Rubin平台的训练性能是Blackwell的3.5倍，运行AI软件的性能则提升5倍，训练混合专家模型所需GPU数量减少4倍。黄仁勋称，全部六款Rubin芯片 已通过显示其可按计划部署的关键测试。英伟达称该平台已全面投产，亚马逊AWS、谷歌云、微软和甲骨文云等云服务商将率先部署。 英伟达在CES展会推出新一代Rubin AI平台，标志着其在人工智能（AI）芯片领域保持年度更新节奏。该平台通过六款新芯片的集成设计，在推理成本 和训练效率上实现大幅跃升，将于2026年下半年交付首批客户。 美东时间5日周一，英伟达CEO黄仁勋在拉斯维加斯表示，六款Rubin芯片已从合作制造方处回厂，并已通过部分关键测试，正按计划推进。他指出"AI 竞赛已经开始，所有人都在努力达到下一个水平"。英伟达强调，基于Rubin的系统运行成本将低于Blackwell版本，因为它们用更少组件即可实现相同 结果。 微软和其他大型云计算提供商将成为下半年首批部署新硬件的客户。微软的下一代Fairwater AI超级工厂将配备英伟达Vera Rubin NVL72机架级系统， 规模可扩展至数十万颗英伟达Vera Rubin超级芯片。CoreWeav ...

Core Viewpoint - The South Korean stock market is experiencing an unprecedented "revival-style surge" in 2025, with the Kospi index rising over 76% year-to-date, making it the best-performing major stock index globally [3][4]. AI Investment Theme - The biggest winners in the AI investment theme are not traditional chip manufacturers but industrial stocks associated with AI, such as Hyosung Heavy Industries and Doosan Enerbility, both of which have seen stock prices rise over 330% this year [5][6]. - Goldman Sachs predicts a significant increase in global data center electricity demand driven by AI, with a forecasted expansion of 175% by 2030, emphasizing the critical role of electricity in AI infrastructure [6][7]. Storage Chip Leaders - Samsung Electronics and SK Hynix have solidified their positions as the largest weight stocks in the Kospi index, with Samsung's stock rising 125% and SK Hynix's stock increasing by approximately 268% this year [8][10]. - The demand for high-performance storage chips, particularly HBM and enterprise-level NAND, is expected to continue growing, with a "storage supercycle" anticipated to last until at least 2027 [9][10]. Defense and Military Sector - The global military spending surge, driven by geopolitical tensions, has led to significant interest in South Korean defense contractors, with companies like Hanwha Aerospace seeing stock prices rise nearly 200% this year [11][12]. - The international rearmament trend is expected to sustain military stock performance over the next 2-3 years, positioning it as a core driver of stock market growth [11]. K-Beauty Sector - APR Corp., a newcomer in the K-Beauty sector, has seen its market value soar by 369%, outperforming established brands like Amorepacific Corp. and LG H&H [13]. - The success of APR is attributed to its innovative sales approach focused on social channels and user experience, contrasting with traditional retail methods [13]. Gaming Sector Struggles - Despite the overall market rally, South Korean gaming developers like Krafton and Com2uS have faced significant declines, with Krafton's market value shrinking by about 20% and Com2uS down over 30% [14][15]. - Concerns over limited appeal in the Asian market and competition from Chinese rivals have led investors to shift their focus away from these gaming stocks [14][15].

Core Viewpoint - The AI hype is currently in the early stages of a bubble, with expectations that the U.S. stock market will significantly underperform non-U.S. stocks and gold assets by 2025 [1][3]. Group 1: Market Performance - Major U.S. stock indices are expected to record double-digit gains in 2025, marking the third consecutive year of growth, similar to the trend observed from 2019 to 2021 [3]. - Last year, gold prices surged over 60%, and emerging markets had a strong performance, with the FTSE 100 index outperforming major global markets [3]. Group 2: Investor Behavior - Investors are increasingly favoring non-U.S. stocks and bonds over U.S. equities and dollar cash, indicating a shift in investment preferences [3][4]. - Concerns about a potential AI bubble have led to market volatility and increased risk aversion among investors [3]. Group 3: Federal Reserve Policy - The newly appointed Federal Reserve Chair and the Federal Open Market Committee (FOMC) are likely to favor lowering both nominal and real interest rates, which could support asset prices but also exacerbate the bubble [4]. - Analysts suggest that as concerns about the AI bubble grow, investors will actively seek undervalued investment opportunities in the financial markets [4]. Group 4: Bridgewater Performance - Bridgewater's flagship fund, Pure Alpha II, achieved a record return of 34%, marking a significant recovery from previous years of low returns [4]. - The Bridgewater China Macro Fund and All Weather Strategy Fund also reported returns of 34% and 20%, respectively [5].

Core Viewpoint - The article discusses the U.S. government's decision to support Venezuelan Vice President Delcy Rodríguez as a more manageable leader compared to Nicolás Maduro, amid escalating tensions and military actions in Venezuela [1][3][4]. Group 1: U.S. Government's Strategy - U.S. officials have identified Delcy Rodríguez as a suitable candidate to replace Maduro, primarily due to her management of Venezuela's crucial oil industry, which has impressed Trump administration officials [7][8]. - The U.S. military conducted a pre-dawn raid in Caracas, capturing Maduro and his wife, which reflects the administration's commitment to military threats against the Maduro regime [5][21]. - Trump has expressed intentions to "control" Venezuela and reclaim U.S. oil interests, marking a significant shift in U.S. foreign policy towards Venezuela [11][12]. Group 2: Delcy Rodríguez's Profile - Rodríguez, who has a background in economic problem-solving, has been credited with stabilizing Venezuela's economy and gradually increasing oil production despite severe U.S. sanctions [16][18]. - She has built alliances with Venezuela's economic elite and foreign investors, positioning herself as a moderate technocrat in contrast to Maduro's more aggressive security officials [18][19]. - Despite her technical approach, Rodríguez has not condemned the oppressive tactics used to maintain Maduro's regime, indicating potential challenges in her governance [18][19]. Group 3: Political Dynamics - The U.S. relationship with Rodríguez's interim government will depend on her adherence to American interests, with the possibility of further military action if she fails to comply [11][15]. - The decision to support Rodríguez over María Corina Machado, a Nobel Peace Prize winner, highlights the complexities of U.S. foreign policy, as Machado has been a vocal critic of Maduro and has sought U.S. support for her political ambitions [12][22][23]. - Machado's recent statements indicate her readiness to lead Venezuela, but Trump has expressed skepticism about her ability to garner sufficient support within the country [23][24].

Core Viewpoint - The article discusses the potential impact of U.S. involvement in Venezuela's oil industry, highlighting both short-term uncertainties and long-term implications for global oil prices due to potential recovery in Venezuelan oil production [1][3][5]. Short-term Supply Risks - The short-term influence of Venezuela on oil prices is ambiguous, depending on the evolution of U.S. sanctions. If the new government gains full sanction exemptions, production could increase by 400,000 barrels per day by the end of 2026, potentially lowering Brent crude prices to an average of $54 per barrel [5]. - Conversely, if the current government attempts to maintain control, leading to increased chaos or production interruptions, output could decrease by 400,000 barrels per day, raising Brent crude prices to $58 per barrel [5]. - Current production levels are estimated to be around 800,000 barrels per day, down from approximately 930,000 barrels per day last November due to U.S. actions affecting oil tanker operations [5]. Long-term Recovery Pressure on Oil Prices - Venezuela holds about one-fifth of the world's proven oil reserves and previously peaked at around 3 million barrels per day in the mid-2000s. If production can rebound to 2 million barrels per day by 2030, it could exert downward pressure on oil prices by approximately $4 per barrel [6]. - The potential increase in Venezuelan production, combined with unexpected output growth from Russia and the U.S., heightens the long-term risk of declining oil prices [6]. - The gradual recovery of heavy crude oil production in Venezuela, which is rich in diesel components, may offset some structural benefits to diesel margins [6]. Cautious Outlook on Recovery Speed - Despite ambitious rebuilding plans proposed by President Trump, the company remains cautious about the speed of recovery due to severely degraded infrastructure in Venezuela. Significant investment and time are required to enhance heavy oil recovery rates and improve oil upgrading facilities [7]. - Improvements in operational efficiency, stable electricity supply, and enhanced oil transportation infrastructure are essential for any substantial recovery [7]. - A meaningful recovery will necessitate strong incentives to attract large-scale upstream investments, indicating that production increases will likely be slow and localized [7].

Core Viewpoint - The article discusses the implications of President Trump's ousting of Venezuelan President Nicolás Maduro, indicating a shift towards a more aggressive U.S. foreign policy that prioritizes American interests and resources over traditional diplomatic approaches [2][4][11]. Group 1: U.S. Foreign Policy Shift - Trump's actions against Maduro signal a new world order where the U.S. is willing to take unilateral military action to eliminate leaders perceived as threats to American interests [2][4]. - The operation to capture Maduro was executed without prior consultation with allies, reinforcing the notion of a more aggressive and self-serving U.S. foreign policy [10][14]. - Trump's rhetoric suggests a focus on protecting U.S. resources and territory, indicating a departure from the cooperative international approach of previous administrations [4][8]. Group 2: Potential Targets and Future Actions - Following Maduro's capture, speculation arose regarding Trump's next targets, including Cuba and Greenland, with Trump expressing a desire to "help" the Cuban people [4][5]. - The U.S. has shown interest in Venezuela's vast oil reserves, which account for 17% of global oil reserves, indicating economic motivations behind the military actions [11][12]. - Trump's administration has indicated a willingness to use trade sanctions and military force to achieve political goals, suggesting a multifaceted approach to foreign policy [6][10]. Group 3: International Reactions and Consequences - The response from other nations has been mixed, with some Latin American countries condemning the U.S. actions as dangerous precedents for regional security [15][18]. - The United Nations Security Council is expected to convene in response to the military actions, although its effectiveness has been questioned due to past inaction [18]. - Critics argue that Trump's focus on foreign military interventions may detract from addressing domestic economic issues, especially with upcoming elections [14][19].

The Folly of Trump's Oil Imperialism 特朗普总统已明确表示，他希望攫取委内瑞拉庞大的石油储备；但历史表明，这绝非易事。 作者：约翰·卡西迪（John Cassidy） 如今，得益于页岩油革命（即水力压裂技术），美国已成为全球最大的石油生产国，产量甚至超过沙特阿拉伯，并成为石油 净出口国。但人工智能基础设施的大规模建设正迅速推高电力需求。尽管特朗普政府排斥可再生能源，却在其最近发布的 《国家安全战略》中明确提出要实现所谓"能源主导地位"。在此背景下，委内瑞拉自然引起特朗普的关注——该国目前拥有 全球最大的已探明石油储量，超过3000亿桶。委内瑞拉大部分石油位于横贯北部、东西走向的奥里诺科重油带。这些原油 多为稠油，开采和提炼难度较大，但只要有足够的技术和资本投入，仍可实现商业化开发。此外，美国许多炼油厂——尤其 是墨西哥湾沿岸和西海岸的设施——原本就是为处理重质原油而设计的。 尽管美国具备相应的炼油能力，但要在委内瑞拉大幅提升石油产量仍是一项艰巨任务。如同萨达姆统治下的伊拉克石油业一 样，委内瑞拉石油产业长期遭受制裁和投资不足之苦，大量技术人才已移居海外。去年，该国日均产量仅 ...

Core Viewpoint - The article discusses the recent U.S. military operation in Venezuela, where President Maduro was captured, and the subsequent warning issued by President Trump to the acting president, Rodriguez, emphasizing the potential consequences of opposing U.S. actions [1][3]. Group 1: Military Operation Details - The U.S. military operation, which took place on January 3, involved over 150 aircraft, including bombers, fighters, reconnaissance, and rotary-wing aircraft, launched from 20 bases [4]. - The operation aimed to dismantle Venezuela's air defense systems, resulting in explosions and widespread power outages in Caracas [4]. - The special forces, known as Delta Force, successfully apprehended Maduro and his wife after they attempted to escape to a fortified safe room [4]. Group 2: Intelligence and Planning - The operation, codenamed "Absolute Resolve," was based on months of intelligence gathering, tracking Maduro's movements, and understanding his habits [5]. - The planning for the operation began in mid-December, with earlier preparations dating back several months [5]. - A CIA team had been deployed to Venezuela to monitor Maduro, indicating a long-term strategy for U.S. involvement in the region [5]. Group 3: Political Implications - Trump's warning to Rodriguez highlighted the U.S. stance on Venezuela, suggesting that further military interventions could occur in other countries [3]. - Rodriguez's refusal to acknowledge the U.S. military action and her declaration of Maduro as the "only president" reflects the ongoing political tensions in Venezuela [3]. - The situation raises concerns about geopolitical stability and the potential for continued U.S. unilateral military actions [3].

Inside 'Operation Absolute Resolve,' the U.S. Effort to Capture Maduro 8 月，一支由中央情报局特工组成的秘密小组潜入委内瑞拉，计划收集有关该国总统尼古拉斯·马杜 罗的信息。特朗普政府曾将马杜罗称为毒品恐怖分子。 中央情报局小组在加拉加斯四处活动，在委内瑞拉境内潜伏了数月之久，始终未被察觉。他们收集 到的关于委内瑞拉领导人日常行踪的情报，结合马杜罗身边的线人以及一支秘密盘旋在空中的隐形 无人机群，使中情局得以绘制出他日常生活的详细路线图。 这是一次极其危险的任务。由于美国大使馆关闭，中央情报局特工无法以外交掩护开展行动。但任 务非常成功。参谋长联席会议主席丹·凯恩将军在新闻发布会上表示，由于该小组收集的情报，美国 掌握了马杜罗的行踪、饮食习惯，甚至包括他饲养的宠物。 该信息对于随后的军事行动至关重要。周六凌晨，陆军精锐三角洲特种部队突击队员发动了一次突 袭，这是自 2011 年海军海豹突击队第六分队在巴基斯坦的一处安全屋击毙奥萨马·本·拉登以来， 美国同类军事行动中风险最大的一次。 最终，行动战术精准、执行迅速，成功将马杜罗先生从委内瑞拉撤 ...

Core Viewpoint - The article discusses the legal implications and historical context of the U.S. military operation to capture Venezuelan President Nicolás Maduro, emphasizing the lack of legal justification for such actions under international law [4][5][6]. Legal Basis of the Operation - The author argues that the U.S. government's legal arguments for the operation lack validity and do not provide a legitimate defense for the military actions taken in Venezuela [6][7]. - Claims of self-defense against drug trafficking, allegedly supported by Maduro, do not hold under international law, as self-defense is traditionally reserved for armed attacks, not drug smuggling [7][8]. Historical Context and Precedents - The article references the historical precedent of U.S. interventions in Latin America, particularly the invasion of Panama to capture Manuel Noriega, highlighting the similarities in justifications used by the U.S. government [12][19]. - The author notes that the invocation of Monroe Doctrine principles by President Trump signals a troubling return to justifications for military intervention in Latin America [18][19]. Implications of Leadership Recognition - The discussion includes the complexities surrounding Maduro's status as a legitimate leader, with the potential for legal challenges in U.S. courts regarding his immunity as a head of state [10][12]. - The article raises concerns about the implications of a U.S. president unilaterally determining the legitimacy of foreign leaders, which could undermine international law and norms [16][17]. Consequences of Military Action - The potential long-term risks for U.S. soldiers involved in the operation are highlighted, contrasting this action with previous, shorter military interventions [19]. - The article suggests that the operation is driven by interests in Venezuelan oil rather than humanitarian concerns, indicating a shift towards using military force for resource acquisition [19][20].