如果您希望可以时常见面，欢迎标星收藏哦~ 过去几天，英伟达登上头条的原因，并不是它卖出了多少芯片，而是它能开出多大的支票。上周晚 些时候，公司宣布将向陷入困境的芯片制造商英特尔投资 50 亿美元。随后在周一，又传出消息 称，英伟达计划在未来几年向 OpenAI 投资 最高 1000 亿美元。 这个数字尤其惊人，因为就在三年前，英伟达每年的自由现金流还只有区区 60 亿美元出头。但人 工智能的狂热及其引发的"军备竞赛"，让英伟达不仅成为全球市值最高的公司，还成为"现金储备 最深"的科技巨头之一。 根据 FactSet 数据，英伟达在过去四个季度中创造了 720 亿美元自由现金流，本财年预计将接近 1000 亿美元。这一规模超过了除苹果之外所有超大市值科技公司的今年预期自由现金流。 然而，如何花掉这笔巨款并非易事。英伟达在过去四个季度回购了近 500 亿美元的股票，并在近 期又追加了 600 亿美元的回购计划。公司在过去两年中将研发投入翻了一番，但依旧难以追上爆 炸式的销售增长。过去四个季度，英伟达的研发费用仅占营收的 9%，而此前五个财年的年均比例 为 22%。 用 现 金 去 收 购 一 家 大 型 公 司 ...

不 过 根 据 最 新 的 招 聘 信 息 ， 英 特 尔 正 在 寻 找 一 名 SoC 性 能 工 程 师 （ SoC Performance Engineer），负责客户端桌面产品的开发，这意味着"蓝厂"仍在推进其独显产品线。 如果您希望可以时常见面，欢迎标星收藏哦~ 来源：内容 编译自 wccftech 。 看起来，英特尔的独显（dGPU）野心依然存在。据报道，该公司近日发布了一份新的招聘启事， 其中包括为下一代桌面 GPU 进行开发。 目前英特尔在桌面游戏 GPU 方面的计划还不算明确，因为公司尚未公布具体的路线图。上一次公 开的产品还是 Arc Pro "Battlemage" GPU，此后英特尔在独显市场一直相对沉寂。 参考链接 https://wccftech.com/intel-isnt-backing-down-from-high-end-desktop-gpus/ 点这里加关注，锁定更多原创内容 *免责声明：文章内容系作者个人观点，半导体芯闻转载仅为了传达一种不同的观点，不代表半导体芯闻对该 观点赞同或支持，如果有任何异议，欢迎联系我们。 推荐阅读 10万亿，投向半导体 芯片巨头，市值大 ...

本报（chinatimes.net.cn）记者石飞月 北京报道 财大气粗的英伟达又准备掏腰包了。9月23日，英伟达宣布计划向OpenAI投资高达1000亿美元，为 OpenAI的下一代AI基础设施部署至少10吉瓦的NVIDIA系统。受此消息影响，英伟达当日盘中股价几乎 直线拉升，最终涨3.93%，不过在当地时间9月23日，该公司股价下跌2.82%，总市值为4.34万亿美元。 值得一提的是，上周英伟达才刚刚宣布以50亿美元入股英特尔并达成战略合作，短短几天，该公司又准 备向OpenAI投入上千亿美元。这两笔看似方向迥异的投资背后，究竟蕴含着英伟达怎样的战略逻辑？ 目前看来，该公司正同时锁定AI时代的"供给"与"需求"，希望构建一个无人能撼动的闭环。 巨额投资 在全球半导体史上，1000亿美元也算一笔巨额投资了。 据英伟达官方消息，这笔巨额投资主要为助力OpenAI构建和部署至少10吉瓦（gigawatt）的AI数据中 心，这些数据中心将采用NVIDIA系统，包含数百万块英伟达GPU，为OpenAI的下一代AI基础设施提供 支持，用于训练和运行其下一代模型，从而部署超级智能，双方会在未来几周内确定这一新阶段合作的 ...

Core Insights - The collaboration between Nvidia and Intel, involving a $5 billion investment, has significantly impacted stock prices in the semiconductor industry, with Intel's stock rising over 22% and Nvidia's by 3.5% [2] - The partnership aims to develop customized AI solutions and integrate Intel's SOCs with Nvidia's GPUs, enhancing capabilities in data centers and personal computing [3] Semiconductor Industry Impact - The announcement has led to a surge in stock prices for semiconductor equipment companies such as ASML, Applied Materials, and Lam Research, highlighting the importance of equipment suppliers in the semiconductor value chain [4][11] - Nvidia's and Broadcom's hyperscaler customers are expanding data centers in response to increasing AI demand, driving up orders for semiconductor equipment [11] Equipment Manufacturing Process - Modern chip production involves multiple steps, including deposition, lithography, etching, and polishing, with companies like Applied Materials and Lam Research playing crucial roles in these processes [6][9][10] - ASML is recognized for its advanced lithography machines, particularly its EUV systems, which are essential for producing high-precision microchips [12] Investment Opportunities - ASML is highlighted as the top investment choice among semiconductor equipment suppliers due to its monopoly on EUV machines and the growing demand for advanced chip manufacturing technologies [12][14] - Equipment makers like ASML, Applied Materials, and Lam Research are considered undervalued compared to chip designers like Nvidia and Broadcom, presenting attractive investment opportunities [16] - All three equipment makers offer dividends, providing a source of passive income alongside strong investment potential [18]

Market Overview - US stock market experienced a pullback after reaching highs, with all three major indices closing lower: Dow Jones down 0.19%, Nasdaq down 0.95%, and S&P 500 down 0.55% [1] Banking Sector - Mixed performance in bank stocks, with Goldman Sachs, JPMorgan Chase, Morgan Stanley, and Zions Bancorporation showing slight gains, while Bank of America, Citigroup, and US Bancorp recorded minor declines [3] Technology Sector - Technology stocks weakened, highlighted by Amazon's significant drop of 3.04%, Nvidia down 2.82%, and Tesla down 1.93%. Microsoft and META also saw declines exceeding 1%. Conversely, Intel rose by 2.02% and AMD increased by 0.69% [3] Chinese Concept Stocks - Chinese concept stocks continued to decline, marking a four-day losing streak with an overall drop of 2.22%. Notable declines included Baidu down 8.09%, Bilibili down 4.02%, and Tencent Music down 4.2%, while NIO and NetEase saw slight gains [3] Gold Market - COMEX gold experienced a pullback, closing up 0.42% at $3,796.9 per ounce, with intraday fluctuations showing a low of $3,772.4 and a high of $3,824.6. The market sentiment around gold remains conflicted, balancing fears of high prices against prevailing trends [3]

Core Viewpoint - The partnership between Intel and NVIDIA solidifies NVIDIA's market dominance and marks a milestone in the transition to the next computing era, expanding the total addressable market (TAM) significantly for both companies [1][6][20]. Partnership Overview - The collaboration is a system-level bet rather than a single product cooperation, focusing on standardizing a CUDA-first architecture compatible with x86, covering both data center and client devices [6][7]. - NVIDIA's $5 billion investment in Intel signals alignment and aims to create a combined market opportunity of $25 billion to $50 billion annually across data centers and PCs [7][20]. Economic Impact - The partnership is expected to inject approximately $1 trillion into NVIDIA's TAM and $100 billion into Intel's TAM, driven by the growing demand for AI and accelerated computing [12][20]. - The integration of NVIDIA GPUs into Intel's SoCs is anticipated to enhance Intel's manufacturing throughput and create a replicable model for x86-centric enterprises [8][12]. Market Dynamics - The x86 market is projected to shift from a declining business to one that can be expanded through CUDA, with the potential for significant growth in the PC market as well [13][20]. - The collaboration is expected to streamline procurement processes, allowing enterprises to adopt pre-validated CPU-GPU systems, thus reducing production time for AI workloads [17][39]. Strategic Implications - Intel's access to CUDA will enable it to regain relevance in the accelerated computing space, while NVIDIA will leverage this partnership to expand its reach into the x86 market [24][27]. - AMD faces challenges as the market shifts towards CUDA-compatible architectures, potentially limiting its growth unless it secures access to CUDA [30][31]. Future Outlook - The agreement is seen as a pivotal moment that transitions the industry from an x86-centric design to a CUDA-centered system, enhancing both companies' market influence [39][40]. - The execution risks remain focused on operational aspects, with Intel needing to deliver timely and coordinated efforts while NVIDIA balances openness with platform integrity [40].

Core Insights - Nvidia's recent investments in Intel and OpenAI, amounting to $50 billion and up to $100 billion respectively, signify its ambition to solidify its dominance in the AI chip market [1][6] - The collaboration with OpenAI and Intel is seen as a strategic move to create strong alliances within the AI ecosystem, potentially reshaping the market landscape [1][11] Investment Overview - Nvidia has significantly increased its investment activities, with a notable rise in the number of investments from 2 in 2020 to 56 in 2024, indicating a growing focus on strategic partnerships [3][4] - In 2024, Nvidia's venture capital arm has already invested $1 billion in the first nine months, a 15% increase from the previous year [3] Key Investment Targets - Nvidia's investments this year include at least seven notable deals exceeding $100 million, focusing on sectors like fusion energy, quantum computing, and large model companies [4][5] - Major investments include $863 million in Commonwealth Fusion, $1 billion in PsiQuantum, and $5 billion in Wayve, reflecting Nvidia's strategic interests [5] Strategic Partnerships - The partnership with Intel involves custom x86 processors for Nvidia's AI infrastructure, enhancing Nvidia's position as a key supplier in the data center market [7] - Nvidia's collaboration with OpenAI includes the construction of at least 10 gigawatts of AI data centers, which will significantly boost Nvidia's revenue from data center sales [8][11] Market Dynamics - The investments are also a response to potential threats from cloud providers developing their own ASIC chips, which could undermine Nvidia's market position [9][10] - The collaboration with Intel is expected to create competitive pressure on other firms like AMD and Broadcom, as it allows for better integration of Nvidia's technology with Intel's x86 architecture [10] Future Outlook - The gradual funding of OpenAI's data center projects indicates a long-term commitment to building AI infrastructure, which is crucial for Nvidia's growth strategy [11] - The strategic alliances formed through these investments may lead to a reconfiguration of the competitive landscape in the AI industry, with Nvidia, Intel, and OpenAI at the forefront [11]

【市场点评】 隔夜，鲍威尔在一场商会活动上发表演讲，其重申了上周利率决议后记者会上所强调的重点：在上周的 会议上，美联储将基准利率下调至4%–4.25%区间，这是2025年的首次降息。鲍威尔当时称，这一举措 是"风险管理式降息"，旨在应对劳动力市场日益明显的预警信号。 另外他还指出，近期通胀风险偏上行，就业风险则偏下行——这是一种有挑战的局面。双向风险意味着 没有毫无风险的路径。如果货币政策的放松力度过大，我们可能无法有效控制通胀，并可能需要未来为 实现2%的通胀目标而调整政策。如果货币政策收紧的时间过长，劳动力市场可能会不必要地疲软。在 这种目标存在矛盾的情况下，政策框架要求我们在实现双重使命时保持平衡。 来源：市场资讯 （来源：要闻君） 美东时间周二(9月23日)，受美联储主席鲍威尔讲话影响，美股终结连涨势头，三大股指集体收跌暂离 高位，纳指跌近1%，科技巨头普遍回调，英伟达跌近3%。鲍威尔认为，相对于历史水平，某些资产价 格偏高，从许多指标看，股市(美股)估值相当高。 截至收盘，标普500指数跌0.55%，报6656.92点；道琼斯指数跌0.19%，报46292.78点；纳斯达克指数跌 0.95%，报2 ...

Group 1 - Intel's stock price increased by 2% despite a lack of significant news, outperforming the S&P 500 which fell by 0.6% [1] - Investor sentiment is positively influenced by Nvidia's recent $5 billion investment in Intel and the collaboration between the two companies [2][7] - An upgrade from Erste Group analyst Hans Engel from sell to hold reflects optimism regarding Intel's progress in its transformation program [3][4] Group 2 - Engel noted that Intel has successfully increased production speed, which is expected to positively impact key fundamentals [4] - The testing of Intel's production platform by Nvidia and Broadcom suggests potential future growth for the company [5] - If Intel can attract new clients for its contract manufacturing business, it may have a chance to return to profitability [5]

Group 1 - Nvidia's recent $5 billion investment in Intel indicates that Nvidia is entering AMD's business, particularly in the area of system on chips [1][2] - The collaboration between Nvidia and Intel aims to integrate GPUs and CPUs, enhancing capabilities for gaming desktops and AI laptop processors [2] - AMD is expected to improve its market share in AI applications by 2027, potentially matching the market leader, Nvidia, as hyperscale customers may opt for dual-sourcing high-end chips [3] Group 2 - Macquarie Core Equity Fund acknowledges AMD's potential in the semiconductor market, particularly in CPUs and GPUs for gaming, data centers, and AI [3] - Despite recognizing AMD's growth potential, the fund believes that other AI stocks may offer higher returns with limited downside risk [3]