苟有苟道 腾讯也是 tesla 苹果成了纳指稳定剂！ 看了一眼上周五，消费电子 边缘侧成了抗跌品类。 ...

Group 1 - Oracle has confirmed that it will complete the data center for its major client OpenAI in 2028 instead of 2027 due to labor and material shortages [1][3] - OpenAI's training infrastructure relies on collaboration with NVIDIA and Microsoft, utilizing Azure data centers and various NVIDIA GPUs, which enhances model intelligence and accelerates market readiness [2] - The company is currently facing a significant free cash flow deficit of $10 billion, and after excluding a $2.7 billion gain from asset sales, the investment return rate is alarmingly low, indicating a potential decline [2] Group 2 - Oracle's spokesperson did not specify when the cloud computing infrastructure for OpenAI will be operational, and OpenAI has made commitments to other companies to meet anticipated AI capability demands, although these agreements are not final [3] - There is a belief that companies expanding too aggressively in the AI era may face setbacks, while more stable companies are likely to endure longer [2]

Core Viewpoint - Broadcom's financial results are strong, with revenue exceeding expectations, but the stock experienced volatility post-earnings due to lack of significant positive guidance [1][4]. Financial Performance - Revenue for the quarter was $18.02 billion, surpassing the forecast of $17.49 billion by 3.1% [6]. - Adjusted EPS was $1.95, above the expected $1.86, representing a 4.3% surprise [2][6]. - The company projects first-quarter revenue of approximately $19.1 billion, a 28% year-over-year increase, exceeding analyst expectations of $18.3 billion [3]. Segment Performance - Infrastructure software sales grew by 26% to $6.94 billion, exceeding Wall Street expectations [4]. - AI chip sales in the semiconductor solutions segment reached $11.07 billion, a 22% year-over-year increase, also surpassing expectations [4]. Profitability and Cash Flow - Gross margin improved to 78% from 72% year-over-year [5]. - Free cash flow for the quarter was $7.5 billion, accounting for 41% of revenue [5]. Order Backlog and Future Outlook - Broadcom has a backlog of $73 billion in orders for AI custom chips, switches, and other data center components over the next 18 months [6]. - AI chip orders are expected to double to $8.2 billion in the first quarter of next year [6]. - The company has $49 billion in unfulfilled contracts for infrastructure software, up from $49 billion a year ago [6]. Customer and Market Dynamics - The company secured $11 billion in orders from Anthropic for TPU [7]. - A new AI customer contributed an additional $1 billion in orders, with speculation about OpenAI being the fifth customer [8]. Strategic Questions from Analysts - Analysts inquired about customer-designed front-end tools and how the company plans to respond, to which the company noted the complexity of chips [8]. - Questions were raised regarding the readiness for 2/3nm wafers and HBM, with the company confirming active investments in a packaging facility in Singapore [9]. - Concerns about potential gross margin declines due to rising HBM prices were acknowledged, with the company indicating a need for adjustments [10].

| | | | | | | | 周期:李报 | | | | CORPORATION 增长数据行:YOY | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | Hill AVGO US Equity | | | 2150 - 1130 | | | | | | | | | | WE ALSO | | 2023 04 | 177 10 | 2020 02 | 202 A CC | 2024 Or | 2025 01 | 2025 02 | ROHN OF | HELS OR E | 2176 OF EST | | 3个月绿变 | | 10/29/2023 | 02/04/2024 | 05/05/2024 | 08/04/2024 | 11/03/2024 | 02/02/2025 | 05/04/2025 | 08/03/2025 | 11/02/2025 | 02/01/2026 | | 应计新疆开变变动 | | 103.00 | -660.00 | 251.00 | 291.00 | 196.00 | -90 ...

甲骨文这个季度（9/10/11月）营收 160.6亿美元，预期为162.1亿美元，略低一点点。 第二季度剩余履约义务为5230亿美元，同比增长438%（以美元计）。 超过了分析师平均预期的5018亿美元（主要meta有新增）。 第二季度GAAP每股收益增长91%至2.10美元，非GAAP每股收益增长54%至2.26美元。 第二季度总营收为161亿美元，按美元计算增长14%，按固定汇率计算增长13%。 第二季度云业务收入（IaaS 加 SaaS）达 79.8亿美元，按美元计算增长 34%，按固定汇率计算增长 33%。 高于StreetAccount调查的分析师普遍预期 的79.2亿美元。云基础设施收入总计41亿美元，增长68%。 NetSuite云ERP（SaaS）第二季度营收达10亿美元，按美元和固定汇率计算均增长13%。 甲骨文公司预计全年资本支出约为500亿美元，高于9月份的350亿美元。 以上数据其实还比较正常。不足以支持盘后大跌。 解读：关键还是现金流和毛利率！这两项被看的特别重要！最近一个季度！ 越来越紧张的财务数据：Q3 自由现金流-100亿美元，普遍预期为-52亿美元。经营性现金流20亿，上个季 ...

群里某人伤心了。 说某行业某交流会来了四个不错公司董秘，硬是凑不出一个客户来交流。 现在这市场真是现实呀。 流动性看似很好，可都给了 头部那几个顶流公司了。典型的 1/99 行情！ 某人默默流泪！这什么世道呀？憋屈！从来没遭受过此等耻辱。 ...

Core Insights - The company is expected to report revenue of $16.15 billion for the current quarter, with a growth rate of 14.88%, and $16.81 billion for the next quarter, with a growth rate of 18.97% [2][4] - Gross margin is anticipated to be 70.36% for the current quarter and 69.55% for the next quarter [3] Financial Performance - Deferred revenue is projected to be $8.464 billion, showing a year-over-year growth of 5.01% [2] - Hardware revenue is expected to be $728 million, with a year-over-year decline of 3.70% [2] - Cloud services revenue is forecasted to reach $6.736 billion, reflecting a year-over-year growth of 26.83% [2] Regional Breakdown - Revenue from the Americas is expected to be $9.731 billion, with a year-over-year growth of 10.54% [2] - Asia Pacific revenue is projected at $1.800 billion, with a year-over-year growth of 3.35% [2] - EMEA revenue is anticipated to be $3.655 billion, with a year-over-year growth of 6.85% [2] Cost and Expenses - Cost of revenue is expected to be $1.104 billion, with a year-over-year growth of -1.07% [2] - Operating expenses are projected to be $5.403 billion, reflecting a year-over-year increase [2] Market Sentiment - Overall expectations for the company have been lowered multiple times, indicating a cautious market sentiment [4]

Group 1 - Nvidia has received approval from Trump to export H200 chips to China, with a 25% additional fee imposed; the chips will only be supplied to "approved customers" [1] - The H200 chip, set to be mass-produced in the first half of 2024, utilizes advanced 4nm technology and offers significant performance improvements over its predecessor, H20, with a compute power ratio of 13:1 [1] - The H200 features HBM3E memory (141GB), surpassing the HBM3 (96GB) used in H20, although it is still inferior to the upcoming B200 series [1] Group 2 - The market reaction has been lackluster, with only optical modules showing interest; other sectors are experiencing a significant downturn [2] - There is a general sentiment in the market that is overly cautious, leading to minimal attention on stocks outside of optical modules [2]

Group 1 - The company Google recently mentioned a potential shift back to optical interaction technology, indicating ongoing developments in this area [1] - There are concerns regarding power supply, with feedback from North America suggesting that current computing power is already allocated for the year 2027, highlighting a significant electricity shortage [1] - Apart from the 2GW power source, Google currently lacks visibility on new large power supply sources [1] Group 2 - The industry continues to maintain a positive outlook on the robotaxi sector, suggesting confidence in its growth potential [2]

Core Viewpoint - The article emphasizes the growing acceptance and improvement of AI applications in the entertainment industry, particularly in the production of animated dramas, suggesting a positive outlook for the future of AI in this sector [2]. Group 1: Consumer Experience - The narrative quality remains paramount, with successful plots being the primary driver for consumer engagement and willingness to pay for content [1]. - Recent advancements in visual quality and the alignment of visuals with the storyline have significantly enhanced the viewing experience, reducing the sense of dissonance [1]. Group 2: AI Application Metrics - There has been a notable increase in token consumption, with text growth estimated at around 40-50%, while multimodal growth is reported to be 2-3 times higher [1]. - The proportion of multimodal consumption has reportedly exceeded 35%, indicating a shift towards more integrated content formats [1].