【文/观察者网心智观察所特约作者 铁流】 上月，国家互联网信息办公室正式约谈英伟达公司，针对其H20算力芯片被曝存在"漏洞后门"安全风险问题，要求该公司就相关问题进行说明并提交证明材 料。8月6日，英伟达首席安全官大卫·雷伯公开发表声明，声称英伟达旗下所有GPU芯片都不存在任何形式的后门、终止开关或监控软件。 诚然，大卫·雷伯公开发表声明信誓旦旦，但未免有王婆卖瓜自卖自夸的嫌疑，从实践上看，任何芯片都存在后门，差别无非是这些后门掌握在谁的手中。 芯片常见的几类后门 2025年7月21日，国家安全部发布信息，明确将后门分为三类： 一是"恶意自带"，即设备里的"内鬼"。部分境外厂商在芯片或设备设计制造阶段即植入后门，可通过远程指令直接操控设备。例如，某品牌智能手机曾被检 测出芯片级后门，可在用户不知情时开启摄像头并上传影像数据。 二是"后期破解"，即黑暗中的"眼睛"。IC设计公司为了方便调试和后期维护，往往会预留后门，厂商为方便维修设置远程访问接口，但因管理不善或被第三 方破解，导致后门沦为窃密工具。2024年某跨国企业服务器遭入侵事件中，黑客即利用设备维护端口长期窃取用户数据。 三是"暗中植入"，即供应链中"投 ...

J P M O R G A N North America Equity Research 06 August 2025 Advanced Micro Devices Solid 2Q Results And 3Q Outlook; Next-Gen AI GPU (MI350 Series) Ramping With Strong Shipments In 2H AMD reported strong Jun-Qtr revenue results (4% better than guidance) with margins/EPS in-line with expectations. Better revenues were driven by stronger client/gaming revenues and slightly better datacenter revenues (AI GPU was down Q/Q as expected due to China restrictions, and EPYC server CPU revenues grew Q/Q to record lev ...

Core Viewpoint - The article highlights the U.S. government's secretive use of tracking devices in shipments of advanced chips believed to be at high risk of illegal transfer to China, indicating a rigorous enforcement of export restrictions on semiconductor technology [1][3]. Group 1: Tracking Devices and Enforcement - U.S. authorities have installed tracking devices in specific batches of advanced chip shipments to monitor potential illegal transfers to China, reflecting a strong commitment to enforcing export controls [1][3]. - These tracking devices, used for decades by U.S. law enforcement, are now being applied to combat illegal semiconductor transfers, particularly in shipments from manufacturers like Dell and Super Micro [3][4]. - The tracking devices can vary in size, with some being as large as smartphones, and are often hidden within the packaging of the products [4]. Group 2: Industry Reactions and Implications - Companies like Super Micro and Dell have refrained from commenting on the tracking actions, while NVIDIA and AMD have also not provided responses regarding the matter [5]. - The U.S. government has been pushing for chip companies to incorporate location verification technologies in their products to prevent illegal transfers to restricted countries [6]. - China has criticized these export restrictions as measures to hinder its rise and has expressed concerns over potential "backdoor" risks in AI chips [6]. Group 3: Historical Context and Legal Framework - The use of tracking devices by U.S. export enforcement can be traced back several decades, with legal frameworks allowing for their installation under certain conditions [7]. - There are indications that some individuals involved in the transfer of controlled chips to China are aware of the existence of these tracking devices and take precautions to check for them [7]. - Recent legal actions by the U.S. Justice Department have highlighted the scrutiny surrounding shipments containing NVIDIA chips, emphasizing the ongoing investigations into potential export violations [7].

以下文章来源于算法爱好者 ，作者小蒜 算法爱好者 . 算法是程序员的内功！「算法爱好者」专注分享算法相关文章、工具资源和算法题，帮程序员修炼内 功。 8 月 13 日，路透社报道，两位知情人士透露，美国当局已秘密在部分高风险先进芯片货件中安装位置追踪装 置，这些货件被认为存在非法转运至相关受限制地区的极大可能。 这一执法手段此前从未被公开报道过。 知情人士表示，这些措施旨在侦测被转运至美国出口限制地区的 AI 芯片，且仅适用于处于调查中的特定货 件。 此举表明，即便特朗普政府试图放宽对相关地区获取美国先进半导体的部分限制，美国仍在不遗余力地执行对 该地区的芯片出口管制。 老传统了 要求匿名的知情人士称，这些追踪器有助于对从违反美国出口管制中获利的个人和企业提起诉讼。 一位消息人士指出，位置追踪器是美国执法机构使用了数十年的调查工具，用于追踪受出口限制的产品（如飞 机零部件），近年来也被用于打击半导体的非法转运。 另有五位活跃在 AI 服务器供应链中的人士表示，他们知晓在戴尔、超微等制造商的服务器货件中使用了这类 追踪器，这些服务器包含英伟达和 AMD 的芯片。 这些人士称，追踪器通常隐藏在服务器货件的包装中， ...

Core Viewpoint - AMD, under the leadership of Lisa Su, is positioning itself as a key player in the AI chip market, aiming to surpass Nvidia's dominance while navigating the complexities of U.S.-China relations regarding semiconductor exports [3][5][7]. Group 1: Company Performance and Strategy - Since Lisa Su became CEO in 2014, AMD's market capitalization has surged from approximately $2 billion to nearly $300 billion, showcasing a remarkable turnaround [5]. - AMD has successfully doubled its data center revenue from $6 billion in 2022 to $12.6 billion in 2023, indicating strong growth in high-performance computing [6][16]. - The company has adopted chiplet technology, which has proven to be highly beneficial, and launched the world's first 7nm data center GPU, enhancing its competitive edge [6]. Group 2: Competitive Landscape - AMD's market size remains significantly smaller than Nvidia's, which has a market capitalization of $4.4 trillion, highlighting the competitive challenges ahead [7]. - Lisa Su emphasizes that AMD's vision is not to directly compare itself with Nvidia or Intel but to focus on providing the best solutions across various computing needs [16]. Group 3: AI and Future Prospects - AMD is actively collaborating with major companies like OpenAI, Meta, and Tesla, aiming to establish itself as a strategic partner in the AI sector [6][16]. - The company is training its own AI models not to compete with large model builders but to learn and improve its products [19]. - Lisa Su believes that the future market for AI and computing will exceed $500 billion in the next three to four years, presenting significant opportunities for AMD [16]. Group 4: Geopolitical and Economic Considerations - Lisa Su advocates for bringing semiconductor manufacturing back to the U.S., citing national security and economic benefits, despite acknowledging the complexities involved [12][14]. - The recent U.S. tariffs on chips exported to China pose challenges, but AMD aims to continue its growth trajectory by expanding its user base globally [11][12]. Group 5: Leadership and Vision - Lisa Su is recognized as a prominent female leader in technology, focusing on long-term goals rather than immediate political pressures [5][14]. - She expresses a strong belief in the transformative potential of technology, particularly in healthcare, and aims to leverage AI to improve patient outcomes [26][32].

公众号记得加星标⭐️，第一时间看推送不会错过。 来源：内容 综合自今周刊等 。 博通凭九成市占率称霸云端数据中心交换器市场，面对英伟达与超微（AMD）的强势进击，高调推 出基于以太网络的SUE架构，主打开放相容与低延迟性能，力守AI时代交换器主导权。 在AI热潮与大语言模型训练带动下，数据中心里的图形处理器（GPU）数量持续攀升，负责传输与 连接、让众多GPU得以高速交换数据的中枢交换器，地位变得前所未有地重要。 拉姆早年出身网通设备龙头思科（Cisco），2012年跳槽博通主管核心交换器芯片，十多年来带领部 门打下大片江山。尽管博通近几年受惠客制化芯片（ASIC）需求，业绩大幅成长，但在半导体营收 中，AI网通产品仍占四成，2025年第二季网通营收达到34亿美元；网通芯片更较去年度成长170％， 主要动能就来自交换器芯片。 对于交换器芯片的爆发性成长，拉姆解释，网通一直是博通专注的核心事业之一，拥有最强的研发团 队、最先进的制程节点经验能力以及大量矽智财（IP），"过去十年多里，我们每18到24个月，就会 将交换器频宽翻倍、进而推出领先全业界的交换器芯片，所以，这不是偶然。"他表示。 拉姆指出，有别于过去同 ...

Group 1 - Bridgewater Associates significantly increased its holdings in Nvidia by over 154%, making it the fund's third-largest position [2] - Microsoft saw a holding increase of over 111%, while Google and Meta increased their stakes by over 84% and nearly 90%, respectively, ranking as the sixth, fifth, and seventh largest positions in the fund [2] - Uber's holdings surged by more than five times, and Johnson & Johnson's stake increased by over 667% [2] Group 2 - Bridgewater reduced its positions in Amazon by nearly 6%, AMD by nearly 19%, and PayPal by over 12% [2] - The fund completely exited its positions in Alibaba, Baidu, and JD.com [2] - New positions include chip design company Arm, as well as Intuit, EQT, Lyft, and Ulta Beauty [2] Group 3 - The SPDR S&P 500 ETF (SPY) remains Bridgewater's largest holding, although the stake was reduced by approximately 21.9% [2] - The SPDR Gold ETF (GLD) holdings remained unchanged in the second quarter [2]

来源：市场资讯 此外，超微半导体宣布将在2025年11月11日于纽约市举行Financial Analyst Day，这将是一次展示公司的 战略规划及产品路线图的重要活动。这一行动显示出公司对未来的信心，并希望通过明确的战略方向来 进一步吸引投资者的关注。 分析显示，超微半导体通过积极争取政府支持，并规划未来的市场战略，努力提升其在全球芯片市场的 竞争力。这一系列举措不仅有助于巩固公司在国际市场上的地位，也为其股价的持续上涨提供了强有力 的支撑。 结合以上信息，投资者可以在考虑市场风险的同时，关注超微半导体在全球市场拓展中的表现及其在中 国市场的战略调整。长期来看，随着公司产品线的扩充和市场影响力的增强，或许能带来潜在的投资机 会。 在过去的两天，超微半导体经历了令人瞩目的上涨，其股价在8月13日攀升了5.41%，并在近期达到自 2024年7月以来的最高点。这样的市场表现无疑吸引了投资者的关注。 根据近期的报道，超微半导体与英伟达已与美国政府达成协议，允许其对中国市场出口特定芯片。为 此，它们同意上缴其在中国销售收入的15%以获得相关的出口许可。这一协议的达成，意味着超微半导 体未来在中国市场的芯片销售将得到 ...

Today's top corporate story reports say Nvidia and AMD have agreed to give the US government 15% of the revenue uh that they generate from exporting AI chips to China. In return, the companies will receive export licenses to sell chips in China. I think from Nvidia's perspective, you know, the potential of not shipping anything at China or shipping a China with this 15% deal is clearly a better situation for them.Uh but it it it obviously calls into question what's what's the national security concern here. ...

Core Viewpoint - The U.S. tech giants index experienced a decline of 0.31%, closing at 190.22 points, moving away from its historical closing high and failing to maintain the intraday historical high of 191.88 points [1] Company Performance - Microsoft and Meta Platforms saw declines of up to 1.64% [1] - Nvidia, Alphabet (Google A), and Tesla experienced declines of up to 0.86% [1] - Amazon and Apple recorded gains of at least 1.40% [1] - TSMC ADR fell by 1.17% [1] - Berkshire Hathaway Class B shares rose by 1.47% [1] - Eli Lilly saw an increase of 3.29% [1] - AMD experienced a significant rise of 5.41% [1]