U.S. stocks closed higher on Monday, Nov. 9: Dow Jones Industrial Average +1,104.32 pts (+2.15%) to 52,390.05; S&P 500 +173.08 pts (+2.34%) to 7,549.94; Nasdaq Composite +673.71 pts (+2.74%) to 25,253.14.

亚马逊、Alphabet、Meta、微软、甲骨文和苹果六家美国科技巨头的自由现金流出现明显分化，2025年以来整体现金流持续走弱，最新季度负值部分合计约500亿—550亿美元，为2000年以来最深水平。其中，亚马逊自由现金流为负348亿美元，Alphabet为负91亿美元，甲骨文为负54亿美元，Meta为负12亿美元；微软仍保持正值，达到186亿美元。自由现金流指企业经营活动产生的现金扣除资本开支后剩余的资金。此次恶化主要与数据中心、AI芯片及电力基础设施投入快速增长有关：企业经营现金流虽然仍在增长，但资本开支增长速度更快，部分巨头已无法仅依靠经营现金流覆盖投资支出。这意味着AI投资回报兑现速度，将越来越直接地影响企业后续融资、股票回购及分红能力。

SoftBank posted a ¥1.12 tln (USD 71 bln) net loss in the second fiscal quarter, its first in nearly two years, reversing a year-earlier profit. Share-price declines in major holdings including Arm, Intel and Coupang weighed on results. Vision Fund recorded a ¥81.6 bln loss. Investors cite concerns over AI-related spending and demand; SoftBank is increasingly viewed as a bellwether for sentiment toward OpenAI and the broader AI sector. Since a June record high, SoftBank shares have fallen more than 50% amid worries about debt-funded AI investments and fears a Democratic sweep in the US midterms could stall projects backed by Masayoshi Son.