NVIDIA Corp NVDA and Advanced Micro Devices Inc AMD recently agreed to pay the U.S. government 15% of their AI chip revenue from China — a groundbreaking arrangement driven by export license conditions. But not all chipmakers are equally exposed. So, who suffers more when the government takes its cut?Track NVDA stock here.China Exposure: The Tale Of Two TitansNvidia's AI chips sold to China represent about 13% of its total revenue — roughly $17 billion. AMD's exposure is nearly double, with China accounting ...

Group 1 - Nvidia and AMD have agreed to pay 15% of their revenue from specific AI chips sold in China to the U.S. government in exchange for export licenses [1] - Nvidia will pay 15% of its revenue from H20 chips, while AMD will do the same for MI308 chips [1] - The U.S. Department of Commerce has begun issuing export licenses for these products, but the Trump administration has not yet decided how to utilize the funds collected [1] Group 2 - OpenAI achieved a gold medal in the AI category at the 2025 International Olympiad in Informatics, ranking first among AI participants and only behind five human competitors [2] - OpenAI's performance improved significantly from the 49th percentile last year to the 98th percentile this year, using a general reasoning model without specialized training for the competition [2] - The model used by OpenAI is the same as the one that won a gold medal at the International Mathematical Olympiad, showcasing its strong general reasoning capabilities [2] Group 3 - Zhizhu released and open-sourced the GLM-4.5V model, which has 106 billion parameters and achieved state-of-the-art performance in 41 multimodal benchmarks [3] - The model outperformed 99% of human players in image recognition and reasoning tests, achieving a notable rank in a global scoring competition [3] - It employs a three-stage strategy for training and supports long-context multimodal inputs, with low API usage costs [3] Group 4 - Kunlun Wanwei launched the Matrix-3D model for generating high-quality panoramic videos from single images, enabling immersive 3D space exploration [4] - The model boasts advantages such as global scene consistency, large generation range, high controllability, strong generalization ability, and fast generation speed [4] - A dataset containing 116,000 panoramic videos and 22 million frames was created to support the model's training [4] Group 5 - Tencent introduced the mixed Yuan Large-Vision model, which has 52 billion active parameters and enhances multimodal understanding capabilities [5] - The model scored 1256 points on the international LMArena Vision leaderboard, ranking first among domestic models and comparable to GPT-4.5 and Claude-4-Sonnet [5] - It consists of three core modules and utilizes a large dataset for training [5] Group 6 - GitHub will no longer operate independently and will be integrated into Microsoft's newly established CoreAI group [7] - The integration will be overseen by multiple Microsoft executives, with a focus on transforming GitHub into a core component of Microsoft's AI strategy [7] - The goal is to develop GitHub into an "AI agent factory" [7] Group 7 - SenseTime launched the AI tool Seko, which automates the video production process based on user descriptions [8] - Seko integrates various models to ensure consistency in character portrayal, scene materials, and camera movements [8] - The tool offers a visual editing experience and plans to introduce advanced features in the future [8] Group 8 - Apple is gradually revamping Siri, with a new architecture set to launch by late 2025 or early 2026 [9] - The new Siri will enhance inter-application communication and support continuous dialogue [9] - Apple is conducting extensive internal testing with strategic partners to ensure security and reliability [9] Group 9 - Periodic Labs, co-founded by former OpenAI and Google DeepMind leaders, aims to create a "ChatGPT for materials science" and has secured $200 million in funding [10] - The startup achieved a pre-money valuation of $1 billion shortly after its establishment [10] - The funding will be used to develop AI for discovering and analyzing new compounds [10] Group 10 - GPT-5 demonstrated significantly lower token consumption compared to Claude Opus 4.1 in algorithmic tasks, saving approximately 90% in overall token usage [12] - Claude Opus 4.1 excelled in web development tasks but at a higher token cost [12] - The cost comparison shows GPT-5 completing tasks at about $3.50, while Claude Opus 4.1 costs around $7.58 [12]

（来源：华山穹剑） 从东大身上吃回扣！特朗普这个损招，把全世界都惊呆了。 如果按照管制前的销售计算，2025年，英伟达将在中国市场获得230亿美元的收入，15%的抽成就是34.5亿美元。羊毛出在羊身上，这平白无故多出来的 34.5亿美元成本，最终肯定会落在中国公司的头上。 这条新闻出来以后，全世界都惊呆了，就连美国自己的国安官员，都在大骂懂王吃回扣，而且还是从东大身上吃。 据英国金融时报8月11日的消息，英伟达和AMD已与美国政府达成一项特殊协议，两家企业同意将对华芯片收入的15%分配给美国政府，以获取相关产品 的出口许可协议。 但这不是重点，真正的重点是15%的抽成是如何定的？ 再说了，既然美国能这么干，那他会不会要求那些跟中国有高端工业品贸易的盟友也这么干，甚至干脆要求凡是使用美国技术专利或者美国零部件的企 业，其在华销售的15%也得上交给美国政府？ 从政治逻辑看，这种可能性不是存在，而是极高。特朗普向来以交易的艺术自居，偏好直接地、看得见的收益。他第一任期就频繁使用关税作为武器来充 实财政，但关税有局限性，需要经过一定程。而向企业征收"贸易特权费"，既能够满足它政治立场上对华强硬的需求，又可以开辟了一条 ...

Investment Rating - The industry investment rating is "Outperform the Market," indicating an expected industry index increase of over 5% in the next six months [58]. Core Insights - The report highlights the significant advancements in AI applications, particularly with the release of OpenAI's GPT-5, which is expected to accelerate commercialization in various high-frequency, high-value verticals [7][5]. - Companies like Duolingo, Palantir, and AppLovin have reported earnings that exceeded market expectations, showcasing the growing revenue contributions from AI capabilities [7][5]. - The report suggests a focus on companies with high retention rates and growth potential in sectors such as education, e-commerce, advertising, and enterprise data analysis [7][5]. Summary by Sections Key Company Financials - **Palantir**: Q2 revenue reached $1.004 billion, a 48% year-over-year increase, with a GAAP operating income of $269 million and an adjusted gross margin of 82% [14]. - **AMD**: Q2 revenue was $7.685 billion, a 32% year-over-year increase, with a gross margin of 54% and operating income of $897 million [19]. - **AppLovin**: Q2 advertising revenue grew 77% year-over-year to approximately $1.26 billion, with an adjusted EBITDA of $1.02 billion [24]. - **Duolingo**: Q2 revenue reached $252.3 million, a 41% year-over-year increase, with a gross margin of 72.4% [29]. - **Datadog**: Q2 revenue was $827 million, a 28% year-over-year increase, with a gross margin of 80.9% [33]. Global AI Developments - OpenAI launched two new large language models, gpt-oss-120b and gpt-oss-20b, which are open-weight models aimed at enhancing AI application performance [36]. - Google DeepMind introduced Genie 3, a model capable of generating interactive virtual worlds in real-time, marking a significant milestone in world modeling [40]. - Anthropic released Claude Opus 4.1, which shows improvements in coding and reasoning capabilities compared to its predecessor [45]. - OpenAI's GPT-5 was officially released, featuring a significant reduction in hallucination rates and enhanced reasoning capabilities [49].

（全球TMT2025年8月12日讯）今日要点：英伟达和AMD同意向美政府上缴15%收入换出口许可；特朗普对英特尔CEO态度反转；马斯克指责苹 果应用商店偏袒OpenAI；微信上线文转图新功能；微软GitHub负责人离职；印度外包行业面临美国客户需求疲软困境。 马斯克在社交平台发文称，苹果公司涉嫌通过限制措施，使除OpenAI外的任何人工智能公司都无法在其应用商店排行榜中登顶，称此为"明确的 反垄断违规行为"。马斯克表示，其旗下xAI公司将立即采取法律行动。此后，OpenAI CEO Sam Altman转发了前者的帖文并表示："我听说有人指 控马斯克通过操纵X来谋取个人及公司利益，并损害其竞争对手和他不喜欢的人的利益，这一指控令人震惊。我希望有人能对此展开反调查，我 和许多人都想知道究竟发生了什么。但OpenAI将专注于打造卓越的产品。" 英伟达和AMD同意向美政府上缴15%收入换出口许可 英伟达(Nvidia)和AMD已同意，将它们向中国出售人工智能(AI)芯片的部分销售额上交给特朗普政府，这些不同寻常的协议加深了这两家公司与美 国政府之间的关系。作为批准英伟达对华出口H20 AI芯片协议的一部分，特朗普政 ...

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Market Overview - A-shares showed strong performance on Monday, with the Shanghai Composite Index rising 0.34% to 3,647 points, and the Shenzhen Component Index increasing by 1.46%[18] - U.S. stocks retreated ahead of the inflation data release, with the Dow Jones down 0.45% to 43,975 points, and the S&P 500 declining 0.25% to 6,373 points[11] - European markets exhibited mixed results, with the Stoxx 600 index closing flat, while the UK FTSE 100 rose 0.23%[11] Commodity and Currency Insights - International gold prices fell over 2% after Trump confirmed no tariffs on imported gold, with New York gold futures down 2.5% to $3,353 per ounce[30] - Oil prices remained near two-month lows, reflecting market focus on the potential outcomes of U.S.-Russia talks regarding Ukraine[30] - The U.S. dollar index increased by 0.3% to 98.52, while the euro appreciated by 12.2% year-to-date against the dollar[29] Economic Indicators and Predictions - The upcoming U.S. CPI data is anticipated to influence market sentiment, with current expectations of a 58 basis point rate cut priced in for the year[33] - The global AI capital expenditure (CAPEX) is projected to grow by 64% in 2025 and 50% in 2026, driven by increased demand for computing power and favorable tax reforms[9] Sector Performance - In the U.S., 8 out of 11 S&P sectors declined, with the energy sector leading the losses at 0.79%[11] - In Hong Kong, the Hang Seng Index rose 0.19%, while the technology sector showed mixed results, with Meituan declining and Alibaba gaining nearly 2%[13] Notable Corporate Developments - Nvidia and AMD agreed to pay 15% of their AI chip sales revenue to the U.S. government to obtain export licenses, impacting their stock prices slightly downwards[11] - The Indian economy may face a potential $32 billion drop in annual exports if a 50% tariff becomes the norm, affecting various manufacturing sectors[26]

据央视新闻，当地时间11日，据《金融时报》披露，为了获得芯片出口许可证，美国芯片制造商英伟达公司和AMD，与特朗普政府达成了一 项特殊协议，两家企业同意将特供中国的芯片收入的15%上缴给美国政府，以换取相关产品的出口许可证。 《金融时报》报道称，据美国一名不愿意透露姓名的官员透露的消息，根据协议，英伟达将上缴其H20芯片在中国销售收入的15%，AMD也 同意上缴MI308芯片相同比例的销售收入。包括一名美国官员在内的知情人士对该报透露，为获得美国政府授予的对华出口许可证，这两家 公司同意了上述财务安排。知情人士表示，特朗普政府尚未决定如何使用这笔资金。 2025.08. 12 本文字数：496，阅读时长大约1分钟 据悉美国商务部已开始对上述企业发放面向中国市场的出口许可证。 微信编辑 | 七三 多个"新大学"首年招生分数线直超985高校，原因何在 对此，英伟达回应称，我们遵守美国政府为我们参与全球市场所制定的规则，将继续在规则范围内为尽可能多的客户提供服务。而AMD方面 尚未作出任何回应。 第一财经持续追踪财经热点。若您掌握公司动态、行业趋势、金融事件等有价值的线索，欢迎提供。 专用邮箱： bianjibu@ ...

今早，日韩股市异动。连续五个交易日收涨之后，日经225指数今日早盘时间涨超2%，刷新历史新高，截至发稿报42681.89点。韩国KOSPI200指数涨超 1%，截至发稿报437.83点。 美国7月消费者价格指数(CPI)报告发布前夕，美股表现平静。美东时间周一，美股三大指数收盘均小幅下跌。截至收盘，道琼斯指数跌0.45%，报 43975.09点；纳斯达克综合指数跌0.3%，报21385.4点；标普500指数跌0.25%，报6373.45点。 美国总统特朗普发文宣布，提名经济学家安东尼博士担任劳工统计局下一任局长。此外，据外媒报道，两名美国政府官员透露，特朗普正在考虑让美联储 两位副主席——米歇尔·鲍曼和菲利普·杰斐逊，以及达拉斯联储主席洛莉·洛根担任明年即将空缺的美联储主席一职。 40925.24 -2.14% 成交量 0 0 8:00 14:30 韩国 KOSPI200 rg Q < V KOSPI200 437.83 今开 434.11 最高 438.21 最低 434.11 26351 金额 振幅 0.95% i 1.05% 4.54 总手 昨收 433.29 | 分时 | 王日 | 日Ｋ | 周Ｋ | ...

COMEX黄金期货跌2.58%，报3401.3美元/盎司；COMEX白银期货跌2.2%，报37.69美元/盎司。 特朗普说了两次要去俄罗斯见普京 据CCTV国际时讯，当地时间8月11日，美国总统特朗普在白宫举行新闻发布会。在发表讲话及回答记者提问环节中，特朗普两次似乎混淆了俄罗斯和美 国阿拉斯加。他先是表示，"我要去见普京，周五我要去俄罗斯。"随后又重复道："我们去俄罗斯是件大事，重磅事件"。 8月11日，美股收跌。黄金暴跌。特朗普，又有新表态。 大型科技股多数下跌，苹果、微软、英伟达、谷歌、亚马逊、Meta、AMD小幅下跌；英特尔涨超3%。特斯拉涨超2%，该股盘中一度张超5%，该股连涨 四日。消息面上，特斯拉公司已向英国能源监管机构申请家庭用电供应许可证。 当地时间8月11日，据《金融时报》披露，为了获得芯片出口许可证，美国芯片制造商英伟达公司和AMD，与特朗普政府达成了一项特殊协议，两家企业 同意将特供中国的芯片收入的15%上缴给美国政府，以换取相关产品的出口许可证。 房利美涨超15%，房地美涨逾13%，均创2008年以来收盘新高。 热门中概股多数下跌，纳斯达克中国金龙指数收跌0.29%。好未来跌逾3%， ...