Costco第一财季营收增长8.2%至673.1亿美元，EPS为4.50美元，双双超出华尔街预期。净利润从去年同期的18亿美元增至20亿美元，增幅11.1%。电 商转型效果喜人，网站流量增24%，App流量激增48%。公司绩后股价小幅下跌0.68%。 得益于其线上销售的增长和新店的开设，美国中产的最爱的仓储式超市好市多（Costco）第一财季业绩超出华尔街预期。 周四美股盘后， Costco第一财季报告表现强劲，与去年同期相比，营收增长了8.2%。电商转型效果喜人，电商销售额暴增20.5%。 ：第一财季营收673.1亿美元，同比增长8.2%，每股收益4.50美元，均超华尔街预期；净利润20亿美元，同比增长11%。 电商转型提速 ：电商销售暴增20.5%，网站流量增24%，App流量激增48%；黑色星期五单日非食品订单突破2.5亿美元创纪录。 会员体系扩张 ：付费会员达8140万，同比增5.2%，会员费上调政策从9月生效开始贡献利润；美国和加拿大的续费率92.2%。 门店扩张计划 ：一季度新开8家仓储店，全球总数达921家；未来每年计划开设30家以上新店。 此外季度利润增长超过预期，这表明对价格敏感的美国消费者 ...

Ciena表示，来自云服务商的订单非常强劲，并且在其所有产品组合中都在不断增长，预计2026财年 的收入同比增长24%。公司对2026年需求感觉非常强劲，预计这种势头会延续到 2027 年。云厂商对 网络的"投资不足"正使其成为AI规模化运营的关键瓶颈。 隔夜，光通信巨头Ciena公布了强劲的季度业绩，其营收与利润双双超过市场预期，营收同增20%至 13.5亿美元，创历史新高，并对未来业绩给出了积极指引。 在随后的电话会上，Ciena表示，来自云服务商的订单非常强劲，并且在其所有产品组合中都在不断 增长，预计2026财年的毛利率将在43%左右，云厂商对网络的"投资不足"正使其成为AI规模化运营的 关键瓶颈。 以下是电话会要点： 来自云服务商的订单非常强劲，并且在我们所有产品组合中都在不断增长，这些订单构成了我们不 断增长的积压订单的相当大一部分。 人工智能驱动的这一日益增长的机遇正是数据中心内外市场。事实上，公司在数据中心内外市场的 机遇在2024年至2025年间增长了三倍，并成为我们2026年预期增长率的主要贡献者。 公司预计2026财年的收入约为57亿至61亿美元，年增长率接近 24%（取中间值），高于 ...

主要财务数据： 净营收： Lululemon第三季度净营收增长7%，达到26亿美元，高于分析师预期的24.8亿元。可比销售增长1%，按固定汇率计算增长2%。 毛利： Lululemon第三季度毛利润增长2%，达到14亿美元；毛利率下降290个基点至55.6%。 运营利润： Lululemon第三季度运营利润下降11%，至4.359亿美元；营业利润率下降350个基点至17.0%。 Lululemon第三季度营收与每股收益均高于预期，并上调2025全年营收指引，在竞争加剧与创始人施压下，公司宣布首席执行官Calvin McDonald宣布将于1月31日卸任。财报公布后，该公司股价盘后大涨11%。 Lululemon athletica周四盘后公布的第三季度财报显示，该公司第三季度净营收及每股收益高于分析师预期，并上调2025全年营收预期。该 公司宣布，其首席执行官Calvin McDonald将于1月31日卸任。消息公布后，Lululemon盘后股价大涨11%。 以下是Lululemon第三季度财报要点： 每股收益： Lululemon第三季度每股收益2.59美元，高于分析师预期的2.25美元，而2024年第三季 ...

Core Viewpoint - Rivian has announced its self-developed AI chip RAP1, a next-generation onboard computer, and a new AI model, aiming to replace Nvidia's solutions in its upcoming R2 model while introducing a subscription service called Autonomy+ [1][3][4] Group 1: Technology Development - Rivian plans to equip its upcoming R2 SUV with the Rivian Autonomy Processor 1 (RAP1) chip and a new lidar sensor, which are expected to enhance the company's autonomous driving capabilities [3] - The RAP1 chip utilizes multi-chip module technology with a memory bandwidth of 205GB per second, significantly improving performance compared to the current Nvidia system [3] - The new onboard computer, Autonomy Compute Module 3, can process 5 billion pixels per second, which is four times the performance of the existing Nvidia system used in Rivian vehicles [3] Group 2: Subscription Service - Rivian will launch the Autonomy+ subscription service in early 2026, priced at $2,500 for a one-time fee or starting at $49.99 per month, which is significantly lower than Tesla's FSD pricing [4] Group 3: Market Position and Strategy - Rivian's CEO RJ Scaringe emphasized the challenge of simultaneously reducing costs while enhancing performance, claiming that they have managed to lower vehicle costs by several hundred dollars while improving performance [6] - Despite a 25% increase in stock price this year, Rivian's stock is still down over 80% from its post-IPO peak [6] - Rivian aims to achieve Level 4 (L4) autonomous driving, allowing vehicles to operate without driver supervision, and plans to gradually roll out software updates starting in 2027 [11][12] Group 4: Competitive Landscape - Rivian's approach contrasts with Tesla's, as Rivian supports the use of lidar for environmental monitoring, while Tesla relies solely on camera-based systems [8][10] - Rivian's R2 model is set to begin production in the first half of 2026, but initial vehicles will not feature the new chip or lidar, limiting their autonomous capabilities [10] - Rivian's software system, Large Driving Model, will learn from driving behaviors to enhance the autonomous driving capabilities of older models equipped with Nvidia's Orin chip [13]

Core Viewpoint - Broadcom currently has $73 billion in AI product backlog, which will be delivered over the next six quarters, but this figure has disappointed some investors despite CEO Chen Fu Yang clarifying it as a "minimum value" with expectations for more orders to come [1][3][4]. Financial Performance - In fiscal year 2025, the company achieved record total revenue of $64 billion, a 24% year-over-year increase, driven primarily by AI, semiconductor, and VMware businesses [5][34]. - AI business revenue grew by 65% year-over-year, reaching $20 billion [5][34]. AI Business Outlook - The company expects AI business revenue to double in the first quarter of fiscal year 2026, reaching $8.2 billion, with management anticipating continued acceleration in growth throughout 2026 [8][40]. - The total backlog of AI-related orders is $73 billion, accounting for nearly half of the company's total backlog of $162 billion, expected to be fulfilled within 18 months [7][40]. Custom AI Chip (XPU) Expansion - Broadcom has secured its fifth XPU customer with a $1 billion order, in addition to a $11 billion order from existing customer Anthropic, indicating strong market recognition for the company's custom AI accelerator solutions [9][15][36]. - The demand for AI network products is robust, with backlog orders for AI switches exceeding $10 billion [10][38]. Shareholder Returns - The company announced a 10% increase in quarterly dividends to $0.65 per share and extended its stock repurchase program [11][47]. Non-AI Business Performance - Non-AI semiconductor revenue for the fourth quarter was $4.6 billion, a 2% year-over-year increase, primarily benefiting from seasonal trends in the wireless business [24][27]. - The company anticipates non-AI semiconductor revenue to remain stable, with a forecast of approximately $4.1 billion for the first quarter of fiscal year 2026 [27][28]. Transition to System-Level Solutions - Broadcom is transitioning from being a standalone chip supplier to a system-level solution provider, selling integrated rack systems rather than individual chips [21][22]. - This shift may impact gross margin performance, as system sales involve higher costs for non-proprietary components, although operating profit margins are expected to remain strong due to operational leverage [23][66].

博通第四财季营收和利润齐创最高纪录，分别同比增近30%和40%；第一财季营收指引增速持平上季，AI芯片收入较市场预期高近20%。博通公布将本 财年季度股息提高10%，全年股息由此创历史新高。CEO称积压了价值730亿美元的AI产品订单，又说这是"最低值"，称第四财季从Anthropic获得110 亿美元订单，但警告因AI产品销售，总利润率在收窄。博通股价盘后先一度涨4%，后转跌，曾跌超5%。 英伟达的挑战者、ASIC芯片大厂博通又一次用季度业绩和指引显示，人工智能（AI）数据中心设备的需求有多爆表，它正在给博通近期的业绩带来爆 炸式的增长。但积压的AI订单规模未达到投资者期望。 博通公布的上一财季营业收入和盈利均较此前一季加速增长，和提供的本财季营收指引均高于华尔街预期。受益于AI基建热潮中所需的定制AI芯片热 销，博通上财季AI芯片收入增长超过70%，较前一季的增速提高超过10个百分点。博通还预计本财季的AI芯片收入将翻倍劲增，大超市场预期。 博通首席财务官（CFO）Kirsten Spears同时公布，将本财年、即2026财年的季度股息大幅上调10%至0.65美元/股，年度股息由此达到公司史上最高 水平2 ...

GPT-5.2三种版本周四上线ChatGPT付费套餐，其中Instant主打快速高效，Pro是高质量回答的最智能且可靠选择，和Thinking是最佳科学家助手模 型；Thinking被称为最佳视觉模型，刷新SWE编码能力测试最高分，是OpenAI首个性能达到或超过人类专家的模型，GDPval职业知识测试中完成任 务速度是专家的11倍以上，成本不到专家的1%。Altman称Gemini 3对OpenAI的影响没之前担心的大。 OpenAI周四正式发布GPT-5.2系列模型，打响了迎战谷歌Gemini 3的第一枪。CEO Sam Altman淡化Gemini 3带来的冲击，预计明年1月就可以解除所 谓"红色警报"的状态，以非常强劲的姿态重回常态 GPT-5.2是OpenAI迄今最先进的人工智能（AI）模型，针对专业工作场景进行了全面优化，创多个基准测试的行业记录，其中的GPT-5.2 Thinking刷新 了SWE编码能力测试的历史最高分，也是OpenAI首个性能达到或超过人类专家水平的模型。 OpenAI应用业务的CEO Fidji Simo表示，GPT-5.2在创建电子表格、制作演示文稿、图像识别、代码编写和 ...

Asia's inexpensive AI stocks should worry American investors 日本、韩国和中国台湾的科技热潮呈现出截然不同的面貌。 插图：Satoshi Kambayashi 韩国股市最具吸引力，其股价长期以来受到"韩国折价"的影响，反映出投资者对韩国公司治理不善和臃肿的集团公司的担 忧。韩国股票的市净率仅为可怜的1.4倍。这导致了一些有趣的对比。受人工智能引发的内存短缺影响， 存储芯片制造商SK 海力士的股价今年已上涨超过220% ，涨幅与总部位于爱达荷州的竞争对手 美光科技 不相上下。然而，这家美国公司的盈 利能力却远逊于SK海力士。其市盈率为13倍，远高于SK海力士的8倍。 12月10日，SK海力士宣布正在考虑在美国上市， 据推测是为了利用更高的估值。 因此，东北亚股市面临的主要风险并非估值过高，而是集中度过高。在整体市场表现平平的情况下，少数科技股的惊人表现 将整个市场的命运与单一事件紧密相连。日经指数中市值最大的五只股票——其中四只与人工智能相关——目前占该指数市 值加权总市值的36%，高于2019年的24%。中国台湾加权指数中市值最大的五家公司占总市值的 ...

Core Viewpoint - Ciena reported strong quarterly results with revenue and profit exceeding expectations, driven by robust growth in its optical networking business and increasing demand from AI and cloud computing sectors [1][3]. Financial Performance - For the fourth quarter, Ciena's adjusted earnings per share reached $0.91, significantly above the market expectation of $0.78, with revenue of $1.35 billion, a year-over-year increase of 20% [3][9]. - The total revenue for the fiscal year was $4.77 billion, reflecting an 18.8% year-over-year growth [4][9]. - The gross margin for the fourth quarter was 43.4%, up 1.8 percentage points year-over-year, while the annual gross margin decreased from 43.6% to 42.7% [4][7]. Business Segments - The optical networking business was the main growth driver, generating $929 million in revenue for the fourth quarter, a 19.2% increase year-over-year, and $3.25 billion for the full year, a 22.9% increase [7]. - The automation software segment, while growing rapidly with a 48.8% year-over-year increase to $116 million, still represents only 2.4% of total revenue, indicating limited scale [11]. Market Outlook - Ciena's stock price has increased by 175% year-to-date, reflecting strong market confidence and growth momentum driven by demand in AI and cloud computing [3]. - The company provided guidance for fiscal year 2026, expecting revenue between $5.7 billion and $6.1 billion, with adjusted gross margins around 43% ± 1% [10].

Core Insights - The storage industry is facing unprecedented supply-demand tension, with DRAM supply shortages expected to last until Q1 2027 and NAND shortages until Q3 2026 [1][2][3] - Significant price increases are anticipated, with DDR contract prices expected to rise by 35% quarter-on-quarter in Q4 and NAND prices by 20%, exceeding previous expectations [2][3] - Long-term supply agreements are being locked in by customers, particularly large cloud service providers extending orders to 2028, indicating strong actual demand rather than speculative hoarding [2][9] DRAM and NAND Market Dynamics - DRAM demand is projected to grow by 20.7%, outpacing supply growth of 18.6%, leading to a sustained supply shortage [3] - NAND shortages are expected to continue until Q3 2026, contributing to the strongest price increase cycle in nearly 30 years [2][4] - Server shipments are expected to increase by 12.9% in 2026, with a notable rise in AI server storage capacity [3] Customer Behavior and Inventory Levels - Customers are actively securing long-term supply contracts to mitigate procurement risks, with cloud service providers having more bargaining power compared to traditional OEMs [9] - Current inventory levels are low, with server DDR inventory at approximately 11 weeks, PC and mobile DRAM at 9 weeks, and SSD at 8 weeks, reflecting strong actual demand [9] Competitive Landscape and Future Outlook - The HBM market is expected to see stable competition, with SK Hynix projected to maintain a 70% market share in HBM4, becoming a primary supplier for major clients like Google [11] - Major storage manufacturers have had their target prices significantly raised, indicating positive market sentiment and expected growth in traditional server demand [11]