戴尔将年度营收增长预期从此前的3%-4%提升至7%-9%，EPS收益增长目标从8%或更高提升至15%或更高，新预期延续至2030财年。戴尔首席运营官 称，公司传统业务将有低到中个位数增长，AI服务器业务将有"中个位数的营业利润率"，这一水平可以接受。 美东时间10月7日周二，因AI产品需求超预期增长，戴尔大幅上调公司未来四年业绩指引，将年度营收增长的增速几乎翻倍至7%-9%，每股收益 （EPS）的增长目标提升至15%以上。戴尔首席运营官Jeff Clarke承认管理层低估了AI市场的发展势头。他说： "两年前我们对AI市场规模的判断完全失准，如今它只会越来越大。" 上调业绩预期后，本周二戴尔股价开盘即涨4.8%，盘初一度涨逾6.1%，后回落，早盘尾声时和午盘曾小幅转跌，最终收涨3.5%。同样销售AI服务器的 超微电脑（SMCI）和慧与（HPE）股价盘初曾分别涨超5%和4%，分别收涨约0.8%和0.5%。 戴尔科技再次显示作为近几年人工智能（AI）热潮赢家的本色。 AI服务器业务驱动增长预期 本周二在纽约举行投资者会议前，戴尔公布了更新的"长期财务框架"，将年度营收增长预期从此前的3%-4%大幅提升至7%-9% ...

达利欧将当前的经济环境比作20世纪70年代初，当时美国通胀高企、政府支出庞大、债务负担沉重，导致人们对纸质资产和法定货币的信心动摇。他表 示，即使黄金价格已飙升至每盎司4000美元以上的历史新高，投资者仍应将其投资组合中多达15%的资产配置在黄金上。对于近期美国股市的涨势，达 利欧说，觉得现在的市场有些泡沫的味道，但他不会去做空超级规模的科技巨头。 周二，桥水基金（Bridgewater Associates）创始人达利欧表示，现在就像20世纪70年代，投资者应该比平常持有更多的黄金。即使黄金价格已飙升至 每盎司4000美元以上的历史新高，投资者仍应将其投资组合中多达15%的资产配置在黄金上。黄金无疑比美元更具避险属性。 达利欧周二在康涅狄格州格林尼治的格林尼治经济论坛（Greenwich Economic Forum）上发言。当被问及他是否同意城堡投资（Citadel）创始人Ken Griffin的观点——即黄金上涨反映出市场对美元的担忧时，达里欧表示： 黄金是投资组合中极佳的分散化资产。从战略性资产配置的角度来看，你可能会希望将大约 15% 的资产配置在黄金上。因为当投资组合中传统资产表现下滑时， 黄金往 ...

美东时间10月1日周三，媒体援引知情者的消息称，英特尔正在就晶圆代工业务合作事宜与AMD进行磋商，两家公司正讨论让AMD使用英特尔工厂生产 芯片的可能性。磋商仍处于早期阶段，最终可能无法达成协议。 若消息属实，且协议达成，AMD就将成为英特尔代工业务新的重要客户。AMD目前主要依赖台积电生产芯片，而英特尔正寻求大客户支撑其代工业务 发展。目前尚不清楚，AMD会将多少制造业务转移至英特尔，也不确定是否涉及直接投资。 英特尔和AMD的发言人均谢绝就上述消息置评。AMD的发言人称，该司"不会对传闻或猜测发表评论。" 但股市投资者迅速做出积极回应。 消息传出后，英特尔股价午盘拉升，短短十分钟左右，盘中涨幅从不足4.5%扩大到6.8%以上，此后涨幅有所收窄到6%以内，尾盘涨幅再度扩大，收涨 7.1%。AMD收涨逾1.3%。 英特尔据称正在磋商与竞争对手AMD达成代工合作，这带来了英特尔代工业务重振的希望。 英特尔代工业务寻求突破 英特尔代工业务正努力吸引大客户，以支撑其制造技术投资和业务发展。过去七周，英特尔已获得包括软银、特朗普政府和英伟达在内的多方投资和支 持，还传出与苹果等公司洽谈合作的消息。 拥有AMD这样的客 ...

Core Viewpoint - Apple has paused the development of the Vision Pro lightweight headset originally planned for 2027, redirecting resources towards the development of AI-driven smart glasses to compete with Meta's leading position in the market [1][3] Group 1: Strategic Shift - Apple is reallocating personnel from the Vision Pro project to accelerate the development of smart glasses, which are seen as a more urgent task [3] - The company is currently developing at least two different models of smart glasses, with the first model (codename N50) expected to pair with the iPhone and be unveiled as early as next year [3] - The second model will feature a screen and is anticipated to challenge Meta's recently launched Ray-Ban Display [3] Group 2: Market Position - Despite the strategic shift, Apple remains significantly behind Meta in the smart glasses market, which has seen Meta successfully launch products like Ray-Ban Stories and the upgraded Ray-Ban Meta [4] - Meta has enhanced its smart glasses with improved camera performance and battery life, establishing a foothold in the device market [4] Group 3: Technological Challenges - Apple's smart glasses will heavily rely on voice interaction and artificial intelligence, areas where the company has historically lagged [5] - The development of the Apple Intelligence platform has fallen behind schedule, and upgrades to the Siri voice assistant have also been delayed [5] Group 4: Vision Pro Performance - The decision to pivot towards smart glasses is partly due to the underwhelming performance of the Vision Pro, which has been criticized for being too heavy and expensive at a price point of $3,499 [6] - Apple had initially planned to follow up the Vision Pro with a simplified version but has since shelved that plan in favor of a new design for the smart glasses [6] Group 5: Future Prospects - Apple is not completely abandoning the Vision Pro, as there are plans for minor updates, including a chip upgrade expected by the end of this year [7] - The company has invested billions and a decade of time into the original Vision Pro, indicating a potential future release of a lighter and cheaper version [7] Group 6: Industry Trends - Both Apple and Meta are focused on developing true AR glasses that can integrate digital content with the real world, surpassing current heads-up display technologies [8]

Core Viewpoint - The stock prices of Samsung and SK Hynix surged significantly following a preliminary supply agreement with OpenAI, indicating strong market optimism regarding the demand for memory chips driven by AI infrastructure projects [3][4][7]. Group 1: Stock Market Reaction - On October 2, Samsung's stock rose by 4.5%, while SK Hynix's stock increased by 9.7%, marking the largest intraday gains since April [4][5]. - The collaboration with OpenAI has led to a notable increase in investor confidence, reflected in the stock price movements of both companies [3][4]. Group 2: Partnership Details - Samsung and SK Hynix signed a letter of intent with OpenAI, aiming to integrate their memory chip production capabilities into the Stargate data center project, which also involves major players like NVIDIA and Oracle [7]. - The projected demand from OpenAI could reach 900,000 wafers per month, which is more than double the current global capacity for high-bandwidth memory (HBM) [7]. Group 3: Market Outlook - The Stargate project signifies a peak in AI infrastructure development, highlighting a substantial demand for high-performance memory chips [8]. - Analysts from JPMorgan predict a structural growth phase for the memory industry, driven by the "memory hunger" trend due to AI computing needs, affecting both HBM and traditional DRAM and NAND flash markets [8]. - The DRAM market is expected to enter an unprecedented four-year pricing upcycle from 2024 to 2027, with a significant increase in market size projections, estimating nearly $300 billion by 2027 [8].

Core Viewpoint - James Anderson warns about the alarming rise in valuations within the AI sector, drawing parallels to the internet bubble era and expressing concerns over Nvidia's planned $100 billion investment in OpenAI [1][3][4]. Group 1: Valuation Concerns - Anderson highlights that OpenAI's valuation skyrocketed from $157 billion to $500 billion in less than a year, while competitor Anthropic's valuation nearly doubled to $170 billion in six months, indicating a troubling trend [3]. - The scale and speed of these valuation increases are described as "disturbing" by Anderson, who notes that he had not observed clear signs of a bubble until recently [3][4]. Group 2: Historical Context - Anderson compares the current situation to the late 1990s, when telecom equipment manufacturers heavily borrowed to finance their clients' internet infrastructure, a model that ultimately proved unsustainable [4][5]. - He expresses that the term "vendor financing" does not evoke positive memories for those familiar with the past, suggesting that there are similarities to the practices of telecom suppliers during the internet boom [5]. Group 3: Investment Strategy Shift - The Lingotto Innovation Strategy fund, managed by Anderson, has reduced its holdings in Nvidia, which was previously its largest position, now shifting to focus on Chinese battery manufacturer CATL as its top holding [6]. - This change in investment strategy marks a stark contrast to Anderson's earlier optimistic predictions regarding Nvidia's potential market value, which he had estimated could reach trillions [6]. Group 4: Future Investment Focus - Despite concerns over current AI valuations, Anderson and his team are actively pursuing early-stage technology investments, indicating a strategic shift towards identifying future growth areas [7]. - The Lingotto investment management company is expanding its focus from seed-stage to post-IPO startups, with particular interest in opportunities in autonomous vehicles and AI in healthcare [7].

微软首席技术官Kevin Scott在意大利科技周上表示，公司未来的目标是让自家数据中心主要使用微软自研芯片。他表示，微软正致力于从芯片到冷却系 统的整体数据中心系统设计。 微软首席技术官周三表示，该公司未来希望其数据中心主要使用自家芯片，而此举可能会减少其对英伟达和AMD等主要芯片厂商的依赖。 半导体和数据中心内部的服务器，是支持人工智能模型和应用发展的核心基础。英伟达目前在该领域占据主导地位，其GPU市场份额遥遥领先，而竞 争对手AMD则占据了较小的一部分。 不过，包括微软在内的主要云计算公司，也开始为数据中心设计自有的定制芯片。 微软首席技术官Kevin Scott在意大利科技周（Italian Tech Week）的一场炉边对话中对媒体介绍了公司在AI芯片方面的战略。目前，微软在自家数据中 心主要使用的是英伟达和AMD的芯片。他对媒体表示，公司一直关注的是选择"每颗芯片提供的最佳性价比"。 "我们并不执着于使用哪种芯片……这也意味着，长年以来性价比最好的解决方案一直是英伟达。" "只要能确保我们有足够的产能满足需求，我们愿意考虑任何方案。" 与此同时，微软也已经开始使用自家研发的芯片。 2023年，微 ...

Group 1 - The core agenda of OpenAI CEO Sam Altman's visit includes ensuring stable AI server supply from Hon Hai for the "Gateway to the Stars" project and finalizing collaboration with TSMC for the production of self-developed AI chips, aiming for mass production by 2026 to reduce reliance on Nvidia [1][2][6]. - The "Gateway to the Stars" project involves building five new data centers in the U.S., marking one of the largest investments in computing power in the country, with Hon Hai being the largest AI server supplier for this initiative [4][5]. - OpenAI is actively developing its custom AI chips (ASIC) to decrease dependence on external suppliers like Nvidia, with plans to have TSMC manufacture these chips, focusing on production details for a target mass production in 2026 [6][8]. Group 2 - Altman's discussions with Hon Hai primarily focused on ensuring the production and delivery capabilities of AI servers to support the extensive infrastructure needs of the "Gateway to the Stars" project [5]. - The initial versions of OpenAI's self-developed chips are expected to be primarily used for inference rather than training, and their successful mass production will serve as a significant validation of the tech giants' self-developed chip strategies [8].

据合作声明透露，随着星际之门项目在全球扩张，来自OpenAI的总需求可能达到每月90万片晶圆。 SK集团在声明中强调，这一预测需求是当前全球高带宽存储器（HBM）产能的两倍多，凸显了项目的 巨大体量和全球AI发展的迅猛势头。 OpenAI已与韩国两大芯片巨头三星电子和SK海力士达成初步协议，为其庞大的星际之门项目供应芯 片及其他设备。 根据三星和海力士周三发布的声明，OpenAI CEO Sam Altman在首尔签署了一份意向书。该协议旨 在将这两家在存储芯片领域占主导地位的公司，纳入到英伟达和甲骨文等巨头也参与其中的星际之门 数据中心建设计划中。 这一合作的潜在规模极为庞大。 据声明透露，随着星际之门项目在全球扩张，来自OpenAI的总需求 可能达到每月90万片晶圆。SK集团在声明中强调，这一预测需求是当前全球高带宽存储器（HBM） 产能的两倍多，凸显了项目的巨大体量和全球AI发展的迅猛势头。 协议内容显示，此次合作远不止于芯片供应。 三星集团旗下的其他公司，包括三星SDS、三星物产和 三星重工，也将与OpenAI合作探索未来技术，合作领域涵盖浮动数据中心以及数据中心设计等。此 外，SK集团旗下的SK电讯 ...

| 00 | 00 | 00 | | --- | --- | --- | | Hours | Minutes | Seconds | 美国管理和预算办公室宣布，目前的联邦资金"将于今晚23:59到期（耗尽）"，已指示各政府机构开始执行其"有序停摆"的预案。这是美国联 邦政府时隔近七年再"停摆"，不仅将导致数万联邦雇员停工，更给经济和金融市场带来了新的不确定性。 据央视新闻报道，当地时间10月1日0时，美国联邦政府时隔近七年再度"停摆"。数十万联邦雇员将被迫无薪休假，部分公共服务或暂停、延 迟，经济数据发布将受到影响。 当前白宫已经正式启动关门程序。当地时间9月30日晚，白宫管理和预算办公室（OMB）主任沃特发布备忘录称， 目前的联邦资金"将于今 晚23:59到期（耗尽）"。 这份备忘录 指示各政府机构开始执行其"有序停摆"的预案。 沃特在美国政府资金将于午夜到期前仅剩数小时时致信各机构负责人，沃特在 备忘录中写道："受影响的机构现在应执行其有序停摆计划。" 他继续表示："无论如何，员工应按原定工作时间到岗，开展有序停摆相关工作。我们将发布另一份备忘录，指示在总统签署提供拨款的法 案后，政府职能应恢复运作。" ...