智通财经APP获悉，汇丰环球投资研究部发表最新研报，维持对大型科技企业的评级及目标价，同时着 重指出2026年人工智能(AI)产业链(涵盖云计算、芯片、大语言模型及硬件领域)将面临的挑战与蕴藏的 机遇。 行业发展存在多重瓶颈：Cote-Colisson及其团队称："尽管基础设施建设正在加速推进，但电力供应与 芯片产能仍是短期内制约营收增长预期的关键因素。"分析师补充道，2026年的行业讨论焦点应集中在 如何实现电力供需平衡。同时，根据亚马逊财报电话会议的内容，分析师认为芯片供应短缺或将成为一 项长期难题。 资本支出呈持续扩张态势：分析师表示，2025年超大规模云计算厂商的资本支出指引不断上调，而基于 当前的产能短缺现状，这一增长趋势预计将在2026年延续。分析师预测，2026年全球云计算领域资本支 出总额将同比增长44%。 ASIC兴起，GPU仍有发展空间：Cote-Colisson及其团队称："英伟达GPU应仍是超大规模云计算厂商的 首选。不过，随着ASIC在性能上的提升以及成本优势的显现，其市场竞争力正不断增强。"分析师预 计，ASIC的对外芯片销售规模将在2027年迎来显著增长。ASIC与GPU两大品类 ...

Cybersecurity spending shows no signs of slowing as enterprises race to protect increasingly complex digital infrastructure from sophisticated threats. In addition to a steadily expanding addressable market, the cybersecurity sector is recession-resistant, making it attractive for growth investors in 2026. In this article, I have identified three top cybersecurity stocks you can buy for 2026. First is Broadcom (AVGO), a diversified infrastructure software powerhouse. Broadcom aims to combine enterprise s ...

Core Insights - Broadcom (AVGO) is expanding its Wireless Device Connectivity solutions with the launch of the BCM4918 accelerated processing unit (APU) and two new dual-band Wi-Fi 8 devices, BCM6714 and BCM6719, which enhance throughput and enable secure, power-efficient applications for residential users [1][9] Product Development - The new platform integrates compute acceleration, advanced networking, and robust security, catering to the demands of an AI-driven connected ecosystem [2] - The BCM4918 APU is a highly integrated system-on-chip that combines high-performance CPU computing, on-device AI/ML inference, advanced networking offload, and cryptographic acceleration [2] Financial Performance - Broadcom's Semiconductor Solutions segment, which includes the Wireless Device Connectivity business, accounted for 58% of fiscal 2025 revenues [3] - The company anticipates first-quarter fiscal 2026 AI revenues to double year over year to $8.2 billion, with total Semiconductor revenues expected to reach $12.3 billion, indicating a 50% year-over-year growth [4] - The current order backlog for AI switches exceeds $10 billion, driven by the popularity of the 102-terabit per second Tomahawk 6 switch [4] Competitive Landscape - Broadcom faces significant competition in the semiconductor market from NVIDIA and Marvell Technology, both of which are experiencing strong growth driven by AI and high-performance computing demands [5][6][7] Stock Performance and Valuation - Broadcom shares have appreciated 50.7% over the past year, outperforming the broader Zacks Computer and Technology sector's return of 25.7% [8] - The stock is trading at a forward 12-month price/earnings ratio of 32.33X, compared to the sector's 27.84X, indicating a premium valuation [12] - The Zacks Consensus Estimate for fiscal 2026 earnings is $9.86 per share, reflecting a 44.6% growth from fiscal 2025 [15]

Core Viewpoint - Morgan Stanley has raised its CoWoS capacity forecasts for 2026 and 2027 by 8% and 13% respectively, driven by TSMC's capacity expansion and strong demand for TPUs [1][2]. Group 1: CoWoS Capacity Forecasts - TSMC's CoWoS capacity is expected to reach 115,000 wafers per month by the end of 2026, with additional capacity from external suppliers (mainly ASE and Amkor) contributing 12,000 to 15,000 wafers per month [2]. - The capacity increase is primarily due to rising demand from the ASIC supply chain, with TSMC focusing on CoWoS-L technology while CoWoS-S supply remains stable [2]. Group 2: TPU Demand and Shipments - Morgan Stanley has raised its TPU shipment forecasts for 2026 and 2027 to 3.7 million and 5 million units respectively, reflecting strong market demand and TSMC's ongoing capacity expansion [3][4]. - To meet TPU demand, Broadcom's CoWoS wafer allocation has been increased to 230,000 wafers in 2026 and 350,000 wafers in 2027, while MediaTek is expected to receive 18,000 and 55,000 wafers in the same years [5]. Group 3: Key Players and Projects - NVIDIA's CoWoS allocation for 2026 remains at 700,000 wafers, with slight adjustments in product mix due to HBM4 readiness issues [6]. - AMD's CoWoS forecasts remain unchanged at 90,000 and 120,000 wafers for 2026 and 2027, with potential delays in the MI450 project [6]. - AWS's Trainium project has seen a slight reduction in 2026 shipment expectations to 2.1 million units, with lifecycle totals unchanged [7]. Group 4: Outsourcing and Equipment Suppliers - Due to TSMC's capacity constraints, smaller projects are being outsourced to packaging factories, with ASE expected to benefit from various CPU and TPU projects [8]. - Equipment suppliers are projected to see a 20% to 30% increase in equipment shipments in 2026, driven by strong demand for CoWoS, WMCM, and FOCoS technologies [9].

As some of my investments in the financial sector have matured over the past few years and European banks have reached their respective fair values again, I am broadening my horizon. In the second-half ofThe Investment Doctor is a financial writer, highlighting European small-caps with a 5-7 year investment horizon. He strongly believes a portfolio should consist of a mixture of dividend and growth stocks. He is the leader of the investment group European Small Cap Ideas which offers exclusive access to act ...

Impax Asset Management, an investment management company, released its “Impax US Sustainable Economy Fund” third-quarter 2025 investor letter. A copy of the letter can be downloaded here. In Q3 2025, the portfolio lagged behind the Russell 1000. Similar to the second quarter, the US equity markets favored a risk-on approach, benefiting high-risk, high-momentum, and lower-quality factors. Although the portfolio’s focus on relatively modest, lower-risk, and high-quality factors contributed to the underperform ...

AI播客：换个方式听新闻 下载mp3 音频由扣子空间生成 过去三年，对人工智能（AI）公司的押注一直主宰着美国股市，并推动其大涨78%。如今，越来越多的 投资者开始押注，这波由"七巨头"领衔的涨势即将终结。 市场日益担忧AI能否真正为美国经济带来翻天覆地的变化，以及是否能带来丰厚利润，这使得投资者 对该技术的狂热转为了焦虑。这股情绪正驱使资金流向标普500指数中"其余"493家公司的股票，尤其是 那些若经济增长预期回升将受益最大的公司。 "我称之为'AI疲劳'，"Yardeni Research总裁兼首席投资策略师Ed Yardeni表示，"我已经厌倦了，我怀疑 很多人也对整个话题感到警惕。" 这种逆转将标志着市场历史上集中度最高的时期之一画上句号。自OpenAI的ChatGPT在2022年惊艳投资 者以来，英伟达、微软和苹果的市值增加了数万亿美元。Alphabet和Meta的表现也毫不逊色，而像博通 和甲骨文这样的二线公司也被卷入了这场狂欢。 然而，风险依然存在。以史为鉴，"七巨头"主导地位的终结很可能伴随着股市的动荡。 "对于牛市而言，最温和的结果是将主导权和平移交给由标普500指数其余493只成分股组成 ...

然而，这场市场风格的转变已悄然启动——自去年10月末标普500指数创下历史新高后，11月便迎来一 波抛售潮。截至周一收盘，一项追踪"七巨头"指数自10月29日以来下跌2%，而标普500其余493只成分 股指数则上涨1.8%。 智通财经APP获悉，过去三年，人工智能(AI)概念股一直主导着美国股市，推动相关板块累计上涨 78%。然而，如今越来越多的投资者认为，由"七巨头"引领的这轮上涨行情即将告一段落。 市场对AI能否真正给美国经济带来颠覆性变革、并创造丰厚利润的担忧日益加剧，这让投资者对该技 术的狂热情绪逐渐降温并转为焦虑，同时也促使资金开始涌入标普500指数中"其余"493家公司的股票， 尤其是那些有望在预期中的经济增长回暖中最大程度受益的企业。 "我把这种现象称为'AI审美疲劳'，"Yardeni Research总裁兼首席投资策略师Ed Yardeni表示，"我已经感 到厌倦，而且我猜想，很多人也对这一话题心存警惕。" 若市场风向逆转，将标志着这轮由如此少数股票主导、史上罕见的强劲行情周期的终结。自2022年 OpenAI旗下的ChatGPT惊艳投资者以来，英伟达(NVDA.US)、微软(MSFT.US ...

The Nasdaq-100 has consistently outperformed other indexes like the S&P 500 because of its high concentration of technology stocks.More than 3,500 companies have chosen to go public by listing their shares on the Nasdaq (NDAQ +2.29%) stock exchange. It's typically the destination of choice for early-stage technology companies, because it offers lower fees and fewer barriers compared to alternatives like the New York Stock Exchange.The Nasdaq-100 is an index featuring 100 of the largest nonfinancial companie ...

南方财经 21世纪经济报道记者吴斌 报道 美国东部时间1月6日，美股三大指数全线收涨，道指、标普500指数均创历史新高。截至收盘，道指涨 0.99%，报49462.08点；纳指涨0.65%，报23547.17点；标普500指数涨0.62%，报6944.82点。 随着美股第四季度财报季临近，华尔街整体估值仍处于相对高位。目前标普500指数的预期市盈率约为 22倍，比去年11月的23倍略降，但仍高于过去五年的平均水平19倍。 1月5日，投资者一度押注委内瑞拉事件或为美国企业获取委内瑞拉石油资源铺平道路，能源股一度大 涨。但冷静一天后，能源股在前一交易日大涨后回落，埃克森美孚下跌3.4%，雪佛龙下跌4.5%，能源 巨头重返委内瑞拉仍有巨大不确定性。 CES搅动资本市场 在2026年国际消费电子展（CES 2026）上，"黄衣教主"的一举一动也在影响资本市场的走势。 接下来投资者将密切关注美股财报季。Argent Capital投资组合经理Jed Ellerbroek表示，大型科技公司即 将迎来非常强劲的财报季，资本支出预测很可能会再次被上调。 美股走势分歧重重 在经历了连续三年的大涨后，华尔街对2026年美股表现整 ...