Investment Rating - The industry investment rating is "Overweight" (maintained) [1] Core Insights - The report highlights the optimistic outlook for the liquid cooling industry, driven by strong performance and order growth from key players like维谛, AWS, and Google Cloud [4][5][6][7] - The report emphasizes the significant growth in organic orders and backlog for维谛, indicating a robust demand for liquid cooling solutions [4] - Major cloud service providers, including AWS and Google Cloud, have reported revenue growth exceeding expectations, with substantial increases in capital expenditures, suggesting a positive trend for the AI computing power supply chain [5][6] Summary by Sections 维谛 Performance - In Q4 2025, 维谛's sales reached $2.88 billion, a 23% year-over-year increase, with an adjusted operating profit margin of 23.2%, exceeding expectations [4] - The company experienced a 252% year-over-year growth in organic orders and a backlog increase to $15 billion, up 109% [4] - For 2026, 维谛 projects sales between $13.25 billion and $13.75 billion, with an organic growth rate of 28% and an EPS range of $5.97 to $6.07, reflecting a 43% year-over-year increase [4] AWS and Google Cloud Insights - AWS reported Q4 2025 net sales of $35.58 billion, a 24% year-over-year increase, with capital expenditures of $38.5 billion, up 48% [5] - Google Cloud's Q4 2025 revenue reached $17.7 billion, a 48% increase, with capital expenditures of $27.9 billion, up 95% [5] - Both companies are expected to continue significant capital investments in 2026, indicating strong growth prospects in the cloud computing sector [5] Meta and Microsoft Performance - Meta's Q4 2025 revenue was $59.893 billion, a 24% increase, with capital expenditures of $22.14 billion [6] - Microsoft's FY2026 Q2 revenue was $81.273 billion, a 17% increase, with the intelligent cloud segment growing by 26% [6] - Both companies are also increasing their capital expenditures significantly, reflecting confidence in future growth [6]

Core Viewpoint - First Tellurium Corp. announces that its subsidiary PyroDelta Energy Corp. will produce high-end bismuth telluride crystals using a proprietary Capillary Casting process, which aims to set new industry standards in the thermoelectric manufacturing sector [2][3]. Company Overview - First Tellurium Corp. operates with a unique business model focused on mineral discovery, project development, and the advancement of tellurium-based technologies [11]. Product Innovation - PyroDelta's Capillary Casting process allows for the creation of custom-designed, defect-free bismuth telluride crystals that are highly conductive and robust, addressing long-standing supply vulnerabilities and inefficiencies in the thermoelectric industry [2][3][5]. - The new crystals can be molded into various shapes without cutting or soldering, resulting in higher conductivity and lower resistivity compared to existing products on the market [5]. Market Opportunities - The thermoelectric tubes developed through the Capillary Casting process open new markets, particularly in AI and crypto mining data centers, as well as in solar power applications [6][8]. - PyroDelta is in discussions with data center providers to expand its market presence in these high-value applications [8]. Competitive Advantage - The proprietary process not only enhances the quality and flexibility of the crystals but also reduces manufacturing costs and allows for new design possibilities in thermoelectric devices [5][6]. - PyroDelta sources its raw materials from reliable North American suppliers, mitigating risks associated with import restrictions and shortages [3]. Research and Development - The company has focused its R&D efforts on high-value applications, including a pilot program for supplying supplemental power to high-payload drones, showcasing the efficiency of its thermoelectric generators [9][10].

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【#Meta投资超100亿美元新建数据中心#，2026#Meta拟豪掷1350亿美元加码AI#】当地时间11日，脸书 母公司Meta宣布，正在美国印第安纳州新建一座数据中心，这是Meta在该州第二座、在美国第27座数 据中心。Meta表示，作为其大规模人工智能AI基础设施建设计划的一部分，新数据中心的投资超过100 亿美元。此前，Meta在公布财报时表示，为加强AI基础设施建设，公司计划在2026年投入最高达1350 亿美元，而Meta在2025年的支出为720亿美元。 【#Meta投资超100亿美元新建数据中心#，2026#Meta拟豪掷1350亿美元加码AI#】当地时间11日，脸书 母公司Meta宣布，正在美国印第安纳州新建一座数据中心，这是Meta在该州第二座、在美国第27座数 据中心。Meta表示，作为其大规模人工智能AI基础设施建设计划的一部分，新数据中心的投资超过100 亿美元。此前，Meta在公布财报时表示，为加强AI基础设施建设，公司计划在2026年投入最高达1350 亿美元，而Meta在2025年的支出为720亿美元。 来源：@央视财经微博 来源：@央视财经微博 ...

Core Viewpoint - The Kremlin has confirmed the blocking of Meta's WhatsApp in Russia, promoting a state-backed messaging service called Max as an alternative [1][2]. Group 1: Government Actions - The Russian government has attempted to fully block WhatsApp to drive users towards Max, which is described by WhatsApp as a "surveillance app" [2]. - Russia's telecoms watchdog, Roskomnadzor, has accused WhatsApp and Telegram of not complying with local data storage laws and failing to prevent their platforms from being used for criminal activities [4]. Group 2: User Impact - WhatsApp has stated that isolating over 100 million users from secure communication is a backward step that could lead to less safety for people in Russia [3]. - The move against messaging services is part of a broader strategy to push users towards domestic platforms that are easier to control and monitor [3]. Group 3: Criticism and Implications - Critics argue that the Russian government's strategy aims to restrict freedom of expression and privacy, while also monitoring public sentiment regarding the war in Ukraine [5].

Investment Rating - The report maintains a "Recommended" rating for Pengding Holdings (002938) with a target PE of 30x for 2025E and 24x for 2026E, while other companies like Shenghong Technology (300476) and Shengyi Technology (600183) do not have a specific rating [3]. Core Insights - North American cloud vendors are experiencing a significant increase in capital expenditures, driven by AI demand, with total capital expenditures projected to rise from approximately $160 billion to about $450 billion from 2023 to 2025, indicating a strong alignment between capital expenditure growth and AI computing demand [9][25]. - The NPO (Near-Photonics Optics) and CPO (Co-Packaged Optics) technologies are gaining traction in the industry, providing substantial growth opportunities for domestic optical communication companies [31][46]. - The report emphasizes the importance of scalable optical modules in future cloud infrastructure, with NPO currently favored by domestic cloud vendors due to its advantages in interconnect density and cost [34][36]. Summary by Sections North American Cloud Vendors' Financial Performance - Microsoft reported Q4 FY26 revenue of $81.273 billion, a year-over-year increase of 16.72%, with a net profit of $38.458 billion, up 59.52% [12]. - Google achieved Q4 FY25 revenue of $113.828 billion, a 17.99% increase year-over-year, with a net profit of $34.455 billion, up 29.84% [16]. - Amazon's Q4 FY25 revenue reached $213.386 billion, a 13.62% increase year-over-year, with a net profit of $2.1192 billion, up 5.93% [20]. - Meta's Q4 FY25 revenue was $59.893 billion, a 23.78% increase year-over-year, with a net profit of $22.768 billion, up 9.26% [21]. Capital Expenditure Outlook for 2026 - Google is expected to have a capital expenditure of $175-185 billion in 2026, representing a year-over-year increase of 97% [25]. - Meta's capital expenditure is projected to be in the range of $115-135 billion for 2026, indicating a 77% increase year-over-year [27]. - Amazon's capital expenditure for 2026 is estimated at around $200 billion, a 50% increase from previous estimates [20]. NPO and CPO Technology Developments - NPO technology is gaining popularity among cloud vendors due to its high interconnect density and cost-effectiveness, making it suitable for distributed scale-up networks [34][36]. - CPO technology, which integrates optical engines and switching chips, is being actively promoted by NVIDIA and is expected to replace traditional pluggable optical modules in the future [37][42]. - The report highlights the significant development space for domestic optical communication companies driven by the advancements in NPO and CPO technologies [31][46].

安永并未表示不认同 Meta 的会计处理方式，但这一认定表明，该事项是本次审计中最复杂的环节之 一。 科技巨头 Meta Platforms 的审计机构在其最新年报中发出警示，将该公司对270 亿美元数据中心项目的 会计处理列为 "关键审计事项"。 这个名为 "亥伯龙（Hyperion）"的项目，以 Meta 与 Blue Owl Capital 合资成立的合资企业形式搭建。 Meta 将其按"可变利益实体"进行会计处理。 安永表示，对这一结论的审计 "尤其具有挑战性，因为需要做出大量专业判断"，才能认定 Meta 不是主 要受益人。 责任编辑：郭明煜 安永并未表示不认同 Meta 的会计处理方式，但这一认定表明，该事项是本次审计中最复杂的环节之 一。 科技巨头 Meta Platforms 的审计机构在其最新年报中发出警示，将该公司对270 亿美元数据中心项目的 会计处理列为 "关键审计事项"。 安永（Ernst & Young）并未表示不认同 Meta 的处理方式，但这一认定表明，该事项是本次审计中最复 杂的环节之一。（The Information 此前曾报道过 Meta 颇具技巧的交易安排，其中包括获 ...

Core Viewpoint - The head of Instagram, Adam Mosseri, testified in court that he does not believe social media can lead to clinical addiction, instead referring to excessive use as "problematic use" [1][2]. Group 1: Testimony and Definitions - Mosseri emphasized the distinction between clinical addiction and "problematic use," which he defines as spending more time on Instagram than one feels good about [2]. - He acknowledged a specific case where a user spent 16 hours on Instagram in one day, labeling it as "problematic use" [3]. Group 2: Company Policies and Decisions - Meta, Instagram's parent company, banned body image filters in 2019, but internal discussions indicated a desire to lift the ban, despite concerns about user safety [4][6]. - Emails revealed that some Instagram employees advocated for maintaining the ban on filters that promote plastic surgery, highlighting a conflict between growth and responsibility [5][6]. Group 3: Criticism and Implications - Mosseri's testimony faced criticism, particularly from advocates for bereaved families, who argue that Instagram's leadership prioritized growth over the safety of minors [7][8]. - The testimony suggested that Instagram was aware of the risks its platform posed to young users but continued to implement features designed to increase engagement, potentially exposing them to harm [9].

Market Analysis by covering: Nasdaq 100, S&P 500, Johnson & Johnson, Meta Platforms Inc. Read 's Market Analysis on Investing.com ...

Wall Street's high-water price targets imply that a trio of magnificent stocks will skyrocket between 69% and 90% this year.Wall Street's benchmark index, the S&P 500, is enjoying a historic run. Since 1928, it's gained at least 16% in three consecutive years on three separate occasions. Two of those three periods have occurred since 2019 (2019-2021 and 2023-2025). While game-changing technological trends, such as the rise of artificial intelligence (AI), have played a role in catapulting the broader market ...