Core Viewpoint - SanDisk (SNDK.US) has faced a significant challenge from Citron Research, which has established a short position against the company, arguing that the market has mispriced its stock amid a super cycle in storage chips [1][2]. Group 1: Market Dynamics - Citron Research asserts that the market is pricing SanDisk similarly to Nvidia (NVDA.US), despite the latter having a competitive moat, while SanDisk's products are considered commodities [2]. - The demand and price surge for NAND flash memory is viewed as a typical cyclical phenomenon, nearing its peak, with historical precedents from 2008, 2012, and 2018 suggesting a similar outcome this time [2]. - Citron warns that the current supply shortage of NAND memory could quickly reverse, potentially disappearing after a single earnings call [2]. Group 2: Competitive Landscape - Samsung Electronics (SSNLF.US) is identified as a major threat to SanDisk, with Citron highlighting Samsung's strategy of prioritizing market share over profits for 30 years [2]. - Samsung is reportedly shifting tactics to directly compete in SanDisk's core market, indicating they will not sell products below a 50% gross margin and are moving their best chips into the high-end SSD market [2]. Group 3: Investor Sentiment - Concerns have been raised regarding the ongoing sell-off by Western Digital (WDC.US), a long-term investor and former parent company of SanDisk, which is divesting its remaining shares at prices 25% below current levels [3]. - Citron suggests that Western Digital's actions indicate a recognition that the cycle is nearing its peak, contrasting with the bullish sentiment being promoted to retail investors [3]. Group 4: Financial Performance - SanDisk recently reported a second-quarter earnings that exceeded Wall Street expectations, driven by strong demand for enterprise SSDs, and provided an optimistic outlook for the third quarter [4]. - The upcoming third-quarter earnings report, scheduled for May 15, is seen as a critical moment for assessing market confidence and the direction of the industry [4].

Core Viewpoint - Nvidia's stock has risen approximately 7% to 8% over the past six months, underperforming compared to other AI-related stocks like TSMC (up 73%) and memory-related stocks (up 180% to 300%) [1] Group 1: Financial Performance - Nvidia is currently trading at a forecasted P/E ratio of 26 times for the fiscal year 2027, which is considered attractive value by the firm [1] - The firm anticipates Nvidia's revenue for the fourth quarter of fiscal year 2026, ending January, to be $67.2 billion, representing a year-over-year growth of 71%, exceeding the guidance upper limit of $66.3 billion [1] - For the first quarter of fiscal year 2027, the revenue forecast is $72.7 billion, reflecting a year-over-year growth of 65%, with any guidance equal to or above $75 billion reinforcing the message of accelerating revenue growth [1] Group 2: Market Outlook - The upcoming earnings report is seen as an opportunity to revitalize market narratives regarding Nvidia [1] - The firm maintains a "highly confident outperform" rating for Nvidia, with a target price set at $300 [1]

来源：观点地产网 观点网讯：2月25日，里昂证券发表研究报告，预测英伟达(NVDA.US)截至2026年1月底止第四财季收 入为672亿美元，按年增长71%，高于公司此前指引上限的663亿美元。 里昂指出，预期2027财年首季（截至4月底止）收入为727亿美元，按年增长65%，但强调任何等于或高 于750亿美元的指引将巩固收入加速增长的信息。 里昂认为，即将公布的业绩将提供一个重振市场叙事的机会。该行表示，英伟达股价过去六个月仅累升 约7%至8%，相对于台积电（累升73%）及记忆体相关股份（累升180%至300%）表现相形见绌，现以 预测2027财年市盈率26倍交易，提供吸引的价值。 里昂予英伟达"高度确信跑赢大市"评级，目标价300美元。 免责声明：本文内容与数据由观点根据公开信息整理，不构成投资建议，使用前请核实。 ...

格隆汇2月25日｜自动驾驶公司Wayve在D轮融资中筹集12亿美元，估值达到86亿美元。本轮融资由 Eclipse、Balderton和日本软银集团旗下愿景基金2号领投，英伟达、微软和优步(Uber)参投，投资者还 包括梅赛德斯-奔驰、日产和斯泰兰蒂斯集团Stellantis等主流车企。 ...

证券研究报告 科技 SEMICON Korea 前线：从炸鸡店到 存储超级周期 华泰研究 2026 年 2 月 25 日│中国内地 专题研究 科技 增持 (维持) 黄乐平，PhD 研究员 SAC No. S0570521050001 SFC No. AUZ066 leping.huang@htsc.com +(852) 3658 6000 何翩翩 研究员 SAC No. S0570523020002 SFC No. ASI353 陈旭东 研究员 SAC No. S0570521070004 SFC No. BPH392 +(86) 21 2897 2228 于可熠 研究员 SAC No. S0570525030001 yukeyi@htsc.com +(86) 21 2897 2228 易楚妍 联系人 SAC No. S0570124070123 SFC No. BXH065 yichuyan@htsc.com +(86) 21 2897 2228 韩冬冰* 联系人 SAC No. S0570125070150 handongbing@htsc.com +(86) 21 2897 2228 重点推荐 | | ...

Core Viewpoint - Nvidia's upcoming earnings report is highly anticipated and could significantly influence its stock and the broader tech sector [1][2] Group 1: AI Demand - Nvidia is a leader in the rapidly growing artificial intelligence (AI) sector, dominating the AI chip market and benefiting from strong earnings growth [2] - Recent earnings reports from other AI-related companies indicate soaring demand, which will be crucial for Nvidia to address in its upcoming report [4][5] Group 2: Exports to China - The U.S. has recently allowed Nvidia to sell its H200 chips to China, contingent on sharing 25% of sales with the U.S., which could open a significant market valued at approximately $50 billion annually [7][9] - Nvidia is ramping up production of the H200 chips in anticipation of demand, although it remains unclear when exports will officially begin [8] Group 3: Development Plans and Partnerships - Nvidia is exploring advancements beyond AI data centers, including a new system for laptops that integrates various processing units [10] - The company has also formed a partnership with Nokia to focus on AI applications in telecom networks, which could impact its growth trajectory [10][11]

Key Takeaways Zacks Thematic Screens lets you dive into 30 dynamic investment themes shaping the future.Unsurprisingly, NVIDIA is a stock that the screen returned. NVIDIA earnings are due this week, wrapping up the Mag 7 reporting cycle. Zacks Thematic Screens lets you dive into 30 dynamic investment themes shaping the future. Whether you're interested in cutting-edge technology, renewable energy, or healthcare innovations, our themes help you invest in ideas that matter to you.For those interested in viewi ...

本周三盘后就是英伟达财报，但数字之外，我更关心的是预期的可持续性。 春节这几天，我们团队加班查阅了： 一条条交叉对照、反复推演。 英伟达上下游供应链最近的产能与供货情况； 华尔街各大投行第一手的研报； 云厂商的资本开支指引； 竞争对手的芯片进展。 | Buy | | | --- | --- | | Price (13 Feb 26 16:00) | US$182.81 | | Target price | US$270.00 | | Expected share price | 47.7% | | return | | | Expected dividend yield | 0.0% | | Expected total return | 47.7% | | Market Cap | US$4,442,283M | 原因很简单——当一家公司市值已经数万亿美元，单季超预期已经不够了。 真正决定股价上限的，是增长还能持续多久。 基于这几天的梳理，我提炼出四个核心问题。 每一个，都比财报数字本身更值得跟踪： 强只是及格线 现在市场对英伟达第四季度的判断几乎是统一的：强，而且大概率会超预期。但我们必须认清一个现实—— ...

智通财经APP获悉，受益于存储芯片超级周期而一路飙升的闪迪(SNDK.US)，在周二遭遇了来自知名做空机构香橼研 究(Citron Research)的当头一棒。后者公开宣布已建立闪迪的空头头寸，并尖锐指出，市场对其股价的定价方式存在严 重误判。 受此消息影响，闪迪股价在周二盘中一度下跌近8%。尽管这一跌幅与其年内迄今约175%的惊人涨幅，以及过去一年 超过1200%的累计回报相比显得微不足道，但做空机构的入场无疑为这轮火箭式上涨投下了一道长长的阴影。 "英伟达有护城河，闪迪卖的是大宗商品" 香橼在社交媒体平台X上发布的帖子中直言不讳地表示："市场正在像定价英伟达(NVDA.US)一样定价闪迪。但有一个 问题：英伟达拥有护城河，而闪迪销售的是一种大宗商品。"这则评论直指闪迪商业模式的核心脆弱性——其产品 NAND闪存的强周期性。 香橼认为，当前NAND闪存需求和价格的飙升是典型的周期性现象，而这一周期正在接近顶峰。他们援引历史经验警 告称："我们在2008年、2012年、2018年都见过这一幕。这次不会有什么不同。存储芯片是一个周期性行业，而周期 总会见顶。" 香橼强调，NAND内存的供应短缺局面可能迅速逆转 ...

行业研究丨深度报告丨通信设备Ⅲ [Table_Title] "液冷加速度"系列报告三： 液冷 0→1 后，从头部厂商表现再看行业变化 %% %% %% %% research.95579.com 1 丨证券研究报告丨 报告要点 [Table_Summary] 2025 年，是海外液冷 0→1 时刻，头部散热厂已实现液冷产品规模出货，拉动营收及盈利表现 亮眼。近期，多家散热大厂更新对外交流，我们整理了各家表述，以对液冷首年出货后，当前 的行业趋势和节奏判断做出参考。 分析师及联系人 [Table_Author] SAC：S0490517110002 SAC：S0490524100002 SFC：BUX641 请阅读最后评级说明和重要声明 2 / 20 %% %% %% %% research.95579.com 近期，各散热大厂均有相关更新对外交流，我们整理了各家表述，以对行业趋势和节奏判断做 出参考，可总结出几个主要关注点：1）2026 散热依然大有可为，头部散热大厂全面扩产，头 部厂商 AVC 指出订单能见度周期已开始拉长至 2028。2）2026 液冷放量主要动能仍来自于 NV 产品的全液冷需求。3）多家 ...