Shares of NVIDIA Corp. (NASDAQ:NVDA) lost 2.91% over the past five trading sessions after gaining 0.24% the five prior. But since hitting its all-time high on Oct. 29., NVDA is down nearly 119%. Nonetheless, shares remain up 38.81% over the past year. When the company reported Q3 earnings on Nov. 19, 2025, it beat on the top and bottom lines when it announced record revenue of $57.0 billion and diluted earnings per share (EPS) of $1.30, both of which exceeded analyst expectations. Data center revenue was th ...

Summary of Key Points from the Conference Call Industry Overview - The conference focused on the technology sector, particularly the semiconductor and memory markets, highlighting the ongoing supply tightness and its implications for various applications, especially in AI and cloud computing [1][2]. Core Insights - **Memory Supply and Pricing**: There is a significant surge in memory prices, with Sandisk's NAND for enterprise SSDs expected to increase by over 100% quarter-on-quarter in the March quarter [2]. This price increase is driven by strong demand and supply constraints in the memory market [5]. - **AI Demand Divergence**: The demand for cloud AI applications is anticipated to grow significantly, while non-cloud AI applications may experience a decline. This divergence is attributed to uneven supply distribution favoring cloud AI [1]. - **Context Storage as a Bottleneck**: Jensen Huang from nVidia emphasized that as AI models grow, the retention and movement of context data will become critical, shifting the focus from just computing performance (FLOPS) to how context data is managed [3]. - **Incremental NAND Demand**: The introduction of the Inference Context Memory Storage Platform (ICMSP) by nVidia could lead to an incremental NAND demand of approximately 60EB in 2026, representing 10-20% of enterprise SSD demand [4]. Market Sentiment - Investor sentiment is increasingly optimistic regarding the memory upcycle, with a bullish outlook not only on DRAM but also on NAND, which was previously viewed with skepticism [5]. - The semiconductor wafer spot prices are recovering, with expectations of a 5-10% rebound in prices for certain memory makers in the first half of 2026 [14]. Supply Chain Dynamics - **CPO Demand**: The demand for CPO (Chip-on-Panel) version Spectrum-X switches is expected to be strong, with estimates suggesting 2-6 switches per Vera Rubin rack, indicating a positive outlook for the supply chain, particularly for companies like Himax and its partners [8]. - **Competitive Landscape**: Largan is partnering with TSMC to provide future CPO solutions, potentially positioning itself as a competitor to Himax and FOCI in the next generation of CPO technology [9]. Concerns and Risks - There are concerns regarding inventory restocking in non-cloud AI applications, particularly in the smartphone and PC markets, which may lead to weaker demand than previously expected. Global smartphone shipments are projected to decline by 2% year-on-year, with some companies forecasting declines of 10-15% [18]. Conclusion - The technology sector, particularly in semiconductors and memory, is experiencing significant changes driven by AI demand and supply chain dynamics. While there is optimism regarding memory pricing and demand, potential risks in non-cloud AI applications and inventory management could impact overall market performance [1][5][18].

Greater-than-envisioned architecture changes probably reflect efforts to challenge the performance per Watt barrier Rubin NVL72: Updated memory and storage layers using Ethernet switches Nvidia announced its next-generation Rubin platform at CES 2026. In terms of architecture, it now features what the company is calling its Context Memory Storage Platform, an external storage system for the key-value cache (using NAND flash memory). This platform (controlled by BlueField-4 DPU) connects to NVL72 racks using ...

Summary of Earnings Season Preview for 4Q25 Industry Overview - The report focuses on the S&P 500 index and its earnings performance for the fourth quarter of 2025 (4Q25) - The technology sector, particularly the "Big 6 Tech+" companies, is highlighted as a key driver of earnings growth Core Insights and Arguments - **Earnings Growth Projections**: - S&P 500 EPS is forecasted to grow by 8.8% in 4Q25, with expectations that it may finish closer to 12.2% due to historical trends and potential earnings beats [1][10][20] - The technology sector is expected to lead with an EPS growth of 21.5%, significantly outpacing the rest of the S&P 500, which is projected to grow at only 1.4% [9][10] - **Sector Performance**: - Eight out of eleven sectors are anticipated to show positive growth, with the technology sector being the standout performer [1] - The materials sector is expected to see an EPS increase of 8.8% in 4Q25, with a forecasted acceleration to 20.9% for the full year 2026 [9] - The industrials sector is projected to contract with an EPS growth of -2.4%, heavily influenced by Boeing's performance [9] - Financials, which had strong growth in previous quarters, are expected to moderate to 6.7% this quarter [9] - **Earnings Revisions**: - Revisions for S&P 500 earnings are slightly above historical trends, particularly driven by the technology sector [2] - The consensus for 2026 EPS expectations for S&P 500 ex-Tech+ has remained stable since June, contrasting with typical declines [2] - **Early Reporters**: - Early reporting companies have exceeded EPS estimates by 14.3%, significantly above the historical average of 4.9% [3][39] Additional Important Insights - **Margin Expectations**: - S&P 500 margins are expected to increase by 70 basis points, the lowest expectations since 2Q23, with anticipated margin contractions in several sectors including telecom and healthcare [2] - **Top Contributors and Detractors**: - Notable contributors to EPS growth include NVIDIA (EPS growth of 70.7%), Microsoft (22.7%), and Alphabet (22.0%) [28] - Detractors include Uber (-75.8%), UnitedHealth Group (-69.1%), and Ford (-73.5%) [29] - **Market Dynamics**: - The report indicates a potential setup for a low bar in earnings expectations, particularly for sectors outside of technology [9][22] - **Future Outlook**: - The broader S&P 500 is expected to see a full-year EPS growth of 10% for 2026, with technology continuing to drive significant growth [9] This summary encapsulates the key points from the earnings season preview for 4Q25, highlighting the expected performance of the S&P 500 and its sectors, particularly the technology sector's influence on overall market growth.

J P M O R G A N North America Equity Research 09 January 2026 Semiconductors CES Overview: AI Bookings/Backlog Strength Allay Fears of Peak Spending; Cyclical End Markets Recovery Accelerates with Strong Focus on Physical/ Edge AI J.P. Morgan hosted virtual fireside chats with Marvell and NVIDIA management teams along with in-person meetings/booth tours with Analog Devices, Micron, Synaptics, Synopsys, Skyworks, and Silicon Labs, in conjunction with the 2026 International Consumer Electronics Show (CES). Br ...

ANCHOR REPORT Global Markets Research 9 January 2026 Global AI networking supercycle driven by tech upgrade/supply shortage Accumulate market leaders InnoLight, YOFC, TFC and T&S We believe the global AI networking supercycle will continue in 2026F, and even extend into 2027F, driven by multiple technology upgrade roadmaps (i.e. Silicon Photonics [SiPh], Co-package optics [CPO], Optical Circuit Switch [OCS], Active Electronic Cable [AEC], Hollow Core Fiber [HCF]) and supply shortage (i.e. optical laser chip ...

华夏中证人工智能主题ETF联接C（008586）。 1月13日盘中，A股三大指数集体翻绿，科技赛道表现相对强势，AI应用、软件开发、AI智能体、 Sora概念板块纷纷上涨，沪市规模最大的人工智能AIETF（515070）持仓股用友网络涨停，中科星图大 涨超11%，合合信息、科大讯飞、深信服等股涨幅居前，人工智能AIETF（515070）跌1.3%。 消息方面，英伟达与美国制药巨头礼来当地时间周一宣布，双方将在未来五年内投入10亿美元，在 旧金山湾区建设一座联合研究实验室，旨在加速人工智能在制药行业中的应用。英伟达认为，医疗健康 和制药行业是其技术大有可为的领域。目前，已有企业开始利用AI计算系统提出潜在的新药或化合物 方案，但通常仍需通过实验室实验进行验证。英伟达认为，AI可以在很大程度上实现这一过程的自动 化。 人工智能AIETF（515070）； 华夏中证人工智能主题ETF联接A（008585）； 光大证券指出，AI在医疗行业的应用正迎来商业化加速的关键阶段。该机构分析认为，类似"蚂蚁 阿福"这类现象级应用的出现，其核心价值在于商业模式的创新——通过"AI陪伴"模式，将传统的低频 就医场景转化为高频的健康 ...

Group 1 - Nvidia is currently experiencing a decline in stock performance despite strong financial results, with shares dropping over 2% in the last three months while the S&P 500 rose more than 3% [5][7] - The company's recent quarterly earnings showed record revenue of $57 billion, a 62% year-over-year increase, and net income of $31.9 billion, with guidance for Q4 revenue of $65 billion, indicating a 65% year-over-year increase [6][7] - Concerns regarding an "AI bubble" and competition from Alphabet's TPU processors are overshadowing Nvidia's impressive financial performance [7] Group 2 - Nvidia is the largest company in the world with a market cap of $4.5 trillion and has seen its stock rise 1,270% over the past five years [4] - The company's current price-to-earnings (P/E) ratio is 46, close to its five-year low of 32 and well below its five-year average of 76, suggesting it may be reasonably valued [9] - The forward P/E ratio stands at 39.6, indicating potential for growth if AI spending increases more than expected in the coming year [9]

文 | 医线Insight，作者丨雨山 旧金山的冬天有些许寒冷，但刚刚开幕的第44届摩根大通医疗健康大会（J.P. Morgan Healthcare Conference, JPM）却让全球资本市场感受到了前所未有的燥热。 当地时间1月12日，就在JPM大会的首日，一则重磅消息瞬间引爆了会场，也震动了从硅谷到华尔街的 每一根神经： 全球市值第一的制药巨头礼来与全球市值第一的科技巨头英伟达正式宣布，双方将达成一项历史性的战 略合作。 两家公司将在未来五年内共同投入10亿美元，在旧金山湾区建立一个全新的联合创新实验室。 这不仅是一次简单的企业合作，更被业内视为"硅基智能"与"碳基生命"最顶层的握手。 截至发稿，英伟达市值已突破4.5万亿美元，稳坐全球科技王座；而礼来凭借在GLP-1减肥药领域的绝对 统治力，市值稳定在1万亿美元以上，是无可争议的医药之王。 两家市值加起来接近6万亿美元的巨无霸，决定联手押注AI医疗，这本身就是一个巨大的时代信号。 这究竟是一场怎样的"豪赌"？AI真的能打破困扰制药业数十年的"反摩尔定律"吗？ 不仅是算力，更是生态 根据双方披露的细节，这个联合实验室将不仅仅是一个算力中心，而是一个 ...

消息人士称，虽然英伟达已向中国客户提出了大致的定价范围，但具体价格将根据购买量和具体的客户 安排而有所不同。他们表示，一个八芯片模组预计成本约为150万元人民币，略高于现已无法获得的 H20模组(此前售价约为120万元人民币)。然而，消息人士称，鉴于H200的性能大约是H20的六倍(H20是 英伟达专为中国市场设计的降级芯片)，中国互联网公司认为该定价具有吸引力。 消息人士表示，中国科技公司已为2026年订购了超过200万颗H200芯片，而英伟达目前库存仅为70万 颗。他们表示，英伟达打算向台积电追加订购的具体数量尚不清楚。消息人士称，英伟达已要求台积电 开始生产额外的芯片，预计将于2026年第二季度开始生产。消息人士称，英伟达已决定将向中国客户提 供哪些H200型号，定价约为每颗芯片27,000美元。 智通财经APP获悉，芯片巨头英伟达(NVDA.US)周二表示，该公司并不要求客户为购买H200芯片支付 预付款。英伟达发言人在一份声明中表示，该公司"永远不会要求客户为未收到的产品付款"。这一声明 是针对媒体近日的一篇报道。该报道指出，英伟达对寻求购买其人工智能芯片的中国客户提出了异常严 格的条款，要求全额预 ...