Group 1: Investment Opportunities in AI Stocks - The article highlights three AI stocks: Nebius Group, Nvidia, and Palantir Technologies, which are expected to perform well due to strong revenue growth and their roles in AI platform development [2][4]. - Nebius Group is noted for its potential, with an annualized run rate revenue of $1.25 billion in 2025, and projected revenue between $7 billion and $9 billion for the current year [5][7]. - Nvidia has a market capitalization of $4.6 trillion and reported a 62% revenue growth to $57 billion for its fiscal 2026 third quarter, with $51.2 billion coming from data center sales [8][10]. - Palantir Technologies reported a revenue of $4.475 billion in 2025, a 56% year-over-year increase, and projects revenue between $7.182 billion and $7.198 billion for 2026, indicating a 60% growth [11][13]. Group 2: Company Profiles - Nebius Group is focused on building data centers that provide full-stack AI cloud platforms, essential for developers and hyperscalers [4][5]. - Nvidia's GPUs are in high demand, contributing to its status as the largest publicly traded company, with significant investments in AI from major tech firms expected to drive further revenue growth [8][10]. - Palantir Technologies offers advanced AI software that aggregates data from various sources for real-time analysis, making it a leader in AI software solutions [11][12].

Investment Rating - The industry is rated positively, with a focus on AI-related sectors, particularly in PCB and core computing hardware, semiconductor equipment, and the Apple supply chain [4][27]. Core Insights - The upcoming GTC 2026 conference is expected to showcase groundbreaking new chips from NVIDIA, which could drive significant advancements in AI infrastructure [1][4]. - The demand for storage solutions is surging due to AI applications, leading to continuous price increases in DRAM and NAND, with limited supply expected to persist throughout the year [1][4]. - Major tech companies like Amazon, Google, and Meta are projected to increase capital expenditures significantly, indicating strong demand for AI-related hardware [1][4]. - The semiconductor industry is experiencing a recovery, with expectations of rising prices and demand driven by cloud computing and consumer electronics [21][23]. Summary by Sections 1. Consumer Electronics - The expansion of AI applications is expected to drive growth in the Apple supply chain and smart glasses, with a focus on enhancing processing power and memory [5]. - AI mobile applications are anticipated to grow, with several manufacturers releasing AI smart glasses and other innovative products [5]. 2. PCB - The demand for copper-clad laminates is increasing, with a high level of industry activity expected to continue due to AI and automotive applications [6]. 3. Components - The AI data center sector is seeing growth in SOFC (Solid Oxide Fuel Cell) projects, with companies like Sanhua Group positioned to benefit from this trend [19][34]. - The demand for passive components, particularly MLCCs, is rising due to increased usage in AI mobile devices [19]. 4. IC Design - The storage sector is expected to see upward trends, with DRAM prices projected to rise due to increased demand from cloud service providers and consumer electronics [21][23]. 5. Semiconductor Equipment - The semiconductor industry is experiencing a shift towards domestic production and self-sufficiency due to export controls, with companies like North Huachuang and Zhongwei Company positioned to benefit [24][26]. - The demand for advanced packaging and HBM (High Bandwidth Memory) is strong, with companies in this space expected to see significant growth [24][25]. 6. Specific Companies - Victory Technology is expected to see substantial profit growth due to its leadership in PCB manufacturing and its alignment with AI infrastructure demands [28]. - North Huachuang is expanding its semiconductor equipment offerings, enhancing its competitive position in the market [29]. - Jiangfeng Electronics is focusing on domestic production of static suction cups to reduce reliance on foreign suppliers, addressing a critical supply chain issue [35].

Investment Rating - The industry investment rating is "Overweight" (maintained) [1] Core Insights - The report highlights a positive outlook for the semiconductor industry, driven by increasing demand for AI computing power and capital expenditures [7] - Key companies such as Nvidia and Meta are making significant investments in AI chips, indicating strong market growth potential [5] - The report emphasizes the importance of domestic supply chains and price increases in materials like target materials and passive components [7] Market Review - During the Spring Festival holiday (February 16-20, 2026), major overseas technology stocks saw gains, with the Nasdaq index rising by 1.51% and the Philadelphia Semiconductor Index also increasing by 1.51% [3] - Notable stock performances included Nvidia up by 3.83%, Apple up by 3.44%, and Amazon up by 5.69% [3] Industry Updates - The report notes a surge in AI model updates from domestic and international companies, with significant product launches expected from Apple and others [4] - Nvidia's CEO announced a groundbreaking new chip at the upcoming GTC 2026 conference, and a multi-billion dollar chip procurement agreement with Meta was confirmed [5] - Samsung and SK Hynix are accelerating production capacity due to increased storage demand driven by AI [6] Investment Recommendations - The report suggests focusing on sectors benefiting from increased AI computing capital expenditures and domestic supply chain developments [7] - Recommended stocks include Jiangfeng Electronics, with beneficiaries including Jingce Electronics, Chipone Technology, and others [7]

理财顾问公司Plaza Advisory Group投资组合管理总监安德鲁·布里格斯表示，这轮市场轮动始于2025年 末，最初只是均值回归交易——科技股估值过高，资金转向小盘股、价值股等更便宜的标的。但进入 2026年前两个月，已升级为基本面逻辑：市场焦点不再局限于直接打造AI的公司，而是转向AI对更广 泛市场的影响。"非AI企业开始算清楚，能通过AI实现多少效率提升、成本节约与利润率扩张，这已经 体现在盈利中。"布里格斯说。 过去25年里，如此极端的分化仅出现过寥寥数次，且历史上每次都伴随着市场领涨板块的重大洗牌。标 普500等权指数在今年前32个交易日上涨5.5%，远超传统市值加权指数仅0.1%的涨幅。这是1992年以来 同期最极端的分化，通常情况下，等权指数要么与市值加权指数同步，要么略逊一筹。但历史上也曾数 次反超：一次是2000年代初互联网泡沫见顶前后，另一次出现在2008年全球金融危机后，以及2022年疫 情时期的熊市。 眼下，美股投资者正被迫直面并压力测试一个曾被认为不可能发生的情景：若科技巨头与AI头部云服 务商持续走弱，是否会同时拖垮美国股市与美国经济？ 今年以来，美股整体走势已经落后于全球 ...

Market Overview - The U.S. markets experienced a mixed day, with a focus on the U.S. 2-year yield rising by four basis points following a Supreme Court ruling that raised questions about inflation and interest rates [2][6] - Gold prices increased as investors reacted to the risk-off sentiment in the market, while tech stocks, particularly in the software sector, saw declines of approximately 1.5% [2][4] Technology Sector - The software sector is facing significant pressure, with fears that AI tools may replace traditional software suites, leading to a 30% decline in an index of stocks including Salesforce and Adobe since their record highs [4][70] - Companies like IBM have seen substantial stock declines, with IBM down over 13% amid concerns about AI disruption [70][77] Payment and Delivery Services - PayPal's stock rose nearly 5% due to takeover interest, contrasting with the broader tech sector's struggles [3] - Delivery service companies such as DoorDash and Uber are facing challenges as hypothetical scenarios suggest that AI could disrupt their business models, contributing to stock declines [5][71] Tariff and Trade Implications - The Supreme Court ruling on tariffs has created uncertainty, particularly for major importers like Home Depot and TJX, as the market grapples with the implications of potential tariff changes [6][80] - The Attorney General of Nevada indicated that states are considering actions to recover tariffs collected, which could amount to hundreds of billions of dollars [22][23] Economic Indicators - The current economic environment shows signs of growth, with global growth rates around 2.5% and 3% including emerging markets, while inflation is gradually decreasing [10][17] - The bond market is experiencing a steepening yield curve, driven by long-term inflationary concerns and an excess supply of government debt [12][14] Trucking and Transportation Sector - The trucking industry is witnessing structural changes, with a significant reduction in driver availability leading to higher rates and potential long-term impacts on capacity [57][68] - Demand for transportation services is still down year-over-year, but there are positive indicators such as increased trade volumes and a projected recovery in the second half of the year [59][63]

大家早上壕！ 先看海外要闻： 全球原油超级油轮长租成本飙升至超过9.2万美元/天，创历史新高。 美股重挫，道指收跌1.66%、纳指收跌1.13%、标普500收跌1.04%；特斯拉、Meta、亚马逊至多跌2.91%，谷歌A跌1.11%，苹果涨0.60%，英伟达 涨0.91%。 IBM股价收跌13%，创2000年以来最大单日跌幅，人工智能（AI）初创公司Anthropic表示，其Claude Code工具可用于对主要运行在IBM主机上的 早期编程语言COBOL进行现代化改造。 现货白银日内涨幅达5.0%，报88.52美元/盎司；现货黄金日内涨幅达2.5%，报5227.85美元/盎司。 美国最高法院20日公布裁决，认定美国《国际紧急经济权力法》没有授权总统征收大规模关税；特朗普：将税率从10%提高到15%；考虑对电 池、铸铁、铁制配件、塑料管道、电网、电信设备等征收关税。 特朗普被曝考虑对伊朗先"小打"再"大打"。 黄仁勋称将在3月发布"世界前所未见"的全新芯片。 特斯拉Cybercab无方向盘无人驾驶车下线，4月起量产。 摩根大通：预估2026年铜市将出现13万吨供应缺口，2027年将转为温和过剩。 SK海力士高 ...

Core Viewpoint - The Chinese AI startup DeepSeek has reportedly trained its latest AI model on Nvidia's most advanced AI chip, the Blackwell, which may violate U.S. export controls [1][2]. Group 1: Company Information - DeepSeek's new AI model is expected to be released as soon as next week [1]. - The U.S. government believes that DeepSeek may attempt to remove technical indicators that could reveal its use of American AI chips [2]. - The U.S. policy emphasizes that Blackwell chips are not being shipped to China, indicating that DeepSeek's possession of these chips could represent a violation of export controls [2][4]. Group 2: Industry Context - The situation could further complicate discussions among Washington policymakers regarding Chinese access to advanced American AI semiconductor technology [3]. - The Chinese embassy in Washington has expressed opposition to the politicization of economic and technological issues, criticizing the expansive use of export controls [2].

Core Viewpoint - Analysts expect Nvidia to report strong fourth-quarter results, with revenue projected to reach $65.64 billion, significantly up from $39.33 billion in the same quarter last year [2]. Earnings Estimates - Nvidia is anticipated to report fourth-quarter earnings per share of $1.50, an increase from 89 cents per share in the previous year [2]. - The company's guidance for revenue is set between $63.70 billion and $66.30 billion [3]. Analyst Ratings and Price Targets - Analysts maintain a bullish outlook on Nvidia, with a consensus Buy rating and a price target range from $195 to $352, averaging at $261.54 [4]. - KeyBanc analyst John Vinh has an Overweight rating with a price target of $275, while DA Davidson's Gil Luria has a Buy rating with a target of $250 [4][5]. Key Factors Influencing Results - Improvements in China are expected to drive strong quarterly results, with Vinh estimating that H200 shipments to China could contribute $3 billion to $3.5 billion in revenue [6]. - Continued strong demand for Blackwell products is also seen as a key driver for the quarter [7]. Market Context - Luria notes that the importance of Nvidia's earnings report may be less pronounced compared to previous years, as the market has identified other AI winners [8]. - Despite this, there is potential for Nvidia's stock to benefit, as current expectations may be underestimating future AI demand [9]. Investor Sentiment and Supply Chain - Bryson highlights that investor sentiment in the semiconductor sector could shift, with expectations that Nvidia will exceed estimates and provide positive guidance [10]. - Supply chain stability is viewed as crucial for Nvidia to maintain its market dominance through 2026 [11]. Stock Performance - Nvidia stock closed at $191.55, up 0.91%, with a year-to-date increase of 2.71% and a 47% rise over the last 52 weeks [12].

格隆汇2月24日｜Keybanc分析师表示，英伟达(NVDA.O)芯片出货量的增加可能会推动其即将发布的季 度报告中录得强劲业绩和指引。分析师预计，随着英伟达有望在今年出货近3万个机架，Blackwell Ultra 芯片以及机架的出货量都将增加。分析师还称，英伟达对中国的H200芯片出货也可能会带来可观的收 入，预计第四季度将贡献35亿至40亿美元。 ...

Nvidia stock is trading at dirt cheap levels.All eyes are on Nvidia (NVDA +0.79%) right now. The company is a bellwether for the artificial intelligence (AI) industry, and investors are eager to know what may happen in the next chapters of this growth story. And Nvidia's fourth-quarter and fiscal 2026 full-year earnings report is coming up in a few days, offering us a perfect opportunity for an update.Meanwhile, Nvidia stock has stagnated, along with other AI and growth stocks, in recent times amid worries ...