外部合作伙伴重新变得重要 外部合作伙伴重新变得重要 英伟达的领先地位难以撼动 据报道，Meta Platforms在放弃其最先进的训练处理器并转向更简单的方法后，正深刻认识到内部构建 尖端AI芯片远比看起来要困难得多。 该公司一直在其MTIA项目下研发第二代训练芯片，其中包括一个名为Olympus的设计，原预计在2026 年第四季度准备就绪。但技术复杂性、制造风险和软件稳定性方面的担忧迫使其重新考虑。Meta此前 已放弃了名为Iris的早期设计，而随着内部团队难以构建出真正能与英伟达生态系统相抗衡的产品， Olympus现在似乎面临同样的命运。 这一现实正迫使Meta目前更多地依赖外部合作伙伴。该公司最近与Alphabet旗下的谷歌签署了一项价值 数十亿美元的协议，租用其AI芯片，并与Advanced Micro Devices合作，在其数据中心部署高达6千兆瓦 的Instinct芯片。Meta还承诺在其数据中心内多代际地部署英伟达硬件。 责任编辑：张俊 SF065 英伟达的领先地位难以撼动 据报道，Meta Platforms在放弃其最先进的训练处理器并转向更简单的方法后，正深刻认识到内部构建 尖端AI芯片 ...

Core Insights - Meta Platforms has committed to a significant increase in capital expenditures for AI infrastructure, with plans to spend between $115 billion and $135 billion in 2026, nearly doubling the $72 billion spent in 2025 [1] - The company has signed a multi-billion-dollar lease agreement with Google for tensor processing units (TPUs), diversifying its AI chip suppliers beyond Nvidia and AMD [1] - Meta's stock has experienced a decline of nearly 20% from its August high of approximately $796, reflecting investor concerns over rising capital expenditures and profitability amid economic uncertainty [1] Group 1: AI Infrastructure Expansion - Meta is aggressively pursuing partnerships with leading chipmakers, including Nvidia and AMD, to enhance its AI infrastructure [1] - The company has secured a multi-year partnership with Nvidia for millions of Blackwell and Rubin GPUs, ensuring a steady supply of high-performance chips for AI training [1] - The agreement with AMD, valued at up to $60 billion over five years, includes deploying 6 gigawatts of Instinct GPUs and an option for Meta to acquire a 10% stake in AMD [1] Group 2: Google TPU Partnership - The deal with Google allows Meta to access TPUs for training and running new AI models, with discussions for potential outright purchases starting in 2027 [1] - This partnership aims to reduce Meta's dependency on Nvidia's GPUs, potentially lowering costs and enabling specialized optimizations for its AI ecosystem [1] - Google stands to benefit by scaling its TPU business and generating new cloud revenue streams, positioning itself as a competitor to Nvidia in the custom silicon market [1] Group 3: Market Reactions and Investor Sentiment - Investors are anxious about Meta's escalating capital expenditures, viewing it as a high-stakes bet on unproven AI returns [1] - The stock's decline reflects broader concerns over profitability and the financial implications of Meta's investments in AI and the metaverse [1] - Despite the potential benefits of the Google partnership, the market remains skeptical, as evidenced by a further 2% dip in Meta's stock following the deal announcement [1]

记者丨刘雪莹 吴斌 编辑丨曾静娇 北京时间2月27日晚，美股三大指数集体走低，三大指数均跌超1%。 大型科技股多数下跌，截至22:42，甲骨文、赛富时跌超4%；美股科技七巨头全线飘绿，英伟达、微软 跌超2%。 | 名称 | 现价 | 涨跌幅 | | --- | --- | --- | | 苹果(APPLE) | 269.160 | -1.39% | | 亚马逊(AMAZON) | 206.240 | -0.81% | | 谷歌(ALPHABET)-C | 306.280 | -0.28% | | 脸书(META PLATFORMS) | 641.605 | -2.34% | | 微软(MICROSOFT) | 393.080 | -2.15% | | 英伟达(NVIDIA) | 180.740 | -2.24% | | 特斯拉(TESLA) | 403.905 | -1.14% | 半导体股集体走低，费城半导体指数领跌市场，蓝博士半导体跌超5%，博通、格芯跌超2%。 云基础设施提供商CoreWeave跌超17%，创去年8月以来最大跌幅，巨额资本开支引发投资者担 忧。 多邻国股价一度跌22%，创下2023年2月 ...

科技股普跌，甲骨文跌超4%，闪迪、博通跌超3%，英伟达、微软、美光科技跌逾2%，英特尔、特斯拉 等跌超1%。 | 名称 | 涨跌幅 ▲ | 坝价 | | --- | --- | --- | | 甲骨文(ORACLE) | -4.16% | 144.060 | | 博通(BROADCOM) | -3.43% | 310.655 | | 闪进 | -3.04% | 632.100 | | 英伟达(NVIDIA) | -2.50% | 180.269 | | 超威半导体(AMD) | -2.55% | 198.480 | | 微软(MICROSOFT) | -2.38% | 392.150 | | 美光科技(MICRON TECHNOLOGY) | -2.38% | 405.655 | | 英特尔(INTEL) | -1.88% | 44.607 | | 西部数据(WESTERN DIGITAL) | -1.87% | 276.970 | | 高通(QUALCOMM) | -1.74% | 143.060 | | 特斯拉(TESLA) | -1.66% | 401.780 | | 苹果(APPLE) | -1.29 ...

行情回顾 本周，美元指数整体区间震荡。美国最高法院推翻特朗普关税政策、白宫引入新进口税令市场反复评估贸易前景，美元多次冲高回落，整体缺乏方向。截至 发稿，美指报97.75。 现货黄金高位盘整。周初受关税不确定性及美伊紧张局势提振，金价重返5200美元上方并触及三周高点；随后因美元企稳及获利了结大幅回落，盘中一度跌 超100美元。此后多次冲击5200关口，整体维持高位震荡。白银振幅更大，多次突破90美元后回落，周五美国敦促公民离开以色列后白银急涨，站上92美元 关口。 主要非美货币走势分化。欧元和英镑兑美元以震荡整理为主，缺乏明确方向；日元整体走弱，美元兑日元延续上行；澳元在商品属性和央行预期支撑下相对 抗跌，表现略强于其他非美货币。 国际油价在六个月高位附近冲高回落。盘中一度涨约2%，但随着美伊谈判传出积极进展，以及欧佩克+释放增产预期，油价再度承压。周五，美伊紧张局势 带动国际油价急涨。 本周美股走势震荡明显。周初受AI担忧与关税风险升温影响，金融和软件股领跌，大盘回调；随后在AI龙头业绩预期推动下，科技股一度反弹、纳指走 强；但英伟达财报落地后市场情绪转谨慎，芯片与大型科技股回落拖累指数，板块轮动加剧，整 ...

2 月 27 日，Counterpoint Research 今晚公布的数据显示，2025 年下半年全球智能眼镜出货量同比增长 139%，其中 AI 智能眼镜成为绝对主力，占总出货量 88%。这一增长主要受季节性需求、Meta 产品线扩张以及中国厂商密集发布新产品推动，理想汽车、Rokid、BOLON、百度和魅族等厂商均已下场迎战。 AI 智能眼镜平均售价从 2025 年上半年的 347 美元上涨至 360 美元（IT之家注：现汇率约合 2378 元- 2467 元人民币），主要原因是 Meta 新产品定价更高。 与此同时，基础智能眼镜平均售价下降至 63 美元（现汇率约合 431.7 元人民币），原因是华为和亚马逊等厂商出货减少，大部分销量转向 50 美元以下入门 级产品，这一市场主要由 OHO Sunshine 和白牌厂商主导。 Meta 之外，小米排名全球第二。小米 AI 眼镜发布后推动出货量同比增长超过 200%，并在软件优化后进一步带动需求增长。 区域方面，北美是最大市场，占比 37%，西欧升至 30%。印度出货量增长 15 倍，但整体份额仍仅 2%。中国市场份额为 6%，尽管出货量增长，但规模仍有 ...

Core Insights - Generative AI is viewed as a transformative technology by Amazon's CEO Andy Jassy, indicating its potential to significantly enhance customer experiences [1] - Elon Musk predicts that humanoid robots could create a market worth $250 trillion by 2040, representing a major shift in the global economy driven by AI innovation [2] - Major firms like PwC and McKinsey acknowledge the multi-trillion-dollar potential of AI, suggesting a broad consensus on its economic impact [3] Company and Industry Analysis - A breakthrough in AI technology is redefining work, learning, and creativity, leading to increased interest from hedge funds and top investors [4] - There is speculation about an under-owned company that may play a crucial role in the AI revolution, with its technology posing a threat to competitors [4] - Prominent investors, including Bill Gates and Warren Buffett, recognize AI as a significant technological advancement with the potential for substantial social benefits [8] Market Trends - The AI ecosystem is expected to reshape how businesses, governments, and consumers operate globally, indicating a paradigm shift in various sectors [2] - The enthusiasm for AI is reflected in the investments and partnerships being formed by major companies, such as Oracle's collaboration with Nvidia [8]

智通财经APP获悉，据知情人士透露，Meta Platforms(META.US)在内部研发AI芯片过程中遭遇挑战， 已放弃使用其最先进的芯片方案，转而采用设计更简化的版本。上周，由于芯片设计环节出现技术困 难，该公司正式终止了正在研发的最先进AI模型训练芯片项目。报道还指出，Meta已于上周向人工智 能基础设施部门员工同步了这一技术路线调整的最新计划。 Meta放弃自研芯片的决定，揭示了各公司在试图设计能与市场霸主英伟达(NVDA.US)抗衡的AI芯片 时，所面临的普遍困境。 一位参与Meta芯片研发的内部人士透露，公司内部对开发能与英伟达芯片性能匹敌的计划普遍持谨慎 态度，主要担忧在于项目存在延期或需要重新设计的风险。该人士指出，相关报告显示，这类芯片的研 发需要组建大规模工程师团队，负责芯片设计、调试及功耗控制等关键环节。若无法有效解决功耗问 题，这些自研芯片在与英伟达成熟产品的对比中可能不具备投入使用的价值。 Iris训练芯片采用单指令多数据(SIMD)计算架构。该架构对硬件工程师而言设计门槛较低，但软件工程 师在训练AI模型时面临显著编程挑战。据报告披露，Olympus采用与英伟达AI芯片同源的单指 ...

Core Insights - Global smart glasses shipments are expected to grow by 139% year-on-year in the second half of 2025, with AI smart glasses accounting for 88% of total shipments, driven by seasonal demand, Meta's product line expansion, and new product launches from Chinese manufacturers [1][3] - The average selling price (ASP) of AI smart glasses increased from $347 to $360, primarily due to higher pricing of new Meta products, while the ASP of basic smart glasses decreased to $63 due to reduced shipments from Huawei and Amazon [1][3] Group 1 - Meta continues to dominate the market with a 82% market share in the second half of 2025, with the first generation of Ray-Ban Meta AI glasses peaking in shipments in Q3 2025 and the second generation quickly gaining market acceptance after its launch in September 2025 [2][3] - The Oakley Meta HSTN and Vanguard models accounted for over 30% of Meta's total shipments in Q4 2025, reinforcing Meta's leadership in the global smart glasses market [2] Group 2 - User feedback indicates significant improvements in the video performance of the second generation Ray-Ban Meta AI glasses, including an upgrade in resolution from 1080p to 3K and enhanced stabilization features [3] - Xiaomi ranks second globally, with its AI glasses driving a shipment increase of over 200% following software optimizations [3] - North America is the largest market for smart glasses, accounting for 37% of shipments, followed by Western Europe at 30%. India saw a 15-fold increase in shipments, but its overall market share remains at only 2% [3] Group 3 - The global smart glasses market is expected to maintain rapid growth beyond 2026, driven by Meta's expansion and the entry of more manufacturers, although rising storage chip prices may have some impact [3]

今天带大家扒一扒Contrary发布的《2026年科技趋势报告》这本352页的"未来预言书"。一句话总结：2026年，科技不再只是手机里的APP，而是从 天上到地下，从身体到情感，全方位重塑我们的生活，带来巨大的机遇和同样巨大的拉扯。 报告内容量巨大，我把它掰开揉碎，分成四大块，咱们用大白话唠明白。 读完整份报告，最大的感受是：未来已来，只是分布不均，而且充满悖论。 一方面，技术以一种近乎野蛮的方式生长。 AI重塑了我们的工作方式（从写代码到看病），自动驾驶和低空经济重塑了我们的物理空间（从陆地到 天空），生物技术甚至开始重塑我们的身体（从减肥到基因编辑）。这背后是中美两大巨头的激烈博弈，从芯片、能源到月球资源，每一个赛道都 关乎未来几十年的国运。 另一方面，技术进步与人类的精神需求产生了巨大的错位。 我们享受着屏幕带来的便利和娱乐，却陷入了更深层次的孤独和不信任。当现实中的社 交变得"昂贵"和困难时，我们甚至开始转向AI寻求情感慰藉。这给我们带来一个深刻的启示：未来最稀缺的资源，可能不再是算力、能源或者稀 土，而是真实的"人际关系"和"信任"。 对于普通人来说，这既是挑战也是机会。挑战在于，我们需要不断学习 ...