此外，谷歌正式发布第七代TPU Ironwood，该芯片将于未来几周内正式上市。这款芯片由谷歌自主设 计，可处理从大型模型训练到实时聊天机器人和AI智能体运行的各种任务。该芯片最初于今年4月亮 相，用于测试与早期部署。 据官方博客介绍，Gemini 3 Pro Image专为解决最具挑战性的图像生成任务而设计。该模型现已在Vertex AI平台上线，也可通过Google的Gen AI SDK(提供统一的Python和Go接口)在Google AI Studio中使用。 日前，谷歌发布的Gemini 3 Pro在多方评测中都备受好评，测试数据在一众大模型中一骑绝尘。罗伯特· 贝尔德公司分析师Colin Sebastian指出，"除了在搜索参与度和盈利能力方面的优势外，谷歌还将实时网 络索引与先进模型训练结合，我们认为这是关键的竞争优势。" 智通财经APP获悉，周四，谷歌(GOOGL.US)盘前涨4%，报304.73美元。消息面上，当地时间11月20 日，谷歌的新一代多模态AI模型、第二代Nano Banana(代号Gemini 3.0 Pro Image)更新，新版本的正式 代号是Gemini 3 Pro Im ...

Core Viewpoint - The technology sector, particularly driven by Nvidia's strong earnings report, is experiencing a bullish sentiment in the market, with expectations for continued momentum and potential follow-through in stock performance [2][4][11]. Nvidia Performance - Nvidia reported revenue of $57 billion, exceeding expectations of $54.68 billion, marking a 62% year-over-year increase [6]. - Adjusted earnings per share were $1.30, surpassing the anticipated $1.24 [6]. - Data center revenue rose by 66% year-over-year, reaching $51.2 billion, now constituting 90% of Nvidia's total revenue [6][7]. - Nvidia's fiscal year 2026 revenue outlook is projected at around $65 billion, with gross margins expected at 74.8% [8][9]. - The company is reportedly sold out of GPUs for cloud services through 2026, indicating strong demand [7]. Market Reactions - The bullish sentiment in the market is also benefiting other tech companies, such as AMD, which may see increased demand as Nvidia's supply constraints push customers towards alternatives [12][14]. - Alphabet (Google) has also shown resilience amid market fluctuations, bolstered by recent announcements including the launch of Gemini 3 and a $2 billion cloud data center investment in Turkey [16][17]. Economic Indicators - The upcoming jobs report is anticipated to have limited impact on market dynamics, with expectations set at 53,000 for non-farm payrolls [21]. - Market liquidity remains low, which could lead to increased volatility in stock prices [23][25]. Technical Analysis - The E-Mini S&P 500 futures are facing a key resistance level at the 50-day moving average, with a current upward movement of approximately 1.3% [3][4]. - The first support level is identified at yesterday's close, indicating a cautious approach as the market attempts to regain momentum [5].

In this piece, we will look at the stocks Jim Cramer discussed.In a recent appearance on CNBC’s Squawk on the Street, Jim Cramer discussed the weakness in the stock market as technology stocks headed towards ending a seven-month winning streak. Cramer’s remarks came before AI chip giant NVIDIA’s earnings report and after co-host Carl Quintanilla mentioned a Bank of America survey that didn’t do much to quell market uneasiness. BofA’s Global Fund Manager Survey outlined that a net 20% of managers part of the ...

以下文章来源于棱镜 ，作者温世君 棱镜 . 腾讯新闻出品栏目，《棱镜》聚焦泛财经深度记录。 减持清单也曝光了。 文 ｜ 温世君 编辑 ｜ 孙春芳 来源｜ 棱镜（ID：lengjing_qqfinance） 封面来源 ｜ 视觉中国 11月12日，道琼斯工业指数冲上48431.57点的历史新高。相较于2023年初——也就是本轮美股牛市的起点，已经上涨了46%。 ChatGPT引爆的AI革命是本轮美股牛市的核心驱动力，纳斯达克指数的涨幅自然不遑多让。10月29日24019.99点的历史新高，相较2023年初翻番还要多：上 涨了131.25%。 关键的支撑来自几家数万亿市值的科技股：不到三年时间，微软、苹果股价翻番，总市值双双攀升至4万亿美元上下；谷歌（ALPHABET-A）涨幅超 200%，总市值站上3.5万亿美元大关……作为本轮美股牛市的核心旗手，英伟达的涨幅一度突破1300%，不仅成为三年13倍的超级牛股，更创下历史纪录， 成为首家总市值突破5万亿美元的公司——创始人黄仁勋也顺理成章地登上全球华人首富的宝座。 但情况似乎在悄然发生变化：无论是黄仁勋，还是曾经的全球首富比尔·盖茨，都在减持自家股票。而借着这轮AI ...

"资本结构变动推动了'重资产到轻资产、轻资产至重资本'全链条、全场景新模态的塑造。轻资产、重资本的时代金融叙事,与创投基金形成良好互动,创造了 诸多二级市场交易机会。"在11月19日开幕的"2025深圳国际金融大会"上，全国社会保障基金理事会原副理事长王忠民这样说。 这次由中国人民大学主办的会议，以"金融强国建设与大湾区高水平对外开放"为主题。"十五五"我国资本市场可能有哪些新变化？对未来有哪些新研判？在 会议上，原中国保险监督管理委员会副主席周延礼，中国人民大学原副校长吴晓求、王忠民等多位业内专家发表了主题演讲。 人工智能时代面临新挑战 吴晓求说，中国人均GDP已从1978年的150美元跃升至2025年的预计1.4万美元，逼近发达国家门槛。经济形态也由"短缺经济"转向"过剩经济"，约220个细 分行业面临产能过剩，仅少数领域存在供给缺口。这一转变要求理论与政策的重心从"扩大供给"转向"追求供需动态平衡"。 他进一步提到，以智能化为核心的第四次工业革命自2010年左右兴起，其发展高度依赖于算力、算法和大数据三大核心要素。得益于在第三次工业革命中打 下的信息产业与互联网坚实基础，以及新能源发展为算力基础设施提供 ...

Gemini 3在代码生成与前端设计领域展现出革命性进步，不仅彻底扭转了谷歌在编程竞赛中的竞争态 势，更通过架构创新为规模化商用铺平道路。其在LiveCodeBench上取得显著领先优势，在Design Arena的网站、游戏开发等四大赛区均位列第一。突破性的是，模型不仅能够生成功能代码，更具备"审 美智能"，能根据用户意图自动生成符合现代设计规范的交互界面，催生了"生成式UI"新范式。在技术 架构方面，Gemini 3采用稀疏MoE的全新设计，支持百万级token上下文长度，在长文档理解和事实回忆 测试中表现优异。尽管API定价处于行业高端，但通过提升token效率和首答准确率，实际任务完成成本 增幅有限，这种性能与成本间的精细平衡为模型在企业级市场的大规模应用提供了坚实支撑。 Gemini 3在智能体能力上实现质的飞跃，成为首个在消费级产品中深度融合通用Agent能力的基础模 型。其工具使用能力较前代提升30%，在终端环境测试和长时间跨度的商业模拟中表现卓越，能够自主 规划并执行复杂的端到端任务。配合全新推出的Antigravity智能体开发平台，开发者可在更高抽象层级 进行任务导向编程，将AI从辅助工具 ...

报告导读： 谷歌正式发布 Gemini 3 ，在推理能力、多模态理解、代码生成与智能体规划 等方面实现断层式领先，标志着谷歌在 AGI 路径上迈出关键一步，或将重塑大模型格局。 投资建议： 谷歌 Gemini 3 的发布标志着大模型技术进入新一轮跃迁期，其在推理、多模态、代码生成等核心能力上实现断层式领先，并创新性地推出生成 式 UI 与智能体平台 Antigravity 。此次突破验证了 Scaling Law 的持续有效性，将加速 AI 应用生态成熟。 北美时间周二，谷歌正式推出新一代大模型 Gemini 3 ，实现多维度断层式领先。 新模型在核心推理能力上取得显著进步，在 Humanity's Last Exam 中得 分从 2.5 Pro 的 21.6% 跃升至 37.5% （无工具），在被称为 "AI 界图灵测试 " 的 ARC-AGI-2 中更以 31.1% 的成绩超越 GPT-5.1 （ 17.6% ）近一 倍，展现出接近人类的抽象推理能力；多模态理解方面，新模型在复杂科学图表解析和动态视频理解测试中均创下新高，其卓越的屏幕理解能力为构建真正实 用的 AI 代理奠定了坚实基础；在数学推理领域，新 ...

Gemini 3 Pro 预览版上线那一刻，很多人心里的第一反应可能是： 终于来了 。 遛了将近一个月，这里暗示那里路透：参数更强一点、推理更聪明一点、出图更花一点，大家已经看得心痒痒了。再加上 OpenAI、Gork 轮番出来狙击， 更加是证实了 Gemini 3 将是超级大放送。 模型升级这一块的，Google 已经把话说得很满了 先快速把「硬指标」过一遍，免得大家心里没数。 | Benchmark | Description | | Gemini 3 Pro | Gemini 2.5 Pro | Claude Sonnet 4.5 | GPT-5.1 | | --- | --- | --- | --- | --- | --- | --- | | Humanity's Last Exam | Academic reasoning | No tools | 37.5% | 21.6% | 13.7% | 26.5% | | | | With search and code execution | 45.8% | - | - | - | | ARC-AGI-2 | Visual reasoning puzzl ...

Core Viewpoint - An analyst from Rothschild & Co Redburn has downgraded the ratings for Amazon and Microsoft, citing concerns that the current market valuations are based on outdated "cloud-1.0" economics, which may not apply to the more costly generative AI landscape [1][3][4] Company Analysis - The analyst, Alex Haissl, believes that the AI boom will not replicate the low-cost structure that benefited Big Tech in the 2010s, indicating that the costs associated with AI investments are likely underestimated by investors [2][5] - Amazon and Microsoft are projected to spend approximately $349 billion in capital expenditures (capex) this year, with a significant portion allocated to AI infrastructure [4] - The cost of AI hardware is substantial, with GPUs costing around $40 billion in capex per gigawatt of power, while generating only about $10 billion in revenue per gigawatt [4][6] Market Dynamics - The lifespan of AI chips is relatively short, which could lead to projects becoming "value destructive" if GPUs need to be replaced every three years, further increasing costs [6] - Hyperscalers like Amazon and Microsoft have limited pricing power, which could exacerbate financial pressures if they cannot pass on higher costs to end users [6][7] - Recent stock performance indicates a significant re-rating, with Amazon shares down approximately 13% and Microsoft shares down 10% from their recent peaks [7] Growth Outlook - While there may still be some potential for growth, it is viewed as limited compared to market expectations, and the value of that growth is considered low [8][9] - The analyst does not foresee a bearish scenario for the near term but also does not maintain a bullish outlook, suggesting that a meaningful reduction in capex and high growth would be necessary for a more optimistic view [9] - The tech sector, particularly stocks related to AI, has faced declines, with the Nasdaq 100 down 6% from its late October high and the Roundhill Magnificent Seven ETF down 7% from its peak [9][10]

每经记者｜岳楚鹏 每经编辑｜何小桃 兰素英 ①【三大期指齐涨】道指期货涨0.44%、标普500指数期货涨1.06%、纳指期货涨1.41%。 ②【明星科技股普涨】明星科技股盘前普涨。截至发稿，特斯拉、谷歌涨超2%，Meta、亚马逊、微软涨1%。 ③【英伟达涨超5%，Q3营收利润均涨超60%】截至发稿，英伟达上涨5.42%。当地时间11月19日，英伟达2026财年第三季度业绩显示，营收达到创纪录的 570亿美元，高于公司的整体指引区间，并且较分析师预期高出3%以上。营收同比增速从前一季度的56%提升至62%，这是自2024财年第四财季以来首次 营收增速较前一季度加快。净利润约为319亿美元，同比大涨65%。 ④【AMD涨超5%】截至发稿，AMD上涨5.19%，思科上涨0.48%。当地时间11月19日，沙特AI公司Humain宣布将与AMD、思科系统公司成立合资企业， 计划于2030年前在沙特阿拉伯建设并运营高达1吉瓦（GW）的AI基础设施，以助力沙特发展成为面向区域及全球客户的世界级AI解决方案领先供应商。 该计划设有多阶段扩容目标，首阶段将在沙特部署100兆瓦的项目，后期将逐步将产能扩展至数千兆瓦，旨在为全球A ...