs and racks up to 50 meters, enabling up to 32TB of warm KV cache offload with high bandwidth and extremely low latency. By expanding memory access across AI clusters and enabling KV cache to be loaded from a shared memory tier rather than storage, Photonic Fabric helps increase inference throughput, support larger models and longer context lengths, and increase token efficiency by delivering up to 2-3x higher token throughput within existing data center footprints and power envelopes. Visit the Marvell blog for more information here .

Availability

The Marvell Bravera SC6 PCIe 6.0 SSD controller is expected to begin sampling in Q4 2026.

Visit the Marvell booth #805 at FMS 2026 to learn more about the company’s latest accelerated memory and storage offerings.

About Marvell

To deliver the data infrastructure technology that connects the world, we’re building solutions on the most powerful foundation: our partnerships with our customers. Trusted by the world’s leading technology companies for over 30 years, we move, store, process and secure the world’s data with semiconductor solutions designed for our customers’ current needs and future ambitions. Through a process of deep collaboration and transparency, we’re ultimately changing the way tomorrow’s enterprise, cloud and carrier architectures transform—for the better.

Marvell and the M logo are trademarks of Marvell or its affiliates. Please visit www.marvell.com for a complete list of Marvell trademarks. Other names and brands may be claimed as the property of others.

This press release contains forward-looking statements within the meaning of the federal securities laws that involve risks and uncertainties. Forward-looking statements include, without limitation, any statement that may predict, forecast, indicate or imply future events, results or achievements. Actual events, results or achievements may differ materially from those contemplated in this press release. Forward-looking statements are only predictions and are subject to risks, uncertainties and assumptions that are difficult to predict, including those described in the “Risk Factors” section of our Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q and other documents filed by us from time to time with the SEC. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and no person assumes any obligation to update or revise any such forward-looking statements, whether as a result of new information, future events or otherwise.

View source version on businesswire.com: https://www.businesswire.com/news/home/20260804094436/en/

Media Contact:

George Millington

pr@marvell.com

Source: Marvell Technology, Inc.

Released August 4, 2026

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Marvell 公布 FY2027 第二季度业绩电话会与投资者日安排

重要性未评级

发布时间早于日报 5 天摘要窗口。

标签

标的：`MRVL`来源：Marvell IR发布日期：2026-08-03重要性：未评级评级理由：发布时间早于日报 5 天摘要窗口。评级依据：stale原文字数：446

中文事实摘录

文章摘要达到当日时间预算，本次保留新闻索引与来源，不阻断日报生成；如有可读归档原文，可从下方原文区查看。

英文原文

Marvell Technology, Inc. Announces Conference Call to Review Second Quarter of Fiscal Year 2027 Financial Results; Announces Investor Day on October 6, 2026

August 03, 2026

SANTA CLARA, Calif.--(BUSINESS WIRE)--

Marvell Technology, Inc. (NASDAQ: MRVL), a leader in data infrastructure semiconductor solutions, today announced it will conduct a conference call following the release of its second quarter of fiscal year 2027 financial results on Thursday, August 27, 2026, at 1:45 p.m. Pacific Time.

Conference Call

Interested parties may join the live conference call without operator assistance at Call me™ (link will be active approximately 30 minutes before the call) to receive an instant automated callback. To join the call with operator assistance, please dial 1-877-407-8291 or 1-201-689-8345 . The call will be webcast and can be accessed at the Marvell Investor Relations website at http://investor.marvell.com/ . A replay of the call can be accessed by dialing 1-877-660-6853 or 1-201-612-7415, passcode 13762036 until Thursday, September 3, 2026.

Investor Day

Additionally, Marvell today announced the company will host its Investor Day in the morning of Tuesday, October 6, 2026, in New York City, with presentations from Chairman and CEO Matt Murphy and the senior leadership team. The event will be webcast live and can be accessed through the Events section of Marvell’s Investor Relations website at http://investor.marvell.com/ with a replay available following the event. In person attendance is by invitation only.

About Marvell

Marvell and the Marvell logo are registered trademarks of Marvell and/or its affiliates.

View source version on businesswire.com: https://www.businesswire.com/news/home/20260803444601/en/

For further information, contact:

Ross Seymore

Senior Vice President, Investor Relations

408-222-0777

ir@marvell.com

Source: Marvell Technology, Inc.

Released August 3, 2026

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Issuance of Iran-related General License

重要性未评级

发布时间早于日报 5 天摘要窗口。

标签

标的：`IRAN`来源：U.S. Department of the Treasury, OFAC发布日期：2026-06-22重要性：未评级评级理由：发布时间早于日报 5 天摘要窗口。评级依据：stale原文字数：106

中文事实摘录

文章摘要达到当日时间预算，本次保留新闻索引与来源，不阻断日报生成；如有可读归档原文，可从下方原文区查看。

英文原文

Issuance of Iran-related General License

The .gov means it’s official.

Federal government websites often end in .gov or .mil. Before sharing sensitive information, make sure you’re on a federal government site.

The site is secure.

The https:// ensures that you are connecting to the official website and that any information you provide is encrypted and transmitted securely.

Issuance of Iran-related General License

Release Date

06/22/2026

Recent Actions Body

The Department of the Treasury's Office of Foreign Assets Control (OFAC) has issued Iran General License X , "Authorizing the Production, Delivery and Sale of Crude Oil, Petrochemical Products, and Petroleum Products of Iranian-Origin through August 21, 2026."

金十快讯

金十数据快讯 · 2026-08-21 10:32:45+08:00 · GLOBAL / oil / shipping / geopolitics / commodity

霍尔木兹海峡船只通行量维持个位数

航运数据显示，通行量较前一日放缓，目前维持在个位数。

金十数据快讯 · 2026-08-21 08:04:18+08:00 · GLOBAL / trade / FX / semiconductors / fx

韩国8月前20日出口同比增长56%

进口同比增长19.0%，贸易帐为+139.8亿美元。

金十数据快讯 · 2026-08-21 06:02:37+08:00 · GLOBAL / rates / FX / central_bank / 美国

美联储9月维持利率不变概率63.8%

CME口径：9月不变63.8%，累计加息25bp概率36.2%；10月不变概率51.8%。

金十数据快讯 · 2026-08-21 03:36:29+08:00 · GLOBAL / oil / energy / commodity / 全球

国际油价20日上涨

WTI收87.83美元/桶，涨2.33%；布伦特收93.78美元/桶，涨2.36%。

金十数据快讯 · 2026-08-21 01:11:15+08:00 · GLOBAL / sanctions / oil / geopolitics / commodity

美国财政部发布新的伊朗相关制裁

美国财政部快讯称美国发布新的伊朗相关制裁。

金十数据快讯 · 2026-08-20 20:48:41+08:00 · GLOBAL / rates / bonds / central_bank / 美国

美联储戴利称尚未看到需提前加息的证据

戴利称长债收益率上升是全球问题，近期就业和通胀数据尚未改变前景。

其余快讯（23）

2026-08-21 10:36:12+08:00 · GLOBAL / lithium / industrial_commodities

电池级碳酸锂价格上涨500元/吨

2026-08-21 10:15:38+08:00 · GLOBAL / security / geopolitics

俄罗斯在争议岛屿附近进行导弹训练

2026-08-21 10:00:39+08:00 · GLOBAL / AI / power

A股液冷服务器板块走高

2026-08-21 09:54:18+08:00 · GLOBAL / AI / semiconductors

A股CPO概念持续拉升

2026-08-21 09:35:24+08:00 · GLOBAL / power / macro

中国7月全社会用电量同比增长1.7%

2026-08-21 09:23:44+08:00 · GLOBAL / liquidity / rates

中国央行当日净投放950亿元

2026-08-21 09:22:03+08:00 · GLOBAL / liquidity / rates

中国央行开展950亿元7天逆回购

2026-08-21 09:20:49+08:00 · 09992.HK / global_equities / gold

港股开盘上涨，泡泡玛特绩后下跌

2026-08-21 08:41:28+08:00 · GLOBAL / global_equities / equity

中国内地与香港主要指数20日收涨

2026-08-21 08:37:11+08:00 · GLOBAL / semiconductors / AI

日本8月制造业新出口订单创八年半来最快增速

2026-08-21 08:17:33+08:00 · GLOBAL / gold / precious_metals

SPDR Gold Trust持仓增加4.28吨

2026-08-21 07:51:00+08:00 · GLOBAL / oil / shipping

伊朗官员称计划袭击海湾原油替代出口设施

2026-08-21 07:16:30+08:00 · GLOBAL / rates / credit

中国LPR连续15个月持稳

2026-08-21 05:55:43+08:00 · GLOBAL / liquidity / USD

美联储外国逆回购余额升至3730亿美元

2026-08-21 04:46:35+08:00 · GLOBAL / trade / FX

中国与瑞士完成自贸协定升级谈判

2026-08-21 04:10:31+08:00 · AVGO / AI / semiconductors

博通寻求超过600亿美元AI债务融资

2026-08-21 04:04:57+08:00 · MRNA / WMT / MRVL

美股三大股指收跌，存储股相对走强

2026-08-21 03:51:39+08:00 · GLOBAL / USD / FX

美元指数20日收于98.894

2026-08-21 02:57:03+08:00 · GLOBAL / sanctions / shipping

乌克兰与欧盟讨论制裁俄罗斯及冻结俄资产

2026-08-21 02:27:38+08:00 · GLOBAL / sanctions / trade

伊朗外交部谴责美国新一轮制裁

2026-08-21 00:45:51+08:00 · GLOBAL / gas / energy

德国称冬季天然气库存60%至70%即可满足平均需求

2026-08-20 22:30:11+08:00 · GLOBAL / gas / energy

美国EIA天然气库存周增160亿立方英尺

2026-08-20 20:42:24+08:00 · MU / semiconductors / AI

研究领域包括存储、先进计算架构、封装和半导体制造。

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`	481.30	-0.62%	+0.03%	484.31	481.15
`NVDA`	217.95	+0.18%	+0.51%	217.56	216.85
`MRVL`	252.00	+6.21%	+0.39%	237.27	251.01
`GFS`	47.65	-1.91%	+0.68%	48.58	47.33
`APLD`	29.00	+2.73%	+1.22%	28.23	28.65
`USAR`	17.26	-4.59%	+0.88%	18.09	17.11
`SOXX`	526.32	+1.28%	+0.76%	519.67	522.35
`SOXL`	125.14	+3.64%	+2.40%	120.74	122.21
`FTXL`	228.20	+0.67%	-0.00%	226.67	228.20
`PSI`	139.50	0.00%	+0.37%	139.50	138.98
`DRAM`	59.13	+7.24%	+2.69%	55.14	57.58
`KMEM`	18.98	+4.34%	-0.00%	18.19	18.98
`VRT`	265.60	+1.76%	+0.37%	261.00	264.63
`COHR`	293.37	+2.05%	+1.15%	287.47	290.03
`CRCL`	85.00	+8.16%	+1.60%	78.59	83.66
`SPCX`	134.70	-3.54%	+0.52%	139.65	134.00
`GOOG`	338.92	-0.81%	+0.21%	341.70	338.20
`NBIS`	224.00	+0.04%	+1.77%	223.90	220.11
`PLTR`	174.33	-0.49%	+0.21%	175.19	173.96
`XLV`	172.56	-1.78%	+0.10%	175.68	172.39

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`	481.30	-0.62%	+0.03%	8 条	-
`NVDA`	217.95	+0.18%	+0.51%	8 条	-
`MRVL`	252.00	+6.21%	+0.39%	8 条	-
`GFS`	47.65	-1.91%	+0.68%	8 条	-
`APLD`	29.00	+2.73%	+1.22%	8 条	-
`USAR`	17.26	-4.59%	+0.88%	8 条	-
`SOXX`	526.32	+1.28%	+0.76%	8 条	-
`SOXL`	125.14	+3.64%	+2.40%	8 条	-
`FTXL`	228.20	+0.67%	-0.00%	8 条	-
`PSI`	139.50	0.00%	+0.37%	8 条	-
`DRAM`	59.13	+7.24%	+2.69%	8 条	-
`KMEM`	18.98	+4.34%	-0.00%	8 条	-
`VRT`	265.60	+1.76%	+0.37%	8 条	-
`COHR`	293.37	+2.05%	+1.15%	8 条	-
`CRCL`	85.00	+8.16%	+1.60%	8 条	-
`SPCX`	134.70	-3.54%	+0.52%	8 条	-
`GOOG`	338.92	-0.81%	+0.21%	8 条	-
`NBIS`	224.00	+0.04%	+1.77%	8 条	-
`PLTR`	174.33	-0.49%	+0.21%	8 条	-
`XLV`	172.56	-1.78%	+0.10%	8 条	-

美股事实摘要

报价事实：上涨 12 / 下跌 7 / 震荡 1；广度 60.00%；平均较前交易日 +1.23%。
公开新闻/财报讨论覆盖：20 / 20 个标的；新闻条目 160 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`	481.30	481.15	Yahoo Finance chart API	+0.03%	-3.17%	+26.09%	170
`NVDA`	217.95	216.85	Yahoo Finance chart API	+0.51%	-3.75%	+3.88%	506
`MRVL`	252.00	251.01	Yahoo Finance chart API	+0.39%	+12.98%	+19.92%	170
`GFS`	47.65	47.33	Yahoo Finance chart API	+0.68%	-10.17%	-16.83%	170
`APLD`	29.00	28.65	Yahoo Finance chart API	+1.22%	-6.43%	-4.15%	170
`USAR`	17.26	17.11	Yahoo Finance chart API	+0.88%	-8.06%	+13.01%	170
`SOXX`	526.32	522.35	Yahoo Finance chart API	+0.76%	-5.15%	-5.24%	291
`SOXL`	125.14	122.21	Yahoo Finance chart API	+2.40%	-15.93%	-22.41%	170
`FTXL`	228.20	228.20	Yahoo Finance chart API	+0.00%	-4.83%	-4.95%	291
`PSI`	139.50	138.98	Yahoo Finance chart API	+0.37%	-8.33%	-9.28%	291
`DRAM`	59.13	57.58	Yahoo Finance chart API	+2.69%	+1.14%	-1.23%	97
`KMEM`	18.98	18.98	Yahoo Finance chart API	-0.00%	+2.10%	-2.22%	36
`VRT`	265.60	264.63	Yahoo Finance chart API	+0.37%	-7.82%	-12.96%	506
`COHR`	293.37	290.03	Yahoo Finance chart API	+1.15%	-11.37%	-7.40%	288
`CRCL`	85.00	83.66	Yahoo Finance chart API	+1.60%	+10.98%	+34.54%	287
`SPCX`	134.70	134.00	Yahoo Finance chart API	+0.52%	-5.16%	+13.33%	48
`GOOG`	338.92	338.20	Yahoo Finance chart API	+0.21%	-1.67%	+6.24%	170
`NBIS`	224.00	220.11	Yahoo Finance chart API	+1.77%	-13.70%	-0.39%	170
`PLTR`	174.33	173.96	Yahoo Finance chart API	+0.21%	-2.82%	+41.01%	130
`XLV`	172.56	172.39	Yahoo Finance chart API	+0.10%	+2.38%	+6.78%	288

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, PLTR, NBIS, XLV

来源：Yahoo Finance 公开期权链

覆盖：21 / 22 个观察标的。

标的	Yahoo ATM IV	IBKR ATM IV	25Δ Skew(P-C)	Skew到期	Greeks覆盖	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`	27.79%	N/A	N/A	N/A	N/A	0.99	0.54	480.00	C 550.00 (53,837) / P 350.00 (12,361)	7D 27.79% / 28D 27.10% / 56D 28.12% / 91D 32.58%	1	0	5
`NVDA`	52.79%	N/A	N/A	N/A	N/A	0.48	0.75	215.00	C 180.00 (106,247) / P 180.00 (66,334)	7D 52.79% / 28D 41.20% / 56D 39.57% / 91D 40.85%	7		5
`MRVL`	105.26%	N/A	N/A	N/A	N/A	0.45	1.24	220.00	C 250.00 (11,023) / P 75.00 (11,298)	7D 105.26% / 28D 81.95% / 56D 78.61% / 91D 77.54%	4		5
`GFS`	68.36%	N/A	N/A	N/A	N/A	1.79	0.67	55.00	C 70.00 (18,453) / P 45.00 (4,684)	0D 68.36% / 28D 57.51% / 56D 61.35% / 147D 65.01%	1	0	5
`APLD`	89.16%	N/A	N/A	N/A	N/A	0.37	0.51	29.00	C 60.00 (18,276) / P 25.00 (5,536)	7D 89.16% / 28D 85.72% / 42D 87.21% / 56D 93.73%	1	0	5
`USAR`	82.81%	N/A	N/A	N/A	N/A	0.52	0.75	18.00	C 22.00 (14,200) / P 25.00 (9,149)	7D 82.81% / 28D 84.91% / 42D 81.84% / 119D 87.74%	0	0	5
`SOXX`	44.49%	N/A	N/A	N/A	N/A	0.59	0.85	535.00	C 670.00 (12,305) / P 500.00 (6,337)	7D 44.49% / 28D 44.11% / 56D 45.63% / 91D 46.42%	1		5
`SOXL`	126.36%	N/A	N/A	N/A	N/A	1.93	2.37	140.00	C 150.00 (2,892) / P 80.00 (9,101)	7D 126.36% / 28D 123.83% / 42D 125.72% / 91D 126.88%	4	0	5
`FTXL`	55.46%	N/A	N/A	N/A	N/A	0.27	0.25	225.00	C 280.00 (242) / P 280.00 (68)	0D 55.46% / 28D 49.06% / 119D 52.56% / 210D 53.58%	0	0	5
`PSI`	60.64%	N/A	N/A	N/A	N/A	0.35	0.19	140.00	C 205.00 (1,150) / P 135.00 (65)	0D 60.64% / 28D 54.18% / 91D 52.75% / 182D 50.65%	0	0	5
`DRAM`	69.48%	N/A	N/A	N/A	N/A	0.32	0.57	58.00	C 70.00 (45,975) / P 55.00 (38,264)	7D 69.48% / 28D 69.89% / 56D 71.37% / 91D 72.24%	2	0	5
`VRT`	58.27%	N/A	N/A	N/A	N/A	1.35	1.59	270.00	C 270.00 (2,549) / P 185.00 (8,133)	7D 58.27% / 28D 56.03% / 56D 57.29% / 91D 61.00%	0		5
`COHR`	79.01%	N/A	N/A	N/A	N/A	1.00	1.35	310.00	C 350.00 (2,568) / P 240.00 (2,569)	7D 79.01% / 28D 73.42% / 56D 76.57% / 91D 78.84%	0	0	5
`CRCL`	89.05%	N/A	N/A	N/A	N/A	0.70	0.78	70.00	C 100.00 (9,500) / P 90.00 (7,054)	7D 89.05% / 28D 86.11% / 56D 84.35% / 91D 85.56%	7	0	5
`SPCX`	64.62%	N/A	N/A	N/A	N/A	1.07	1.18	132.00	C 150.00 (35,260) / P 100.00 (56,738)	7D 64.62% / 28D 62.51% / 56D 62.56% / 91D 65.28%	8		5
`GOOG`	28.66%	N/A	N/A	N/A	N/A	0.43	0.88	340.00	C 365.00 (14,373) / P 330.00 (21,318)	7D 28.66% / 28D 28.66% / 56D 30.34% / 91D 34.04%	3		5
`SPY`	12.68%	N/A	N/A	N/A	N/A	2.80	4.68	767.00	C 790.00 (47,417) / P 500.00 (302,266)	7D 12.68% / 28D 13.31% / 56D 13.88% / 91D 14.83%	8		0
`QQQ`	20.02%	N/A	N/A	N/A	N/A	2.62	1.13	720.00	C 765.00 (62,530) / P 700.00 (90,636)	7D 20.02% / 28D 20.39% / 56D 21.24% / 91D 22.37%	8		0
`PLTR`	47.88%	N/A	N/A	N/A	N/A	1.09	0.94	160.00	C 135.00 (21,953) / P 120.00 (18,657)	7D 47.88% / 28D 47.00% / 56D 48.04% / 91D 55.11%	0		5
`NBIS`	93.66%	N/A	N/A	N/A	N/A	0.87	1.37	210.00	C 250.00 (6,668) / P 210.00 (11,626)	7D 93.66% / 28D 90.72% / 56D 92.24% / 91D 98.15%	5		5
`XLV`	49.15%	N/A	N/A	N/A	N/A	0.59	1.91	161.00	C 170.00 (11,787) / P 70.00 (47,532)	7D 49.15% / 28D 24.76% / 56D 25.33% / 119D 22.16%	3	0	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
2026-08-21 02:47:06.053Z	`SPCX`	`SPCX260918P00230000`	put	230.00	2026-09-18	12,521	4,050	96.83%	3.09	$120,733,743
2026-08-21 02:47:06.053Z	`QQQ`	`QQQ260918P00685000`	put	685.00	2026-09-18	50,557	16,516	22.58%	3.06	$38,549,713
2026-08-21 02:47:06.053Z	`GOOG`	`GOOG260918P00430000`	put	430.00	2026-09-18	3,773	250	56.57%	15.09	$34,805,925
2026-08-21 02:47:06.053Z	`SPY`	`SPY261120P00750000`	put	750.00	2026-11-20	21,307	3,364	14.40%	6.33	$34,176,428
2026-08-21 02:47:06.053Z	`QQQ`	`QQQ261120P00880000`	put	880.00	2026-11-20	1,680	0	25.34%	N/A	$28,456,680
2026-08-21 02:47:06.053Z	`QQQ`	`QQQ260918P00700000`	put	700.00	2026-09-18	21,661	90,636	20.66%	0.24	$24,747,693
2026-08-21 02:47:06.053Z	`SPY`	`SPY260828C00500000`	call	500.00	2026-08-28	756	33	124.76%	22.91	$19,885,446
2026-08-21 02:47:06.053Z	`QQQ`	`QQQ260918P00660000`	put	660.00	2026-09-18	48,628	55,848	25.75%	0.87	$18,989,234
2026-08-21 02:47:06.053Z	`SPY`	`SPY260918P00802000`	put	802.00	2026-09-18	4,000	8,683	14.57%	0.46	$15,796,000
2026-08-21 02:47:06.053Z	`NVDA`	`NVDA260828C00222500`	call	222.50	2026-08-28	32,450	15,808	54.09%	2.05	$14,764,750
2026-08-21 02:47:06.053Z	`SPY`	`SPY260918P00730000`	put	730.00	2026-09-18	41,133	52,127	17.14%	0.79	$14,725,614
2026-08-21 02:47:06.053Z	`NVDA`	`NVDA260918C00200000`	call	200.00	2026-09-18	7,027	46,831	45.34%	0.15	$14,703,998
2026-08-21 02:47:06.053Z	`QQQ`	`QQQ261016C00360000`	call	360.00	2026-10-16	400	400	88.07%	1.00	$14,104,000
2026-08-21 02:47:06.053Z	`QQQ`	`QQQ261120P00820000`	put	820.00	2026-11-20	1,210	659	18.59%	1.84	$13,234,980
2026-08-21 02:47:06.053Z	`SPCX`	`SPCX260918P00145000`	put	145.00	2026-09-18	7,772	17,825	60.88%	0.44	$12,454,630
2026-08-21 02:47:06.053Z	`QQQ`	`QQQ260918P00682000`	put	682.00	2026-09-18	17,146	2,927	22.99%	5.86	$12,070,784
2026-08-21 02:47:06.053Z	`QQQ`	`QQQ260918P00686000`	put	686.00	2026-09-18	14,722	1,334	22.47%	11.04	$11,542,048
2026-08-21 02:47:06.053Z	`QQQ`	`QQQ260918C00715000`	call	715.00	2026-09-18	7,038	8,802	20.98%	0.80	$10,402,164
2026-08-21 02:47:06.053Z	`PLTR`	`PLTR261120P00330000`	put	330.00	2026-11-20	536	325	173.15%	1.65	$9,783,340
2026-08-21 02:47:06.053Z	`NVDA`	`NVDA260828C00230000`	call	230.00	2026-08-28	39,712	26,885	54.54%	1.48	$9,729,440
2026-08-21 02:47:06.053Z	`SPY`	`SPY261120P00755000`	put	755.00	2026-11-20	5,088	2,843	13.94%	1.79	$8,926,896
2026-08-21 02:47:06.053Z	`NVDA`	`NVDA260828C00220000`	call	220.00	2026-08-28	15,823	22,719	54.18%	0.70	$8,742,208
2026-08-21 02:47:06.053Z	`SPY`	`SPY260918P00760000`	put	760.00	2026-09-18	8,824	46,274	12.97%	0.19	$8,673,992
2026-08-21 02:47:06.053Z	`QQQ`	`QQQ260918P00710000`	put	710.00	2026-09-18	5,672	26,681	19.38%	0.21	$8,485,312
2026-08-21 02:47:06.053Z	`SPCX`	`SPCX260918P00215000`	put	215.00	2026-09-18	1,000	2,033	115.72%	0.49	$8,087,500
2026-08-21 02:47:06.053Z	`SPCX`	`SPCX261016P00130000`	put	130.00	2026-10-16	7,499	14,564	61.06%	0.51	$8,080,172
2026-08-21 02:47:06.053Z	`NVDA`	`NVDA260918C00220000`	call	220.00	2026-09-18	8,903	47,542	41.95%	0.19	$7,745,610
2026-08-21 02:47:06.053Z	`SPY`	`SPY261016P00755000`	put	755.00	2026-10-16	5,977	4,381	13.61%	1.36	$7,608,721
2026-08-21 02:47:06.053Z	`QQQ`	`QQQ261016P00660000`	put	660.00	2026-10-16	8,876	11,126	24.71%	0.80	$7,575,666
2026-08-21 02:47:06.053Z	`SPCX`	`SPCX260918P00210000`	put	210.00	2026-09-18	1,001	2,869	93.65%	0.35	$7,547,540
2026-08-21 02:47:06.053Z	`SPY`	`SPY261016P00730000`	put	730.00	2026-10-16	10,468	20,591	16.39%	0.51	$7,510,790
2026-08-21 02:47:06.053Z	`QQQ`	`QQQ260918P00695000`	put	695.00	2026-09-18	7,134	13,708	21.30%	0.52	$7,119,732
2026-08-21 02:47:06.053Z	`QQQ`	`QQQ261016P00670000`	put	670.00	2026-10-16	6,769	18,545	23.73%	0.37	$6,948,379
2026-08-21 02:47:06.053Z	`NBIS`	`NBIS261120P00210000`	put	210.00	2026-11-20	1,935	712	94.77%	2.72	$6,883,763
2026-08-21 02:47:06.053Z	`NBIS`	`NBIS261016P00270000`	put	270.00	2026-10-16	1,035	1,950	89.76%	0.53	$6,719,738
2026-08-21 02:47:06.053Z	`SPY`	`SPY260828P00760000`	put	760.00	2026-08-28	14,807	8,226	12.69%	1.80	$6,633,536
2026-08-21 02:47:06.053Z	`SPY`	`SPY260918P00733000`	put	733.00	2026-09-18	16,606	18,863	16.73%	0.88	$6,534,461
2026-08-21 02:47:06.053Z	`SPY`	`SPY260918P00740000`	put	740.00	2026-09-18	13,182	25,911	15.74%	0.51	$6,492,135
2026-08-21 02:47:06.053Z	`QQQ`	`QQQ260918P00680000`	put	680.00	2026-09-18	9,730	32,492	23.21%	0.30	$6,480,180
2026-08-21 02:47:06.053Z	`SPCX`	`SPCX260918P00130000`	put	130.00	2026-09-18	8,418	15,869	61.29%	0.53	$6,082,005
2026-08-21 02:47:06.053Z	`SPCX`	`SPCX260918P00125000`	put	125.00	2026-09-18	11,580	13,389	61.67%	0.86	$5,992,650
2026-08-21 02:47:06.053Z	`SPY`	`SPY260918C00760000`	call	760.00	2026-09-18	4,223	21,073	15.06%	0.20	$5,884,751
2026-08-21 02:47:06.053Z	`SPCX`	`SPCX260918P00135000`	put	135.00	2026-09-18	6,033	23,404	61.01%	0.26	$5,867,093
2026-08-21 02:47:06.053Z	`SPY`	`SPY261016P00725000`	put	725.00	2026-10-16	8,827	20,185	16.96%	0.44	$5,702,242
2026-08-21 02:47:06.053Z	`NVDA`	`NVDA261016C00220000`	call	220.00	2026-10-16	4,592	86,731	40.75%	0.05	$5,682,600
2026-08-21 02:47:06.053Z	`MRVL`	`MRVL260828C00250000`	call	250.00	2026-08-28	3,500	3,942	106.32%	0.89	$5,678,750
2026-08-21 02:47:06.053Z	`QQQ`	`QQQ261016P00700000`	put	700.00	2026-10-16	3,123	16,521	20.82%	0.19	$5,621,400
2026-08-21 02:47:06.053Z	`SPY`	`SPY260828P00763000`	put	763.00	2026-08-28	9,925	3,682	12.09%	2.70	$5,587,775
2026-08-21 02:47:06.053Z	`SPY`	`SPY260918P00726000`	put	726.00	2026-09-18	17,246	3,576	17.73%	4.82	$5,484,228
2026-08-21 02:47:06.053Z	`MRVL`	`MRVL260828C00240000`	call	240.00	2026-08-28	2,530	5,691	106.31%	0.44	$5,445,825
2026-08-21 02:47:06.053Z	`NBIS`	`NBIS260918P00210000`	put	210.00	2026-09-18	3,179	11,626	90.12%	0.27	$5,420,195
2026-08-21 02:47:06.053Z	`SOXX`	`SOXX260918C00575000`	call	575.00	2026-09-18	7,393	337	43.03%	21.94	$5,396,890
2026-08-21 02:47:06.053Z	`QQQ`	`QQQ261016P00650000`	put	650.00	2026-10-16	7,411	20,935	25.69%	0.35	$5,265,516
2026-08-21 02:47:06.053Z	`SPY`	`SPY260918P00756000`	put	756.00	2026-09-18	6,171	2,027	13.51%	3.04	$5,251,521
2026-08-21 02:47:06.053Z	`QQQ`	`QQQ260918P00715000`	put	715.00	2026-09-18	3,022	10,161	18.86%	0.30	$5,181,219
2026-08-21 02:47:06.053Z	`NVDA`	`NVDA260828C00225000`	call	225.00	2026-08-28	13,751	34,299	54.16%	0.40	$5,122,248
2026-08-21 02:47:06.053Z	`MRVL`	`MRVL260828C00255000`	call	255.00	2026-08-28	3,619	1,532	106.45%	2.36	$5,057,553
2026-08-21 02:47:06.053Z	`QQQ`	`QQQ260918C00720000`	call	720.00	2026-09-18	4,126	20,907	20.41%	0.20	$5,035,783
2026-08-21 02:47:06.053Z	`QQQ`	`QQQ260828P00705000`	put	705.00	2026-08-28	8,426	3,834	20.75%	2.20	$5,034,535
2026-08-21 02:47:06.053Z	`NVDA`	`NVDA260918C00215000`	call	215.00	2026-09-18	4,507	26,572	42.43%	0.17	$5,025,305
2026-08-21 02:47:06.053Z	`SPY`	`SPY261016C00300000`	call	300.00	2026-10-16	107	63	103.15%	1.70	$4,957,631
2026-08-21 02:47:06.053Z	`GOOG`	`GOOG260918P00375000`	put	375.00	2026-09-18	1,296	4,118	31.95%	0.31	$4,924,800
2026-08-21 02:47:06.053Z	`NVDA`	`NVDA260828P00217500`	put	217.50	2026-08-28	7,137	3,156	51.23%	2.26	$4,924,530
2026-08-21 02:47:06.053Z	`QQQ`	`QQQ260918C00275000`	call	275.00	2026-09-18	112	49	145.80%	2.29	$4,889,528
2026-08-21 02:47:06.053Z	`NVDA`	`NVDA260918C00120000`	call	120.00	2026-09-18	502	2,898	102.73%	0.17	$4,879,440
2026-08-21 02:47:06.053Z	`SPY`	`SPY260918C00770000`	call	770.00	2026-09-18	6,155	16,086	13.03%	0.38	$4,856,295
2026-08-21 02:47:06.053Z	`SPY`	`SPY260918P00757000`	put	757.00	2026-09-18	5,505	3,530	13.37%	1.56	$4,855,410
2026-08-21 02:47:06.053Z	`MRVL`	`MRVL261016C00250000`	call	250.00	2026-10-16	1,504	6,109	80.52%	0.25	$4,839,120
2026-08-21 02:47:06.053Z	`SPY`	`SPY260918C00470000`	call	470.00	2026-09-18	163	174	87.33%	0.94	$4,791,630
2026-08-21 02:47:06.053Z	`SOXX`	`SOXX260918P00540000`	put	540.00	2026-09-18	1,425	780	42.57%	1.83	$4,788,000
2026-08-21 02:47:06.053Z	`GOOG`	`GOOG260918P00390000`	put	390.00	2026-09-18	897	1,224	36.11%	0.73	$4,680,098
2026-08-21 02:47:06.053Z	`SPY`	`SPY260918P00765000`	put	765.00	2026-09-18	3,950	23,484	12.33%	0.17	$4,662,975
2026-08-21 02:47:06.053Z	`NVDA`	`NVDA260828C00217500`	call	217.50	2026-08-28	6,863	3,603	54.35%	1.90	$4,563,895
2026-08-21 02:47:06.053Z	`NVDA`	`NVDA260828P00215000`	put	215.00	2026-08-28	7,953	8,271	51.64%	0.96	$4,533,210
2026-08-21 02:47:06.053Z	`VRT`	`VRT260918P00370000`	put	370.00	2026-09-18	426	211	56.25%	2.02	$4,501,755
2026-08-21 02:47:06.053Z	`SPY`	`SPY260828P00765000`	put	765.00	2026-08-28	6,868	6,228	11.71%	1.10	$4,498,540
2026-08-21 02:47:06.053Z	`NVDA`	`NVDA261016P00220000`	put	220.00	2026-10-16	2,963	47,548	37.25%	0.06	$4,222,275
2026-08-21 02:47:06.053Z	`NVDA`	`NVDA260828C00215000`	call	215.00	2026-08-28	5,307	12,135	54.39%	0.44	$4,192,530
2026-08-21 02:47:06.053Z	`QQQ`	`QQQ260918P00705000`	put	705.00	2026-09-18	3,193	10,944	20.05%	0.29	$4,179,637
2026-08-21 02:47:06.053Z	`SPY`	`SPY260918P00728000`	put	728.00	2026-09-18	12,233	1,480	17.43%	8.27	$4,122,521

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`	481.1500	8.16	低序列第7根	479.9283 (-0.25%；摆动低点/区间极值/布林下轨) / 484.6957 (+0.74%；摆动高点/布林上轨/MA120)	475.8061 (-1.11%；布林下轨/摆动低点) / 481.5748 (+0.09%；摆动低点/MA5/MA10)	477.1500 (-0.83%；摆动低点) / 484.5680 (+0.71%；MA5)	-
`NVDA`	美股/ETF	`SPY`	217.0500	-0.07	低序列第3根	216.8480 (-0.09%；摆动低点/区间极值/布林下轨) / 219.7228 (+1.23%；摆动低点/布林上轨/摆动高点)	216.2525 (-0.37%；布林下轨/摆动低点/MA5) / 218.6879 (+0.75%；MA60/MA10/摆动低点)	216.2000 (-0.30%；摆动低点) / 217.9200 (+0.49%；摆动低点)	-
`MRVL`	美股/ETF	`SPY`	248.1100	18.77	高序列第2根	247.1283 (-0.40%；MA10/摆动高点) / 249.6040 (+0.60%；MA5)	247.1000 (-0.41%；摆动高点) / 251.8533 (+1.51%；区间极值/布林上轨)	244.0000 (-2.79%；摆动低点) / 251.0463 (+0.01%；摆动低点/布林上轨/摆动高点)	-
`GFS`	美股/ETF	`SPY`	47.4000	-18.46	低序列第3根	46.9616 (-0.92%；布林下轨/摆动低点/区间极值) / 47.4380 (+0.08%；MA5/MA10)	46.3900 (-2.13%；摆动低点/区间极值) / 47.4133 (+0.03%；摆动低点)	46.4655 (-1.83%；摆动低点/区间极值/布林下轨) / 47.5500 (+0.46%；摆动低点)	-
`APLD`	美股/ETF	`SPY`	28.6500	-9.84	低序列第3根	28.4116 (-0.83%；MA20/布林中轨/MA10) / 28.8298 (+0.63%；MA5/摆动高点/布林上轨)	28.3950 (-0.89%；MA5) / 28.9011 (+0.88%；摆动低点/摆动高点/MA120)	27.9700 (-2.37%；摆动低点) / 28.7850 (+0.47%；MA30/MA20/布林中轨)	-
`USAR`	美股/ETF	`SPY`	17.1900	-5.54	低序列第2根	17.1490 (-0.24%；MA10/MA5) / 17.2900 (+0.58%；摆动高点)	16.8871 (-1.76%；摆动低点/MA120) / 17.5200 (+1.92%；MA5)	17.0410 (-0.40%；MA20/布林中轨) / 17.2900 (+1.05%；摆动低点)	-
`SOXX`	美股/ETF	`SPY`	521.4000	-5.13	低序列第3根	515.4291 (-1.15%；摆动低点/区间极值/布林下轨) / 522.8470 (+0.28%；摆动低点/MA20/布林中轨)	514.6600 (-1.29%；摆动低点) / 522.4187 (+0.20%；MA5/摆动低点/MA10)	516.4100 (-1.14%；摆动低点) / 524.3930 (+0.39%；摆动低点/MA20/布林中轨)	-
`SOXL`	美股/ETF	`SPY`	121.3200	-20.65	低序列第3根	120.1500 (-0.96%；摆动低点) / 122.0286 (+0.58%；MA20/布林中轨/MA10)	121.0470 (-0.23%；摆动低点/MA5) / 122.7735 (+1.20%；摆动低点/MA10)	120.7400 (-1.20%；摆动低点) / 128.8120 (+5.40%；MA20/布林中轨)	-
`FTXL`	美股/ETF	`SPY`	228.2000	-5.56	低序列第3根	228.0820 (-0.05%；MA20/布林中轨/MA10) / 231.1000 (+1.27%；摆动高点)	224.2033 (-1.75%；摆动低点) / 229.0629 (+0.38%；MA5/摆动低点/摆动高点)	228.0225 (-0.08%；MA20/布林中轨) / 229.9400 (+0.76%；摆动低点)	-
`PSI`	美股/ETF	`SPY`	138.1000	-8.47	低序列第3根	137.6795 (-0.30%；布林下轨/摆动低点/区间极值) / 139.3252 (+0.89%；MA10/MA5/摆动低点)	137.9100 (-0.14%；摆动低点) / 139.2580 (+0.84%；摆动低点/MA5)	136.9500 (-1.46%；摆动低点) / 139.2000 (+0.16%；摆动低点)	-
`DRAM`	美股/ETF	`SPY`	57.0500	3.70	高序列第1根	56.5855 (-0.81%；MA30/摆动低点/MA20) / 57.2604 (+0.37%；MA60/摆动高点/MA10)	56.7152 (-0.59%；摆动低点/MA5/MA20) / 57.4339 (+0.67%；摆动高点/MA30)	57.1060 (-0.82%；MA5) / 58.2000 (+1.08%；摆动低点)	-
`KMEM`	美股/ETF	`SPY`	18.9800	N/A	高序列第1根	18.9256 (-0.29%；MA20/布林中轨/MA60) / 19.2019 (+1.17%；摆动低点/摆动高点/布林上轨)	18.8253 (-0.82%；MA20/布林中轨/MA5) / 19.0575 (+0.41%；摆动高点/摆动低点)	18.7520 (-1.20%；MA5) / 19.7905 (+4.27%；摆动高点/布林上轨/摆动低点)	1D 少于 60 根K线
`VRT`	美股/ETF	`SPY`	264.5000	-10.39	低序列第3根	261.7290 (-1.05%；摆动低点/MA20/布林中轨) / 264.7657 (+0.10%；摆动高点/MA5)	261.9080 (-0.98%；MA5) / 264.6380 (+0.05%；MA10)	231.4082 (-12.55%；布林下轨) / 267.5200 (+1.09%；摆动低点)	-
`COHR`	美股/ETF	`SPY`	288.9900	-14.55	低序列第3根	288.3225 (-0.23%；摆动低点/MA10/MA20) / 291.8418 (+0.99%；MA30/摆动高点)	288.3920 (-0.21%；MA5) / 293.4820 (+1.55%；MA10/摆动高点)	255.1400 (-12.03%；摆动低点) / 303.9549 (+4.80%；MA30/摆动低点/MA20)	-
`CRCL`	美股/ETF	`SPY`	84.2400	21.60	高序列第9根已完成，延续2根	83.7265 (-0.61%；MA5/MA10) / 84.9650 (+0.86%；摆动高点)	79.8241 (-0.78%；布林上轨) / 81.3300 (+1.09%；区间极值)	80.5229 (-3.75%；布林上轨) / 87.3000 (+4.35%；摆动高点)	-
`SPCX`	美股/ETF	`SPY`	133.2900	N/A	低序列第3根	133.2055 (-0.06%；MA10/MA5) / 135.2820 (+1.49%；摆动高点/MA20/布林中轨)	131.9260 (-1.02%；布林下轨) / 135.3490 (+1.54%；MA5/摆动低点)	126.9740 (-5.24%；摆动高点/MA20/布林中轨) / 139.5800 (+4.16%；MA10)	1D 少于 60 根K线
`GOOG`	美股/ETF	`SPY`	338.2000	-4.06	低序列第9根已完成，延续2根	- / 338.7971 (+0.18%；摆动低点/区间极值/布林下轨)	329.6000 (-2.54%；摆动低点/摆动高点) / 338.4006 (+0.06%；摆动低点/布林下轨/MA5)	333.6900 (-1.33%；摆动低点) / 340.7247 (+0.75%；摆动低点/MA5)	-
`PLTR`	美股/ETF	`SPY`	173.7600	22.63	低序列第2根	173.3256 (-0.25%；摆动高点/摆动低点/MA60) / 175.9451 (+1.26%；MA20/布林中轨/摆动高点)	172.0533 (-0.98%；摆动低点) / 174.1876 (+0.25%；MA10/MA30/MA20)	173.7035 (-0.15%；MA5/MA10) / 179.9867 (+3.46%；摆动高点/区间极值)	-
`NBIS`	美股/ETF	`SPY`	219.8500	8.08	低序列第3根	218.2180 (-0.74%；MA10) / 221.3653 (+0.69%；MA5/MA20/布林中轨)	213.7500 (-2.77%；摆动低点) / 221.1740 (+0.60%；MA5)	211.9055 (-3.73%；MA20/布林中轨) / 226.0359 (+2.69%；MA60/摆动高点)	-
`XLV`	美股/ETF	`SPY`	172.6800	6.74	高序列第3根	172.3154 (-0.21%；MA60/布林下轨/摆动低点) / 174.2517 (+0.91%；摆动低点/MA30/MA20)	170.4033 (-1.32%；摆动高点/MA20/布林中轨) / 173.6595 (+0.57%；MA10/MA5)	170.4440 (-1.13%；MA5) / 173.4376 (+0.61%；布林上轨)	-
`BTCUSDT`	Crypto	`BTCUSDT`	74,515.6000	0.00	高序列第5根	73,789.6400 (-0.97%；MA5) / 74,652.3973 (+0.18%；布林上轨)	72,897.8400 (-2.17%；MA5) / 74,867.3920 (+0.47%；布林上轨)	71,511.5341 (-4.04%；布林上轨) / 75,767.5000 (+1.67%；区间极值)	自身为基准
`ETHUSDT`	Crypto	`BTCUSDT`	2,345.4800	10.24	高序列第5根	2,334.5117 (-0.47%；MA10/MA5/摆动高点) / 2,363.3545 (+0.76%；摆动高点/布林上轨)	2,330.1360 (-0.75%；MA5/摆动高点) / 2,381.5200 (+1.44%；区间极值)	2,255.4724 (-3.93%；布林上轨) / 2,381.5200 (+1.44%；区间极值)	-
`SOLUSDT`	Crypto	`BTCUSDT`	89.5300	3.21	高序列第4根	88.9647 (-0.63%；布林上轨) / 90.2000 (+0.75%；区间极值)	87.7373 (-1.97%；摆动高点/MA5) / 90.2000 (+0.78%；区间极值)	86.1479 (-3.59%；布林上轨) / 90.2000 (+0.94%；区间极值)	-

账户、公开补充与来源

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

2026-08-21 全球资产日报 ​

重要新闻摘要 ​

观点 ​

当日已开盘市场盘面：韩国存储龙头走强，区域宽度没有同步确认 ​

长端与油价共同约束高久期风险，杠杆半导体继续回避 ​

AI 股票保留经营证据，停止事件前追涨和弱证据摊低 ​

Crypto 反弹用于先减重复期货敞口 ​

XLV维持分散作用，能源与FCX只进入下一轮研究 ​

组合事实概览 ​

股票与 ETF 板块热力

云计算及平台

芯片设计与制造

数据中心及算力基础设施

光通信及互连

关键矿物

数字资产基础设施

航天与国防主题

半导体与存储 ETF

其他股票

期权压力

重要文章与快讯 ​

重要文章 ​

日本核心通胀升至1.8%强化加息预期

中文简要摘要

Japan

Japan's core inflation accelerates in July, bolsters case for rate hike

Nebius五十亿美元融资冲击云股

中文简要摘要

Nebius Drops 4%, Cloudflare Falls 3%, Snowflake Slips: Are Financing Concerns Sinking AI-Cloud Stocks?

Nebius Drops 4%, Cloudflare Falls 3%, Snowflake Slips: Are Financing Concerns Sinking AI-Cloud Stocks?

Quick Read

One Winner Giving Back After Its Financing

Nebius Prices a $5 Billion Convertible

Why CoreWeave Isn't Falling the Same Way

What to Watch Now

比特币反弹带动加密股齐涨

中文简要摘要

Crypto Stocks Soar Alongside Bitcoin As Rally Reignited

Crypto Stocks Soar Alongside Bitcoin As Rally Reignited

Coherent光互连订单支撑增长

中文简要摘要

Coherent (COHR) Q4 2026 Earnings Call Transcript

Coherent (COHR) Q4 2026 Earnings Call Transcript

DATE

CALL PARTICIPANTS

Full Conference Call Transcript

Should you buy stock in Coherent right now?

美债回购承诺难稳长期收益率

中文简要摘要

Asian markets extend rally as traders assess US Treasuries pledge

Asian markets extend rally as traders assess US Treasuries pledge

三星拟推出超710亿美元回报方案

中文简要摘要

Samsung Elec to convene board meeting Friday to discuss shareholder return plan, says source

Samsung Elec to convene board meeting Friday to discuss shareholder return plan, says source

Alphabet加码Marvell芯片合作

中文简要摘要

What Is Alphabet (GOOGL) Signaling With Its New AI Chip Stake Option?

What Is Alphabet (GOOGL) Signaling With Its New AI Chip Stake Option?

What Alphabet's Marvell chip deal signals about AI capex and supplier risk

比特币领涨三大加密资产

中文简要摘要

Binance Futures public 24h, funding and open-interest facts

Coherent 公布 FY2026 第四季度及全年业绩

中文事实摘录

Coherent Corp. Reports Fourth Quarter and Full Year Fiscal 2026 Results

8/12/2026

For Immediate Release

Coherent Corp. Reports Fourth Quarter and Full Year Fiscal 2026 Results

Short-Term Energy Outlook, August 2026

中文事实摘录

U.S. Energy Information Administration - EIA - Independent Statistics and Analysis

Short-Term Energy Outlook

Forecast overview

Interactive Data Viewers

About the Short-Term Energy Outlook

Previous STEO Forecasts:

Other EIA Outlooks:

Marvell 推进 AI 内存基础设施产品组合

中文事实摘录

2026-08-21 全球资产日报

重要新闻摘要

观点

当日已开盘市场盘面：韩国存储龙头走强，区域宽度没有同步确认

长端与油价共同约束高久期风险，杠杆半导体继续回避

AI 股票保留经营证据，停止事件前追涨和弱证据摊低

Crypto 反弹用于先减重复期货敞口

`XLV`维持分散作用，能源与FCX只进入下一轮研究

组合事实概览

重要文章与快讯

重要文章

金十快讯