Group 1 - The sell-off in artificial intelligence stocks continued, with Broadcom shares dropping over 11% due to concerns over lower margins and uncertain deals, impacting other tech stocks like Nvidia, AMD, and Oracle [1] - Despite the decline in tech stocks, the Dow Jones Industrial Average rose 1.1% week on week, driven by strong performance in financial stocks, while the S&P 500 and Nasdaq Composite fell by 0.6% and 1.6% respectively [2] - Broadcom's earnings and guidance exceeded expectations, indicating strong performance in its AI segment, which has been described as overdelivering and accelerating [3] Group 2 - Future prospects for the industry appear positive, with expectations of high profitability driven by AI, power and resources, and longevity themes impacting performance in 2026 [4] - Investor sentiment remains cautious in the near term, with a need for concrete reassurances, such as Oracle achieving positive cash flow, to stabilize confidence in the market [4]

上周五，美股AI科技股迎来了一场"腥风血雨"：英伟达、甲骨文和博通为首的科技股相继大跌，让投资者对AI泡沫和算力基建前景的担忧重燃。 事实上，在最近的财报季中，英伟达、甲骨文和博通都交出了强劲的财报业绩，公司高管们也在财报电话会上反复强调公司业绩增长的前途 无量。 但与AI热潮初期投资者们狂热的"all in AI"不同，这一次，投资者们的目光不在专注于那些令人头晕目眩的超高增速上，而是聚焦在了支出 成本、毛利率和风险因素之上。 这也表明，围绕AI的交易逻辑正逐渐从"宏大叙事"转向"现实回报"。一些投资者们担忧，AI泡沫的破裂，似乎已经进入倒计时。 "这只股票（博通）今年迄今已上涨75-80%。现在出现了一些回调也很正常，"瑞穗证券分析师维杰·拉凯什周五表示，"我们会 在回调时买入。" 但是，也有分析师认为，博通的股价下跌可能更多是由于市场对于AI泡沫的整体焦虑情绪。 博通的好成绩单却换来市场"毒打"？ 在这样的转变潮流中，博通可谓是一个代表案例。该公司在上周发布了一份全面好于预期的财报后，股价却在周五暴跌11.43%。这是该股 自今年1月份暴跌17.4%以来最大的单日跌幅。 财报显示，在人工智能数据中心定制 ...

摩根大通发表研究报告指，博通业绩及指引大幅超越市场及买方预期，但符合该行原先预期，主要受客 制化AI芯片(XPU)及网络业务加速增长所推动。该行预计全年AI相关半导体收入将按年增长约65%，达 约200亿美元，而2026财年将进一步增长至最少550亿至600亿美元以上。非AI半导体业务方面，收入增 长起步较该行预期慢，但呈稳定趋势，该行预计当终端市场复苏动能在明年增强时，此业务将成为收入 及毛利率的另一增长点。至于利润率，虽然AI XPU收入占比上升不利于未来的毛利率，但营运模式中 仍存在足够杠杆以支撑营运利润率，并推动利润快速增长。该行上调盈利预测，将目标价由400美元上 调至475美元，重申"增持"评级，并维持博通为半导体板块中的首选。 ...

该行认为，博通公布业绩后股价在盘后交易中下跌，或许归因于一些不必要的担忧：1)积压订单与最乐 观预期的差距：730亿美元(且持续增长)的AI积压订单，相对于市场共识的690亿美元(未来六季)，以及 一些可能超过800亿美元的最乐观预期。博通的积压订单/订单能见度持续建立，管理层评论暗示在2026 及2027财年实现500亿及1,000亿美元AI销售额是可能的，与交流前的最乐观预估相符；2) OpenAI项目 启动日期：该行仍预期其对2027财年的贡献大于2026财年，从某种角度看这是好事，因它降低了2026财 年AI展望的风险。在该行看来，博通新增的第五个客户可能是苹果；3)产品组合导致的毛利率压力：这 是合理的担忧，该行将博通2026及2027财年毛利率预估下调至73%及71%(先前为75.4%及73.6%)，但该 行相信博通营运支出可得到控制，使息税前利润率保持相对稳定；以及4)相对于英伟达的溢价估值：相 对于英伟达的24倍，博通2026财年预测市盈率为33倍，差距为历来最大，此差距倾向于在日历年第一季 季节性收敛。 美银证券重申博通为首选股以及"买入"评级，将2026及2027财年每股盈利预测各上调8% ...

智通财经12月15日讯（编辑 刘蕊）上周五，美股AI科技股迎来了一场"腥风血雨"：英伟达、甲骨文和 博通为首的科技股相继大跌，让投资者对AI泡沫和算力基建前景的担忧重燃。 这也表明，围绕AI的交易逻辑正逐渐从"宏大叙事"转向"现实回报"。一些投资者们担忧，AI泡沫的破 裂，似乎已经进入倒计时。 博通的好成绩单却换来市场"毒打"？ 在这样的转变潮流中，博通可谓是一个代表案例。该公司在上周发布了一份全面好于预期的财报后，股 价却在周五暴跌11.43%。这是该股自今年1月份暴跌17.4%以来最大的单日跌幅。 事实上，在最近的财报季中，英伟达、甲骨文和博通都交出了强劲的财报业绩，公司高管们也在财报电 话会上反复强调公司业绩增长的前途无量。 但与AI热潮初期投资者们狂热的"all in AI"不同，这一次，投资者们的目光不在专注于那些令人头晕目 眩的超高增速上，而是聚焦在了支出成本、毛利率和风险因素之上。 财报显示，在人工智能数据中心定制处理器以及相关网络芯片的销售激增下，博通取得了强劲的业绩增 长。在与分析师的电话会议上，博通首席执行官陈福阳反复强调，当前730亿美元的积压订单并不意味 着未来18个月的全部交付营收， ...

Hong Kong's HSI was down 0.92% or 240 points to 25,736. Nikkei also dipped 745 points or 1.47% to reach 50,090, of 10:25 AM IST.Shanghai and Shenzhen were down 0.11% and 0.71%, respectively. South Korean Kospi, also traded at a loss of 1.53%, down to 4,103. Tokyo’s Nikkei slumped as traders anticipated whether the Bank of Japan (BOJ) would raise its benchmark interest rate this week. Japan’s economy contracted at an annualised rate of 2.3% in the July-September quarter, the first decline in six quarters. A ...

Core Insights - The article discusses investment strategies suggested by Michael Fitzsimmons, emphasizing a diversified portfolio with a focus on high-quality low-cost S&P 500 funds and an overweight position in the technology sector, which is believed to be in the early stages of a long-term bull market [1] - For dividend income, Fitzsimmons recommends large oil and gas companies that offer strong dividend income and growth, reflecting his background in the oil and gas industry [1] Investment Strategy - Fitzsimmons advocates for a top-down capital allocation approach tailored to individual investor circumstances, including factors such as age, retirement status, risk tolerance, income, net worth, and investment goals [1] - Suggested investment categories include S&P 500, technology, dividend income, sector ETFs, growth, speculative growth, gold, and cash [1]

Core Insights - The article discusses investment strategies focusing on a diversified portfolio, emphasizing a core foundation in a high-quality low-cost S&P 500 fund and an overweight position in the technology sector, which is believed to be in the early stages of a long-term bull market [1] Investment Strategies - Investors are advised to construct a well-diversified portfolio that aligns with their personal situations, including factors such as age, risk tolerance, and financial goals [1] - For dividend income, large oil and gas companies are recommended due to their strong dividend income and growth potential [1] Sector Focus - The technology sector is highlighted as a key area for investment, with expectations of continued growth and a long-term bull market [1] - The article suggests allocations into various investment categories, including sector ETFs and speculative growth, to enhance portfolio performance [1]

Group 1 - Barclays raised Broadcom's target price from $450 to $500 while maintaining an "Overweight" rating [1]

Investment Rating - The report rates the communication industry as "Outperform" [4] Core Insights - The communication sector has shown strong performance, with the Shenwan Communication Index rising by 6.27% during the week of December 8-14, 2025, significantly outperforming the broader market [12] - Cignal AI has raised its market size forecast for Optical Circuit Switches (OCS) to at least $2.5 billion by 2029, a 40% increase from previous estimates, driven by the expansion of AI and data center deployments [31] - UMC has obtained technology licensing for 300mm silicon photonics process from imec, which will accelerate the development of silicon photonics technology, addressing the bottlenecks of traditional copper interconnects [2] Summary by Sections Market Review - The communication sector ranked first among 31 Shenwan primary industries in terms of growth, with significant contributions from sub-industries such as communication network equipment (up 8.62%) and communication cables (up 8.28%) [15] - Notable stock performances included Dekoli (up 43.66%) and Zhongci Electronics (up 40.65%), while *ST Jinglun saw a decline of 13.99% [19] Industry Dynamics - UMC's licensing agreement with imec for the iSiPP300 silicon photonics process will enhance its capabilities in optical interconnect solutions, crucial for data centers and high-performance computing [24] - Nvidia has been granted permission to export its H200 AI chips to China, which could generate significant revenue despite a 25% revenue share to the U.S. government [28] - Cignal AI's report indicates that OCS technology is evolving from a niche application to a foundational technology for large-scale AI systems, with a growing number of active suppliers and deployment scenarios [31][32] - Broadcom's Q4 financial results showed a record revenue of $64 billion, driven by AI semiconductor sales, with expectations for continued growth in the upcoming quarters [35]