来源 | 华尔街见闻 台积电预计2026年资本支出将激增至560亿美元，超出市场预期，凸显其对全球AI繁荣持续性的强烈信心。公司同时预测2026年营收增长将 接近30%，高于分析师平均预期。 这一系列强劲数据反映出AI芯片需求持续旺盛，为台积电带来可观的定价能力和盈利空间，投资者将密切关注这一扩产周期能否持续支撑其 估值水平。 15日，台积电董事长兼首席执行官 C.C. Wei 与财务长 Wendell Huang举行2025 Q4绩后法说会。 台积电公布2026年资本支出计划最高 将达560亿美元，较2025年实际支出409亿美元大幅增长37%，创下该公司历史新高。 这一破纪录的投资规模凸显出全球最大芯片代工厂正 加速扩充产能，以满足人工智能芯片的强劲需求。 该公司同时发布的第一季度业绩指引超出市场预期。 台积电预计本季度营收将达346亿至358亿美元，高于彭博一致预期的332.2亿美元。 毛利率和营业利率指引也明显优于分析师预期，分别为63%-65%和54%-56%，远高于市场预估的59.6%和49.7%。 管理层表示： "未来三年资本支出将显著增加。实现56%及以上长期毛利率是可实现的。……产能非常紧张 ...

该公司于上月发布了2025年第四季度财报，正如本报告所探讨的，分析师认为这些业绩数据 为维持"强烈买入"评级提供了充分依据。 【如需和我们交流可扫码添加进社群】 | | November 2, | | August 3, | November 3, | | --- | --- | --- | --- | --- | | | 2025 | | 2025 | 2024 | | Net revenue | S 18,015 | S | 15,952 | S 14,054 | | Cost of revenue: | | | | | | Cost of revenue | 4,213 | | 3,704 | 3,399 | | Amortization of acquisition-related intangible assets | 1,545 | | 1,519 | 1,602 | | Restructuring charges | 8 | | 26 | 51 | | Total cost of revenue | 5,766 | | 5,249 | 5,052 | | Gross margin | 12,24 ...

如果说 iPhone 17 在没有重大 Apple Intelligence 升级的情况下依然销量强劲，这对苹果（AAPL）的多头来说还不够，那么苹果与 Alphabet（GOOGL）达成的多年合作伙伴关系 —— 即在今年晚些时候将 Google Gemini 集成到改版后的 Siri 中 —— 则为这一叙事增添 了第二个、更持久的催化剂。 分析师认为这一合作关系将带来两个关键的收入驱动因素。 首先，Apple Intelligence 目前仍仅限于 iPhone 15 Pro、iPhone 16 或更新机型，这使得很大一部分安装基础（存量用户）无法使用这些 功能。如果 Gemini 能实质性地提升 Siri 的实用性，分析师预计未来将出现一轮大规模的升级换机潮。 话虽如此，iPhone 17 的强劲势头让分析师相信，用户其实并不太在意 AI 功能。考虑到苹果每年将为 Gemini 集成花费 10 亿美元，这是一 个风险。 第二个支柱与 AI 分发有关。随着模型提供商改善商业化能力，苹果可以复制其 "默认搜索" 的策略，通过收取 "默认助手 / 模型位置" 费用 来获利。鉴于 9 月份针对谷歌反垄断案的补救措 ...

Core Viewpoint - TSMC is expected to deliver strong quarterly performance due to the ongoing benefits from the AI sector, which continues to gain momentum [1][4]. Group 1: Financial Performance - TSMC's revenue has experienced rapid growth over the past several quarters, with a year-on-year revenue increase of over 30% in the last six quarters, significantly surpassing the five-year compound annual growth rate of 22.9% [3][4]. - Analysts predict a 22.9% year-on-year revenue growth for TSMC in Q4, with adjusted earnings per share (EPS) expected to rise by 31.7% [4]. - TSMC has consistently exceeded revenue and EPS expectations in the past 12 quarters, showcasing its strong performance capabilities [4]. Group 2: Market Position and Demand - As the largest semiconductor foundry globally, TSMC is a major beneficiary of the ongoing AI transformation, with robust market demand enhancing its pricing power [3][5]. - The company’s gross margin has expanded by over 600 basis points, and operating margin has improved by over 800 basis points during the last six quarters [3]. Group 3: Financial Strength - TSMC's tangible book value per share increased by nearly 27% in the first three quarters of 2025, and its net cash reserves rose from approximately $42 billion to $56.5 billion, providing a solid financial foundation for future investments [6]. - The company’s strong financial position is crucial for its ability to invest billions in research and new manufacturing facilities, which are essential in the high-tech semiconductor industry [6]. Group 4: Valuation - TSMC's expected price-to-earnings (P/E) ratio for the fiscal year 2027 is projected to fall below 20, indicating significant upside potential [7]. - The non-GAAP P/E ratio relative to the growth rate is only 1.23, which is nearly 30% lower than the industry median, suggesting that TSMC's valuation is attractive given its strong revenue growth and expanding profitability [8][9]. - Analysts have set a target price average of $360 for TSMC, indicating approximately 11% upside potential from current levels [9]. Group 5: Market Sentiment and Risks - Despite the strong expected performance, there is uncertainty regarding market reactions, as high expectations for AI transformation may lead to muted responses even to strong earnings reports [10].

Group 1 - The article highlights the rapid development of artificial intelligence (AI) technology, presenting significant opportunities in the market [3] - The U.S. Department of Defense plans to integrate Elon Musk's AI chatbot "Grok" into its systems, alongside Google's generative AI, indicating a strong governmental interest in AI applications [5] - Ant Group and Google have launched a new open standard called the Universal Commercial Protocol (UCP) to streamline the entire AI shopping process, from product discovery to post-purchase support [6] Group 2 - Meta Platforms Inc. has formed a new executive team to focus on AI infrastructure, appointing Dina Powell McCormick to lead collaborations with governments and investors, emphasizing investment in AI infrastructure [8] - Alphabet's market capitalization has surpassed $4 trillion for the first time, with a recent stock price increase of 1.7% to $334.04, reflecting its strong position in the AI sector [9] - Apple has partnered with Google to utilize the Gemini model for its upcoming AI-driven Siri, marking a significant collaboration in AI technology development [10]

Core Viewpoint - The article discusses the current state of the U.S. stock market, highlighting that despite reaching new highs, fundamental indicators suggest consumer weakness, raising questions about the macroeconomic situation [1]. Group 1: Shopify's Performance - Shopify's stock price has surged over 60% in the past year, driven by strong fundamentals, but investors are concerned about whether this growth can continue into 2026 [2]. - Analysts express cautious optimism regarding Shopify, maintaining a buy rating due to its proven ability to generate excess returns, especially for long-term investors willing to tolerate short-term volatility [6][13]. - Shopify's total addressable market (TAM) is currently valued at $849 billion, with significant growth potential over the next 3-5 years [6]. Group 2: Revenue and Growth Metrics - In the most recent quarter, Shopify's revenue grew by 32% year-over-year, reaching $2.84 billion, with merchant solutions contributing significantly to this growth [7][8]. - Merchant solutions revenue reached $2.145 billion, accounting for 75% of total revenue, and grew by 38% year-over-year, contributing 28 percentage points to the overall revenue growth [8]. - Analysts expect Shopify's GMV growth to slow to the high 20% range in Q4, which could disappoint investors and impact stock performance [9][13]. Group 3: Profitability and Market Sentiment - Shopify's profit margins have shown volatility, with a downward trend in gross margins due to a shift towards lower-margin payment services and increased operational expenses [10]. - The company's operating expenses accounted for 33% of revenue in Q3, and further increases are expected in Q4, which may pressure profit margins and affect market sentiment [10]. - Recent retail sales data indicates a potential slowdown in consumer spending, which could impact Shopify's performance in the upcoming quarter [11]. Group 4: Valuation Considerations - Shopify's forward price-to-sales ratio is currently at 15x, which is considered reasonable for a company with over 30% revenue growth, despite being on the higher end compared to peers [13]. - The sensitivity of Shopify's performance to consumer spending fluctuations is highlighted, especially in light of recent holiday sales data suggesting a potential decline in growth momentum [13]. Group 5: Investment Recommendations - For long-term investors, maintaining a hold on Shopify is recommended, as it is expected to continue generating excess returns [14]. - Short-term investors are advised to capitalize on stock price fluctuations to achieve higher returns [14].

Core Viewpoint - Apple has confirmed a multi-year partnership with Google to utilize the Gemini model for new AI features, including an updated Siri, marking a significant strategic shift for Apple in the AI domain [2][4]. Group 1: Partnership Details - The collaboration allows Apple to leverage Google's Gemini model and cloud technology to support future versions of Apple Foundation Models [9]. - Apple expressed confidence in Google's technology, stating it provides a strong foundation for their models and anticipates innovative user experiences [9]. - The new features are expected to launch later this year, although no specific timeline has been provided [9]. Group 2: Market Impact - Following the announcement, Alphabet's stock price rebounded, reaching a market capitalization of over $4 trillion for the first time, making it the fourth company to achieve this milestone [2][6]. - Alphabet's stock has seen a cumulative increase of over 65% in 2025, outperforming other major tech stocks [5]. - The rise in Alphabet's market value is attributed to its comprehensive strategy in the AI sector, including the introduction of the Ironwood AI chip and the Gemini 3 language model [7]. Group 3: Competitive Landscape - The partnership highlights the competitive yet collaborative nature of the relationship between Apple and Google, as both companies have previously competed in various sectors while cooperating in search services [4]. - Google's introduction of personalized advertising features in its AI shopping tools signifies a strategic move to monetize AI capabilities amidst competition from other AI companies [11][12]. - This development comes as AI chatbots pose a threat to Google's traditional advertising revenue, prompting the need for innovative monetization strategies [13].

以下文章来源于硬AI ，作者专注科技产研的 硬AI . AI时代，快人一步~ 来源 | 硬AI 曾因数据中心延期引发AI基础设施行业信任危机的CoreWeave宣布取得关键进展。 周一，据The Information报道， 公司内部消息显示，CoreWeave 在得克萨斯州丹顿市（Denton）为其客户 OpenAI 建设的数据中心，已 成功达成首批芯片交付的重要里程碑。 据CoreWeave高管透露，该公司从去年11月中旬"交付的几个机架"，迅速增至12月底的超过16,000枚GPU。公司领导层指出，单日最高上 线GPU数量超过2,000枚。 这一进展标志着CoreWeave正在走出去年第四季度因数据中心供应商延误导致的营收打击。 消息后CoreWeave大涨超12%，今年已累涨超 20%。 暴雨延误数据中心交付 CoreWeave首席运营官Sachin Jain、首席技术官Peter Salanki和工程高级副总裁Chen Goldberg在联名消息中向员工表示： 我们在高度关注的聚光灯下完成了这一里程碑。过去几个月对我们的考验是少数公司经历过的。我们遭遇了来自合作伙伴的挫折和 不可控因素。 丹顿项目的 ...

以下文章来源于美股投资网 ，作者StockWe.com 美股投资网 . 美国洛杉矶投资公司，TradesMax.com为美股投资者提供美股行情和投资策略的专业网站。一支有着多年华尔街投资银行工作经验 的美籍分析师团队，提供公司研究报告、美股交易技巧、美股软件、美股开户指南、微信客服niugu88，微博美股投资网 来源 | 美股投资网 美联储主席杰罗姆·鲍威尔表示，美国司法部已向美联储发出大陪审团传票，威胁要提起刑事诉讼，这是特朗普Z府对美 联储攻击的急剧升级。 鲍威尔通过美联储官方渠道发布了一份措辞严厉的视频及书面声明， 证实美联储已于1月9日周五收到司法部的大陪审 团传票。传票内容直指鲍威尔在2025年6月于国会就美联储总部翻修工程所作的证词，并威胁可能提起刑事起诉。 这 一行动标志着特朗普Z府对美联储的攻击从行政层面的辞职压力彻底转向了法律领域的。 并且明确表示 真实原因是美联储拒绝遵循总统的利率偏好，坚持基于经济数据和公众利益设定利率。 鲍威尔在声明中明确将此举定性为行政当局的政治报复。他指出，所谓的翻修工程和证词问题仅仅是"借 口"（Pretexts）， (⑨巢ﾊ珊瑚狂社 okup r 078 转载及 ...

Core Insights - AMD has significantly improved its competitive position in the AI accelerator market, becoming a strong competitor to NVIDIA with a rich product pipeline and upcoming releases [1][2] - The company's data center business is experiencing remarkable growth, with record revenues and profits, particularly driven by the success of the MI300X accelerator [4][7] - AMD's upcoming MI400 series, set to launch in 2026, is expected to further enhance its market position and profitability [1][4][10] Group 1: Competitive Landscape - AMD's product line is expanding, with the MI400 series designed for large-scale AI training and inference, positioning it to compete directly with NVIDIA's offerings [1][6] - The AI chip market is projected to grow significantly, with IDC forecasting a 42% compound annual growth rate (CAGR) until 2029, benefiting companies like AMD [6][10] - AMD's focus on inference-optimized AI chips aligns with the increasing demand for accelerated computing, particularly in hyperscale data centers [6][10] Group 2: Financial Performance - AMD's data center business reported a record net revenue of $4.3 billion in Q3 2025, a 34% quarter-over-quarter increase, with operating profit soaring to $1.1 billion, a 793% year-over-year growth [4][7] - The company is expected to report operating profits between $6.5 billion and $7.5 billion for the full year of 2026, reflecting strong growth potential [7][10] - AMD's forward price-to-earnings (P/E) ratio is currently at 34.1, indicating a market premium compared to NVIDIA's 24.8, driven by expectations surrounding the MI400 chip [9][10] Group 3: Market Outlook - Analysts are optimistic about AMD's growth trajectory, particularly with the anticipated launch of the MI400 chip, which could significantly boost the company's performance [14][15] - Despite AMD's slower growth rate compared to NVIDIA, the market is beginning to recognize AMD as a key player in the GPU/accelerator market's next growth phase [15]