事实真的是这样吗？美国嘴上说得再漂亮，也掩盖不了现实的尴尬。 据俄罗斯卫星通讯社1月14日报道，特朗普通报全球，高调宣布中国成了美国的"最大纳税方"之一，仿佛美国靠加税就轻松压倒了中国。 美国可能没料到，中方直接反将一军，宣布对美征税！ 特朗普这次可谓是"喜提热搜"，在底特律的公开讲话中，他自夸式宣称"中国已成为美国最大的纳税方之一"。 这番话听着挺唬人，但稍微了解一点贸易常识的人都知道，这完全是一种偷换概念。 所谓"纳税"，其实是美国企业和消费者替中国商品交了这笔税，关税加上去，最终导致的是美企成本暴涨、消费者买单。 中国出口商品没有缴一分钱税给美国财政部，真正掏腰包的，是美国人自己。 特朗普把这个账本扭着讲，是想让选民觉得他"打赢了中国"，但现实却是一地鸡毛。 尤其是在高科技领域，美国企业早已坐不住了，像英伟达、英特尔这样的科技巨头，一边在华盛顿游说反对加税，一边还得请求继续对华供货。 特别是英伟达最新一代H200芯片，本来是美国政府层层设限、封得死死的，现在又突然"放行"了。 放行的背后，是美国市场对中国买家的高度依赖，可问题来了：当初你不卖，现在你想卖，中国还稀罕吗？ 更滑稽的是，美国对这批芯片的销售 ...

国产GPU，迎来热潮 2025年对国产GPU来说，堪称"成年礼"：摩尔线程、沐曦股份成功登陆科创板，壁仞科技、天数智芯加速冲刺港股，资本的加持让国产芯片企业迎来了发 展热潮。 12月5日，摩尔线程成功在科创板挂牌，上市首日股价大幅上扬468.8%，总市值迅速攀升至3055亿元，一举跻身科创板市值前五。仅仅十二天后，沐曦股 份紧随其后，成为第二家在A股上市的国产GPU企业，其股价在首日交易中一路飙升，最终收盘涨幅高达692.95%。 12月17日，壁仞科技正式通过港交所上市聆讯，有望成为首家在港股上市的GPU企业。2026年1月8日天数智芯正式在香港联合交易所主板挂牌上市。 资本的蜂拥而入，背后是产业逻辑的深刻变革。2025年全球GPU市场规模预计突破3500亿美元，中国占比接近40%。数据中心、人工智能训练与推理、自 动驾驶及游戏娱乐成为核心驱动力，其中AI应用占比提升至45%。 文 | 半导体产业纵横 当地时间1月13日，美国政府批准英伟达向中国出口其人工智能芯片H200。该决定预计将重启H200芯片对中国客户的出货。 此前，美国总统特朗普通过社交媒体表示，美国政府将允许英伟达向中国出售H200人工智能芯片 ...

Core Viewpoint - Nvidia is set to report its fiscal Q4 2025 earnings on February 25, 2026, with a focus on sustaining AI-driven growth momentum after a volatile start to the year [1] Revenue Expectations - Wall Street consensus estimates for Nvidia's Q4 revenue are approximately $38.3 billion, slightly above the company's prior guidance of around $37.5 billion [1] - Analysts expect adjusted earnings per share to be in the range of $0.84 to $0.85, indicating continued year-over-year growth driven by demand in data centers and artificial intelligence [2] Stock Performance - Nvidia's stock has experienced notable volatility at the beginning of 2026, attempting to break through the $200 resistance zone, with shares valued at $185, up nearly 0.5% in the last session [2] - Over the past year, Nvidia's equity has rallied more than 40% [2] Price Predictions - In a base-case scenario where Nvidia meets or slightly exceeds revenue expectations, the stock could trade between $215 and $225 post-earnings, reflecting a positive market reaction based on earnings durability [4] - A more bullish outcome, with a clear earnings beat and stronger guidance on AI infrastructure demand, could see shares advance to the $235 to $245 range as growth expectations for 2026 are repriced [5] - Conversely, if Nvidia meets earnings expectations but provides cautious guidance, the stock may struggle, trading between $175 and $185, indicating consolidation rather than a breakdown in the long-term thesis [6] - In a less likely bearish scenario with disappointing earnings or guidance, shares could retrace to the $155 to $165 range, requiring evidence of slowing AI demand or profitability pressures [8] Market Sentiment - Overall, Nvidia's post-earnings price action is expected to be driven more by forward guidance than by headline earnings alone, according to AI modeling by ChatGPT [3][8]

Core Insights - Nvidia's DRIVE Hyperion platform is a significant advancement in autonomous driving technology, designed for Level 4 autonomy, featuring advanced hardware and AI capabilities [2][4][12] - The introduction of the Alpamayo family of AI models enhances the DRIVE platform, making it more appealing to car manufacturers and potentially threatening Tesla's market position [1][8][9] - Tesla's upcoming Cybercab robotaxi faces intense competition and is projected to enter mass production by the end of 2026, but it is already lagging behind competitors like Waymo [7][10][13] Nvidia's DRIVE Platform - The DRIVE Hyperion platform includes two AGX Thor in-vehicle computers and a comprehensive sensor suite, enabling advanced autonomous driving features [2] - Nvidia's data center business generates around 90% of its revenue, but the automotive segment is gaining traction with the DRIVE platform [3] - The Alpamayo ecosystem provides a robust foundation for manufacturers to develop Level 4 autonomous vehicles without extensive data collection [8] Tesla's Market Position - Tesla's stock reached an all-time high in 2025 despite a significant decline in EV sales, indicating investor confidence in future products like the Cybercab [6][10] - Ark Invest forecasts that the Cybercab could generate $756 billion in annual revenue by 2029, highlighting the potential for substantial growth [11] - Tesla's current valuation is extremely high, with a price-to-earnings ratio of 297, raising concerns about potential corrections if the Cybercab faces challenges [14][15] Competitive Landscape - Nvidia's advancements in AI and autonomous driving technology could enable various car manufacturers to compete effectively against Tesla in the robotaxi market [4][13] - Waymo is already leading the autonomous ride-hailing sector, completing over 450,000 paid trips weekly, putting additional pressure on Tesla's Cybercab [13] - The competitive environment is intensifying, with Nvidia's technology making it easier for other manufacturers to enter the autonomous vehicle space [15]

Core Insights - Nvidia is recognized as a leading beneficiary in the AI era due to its GPUs being essential for AI development, with significant investments from companies like xAI, Meta, Microsoft, Google, and OpenAI [1] Group 1 - Nvidia's GPUs are crucial for AI development [1] - Major companies are investing heavily in AI, indicating a strong market demand for Nvidia's products [1]

贵金属狂欢盛宴，现货白银正迎来史诗级"完美风暴"。 今年以来，白银价格已上涨近25%。 赶超英伟达！ 受美联储降息预期、鲍威尔遭起诉以及地缘局势升温影响，市场避险需求显著提升。 其中，现货白银盘中大涨5%报91.31美元/盎司，纽约期银日内也涨超5%突破91美元/盎司。 周三，银价一度强势突破91美元大关，为历史上首次。 截至发稿，涨幅有所回落，现货白银现涨超3%，交投于90美元附近。 这增强了市场对美联储货币政策转向的押注。 与此同时，美联储主席鲍威尔遭起诉的消息，再次引发了投资者对美联储独立性的担忧。 地缘政治紧张局势加剧，加大了避险需求。 不久前，特朗普威胁对伊朗采取"非常强有力的行动"，美国敦促公民立即离开伊朗。 这也被视为美国可能很快采取行动的最新信号。 当前，白银总市值已经突破5万亿美元大关。 CompaniesMarketCap数据显示，受银价提振，白银已超越英伟达成为全球第二大资产。 黄金以32.162万亿美元的市值位居榜首，芯片巨头英伟达以4.523万亿美元的市值滑落至第三。 白银狂飙背后是多重因素的共振。 首先，昨日美国公布的通胀数据表现疲软，市场加大了对美联储降息的预期。 美国12月核心 ...

华安证券指出，英伟达最新推出的Rubin平台在性能提升和成本降低层面实现双重突破，其由6款全新芯 片组成的AI超级计算机可大幅缩短AI训练时间并降低推理Token生成成本。根据英伟达数据，Rubin平 台训练性能达前代Blackwell的3.5倍，运行软件性能提升5倍，推理每Token成本降低10倍，训练MoE模 型所需GPU数量减少至四分之一。该平台通过五项关键技术深度融合，包括新一代NVLink互连技术、 第三代Transformer引擎、机密计算技术等，推动AI算力从少数巨头专属走向全民普惠。亚马逊AWS、 谷歌云等四大云巨头已确认将于2026年部署基于Rubin的实例，AI创业公司、中小企业及科研机构可通 过云服务获取超强算力，加速智能客服、自动驾驶、药物研发等AI应用场景的规模化普及。 风险提示：提及个股仅用于行业事件分析，不构成任何个股推荐或投资建议。指数等短期涨跌仅供参 考，不代表其未来表现，亦不构成对基金业绩的承诺或保证。观点可能随市场环境变化而调整，不构成 投资建议或承诺。提及基金风险收益特征各不相同，敬请投资者仔细阅读基金法律文件，充分了解产品 要素、风险等级及收益分配原则，选择与自身风险 ...

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如果您希望可以时常见面，欢迎标星收藏哦~ 它看起来像厚厚的塑料薄膜，深埋在iPhone内部，以至于大多数用户甚至都不知道它的存在。但 由于高端玻璃纤维供应短缺，苹果公司正与英伟达、谷歌和亚马逊等公司争夺这种稀缺资源。 玻璃布是芯片基板和印刷电路板 (PCB) 的关键组成部分，而芯片基板和印刷电路板本身又是电子 设备的组成部分。这种布料最先进的类型几乎完全由一家日本公司生产：日东纺机，简称日东 纺。 苹果公司很早就开始在iPhone上使用Nittobo的玻璃纤维布。起初，供应方面几乎没有问题。但 人工智能的蓬勃发展极大地推动了对采用优质玻璃纤维布制造的高性能PCB的需求，这意味着财 力雄厚的AI公司现在也对Nittobo的产品趋之若鹜，这不仅使苹果，也使移动芯片巨头高通面临 供应短缺的风险。 玻璃纤维供应的限制以及由此导致的PCB供应短缺，正如一位业内人士所说，正在造成"2026年 电子产品制造和人工智能行业面临的最大瓶颈之一"。 据《日经亚洲》报道，由于担忧日益加剧，苹果公司去年秋天派遣员工前往日本，驻扎在三菱瓦 斯化学公司，试图确保获得更多用于蓝牙基板的材料供应。 许多类型的芯片，包括iPhone和其他移动 ...

Core Viewpoint - The rise of artificial intelligence (AI) has significantly boosted Nvidia's market value, but historical challenges suggest potential risks for the company moving forward [2][10]. Group 1: Nvidia's Market Position - Nvidia has added over $4.1 trillion in market value since the beginning of 2023 and briefly reached a market cap of $5 trillion [2]. - The company's GPUs are the preferred choice for AI-accelerated data centers, with competitors struggling to match Nvidia's compute capabilities [5]. - Nvidia's current stock price is around $185.60, with a market cap of $4.5 trillion and a gross margin of 70.05% [7]. Group 2: Technological Advancements - Nvidia's CEO Jensen Huang is committed to an aggressive innovation timeline, planning to release a new advanced chip annually, with the upcoming Vera Rubin chip requiring fewer GPUs for training large language models [7]. - The CUDA software platform is crucial for maximizing the compute potential of Nvidia's hardware, fostering customer loyalty [8]. Group 3: Partnerships and Collaborations - Nvidia has formed strategic partnerships, including a significant collaboration with OpenAI, which will deploy at least 10 gigawatts of AI data centers using Nvidia's GPUs [9]. Group 4: Historical Challenges - Historical trends indicate that major technological advancements often face early-stage bubble-bursting events, which could pose risks for Nvidia as AI technology matures [12][13]. - Nvidia's price-to-sales (P/S) ratio has recently exceeded 30, a level historically associated with market bubbles, indicating potential overvaluation [16]. - The S&P 500's high valuation could lead to significant declines for companies like Nvidia if a market correction occurs [17]. Group 5: Competitive Landscape - While Nvidia currently leads the market, there is a risk of losing data center space to top customers who are developing their own, cheaper GPUs [18].