TMTB - 11月15日收盤總結
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深井巴菲特 | 美股投行日報 （長期討論區）
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UBS 週度總結 - 11月17日
TMT（Torsten Sippel/Joe Peroni/Ryan Cobb/Emily Cloonan）：本週TMT資金流向為53/47的淨賣出。對衝基金佔本週科技股資金流向的60%，而長期投資者佔40%。有趣的是，對衝基金為淨賣出，而長期投資者為淨買入。
TMT (Torsten Sippel/Joe Peroni /Ryan Cobb/ Emily Cloonan): TMT flows this week 53/47 Net Seller on the week. HF activity made up 60% of our tech flows this week while LOs made up 40%. Interesting
dispersion as HFs were net seller while LOs were net buyer within the sector.
科技板塊本週表現最差，半導體因AI風險降低而落後。硬體股資金流向為淨賣出，我們開始看到該板塊出現較高的做空活動 - 投資者對CoreWeave不是PSTG所吹捧的超大規模計算中心感到失望。
Tech was the worst performing sector this week as Semis lagged on AI de-risking. Hardware flows were net seller as we started to see elevated short activity in the group – definitely disappointment from investors that
CoreWeave was THE hyperscaler that PSTG was hyping up.
半導體設備公司成為焦點（本週初期為買入，後來轉為賣出）。我們主辦的LRCX（半導體設備製造商Lam Research）路演引起很大關注。然而，AMAT（應用材料公司）未達預期擊敗了整個板塊，使我們的半導體設備股資金流向轉為賣出。
Hardware flows were net seller as we started to see elevated short activity in the group – definitely disappointment from investors that
CoreWeave was THE hyperscaler that PSTG was hyping up. Semicaps in focus (buyer early in week then flipped seller) as the constructive LRCX NDR we hosted gartered a lot of attention. Though AMAT miss
shook the group into the weekend & our semicap flows flipped seller.
下週所有目光都將聚焦於英偉達（NVDA），儘管股價處於歷史高點，但我們的資金流向仍傾向於買入（儘管規模較小）。
All eyes on NVDA next week as our flows are still better buyer into the print (though smaller size wise) despite stock right at all time highs.
整體軟體股資金流向本週為淨賣出，投資者賣出中小型股票強勢股，並出現一些較高的做空活動。圍繞數據消費類股票的關注度較高，我們的資金流向實際上為淨買入。
Overall SW flows were net seller this week as investors sold the smid cap strength + some elevated short activity. Focus around Data Consumption names as our flows were actually net buyer.
媒體與娛樂板塊在迪士尼（DIS）和Spotify（SPOT）好於預期的業績後成為熱點 - 看到投資者追逐這一板塊的動能（包括長期投資者和對衝基金）。
Media & Entertainment was topical this week post DIS & SPOT beats – saw investors chase the momentum here (both LOs & HFs).
Liberty Broadband/Charter通訊合併仍是熱門話題，投資者正在設定價差（買入LBRDK/賣出CHTR）並購買其餘Liberty集團的股票。
Liberty Broadband/CHTR merger continues to be topical as we see investors setting the spread (buying LBRDK/selling CHTR) & also buying the rest of the Liberty complex.
周五，廣告代理和數字廣告類股受到製藥廣告支出的擔憂而承壓。本週共乘（Rideshare）板塊出現大量活動，投資者在業績公佈後重新做空該板塊。
Ad agencies and digital ad names came under pressure eon Friday on concerns about Pharma ad spend. Heavy action in Rideshare this week as investors re-short the group post earnings.
互聯網板塊本週表現mixed，投資者繼續持相對積極態度並買入Shopify（SHOP）的上漲。視頻遊戲股表現良好，外界普遍看好APP，但它從年度高點略有回調。
Mixed action in Internet this week as investors continued to skew constructive & buying the move higher in SHOP. Video Gamers largely act well outside consensus long APP that retraces a touch from its yearlong highs.
亞馬遜（AMZN）本週成為焦點，貝佐斯出售了1,635萬股股票，但股價仍上漲，儘管在週末有所回落，投資者指出AWS在政府收入方面的敞口
AMZN in focus this week as Bezos sold 16.35mm shares and stock still moved higher, though lags into week end as people point to AWS having govt exposure for revs
TMT（Torsten Sippel/Joe Peroni/Ryan Cobb/Emily Cloonan）：本週TMT資金流向為53/47的淨賣出。對衝基金佔本週科技股資金流向的60%，而長期投資者佔40%。有趣的是，對衝基金為淨賣出，而長期投資者為淨買入。
TMT (Torsten Sippel/Joe Peroni /Ryan Cobb/ Emily Cloonan): TMT flows this week 53/47 Net Seller on the week. HF activity made up 60% of our tech flows this week while LOs made up 40%. Interesting
dispersion as HFs were net seller while LOs were net buyer within the sector.
科技板塊本週表現最差，半導體因AI風險降低而落後。硬體股資金流向為淨賣出，我們開始看到該板塊出現較高的做空活動 - 投資者對CoreWeave不是PSTG所吹捧的超大規模計算中心感到失望。
Tech was the worst performing sector this week as Semis lagged on AI de-risking. Hardware flows were net seller as we started to see elevated short activity in the group – definitely disappointment from investors that
CoreWeave was THE hyperscaler that PSTG was hyping up.
半導體設備公司成為焦點（本週初期為買入，後來轉為賣出）。我們主辦的LRCX（半導體設備製造商Lam Research）路演引起很大關注。然而，AMAT（應用材料公司）未達預期擊敗了整個板塊，使我們的半導體設備股資金流向轉為賣出。
Hardware flows were net seller as we started to see elevated short activity in the group – definitely disappointment from investors that
CoreWeave was THE hyperscaler that PSTG was hyping up. Semicaps in focus (buyer early in week then flipped seller) as the constructive LRCX NDR we hosted gartered a lot of attention. Though AMAT miss
shook the group into the weekend & our semicap flows flipped seller.
下週所有目光都將聚焦於英偉達（NVDA），儘管股價處於歷史高點，但我們的資金流向仍傾向於買入（儘管規模較小）。
All eyes on NVDA next week as our flows are still better buyer into the print (though smaller size wise) despite stock right at all time highs.
整體軟體股資金流向本週為淨賣出，投資者賣出中小型股票強勢股，並出現一些較高的做空活動。圍繞數據消費類股票的關注度較高，我們的資金流向實際上為淨買入。
Overall SW flows were net seller this week as investors sold the smid cap strength + some elevated short activity. Focus around Data Consumption names as our flows were actually net buyer.
媒體與娛樂板塊在迪士尼（DIS）和Spotify（SPOT）好於預期的業績後成為熱點 - 看到投資者追逐這一板塊的動能（包括長期投資者和對衝基金）。
Media & Entertainment was topical this week post DIS & SPOT beats – saw investors chase the momentum here (both LOs & HFs).
Liberty Broadband/Charter通訊合併仍是熱門話題，投資者正在設定價差（買入LBRDK/賣出CHTR）並購買其餘Liberty集團的股票。
Liberty Broadband/CHTR merger continues to be topical as we see investors setting the spread (buying LBRDK/selling CHTR) & also buying the rest of the Liberty complex.
周五，廣告代理和數字廣告類股受到製藥廣告支出的擔憂而承壓。本週共乘（Rideshare）板塊出現大量活動，投資者在業績公佈後重新做空該板塊。
Ad agencies and digital ad names came under pressure eon Friday on concerns about Pharma ad spend. Heavy action in Rideshare this week as investors re-short the group post earnings.
互聯網板塊本週表現mixed，投資者繼續持相對積極態度並買入Shopify（SHOP）的上漲。視頻遊戲股表現良好，外界普遍看好APP，但它從年度高點略有回調。
Mixed action in Internet this week as investors continued to skew constructive & buying the move higher in SHOP. Video Gamers largely act well outside consensus long APP that retraces a touch from its yearlong highs.
亞馬遜（AMZN）本週成為焦點，貝佐斯出售了1,635萬股股票，但股價仍上漲，儘管在週末有所回落，投資者指出AWS在政府收入方面的敞口
AMZN in focus this week as Bezos sold 16.35mm shares and stock still moved higher, though lags into week end as people point to AWS having govt exposure for revs
留名學野