据报道，特斯拉已将人形机器人Optimus的训练方式从动作捕捉转向纯摄像头数据采集，数十名数据采集员工在实验室内 重复执行（擦桌子、提杯子、拉窗帘等）日常动作，为机器人学习人类行为提供视频训练素材。 作者 | 卜淑情 特斯拉工程总部的一个玻璃实验室内，数据采集工人们执行着看似简单但极其精确的重复动作。每个动作 都要在8小时轮班期间重复数百次，所有行为都被头盔上的五个摄像头和背包设备完整记录。 今年6月，在项目总监Milan Kovac离职后，公司告知员工将从动作捕捉服装和远程操作转向仅使用摄像头 收集数据。工人表示，团队被告知这种方式能够更快地扩展数据收集规模。 除了工人身上的摄像头设备，特斯拉还在工作区域周围设置了固定摄像头。谢菲尔德大学机器人专家 Jonathan Aitken表示，这些固定摄像头塔能够提供更广阔的环境视角，补充身上摄像头的数据。 编辑 | 硬 AI 特斯拉正用纯视觉数据训练Optimus，让机器人真正用"眼睛"理解世界。 据Business Insider最新报道， 特斯拉已将人形机器人Optimus的训练方式从动作捕捉转向纯摄像头数据 采集，数十名数据采集员工在实验室内重复执行日常动作 ...

硬·AI 这不仅是科技巨头间的算力军备竞赛，更对美国的电力基础设施构成了前所未有的挑战。激增的电力需求 正撞上美国现有电网的"电力墙"。电网容量不足、审批延迟和供应限制，正迫使这些科技巨头采取"自备电 力"（Bring-Your-Own-Power）策略。 据巴克莱研究，美国正在规划或建设的数据中心项目总容量超过45吉瓦，预计总投资额将超过2.5万亿美元，OpenAI、 亚马逊、Meta、微软、xAI等超大规模云厂商是主要参与者。巨额投资背后是复杂的融资结构，除了科技巨头自身的资本 支出，私募股权公司和专业基础设施基金扮演了关键角色。 01 巨头领衔： Stargate、超大规模厂商与xAI主导建设 根据巴克莱的追踪，少数几家科技巨头是这45GW项目建设狂潮的核心。 作者 | 龙 玥 编辑 | 硬 AI 一场由人工智能驱动的基建竞赛正在美国全面展开。 据追风交易台消息，巴克莱10月31日的研报显示，美国目前已规划的大型数据中心项目总容量超过45吉 瓦（GW），这股建设热潮预计将吸引超过2.5万亿美元的投资。 报告明确指出，这轮扩张的主要推手是OpenAI的Stargate项目、亚马逊、Meta、微软等超大规模 ...

Core Insights - Morgan Stanley predicts that 2026 will be a pivotal year for explosive growth in AI hardware, driven primarily by strong demand for AI server hardware [2][3] - The report highlights a significant redesign upgrade in AI server hardware, propelled by GPU and ASIC advancements, with notable upcoming releases from NVIDIA and AMD [2][4] AI Server Rack Demand Surge - The demand for AI server racks is expected to surge from approximately 28,000 units in 2025 to at least 60,000 units in 2026, representing over 100% growth [7] - The transition from the H100/H200 era to the new cycle driven by NVIDIA's GB200/300 and Vera Rubin platforms is emphasized [4] Power Consumption and Cooling Solutions - The report identifies power and cooling challenges as significant opportunities for suppliers, with power solutions expected to transition to 800V high-voltage direct current (HVDC) architecture [11][13] - By 2027, the value of power solutions for Rubin Ultra cabinets is projected to exceed ten times the current value of GB200 server cabinets [13] Liquid Cooling as a Standard - Liquid cooling has shifted from an optional solution to a necessity, with the total value of cooling components for a GB300 cabinet estimated at approximately $49,860, increasing to $55,710 for the next-generation Vera Rubin platform [15][16] PCB and Interconnect Upgrades - The upgrade of AI platforms is expected to have a profound impact on printed circuit boards (PCBs) and interconnect components, with increasing requirements for layer counts and material grades [20][21] - The transition from ultra-low-loss to extreme low-loss materials in PCB manufacturing is anticipated to create structural growth opportunities for suppliers with the necessary technical capabilities [22][23]

作者 | 硬 AI 编辑 | 硬 AI 近日，在一场罕见的同场对话中，OpenAI CEO萨姆·奥特曼(Sam Altman)与微软CEO萨提亚·纳德拉(Satya Nadella)深度讨论了AI行业的关键议题。 在这次对话中，Altman详细阐述了OpenAI重组后的愿景。关于与微软的合作协议，Altman澄清只有"无状态API"独家保留在Azure平台到2030年，其他产品包括 ChatGPT将在多个平台分发，这种安排对双方都有利。 关于OpenAI重组方案，Altman澄清只 有"无状态API"独家保留在Azure平台到2030年。面对1.4万亿算力支出质疑，Altman强调收入将远超预期，算力每增10倍收入可增近10倍。关于算力需求，Nadella认为，现在面 临最大问题不是算力过剩，而是电力问题，要不可能会有一堆芯片积压在库存里却无法使用，但算力过剩终将出现。 硬·AI （图片来源：BG2） 核心观点 Altman（OpenAI CEO）："就是因为算力不足的限制，这真的很疯狂，当我看到我们受到多大制约时... 在很多方面，过去一年我们的算力已经扩大了大约10倍。但 如果我们再有10倍的算力，我不知 ...

Core Viewpoint - The article discusses Apple's financial performance in the third quarter, highlighting significant growth in revenue and net profit, driven by strong service revenue and iPhone sales, while also addressing challenges in specific markets like Greater China [14][15]. Financial Data Summary - Revenue: In Q3, net sales reached $102.466 billion, a year-on-year increase of 7.9%, surpassing analyst expectations of $102.137 billion [3]. - EPS: The diluted earnings per share (EPS) for Q3 was $1.85, up 90.7% year-on-year, exceeding analyst expectations of $1.77 [5]. - Net Profit: Q3 net profit was $27.47 billion, reflecting an 86.4% year-on-year increase [6]. - Operating Expenses: Operating expenses in Q3 were $15.91 billion, up 11.4% year-on-year [7]. - Gross Margin: Q3 gross margin was 47.2%, compared to 46.5% in Q2, with gross profit of $48.34 billion, also up 10.2% year-on-year [7]. Segment Performance - Product Sales: Total product sales in Q3 were $73.72 billion, a 5.4% increase year-on-year [8]. - iPhone Sales: iPhone sales reached $49.025 billion, a 6.1% year-on-year increase, slightly below analyst expectations [8]. - Mac Sales: Mac sales were $8.726 billion, up 12.7% year-on-year, exceeding expectations [9]. - iPad Sales: iPad sales were $6.952 billion, showing minimal growth of 0.03% year-on-year [10]. - Wearables, Home, and Accessories: Sales in this category were $9.013 billion, down 0.3% year-on-year [10]. - Services: Service revenue was $28.75 billion, a 15.1% year-on-year increase, surpassing analyst expectations [10]. Market Performance - Americas: Q3 sales in the Americas were $44.19 billion, up 6.1% year-on-year [11]. - Europe: Sales in Europe reached $28.7 billion, a 15.2% increase year-on-year [11]. - Greater China: Sales in Greater China were $14.49 billion, down 3.6% year-on-year, contrary to analyst expectations [11]. - Japan: Sales in Japan were $6.64 billion, up 12% year-on-year [12]. - Other Asia-Pacific: Sales in this region were $8.44 billion, a 14.3% increase year-on-year [13]. Strategic Insights - Service Revenue Growth: Apple's service revenue has consistently reached new quarterly highs, with a 13.5% year-on-year increase to $109.16 billion, indicating strong performance despite hardware profit margin pressures [14]. - Future Guidance: Apple expects Q4 revenue growth of 10%-12%, with potential for significant sales driven by new product launches [15]. - iPhone Sales Trends: iPhone sales growth slowed in Q3 but is expected to rebound in Q4, with positive consumer response to the iPhone 17 series [16][17]. Cost and Investment - Tariff Costs: Apple reported an increase in tariff-related costs to $1.1 billion in Q3, up from $800 million in Q2 [19]. - AI Investment: The company is expanding investments in artificial intelligence, with progress on the new Siri expected to be released next year [20]. Analyst Ratings - Multiple analysts maintain a "Buy" rating on Apple, with target prices ranging from $279 to $320, reflecting confidence in the company's growth prospects [21][22].

亚马逊公布第三季度业绩超出市场预期，得益于AWS增速加快至20%，创三年来最大涨幅，推动股价盘后一度大涨14%。该公司正全力加码AI基础设施建设，预计2025年的资本支 出约为1250亿美元，高于分析师预测的1187.6亿美元，2026年的资本支出还会进一步增加。该公司还表示，已通过110亿美元的"雷尼尔计划"强化与Anthropic的合作，自研AI芯片 供不应求 硬·AI 净销售额： 第三季度净销售额增长13%，达到1,802亿美元，高于2024年第三季度的1,589亿美元以及分析师预期的1778.2亿美元。如果不考虑全年汇率变动带来的15 亿美元利好影响，同比增长为12%。 营业利润： 第三季度营业利润为174亿美元，与2024年第三季度的174亿美元持平。2025年第三季度的营业利润包含两项特别支出——与联邦贸易委员会（FTC）法 律和解相关的25亿美元支出，以及主要与计划裁撤岗位相关的18亿美元预计遣散费用。如果不计入这些支出，营业利润将达到217亿美元。 作者 | 赵雨荷 编辑 | 硬 AI 亚马逊周三盘后公布财报显示，该公司第三季度业绩超出分析师预期，其中云业务创下三年来最大增幅，推动该公司股价盘 ...

高盛认为，谷歌在模型、云、应用全链条卡位，拥有10亿+用户分发能力和成本优势，AI货币化前景广阔。谷歌Q3财报显示：营收首破千亿美元，搜索业务增长15%，云计算收入 增34%、利润率达23%成最大亮点。该行上调谷歌目标价至330美元并维持买入评级。 硬·AI 作者 | 硬 AI 编辑 | 硬 AI 高盛称，凭借从底层模型、云基础设施到终端应用的"全栈AI"布局，这家科技巨头正在将技术优势转化为实实在在的财务回报，维持买入评级，并将目标价上调 至330美元。 10月31日，据硬AI消息，高盛在最新研报中称，谷歌在第三季度财报中全面展示了其"全栈AI"布局的竞争优势。分析师Eric Sheridan指出， 从底层模型开发、云 计算基础设施到消费级和企业级应用，谷歌已经在AI产业链的各个环节实现卡位，这种垂直整合能力正在转化为实际的财务回报。 据 华尔街见闻此前文章 ，Alphabet第三季度综合营收首次突破1000亿美元，搜索业务付费点击和每次点击成本均同比增长7%，YouTube广告收入增长15%超预 期，而谷歌云34%的同比增长率和23%的运营利润率成为本次财报的最大亮点。高盛称， 管理层在财报会议上对AI驱 ...

Core Insights - The article highlights that Google's quarterly revenue has surpassed $100 billion for the first time, driven by the deep integration of AI across all major business segments, resulting in double-digit growth across the board [3][5][44]. - AI technologies are significantly enhancing user experience and driving query growth in Google's search business, with new features like AI Overview and AI Mode leading to a doubling of query volume in the U.S. [12][29]. - The company has raised its capital expenditure forecast for 2025 to $910-930 billion, reflecting a strong commitment to investing in AI infrastructure [4][19][85]. Revenue Performance - Alphabet's Q3 revenue reached $102.3 billion, a 16% year-over-year increase, with all major business segments achieving double-digit growth [3][44]. - Google Services revenue grew by 14% to $87.1 billion, driven by strong performance in search and YouTube advertising [59]. - YouTube ad revenue increased by 15% to $10.3 billion, primarily due to direct response ads [60]. AI Integration and Impact - AI-related revenue in Google Cloud has reached "tens of billions" per quarter, with a 34% year-over-year growth in cloud revenue to $15.2 billion [4][7][66]. - The Gemini application has over 650 million monthly active users, with query volume increasing threefold compared to the previous quarter [6][12]. - AI Max, a new advertising product, has been adopted by hundreds of thousands of advertisers, unlocking billions of new queries in Q3 alone [36]. Cloud Business Growth - Google Cloud's backlog surged by 46% to $155 billion, indicating strong market demand for AI infrastructure [8][70]. - The cloud business's operating profit increased by 85% to $3.6 billion, with an operating margin rising from 17.1% to 23.7% [7][70]. - Over 70% of cloud customers are utilizing Google's AI products, reflecting the growing adoption of AI solutions [15][71]. Capital Expenditure and Future Outlook - The company plans to significantly increase capital expenditures in 2026, with Q3 capital spending reaching $24 billion, primarily focused on servers and data centers [19][75]. - The CFO emphasized that the company will continue to invest heavily in AI growth, expecting capital expenditures to remain high in the coming quarters [4][19]. - The anticipated increase in capital expenditures is expected to lead to higher depreciation costs, which rose by 41% year-over-year to $5.6 billion in Q3 [89].

Core Viewpoint - Microsoft reported strong revenue growth of 18% year-over-year for Q3, maintaining the highest growth rate in a year and a half, but the earnings per share (EPS) growth slowed to 13%, still exceeding analyst expectations [2][14] Financial Data Summary - Revenue: Q3 revenue reached $77.67 billion, a year-over-year increase of approximately 18%, surpassing analyst expectations of $75.55 billion [7][14] - EPS: Q3 diluted EPS was $3.72, up about 13% year-over-year, exceeding the expected $3.68, while the previous quarter saw a 24% increase [7][14] - Operating Profit: Q3 operating profit was $37.96 billion, a year-over-year increase of approximately 24%, higher than the expected $35.1 billion [7][15] - Net Profit: Q3 net profit was $27.75 billion, a 12% year-over-year increase, compared to a 24% increase in the previous quarter [8][14] Capital Expenditure Summary - Capital Expenditure: Q3 capital expenditure reached $34.9 billion, a year-over-year increase of 74.5%, exceeding analyst expectations of $30.06 billion [8][17] - The increase in capital expenditure reflects significant investments in data centers and AI infrastructure, with a 60% increase from the previous record [17] Business Segment Performance - Commercial Cloud: Revenue from commercial cloud services, including Office and Azure, was $49.1 billion, a year-over-year increase of approximately 26%, surpassing expectations of $48.6 billion [9] - Intelligent Cloud: Revenue from the intelligent cloud segment, including Azure, was $30.9 billion, a year-over-year increase of approximately 28%, exceeding the expected $30.18 billion [9][15] - Productivity and Business Processes: This segment, including Microsoft 365 Copilot AI tools, generated $33.02 billion in revenue, a year-over-year increase of approximately 17% [10] - More Personal Computing: Revenue from this segment, including Windows, Surface, and Xbox, was $13.8 billion, a year-over-year increase of 4%, below the expected $12.88 billion [10] Azure and AI Investment Insights - Azure Growth: Azure and other cloud services revenue grew by 39% year-over-year, matching the highest growth rate in two and a half years, but fell short of some optimistic buyer expectations [2][15] - Investment in OpenAI: Microsoft's investment in OpenAI impacted Q3 net profit by nearly $3.086 billion, significantly higher than the previous year's $523 million [19][20] - Future AI Investments: Microsoft plans to continue increasing investments in AI, including funding and talent acquisition, to capitalize on future growth opportunities [18]

Core Viewpoint - Alphabet's Q3 revenue, profit, and full-year capital expenditure guidance exceeded expectations, with revenue surpassing $100 billion for the first time, driven by strong AI demand and double-digit growth across multiple core businesses [2][3][4] Financial Highlights - Revenue: Alphabet reported Q3 revenue of $102.35 billion, exceeding analyst expectations of $99.85 billion; ex-tac revenue was $87.47 billion, above the forecast of $85.11 billion [4] - Net Profit: The company's net profit surged 41% to $28.5 billion, with earnings per share at $2.87, surpassing Wall Street's estimate of $2.26 [5] - Free Cash Flow: Free cash flow decreased by 9% year-over-year to $24.5 billion [6] Business Segment Performance - Cloud Revenue: Q3 cloud revenue reached $15.16 billion, exceeding the expected $14.75 billion [7] - Services Revenue: Q3 services revenue was $87.05 billion, above the forecast of $84.67 billion [8] - Search and Other Revenue: Search and other revenue totaled $56.57 billion, surpassing the expected $54.99 billion [9] - YouTube Ad Revenue: YouTube ad revenue was $10.26 billion, exceeding the forecast of $10.03 billion [10] - Total Ad Revenue: Total ad revenue reached $74.18 billion, above the expected $72.46 billion [11] - Cloud Backlog: The cloud backlog reached $155 billion by the end of Q3 [12] AI and Cloud Business Growth - AI Demand: The demand for AI is driving growth in the cloud business, with Q3 cloud revenue growing 34% year-over-year [15][16] - New Customers: Google Cloud's new customer base grew by 34% year-over-year, with over 70% of cloud customers utilizing Google AI products [15] - Major Partnerships: Google has secured significant partnerships, including a $10 billion deal with Meta and a collaboration with Anthropic for custom AI chips [17] Capital Expenditure - Increased Spending: Alphabet raised its full-year capital expenditure guidance to $91-93 billion, up from a previous estimate of $85 billion, to support AI and infrastructure development [19] - Q3 Capital Expenditure: The company spent approximately $24 billion in Q3, compared to Microsoft's $33 billion in the same period [19] User Engagement and Product Development - Gemini User Base: The Gemini app has over 650 million monthly active users, with daily active users exceeding 75 million [20][28] - AI Model Performance: Gemini processes 7 billion tokens per minute, indicating strong engagement despite competition from OpenAI [29] Competitive Landscape - Intensifying Competition: The AI and cloud service market is becoming increasingly competitive, with rivals launching new generative AI features and lowering prices [22][30] - Advertising Market Dynamics: Alphabet's advertising segment faces competition for ad budgets, but is expected to benefit as advertisers shift from experimental platforms like Snapchat [31]