AIDC 电源革命开启，2026 从预期到现实 20260119 摘要 数据中心芯片功耗和机柜功率密度显著提升，英伟达 Rubin Ultra 芯片 开伯尔机柜功率已达兆瓦级别，预计北美 AI 数据中心到 2028 年新增功 率达 70 吉瓦，全球总新增功率预计达百吉瓦级别，对供电系统提出更 高要求。 英伟达和谷歌均提出数据中心供电四步走战略，最终目标一致，即采用 中压整流器或固态变压器（SST）将中压交流一步降至 800 伏直流，提 高转化效率，OCP 组织也在不断迭代数据中心供电标准，提升整体效率 与性能。 一次电源（柜外电源）未来发展方向是高压直流（HVDC）和固态变压 器（SST），SST 难点在于高频变压器技术，目前仅有少数企业交付 SST 产品或样机，HVDC 技术难点在于高功率 PSU 模块。 二次电源（柜内电源）发展趋势是单颗 PSU 功率不断提升，需采用碳化 硅和氮化镓等第三代半导体及新型拓扑结构，同时，从 HVDC 或 SST 主 机输出的 800 伏直流需通过 DCDC 转换器降至服务器可用电压。 AI 芯片电容市场由三星（原材料来自博迁新材）和村田主导，随着 AI 技 术发展，对高端电 ...

近期，谷歌的 Nested Learning 引发了一场模型界的记忆地震。 很多人重新意识到，大模型不必永远是「训练完就封存」的只读权重，它也可以在推理过程中继续变化。在 Nested Learning 里，当模型 读到新的上下文时，它不只是把文本塞进注意力的缓存里临时翻找，而是允许自己在推理过程中更改参数，让新信息变成它内部记忆的 一部分。 但就在人们还在消化这个想法时，英伟达在2025年12月28日给出了一个更激进的答案，一篇名为《End-to-End Test-Time Training for Long Context》的论文。谷歌的记忆增强路线，还在努力解决记忆问题，把过去重要的东西保存得更完整。但英伟达的研究人员则认为，记忆 其实就是学习，「记住」就是「继续训练」。 如果沿着时间线往回翻，你会发现 TTT（test-time training）并不是凭空出现的发明。 早在2013年，Mikolov 等人就在语言模型里尝试过 dynamic evaluation。当时放的是让模型解除冻结，在测试文本上继续用下一词预测的 交叉熵损失 CE（也就是我们最经常理解的大语言模型的参数学习损失目标）做小步梯度 ...

知情人士透露，去年11月发布的Gemini 3再次引发了新的使用热潮，并获得了广泛好评。 随着模型质量的提升，谷歌Gemini AI模型的销售业务在过去一年中呈现爆发式增长。 当地时间1月19日，据The Information援引谷歌内部数据指出，通过谷歌云进行的Gemini API（应用程序 编程接口）调用请求量增长迅猛。数据显示，API调用量从去年3月Gemini 2.5发布时的约350亿次，飙 升至8月的约850亿次，翻了一倍多。 这一增长不仅体现在数量上，更体现在质量和利润率的改善上。据悉，早期的Gemini 1.0和1.5模型由于 大幅折扣，利润率为负。而随着Gemini 2.5及后续版本的推出，模型质量的提升使谷歌能够从单纯的"价 格战"转向"质量战"，从而实现了正向的边际利润。 巨额资本开支下的市场大考 尽管业务数据向好，但市场仍关注高昂的投入产出比。 市场有风险，投资需谨慎。本文不构成个人投资建议，也未考虑到个别用户特殊的投资目标、财务状况或需要。用户应考虑本文中的任何 意见、观点或结论是否符合其特定状况。据此投资，责任自负。 投资者正密切关注即将披露的Q4财报，以寻找这些巨额投资正在产生回 ...

今日热点导览 春运首日车票多趟车次售罄 泡泡玛特：斥资2.51亿港元回购140万股股份 万科被强执超10.89亿元 TOP3大新闻 SK海力士向全体员工发放人均超64万元绩效奖金，创公司历史最高纪录 1月19日，据韩媒报道，全球内存芯片行业的三巨头之一SK海力士宣布，将向全体员工发放人均超1.36 亿韩元（约合64万元人民币）的绩效奖金，创公司历史最高纪录。 据报道，SK海力士为员工提供以公司股票形式领取绩效奖金的选项，即"股东参与计划"。根据股东参 与计划，员工可以选择将其年终奖的最多50%以公司股票形式领取。持有这些股票满一年的员工，将获 得相当于购买金额15%的额外现金奖励。例如，一位获得1亿韩元年终奖的员工如果选择顶格持股，将 获得价值5000万韩元的股票。若持有一年，该员工还将额外获得750万韩元。 行情数据显示，得益于人工智能热潮，SK海力士的股价在2025年内涨幅达275%。同时，今年年初，SK 海力士就表示其2026年的全部芯片产能已售罄。（中国基金报） 黄金白银价格走高，深圳水贝市场推出999.9投资铜条 最近，黄金和白银价格一路走高，成为大众追捧的投资焦点。而在这股热潮之下，又一种金属悄悄 ...

股票频道更多独家策划、专家专栏，免费查阅>> 责任编辑：栎树 中信证券认为太空算力的能源供给将高度依赖光伏技术。钙钛矿作为兼具高效率和低成本的下一代光伏 技术，有望成为重要的太空能源解决方案。2025年以来，钙钛矿产业化进展加速，效率、稳定性纷纷取 得突破，行业内多条GW级产线相继投产，建议关注钙钛矿产业投资机会。 据报道，太空AI中心是以AI算力太空部署为特征的新一代AI基础设施，旨在为AI发展突破能源、环 境、空间瓶颈。目前，全球科技力量争相布局太空AI中心建设，纷纷出台技术发展和建设规划，带动 相关技术和应用进入高速发展期。 太空算力正从概念验证走向可运行系统。海外方面，英伟达已完成H100GPU在轨测试，Space X计划4 年内每年完成部署100GW太空数据中心，谷歌拟2027年发射TPU原型卫星，Starcloud推进40MW数据中 心落地。中国数据中心"上天"进展顺利，已成功建起全球首个商业化AI卫星网络。2025年5月，中国国 星宇航与之江实验室联合发射了首批12颗、搭载AI芯片和模型的智能计算卫星，总算力达5 POPS，标 志着太空算力首次进入实际应用阶段。 ...

Alphabet and Taiwan Semiconductor have nearly unstoppable businesses.Finding stocks that are great candidates to buy now and hold forever isn't easy. These need to be fairly stable companies, with several avenues to continue their growth path. Furthermore, they need to have market-beating growth opportunities, as owning stocks that underperform the market misses the whole point of investing in individual stocks.Two that I think investors can buy in 2026 and hold forever are Alphabet (GOOG 0.85%) (GOOGL 0.80 ...

Core Viewpoint - Bill Ackman's investment strategy through Pershing Square Capital shows strong performance in 2025, with potential for continued success in 2026, focusing on building a diversified holding company similar to Berkshire Hathaway [1][2]. Group 1: Alphabet Inc. - Ackman's investment in Alphabet represents 22.6% of his marketable equities, driven by the belief that the market undervalues its AI capabilities and overestimates competition from AI chatbots [3][4]. - Alphabet's Google Cloud revenue grew by 34% year-over-year in Q3, with expanding operating margins and strong adoption of its AI accelerators, TPUs [4][5]. - The company has made significant advancements with its Gemini AI model, leading to a 15% growth in Google Search revenue in Q3 2025, and a partnership with Apple to enhance Siri, expected to generate billions in revenue [5][6]. Group 2: Brookfield Corp. - Brookfield Corp. accounts for 17.7% of Ackman's marketable equities, primarily driven by its subsidiary Brookfield Asset Management, which constitutes about 75% of its value [7][9]. - The company reported $154 million in net carried interest in Q3, a significant increase from $61 million year-over-year, with expectations of $25 billion in net carried interest over the next decade [10][11]. - Brookfield's Wealth Solutions insurance business is projected to double its assets in five years, with a 15% return on equity, leading to strong earnings growth [11]. Group 3: Uber Technologies - Uber Technologies makes up 15.5% of Ackman's marketable equities, facing concerns about competition from autonomous vehicles but positioned as a key partner for self-driving initiatives [12][13]. - The company has seen a 17% increase in monthly active users and a 4% rise in trips per user in Q3, contributing to strong top-line growth and 33% adjusted EBITDA growth [15][16]. - Despite significant investments in future technologies, Uber's stock is valued at around 22 times its trailing adjusted EBITDA, indicating strong growth potential [16].

Sometimes even the best consumer gadgets can have problems, and a new academic study has revealed a weakness in Google’s Fast Pair system which can be exploited with certain audio devices, allowing them to be taken over by others. It can apply to people who’ve never owned a Google product and just use an iPhone. As ever, updating your audio devices brings new features and peace of mind.Google New York HQGetty ImagesThe good news is there’s currently no evidence that the vulnerability has yet been exploited ...

Quantum computing is the next big thing in tech, but you don't need to invest in any risky start-ups to profit from it.Quantum computing used to be one of those things you only read about in a science fiction novel, along with faster-than-light travel or teleportation. It might be part of everyday talk on the Starship Enterprise, but it's not real, right?Turns out it's very real, and it's one of the fastest-growing industries out there. McKinsey estimates the quantum computing market could grow from about $ ...

Group 1 - The article does not provide any relevant content regarding company or industry insights [1]