编辑丨 量子位 点击下方 卡片 ，关注" 具身智能之心 "公众号 >> 点击进入→ 具身 智能之心 技术交流群 更多干货，欢迎加入国内首个具身智能全栈学习社区： 具身智能之心知识星球（戳我） ，这里包含所有你想要的! 学术界看不下去了，直接戳破： 华尔街在尬吹谷歌TPU ！ 起因是Meta被曝要和谷歌签订数十亿美元的TPU订单，消息曝出后英伟达盘中最大跌幅达到了7%，按照现在的市值计算，一举蒸发了超 3000亿美元。 反观谷歌，在盘中情绪最热烈时涨幅一度达4%，换算成市值相当于增加了约1500亿美元，合人民币超1万亿。 《华尔街日报》将其视为谷歌向英伟达的市场主导地位发起冲击的信号。 但在从业人士看来，华尔街对此举的看法实在是外行了：Meta、xAI在内的大公司和学术界多年一直在用TPU，市场突然就拿他当成算力救世 主了？ 谷歌没有护城河，英伟达也没有 OpenAI技术人员 Clive Chan 表示，不仅谷歌自己的Gemini一直在TPU上训练，像Claude、生图模型MidJourney、Ilya的SSI，也全都用 过TPU。 所以在他看来，Meta和谷歌签TPU订单不是什么奇怪的事，如果Meta没用过的 ...

#但斌称国内仅阿里字节能对标谷歌# 【但斌：AI热潮刚刚开始，国内对标谷歌的公司可能只有两家】# 但斌称英伟达市值或超10万亿美元# "今天的AI热潮不是泡沫，而是刚刚开始。"近日，在一场公开活动 上，东方港湾董事长但斌发表主题演讲时表示，英伟达的市值很可能超过10万亿美元。不仅如此，谷歌 很可能与英伟达并驾齐驱，共同达到这一量级。"我认为，谷歌的TPU，包括它的Gemini，还有它的数 据，国内能对标的公司我觉得可能有两家，一个是阿里巴巴，一个是字节，甚至腾讯都可能有点落后 了。所以说，你可以看到这个季度很多国内市场的投资人，都把阿里巴巴加到了持仓里面。"但斌说。 （智通财经，泽塔） ho 零节瞬间 4 下载 日. 1.91 ITTITTENTL T 6 @每日经济新闻 ...

Core Insights - The quantum computing market is gaining traction, with companies like IonQ, Rigetti Computing, and D-Wave Quantum being popular investment opportunities [1][4] - A new trend has emerged where investors are complementing their AI investments with quantum computing stocks, indicating a growing interest in this sector [2] - Nvidia is highlighted as a potentially smart investment in quantum computing due to its unique approach compared to competitors [3] Industry Overview - The quantum computing market is divided into pure-play companies and cloud hyperscalers like Microsoft, Alphabet, and Amazon, which are also investing in quantum technologies [4] - Pure-play companies have struggled to gain significant business traction due to the exploratory nature of quantum computing and limited commercial applications [5] - Heavy investments in research and development by pure-plays aim to achieve technological breakthroughs necessary for enterprise-level adoption [6] Nvidia's Role in Quantum Computing - Nvidia provides a comprehensive stack of hardware and software tools that support quantum supercomputers, including GPUs, CPUs, and a software platform [12] - The company's strategy is agnostic, focusing on integrating with various quantum systems rather than developing its own quantum chips [13] - Nvidia's approach allows it to leverage its existing AI infrastructure while expanding into quantum computing services, positioning itself as a leader in the broader AI market [14] Market Position and Valuation - As of November 24, Nvidia's forward price-to-earnings (P/E) multiple is 23.4, down from 34 times forward earnings a year ago, indicating market sentiment towards the stock [15] - Concerns about a potential AI stock market bubble and increased competition from Advanced Micro Devices and custom silicon designs are affecting investor perceptions [16] - Despite these challenges, Nvidia continues to innovate and expand its total addressable market (TAM) across various sectors, including quantum computing [17] - The current valuation of Nvidia stock is viewed as attractive, suggesting it may be a compelling opportunity for investors [18]

称，已下架BBC标记的六家企业内容。这些企业声称在英格兰经营，但实际从亚洲发货廉价商品，同 时还强调禁止欺诈行为。（IT之家） 更多AIGC资讯…… 扫码可订阅产业日报 欢迎加入 睿兽分析会员 ，解锁 AI、汽车、智能制造 等相关 行业日报、图谱和报告 等。 1.【北京AI产业规模今年将超4500亿元】11月29日，北京市科学技术委员会、中关村科技园区管委 会正式发布《北京人工智能产业白皮书（2025）》（以下简称"《白皮书》"）。《白皮书》数据显 示，2025年上半年，北京全市人工智能核心产业规模2152.2亿元，同比增长25.3%。初步估算 2025年全年，产业规模有望超过4500亿元。（环球网） 2.【但斌：AI行业可能会更加垄断 谷歌、英伟达市值可能会达到十万亿美金】11月28日，2025分析 师大会举行，东方港湾董事长但斌表示，AI的竞争很可能是更加垄断的商业模式的竞争，其实，过去 经历的互联网、移动互联网时代，可到看到商业模式比较集中的原因。而人工智能AI Agent时代，很 可能让全世界的市场都被几家公司所控制，它们的市值最后可能大得不可思议，今天看起来不仅是英 伟达市值可能会超过十万亿，很可能 ...

英伟达反击"大空头"言论；百度新设两大AI部门。 DeepSeek开源首个奥数金牌水平的模型 11月27日晚，DeepSeek悄悄地在Hugging Face 上开源了一个新模型：DeepSeek-Math-V2。这是一个数学 方面的模型，也是目前行业首个达到IMO（国际奥林匹克数学竞赛）金牌水平且开源的模型。在同步发 布的技术论文中，DeepSeek表示，Math-V2的部分性能优于谷歌旗下的Gemini DeepThink，并展示了模 型在IMO-ProofBench基准以及近期数学竞赛上的表现。 点评:行业头部厂商的模型已经又迭代了一轮，11月，先是OpenAI发布了GPT-5.1，几天后xAI发布Grok 4.1，就在上周谷歌发布了Gemini 3系列引爆AI圈，"也该轮到DeepSeek出牌了"。不过，更受外界关注的 仍然是，DeepSeek的旗舰模型到底什么时候更新，行业期待"鲸鱼"的下一个动作。 前OpenAI 联创：AI规模扩展时代已终结 11 月 26 日，Safe Superintelligence（SSI）CEO伊利亚·苏茨克维（Ilya Sutskever）访谈在AI圈刷屏，这 次访谈 ...

Core Insights - The article discusses the potential overvaluation of tech companies, particularly in the AI sector, due to inflated earnings resulting from underestimated depreciation expenses [1][2][3] Group 1: AI Investment and Valuation - AI has driven significant investments in data centers and chips, leading to increased valuations for tech companies [1] - Companies may be overestimating the useful life of chips, which could inflate earnings and valuations [2][3] - Nvidia, as a leading chipmaker, has a high trailing price-to-earnings ratio of 45, but a more modest forward price-to-earnings ratio of 23, indicating potential valuation concerns [4] Group 2: Earnings and Depreciation - Lower depreciation costs can result from longer useful life estimates, which may incentivize companies to overestimate asset longevity [3] - If earnings are overstated, it suggests that stock valuations are even higher than they appear, raising concerns for investors [4][9] Group 3: Market Dynamics and Future Implications - Nvidia reported $57 billion in sales for the period ending October 26, a 62% year-over-year increase, indicating strong demand [5] - If chips have a shorter useful life than claimed, companies may face more frequent capital expenditures, impacting their financial strategies [6][7] - Concerns are growing that excessive investment in AI could lead to a bubble, particularly if companies are not achieving expected returns [8][9] Group 4: Investment Strategy Considerations - Investors may need to reassess their exposure to AI stocks, especially if there are signs of declining demand in the sector [9][10] - Long-term investors might still find value in established companies like Nvidia, while others may consider diversifying into ETFs or S&P 500 indexes to mitigate risk [10]

Core Insights - Retail investors have shown significant interest in five stocks this week, driven by earnings reports, retail hype, AI developments, and corporate news [1] Walmart Inc. (NYSE:WMT) - Walmart's Black Friday event commenced online on November 25, with early access for Walmart+ members starting on November 24, featuring substantial discounts on various products [6] - The stock is trading around $109 to $111 per share, reflecting a year-to-date increase of 21.22% and a 17.95% rise over the year [7] Alibaba Group Holding Ltd. (NYSE:BABA) - Alibaba reported second-quarter results on November 25, with a revenue increase of 5% to $34.81 billion, driven by a 34% growth in cloud services [7] - Following news of the Pentagon considering adding Alibaba to a list of Chinese military-linked firms, some retail investors began to sell off BABA shares [7] Alphabet Inc. (NASDAQ:GOOG) - GOOG shares surged due to AI-driven growth, with the company approaching a historic $4 trillion valuation [11] - The stock is trading around $157 to $160 per share, with an 85.52% increase year-to-date and an 80.38% rise over the year [11] Meta Platforms Inc. (NASDAQ:META) - META shares rebounded amid optimism surrounding AI trading and analyst upgrades, despite facing allegations regarding internal research on social media's impact on youth [15] - The stock is trading around $633 to $635 per share, with a year-to-date increase of 5.74% and a 10.32% rise over the year [16] Nvidia Corp. (NASDAQ:NVDA) - NVDA shares initially dipped due to reports of Meta's potential multi-billion-dollar deal with Google for data centers, but the CEO asserted that NVIDIA remains ahead in technology [16] - The stock is trading around $320 to $322 per share, reflecting a year-to-date increase of 68.01% and an 87.86% rise over the year [16] Market Overview - Retail focus has combined meme-driven narratives with earnings outlooks and corporate news, contributing to positive market action in the S&P 500, Dow Jones, and Nasdaq [19]

Core Viewpoint - Nvidia has shown significant long-term growth, with a 1,200% increase over the past five years, but has faced volatility in 2025 due to external factors like tariffs and concerns over an AI bubble [2][3]. Group 1: Nvidia's Market Position - Nvidia is a leader in designing high-performance graphics processing units (GPUs), essential for AI training and applications, having entered the market early and maintained a competitive edge through continuous innovation [4]. - The company has experienced explosive earnings growth, with annual revenue and profit increasing in double- and triple-digit percentages, surpassing analysts' expectations in recent quarters [5]. Group 2: External Challenges - Investor sentiment has been affected by concerns regarding tariffs, economic growth, and the valuation of AI stocks, which has led to fluctuations in Nvidia's stock price despite strong earnings reports [6]. Group 3: Future Outlook - Nvidia's CEO, Jensen Huang, predicts that AI infrastructure spending could reach between $3 trillion and $4 trillion by the end of the decade, indicating a substantial market opportunity [8]. - Major customers like Amazon and Microsoft have reported increasing demand and plans to expand capacity, suggesting a growing need for Nvidia's GPUs [9]. - With reasonable valuation at 38x forward earnings estimates, Nvidia is positioned to potentially return to investors' "buy list," making it a strong candidate for growth in 2026 [10].

Group 1 - The ongoing AI boom is drawing parallels to the dot-com bubble, particularly with Nvidia being compared to Cisco during that era [1][2][6] - Cisco's stock took a significant hit when the dot-com bubble burst, and it took 25 years for the stock to recover to its 2000 peak, raising concerns about a potential AI bubble [2] - The emergence of numerous AI startups is generating excitement but also concern among investors, reminiscent of the startup surge during the dot-com bubble [3][4] Group 2 - High-profile tech visionaries are leaving established companies to start their own AI ventures, indicating a strong belief in the potential of AI [5][6] - The rapid growth of AI startups may lead to challenges in talent retention for larger tech firms [6]

NVIDIA Corporation (NASDAQ:NVDA) is one of the stocks Jim Cramer recently talked about. Cramer explained why he “won’t give up” on the stock, as he commented: “On this news, NVIDIA stock has had the living daylights kicked out of it. Alphabet had been a huge client of NVIDIA, and the press clips say that it’s going to adopt its own chips far more than the ones owned by NVIDIA. Alphabet stock has been as hot as NVIDIA stock is now ice cold. It got colder last night when a tech publication reported that Met ...