TSLA × Meta 能源基础设施的新战场 · The New Battleground for Energy Infrastructure
你好！
Hi there!
真是精彩的一周。
What a fantastic week.
- $ASTS
5月17日，$ASTS财报发布后，股价盘后一度下跌逾10%。Q1营收约1470万美元，低于市场预期的3900万美元；每股亏损-0.66美元，亦差于预期。市场情绪在第一时间出现了明显波动。
On May 17, following $ASTS earnings release, the stock dropped over 10% in after-hours trading. Q1 revenue came in at approximately $14.7 million, well below market expectations of $39 million; EPS of -$0.66 also missed estimates. Market sentiment reacted sharply in the immediate aftermath.
然而，如果认真研读完整的电话会议内容与公司最新进展，研究团队的判断与市场情绪截然不同。这次下跌，更接近于”预期过热后的重新定价”，而非长期逻辑的破裂。我们即刻发表了一篇交易机会，分享当天市场价买入的机会。
However, after carefully reviewing the full earnings call transcript and the company’s latest developments, our research team’s assessment differs sharply from market sentiment. This pullback looks more like a repricing of overheated expectations than a breakdown of the long-term thesis. We immediately published a Trading Opportunity to share the case for buying at market price that same day.
我们第一次买入这只股票是在2026年3月2日，当时分享的第一转买入价大约在70至75之间。买入后股价最高升至约129.8，短短一个多月已录得超过50%的回报，亦快速到达了我们的基本目标价。但之后基金借财报宣誉预期的借口从高位洗仓，一路压低至最低约63至64左右。团队评估基本面没有改变、仍然长线看好的情况下，及时分享了再次买入的机会，让之前在高位止赚的会员以及还没有持仓的会员，迎来了第二次入场机会。短短十几天，股价再次反弹至最高约107左右，再一次录得超过50%左右的升幅。机会，往往是留给有耐心的投资者的。所有操作详情均已公布在交易机会栏目，供会员参考对比。
Our first entry into this stock was on March 2, 2026, with the first tranche shared at approximately $70 to $75. The stock subsequently rallied to a high of approximately $129.8 — a return of over 50% in just over a month — quickly reaching our base target price. Thereafter, institutional players used the earnings narrative as cover to distribute from the highs, pressing the stock down to a low of approximately $63 to $64. With the team’s assessment that fundamentals remained intact and the long-term thesis unchanged, we promptly shared a second entry opportunity — giving members who had taken profits at the highs, as well as those without a position, a chance to re-enter. Within just two weeks, the stock rebounded to a high of approximately $107, once again delivering a gain of approximately 50%. Opportunities like this are reserved for patient investors. Full details of all actions have been published in the Trading Opportunities section for members to reference and compare.
这一切再次印证了一个道理：要么全力以赴争取胜利，要么就赢不了。这是我们的策略。
This once again confirms a fundamental truth: you either go all in to win, or you don’t win at all. That is our approach.
2. 宏观市场 | Macro Market
美国国债收益率创52周新高，原油价格逼近每桶100美元，伊朗最高领袖阻挠和平谈判，英伟达公布季度营收810亿美元，并将股息提高2400%，彻底打消了质疑者的疑虑。
US Treasury yields hit a 52-week high, oil prices approached $100 per barrel, Iran’s Supreme Leader obstructed peace negotiations, and Nvidia reported quarterly revenue of $81 billion while raising its dividend by 2,400% — decisively silencing the skeptics.
即使主流媒体、专家、狂热分子和散布恐慌的人提出了无数个让你放弃的理由，你仍然坚持留在赛场上，团队为你感到无比自豪。
Even as mainstream media, experts, fanatics, and fear-mongers gave you countless reasons to walk away, you stayed in the game — and the team couldn’t be prouder of you for that.
大局依然稳固，这也是我们希望关注的重点。
The big picture remains firmly intact, and that is exactly where we want to keep our focus.
据FactSet的约翰·巴特斯称，“总体而言，‘七大巨头’公司中有100%（7家全部）公布的每股收益超出预期，而标普500指数成分股公司中这一比例为84%。‘七大巨头’公司公布的收益总体超出预期32.5%，而标普500指数成分股公司中这一比例为16.6%。”
According to John Butters of FactSet, “Overall, 100% of the Magnificent Seven companies (all 7) reported EPS above estimates, compared to 84% for S&P 500 companies overall. The Magnificent Seven reported earnings that exceeded estimates by 32.5% in aggregate, compared to 16.6% for the broader S&P 500.”
其他493家公司的综合收益率”仅”为17.4%。
The remaining 493 companies posted a blended earnings growth rate of “only” 17.4%.
我记不清上次见到它是什么时候了！
We can’t remember the last time we saw numbers like this!
- $AMD
AMD变得更有意思了。还有一件事值得一提。
AMD just keeps getting more interesting. And there’s one more thing worth highlighting.
AMD刚刚宣布向台积电投资超过100亿美元，以扩大先进AI封装和基础设施产能，从而支持其Helios机架式AI平台——该平台采用MI450X GPU和第六代EPYC CPU——预计将于2026年下半年推出。
AMD has just announced an investment of over $10 billion in TSMC to expand advanced AI packaging and infrastructure capacity in support of its Helios rack-scale AI platform — featuring the MI450X GPU and 6th generation EPYC CPU — expected to launch in the second half of 2026.
AMD在AI领域的持续加码确实名副其实，这也印证了团队建议持有其股票的核心理由。
AMD’s continued commitment to AI speaks for itself, and it reinforces exactly why the team has recommended holding this stock.
- 量子计算 | Quantum Computing
仍然对量子计算持怀疑态度？
Still skeptical about quantum computing?
特朗普政府将向九家量子计算公司提供总额为20亿美元的拨款，并持有每家公司的政府股权。
The Trump administration is set to provide $2 billion in grants to nine quantum computing companies, taking a government equity stake in each.
IBM获得了其中的10亿美元，用于在美国建立一家量子芯片代工厂，该工厂将由其新成立的子公司Anderon运营，总部位于纽约州奥尔巴尼。GlobalFoundries获得了3.75亿美元。D-Wave Quantum、Rigetti Computing和Infleqtion各获得了约1亿美元。
IBM received $1 billion to establish a quantum chip foundry in the US, to be operated by its newly formed subsidiary Anderon, headquartered in Albany, New York. GlobalFoundries received $375 million. D-Wave Quantum, Rigetti Computing, and Infleqtion each received approximately $100 million.
美国商务部表示，量子计算对国防、先进材料、生物制药发现、金融建模和能源系统具有重大意义。
The US Department of Commerce stated that quantum computing holds significant implications for defense, advanced materials, biopharmaceutical discovery, financial modeling, and energy systems.
真是对显而易见的事情了如指掌啊——哎呀！
A little late to the obvious — but better late than never!
我们希望各位会员的投资组合中至少包含一项量子计算资产，就像团队持仓那样。在团队看来，量子计算的”ChatGPT”时刻比以往任何时候都更近了。
We hope every member has at least one quantum computing asset in their portfolio, just as the team does in ours. In the team’s view, quantum computing’s “ChatGPT moment” has never been closer.
幸运的是，团队纳入持仓名单的这类股票已经是同类产品中的最佳之选，自从团队将其重新纳入持仓名单以来已经超过100%，表现轻松超越了标普500指数。当然，这并不能保证它会继续上涨，但团队的观点与研究让我们觉得它很有可能会继续上涨。耐心持有。
Fortunately, the quantum computing name the team has on our list is among the best in its class — up over 100% since the team re-added it to our holdings, comfortably outperforming the S&P 500. That is no guarantee it will continue to rise, but the team’s analysis and conviction suggest it very well may. Stay patient and hold.
- TSLA Megapack × Meta
扎克伯格团队正在部署价值约2亿美元的特斯拉Megapack电池，为其位于怀俄明州的AI数据中心运营提供电力。
Zuckerberg’s team is deploying approximately $200 million worth of Tesla Megapack batteries to power their AI data center operations in Wyoming.
Meta宣布在怀俄明州夏延市建造一座耗资8亿美元、占地71.5万平方英尺的设施，专门针对人工智能工作负载进行优化，预计将于2027年投入使用。
Meta has announced the construction of an $800 million, 715,000 square foot facility in Cheyenne, Wyoming, optimized specifically for AI workloads and expected to come online in 2027.
能源——这一点团队曾多次强调——才是决定胜负的关键。
Energy — something the team has emphasized repeatedly — is the deciding factor.
你可以构建世界上最大的GPU集群，但如果网格无法干净利落地为其提供电力，那也毫无意义。
You can build the world’s largest GPU cluster, but if the grid cannot cleanly and reliably deliver power to it, none of it matters.
这时，Megapack就派上了用场。
That is where Megapack comes in.
GPU密集型AI训练运行会导致高达90%的电力波动，频率可达30赫兹……这绝非普通本地电力公司能够承受的。因此，需要在电网和服务器之间设置一个电池缓冲装置，吸收峰值电压，平滑电力输送，从而保持整个系统的稳定。
GPU-intensive AI training runs can cause power fluctuations of up to 90% at frequencies of up to 30 hertz — far beyond what any ordinary local utility can handle. A battery buffer between the grid and the servers is therefore essential: absorbing voltage spikes, smoothing power delivery, and keeping the entire system stable.
猜猜特斯拉设计了什么，前两次不算。
Guess what Tesla has been designing — and the first two don’t count.
- AI资本开支：华尔街可能严重低估了 | AI Capex: Wall Street May Be Massively Underestimating It
不久前我们曾提到，华尔街对超大规模人工智能资本支出的评估很可能过低。
Not long ago, we noted that Wall Street’s estimates for hyperscale AI capital expenditure are very likely too low.
英伟达首席执行官黄仁勋公布的估值目标为4万亿美元……大约是华尔街一些人预测的1.03万亿美元的4倍。
Nvidia CEO Jensen Huang has put forward a valuation target of $4 trillion — approximately four times the $1.03 trillion projected by some on Wall Street.
让这个想法在脑海中酝酿片刻。
Let that sink in for a moment.
4万亿分钟前，我们最早的人类祖先才刚刚开始学习直立行走。智人甚至还没有出现。斯蒂芬·库里是NBA收入最高的球员，4万亿美元的薪水意味着他可以打大约67000年——我希望他不要受伤。如果用1美元的钞票全部支付Jensen 4万亿美元的账单，并将这些钞票堆起来，钞票堆的高度将达到月球。
Four trillion minutes ago, our earliest human ancestors were just beginning to walk upright. Homo sapiens hadn’t even appeared yet. Stephen Curry is the highest-paid player in the NBA — at $4 trillion, his salary would cover approximately 67,000 years of play. I hope he doesn’t get injured. And if you paid Jensen’s $4 trillion bill entirely in $1 bills stacked on top of each other, the pile would reach the moon.
如果Jensen的说法是正确的——而且团队认为他是对的——这意味着每个超大规模数据中心运营商和业内参与者所报告的支出都被低估了。
If Jensen is right — and the team believes he is — it means every hyperscale data center operator and industry participant has been underreporting their actual expenditure.
批评人士质疑，感知与现实之间存在不符之处，这意味着感知到的生产力提升幅度大于实际测量的幅度。
Critics point to a disconnect between perception and reality, arguing that the productivity gains being felt exceed those that can actually be measured.
团队认为他们把这件事搞反了，就像他们把人类历史上其他每一次重大浪潮都搞反了一样。
The team believes they have it exactly backwards — just as they have with every other major technological wave in human history.
虽然这么说可能有点老生常谈，但确实不乏胸怀大志的人……只是他们的目标要足够远大而已。希望各位会员也有类似的计划。
It may sound like a cliché, but there is no shortage of people with big ambitions — as long as their goals are big enough. We hope every member has a plan that matches that ambition.
你散发出的能量会吸引周围的人。投资乐观，就能吸引财富。积极乐观的情绪是会传染的。
The energy you put out attracts the people around you. Invest with optimism, and you attract prosperity. A positive mindset is contagious.
说到这里，和往常一样，让我们好好享受今天，并以强劲的势头结束本周吧！
On that note, as always — enjoy today and finish the week strong!
财富俱乐部团队
Wealth Club Team
以上内容仅供参考，不构成任何投资建议。投资涉及风险，股价可能大幅波动，过往表现不代表未来回报。请投资者根据自身风险承受能力独立判断，必要时咨询持牌财务顾问。
The above content is for informational purposes only and does not constitute investment advice. Investing involves risk, including the possibility of significant price fluctuations. Past performance is not indicative of future results. Please make independent investment decisions based on your own risk tolerance, and consult a licensed financial advisor if necessary.
