公众号记得加星标⭐️，第一时间看推送不会错过。 HBF采用多层3D NAND芯片堆叠技术，与HBM互补，用于GPU。 人工智能工作负载的爆炸式增长给内存系统带来了前所未有的压力，迫使企业重新思考如何向加速器 提供数据。 高带宽内存 (HBM) 已用作 GPU 的快速缓存，使AI 工具能够高效地读取和处理键值 (KV) 数据。 然而，HBM 价格昂贵、速度快、容量有限，而高带宽闪存 (HBF) 则以较慢的速度提供更大的容量。 HBF 如何与 HBM 互补 HBF 的设计允许GPU访问更广泛的数据集，同时限制写入次数（每个模块大约 100,000 次），这就 需要软件优先处理读取操作而不是写入操作。 HBF 将与 HBM 集成到 AI 加速器附近，形成分层内存架构。 韩国科学技术院 (KAIST) 的金钟浩教授将 HBM 比作家里的书架，方便快速学习；而 HBF 则像一 个图书馆，内容更丰富，但访问速度较慢。 该概念设想未来的迭代产品（如 HBM7）可以作为"内存工厂"运行，数据可以直接从 HBF 进行处 理，而无需通过传统的存储网络。 HBF 将多个 3D NAND 芯片垂直堆叠，类似于 HBM 将 DRAM ...

Core Viewpoint - Intel's market share has significantly declined from approximately 90% to 60% over the past eight years, primarily due to competition from AMD and Apple's transition to self-designed Arm architecture processors [1][3]. Market Share Analysis - AMD has steadily been gaining CPU market share, with recent analyses indicating that Apple's notebook CPU sales are now nearly on par with Intel's, each holding about 20% of the market [3]. - Since 2018, AMD and Apple have collectively reduced Intel's market share by over 20% in both the desktop and notebook CPU markets [3]. - Prior to 2018, Intel dominated the desktop CPU market with around 90% share and over 80% in the notebook CPU market; currently, it retains about 60% in both segments [3]. Competitive Landscape - AMD's fourth-generation Zen processors have accelerated its market share growth, while Intel's consumer-grade CPUs have stagnated due to stability issues and a lack of effective response to AMD's 3D V-Cache technology [11]. - AMD's CPUs now account for over 40% of Steam users, indicating strong adoption among gamers [11]. - Apple's M series processors have maintained a stable 10% share in the desktop market since their launch in 2022, reflecting a shift among users favoring Mac computers over Intel models [11]. Future Outlook - Intel's recent launch of the Core Ultra 3 series processors aims to counter the increasing competition from AMD's Ryzen AI 400 series and Apple's M5 processors [12]. - The impact of emerging players like Qualcomm and NVIDIA in the Arm CPU market is anticipated, with Qualcomm set to release a series of Arm-based Windows laptop processors in 2024 [12].

英特尔(INTC.US)提交包含第四季度业绩的年度10-K报告后，富国银行指出，其中特别值得注意的是英 特尔作为半导体巨头的外部代工收入表现，以及这一情况可能为AMD(AMD.US)带来的潜在收益。截至 2025年12月27日，英特尔代工业务收入达45.1亿美元，同期总营收为136.7亿美元。针对这一财务表现， 富国银行分析师亚伦·雷克斯给予英特尔"持股观望"评级，并将目标股价设定为45美元。 富国银行分析师亚伦·雷克斯在致客户的报告中指出：英特尔全年外部代工收入达3.07亿美元，其中第四 季度单季收入为2.22亿美元，较2024年同期的1.59亿美元实现显著增长。不过雷克斯补充说明，这一增 长部分得益于英特尔于2025年9月将阿尔特拉部分业务出售给私募股权公司银湖的交易——交易完成后 阿尔特拉不再纳入英特尔合并报表，而该变动恰恰为第四季度外部收入带来了增量贡献。 雷克斯进一步分析指出："尽管我们尚未获取2025年第四季度服务器出货量的初步预估数据，但注意到 美光(MU.US)对2025日历年服务器出货量的乐观预测——同比增长约15%，反映出2025年下半年需求强 劲加速;同时Gartner数据显示2025年 ...

Market Performance - On January 23, US stock indices showed mixed results with the Dow Jones down 0.58%, the Nasdaq up 0.28%, and the S&P 500 up 0.03% [1] - The precious metals sector led gains, with Pan American Silver rising over 4% [1] - Technology stocks had varied performances, with Microsoft and Netflix up over 3%, while Intel fell 17%, marking its largest single-day drop since August 2024 [1] Chinese Stocks - The Nasdaq Golden Dragon China Index decreased by 0.26%, with notable declines in stocks such as Xpeng down over 3% and NIO and Alibaba down over 2% [1] - Conversely, Youdao rose over 4%, New Oriental increased over 2%, and Trip.com was up over 1% [1] Precious Metals - International precious metal prices reached new highs, with gold briefly surpassing $4,990 and silver crossing the $100 mark [1]

Market Performance - On January 23, U.S. stock indices showed mixed results, with the Dow Jones down 0.58%, the Nasdaq up 0.28%, and the S&P 500 up 0.03% [1] - The precious metals sector led gains, with Pan American Silver rising over 4% [1] - Technology stocks had varied performances, with Microsoft and Netflix up over 3%, while Intel fell 17%, marking its largest single-day drop since August 2024 [1] Chinese Stocks - The Nasdaq Golden Dragon China Index fell 0.26%, with notable declines in stocks such as Xpeng down over 3%, NIO and Alibaba down over 2%, and Weibo down over 1% [1] - Conversely, Youdao rose over 4%, New Oriental increased over 2%, and Trip.com was up over 1% [1] Precious Metals - International precious metal prices reached new highs, with gold briefly surpassing $4,990 and silver crossing the $100 mark [1]

Group 1: Stock Market Performance - The three major U.S. stock indices closed mixed, with the Dow Jones down 0.58%, the Nasdaq up 0.28%, and the S&P 500 up 0.03% [2] - Technology stocks showed mixed results, with Microsoft and Netflix rising over 3%, while AMD and Amazon increased over 2% [2] - Intel experienced a significant drop of 17%, marking its largest single-day decline since August 2024 [2] Group 2: Chinese Stocks and Indices - The Nasdaq Golden Dragon China Index fell by 0.26%, with notable declines in stocks such as Xpeng down over 3%, NIO and Alibaba down over 2%, and Weibo down over 1% [3] - Conversely, stocks like Youdao rose over 4%, New Oriental increased over 2%, and Trip.com gained over 1% [3] - The FTSE China A50 Index futures rose by 0.41%, closing at 14,843 points [4] Group 3: Precious Metals - Spot silver surged by 7.34%, reaching $103.21 per ounce [5] - New York silver also increased by 7.17%, priced at $103.28 per ounce [6] - Silver saw a substantial annual increase of approximately 147%, driven by strong demand, limited refining capacity, and ongoing supply shortages [6] - Analysts noted that geopolitical tensions, a generally weaker dollar, and expectations of a shift to monetary easing by the Federal Reserve are influencing gold demand [6] - Spot gold rose by 1.01%, reaching $4,986.02 per ounce [7]

Key Points Cathie Wood expects Nvidia to face tougher competition from AMD this year. However, Nvidia’s first-mover advantage, dominant market share, and sticky ecosystem could prevent the underdog from gaining much ground. There could be plenty of room in the AI market for both chipmakers to thrive. 10 stocks we like better than Nvidia › Ark Invest's Cathie Wood is a polarizing figure among investors. Wood's supporters praise her for boldly adding growth stocks to Ark's exchange-traded funds (E ...

AMD might be better equipped than Intel to handle a supply crunch. ...

Core Viewpoint - The analysis focuses on the SA Quant Top 10 for 2026, evaluating it as an equal-weight ETF using consensus data to assess potential upside, earnings growth, and valuation [1]. Group 1: Analyst Background - The analyst has over 35 years of experience in the investment field, having worked as both a sell-side and buy-side analyst, as well as a portfolio manager for debt and equity funds [1]. - Currently, the analyst manages a high-yield Latam bond fund, aiming to provide a fundamental view and analysis of companies and funds in a streamlined version of institutional research [1]. Group 2: Investment Philosophy - The operating and financial forecast, whether based on the analyst's own insights or consensus data, drives the valuation and ultimate rating of the selected companies [1]. - The selection choices are intended to reflect long-term potential, with the analyst frequently taking positions in many ideas for personal investment [1].

Core Viewpoint - Advanced Micro Devices (AMD) has experienced significant stock growth, rising over 105% in the past year, with a current market capitalization of $407 billion, reflecting a valuation of approximately 11.8 times expected sales and 36 times expected earnings [1]. Group 1: Valuation and Market Position - AMD's current valuation may not appear attractive by traditional metrics, but it could be considered a deep-value opportunity as time progresses [2]. - The company is expected to continue gaining market share from Intel in the PC and server CPU markets, while also making strides in the AI GPU sector [3]. Group 2: AI Market Dynamics - While ultra-high-end GPUs are crucial for training AI models, more cost-effective hardware can efficiently run AI models, potentially improving AMD's margins despite lower margins compared to top-tier processors [4]. - AMD is not expected to surpass Nvidia in ultra-high-end GPU performance this year, but it has secured a significant partnership with OpenAI, indicating potential for growth in the AI space [5]. - Major tech companies are likely to reduce reliance on Nvidia's processors, with AMD GPUs providing a viable alternative for diversification, particularly in the less hardware-intensive model inference phase [6]. Group 3: Revenue Growth and Future Outlook - If AI revenue growth continues to accelerate, investors may be willing to pay higher valuation multiples for AMD, which reported a 36% year-over-year revenue increase in Q3 2025 and a gross margin of 52% [7]. - The current growth-dependent valuation of AMD may appear attractive if demand for its AI processors continues to rise [8].