Core Viewpoint - The conversation between NVIDIA CEO Jensen Huang and Cisco CEO Chuck Robbins emphasizes the transformative impact of AI on computing, suggesting that the industry is undergoing a fundamental shift from explicit programming to implicit programming, where the focus is on intent rather than specific code [5][11][30]. Group 1: AI and Computing Transformation - Huang asserts that the industry is experiencing the first true reinvention of computing in 60 years, moving from explicit programming to implicit programming, where users express their intentions and the system determines the solution [11][12]. - The transition from general computing to AI signifies a complete redefinition of the computing stack, which includes not just processing but also storage, networking, and security [11][12]. - Huang emphasizes that the real value lies not in the answers provided by AI but in the questions that can be posed, highlighting the importance of inquiry in the AI landscape [5][41]. Group 2: AI Implementation Strategies - Companies are advised not to focus on immediate ROI when adopting AI technologies but to allow for experimentation and innovation, akin to letting "a hundred flowers bloom" [22][24]. - Huang suggests that organizations should identify their core impactful work and encourage internal AI projects without strict control, fostering an environment of creativity and exploration [22][24]. - The approach to AI should evolve from a controlled environment to one that embraces experimentation, allowing for a diverse range of AI applications to emerge [22][24]. Group 3: Future of Programming and AI - Huang predicts that programming will become less about writing code and more about communicating intent, as AI systems will increasingly handle the coding process [39]. - The future of software development will shift from "pre-recorded" to "generative," where software adapts to context and user needs in real-time [30][39]. - The industry is moving towards a model where AI can learn and adapt without the constraints of traditional programming, fundamentally changing how software is developed and deployed [30][39]. Group 4: Market Opportunities and AI - Huang highlights the potential for creating "augmented labor" through AI, suggesting that the market for AI-enhanced tools could be significantly larger than the current IT industry, which is valued at approximately $1 trillion [36][37]. - The opportunity exists for every company to transform into a technology-driven entity, leveraging AI to enhance their operations and market position [36][37]. - Huang emphasizes that understanding customer needs and domain expertise will become the ultimate value, as the ability to communicate intent to AI systems will be crucial for success [39].

Core Insights - The article discusses the growing demand for HBM4 (High Bandwidth Memory) driven by the expansion of AI infrastructure, particularly highlighting NVIDIA's upcoming Rubin platform which is expected to boost HBM4 demand [2][3] - Major memory manufacturers, including Samsung, SK Hynix, and Micron, are nearing the completion of HBM4 validation processes, with Samsung anticipated to lead in production [2][6] - The article emphasizes the need for a diversified supply chain for HBM4 to meet NVIDIA's demand, as relying on a single supplier may not suffice [3][6] Group 1: HBM4 Demand and Market Dynamics - The demand for high-performance storage devices is increasing, particularly among North American cloud service providers (CSPs) aiming to capture the AI Agent market [2] - The overall shortage in memory supply has led to significant price increases in conventional DRAM products since Q4 2025, prompting manufacturers to adjust their supply allocations [3] - NVIDIA maintains an optimistic outlook on the Rubin platform's prospects, which is expected to contribute positively to HBM4 demand growth [2][3] Group 2: Supplier Validation and Production Readiness - Samsung is progressing the fastest in the validation process and is expected to begin quarterly production after completion in Q2 2026 [6] - SK Hynix is also advancing and is likely to leverage its existing collaboration with NVIDIA to maintain a competitive edge in supply allocation [6] - Micron's validation is slower but is also expected to complete in Q2 2026, contributing to the overall supply ecosystem for HBM4 [6]

"科技"的毁灭倾向好像一把被包得很好的火，总要烧到头上，才能明白它有多么厉害。 美国记者斯蒂芬·维特（Stephen Witt）的上一本畅销书《音乐是怎么变成免费午餐的》，很多年前给我留下了深刻印象。那本书里，维特着重采访了发明 MP3音频压缩格式的德国工程师卡尔海因茨·勃兰登堡（Karlheinz Brandenburg），记录了勃兰登堡和他的团队如何在2000年代通过一连串编码彻底摧毁了整 个音乐行业。 在写那本书的时候，维特就已经明白，勃兰登堡等科学家对技术有种"痴迷"倾向。他们更在意技术创新本身，而极少、甚至从不考虑社会意义上的后果，甚 至赚钱也不是他们的初衷。意想不到的结果却是，勃兰登堡的团队从中赚了大钱，与之相对照的是，如今没有几个音乐人还能靠卖专辑为生，唱片行业名存 实亡。"科技"的毁灭倾向好像一把被包得很好的火，总要烧到头上，才能明白它有多么厉害。 因此，看维特十年后出版的第二部重要著作《黄仁勋：英伟达之芯》的时候，我有种似曾相识感。事实上，这本书的英文原名也并不像中文版那么直接，而 是叫做《思考机器：黄仁勋、英伟达与世界上最隐秘的微芯片》（The Thinking Machine: Jens ...

Core Viewpoint - The competition for semiconductor production capacity between Apple and Nvidia is intensifying, with Nvidia expected to surpass Apple as TSMC's largest customer by 2026, impacting Apple's ability to meet iPhone demand due to semiconductor shortages [2][6][9]. Group 1: Apple's Situation - Apple has faced significant supply constraints, leading to an inability to meet high demand for iPhones, as acknowledged by CEO Tim Cook during a financial report [4]. - In Q4 2025, Apple achieved its highest profit ever, with iPhone sales reaching a historical peak after three years, but future production may not satisfy demand due to semiconductor shortages [4]. - The primary bottleneck for Apple is the competition for TSMC's production capacity, which is critical for the latest iPhone 17 series chips manufactured using 3nm technology [4][6]. Group 2: TSMC's Role - TSMC holds a 70% market share in the advanced semiconductor foundry sector and has been a key supplier for Apple, producing semiconductors that serve as the "brain" of iPhones [4][6]. - TSMC's sales from AI-related products have surpassed 50%, while smartphone-related sales have decreased to around 30%, indicating a shift in focus towards AI technologies [6]. Group 3: Nvidia's Ascendancy - Nvidia is projected to become TSMC's largest customer by 2026, overtaking Apple, as the demand for AI-related semiconductors grows [6][9]. - Nvidia's CEO Jensen Huang has actively engaged with TSMC to secure production capacity, indicating a strategic push to penetrate Apple's traditional dominance in semiconductor supply [7][9]. - The collaboration between TSMC and Nvidia has evolved into a partnership that shares the growth benefits from the AI boom, marking a significant shift in the semiconductor supply landscape [9].

尽管存在 TPU/A 瑞银在英伟达 2026 财年第四季度财报前，将其目标价从 235 美元上调至 245 美元，供应链调查结果积极，上 调了业绩预估； 预计其 1 月季度营收约 368 亿美元，数据中心业务贡献约 347.5 亿美元； 机构预测英伟达 2026 日历年营收约 3310 亿美元（数据中心同比增 357%），2027 年约 5090 亿美元，更高的 CoWoS 产能和 GPU 出货量为业绩提供支撑； 尽管存在 TPU/ASIC 竞争争议，但中国市场需求和 Blackwell/Rubin芯片的持续爬坡仍带来潜在上行空间。 瑞银在英伟达 2026 财年第四季度财报前，将其目标价从 235 美元上调至 245 美元，供应链调查结果积极，上 调了业绩预估； 预计其 1 月季度营收约 368 亿美元，数据中心业务贡献约 347.5 亿美元； 机构预测英伟达 2026 日历年营收约 3310 亿美元（数据中心同比增 357%），2027 年约 5090 亿美元，更高的 CoWoS 产能和 GPU 出货量为业绩提供支撑； ...

Group 1 - Gold prices experienced a sudden drop, with spot gold falling over 3% and nearly $200 during the day [1] - Silver prices also declined significantly, dropping over 8% [1] Group 2 - U.S. stock indices collectively fell, with the Nasdaq down over 1.5%, the Dow Jones down nearly 1%, and the S&P 500 down 1% [3] - Major tech stocks saw declines, with Apple dropping over 3% and losing more than $120 billion in market value (approximately 82 billion RMB) [5] - Other tech companies such as Microsoft, Amazon, Tesla, Meta, and Nvidia also experienced declines [5] Group 3 - Chinese concept stocks fell sharply, with the Nasdaq Golden Dragon China Index dropping nearly 3% [6]

NVDA（英伟达） 瑞银在英伟达 2026 财年第四季度财报前，将其目标价从 235 美元上调至 245 美元，供应链调查结果积极，上调了 业绩预估； NVDA（英伟达） 瑞银在英伟达 2026 财年第四季度财报前，将其目标价从 235 美元上调至 245 美元，供应链调查结果积极，上调了 业绩预估； 预计其 1 月季度营收约 368 亿美元，数据中心业务贡献约 347.5 亿美元； 机构预测英伟达 2026 日历年营收约 3310 亿美元（数据中心同比增 357%），2027 年约 5090 亿美元，更高的 CoWoS 产能和 GPU 出货量为业绩提供支撑； 尽管存在 TPU/ASIC 竞争争议，但中国市场需求和 Blackwell/Rubin芯片的持续爬坡仍带来潜在上行空间。 预计其 1 月季度营收约 368 亿美元，数据中心业务贡献约 347.5 亿美元； 机构预测英伟达 2026 日历年营收约 3310 亿美元（数据中心同比增 357%），2027 年约 5090 亿美元，更高的 CoWoS 产能和 GPU 出货量为业绩提供支撑；< ...

Group 1 - The State Administration for Market Regulation opposes manufacturers engaging in "involution" and selling cars at a loss, aiming to promote healthy competition in the automotive market [3] - The newly released guidelines clarify the boundaries of pricing behavior in the automotive industry, encouraging compliance and fair competition among manufacturers and sellers [3] - The guidelines specify that automotive manufacturers must not engage in pricing behaviors that aim to eliminate competitors or monopolize the market, which poses significant legal risks [3] Group 2 - OpenAI announced the release of a new real-time programming model, GPT-5.3-Codex-Spark, which is a more compact version of GPT-5.3-Codex, optimized for low-latency hardware [5][7] - The Codex-Spark model can generate over 1000 tokens per second and is currently available as a research preview for ChatGPT Pro users [5][7] - The model operates on Cerebras' Wafer Scale Engine 3, which features 40 trillion transistors and 900,000 AI cores, providing extremely low latency [7] Group 3 - Multiple automotive companies, including Geely, Chery, and BYD, have disclosed their plans for solid-state battery technology, with Geely aiming for small-scale production by 2027 and a long-term goal of mass production by 2030 [18][19][20] - Chery plans to start pilot production of solid-state batteries by 2026 and aims to validate the technology in real vehicles by 2027 [20] - BYD is focusing on sulfide solid-state batteries, expecting to achieve small-scale production by 2027 [23] Group 4 - Meizu's smartphone business is reportedly facing dissolution, with the Meizu 23 project allegedly halted [25][26] - The company has not officially responded to the rumors, and customer service has stated that no notifications regarding the business's status have been received [26] Group 5 - ByteDance is set to release the upgraded Doubao model on February 14, 2026, which will include significant enhancements to its foundational model capabilities [34][35] - The Doubao 2.0 model is expected to be a multimodal model with 1 trillion parameters, marking a substantial advancement in the company's AI capabilities [35] Group 6 - Xiaomi has launched its first-generation robot VLA model, which features 4.7 billion parameters and excels in visual language understanding and real-time execution capabilities [39][42] - The model has achieved state-of-the-art results in various benchmarks and is designed for high efficiency in real-world tasks [42] Group 7 - Lenovo reported a 72% year-on-year increase in AI-related revenue, which now accounts for 32% of the company's total revenue, driven by growth in AI PCs, smartphones, and servers [32][36] - The company has successfully navigated challenges in the global AI supply chain, maintaining its commitment to double-digit revenue growth and profitability [32]

Core Viewpoint - The article highlights significant developments in the AI and technology sectors, including price adjustments by companies, substantial funding rounds, and new product launches that indicate a strong growth trajectory in the industry. Group 1: AI and Technology Developments - Zhiyu announced a structural price adjustment for its GLM Coding Plan, with an overall price increase starting from 30%, effective February 12, 2026, while maintaining prices for existing subscribers [2] - Anthropic completed a Series G funding round of $30 billion, achieving a post-money valuation of $380 billion, with annual revenue reaching $14 billion [2] - OpenAI launched its first AI model, GPT-5.3-Codex-Spark, running on Cerebras Systems chips to reduce dependency on Nvidia chips and lower operational costs [2] Group 2: Financial Performance and Investments - SoftBank Group reported a net profit of 248.59 billion JPY (approximately $1.6 billion) for Q3, significantly below market expectations, with a notable gain of $19.8 billion from its investment in OpenAI [3] - Xiechuang Data plans to procure servers worth up to 11 billion CNY to support its expansion in data centers and related businesses [3] Group 3: Company News in Greater China - MiniMax launched its flagship programming model MiniMax M2.5, designed for agent scenarios, competing with top international models [5] - Meitu announced a stock incentive plan for all employees to promote long-term growth [6] - Huahong Semiconductor achieved a record sales revenue of $659.9 million in Q4 2025, a year-on-year increase of 22.4% [7] Group 4: Company News in the Americas - Microsoft signed a memorandum of understanding with Saudi Aramco to advance industrial AI and digital talent transformation [9] - Meta announced a quarterly cash dividend and plans to invest over $10 billion in a large-scale AI data center in Indiana [9] - Amazon faced a tax investigation in Italy regarding potential tax evasion from 2019 to 2024 [10] Group 5: Company News in Asia-Pacific - Kioxia reported a net profit of 87.81 billion JPY for Q3, below market expectations, while projecting annual net sales between 2.18 trillion JPY and 2.27 trillion JPY [13] - Toyota is extending the acquisition period for a public offer to improve success rates and is collaborating with a Japanese oil giant to build a solid-state electrolyte factory [13] Group 6: Company News in Europe and Oceania - Mercedes-Benz adjusted its EBIT forecast for 2025 to €8.2 billion, a 40% decline year-on-year, with plans to launch over 15 new models in China by 2026 [16] - Nestlé is recalling specific batches of infant formula in China due to contamination concerns, with no confirmed cases of illness reported [18]

大家早上好！这里是今天的早报，每天早上，我都会在这里跟你聊聊昨夜今晨发生了哪些大事儿。 昨夜今晨 【深夜跳水！纳指跌超2%，白银跌超10%】 美股三大指数集体收跌，道指跌1.34%，纳指跌2.03%，标普500指数跌1.57%，大型科技股普跌，苹果跌5%， 博通跌超3%，亚马逊、Meta、特斯拉跌超2%。中概股普遍下跌，纳斯达克中国金龙指数跌2.97%，腾讯音乐 跌超10%，贝壳跌近6%，哔哩哔哩跌近5%。 国际贵金属价格大幅下挫，现货黄金一度跌破4900美元关口，截至发稿时，现货黄金跌3.27%，报4917.09美 元/盎司；COMEX黄金期货跌3.19%，报4936美元/盎司。现货白银跌10.84%，报75.07美元/盎司；COMEX白银 期货跌10.93%，报74.75美元/盎司。 【谷歌Gemini 3深度思考模型重大升级】 美东时间12日周四，谷歌官宣Gemini 3 Deep Think升级，称升级后的模型在多项行业基准测试中取得突破性成 绩，包括在"人类的最后考试"Humanity's Last Exam（HLE）基准测试、ARC-AGI-2测试中获得84.6%的成绩， 经ARC Prize基金 ...