Wedbush Securities 分析师马特·布莱森表示，许多动态随机存取存储器(DRAM)第一季度的合约价格尚 未最终确定，但供应商仍期望实现 50% 或更高的增长。 布莱森在给客户的一份报告中写道，"超大规模云服务商似乎吸干了市场所有新增的产能，随着支持这 些客户的产能转移，以及对更高合约价的预期升高，似乎已经推高了二级市场的价格大幅上涨，"不 过，布莱森补充说，对较小客户的干扰正在"缓解"，因为目前预计个人电脑(PC)的年同比降幅仅为中个 位数。 智通财经APP注意到，今年的 CES 消费电子展发布了多项引人注目的消息，其中包括戴尔(DELL.US)、 英特尔(INTC.US)、英伟达(NVDA.US)和 AMD(AMD.US)等行业巨头。但令观察人士最终意识到的是， 由人工智能需求激增导致的内存和存储严重短缺，可能会影响 2026 年余下时间的走势。 因此，他认为价格趋势可能会走高，随着 2028 年的合同已在谈判中，云服务提供商面临的短缺问题正 逐渐显现。 尽管如此，一旦价格上涨最终确定，这些问题可能会获得更多关注。布莱森补充称，价格上涨最终还可 能影响部分服务器客户，因为服务器的交付周期正在" ...

Core Insights - The 2026 International Consumer Electronics Show (CES) showcased the significant role of AI in reshaping the global technology landscape, with 942 Chinese companies participating, accounting for approximately 22% of the exhibitors [1][2] - Chinese tech firms are shifting from a strategy focused on individual products like smartphones to a more integrated approach using robotics, smart driving, and AI glasses, effectively forming a "group army" in the AI sector [1] - The differences in AI development paths between China and the US were prominently displayed, with China leveraging its manufacturing scale, rapid commercialization, and cost advantages, while the US focuses on foundational computing power and AI architecture through major companies like NVIDIA and Intel [1][2] Industry Analysis - In AI applications, Chinese products dominated the CES, with 21 out of 38 humanoid robot exhibitors and 16 out of 23 AI glasses brands coming from China, highlighting the country's strong industrial capabilities and market demand [2] - The rapid transition of AI innovations from laboratory to mass production in China contrasts with the US's strength in upstream AI infrastructure, core chips, and foundational model development [2] - The CES serves as a prism reflecting the divergent paths of China and the US in the AI sector, emphasizing the need for Chinese companies to enhance their independent innovation capabilities in AI hardware to solidify their position in the global AI landscape [2]

智通财经APP注意到，今年的 CES 消费电子展发布了多项引人注目的消息，其中包括戴尔(DELL.US)、 英特尔(INTC.US)、英伟达(NVDA.US)和 AMD (AMD.US)等行业巨头。但令观察人士最终意识到的是， 由人工智能需求激增导致的内存和存储严重短缺，可能会影响 2026 年余下时间的走势。 硬盘需求"强劲" Wedbush Securities 分析师马特·布莱森表示，许多动态随机存取存储器(DRAM)第一季度的合约价格尚 未最终确定，但供应商仍期望实现 50% 或更高的增长。 布莱森在给客户的一份报告中写道，"超大规模云服务商似乎吸干了市场所有新增的产能，随着支持这 些客户的产能转移，以及对更高合约价的预期升高，似乎已经推高了二级市场的价格大幅上涨，"不 过，布莱森补充说，对较小客户的干扰正在"缓解"，因为目前预计个人电脑(PC)的年同比降幅仅为中个 位数。 尽管如此，一旦价格上涨最终确定，这些问题可能会获得更多关注。布莱森补充称，价格上涨最终还可 能影响部分服务器客户，因为服务器的交付周期正在"激增"。 在可能受益于 DRAM 价格大幅上涨的公司中，包括美光(MU.US)和闪迪(SN ...

Core Insights - Spending on AI capabilities is expected to increase significantly in 2026, with projections indicating even higher levels in 2027, benefiting companies providing AI hardware [1] - Nvidia, AMD, and Broadcom are identified as top picks in the AI hardware sector, with Nvidia leading the market [2] Nvidia - Nvidia has been the leader in AI infrastructure since 2023, recognized for its superior graphics processing units (GPUs) and supporting technologies, which have contributed to its status as the largest company by market cap [3] - The company recently introduced its Rubin platform, aimed at advancing generative AI, which is expected to drive future growth [4] - For fiscal year 2027, Nvidia is projected to achieve 50% revenue growth, with global data center capital expenditures anticipated to reach $3 trillion to $4 trillion annually by 2030 [5] AMD - AMD has not matched Nvidia's success in AI but is positioned to benefit from Nvidia's supply constraints, as AI hyperscalers may turn to AMD for cloud GPUs [6] - AMD's software, ROCm, has seen a tenfold increase in downloads year over year, indicating growing interest and potential for explosive growth [7] - Over the next five years, AMD expects a 60% compounded annual growth rate (CAGR) in its data center division, with an overall growth rate of approximately 35% [9] Broadcom - Broadcom focuses on designing application-specific integrated circuit (ASIC) chips, which are tailored for specific workloads, contrasting with the broader-purpose GPUs from Nvidia and AMD [10] - The company has several customers launching new computing units, anticipating a 100% surge in AI semiconductor revenue next quarter [12] - Broadcom is considered a strong alternative to Nvidia and AMD, expected to deliver significant growth in the coming years [13]

Core Insights - NVIDIA has experienced significant gains over the past three years due to increased market interest in its Graphics Processing Units (GPUs) [1] - AMD is enhancing its competitive position in the market, indicating a potential shift in dynamics within the semiconductor industry [1] Company Analysis - NVIDIA's growth trajectory is closely tied to the rising demand for AI technologies and applications, positioning it as a leader in the AI-driven market [1] - AMD's strategic advancements suggest it is actively working to capture a larger share of the GPU market, which could impact NVIDIA's dominance [1] Industry Trends - The AI sector is in its early stages, with expectations of remarkable investment opportunities emerging over the next decade [1] - The ongoing transformation driven by AI is reshaping various industries, highlighting the importance of investing in technology companies at the forefront of this revolution [1]

Core Insights - The article highlights six companies poised for significant growth in the tech sector, particularly in AI, data infrastructure, and cloud computing, with expectations of becoming global leaders by 2026 [1] Company Summaries 1. Palantir - Palantir is shifting from a government contract-focused business to a commercial AI software provider, achieving 121% growth in U.S. commercial revenue and 63% overall revenue growth year over year in Q3 2025 [2][3] - The growth is driven by its Artificial Intelligence Platform (AIP), with a shortened sales cycle due to intensive workshops, resulting in 204 deals worth at least $1 million, including 53 deals over $10 million last quarter [3] 2. Nvidia - Nvidia remains the leader in AI computing, valued at over $4.6 trillion, with a stock increase of over 1,350% in the past five years [6] - The company reported $57 billion in revenue for the latest quarter, marking a 22% increase from the previous quarter and a 62% increase year over year [6] 3. Advanced Micro Devices (AMD) - AMD is emerging as a strong competitor to Nvidia, with its MI300 series gaining traction among large customers [9] - Under CEO Lisa Su's leadership since 2014, AMD's market cap has surged from $2 billion to $350 billion [9] 4. MercadoLibre - MercadoLibre is positioned as the Amazon of Latin America, with a 39% year-over-year increase in net revenue in Q3 2025, marking 27 consecutive quarters of over 30% growth [10][11] - The company operates in e-commerce, financial services, fintech, and media, although it faces risks from geopolitical issues and regulatory challenges [11] 5. Taiwan Semiconductor (TSMC) - TSMC produces about 90% of the world's leading-edge chips, with increasing demand for its 3nm and 2nm nodes due to AI growth [12] - Goldman Sachs raised its price target for TSMC by 35%, predicting that AI computing demand will exceed supply into 2027 [12][13] 6. Micron - Micron's stock has risen over 17% since the start of the year, securing long-term supply contracts with AI chipmakers [14] - The company is expected to see DRAM prices increase by 55% to 60% quarter over quarter in 2026, benefiting from strong pricing power [14][16] Conclusion - The six companies are well-established players with solid growth prospects, expected to thrive in the AI revolution and provide sustainable returns [17]

公众号记得加星标⭐️，第一时间看推送不会错过。 核心要点 由于所有计算设备都需要内存（简称 RAM）来进行短期数据存储，而今年这些关键组件的供应量将 无法满足全球需求。 这是因为英伟达、AMD 和谷歌等公司在其人工智能芯片中需要消耗大量的 RAM，而这些公司在组 件供应的排队序列中处于首位。 目前，三大主要内存供应商——美光（Micron）、SK 海力士（SK Hynix）和三星电子（Samsung Electronics）——几乎垄断了整个 RAM 市场，其业务正受益于需求的激增。 Sadana 表示，像英伟达这样的芯片制造商会在负责计算的部件（GPU）周围布置多个快速、专用的 组件块，称为高带宽内存（HBM）。当芯片制造商展示新芯片时，HBM 通常肉眼可见。美光为英伟 达和 AMD 这两家领先的 GPU 制造商提供内存。 英伟达最近投入生产的 Rubin GPU，每颗芯片配备高达 288GB 的下一代 HBM4 内存。HBM 安装 在处理器上下方可见的八个区块中。该 GPU 将作为名为 NVL72 的单机架服务器的一部分出售，该 系统恰如其分地将 72 颗此类 GPU 组合在一起。相比之下，智能手机通常仅 ...

通信 2026 年 01 月 11 日 投资评级：看好（维持） 行业走势图 数据来源：聚源 -29% 0% 29% 58% 86% 115% 2025-01 2025-05 2025-09 通信 沪深300 相关研究报告 《重视国产 AI 产业浪潮—行业点评 报告》-2026.1.9 《2026 年通信投资展望：聚焦四大核 心赛道—行业周报》-2026.1.4 《商业火箭企业上市标准细化，重视 卫 星 投 资 机 会 — 行业周报》- 2025.12.28 光、液冷、国内 AIDC 迎新变化 ——行业周报 蒋颖（分析师） 陈光毅（联系人） 雷星宇（联系人） jiangying@kysec.cn 证书编号：S0790523120003 chenguangyi@kysec.cn 证书编号：S0790124020006 leixingyu@kysec.cn 证书编号：S0790124040002 英伟达发布 Vera Rubin 机柜以及 6 款芯片，液冷、光模块需求有望加速 2026 年 1 月 5 日，英伟达 CEO 黄仁勋于 CES 2026 上发布 NVIDIA Vera Rubin POD AI 超级计算 ...

每经记者｜兰素英 岳楚鹏 郑雨航 每经编辑｜何小桃 兰素英 ◆ 近日，特朗普政府连续"出击"，南对委内瑞拉总统进行强行控制，计划投1000亿美元掌控委内瑞拉石油；北向格陵兰岛施压，觊觎其150万吨稀土等关 键矿产。强势动作的背后是20%石油贸易弃用美元、美元在全球外汇储备份额跌至56.92%的严峻现实，美国试图以资源控制重启"石油—美元—美债"循 环。 ◆ CES盘点：巨头竞逐AI底层算力，Atlas人形机器人量产版本发布，自动驾驶未来"或像人类一样思考"；朝鲜军方谴责韩国无人机入侵朝鲜领空，韩 方：绝非事实；特朗普政府关税案预计1月14日裁决；伊朗骚乱持续，"全国范围"断网，哈梅内伊喊话特朗普；苏姿丰：未来5年运算规模较2022年暴增一 万倍；道指、标普500指数、韩国KOSPI指数本周创历史收盘新高，内存涨价潮引爆市场，闪迪大涨37%。 不止3030亿桶石油和150万吨稀土！美国盯上委内瑞拉和格陵兰岛，为美元美债"续命" 强掳委内瑞拉总统马杜罗后，美国总统特朗普"必须拥有整个格陵兰"的强硬表态又震惊全球。 南到掌控全球最丰富石油资源的委内瑞拉，北到坐拥150万吨稀土的格陵兰岛，美国紧盯这两大 "资源宝库" ...

Group 1: Physical AI and Computing Power - The core theme of CES 2026 is the emergence of "Physical AI," where AI technology is transitioning from generating text or video to interacting with physical hardware [4][10] - AMD's chairwoman, Lisa Su, highlighted the increasing demand for computing power, predicting a 100-fold increase in global computing capacity over the next five years [3][4] - The presence of over 200 Chinese companies at CES indicates a strong support for the "Physical AI moment," showcasing various AI applications in physical products [4][23] Group 2: Robotics Innovations - The robotics sector at CES has shifted focus from mere physical movement to specific job functions and operational scenarios, with Chinese companies leading this evolution [5][9] - Companies like Pasoni and Fourier Intelligence showcased advanced robots capable of performing intricate tasks, such as ice cream making and automotive part sorting, demonstrating significant advancements in robotic dexterity [5][6] - The global sales of robots are projected to reach approximately $45 billion by 2026, with expectations to exceed $60 billion by 2030, driven by rising labor costs and efficiency in Chinese manufacturing [8][9] Group 3: Smart Glasses and AR Technology - Chinese companies are aggressively entering the AR/AI glasses market, aiming to redefine the concept of a "second screen" beyond smartphones [11][12] - Innovations include the launch of the world's first dual-lens AR glasses with eSIM functionality by Thunderbird Innovation, allowing users to make calls and connect to the internet without a smartphone [12][13] - The global market for smart glasses is expected to see significant growth, with sales projected to reach around $10.7 billion by 2026, reflecting an over 80% year-on-year increase [18][23] Group 4: Display and Chip Technology - Companies like Tianma Microelectronics and TCL Huaxing are pushing the boundaries of display technology, with innovations such as large-scale OLED screens and advanced automotive displays [19][20] - Lenovo and NVIDIA announced a partnership to enhance AI infrastructure, aiming to quadruple their business collaboration over the next few years [22] - The trend in AI chip development is moving towards high computing power, low energy consumption, and integration, with significant growth expected in AI terminal sales by 2028 [22][23]