公众号记得加星标⭐️，第一时间看推送不会错过。 来源：内容 编译自 nextplatform 。 InfiniBand 一直被认为是跨 PC、服务器、存储和网络使用的主流结构，但这一努力失败了，InfiniBand 的剩余努力在千 禧年之交获得了第二次生命，成为运行模拟和模型的超级计算机的高性能、低延迟互连。 几十年来，得益于远程直接内存访问 (RDMA) 带来的低延迟，InfiniBand 找到了一个利基市场。RDMA 允许 CPU、 GPU 以及其他类型的 XPU 直接访问彼此的主内存，而无需经过整个网络软件堆栈。这也是Nvidia 五年多前斥资 69 亿美 元收购 Mellanox Technologies 的原因之一。Nvidia 无疑预见到了 GenAI 的蓬勃发展，并知道它需要 InfiniBand 作为 连接 GPU 服务器节点的后端网络，以便它们能够协作训练 AI 模型。 与此同时，在 GPU 服务器内部，Nvidia 需要一种方法来集群 GPU 的内存，以便它们可以共享工作并运行 AI 训练和推 理例程以及 HPC 代码，就像 CPU 具有非统一内存访问 (NUMA) 技术一样，这使得多个计 ...

Core Insights - Adams Diversified Equity Fund, Inc. reported a total return of 7.8% on its net asset value for the first half of 2025, outperforming the S&P 500 Index's return of 6.2% and the Morningstar U.S. Large Blend category's return of 5.7% [1] - The Fund's market price total return for the same period was 12.4% [1] Performance Summary - Annualized comparative returns as of June 30, 2025, show the following: - 1 Year: NAV at 15.1%, market price at 18.0%, Morningstar U.S. Large Blend at 13.6%, S&P 500 at 15.2% - 3 Year: NAV at 20.5%, market price at 24.0%, Morningstar U.S. Large Blend at 18.2%, S&P 500 at 19.7% - 5 Year: NAV at 17.2%, market price at 19.2%, Morningstar U.S. Large Blend at 15.5%, S&P 500 at 16.6% - 10 Year: NAV at 14.3%, market price at 15.1%, Morningstar U.S. Large Blend at 12.3%, S&P 500 at 13.7% [4] Net Asset Value - As of June 30, 2025, the Fund's net assets were $2,804,959,277, down from $2,938,344,145 a year earlier - Shares outstanding decreased from 124,051,735 to 120,125,125 - Net asset value per share decreased from $23.69 to $23.35 [6] Equity Portfolio Holdings - The ten largest equity portfolio holdings as of June 30, 2025, accounted for 40.8% of net assets, with the following key positions: - Microsoft Corporation: 7.7% - NVIDIA Corporation: 7.5% - Apple Inc.: 6.1% - Amazon.com, Inc.: 4.1% - Alphabet Inc. Class A: 3.4% - Meta Platforms, Inc. Class A: 3.3% - Broadcom Inc.: 2.6% - JPMorgan Chase & Co.: 2.5% - Adams Natural Resources Fund, Inc.: 1.9% - Netflix, Inc.: 1.7% [7] Sector Weightings - As of June 30, 2025, sector weightings were as follows: - Information Technology: 32.7% - Financials: 13.8% - Consumer Discretionary: 10.7% - Communication Services: 9.8% - Health Care: 9.2% - Industrials: 8.1% - Consumer Staples: 5.8% - Energy: 3.2% - Utilities: 2.4% - Real Estate: 2.1% - Materials: 1.7% [9]

Core Insights - Broadcom's Tomahawk Ultra Ethernet switch is a significant driver for its AI revenue growth, with a reported 46% year-over-year increase in AI revenues for Q2 FY25 [1][10] Group 1: Product and Technology - The Tomahawk Ultra chip is designed to meet the increasing demand for high-bandwidth, low-latency interconnects necessary for scaling AI workloads [2] - It boasts impressive specifications, including a throughput of 51.2 terabits per second, the ability to handle 77 billion packets per second, and ultra-low latency of 250 nanoseconds, which are essential for connecting numerous GPUs and AI accelerators [3] - The chip supports up to 1,024 accelerator connections, providing a competitive advantage over Nvidia's NVLink [3] - Its pin compatibility with the previous generation (Tomahawk 5) facilitates easier upgrades for customers, promoting faster adoption among hyperscalers and OEMs [4] Group 2: Market Position and Competition - Broadcom is positioning itself as a major player in AI infrastructure by integrating Tomahawk Ultra with its broader portfolio, including Jericho routers and custom AI chips [5] - The company faces competition from NVIDIA, which leads the AI chip market with its GPU performance and CUDA-NVLink ecosystem, benefiting from strong demand from cloud and internet giants [6] - Advanced Micro Devices (AMD) is also a competitor, supplying high-performance EPYC CPUs and Instinct GPUs to major hyperscalers, with a reported 57% year-over-year increase in AI data center revenues [7] Group 3: Financial Performance and Valuation - Broadcom's shares have returned 20.9% year-to-date, outperforming the Zacks Electronics - Semiconductors industry, which grew by 15.6% [8] - The company is currently trading at a forward price-to-sales ratio of 18.41X, which is significantly higher than the industry average of 8.75X, indicating a potentially overvalued position [11] - The Zacks Consensus Estimate for Q3 FY25 earnings is $1.66 per share, reflecting a 33.87% year-over-year growth, while the estimate for fiscal 2025 earnings is $6.64 per share, suggesting a 36.34% growth compared to fiscal 2024 [14][15]

As artificial intelligence (AI) and cloud computing continue to dominate the tech sector, Wall Street analysts are upgrading their outlooks for two mega-cap giants, Broadcom (NASDAQ: AVGO) and Microsoft (NASDAQ: MSFT). AVGO price target as high as $400Analyst Vijay Rakesh of Mizuho Securities upgraded his position on Broadcom to “Buy” on July 16 while increasing the target price from $315 to $320.Just a day earlier, Rick Schafer over at Oppenheimer increased his target price from $265 to no less than $305, ...

If you currently hold Tesla NASDAQ: TSLA and Apple NASDAQ: APPL—two popular Magnificent Seven stocks—you might want to consider rotating out of them and into Broadcom NASDAQ: AVGO and Oracle NYSE: ORCL instead. This advice comes from Vimal Patel, Co‑Portfolio Manager of the Columbia Seligman Global Technology Fund (SHGTX), whose mutual fund has outperformed its tech-sector peers by 6% over the past five years.Get SoftBank Group alerts:Tech stocks are navigating a volatile 2025 landscape marked by geopolitic ...

Market Dynamics - The market has experienced a significant rebound, with a 30% increase in the S&P 500 and a 40% increase in the Nasdaq 100 since April, which is unprecedented in recent history [5][62]. - The current market sentiment was characterized by extreme fear, as indicated by a fear and greed index reading of three, the second lowest ever recorded [7]. Investment Strategies - The company aggressively bought stocks at the market bottom in April, focusing on high-quality stocks such as Nvidia, AMD, Google, and Amazon, resulting in substantial gains [8][12]. - The investment group has seen positive results from maintaining long positions during market lows, with many investors benefiting from this strategy [9]. Technology Sector Insights - The "magnificent seven" tech stocks, referred to as "mags," include Tesla, Google, Amazon, Nvidia, Apple, Microsoft, Broadcom, and Meta, all of which have significant market capitalizations [14]. - Google is viewed as undervalued due to ongoing DOJ investigations, while Amazon is expected to perform well due to its diversified portfolio and dominance in online shopping [16][69]. - Tesla is seen as a leading player in the self-driving and robotics markets, with significant long-term potential despite its controversial valuation [22][27]. Earnings Season Focus - The earnings season is underway, with a focus on big tech companies and potential increases in loan delinquencies and credit card defaults, which could indicate a weakening credit system [55][57]. - Positive earnings reports have been observed from major banks, but there are concerns about rising delinquencies in the housing market [56][58]. Monetary Policy and Economic Outlook - The Federal Reserve's current monetary policy is seen as atypical, with rates held steady for over six months while mortgage and credit card rates reach decade highs [39][40]. - There is a belief that the Fed is behind the curve in managing interest rates, which could lead to significant economic implications if not addressed [44][46]. AI Spending Concerns - There are ongoing concerns about potential slowdowns in AI spending, which could lead to margin compression and lower revenue growth for companies heavily invested in AI, such as Nvidia and Broadcom [71][75]. - The competitive landscape in AI is intensifying, with significant investments from various global players, indicating that the current growth phase may not last indefinitely [76].

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请参会人员务必注意本次电话会议交流内容仅限参会人员内部参考任何机构或个人不得以任何形式对电话会议任何内容进行泄露或外发请勿以任何方式索要 泄露、散布、转发电话会议纪要任何泄露电话会议纪要等信息的行为均为侵权行为身亡红颜研究保留追究泄露转发者法律责任的权利各位尊敬的投资者大家晚上好我是身亡红颜的互联网才卖经理士林启贤欢迎来参加今天晚上这个AI全产业链的会议 那我们今天是有六位分析师发言涵盖了TMT的四个行业也包括像关注度比较高的B端、C端的应用以及算力、芯片 我们先说一下我们这次会议的背景然后再由这个分析师依次来做汇报我们今天讲AI产业链第一个背景是整个资金链上面我们看到最近这一周来说的话就是整个 TNT板块整个交易的拥挤度已经回到了23年初的水平那估值也有一个明显的回落所以首先是有低位上面资金高切低的这么一个需求这是第一第二就是我们从产业的角度来看虽然 大概在5月份港股的互联网公司出来一报之后市场会觉得国产的AI没有新的强催化所以很多的AI各个环节的标的都会有一些调整但是我们可以看到其实本身产业是有很多的进展的包括在赚利环节我们看到海外博通S芯片的代表已经创下了新高而且对英伟达也是有一个比较大的反弹 那我们也 ...

Group 1 - Broadcom has begun mass production of its groundbreaking network processor "Tomahawk Ultra," designed for high-performance computing (HPC) and artificial intelligence applications [1] - The Tomahawk Ultra series is optimized for tightly coupled, low-latency communication patterns in HPC systems and AI clusters, providing predictable and efficient performance for large-scale simulations and AI model training [1] - The chip aims to compete with NVIDIA's NVLink switch chip, offering four times the chip count and utilizing an enhanced Ethernet version instead of a proprietary data transfer protocol [1] Group 2 - As part of its Ethernet advancement strategy for AI scaling, Broadcom has launched SUE-Lite, an optimized version of the SUE specification for power and area-sensitive accelerator applications [2] - The Tomahawk Ultra series is fully compatible with the Tomahawk 5 series, ensuring rapid product deployment [2] - The series has already started shipping and will be used in rack-based AI training clusters and supercomputing environments [2]

迎接海内外算力共振 20250715 摘要 AI 训练和推理需求驱动光通信产业增长，英伟达、Corewave 等公司业 绩验证训练需求旺盛，Marvell、博通等则显示推理端需求强劲，Meta 等加大投入，引发数据中心"军备竞赛"。 国内算力市场面临供给不足挑战，但英伟达新卡及国产卡突破正逐步解 决，星网锐捷等龙头公司业绩改善，国产算力板块配置价值显现。 光模块板块 2025 年持续看好，关注新易盛、旭创、天孚科技等业绩高 增长且估值较低的公司，以及 CPO 方向的太辰光和光芯片环节的源杰科 技等新兴技术趋势。 新易盛预计 2025 年上半年归母净利润同比增长超 300%，受益于 800G 光模块出货量显著增长，并成功进入英伟达和 Meta 等新客户供 应链。 1.6T 光模块市场前景广阔，英伟达 GPT300 及其搭载的 CX8 网卡预计 下半年批量导入，将释放 1.6T 光模块需求，利好旭创、天孚、新易盛等 头部厂商。 大集群建设趋势明确，博通、Marvell 等公司均指出百万卡集群趋势， 将确保对包括光通信在内算力硬件设施需求端及景气度保持高水平。 AI 芯片产能缓解后，数据中心上架速度加快，新订单放量 ...