Market sources: the U.S. Federal Trade Commission is investigating YouTube's social-media policies.

Vietnam urged Qualcomm and Samsung to increase investment in AI, semiconductors and R&D, officials said. In a Hanoi meeting on Thursday the Vietnam president asked Qualcomm CEO Cristiano Amon to boost investment in AI, semiconductors, robotics, 5G/6G, data centers and next‑gen connectivity; Qualcomm said it hopes to develop its Vietnam operations into its third‑largest global AI R&D center. Vietnam’s prime minister told Samsung Electronics CEO Roh Tae‑moon the government wants Samsung to remain a key partner in strengthening the country’s tech capacity, industrial base and integration into global value chains. Samsung began production in Vietnam 17 years ago; its Vietnam phone manufacturing units have cumulatively exported $500bn as of end‑June, and Samsung has invested $24bn in Vietnam to date.

截至最新SEC披露，超大规模云服务商、英伟达和博通披露的各类承诺与担保合计已经超过 3.1万亿美元。其中仅超大规模云服务商未开始的租赁付款承诺约1.1万亿美元，采购承诺超过1.7万亿美元。更值得关注的是，其中相当一部分目前仍然属于表外承诺。 数据中心开发商可以利用这些云服务商提供的长期租约、担保或采购承诺向私人信贷机构融资，在云服务商尚未付款、也未确认负债之前就开始建设。 云服务商当前资产负债表显示的债务规模可能并不高，但它们已经通过长期租约、采购承诺、SPV担保、残值支持等途径，提前锁定了大量未来现金流。摩根士丹利指出，超大规模云服务商当前未折现承诺已超过2.7万亿美元，相当于约3年的当前经营现金流。 对于投资者而言，以后单看净现金、净债务/EBITDA等指标可能越来越难衡量AI投资的实际财务杠杆。如果未来需求不及预期，部分长期采购和租赁承诺无法随资本支出同步削减，AI投资的经营杠杆会明显高于传统现金资本支出模式。