Core Viewpoint - Institutional confidence in Nvidia's stock remains high despite early 2026 turbulence, with multiple analysts issuing favorable ratings and price targets [1][6]. Analyst Ratings and Price Targets - Needham and RBC Capital rated Nvidia as a 'Buy' with price targets set at $240, which is 28% above the current price of $187.15 [2]. - Oppenheimer and Wells Fargo also rated Nvidia as a 'Buy' but set higher price targets of $265 [2]. - Stifel Nicolaus predicted a target of $250 while maintaining a 'Buy' rating, leading to an average price target of $252, indicating a potential rally of nearly 35% [2]. - Overall, Nvidia shares are considered a 'Strong Buy' on Wall Street with an average price target of $261.84 based on recent analyses [7]. Stock Performance - Nvidia shares have increased by 5.07% in the last 30 days and are up 0.32% year-to-date, with a 34.42% increase over the last 12 months [3]. Earnings Expectations - Wall Street anticipates Nvidia to report earnings per share (EPS) of $1.52 and revenue of approximately $65.6 billion in the upcoming February 25 earnings report [8]. - The earnings forecasts suggest an annual growth of 71% for Nvidia, supported by the company's history of outperforming predictions [9]. Market Position - Nvidia is expected to remain a dominant chipmaker in the artificial intelligence (AI) sector, despite concerns regarding its potential exit from the consumer market in 2026 [9].

Market Overview - Major U.S. stock index futures are showing slight declines, with Dow futures down 0.12%, S&P 500 futures down 0.08%, and Nasdaq futures down 0.04% [1] Semiconductor Sector - Storage chip stocks are experiencing a pre-market rally, with SanDisk and Micron Technology both rising over 1% [2] Nvidia Developments - Nvidia's CEO Jensen Huang announced that the company has prepared several unprecedented new chips for GTC 2026, emphasizing the challenges of technological limits but expressing confidence in their engineering team [2] - Nvidia has sold its remaining 1.1 million shares of Arm Holdings, valued at approximately $156 million, while still holding a 20-year technology license from Arm [2][4] Meta Platforms - Meta has restarted its "Malibu 2" smartwatch project, which is expected to launch in 2026 with health tracking features and an integrated Meta AI assistant [2] OpenAI Financing - OpenAI is nearing the completion of a new funding round expected to exceed $100 billion, with a projected overall valuation surpassing $850 billion, up from an initial estimate of $830 billion [3] Rio Tinto Performance - Mining giant Rio Tinto reported a 2025 earnings forecast of $10.87 billion, slightly below market expectations of $11.03 billion, with EBITDA down 11% year-over-year due to declining iron ore prices [3] eBay Financials - eBay's Q4 2025 earnings exceeded expectations, with revenue of $3 billion, a 15% year-over-year increase, and an adjusted EPS of $1.41, surpassing the anticipated $1.35. The company also announced a $1.2 billion acquisition of Depop from Etsy [4] Silver Stocks - Silver stocks are showing strength, with Pan American Silver up over 4% and Hecla Mining rising nearly 2% [5] Google and Sea Partnership - Google and Southeast Asian tech group Sea have announced a strategic partnership to develop AI tools for Sea's e-commerce and gaming products, including an AI Agent shopping prototype for Shopee [5]

Group 1 - Nvidia sold its entire stake in a drug-discovery company at the end of last year [1] - ARK Invest is buying the stock of the drug-discovery company [1]

Core Viewpoint - The dinner hosted by NVIDIA CEO Jensen Huang for SK Hynix engineers highlights the strategic importance of the next-generation high-bandwidth memory HBM4 for NVIDIA's AI chip business [2][10]. Group 1: HBM4's Strategic Importance - HBM4 is viewed as a key differentiating component for NVIDIA's upcoming AI accelerator, Vera Rubin, with specifications requiring speeds over 11 Gbps and bandwidth exceeding 3.0 TB/s, which are more than 30% higher than AMD's requirements [7][12]. - Huang emphasized the urgency and importance of delivering top performance HBM4 without delays during the dinner, indicating a clear expectation for the supply timeline [13]. Group 2: Competitive Landscape - Samsung Electronics has taken the lead in the HBM4 race by shipping the first products, while SK Hynix's ability to deliver high-performance products on time will directly impact the market performance of Vera Rubin [3][12]. - The current allocation of HBM supply shares shows SK Hynix with over 55%, Samsung with around 20-30%, and Micron Technology at about 20%, although competition may shift with Samsung's advancements [8][15]. Group 3: Industry Dynamics - The semiconductor industry views Huang's personal involvement in the dinner as an unusual but significant gesture, reinforcing the importance of collaboration with key suppliers [9][19]. - The ongoing competition for HBM4 market share is expected to intensify, with industry insiders suggesting that the final optimization work for all three memory manufacturers will not be completed until around March [16].

每经记者｜岳楚鹏 每经编辑｜金冥羽 兰素英 ① 【三大期指齐跌】截至发稿，道指期货跌0.12%、标普500指数期货跌0.08%、纳指期货跌0.04%。 ② 【存储芯片概念股普涨】存储芯片概念股盘前普涨。截至发稿，闪迪、美光科技均涨超1%。 ③【黄仁勋：为GTC 2026准备了多款前所未见的新芯片】当地时间2月18日，黄仁勋接受媒体采访时称："我们已经为GTC 2026准备了几款前所未见的全 新芯片。"他补充道："由于所有技术都已达到极限，所以没有什么是容易的。"但他强调："有了这样一支团队（由英伟达和SK海力士的内存工程师组 成），没有什么是不可能的。" ④ 【英伟达清仓Arm全部股份】当地时间2月18日，最新监管文件显示，英伟达已抛售所持有的最后110万股Arm控股股票（价值约1.56亿美元）。英伟达 仍持有Arm为期20年的技术授权，其核心产品Grace CPU正是基于Arm架构。截至发稿，Arm上涨0.12%。 ⑤ 【Meta重启智能手表计划，计划2026年推出】 当地时间2月18日，据媒体援引知情人士透露，Meta已重启其"Malibu 2"智能手表项目。知情人士补充 说，该设备将于今年晚些时候发布， ...

Core Viewpoint - NVIDIA is set to unveil a groundbreaking new chip at the GTC 2026 conference, which is expected to further solidify its leadership in AI infrastructure [1][3]. Group 1: Upcoming Events and Innovations - The GTC 2026 conference will take place from March 16 to 19 in San Jose, California, focusing on the new era of AI infrastructure competition [1]. - NVIDIA's CEO Jensen Huang hinted at multiple new chips that will push current physical limits, with speculation that one of them may be based on the Rubin architecture [3]. Group 2: NVIDIA Rubin Platform - The NVIDIA Rubin platform, launched on January 5, consists of six new chips designed for building advanced AI supercomputers, setting a new benchmark for cost-effective deployment and operation of large-scale AI systems [5]. - The Rubin platform introduces five innovative technologies, including next-generation NVIDIA NVLink, Transformer engines, confidential computing, RAS engines, and NVIDIA Vera CPUs, which significantly reduce the GPU count needed for training MoE models [5]. Group 3: Industry Partnerships and Collaborations - Major tech leaders, including OpenAI and Microsoft, have endorsed the Rubin platform, emphasizing its role in enhancing AI capabilities and efficiency [6][7]. - Meta has announced a long-term partnership with NVIDIA, planning to deploy millions of NVIDIA chips in its data centers, marking a significant step in challenging the dominance of traditional x86 architectures [12]. Group 4: Market Trends and Financial Insights - Despite the increasing capital expenditures by major tech companies in AI infrastructure, NVIDIA's stock price has remained relatively stagnant, with a decline of 6.49% since its peak in October 2025 [10][11]. - A report from Huafu Securities indicates that the narrative of "selling shovels upstream" in the AI industry is still ongoing, with projected capital expenditures for major Chinese and American tech giants reaching $404.49 billion in 2026, an 18% year-over-year increase [12][13].

Market Overview - Major U.S. stock index futures are showing slight declines, with Dow futures down 0.12%, S&P 500 futures down 0.08%, and Nasdaq futures down 0.04% [1] Semiconductor Sector - Storage chip stocks are experiencing a pre-market rally, with SanDisk and Micron Technology both rising over 1% [2] Nvidia Developments - Nvidia's CEO Jensen Huang announced that the company has prepared several unprecedented new chips for GTC 2026, emphasizing the challenges of technological limits but expressing confidence in their engineering team [2] - Nvidia has sold its remaining 1.1 million shares of Arm Holdings, valued at approximately $156 million, while still holding a 20-year technology license from Arm [2][4] Meta Platforms - Meta has restarted its "Malibu 2" smartwatch project, which is expected to launch in 2026 with health tracking features and an integrated Meta AI assistant [2] OpenAI Financing - OpenAI is nearing the completion of a new funding round expected to exceed $100 billion, with a projected overall valuation surpassing $850 billion, up from an initial estimate of $830 billion [3] - The pre-funding valuation is expected to remain at $730 billion, with major strategic investors including Amazon, SoftBank, Nvidia, and Microsoft [3] Mining Sector - Rio Tinto's 2025 earnings report showed a basic profit of $10.87 billion, which is flat year-over-year but slightly below market expectations of $11.03 billion, leading to a decline of over 2% in its stock [3] eBay Performance - eBay's Q4 2025 earnings exceeded expectations, reporting revenue of $3 billion, a 15% year-over-year increase, and an adjusted EPS of $1.41, surpassing the anticipated $1.35 [4] - The company also announced the acquisition of the fashion marketplace Depop from Etsy for $1.2 billion [4] Silver Stocks - Silver stocks are showing strength, with Pan American Silver up over 4% and Hecla Mining rising nearly 2% [5] Google and Sea Partnership - Google and Sea have announced a strategic partnership to develop AI tools for Sea's e-commerce and gaming products, including exploring AI Agent shopping prototypes for Shopee [5]

二是英伟达可能提前揭晓下一代Feynman架构芯片，该芯片被业内视为"革命性"产品，可能采用更广泛 的SRAM集成方案，甚至通过3D堆叠技术整合LPU（语言处理单元），不过相关细节尚未得到官方确 认。 "我们准备了多款世界前所未见的全新芯片。这并非易事，因为所有技术都已逼近物理极限，但有了这 样一支团队（由英伟达和SK海力士的内存工程师组成），没有什么是不可能的。"黄仁勋表示。 当前，英伟达所处的市场环境呈现出计算需求逐季变动的态势。在Hopper和Blackwell时代，预训练是 主要的市场需求；而随着Grace Blackwell Ultra和Vera Rubin的问世，推理能力已成为市场核心需求，延 迟和内存带宽则成为主要瓶颈。这种需求的转变直接左右着英伟达的产品设计方向。 当地时间2月18日，英伟达CEO黄仁勋在接受媒体采访时，对即将到来的GTC 2026大会进行预热，他明 确表示将在会上揭晓"世界前所未见"的全新芯片，引发业界广泛关注。 据悉，英伟达GTC2026大会将于当地时间3月15日在加利福尼亚州圣何塞举行，核心聚焦AI基础设施竞 赛的新时代。此外，英伟达还将于当地时间2月25日公布最新财季业 ...

Core Insights - The article discusses the investment strategy of Duan Yongping, highlighting significant changes in his portfolio as of the end of 2025, with a total market value of approximately $17.489 billion, equivalent to over 120 billion RMB [2]. Group 1: Portfolio Adjustments - Duan Yongping significantly reduced his position in Apple, which was previously his largest holding, with a decrease of 7.09% in shares held [4]. - He increased his stake in Nvidia by over 1,110.62%, raising his holdings to 7,237,100 shares valued at approximately $1.35 billion [4]. - Duan also added to his positions in Google and Pinduoduo, while drastically cutting his investment in ASML by 87.63% [3][4]. Group 2: New Investments - Duan initiated small positions in three AI-focused companies: CoreWeave, Credo Technology, and Tempus AI, with respective portfolio allocations of 0.12%, 0.12%, and 0.04% [2][4]. - The portfolio reflects a strategic shift towards technology and AI sectors, indicating a focus on emerging trends in the market [2].

Market Performance - US equities closed higher, with the Dow Jones Industrial Average increasing by 0.26%, or 129 points, to 49,662 [1] - The S&P 500 rose by 0.56%, or 38 points, to 6,881, while the Nasdaq Composite advanced by 0.78%, or 175 points, to 22,753 [2] Technology Sector - The technology sector experienced a boost, primarily driven by a 1.63% increase in Nvidia shares, which reached $187.98 after the company expanded its partnership with Meta to supply millions of AI chips [3] European Market - In Europe, the Stoxx Europe 600 index surged by 1.20% to a record close of 628.69, with financial stocks rising by 0.86% [4] - France's CAC 40 increased by 0.80% to 8,429, Germany's DAX gained 1.12% to 25,278, and the UK's FTSE 100 climbed by 1.23% to a record 10,686 [5] Japanese Market - In Japan, the Nikkei 225 rose by 1% to 57,143 points, while the broader Topix advanced by 1.20% to 3,807 points [6]