4月14日早盘，A股苹果、英伟达产业链高开，光模块CPO、消费电子等概念板块表现活跃，相关ETF资 金博弈热情高涨，截至9点54分，5G通信ETF（515050）涨1.23%，盘中成交额快速突破1.4亿元。持仓 股中，中际旭创涨超5%，新易盛、剑桥科技、歌尔股份、领益智造等纷纷走强。 资料显示，5G通信ETF（515050）深度聚焦通信产业链龙头标的，覆盖了多个射频、AI算力、6G、消 费电子、PCB、通信设备、服务器、光模块、物联网等细分行业的龙头个股。自2月下旬阶段高点以 来，AI、通信板块持续调整，拥挤度大幅降低，目前5G通信ETF（515050）跟踪指数估值不到30倍， 已经来到低估区间。 西部证券分析称，关注关税豁免松动带来的反弹机会和通信超跌环节。通信板块公司短期受关税影响较 小，中长期重点关注关税政策变化、豁免条件、下游客户成本传导和需求变化。当前建议重点关注： 1）出口光模块环节豁免，东南亚生产出口部分目前处于90天豁免状态，板块回调幅度大，关注反弹机 会；2）受海外需求影响较小的科技自主内循环环节：运营商（高股息、抗风险、受中美关系影响 小）、国产 AIDC 算力产业链（包括 AIDC 租赁 ...

我们一直认为 H20 会受到严格限制，即便昨天有一篇文章提出了不同观点，这仍是我们的基本判断。 在此为您介绍一些相关背景。 H20 的情况 H20 本质上是 A100 的性能受限版本，其设计目的是将性能控制在美国商务部对华限制规定的每平方毫 米万亿次浮点运算指标阈值之下。英伟达称 H20 服务于 "竞争激烈的领域"，这一点确凿无疑 ——H20 的性能比几个月前停产的 H100 低约 75%。当全球顶尖的人工智能硬件公司被迫在比当前最先进性能水 平低 85% 甚至更多的情况下参与竞争时，产品定价必然具备竞争力。我们预计 H20 的毛利率在 50% 左 右，远低于公司 70% 左右的平均毛利率。事实上，H20 的销售情况是过去两个季度公司毛利率下滑的 主要原因之一。 昨天，NPR.com上的一篇文章称，H20 原本要被禁售，但美国商务部目前计划允许其继续出货。据我们 所知，这篇文章的内容尚未得到证实。 常见问题解答 既然 Blackwell 的性能比 H20 高出多达 25 倍，为何还有人购买 H20？ 中国公司被限制购买高端 GPU。企业应对这些限制的方式主要有三种：一是在允许的情况下，使用该 地区以外的 GP ...

Core Viewpoint - Despite the ongoing AI boom, AI stocks have faced significant declines in 2025 due to tariff threats and economic recession concerns, leading to questions about the sustainability of massive AI investments by tech companies [1][2]. Group 1: AI Market Dynamics - The AI revolution appears resilient even amid market turmoil, with CEOs from major companies confirming strong demand for AI [3]. - Alphabet plans to invest $75 billion in AI data centers this year, with positive returns already being reported [4]. - Amazon's CEO emphasized that generative AI will transform customer experiences and noted triple-digit growth rates in AI revenues [6]. Group 2: Competitive Landscape - The introduction of China's low-cost AI model, DeepSeek R1, has added pressure on AI stocks, particularly Nvidia [5]. - Amazon and Google are actively working to reduce AI costs, with Amazon's Trainium2 chip offering 30%-40% better price performance compared to Nvidia's offerings [12]. - Google's new Ironwood chip is designed for high performance, capable of handling six times the memory of previous generations and achieving peak inference throughput of 4,614 teraflops [14]. Group 3: Nvidia's Position - Nvidia has a significant market lead in AI chips, but its high gross margins (75%) may be challenged as competitors like Amazon and Google develop their own chips [15]. - The competitive landscape is shifting, with both Amazon and Google aiming to lower AI costs and reduce reliance on Nvidia [16].

Core Insights - Nvidia is currently viewed as the best trillion-dollar stock to buy, with a median target price implying a 58% upside from its current share price [2][9] - The company holds a dominant position in the AI accelerator market, with over 90% market share in data center GPUs and more than 80% in AI accelerators [3] - Nvidia's competitive edge is bolstered by its CUDA software platform, which enhances the development of AI applications [4] Company Overview - Nvidia's market capitalization stands at $2.7 trillion, with a current share price of $111 and a median target price of $175 [9] - The company also leads in adjacent data center hardware, including CPUs and networking equipment, which contributes to a superior total cost of ownership for its systems [5] - Nvidia is actively addressing headwinds from competition and export restrictions, with analysts optimistic about the demand for its GPUs due to evolving AI training techniques [6][8] Industry Trends - The demand for AI hardware, software, and services is projected to grow by 35% annually through 2030, indicating a robust market environment for Nvidia [12] - Wall Street anticipates Nvidia's earnings will increase by 38% annually through fiscal 2027, suggesting that the current valuation may be attractive for long-term investors [12] - The emergence of robotics powered by physical AI is expected to revolutionize industries, positioning Nvidia as a key player in this transformation [10]

Group 1 - Nvidia is recognized as a highly successful investment, achieving a peak return of 200% in less than 2 years [1] - The company's success is attributed to its early mover investments in the industry [1] Group 2 - The article does not provide any specific financial metrics or future projections for Nvidia [2]

Core Insights - Nvidia is recognized as a leader in AI infrastructure, with its success attributed to its powerful technology for training and utilizing AI [1] - The company's extensive reach is a result of a business strategy that focuses on essential operations, avoiding unnecessary activities [2] Company Strategy - Nvidia emphasizes a minimalist approach, as articulated by co-founder and CEO Jensen Huang, stating that the company will avoid any non-essential tasks [2]

自DeepSeek发布R1版本以来，昔日的AI芯片王者英伟达就没了好日子，股价一路暴跌，市场前景被持 续看淡，垄断地位也岌岌可危。 2025年开年，字节跳动、阿里巴巴和腾讯等中国巨头都成为英伟达芯片的采购主力军。 相比之下，2024年全年英伟达向中国运送了超过100万块H20芯片，收入约120亿美元，而2025年仅三个 月就几乎再造一个"全年"。 H20芯片的热销也不是一开始就这样。 只不过，这是英伟达的全球市场，在中国，英伟达却因祸得福，依靠H20芯片，迎来了一场意外的销售 热潮。 据多家媒体报道，2025年第一季度，中国科技巨头如字节跳动、阿里巴巴和腾讯等，集体向英伟达下达 了至少160亿美元的H20订单，几乎追平2024年英伟达在中国区全年170亿美元的销售总额，这种集体行 动不可不谓疯狂。 这一现象不仅颠覆了市场的普遍预期，也在短期内为身处地缘夹缝中的英伟达，带来了意想不到的反弹 契机。 只是长期看，监管与竞争的双重阴影依然沉重，这场"因祸得福"的故事能否持续，仍是未知数。 01 销售狂潮：从低谷到井喷 2024年初，中国企业对其态度谨慎，thepaper.cn曾报道，因性能缩水和高昂价格，H20一度 ...

苹果收涨4.06%，英伟达涨3.12%，谷歌A涨2.76%，亚马逊涨2.01%，微软涨1.86%，特斯拉则收跌 0.06%，Meta Platforms跌0.50%。 本周，英伟达累计反弹17.62%，亚马逊反弹8.11%，微软反弹7.95%，谷歌A反弹7.85%，Meta反弹 7.70%，特斯拉涨5.38%，苹果反弹5.19%。 周五（4月11日），美国科技股七巨头（Magnificent 7）指数上涨2.40%，报141.01点，本周累计上涨 8.95%。 此外，AMD收涨5.30%，台积电ADR涨3.94%——本周整体反弹7%，巴菲特旗下伯克希尔哈撒韦B类股 涨1.61%，礼来涨1.6%。 | 美股七姐妹热门 | 当前价 # | 涨跌幅 # | 成交量 $ | 总市值 $ 年初至今 # | | | --- | --- | --- | --- | --- | --- | | 股 √ | | | | | | | Destiny Tech ... | 31.20 | +1.62 (+5.48%) | 42.61万股 | 3.39亿 -46.99% | ( ) ... | | us DXYZ | 31.12 | ...

Advancements in artificial intelligence (AI) have made NVIDIA Corporation (NVDA) a Wall Street darling for some time. On the other hand, Broadcom Inc.’s (AVGO) recent share repurchase plan, along with its planned moves to capitalize on the growing AI field, has delighted income-oriented investors.  However, the latest trade war between the United States and several other countries has caused market turmoil, with shares of NVIDIA and Broadcom declining 19.9% and 25.7% year to date. This presents an opportuni ...

Nvidia CEO Jensen Huang delivers the keynote for the Nvidia GPU Technology Conference (GTC) at the SAP Center in San Jose, California, U.S. March 18, 2025.Technology stocks were on pace for a winning week Friday on the heels of a volatile stretch spurred by ongoing tariff uncertainty and economic fears.The Nasdaq Composite has jumped nearly 5% this week despite a wild few sessions and is on pace for its best week since November. The index was marginally higher Friday. Megacap technology stocks have bounced ...