Core Insights - Dassault Systemes, a software company, experienced a significant decline in its stock value, losing 20% after issuing a profit warning [1] Company Summary - The company is recognized by Nvidia's Jensen Huang as being central to the upcoming industrial advancements in AI [1]

Core Viewpoint - Nvidia stock has seen significant gains due to its leading position in the AI chip market, but Broadcom is emerging as a substantial competitor that could challenge Nvidia's dominance [1] Company Analysis - Nvidia is recognized as the dominant provider of AI chips, which has contributed to its stock performance [1] - Broadcom is identified as the biggest threat to Nvidia's market position, indicating a potential shift in competitive dynamics within the AI chip industry [1] Industry Implications - The competition between Nvidia and Broadcom highlights the evolving landscape of the AI chip market, where new entrants can disrupt established leaders [1] - The presence of strong competitors like Broadcom may lead to increased innovation and pricing pressures in the AI chip sector [1]

中国银河证券主要观点如下： AI景气不改，海内外资本开支持续高增 2026年开年，北美科技巨头公布的资本开支计划，其中2026年亚马逊预计资本支出为2000亿美元，同比 +50%；2026年谷歌资本开支预计将达到1750亿至1850亿美元，同比+91%-102%；2026年Meta资本开支 预计将达到1150-1350亿美元，同比+59%-87%。国内互联网大厂阿里巴巴计划未来三年投入到 AI基建 与云计算上的3800亿元提升至4800亿；字节跳动预计2026年资本支出达1600亿元人民币，重点将集中在 AI基础设施建设。AIDC景气依旧，电力需求与电力设备需求呈爆发式增长。 柜外电源向800VHVDC高压直流演进 AI算力需求爆发，单芯片功率攀升至千瓦级，机柜功率密度激增(如NVL72架构单柜集成72颗芯片)传统 54V供电在高压电流下效率低、空间占用大，无法满足高密度算力部署需求，800VHVDC高效率、高可 靠性、占地小、减少约45%铜用量，高压直流HVDC渐行渐近。 从海外来看，英伟达预计2027年起加速向800VHVDC过渡，OCP联盟Meta、谷歌、微软等企业加速士 400V供电方案，预计国内厂商 ...

The world's most advanced chip foundry just provided the most convincing evidence to date that AI implementation is ongoing.Since generative artificial intelligence (AI) burst onto the scene roughly three years ago, Nvidia (NVDA 0.80%) stock has been in the limelight. The company is the leading supplier of graphics processing units (GPUs), the advanced computer chips that underpin the technology. The unprecedented demand for its high-end processors fueled blistering revenue and profit growth, making it the ...

彭博专栏作家John Authers分析认为，市场正处于一场明显的风格轮动之中，这种轮动并非源于科技巨头的衰退，而是由周期性因素推动了市场其 他板块的盈利改善，美股之前极为罕见的利润集中化时代或许已经结束。 尽管人工智能（AI）的故事依然占据主导地位，但就业市场的降温和周期性顺风正在重塑投资者预期。美债收益率的回落和通胀数据的变化，正 在为这场从"新经济"向"旧经济"的资金轮动提供宏观背景，这一过程与2000年至2003年期间的风格切换有诸多相似之处。 价值回归与周期性复苏 随着美股第四季度财报季接近尾声，长期由少数科技巨头主导利润的局面正在发生根本性转变。 自去年12月中旬以来，罗素1000价值指数（Russell 1000 Value Index）的表现已大幅领先于同类的成长指数。最新财报显示，标普500指数中实现 正增长的行业数量从第三季度的6个增加至8个（总共11个行业），近半数公司实现了两位数的增长率，中位数增长率接近10%，创下四年来的新 高。 德意志银行的Bankim Chadha指出，除了巨型科技股之外，增长已开始向外扩散。标普500整体盈利增长率微升至14.5%的四年高点。 相反，上周市场出 ...

AI is big business for big tech firms. But have any taken out too much debt to keep up with the competition?Last week, there was a flurry of earnings releases from "Big Tech" companies. Artificial intelligence is big business, and competition for many of them is stiff these days. The resulting spending spree, which has been coined "hyperscaling," is resulting in billions of dollars to buy semiconductor chips, build data centers, and develop the software to run AI.In a recent edition of the investment newspa ...

但斌：雪球嘉年华媒体问答 20260210 摘要 人工智能被视为结构性牛市的驱动力，预计未来十年中国将在 AI 领域取 得显著进展，国家力量将大力推动，中美两国在 AI 基础设施方面均有重 大突破。 量子计算和无人驾驶技术预计在 2027 年和 2026 年底迎来突破，英伟 达已推出量子芯片，无人驾驶技术的革命性变化将为国内产业链带来机 遇。 人工智能在医疗领域应用前景广阔，蚂蚁金服等公司的相关应用展示了 其重要性。同时，高股息策略和重金属周期性行业也值得关注，但需警 惕地缘政治风险。 对 2027 年 A 股市场机会持乐观态度，但对消费和白酒板块持谨慎态度， 需关注政策支持。标普 500 指数预计明年业绩增长将超过今年，科技巨 头盈利能力强劲，不存在泡沫问题。 美股科技巨头如苹果、英伟达、谷歌等盈利能力巨大，持续投资保持竞 争力，AI 竞争对其至关重要。英伟达 CUDA 平台建立强大护城河，市场 份额超 90%，中国企业需面对激烈竞争。 Q&A 在特朗普贸易战期间，您对美国政策的影响有何看法？ 在特朗普贸易战期间，我们担心美国政策会导致颠覆性的变化，尤其是贸易战 的直接影响。然而，我认为错失一个时代的风险比 ...

Global Research UBS Global I/O Semiconductors ab 10 February 2026 APAC Focus: Rise of Google TPUs – identifying winners in the supply chain Google's custom AI accelerator, the Tensor Processing Unit (TPU), is gaining traction as a credible alternative to Nvidia's GPUs in cloud-based AI computing. We see the competitive dynamics as constructive for both TPUs and GPUs in 2026-27, with TPUs expanding more rapidly from a smaller base. TPUs have a compelling efficiency edge, offering competitive performance per ...

ab 10 February 2026 Powered by YES UBS Evidence Lab Global Research Memory's inflationary impact on cloud capex; deflationary impact on ODM/brand margins Global I/O Hardware AI demand taking memory into shortage well into 2027 We analyze UBS upgrade to the magnitude and duration of the memory cycle (link) for its impact on hyperscale capex, hardware BOM cost/margins and unit demand. UBS now forecasts DRAM pricing per Gb could increase 289% from 2025-27, surpassing the 89% rise in the 2017-2018 cycle and NAN ...

曾惠丹，华东理工大学教授、博士生导师，玛丽居里学者。上海电子化学品创新研究院首席研究员、中国硅酸盐学会理事，主要研究方向为特种玻璃和电子 浆料，研究应用于光电子器件、半导体和电子元件的特种钝化材料/封装基板和电极浆料。 出品｜搜狐科技 作者｜张雅婷 编辑｜杨锦 或许很少有人能料到，一种来自日本的布，竟会掐住全球AI芯片巨头的"咽喉"。 搜狐科技《思想大爆炸——对话科学家》栏目第148期，对话华东理工大学教授、博士生导师曾惠丹。 嘉宾简介： 高端电子玻璃纤维布，是芯片基板和印刷电路板不可或缺的核心骨架，由大概100-200 根单丝直径为4-7微米的玻璃纱股编织而成布后，再与树脂、铜箔等材 料复合，经过图形蚀刻、钻孔镀铜等精密工艺制成。 随着AI热潮带来的AI芯片需求爆发式增长，日东纺生产的高端电子玻璃纤维布供应日趋紧张，甚至陷入"一布难求"的局面。为确保供应稳定，英伟达CEO黄 仁勋近日亲自登门拜访日东纺，苹果公司也正积极向日本政府官员寻求支援。 在这场没有硝烟的供应链战争中，日东纺成为了最大赢家。这个成立于1923年的日本企业从棉纺织起家，至今已经有100多年的历史，目前在高端玻纤布市 场垄断了全球90%以上 ...