新思科技盘前股价大涨8.3%，英伟达向其投资20亿美元。 来源：滚动播报 ...

格隆汇12月1日｜新思科技美股盘前涨超8%，英伟达宣布投资20亿美元入股新思科技。 ...

Core Insights - The UK Competition and Markets Authority (CMA) has concluded its investigation into Synopsys' acquisition of Ansys, marking the end of the merger review process [1] - Synopsys completed the acquisition of Ansys on July 17, 2025, for approximately $35 billion, aiming to create a comprehensive solution provider from chip design to system design [1] - To address antitrust concerns in markets like the UK, Synopsys and Ansys agreed to divest certain businesses, including Synopsys' optical software tools and photonics software, and Ansys' PowerArtist power analysis tool [1] - The divested assets were sold to Keysight Technologies, which completed the acquisition on October 17, 2025 [1]

Core Insights - Michael Burry, known for his successful shorting of the U.S. subprime mortgage crisis, has launched a paid Substack service focusing on financial markets while expressing skepticism about the current AI hype [1][2] - Burry's Scion Asset Management has officially terminated its registration, interpreted as a rational exit from a high-valuation market, although he clarified he is not retiring and is managing a personal fund [1] - Burry draws parallels between the current AI boom and the 1990s internet bubble, suggesting that history is repeating itself [2] Company and Industry Analysis - Burry's first article on his Substack discusses his early investment interests and compares the current AI hype to the internet bubble, indicating a potential overvaluation in the market [2] - Major tech companies, including Microsoft, Google, Meta, Amazon, and Oracle, are projected to invest nearly $3 trillion in AI infrastructure over the next three years, with Nvidia positioned as a central player in this trend [3] - Burry criticizes the current investment climate for ignoring profitability concerns and overestimating growth potential based on the assumption that technology will reshape the economy [3] - Burry has established short positions against Nvidia and Palantir, with a clear stance against Nvidia's accounting practices, which he believes may inflate reported profits [4] - He estimates that accounting maneuvers by cloud service providers could understate depreciation expenses by approximately $176 billion from 2026 to 2028, leading to inflated profits across the industry [4] - The debate over whether an AI bubble exists has polarized business leaders, with some warning of irrational exuberance while others, including Nvidia's CEO Jensen Huang, remain optimistic about the technological revolution driving real demand [5]

Core Viewpoint - Michael Burry, known for his successful shorting of the U.S. subprime mortgage crisis, has launched a paid Substack service focusing on financial markets, expressing skepticism about the current AI hype, particularly targeting Nvidia [1][2]. Group 1: Transition from Asset Management to Paid Insights - Burry's Scion Asset Management officially terminated its registration on November 10, with plans to liquidate the fund and return capital to investors due to a prolonged divergence between market valuations and his assessments [2]. - Despite the fund's closure, Burry clarified he is not retiring and is instead focusing on a personal fund and his new Substack column titled "Cassandra Unchained," which has attracted over 21,000 subscribers at a monthly fee of $39 [2]. Group 2: Historical Parallels and AI Bubble Concerns - Burry compares the current AI boom to the late 1990s internet bubble, suggesting that investors are overly optimistic about exponential growth while ignoring profitability concerns [3][4]. - He highlights that major tech companies, including Microsoft, Google, and Nvidia, are committing nearly $3 trillion to AI infrastructure over the next three years, reminiscent of past speculative bubbles [4]. - Burry recalls past assurances from Federal Reserve officials, drawing parallels between current statements about AI profitability and previous reassurances about housing market stability before the subprime crisis [3][4]. Group 3: Short Positions and Accounting Critiques - Burry's Scion Asset Management has established short positions against Nvidia and Palantir, with the latter's short position being approximately $9.2 million, contrary to market rumors [5]. - He criticizes major cloud service providers for manipulating accounting practices by extending asset lifespans, potentially inflating reported profits by an estimated $176 billion from 2026 to 2028 [6]. - Burry questions Nvidia's recent earnings report, arguing that its supporters overlook the eventual exposure of accounting and economic realities [6]. Group 4: Diverging Opinions Among Business Leaders - The debate over whether an AI bubble exists has polarized top business leaders, with some, including OpenAI's CEO and Microsoft co-founder Bill Gates, warning of irrational exuberance similar to past tech bubbles [7]. - Conversely, optimistic leaders from hardware supply and core development sectors, such as Nvidia's CEO Jensen Huang, believe the current investment surge is driven by genuine technological demand [7]. - Figures like Meta's CEO Mark Zuckerberg and Amazon's founder Jeff Bezos maintain a cautious stance, acknowledging signs of market overheating while asserting that long-term value will materialize as technology progresses [7].

思科赛是一家精细化工与新材料领域的创新型企业，总部位于陕西西安。目前，公司主要从事农药、医 药高级中间体和化工新材料等产品的研发、生产与销售，其主要产品包括全球第一大杀虫剂氯虫苯甲酰 胺中间体K酸（1-吡唑酸）、K胺（3-甲基2-氨基-5-氯苯甲酰胺）等医药/农药中间体，以及阴离子膜、 净水材料等化工新材料。 思科赛K酸和K胺产品的市占率位居全球前列，这块业务也贡献公司的大部分营收和利润来源。据透 露，2021年，思科赛整体营收为1.45亿元。2024年，思科赛营收已经超过4.5亿元。随着新厂生产基地产 能的逐步释放，今年，公司收入和利润将持续增加。 21世纪经济报道记者 申俊涵 实习生 曾伊可 西安报道 "纯原始创新是科学家做的事情，对创业者来说，更多是把人才、技术、产业、市场等各方面的资源聚 集在一起重新组合创新，加速将技术转化为商业价值，整合式创新是把事情做成的关键。"近日，西安 思科赛实业有限公司董事长王鹏宝在接受21世纪经济报道记者专访时说。 与此同时，王鹏宝带领团队持续进行新业务拓展。公司从2021年起步探索阴离子膜业务，该产品可以应 用于磷酸生产的精制工段，从原有化学萃取法工艺替代成物理膜分离法 ...

Core Viewpoint - IBM and Cisco have announced a collaboration to design a network of large-scale, fault-tolerant quantum computers, aiming for a proof of concept by around 2030 and laying the groundwork for a "quantum computing internet" in the late 2030s [1] Group 1: Collaboration Details - The two companies will jointly demonstrate a prototype network that connects multiple independent large-scale fault-tolerant quantum computers over the next five years [1] - This network aims to scale quantum computing tasks to levels of tens of thousands or even hundreds of thousands of qubits, which is beyond the capacity of traditional single-machine systems [1] Group 2: Applications and Impact - The distributed network architecture will enable quantum computing to run complex programs with scales reaching trillions of quantum gates, which is crucial for solving large optimization problems, advanced materials design, and drug development [1] - Jay Gambetta, head of IBM Research, emphasized that this collaboration will further expand the capabilities of quantum computing [1]

Core Insights - IBM and Cisco announced a collaboration to conduct foundational research on distributed quantum computing, expected to be realized in the early 2030s [1] Group 1: Collaboration Details - The partnership aims to achieve the first proof-of-concept network within the next five years, integrating multiple independent large-scale fault-tolerant quantum computers [1] - The network will be capable of executing computational tasks involving tens of thousands to hundreds of thousands of quantum bits [1] Group 2: Potential Applications - This type of network is anticipated to address complex problems involving trillions of quantum gates, which are crucial for transformative quantum applications such as large-scale optimization and the design of complex materials and drugs [1]

格隆汇11月20日｜据路透，AMD(AMD.US)、思科(CSCO.US)和沙特阿拉伯人工智能初创公司Humain的 首席执行官表示，三家公司正在成立一家合资企业，在中东建设数据中心，并且已经获得了他们的第一 个客户。据Humain首席执行官Tareq Amin称，这家尚未命名的合资企业将从沙特阿拉伯的一个100兆瓦 数据中心项目开始启动，Humain已签约向生成式视频初创公司LumaAI提供该项目的计算能力。项目的 规模和第一位客户此前尚未被报道。Amin说："他们将是这个集群的第一个客户，"并补充说Luma已签 约购买全部100兆瓦的容量。Amin表示，该合资企业旨在服务一个包括亚洲、欧洲、印度、中东和非洲 在内的市场，总市场规模约为45亿人。计划包括到2030年建设高达1吉瓦的新数据中心以支持该合资企 业。对于最初的100兆瓦建设项目，思科将提供网络设备和其他基础设施，AMD将提供其MI 450 AI芯 片。 ...

Summary of Cisco's Earnings Call Company Overview - **Company**: Cisco - **Date**: November 18, 2025 Key Industry Insights - Cisco merged opportunities in Enterprise, Sovereign, and New Cloud sectors, revealing over $200 million in orders to showcase AI-driven growth opportunities and update market information, primarily involving systems and optical products [2][3] - AI revenue is derived mainly from Series A K, Silicon One, and optical products, with systems and optical products each accounting for 50% of the revenue [2][9] - Demand for DCI (Data Center Interconnect) related products has significantly increased, particularly for coherent pluggable optics [2][9] Core Business Strategies - Cisco's deep involvement in the design process with Hyper Scalers and the implementation of a Silicon strategy have reduced reliance on external supply chains, enabling success in the AI sector and effectively addressing supply chain challenges [2][8] - Collaboration with NVIDIA on the N9,200 switch may lower profit margins due to the use of external chips, but the integration of software and enterprise sales channel advantages enhances customer satisfaction and market competitiveness [2][11] Market Position and Competition - Cisco believes that white box switches do not pose a substantial threat to its market position and gross margins, as it possesses silicon technology and operating systems, maintaining close relationships with Hyper Scaler customers to meet complex network demands [2][13] - The company is optimistic about the growth of its security business, targeting a long-term growth rate of 15% to 17% annually, despite recent underperformance due to a transition period between old and new products [4][17] Financial Performance and Projections - Cisco's $2 billion pipeline includes opportunities from Sovereign enterprises and emerging cloud vendors, with the timing of project rollouts dependent on market demand and project progress [5][6] - The company expects that the conversion of orders to revenue typically takes about six months, but it can be quicker, around 90 days, depending on external factors [7] Product Development and Customer Needs - The hybrid work trend has impacted Cisco's collaboration business, which remains stable due to a strong product portfolio and cash flow generation capabilities [4][19] - Cisco's strategy for product updates involves a gradual approach, allowing customers to transition from older products to newer models, ensuring service continuity and security [15][16] Future Outlook - Cisco is optimistic about the future, particularly in AI and security sectors, and is positioned to leverage its dual technology strengths in networking and security [21][22] - The company emphasizes the importance of enhancing remote participant experiences in hybrid work environments and continues to focus on AI advancements as a key growth area [22][23] Additional Considerations - The transition to cloud subscriptions in the Slunk business has altered revenue recognition methods, leading to short-term revenue softness but aligning with long-term strategic goals [18] - Cisco's diverse supply chain strategy, including both proprietary and third-party components, ensures production stability and mitigates risks associated with single supply chain dependencies [11]