OpenAI新一轮融资规模已成为决定AI板块交易逻辑的关键变量。最新传言称融资额或高达1700亿美元，但英伟达已澄清 出资规模不及预期，直接冲击供应商甲骨文3000亿美元合同履约。为填补缺口，OpenAI正寻求巨头支持：软银洽谈追加 投资最高300亿美元，亚马逊也在接触参与本轮融资。 硬·AI 作者 | 董 静 编辑 | 硬 AI 分析指出， 如今，随着核心投资方出资意愿的调整，投资者开始质疑OpenAI是否有能力支付这笔天文数 字般的费用，以及甲骨文将其全额计入账目的会计处理是否审慎。 报道指出，目前，甲骨文正面临两难境地： 一方面需通过发行股票筹集资金以捍卫其投资级信用评级，另 一方面则需应对股价自去年9月高点腰斩后的股东稀释担忧。 01 融资规模存在巨大不确定性 OpenAI本轮融资的最终规模，是决定AI产业链资金流向的"胜负手"。 2月2日，社交平台X上流传出的最新市场传闻称，OpenAI下一轮融资额可能高达1500亿至1700亿美元， 这一乐观预期被视为整个AI综合体（AI complex）能否继续飙升的燃料。 OpenAI能否顺利完成新一轮巨额融资，已不仅是其自身的生存问题，更成为了决定整个AI板 ...

Core Viewpoint - SpaceX has acquired AI company xAI for $250 billion, aiming to integrate rocket, satellite internet, AI technology, and social media platforms, positioning itself as a leading private enterprise in the industry [2][3][4]. Group 1: Acquisition Details - The acquisition price of $250 billion is based on xAI's recent funding round of $20 billion [4]. - Musk's statement emphasizes the goal of creating "the most ambitious vertically integrated innovation engine on Earth and beyond" [4]. - The acquisition is part of Musk's broader strategy to restructure his business empire, following the previous merger of xAI with X [5][17]. Group 2: AI Data Center Strategy - Musk plans to establish a space-based AI data center, utilizing solar energy from space to meet global AI power demands without burdening communities and the environment [5][10]. - The strategy involves launching a constellation of 1 million satellites, which will generate significant AI computing power, estimated at 100 gigawatts annually [11]. - Musk predicts that within 2 to 3 years, space will become the most cost-effective method for generating AI computing capabilities [11]. Group 3: Starship's Role - The success of the space data center relies on the capabilities of the Starship rocket, which is expected to significantly increase payload capacity compared to current Falcon rockets [13][14]. - Starship will facilitate the launch of next-generation satellites, enhancing global connectivity and supporting the deployment of AI satellites into deeper space [13][14]. Group 4: Market Reactions and IPO Plans - Following the announcement of the merger, shares of EchoStar, a major shareholder in SpaceX, dropped nearly 12%, reflecting investor concerns about the complexity of the IPO process [6][7]. - SpaceX is planning an IPO that could raise up to $50 billion, with a projected valuation of approximately $1.5 trillion [6]. Group 5: Integration of Musk's Business Empire - This acquisition marks Musk's third significant corporate restructuring in recent years, further consolidating his various ventures into a cohesive business model [16][20]. - Musk's approach involves reallocating resources and personnel across his companies, which include Tesla, SpaceX, xAI, Boring Company, and Neuralink, creating a unified operational strategy [18][19].

Core Viewpoint - Oracle plans to raise up to $50 billion by 2026 through bond and equity financing to expand its cloud infrastructure to meet the demands of major clients like AMD, Meta, NVIDIA, OpenAI, TikTok, and xAI [1][2][6]. Financing Plan Details - The financing will involve raising approximately $22.5 billion to $25 billion through equity-related instruments and common stock issuance, including mandatory convertible preferred securities and a market equity program with a maximum size of $20 billion [5]. - The remaining funds will be raised through the bond market, with a planned single bond issuance of about $22.5 billion to $25 billion in early 2026 [5]. Debt Concerns - Oracle currently has approximately $95 billion in outstanding debt, making it one of the largest corporate bond issuers outside the financial sector [2][8]. - The company's aggressive investment strategy to transition from a traditional database software provider to a cloud infrastructure provider has led to significant debt accumulation [8]. Market Position and Criticism - Michael Burry, a well-known short seller, has criticized Oracle for its "unnecessary heavy asset expansion" and fragile financial structure, labeling it as a "pure AI bubble vehicle" [3][10]. - Burry's concerns highlight that Oracle's stock price is heavily reliant on the narrative of surging AI cloud service demand, which poses a risk if such demand does not materialize [11].

特斯拉宣布第三代Optimus将于2026年第一季度亮相，这是特斯拉首款面向量产的人形机器人，目标年产能达到100万 台。马斯克曾表示，公司计划在2026年第二季度停止Model S和Model X车型的生产，将位于弗里蒙特工厂的生产线改造 为Optimus生产线。 硬·AI 作者 | 赵 颖 编辑 | 硬 AI 特斯拉正在将其人形机器人Optimus擎天柱从概念推向大规模生产。公司宣布第三代Optimus将于2026年 第一季度亮相，目标年产能达到100万台。 TeslaAl ** I } 31分钟前 第三代人形机器人将在2026年亮相，它是特斯拉第一款 走向量产的人形机器人。 为实现这一目标，特斯拉将做出重大生产调整。马斯克在周三的财报电话会议上表示， 公司计划在2026 年第二季度停止Model S和Model X车型的生产，将位于弗里蒙特工厂的生产线改造为Optimus生产线。 这标志着特斯拉正式将战略重心转向人形机器人业务。 据特斯拉财报披露，第三代Optimus相比2.5版本将实现重大升级，包括最新的手部设计。公司表示首条生 产线将在2026年底前启动，并已开始为年产百万台的产能目标做准备。 特斯 ...

Andrej Karpathy认为，AI 社交网络 Moltbook 虽处于"垃圾场"般的混乱状态，充斥诈骗与安全攻击，但其连接 15万个自 主 Agent 的规模史无前例。该平台利用 OpenClaw 插件实现 Agent 自动互联，已涌现出私密合谋与恶意对抗行为。 Karpathy 警告，这种大规模 Agent 网络的二阶效应极难预测，虽是技术进化的重要样本，却也是一场实时的计算机安全 噩梦。 硬·AI 作者 | 张雅绮 编辑 | 硬 AI 作为OpenClaw（原Clawdbot）生态的一部分，Moltbook展示了AI Agent从单一工具向自主网络进化的趋 势。这一实验不仅测试了Agent的交互能力，也暴露了当前AI安全架构的脆弱性，为投资者和开发者观察 AI自主性（Agentic AI）的发展提供了极为罕见的实时样本。 前特斯拉AI总监、OpenAI创始成员 Andrej Karpathy近日对新兴AI社交网络Moltbook发表评论，引发市场 广泛关注。尽管他直言该平台目前的实际内容充斥着"垃圾信息"和安全隐患，但他强调，15万个全自动大 语言模型（LLM）Agent在全天候全球网络中互联互通， ...

Core Insights - Western Digital's gross margin surged to 46.1%, with incremental gross margin expectations reaching 75% due to price increases and cost reductions [2][4][35] - CEO Irving Tan announced that 2026 production capacity is sold out, with long-term agreements signed with three of the top five customers extending to 2027-2028 [4][10][12] - The demand for HDDs is expected to grow structurally driven by AI inference applications, which generate vast amounts of new data that require low-cost storage [2][18][20] Financial Performance - In Q2 of FY2026, Western Digital reported revenue of $3.02 billion and adjusted EPS of $2.13, both exceeding market expectations [3][4] - Net profit for the quarter reached $1.84 billion, or $4.73 per share, marking a 210% increase from $594 million ($1.27 per share) in the same quarter last year [4][35] - The company delivered 215 exabytes of data, a 22% year-over-year increase, including over 3.5 million units of the latest generation ePMR drives [33][34] Margin and Cost Dynamics - The gross margin improvement reflects a shift towards high-capacity drives and strict cost control across manufacturing and supply chains [35] - CFO Kris Sennesael confirmed that the incremental margin is around 75%, driven by a 2-3% increase in average selling price per terabyte and a 10% year-over-year decrease in manufacturing costs per terabyte [7][8][43] Long-term Agreements and Customer Relationships - Western Digital has secured all firm purchase orders for 2026 from its top seven customers and signed long-term agreements with three of the top five customers, indicating strong customer trust and recognition of value [10][12][46] - The long-term agreements include both pricing and quantity terms, reflecting a strategic approach to managing customer relationships in a tight supply environment [13][63] Technology and Market Trends - The company is accelerating the customer validation timeline for HAMR (Heat-Assisted Magnetic Recording) technology by six months due to supply pressures [17][56] - The transition from AI model training to inference applications is expected to create significant storage demand, benefiting HDDs as data centers return large amounts of inference data to HDDs [18][20][59] Future Outlook - For Q3 FY2026, Western Digital expects revenue of $3.2 billion, reflecting approximately 40% year-over-year growth, with gross margin projected between 47% and 48% [38] - The company continues to focus on supporting customer needs for exabyte-scale storage while completing the certification and release of next-generation ePMR and HAMR drives [30][38]

苹果交出史上最佳季度答卷：营收1438亿美元、iPhone收入853亿美元双双创新高，大中华区增长38%。公司预计下季营收仍将两位数增长，但提示3nm等先进节点产能约束、内 存涨价或压制供给与毛利。AI方面，苹果宣布与谷歌合作开发下一代基础模型，个性化Siri"今年上线"。 1月29日，苹果公司发布 2026财年第一财季（截至2025年12月27日）业绩报告 显示，总营收、iPhone收入、服务收入等多项指标创下历史新高。在全球科技 股押注"AI+硬件换机"的背景下，市场对苹果这份假日季财报的关注点集中在三件事： iPhone 17的换机强度能否延续 、 中国需求是否真正回暖 、以及在 内存 涨价与先进制程产能紧张 的情况下，苹果能否守住利润率与供给节奏。 更引人瞩目的是，CEO库克在财报电话会上宣布，苹果正与谷歌合作开发下一代Apple基础模型，这将为今年推出的更个性化Siri提供动力。这一合作标志着苹 果在AI战略上的重大转向，库克表示： "我们认为谷歌的AI技术将为Apple基础模型提供最强大的基础，我们相信通过这一合作能够解锁大量体验并以关键方式进行创新。" 01 iPhone引爆超级周期 所有地区创 ...

Core Viewpoint - SanDisk has established that AI is reshaping the storage industry, with management stating that NAND is becoming a "key component of AI infrastructure" [2][10]. Group 1: Market Dynamics - Data center revenue for SanDisk surged by 64% quarter-over-quarter, indicating a significant shift in demand driven by AI [7][40]. - The company expects that by 2026, data centers will become the largest market for NAND, surpassing mobile devices for the first time [5][6]. - The demand for NAND capacity is expected to grow nearly 70% by 2026, a substantial increase from previous estimates of 20% and 40% [7]. Group 2: AI's Impact on NAND - AI is driving a structural change in the storage market, with NAND now viewed as essential for meeting global storage needs [10][38]. - The expansion of AI workloads is significantly increasing the demand for storage capacity in data centers and edge computing [10][38]. - SanDisk's high-performance TLC drives are contributing to revenue growth, with new products like the "Stargate" BiCS8 QLC storage expected to generate income in upcoming quarters [8][10]. Group 3: Supply and Capital Expenditure Strategy - Despite strong short-term pricing, SanDisk is committed to its existing capital expenditure plans and is cautious about blindly expanding production [13][14]. - The company is currently in a "severe allocation environment," unable to meet all customer demand, yet it remains disciplined in its supply strategy [14][39]. - SanDisk has extended its joint venture with Kioxia until 2034, ensuring a stable supply base for the next decade [15][16]. Group 4: Financial Performance and Guidance - SanDisk's Q3 gross margin guidance is projected to reach 67%, reflecting strong pricing power in a supply-constrained environment [19]. - The company reported a non-GAAP EPS of $6.20 for Q2, with expectations for Q3 EPS to rise to between $12 and $14 [19][43]. - Revenue for Q2 was $3.025 billion, a 31% increase quarter-over-quarter, driven by strong demand across all end markets [40][41]. Group 5: Traditional Market Challenges - Despite the growth in AI, traditional consumer electronics markets, such as PCs and smartphones, are facing unit sales declines [22][23]. - The CEO acknowledged that while unit sales may drop, increased single-device capacity could partially offset this impact [23]. Group 6: Strategic Initiatives - SanDisk is focusing on long-term agreements with customers to ensure supply certainty and predictable returns, moving away from traditional quarterly negotiations [10][39]. - The company is also prioritizing high-end products and configurations to support storage capacity and profitability [35].

硬·AI 作者 | 赵 颖 编辑 | 硬 AI 此外，OpenAI还将面对联合创始人马斯克提起的诉讼，后者索赔金额高达1340亿美元。首席执行官Sam Altman去年12月在Big Technology播客中坦言："我 对成为上市公司CEO兴奋吗？0%。我对OpenAI成为上市公司兴奋吗？某些方面是的，某些方面我觉得会很烦人。"他预计将把部分职责委托给前Instacart首席 执行官Fidji Simo，后者目前领导OpenAI的产品和业务团队，担任应用业务CEO。 OpenAI已任命新的首席会计官Ajmere Dale和负责投资者关系的企业财务官Cynthia Gaylor，这些人事调整显示该公司正为上市进行实质性准备。OpenAI内部对Anthropic可能率 先上市表示担忧，率先上市的公司将获得显著先发优势，吸引大量渴望投资生成式AI浪潮的公共市场投资者和散户。 不过，对于OpenAI而言，在年底前成功完成上市可能面临重重困难。OpenAI仍在应对快速成长型初创公司的典型挑战，包括近期的高层人事变动，以及来自 谷歌对其核心消费业务的激烈竞争。这促使该公司启动为期数周的"红色警报"行动，以提升ChatG ...

硬·AI 作者 | 李 丹 编辑 | 硬 AI 特斯拉四季度营收由三季度的两位数同比大增转为下滑，电动车交付量连续第二年下滑，成为营收与汽车毛利承压的主要原因，但EPS盈利高于预期，能源与 服务业务继续放量，披露投资xAI、无人驾驶出租车Robotaxi等"物理 AI"相关业务的进展。 盘后公布财报后，股价盘后跳涨，盘后涨幅曾超过4%。盘后上涨更像是源于特斯拉短期的业绩并没有太差，长期的叙事——Robotaxi/Optimus/xAI方面继续给 估值提供想象空间。业绩电话会上，特斯拉高管称2026年全年资本支出将超过200亿美元。此后股价曾回吐盘后多数涨幅。 汽车业务拖累特斯拉四季度的总营收由增转降，但储能部署装机量创纪录，应被市场视为短期内对冲汽车端下行的"硬支撑"。更重要的是，特斯拉强调"物理 AI"的进展与AI领域相关投资。 Q4特斯拉营收同比由增转降3%、略低于预期、首次年度营收下滑，当季EPS盈利降17%仍强于预期，毛利率升破20%，储能部署增29%至新高14.2GWh；1月开始在奥斯汀限量提 供无安全监督员的Robotaxi；Cybercab、Semi卡车、储能系统Megapack 3均按计划今年 ...