Investment Rating - The industry investment rating is "Outperform the Market" (maintained) [1][50]. Core Insights - The demand for AI infrastructure is expected to continue increasing due to the rapid growth in the size and token consumption of AI models. Major tech companies like NVIDIA are continuously empowering AI model and application development through product iterations, thus benefiting from the AI industry boom [3][48]. - The report highlights the launch of NVIDIA's Rubin platform, which features six new chips designed for AI supercomputers, significantly reducing inference costs and enhancing performance [4][30]. - AMD introduced the Helios rack, aimed at meeting the Yotta-level AI computing demands, showcasing a substantial increase in performance and efficiency [40][41]. Summary by Sections NVIDIA Developments - NVIDIA unveiled the complete Rubin platform at CES 2026, which includes six new chips that work in extreme synergy to lower inference costs significantly. The token cost for inference can be reduced to one-tenth of the previous Blackwell platform [2][4]. - The Rubin platform features innovations such as the NVIDIA Vera CPU and Rubin GPU, which enhance training time and reduce costs for large-scale AI models [4][16]. - NVIDIA also launched the Alpamayo series of open-source AI models for autonomous driving, which includes a model with 10 billion parameters designed for the assisted driving research community [30][31]. AMD Developments - AMD's Helios rack is designed to meet the increasing demand for AI computing, featuring a core computing tray powered by four new AMD hardware components, providing 2.9 exaflops of AI computing power [41][42]. - The MI455X GPU, part of the Helios platform, boasts a performance increase of 10 times compared to its predecessor, with 320 billion transistors and advanced cooling technology [43][44]. - AMD plans to release the next-generation MI500 product in 2027, which is expected to achieve a 1000-fold increase in AI performance over four years [46][47]. Investment Recommendations - The report recommends focusing on AI themes for investment opportunities, highlighting companies in AI algorithms and applications, AI computing, and autonomous driving sectors [3][48]. - Specific strong buy recommendations include companies like 恒生电子, 中科创达, and 盛视科技, while also suggesting to monitor other firms in the AI space [3][48].

Macroeconomic and Market Analysis - The State Council Information Office will hold a press conference on January 14, 2026, to introduce the full-year import and export situation for 2025, which is significant for assessing China's external demand performance and related industry prosperity [1][5] Sector Hotspots and Rotation - The U.S. has relaxed export controls on Nvidia's H200 chips to China, as announced on January 13, 2026. This adjustment, previously indicated by former President Trump, allows for the sale of this AI chip, with the U.S. Department of Commerce responsible for approval and security review, potentially benefiting the domestic semiconductor industry and AI-related sectors [2][6] Peripheral Markets and Related Assets - On Tuesday, U.S. stock indices closed lower, with the Dow Jones down 0.80%, Nasdaq down 0.10%, and S&P 500 down 0.19%. Large tech stocks showed mixed results, with Intel up over 7% and AMD up over 6%, while Micron and Qualcomm fell over 2%. The Nasdaq Golden Dragon China Index dropped 1.84%, with notable declines in Chinese concept stocks, which may exert pressure on A-share sentiment [3][7] Commodity Market Dynamics - In domestic commodity futures, methanol rose 2% to 2308.00 yuan, fuel oil increased 5% to 2560.00 yuan, silver surged 6% to 22336.00 yuan, and tin climbed 4% to 398380.00 yuan, indicating significant volatility in energy and base metals [4][8] - Internationally, spot gold reached a historical high of $4631.34 per ounce, with New York futures surpassing $4640 per ounce. Spot silver and New York futures both exceeded $89 per ounce, reflecting heightened market risk aversion [4][8]

Core Viewpoint - The U.S. stock market experienced a decline across major indices, with notable movements in specific sectors and companies, particularly in technology and banking [1] Group 1: Market Performance - On January 13, major U.S. stock indices closed lower, with the Dow Jones Industrial Average down 0.80% at 49,191.99 points, the S&P 500 down 0.19%, and the Nasdaq Composite down 0.10% [1] - The KBW Bank Index fell by 1.3%, reflecting broader concerns in the banking sector [1] Group 2: Individual Company Performance - Intel's stock rose significantly by 7.33%, reaching a nearly two-year high, while its competitor AMD also saw an increase of over 6% [1] - Alphabet, Google's parent company, saw its stock increase by 1.24%, achieving a market capitalization of $4.05 trillion, following a significant partnership with Apple to support AI features [1] - JPMorgan Chase's stock fell by 4.19% despite exceeding market expectations for Q4 2025 revenue and earnings, due to an unexpected decline in investment banking fees [1] - Visa's stock dropped by 4.46%, amid concerns regarding the potential impact on credit card business profitability following President Trump's call for a 10% cap on credit card interest rates [1] Group 3: Sector Trends - The banking and payment sectors faced widespread pressure, with market sentiment influenced by regulatory concerns and profitability outlooks [1] - The Nasdaq Golden Dragon China Index, which tracks U.S.-listed Chinese companies, declined by 1.86%, with Pinduoduo's stock falling by over 5% [1]

Market Performance - On January 13, all three major US stock indices closed lower, with the Dow Jones down 0.8%, nearly 400 points, the S&P 500 down 0.19%, and the Nasdaq down 0.1% [1] - The Dow Jones index closed at 49,191.99, down 398.21 points, while the Nasdaq and S&P 500 closed at 23,709.87 and 6,963.74, down 24.03 and 13.53 points respectively [2] Technology Sector - Technology stocks showed mixed performance, with Intel rising over 7% to reach a nearly two-year high, and AMD increasing over 6%. However, Meta, Amazon, and Microsoft all fell over 1% [2] - Nvidia's stock rose 0.47% following the news that the US has relaxed export regulations on its H200 chips to China [2] Banking Sector - Bank stocks experienced a broad decline, with the KBW Bank Index falling 1.3% and JPMorgan Chase dropping over 4%. The decline was attributed to lower-than-expected investment banking fees and warnings regarding potential risks from proposed credit card interest rate caps [4] - JPMorgan's investment banking revenue from underwriting and advisory services saw a decline, which could significantly impact the bank and its clients [4] Chinese Stocks - The Nasdaq Golden Dragon China Index fell 1.86%, with many popular Chinese stocks declining. Notable drops included Brain Rebirth down over 26%, WeRide down over 10%, and Pinduoduo down over 5% [4] Commodity and Currency Markets - US Treasury yields fluctuated after the CPI report, with the 10-year yield stabilizing around 4.17%. The dollar strengthened, pushing the USD/JPY exchange rate above 159 [6] - Gold prices reached a historical high of $4,630 before slightly retreating, while silver futures rose 2.08% to $86.86 per ounce [6] Inflation and Economic Outlook - The US Consumer Price Index (CPI) rose 2.7% year-on-year as of December 2025, with the core CPI increasing by 2.6% [8] - Analysts predict that inflation may remain sticky around 3% in 2026, with potential upward pressure due to looser fiscal and monetary policies [8]

Key Points Nvidia believes the GPU market will continue to expand. AMD is looking to grab market share. Broadcom is partnering with AI hyperscalers to customize a computing unit. 10 stocks we like better than Nvidia › Finding stocks with the potential to triple in value over the next five years isn't an easy task. The broader market has a long-term history of rising at a 10% pace, and that indicates a doubling in about seven years. So, a stock that can triple in five years won't only beat the mar ...

Group 1: Company Performance - Advanced Micro Devices (AMD) closed at $220.97, up 6.39% following a bullish analyst upgrade and positive earnings preview [1] - AMD has grown 6,915% since its IPO in 1980, with trading volume reaching 55 million shares, approximately 25% above its three-month average [1] - AMD is now up 77% over the last year and trades at 34 times forward earnings, which is considered reasonable given its leadership position and industry trends [4] Group 2: Analyst Insights - A KeyBanc analyst indicated that AMD's server CPUs are nearly sold out for 2026, driven by AI and data center demand, leading to a price target increase to $270, representing a 22% upside [3] - Bank of America expects AMD to beat earnings expectations in its quarterly report on January 22, supported by strong data center sales [4] Group 3: Market Context - The S&P 500 slipped 0.20% and the Nasdaq Composite eased 0.10%, while Nvidia gained 0.47% and Intel rose 7.33% as investors assessed AI server positioning [2]

Market Performance - The three major indices closed with slight gains, with the Dow Jones up 0.17%, the Nasdaq up 0.26%, and the S&P 500 up 0.16% [1] - Bank stocks collectively retreated, while technology stocks showed mixed performance, and Chinese concept stocks surged [1] Banking Sector - Citigroup experienced a significant drop of 2.98%, while other banks like Bank of America, JPMorgan, Zions Bank, US Bancorp, and Union Bank saw declines of over 1% [3] - Goldman Sachs was an exception, rising by 1.13% [3] Technology Sector - The technology sector displayed mixed results, with Advanced Micro Devices (AMD) rising by 2.22%, Google increasing by 1%, and companies like Tesla, Nvidia, and Apple showing slight gains [3] - Qualcomm faced a notable decline of 4.79%, Intel dropped by 3.27%, and META fell by 1.7% [3] Chinese Concept Stocks - Chinese concept stocks opened strong and maintained high levels throughout the day, with China Golden Dragon rising by 4.26% [3] - Alibaba surged by 10.17%, Bilibili increased by 8.95%, Xpeng Motors rose by 8.44%, and JD.com was up by 4.73%, while Pinduoduo saw a decline of 1.51% [3] Gold Market - COMEX gold prices opened strong and reached a new high, closing up 2% at $4608.8 per ounce, with a trading range between a low of $4520.8 and a high of $4640.5 [3]

Group 1: Nvidia - Nvidia's stock rose by 0.47% with a trading volume of $29.365 billion, and the company stated it will not require customers to pay upfront for H200 chips, countering reports of strict payment terms for Chinese clients [1] - The company emphasized it will never ask customers to pay for products not yet received, addressing concerns over potential policy changes affecting its ability to sell H200 chips in China [1] Group 2: Tesla - Tesla's stock fell by 0.39% with a trading volume of $23.921 billion, as Elon Musk announced plans to make the platform's recommendation algorithm public within a week, aiming for regular updates every four weeks [1] - Musk indicated that the recommendation algorithm will increasingly rely on AI, particularly the Grok chatbot, to enhance the quality of information flow [1] Group 3: Microsoft - Microsoft's stock declined by 1.36% with a trading volume of $12.982 billion, as the company committed to covering operational electricity costs for its U.S. data centers amid concerns over rising utility costs for consumers [2] - Microsoft plans to collaborate with utility companies to ensure power supply and improve data center efficiency while reducing water usage [2] Group 4: AMD and Intel - AMD's stock increased by 6.42% with a trading volume of $12.277 billion, as KeyBanc Capital Markets upgraded both AMD and Intel to "overweight" with target prices of $270 and $60 respectively, citing strong demand for server CPUs [2] - Intel's stock rose by 7.33% with a trading volume of $7.858 billion, reflecting similar positive sentiment in the semiconductor market [3] Group 5: Meta Platforms - Meta Platforms' stock decreased by 1.69% with a trading volume of $11.263 billion, as estimates suggest that a recent nuclear data center agreement may require over $14 billion in investment [3] Group 6: Google - Google's Class A shares rose by 1.24%, reaching a historical high with a trading volume of $11.203 billion and a market capitalization of $4.05 trillion, following a significant partnership with Apple to support AI functionalities in upcoming products [3] - Citigroup's report highlighted Google's Gemini model's capabilities and infrastructure advantages, reaffirming its position as a top choice in the internet sector with a target price of $350 [3] Group 7: Amazon - Amazon's stock fell by 1.57% with a trading volume of $9.285 billion, as reports indicated the company is seeking discounts from suppliers, with reductions ranging from low single digits to as high as 30% [3] Group 8: Financial Sector - Visa's stock dropped by 4.46% with a trading volume of $6.684 billion, amid concerns over potential impacts on profitability from proposed credit card interest rate caps [4] - JPMorgan's stock fell by 4.19% with a trading volume of $6.018 billion, as the bank reported projected total revenue of $185.6 billion for 2025, a 3% increase year-over-year, but a decrease in net profit compared to 2024 [5]

Core Insights - Chipmakers Intel and Advanced Micro Devices (AMD) experienced significant stock price increases following bullish upgrades from KeyBanc analysts, with Intel shares rising nearly 9% and AMD shares surging over 6% despite broader market declines [1][5] Group 1: Demand and Capacity - Analysts indicated that both Intel and AMD have "largely sold out" of their expected 2026 capacity for server CPUs used in data centers, reflecting strong demand for their AI products [2][5] - Due to overwhelming demand, both companies are considering raising their prices by 10% to 15% [2] Group 2: Analyst Ratings and Price Targets - KeyBanc's upgrade is particularly significant for Intel, which has struggled to improve its business performance; it is the only firm recommending a buy on Intel shares, contrasting with five hold ratings and two sell ratings from other analysts [4] - KeyBanc set a price target of $60 for Intel, suggesting a 36% upside from the previous close, which is notably higher than the consensus target of $41 [4] - AMD has a more favorable analyst outlook, with seven buy ratings and three hold recommendations; KeyBanc's price target of $270 implies a 30% increase from the previous close, aligning closely with the analyst mean [5] Group 3: Production and Market Position - Analysts raised their shipping estimates for both Intel and AMD for the current year, with Intel's new "18A" production method being evaluated positively, positioning it as a credible contender for the 2 foundry supplier in the industry, behind Taiwan Semiconductor Manufacturing Co. (TSM) [3]

Advanced Micro Devices (NASDAQ: AMD stock) jumped approximately 7% in midday trading on Tuesday after KeyBanc analyst John Vinh upgraded the chipmaker to Overweight from Sector Weight. The analyst rai... ...