Core Insights - Nvidia has maintained a dominant position in the high-performance GPU market, particularly in the generative AI sector, due to its pioneering role in GPU design [1] - Advanced Micro Devices (AMD) is emerging as a significant competitor in the GPU landscape, with ambitions to transform its market presence by 2026 [2] Group 1: AMD's Competitive Position - AMD's chips are increasingly being adopted by hyperscalers, indicating a growing validation of its products against Nvidia's offerings [4] - Major tech companies like Microsoft, Meta Platforms, Oracle, and OpenAI are integrating AMD's Instinct accelerators alongside Nvidia GPUs, showcasing AMD's credibility in handling large-scale AI applications [5] - AMD's chips are utilized for both training and inference workloads, potentially offering better unit economics and positioning AMD as a lower-cost alternative to Nvidia [6] Group 2: Technological and Strategic Advantages - AMD's ROCm software platform provides developers with greater control compared to Nvidia's CUDA ecosystem, which may serve as a competitive advantage for big tech [7] - The flexibility of AMD's offerings could enhance customers' negotiating leverage over suppliers, indicating a potential disruption to Nvidia's market dominance [8] - AMD's ability to secure significant contracts with hyperscalers may lead to sustained deal flow, reinforcing its position in the market [9]

Group 1: Job Market Insights - The U.S. jobs report for January is anticipated, with December showing signs of labor market weakening, as only 50,000 jobs were added, lower than economists' expectations [3] - Federal Reserve officials are monitoring the labor market closely after keeping interest rates unchanged, citing elevated inflation risks despite a slowdown in hiring [4] Group 2: Earnings Reports Focus - Key earnings reports are expected from major tech firms such as Alphabet and Amazon, with Alphabet recently surpassing $100 billion in revenue [5] - Amazon has also shown strong revenue growth in the previous quarter but announced another round of layoffs [5] - Reports from Advanced Micro Devices indicate brisk sales of data center chips, contributing to positive analyst sentiment, although concerns about inflated valuations for top tech companies persist [6] Group 3: Sector-Specific Earnings - Disney's earnings report will provide insights into its direct-to-consumer segment, which grew 8% in the last quarter but fell short of expectations [7] - Pharmaceutical firms are also in focus, with Eli Lilly's shares rising due to optimism over its weight loss drugs, alongside earnings reports from competitors like Novo Nordisk, Amgen, Merck, AbbVie, and Novartis [7]

Core Viewpoint - Many AI stocks are perceived as expensive, but there are several undervalued options with significant growth potential [1][2]. Group 1: Advanced Micro Devices (AMD) - AMD's forward price-to-earnings ratio is 39.7, and its trailing P/E ratio is 131.6, indicating a high valuation at first glance [3][4]. - The stock's PEG ratio is notably low at 0.5, suggesting it is one of the cheapest AI stocks available [3]. - AMD anticipates revenue from AI data centers to grow at a compound annual growth rate (CAGR) of over 80% in the next three to five years [5]. - The company is gaining market share in server CPUs and is making progress in the GPU market with its Instinct MI350 Series [6]. Group 2: Micron Technology - Micron's PEG ratio is just below 0.7, and shares trade at 12.3 times forward earnings, indicating it is not an expensive commodity [7]. - The company has secured contracts for its entire 2026 high-bandwidth memory (HBM) supply, reflecting strong demand and supply constraints [9]. - Micron expects the total addressable market for HBM to reach $100 billion by 2028, with a CAGR of approximately 40% [9]. Group 3: Nvidia - Nvidia's PEG ratio is 0.7, and it is expected to experience strong growth over the next five years, making its current valuation more justifiable [10]. - The company projects annual AI infrastructure spending to reach $3 trillion to $4 trillion by the end of the decade, driven by emerging technologies [12]. - Nvidia's Blackwell GPUs are currently the most powerful AI chips, with plans to launch even more advanced Rubin GPUs later this year [13].

Core Viewpoint - AMD is well positioned to benefit from the increasing demand for chips across various markets, particularly in the booming space economy and artificial intelligence sectors [1][4]. Group 1: Financial Performance - AMD's client segment revenue increased by 46% year over year in Q3, contributing approximately 30% to the company's total revenue [2]. - Analysts project AMD's revenue to reach $62 billion by 2027, with earnings expected to grow at an annualized rate of 45% [5]. Group 2: Market Positioning - More than 120 Ryzen AI-powered PC designs are set to ship in 2026, indicating strong growth potential in the client segment [2]. - AMD is also focusing on edge computing, which is essential for future space missions, exemplified by its partnership with Blue Origin for the Mark 2 lunar lander [4]. Group 3: Stock Information - AMD's current market capitalization stands at $385 billion, with a current stock price of $236.73 [3]. - The stock has a forward price-to-earnings ratio of 38, suggesting substantial upside potential for investors [5].

Core Viewpoint - The global semiconductor industry is experiencing a significant surge in demand, particularly driven by the AI wave, as evidenced by South Korea's semiconductor exports reaching $20.5 billion in January, a year-on-year increase of over 102% [1][2]. Group 1: Semiconductor Export Growth - South Korea's semiconductor exports in January 2026 reached $20.5 billion, marking a 102.7% year-on-year increase and the second-highest monthly record in history [2]. - The overall export value for South Korea in January increased by 33.9% year-on-year to $65.85 billion, setting a historical record for the same period [2]. - The trade surplus for South Korea in January was $8.7 billion, with a continuous surplus for 12 months [2][3]. Group 2: Price Increase in Semiconductor Industry - A price increase trend is sweeping through the semiconductor industry, with companies like Yingjixin, Zhongwei Semiconductor, and Guokai Microelectronics announcing price hikes of up to 80% for various chip products [4][6]. - Zhongwei Semiconductor announced price adjustments for MCU and Norflash products, with increases ranging from 15% to 50% [6]. - Guokai Microelectronics reported price increases of 40% for 512Mb KGD products, 60% for 1Gb KGD products, and 80% for 2Gb KGD products, indicating a strong upward pricing trend expected to continue into the first half of 2026 [6]. Group 3: Demand Dynamics - The demand for AI chips and storage chips is surging due to global cloud service providers expanding AI data centers, leading to shortages and price increases for server CPUs from major manufacturers like Intel and AMD [7]. - Analysts predict that the overall supply of global storage will remain tight throughout 2026, with AI demand growth outpacing production capacity expansion [7]. - The domestic storage industry in China is expected to benefit from the ongoing shortage and price increase trends across multiple segments [7].

W 华尔街见闻 | 时间 | | 内容 | 预期 前值 | | | --- | --- | --- | --- | --- | | 2月2日 周一 | | | | | | 数据 | 09:45 | 中国 1月RatingDog制造业PMI | 50.1 | | | 17:00 | | 欧元区 1月制造业PMI终值 | | 49.4 | | 23:00 | | 美国 1月ISM制造业指数 | 48.3 | 47.9 | | 待定 | | 芝商所CME再上调金银交易保证金:黄金保证金率从6% 升至8%,白银从11%升至15% | | | | 待定 | | 中国2月2日起对威士忌酒实施5%的进口暂定税率 | | | | 事件 | 待定 | 伊朗地缘事件持续发酵（全周事件） | | | | 待定 | | 2月是"Al大战"之月,国内外科技巨头动作频频(全周事 件) | | | | 待定 | | 今年APEC第一次高官会于2月1日至10日广州举行 | | | | 待定 | | 春运2月2日开始、3月13日结束 | | | | 财报 | | 迪士尼 | | | | 2月3日 周二 | | | | | | 数据 | 11: ...

以下文章来源于科创板日报 ，作者张真 科创板日报 . 专注科创板和科技创新，上海报业集团主管主办，界面财联社出品。 最新研究显示，在完整的Agent执行链路中，工具处理相关环节在CPU上消耗的时间占端到端延迟的比例最高可达90.6%。在高并发场景 下，CPU端到端延迟从2.9秒跃升至6.3秒以上。其结果揭示了在大量Agentic场景中，系统吞吐受限的并非GPU计算能力，而是CPU的核心 数并发调度问题。 至于为何CPU负载高于GPU，在东吴证券看来，Agent时代AI由"纯对话"转向了"执行任务"，因此产生大量if/else判断，这种"分支类任 务"倘若由GPU执行，会因控制流发散导致算力利用率急剧下降。与之相比，CPU的微架构却能够适应此类任务。 就在日前，GPU的超级玩家英伟达主动掏出20亿美元追加认购CoreWeave股票，并声称后者将在其平台上部署Vera CPU—— 一款专 为"代理式推理（Agentic Reasoning）"设计，且在大规模AI工厂最具能效优势的CPU。 据悉，因ARM CPU瓶颈，英伟达已计划在下一代 Rubin架构中大幅提升CPU核心数，并开放NVL72机柜对x86CPU的支 ...

Core Viewpoint - Advanced Micro Devices (AMD) is strategically positioning its chip technology to cater to the growing demands of artificial intelligence (AI) workloads, particularly in the area of AI inference, which is expected to drive significant growth for the company in the coming year [1][2]. Group 1: AI Inference and Chip Design - AMD has specifically designed its upcoming Venice EPYC processors and MI455 GPUs to excel in AI inference, featuring double the memory bandwidth to handle increased data processing demands [3]. - The shift from training to inference in AI workloads is crucial, as it allows for instant generation of answers, images, and videos from user input, indicating a transformative change in data center operations [1]. Group 2: Market Performance and Partnerships - AMD's stock has seen a 51% increase over the last six months, reflecting positive market sentiment and growth potential [1]. - The company has established key partnerships, including with Luma AI, which runs most of its inference workloads on AMD chips and plans to expand its collaboration in 2026 [5]. - AMD is also a significant partner of OpenAI, which will utilize its MI455 GPUs for large-scale deployments starting in the second half of this year [5]. Group 3: Financial Projections - Wall Street analysts project a 65% increase in AMD's earnings per share for this year, indicating strong financial growth expectations as AI inference becomes the dominant workload in data centers [6].

Core Insights - The article emphasizes the strong investment potential in chip stocks, particularly Nvidia, AMD, and Broadcom, due to their fabless business model which leads to high margins [1][2]. Company Analysis - Nvidia is identified as the market leader in AI computing hardware, with its GPUs being the preferred choice for training and running AI models. The company has seen significant growth, becoming the world's largest by market cap, and is set to launch its next chip architecture, Rubin, which is expected to enhance its competitive edge [3]. - AMD is noted for its competitive positioning, particularly in CPUs, but is still seen as a second-tier player in many chip categories. Despite this, AMD's GPUs are more affordable alternatives to Nvidia's, and the company has experienced a tenfold increase in downloads of its ROCm software, indicating growing interest in its products. Nvidia maintains over 90% market share in the discrete GPU market, with AMD holding a smaller portion [4]. - Broadcom is taking a different approach by designing chips that may be specialized for specific workloads, contrasting with Nvidia and AMD's flexible, general-purpose processors. This specialization may cater to the needs of AI hyperscalers [5].

Core Viewpoint - Wall Street's main averages experienced a decline as investors assessed recent company earnings and focused on the implications of Kevin Warsh's selection as Federal Reserve chair [2]. Group 1: Company Earnings - Major S&P 500 companies, including Alphabet (GOOGL), Amazon (AMZN), AMD (AMD), Merck (MRK), and Pfizer (PFE), are set to release their quarterly financial results in the week ending February 6 [4]. - Earnings spotlight for Monday includes Palantir (PLTR) and Walt Disney (DIS) [5]. - Earnings spotlight for Tuesday features AMD, Merck, PepsiCo (PEP), Amgen (AMGN), and Pfizer [5]. - Earnings spotlight for Wednesday includes Alphabet and Eli Lilly [5]. Group 2: Economic Data Releases - Key economic data releases include S&P Global Manufacturing PMI, ISM Manufacturing Prices, and ISM Manufacturing PMI for January on Monday [3]. - JOLTS Job Openings data for December is scheduled for release on Tuesday [3]. - ADP Nonfarm Employment Change, S&P Global Services, and Composite PMI for January will be released on Wednesday [3]. - Initial Jobless Claims data is due on Thursday, while Nonfarm Payrolls and Unemployment Rate for January are set for release on Friday [3].