Group 1 - The Mag 7 have outperformed other groups for the second consecutive week as dip-buyers inject cash into the market [1] - The article mentions a table that illustrates the gains made by the Mag 7, although specific data is not provided in the excerpt [1] Group 2 - The author has a long position in shares of NVDA, AVGO, and GOOGL, indicating a positive outlook on these companies [2] - The article is based on the author's personal opinions and does not involve compensation from the companies mentioned [2]

（原标题：玻璃，革命芯片？） 过去半个世纪以来，人类一直痴迷于让事物"更小"。这是在单个芯片上集成更多晶体管的唯一途径。将 晶体管缩小到10纳米、5纳米和3纳米，正是半导体技术的定义。但最终，物理定律给出了冷酷的判 决："你不可能再缩小了。" 对此，人们改变了想法。 "如果我们不能缩小单个单元的尺寸，为什么不把几个单元组合起来建造更大的东西呢?" 这一个问题改变了游戏规则。如今，核心关注点不再是芯片内部的微观电路，而是连接芯片的"桥梁"以 及支撑它们的"接地"。纳米级战争已经结束，微米级战争已经开始。 而在这片战场的正中央，矗立着一块透明的玻璃。 为什么芯片不能再大了 人工智能模型越来越大，芯片上需要集成的晶体管数量也随之增加。为了容纳更多晶体管，芯片尺寸必 须增大——但芯片尺寸存在一个无法突破的极限。 这就是良率问题。不能再小了，也不能再大了。单片芯片是条死路。 所以，业界的应对之策是反其道而行之。 分开，然后重新连接 想象一下，用3D打印机一次性打印出一座霍格沃茨城堡。如果打印过程中出现一个地方出错，整个作 品就得扔掉。但如果你用乐高积木搭建呢?一块坏的积木——换一块就行了。 Chiplet就像乐高积木。 ...

Core Viewpoint - Dan Niles recommends Nvidia (NVDA) and Broadcom (AVGO) as the two key stocks for investors looking to capitalize on the AI spending boom, suggesting that owning both provides comprehensive exposure to the sector [1][3]. Investment Insights - Niles has extensive experience in the tech sector, having witnessed multiple tech booms and busts, and currently manages a portfolio at Niles Investment Management [2]. - Major fund managers, including Cathie Wood's ARK Invest and Ken Griffin's Citadel, have increased their stakes in Nvidia and Broadcom, indicating strong institutional support despite broader market weaknesses [2][3]. Performance Comparison - Nvidia and Broadcom have shown significant performance differences over various time frames: - 1 Month: Nvidia +0.90% vs. Broadcom -5.04% [6] - 6 Months: Nvidia +6.98% vs. Broadcom +13.25% [6] - Year-to-Date: Nvidia +0.75% vs. Broadcom -3.50% [6] - 1 Year: Nvidia +34.96% vs. Broadcom +46.02% [6] - 3 Years: Nvidia +778.53% vs. Broadcom +460.77% [6] - 5 Years: Nvidia +1,158.83% vs. Broadcom +581.67% [6] Market Dynamics - Niles highlights a significant shift in market expectations regarding hyperscaler AI capital expenditures, which have risen from an estimated growth of 25%-30% to nearly 60% [7]. - Nvidia is recognized as the leading supplier of high-end GPUs essential for AI training and inference, while Broadcom specializes in custom ASICs for hyperscalers [8]. Valuation Metrics - Nvidia's stock is currently trading at 25 times forward earnings, which is only slightly above the S&P 500's valuation of approximately 23 times [8].

Core Viewpoint - AI spending continues to grow despite market fluctuations, indicating a bullish trend for companies involved in AI, with expectations of sustained growth in the coming years [1] Group 1: Nvidia - Nvidia remains a leading provider of computing units in the AI sector, with significant improvements in its chip architecture, Rubin, which requires fewer GPUs for training and inference [4] - For fiscal year 2027, Nvidia is projected to grow at a rate of 65%, up from 57% in FY 2026, driven by accelerating demand for its GPUs [6] Group 2: Taiwan Semiconductor Manufacturing (TSMC) - TSMC is the largest chip foundry globally and benefits from the AI buildout, expecting nearly 30% revenue growth in U.S. dollars this year [7] - TSMC is well-positioned to capitalize on increased AI spending, with major hyperscalers planning to spend around $650 billion on capital expenditures [8] Group 3: Broadcom - Broadcom is emerging as a competitor in the AI computing landscape, offering ASICs that provide similar or better computing power at a lower price compared to Nvidia GPUs [9] - Demand for Broadcom's custom AI chips is surging, with management projecting revenue from AI chips to double in the upcoming quarter [11] Group 4: Microsoft - Microsoft is currently trading at a lower valuation, with a forward earnings ratio of 24, presenting a potential buying opportunity despite previous investor hesitance [12][14] Group 5: Alphabet - Alphabet has regained its position as a leader in generative AI, with its Gemini model and Google Cloud platform showing impressive growth [15] - While Alphabet may not have the same upside potential as other stocks, it is considered a solid foundation for a portfolio due to its strong prospects in AI innovations [16]

来源：中国基金报 万亿外资巨头又调仓了！ 根据美国证券交易委员会（SEC）披露，近日资管巨头贝莱德递交了截至2025年12月31日的第四季度持 仓报告（13F）。 根据13F，贝莱德第四季度持仓总市值为5.92万亿美元，环比增长3.67%。去年第四季度，贝莱德投资组 合中新增了247只个股，清仓165只个股。其中，前十大重仓股占总市值30.41%。 具体来看，前五大买入标的为谷歌-A、谷歌-C、礼来、美光（MU.US）、苹果。前五大卖出标的为标 普500ETF-SPDR CALL（SPY.US.CALL）、ServiceNow（NOW.US）、Strategy（MSTR.US）、AT&T （T.US）、Kellanova （K，现已退市）。 "前十大"科技含量较高 增持英伟达、苹果、微软等 根据13F，贝莱德持有的前十大重仓股科技含量较高，具体包括：英伟达（NVDA.US）、苹果 （AAPL.US）、微软（MSFT.US）、亚马逊（AMZN.US）、谷歌-A（GOOGL.US）、博通 （AVGO.US）、谷歌-C（GOOG.US）、META（META.US）、特斯拉（TSLA.US）、礼来 （LLY.US）等 ...

Market Overview - Recent weeks in 2026 have experienced a return of volatility in the market, prompting investors to seek lower-risk AI beneficiaries outside of the "Magnificent Seven" [1] - Large market pullbacks present opportunities for investors to acquire high-quality companies at discounted prices [1] Investment Strategy - The investment approach is fundamentally driven, focusing on forensic analysis of company financials to uncover overlooked winners and emerging trends [1] - The primary sector focus is on technology and large-cap companies, with additional coverage of select consumer and industrial sectors where market trends indicate potential opportunities [1] - The investment philosophy emphasizes long-term, evidence-based strategies prioritizing cash-flow sustainability, conservative balance-sheet analysis, and purchasing with a margin of safety [1] Research and Analysis - The research combines in-depth financial statement analysis with industry context to provide actionable insights for investors [1] - The goal is to translate complex financial data into readable formats that enable better, risk-aware decision-making for readers [1]

Group 1: Company Performance - Advanced Micro Devices (AMD) achieved record full-year revenue of $34.6 billion in 2025, with a gross margin of 50% and earnings per share of $2.65 [3][5] - Broadcom also had a strong year in 2025, posting record revenues and maintaining a significant AI-specific backlog of approximately $73 billion [6][9] - AMD anticipates a 32% growth for the first quarter of 2026, with a projected non-GAAP gross margin of 55% [3][5] Group 2: Market Position and Valuation - AMD's current market capitalization is $332 billion, with a trailing P/E ratio of 79, indicating a high valuation despite recent tech stock declines [3][5] - Broadcom, with a market capitalization of $1.6 trillion, has a slightly lower trailing P/E ratio of 68, but remains expensive [6][7] - Both companies are considered to be part of a booming chip and semiconductor industry, with significant investor interest [2][6] Group 3: Future Outlook - The outlook for AMD is promising, but Broadcom is seen to have a slight edge due to its diversified portfolio across custom chips, networking, and enterprise software [9] - Broadcom is positioned to dominate the next decade, leveraging its multiple growth engines [9]

Core Insights - Broadcom Inc. has launched BroadPeak™, a highly integrated radio digital front-end (DFE) SoC device aimed at enhancing 5G massive MIMO and remote radio head (RRH) applications, setting the stage for next-generation 5G Advanced and 6G wireless infrastructure [1][2] Product Features - BroadPeak features a 5nm CMOS DFE and ADC/DAC blocks on a single chip, achieving up to 40% power reduction compared to existing solutions for massive MIMO and RRHs [1] - The device operates across a frequency range from 400 MHz to 8.5 GHz, making it the first product to meet the technical requirements for both 5G Advanced and 6G standards [2][4] - It supports advanced functionalities such as digital predistortion, carrier aggregation, and gain control, with ADC/DAC sampling rates up to 19.6 GS/s [6] Industry Context - Massive MIMO technology is crucial for enhancing mobile network coverage, capacity, and user throughput, especially as data consumption rises due to AI-driven applications [2] - The introduction of BroadPeak allows mobile operators and OEMs to design high-capacity networks that can support the demands of AI-driven applications and personalized digital experiences [2] Collaboration and Development - Broadcom is collaborating with Altera to ensure interoperability between BroadPeak SoCs and Altera Agilex™ 7 FPGAs, which is essential for the development of next-generation radio platforms [4] - Hitachi GlobalLogic is co-developing the BroadPeak SDK with Broadcom to simplify hardware complexity and ensure that next-gen mMIMO and RRH architectures are ready for deployment at scale [4] Availability - Broadcom has commenced shipping samples of the BroadPeak BCM85021 to early access customers and partners [5]

New 0.4-8.5GHz CMOS radio digital front-end solution delivers breakthrough RF performance and power consumption for next-generation 5G Advanced and 6G networksPALO ALTO, Calif., Feb. 19, 2026 (GLOBE NEWSWIRE) -- Broadcom Inc. (NASDAQ: AVGO), a global technology leader that designs, develops and supplies semiconductor and infrastructure software solutions, today announced the launch of BroadPeak™, a highly integrated radio digital front-end (DFE) SoC device, unlocking new possibilities for 5G massive multipl ...

Valley Wealth Managers, Inc. disclosed a sale of 479,832 shares of Sonoco Products Company (NYSE:SON) in its February 4, 2026, SEC filing, with the estimated trade valued at $19.9 million based on quarterly average pricing. What happened According to a February 4, 2026, SEC filing, Valley Wealth Managers, Inc. sold 479,832 shares of Sonoco Products Company, with the transaction’s estimated value at $19.9 million based on the mean closing price for the quarter. The value of the fund’s position declined by ...