進入AI時代，自由現金流正在從“買算力的人”流向“賣算力的人”。美國銀行預測，2025-2027年期間，大量資金將以前所未有的速度從互聯網巨頭流入半導體公司。 當然這不是說亞馬遜、微軟、谷歌這些公司突然不賺錢了，而是因爲它們正在瘋狂投入數據中心、GPU等AI領域，他們就是“買算力的人”。因此即使經營業務還很強，只要AI資本開支暴增，自由現金流也會被壓下去。

Iran's Islamic Revolutionary Guard Corps (IRGC) says its fighters will not ignore US military aggression.

Dubai stocks led losses across Gulf markets after U.S. President Trump said his ceasefire agreement with Iran was over following fresh Iranian attacks on vessels in the Strait of Hormuz. XTB MENA analyst Milad Azar said sharp falls in UAE and Qatari equities reflect a repricing of geopolitical risk rather than changes to economic fundamentals, with rising regional tensions prompting investors to cut exposure and triggering broad selling of financials and blue chips. Dubai Financial Market General Index -1.5%; Qatar QE Index -0.8%; Abu Dhabi ADX -0.6%.