AMD、INTC、META集体爆发，大盘还能走多远？ AMD, INTC, META Surge Together — How Far Can This Rally Go?

市场前瞻 Market Outlook

你好，希望你今天一切都好。

Hello, hope you're having a great day.

大盘今天继续呈现逼空式的 Melt-Up 行情，7,720–7,730区域已经变成压力位。如果这一位置被突破，团队将看向新高，即 8,000点以上区域。团队目前的情景判断是：10月初可能迎来第二波回调，并可能持续至中期选举附近；随后第三波反弹有望在年底前重新挑战 8,000点以上。因此，团队建议会员在中期选举之前不要做空，如果市场出现明显调整，则是逢低吸纳的时机。今天包括七大科技股在内的几乎所有股票都出现上涨，会员的账户表现普遍不错。团队认为，真正的熊市风险要到明年才有可能出现，因此现阶段如果在中期选举前出现明显下跌，应该视为买入机会。

The broader market continued today's short-covering melt-up, with the 7,720–7,730 area now acting as resistance. A breakout above this level would put new highs, above 8,000, in view. The team's current scenario is that a second wave of volatility could begin in early October and persist into the period around the midterm elections, followed by a third wave of recovery that could challenge 8,000+ again before year-end. Accordingly, the team's guidance is not to short the market ahead of the midterms, and to treat any meaningful pullback as a buying opportunity. Nearly all stocks, including the mega-cap tech names, advanced today, and member accounts broadly performed well. The team views a genuine bear-market risk as more likely to emerge next year, so any sharp decline before the midterms should currently be treated as a buying opportunity.

今天我们的核心名单里面有很多公司都录得可观的涨幅，其中包括以下这些公司。

Many companies on our Core List posted solid gains today, including the following.

恭喜所有的会员们。

Congratulations to all members.

AMD +9.13% | INTC +14.16% | ARM +14.33%

EWY +4.08% | DRAM +2.83% | MU +2.23%

NBIS +4.7% | CRWV +5.03%

META +11%

美国10年期国债收益率回落至5%以下，油价回落至100美元以下，市场果然不出所料地飙升。

The U.S. 10-year Treasury yield fell back below 5%, and oil prices dropped below $100, and the market, unsurprisingly, surged as a result.

希望你关注了最近一次回调。

Hopefully you paid attention to the most recent pullback.

许多被人们恐慌性抛售的股票再次领涨。

Many of the stocks that were sold off in panic have once again led the rally.

这里有一点值得会员记住。

This brings us to a point worth remembering.

历史清楚地表明，投资于可能并不完美的市场，胜过等待投资于完美的市场。

History clearly shows that investing in an imperfect market beats waiting for the perfect market to invest in.

散布悲观论调能吸引点击量，也能为那些散布悲观论调的人积累大量追随者。然而，历史已经清楚地表明，这种做法并不能创造财富。要想成功，你必须参与其中……如果你真的想成功的话。

Spreading pessimism can attract clicks and build a large following for those who do it. However, history has clearly shown that this approach does not create wealth. To succeed, you have to be in the market… if you genuinely want to succeed.

大盘走强的时候，很多公司都会出现非常疯狂的涨幅，只不过其中某些品种会特别突出。团队也没有预料到 INTC、AMD 会有如此大的涨幅。

When the broader market is strong, many companies can post extreme gains, though certain names tend to stand out in particular. The team also did not anticipate that INTC and AMD would rally this much.

META 摩根士丹利看好Meta推出的Muse智能体，认为它有望成为重要增量，依托旗下社交生态与网页交易能力，产品下载热度走高，长期或通过交易佣金实现变现，机构测算若到2028年达到1亿用户，可带来可观收入与EPS提振，但商业化落地节奏与用户转化仍存在不确定性。

META: Morgan Stanley is constructive on Meta's newly launched Muse AI agent, viewing it as a potentially significant incremental driver. Leveraging Meta's social ecosystem and web-transaction capabilities, the product's download momentum has been rising, with monetization potentially coming longer-term through transaction commissions. The bank's estimates suggest that reaching 100 million users by 2028 could deliver meaningful revenue and EPS upside, though the pace of commercialization and user conversion remain uncertain.

目前大盘这种涨法确实有一点吓人，连META当天都上涨约11%。本，META的Muse App已经登上美国免费下载排行榜榜首，涨势之猛超出团队预期。

The current pace of the market's advance is admittedly a little startling — even META rose around 11% on the day. This — META's Muse App has already reached No. 1 on the U.S. free-download chart, a rally more explosive than the team expected.

AMD 市场传闻AMD自四季度起全系列芯片拟涨价约10%，主因台积电代工成本抬升，公司试图向下游传导压力，涨价覆盖AI加速芯片、GPU等多条产品线，也有望波及消费级CPU，叠加英特尔近期接连调价，反映芯片厂商借调价修复毛利，但终端需求承接力度仍存在不确定性。

AMD: Market reports indicate AMD plans to raise prices across its full chip lineup by roughly 10% starting in Q4, primarily due to rising TSMC foundry costs, as the company looks to pass cost pressure downstream. The increases would cover AI accelerator chips and GPUs among other product lines, and could also extend to consumer CPUs. Combined with Intel's recent successive price adjustments, this reflects chipmakers using pricing to repair margins, though end-demand's ability to absorb the increases remains uncertain.

NVDA 黄仁勋预计英伟达未来一年芯片销量有望翻倍，反映AI渗透带动算力基建需求持续旺盛，尽管市场存有顾虑，他仍对行业前景保持乐观，公司此前也给出强劲指引，看好销售额高增，若供给充足营收甚至有机会翻倍，释放出积极信号。

NVDA: Jensen Huang expects Nvidia's chip shipments to potentially double over the next year, reflecting continued strong demand for compute infrastructure driven by AI adoption. Despite market concerns, he remains optimistic on the sector's outlook. The company has previously given strong guidance pointing to high revenue growth, and if supply is sufficient, revenue could even double — a positive signal for the sector.

AAPL Evercore将苹果目标价上调至380美元，看好本轮iPhone换机周期优于预期，调研显示消费者更倾向选购高端Pro机型，提价带动平均售价抬升，不过存储等零部件成本显著上涨会侵蚀部分毛利，加上新品发布节奏错开，业绩兑现仍需看终端实际销售表现。

AAPL: Evercore raised its Apple price target to $380, citing an iPhone upgrade cycle that is tracking better than expected. Survey data shows consumers leaning toward higher-end Pro models, which is lifting average selling prices. However, significantly higher component costs, particularly for storage, will erode some margin, and staggered product launch timing means actual delivery of results still depends on real-world sell-through.

美国最新就业数据还不错

U.S. Latest Jobs Data Holds Up Well

最新失业数据比预想的要好，申请失业救济的人变少，说明就业市场挺稳。就业没啥大麻烦，美联储现在主要盯着通胀的情况。

The latest jobless data came in better than expected, with fewer people filing for unemployment benefits, indicating the labor market remains fairly stable. Employment is not currently a major concern; the Federal Reserve's primary focus right now is on inflation.

半导体板块：

Semiconductors:

1. 费城半导体指数大涨超3%，但是还不算真正冲破压力线。之前就碰到过这个位置，随后就大跌，现在行情忽好忽坏，很不稳定。
2. The Philadelphia Semiconductor Index (SOX) jumped more than 3%, but it has not yet genuinely broken through resistance. The index has hit this level before and subsequently sold off sharply; conditions right now remain choppy and unstable.
3. 2027年标普大盘的利润增长，62%要靠半导体板块撑着。别的板块撑不起大盘，如果半导体大跌，大盘很难扛得住。股市容错空间很小，要是半导体赚钱达不到预期，股市会很难看，每个季度财报就变得特别关键。
4. An estimated 62% of the S&P 500's expected 2027 earnings growth depends on the semiconductor sector. Other sectors are not able to carry the index on their own, so if semiconductors were to fall sharply, the broader market would struggle to hold up. There is very little margin for error — if semiconductor earnings fall short of expectations, the market could react badly, making each quarterly earnings report especially critical.
5. AI大厂花钱建数据中心的速度会变慢，但依旧是高速投入。银行预测2027年增速还能有31%‑35%，Meta已经表态不会减少AI投资。只要大厂不大砍开支，现在这套行情逻辑就还成立。
6. The pace of AI hyperscaler data center spending may slow somewhat, but investment levels remain very high overall. Bank forecasts still call for 31%–35% growth in 2027, and Meta has stated it will not cut back on AI investment. As long as the major spenders do not significantly slash capex, the current market logic remains intact.