Group 1 - Google has launched Gemini 3, which shows significant improvements in reasoning and multimodal understanding capabilities, outperforming previous models like GPT-5.1 and Sonnet4.5 in almost all evaluation metrics [1] - Microsoft, NVIDIA, and Anthropic have announced a new strategic partnership, with Anthropic committing to purchase $30 billion in Azure computing capacity and Microsoft investing $5 billion in Anthropic [1] Group 2 - The upgrade of Google Gemini 3 and the collaboration among tech giants may catalyze the overseas computing power industry chain in the A-share market, increasing demand for AI training and reasoning computing power [2] - The investments and computing capacity procurement by Microsoft and NVIDIA are expected to widen the global high-end computing demand gap, benefiting A-share companies involved in overseas computing power support [2] Group 3 - The Artificial Intelligence ETF (159819) tracks the CSI Artificial Intelligence Theme Index, which includes 50 listed companies providing resources, technology, and application support for AI, reflecting the overall performance of AI-related stocks [3] - As of November 19, the Artificial Intelligence ETF (159819) has reached a scale of 23.019 billion yuan, indicating sufficient liquidity [3]

【观网财经丨智能早报 11月19日】 微软、英伟达联合注资150亿美元，Anthropic 300亿美元采购Azure云服务 当地时间11月17日，微软、英伟达与AI初创公司Anthropic联合宣布，建立战略合作伙伴关系，三方以资本与算力为纽带形成"AI巨头联盟"，引发全球科技 行业关注。 作为合作的核心组成部分，英伟达与微软将分别向Anthropic注资最多100亿美元和50亿美元，合计150亿美元的联合投资，使Anthropic估值飙升至3500亿美 元。 而根据协议，Anthropic将斥资300亿美元（约合2132.89亿元人民币）采购微软Azure云平台的计算资源，用于扩展其Claude系列AI模型，而这些算力将全面 由英伟达的AI系统提供支持。 此次合作中，Anthropic初期将获得基于英伟达Grace Blackwell平台与Vera Rubin系统的算力支持，总容量最高可达1GW，双方还将在系统设计层面协作优化 模型性能与能效。 对微软而言，此举进一步完善了其"多模型护城河"战略，Azure AI Foundry客户将可直接调用Claude Sonnet 4.5等前沿模型，Claude也成 ...

Core Viewpoint - Nvidia is set to release its Q3 earnings report, with expectations of exceeding market forecasts, although concerns regarding AI investment returns persist [1] Group 1: Nvidia's Earnings and Market Sentiment - Nvidia's upcoming Q3 earnings report is anticipated to outperform expectations, but the negative narrative surrounding AI investments remains unresolved [1] - Investors are increasingly focused on the return on investment in AI, with a need for fundamental changes in business models or technology to alleviate concerns [1] Group 2: Industry Trends and Capital Expenditure - The overall fundamentals of major tech companies remain strong, and the trend of capital expenditure is expected to continue due to the early stage of AI development [1] - The "FOMO" (Fear of Missing Out) sentiment among investors is still strong, indicating ongoing interest in AI-related investments [1] Group 3: Communication ETF and Market Performance - The Communication ETF (515880) has seen a significant inflow of over 3.7 billion yuan in the past 20 days, leading to a rise of more than 1.8% at the market open [1] - As of October 28, the Communication ETF has a market size of 11.961 billion yuan, ranking first among 15 similar products, with a 52% allocation to optical modules [2][1] - The optical module market is expected to maintain high prosperity due to ongoing investments in domestic and international computing infrastructure [1]

Core Insights - The releases will provide key signals for investors after a significant market pullback [1] Group 1 - The market has experienced a significant pullback, indicating potential volatility and uncertainty [1]

智通财经APP注意到，正在席卷全球金融市场的低迷情绪，正悄然蔓延至信贷市场。从投资级公司债到垃圾债，各类债券的风险溢价均徘徊在数周高位附 近。 周一，投资者在看到最终定价后，撤回了对几笔公司债发行约40%的订单，这一撤单率高得异乎寻常。另有一笔投资级债券发行在上周被完全从市场撤回， 这在该市场中实属罕见。在杠杆贷款市场，银行难以出售一些与收购相关的债务。 信贷市场远未到恐慌地步，估值仍接近数十年高位，但资金管理机构表示，市场正变得更加谨慎。周二，标普500指数连续第四日下跌，这是自8月以来最长 的连跌纪录，较上周中旬下跌约3%。助推2025年大部分涨幅的科技公司股价正在下跌，因投资者担心人工智能可能无法完全兑现其炒作预期。 Wellington Management Company的投资组合经理Brij Khurana表示，"有信号表明可能存在增长问题，但这并未反映在债券收益率中。" 这可能是债券投资者变得更加谨慎的部分原因。资金管理机构近几周抢购了大量科技债券：美国银行策略师周一写道，被称为超大规模计算公司的企业今年 已发售了约1210亿美元的美元高等级债券，高于过去五年平均约280亿美元的水平。其中约81 ...

Summary of Key Points from the Conference Call Company: NVIDIA Industry Overview - The market is closely monitoring NVIDIA's performance and future expectations, particularly in the AI and data center sectors [1][2][4] Core Financial Insights - For Q3 FY2025, NVIDIA's revenue is projected to grow by 62% year-over-year, with data center revenue expected to reach $51 billion and gross margins between 73% and 74% [1][2] - Q4 FY2025 revenue is anticipated to increase by 63%-65% year-over-year, with gross margins potentially reaching around 75% [1][3] - EPS for FY2025 is expected to grow approximately 60%, reaching around $4.5-$4.8, while FY2026 EPS is projected to be around $8, reflecting a 72% increase [4] Growth Drivers - NVIDIA's growth is primarily driven by the mass shipment and ramp-up of its Blackwell and Rubin chips, with total shipments expected to reach 20 million units, corresponding to $500 billion [1][6] - The company is also benefiting from improvements in supply chain efficiency and increased production capacity [6] Data Center Demand Trends - Traditional cloud giants like Google, Microsoft, Meta, and Amazon have seen a 73% year-over-year increase in capital expenditures, with an expected annual growth rate of 63% [5] - Emerging cloud providers such as Coreweave and Nebulas are significantly increasing their capital expenditure plans, indicating strong demand for computing power [5] AI Market Sentiment - Concerns regarding the AI bubble focus on the mismatch between investment and returns, although the demand for inference computing power is rising [2][7] - The AI sector is viewed as being in the early stages of a significant technological revolution, attracting substantial new investments despite some companies like OpenAI currently operating at a loss [7] Cloud Service Profitability Concerns - Market worries about cloud service profitability are seen as short-term adjustments rather than long-term issues, with strong growth in both demand and supply sides [8] - Google Cloud's operating profit margin is expected to rise significantly, indicating ongoing profitability in cloud services [9] Chip Depreciation Cycle - The current chip depreciation cycle of 5-6 years is considered reasonable, with potential for extension due to increased reliability and changes in workload demands [10][11] Upcoming AI Catalysts - Key upcoming events include the release of Google's GEMINI 3, Microsoft's Ignite conference, and Amazon's Re:Invent conference, all of which are expected to impact the AI landscape significantly [12][13]

Why zkML? Because @ROKAutomation and @nvidia just announced a new edge-based generative AI system for industrial factories — letting AI make decisions on the production floor in real time.When machines think at the edge, verification becomes the new safety layer. https://t.co/IzqUrZTfLU ...

Core Viewpoint - The strategic partnership between Microsoft, NVIDIA, and Anthropic represents a significant investment in AI, with concerns about the sustainability of such "closed-loop" financing models in the industry [2][12]. Group 1: Partnership Details - Microsoft commits to invest up to $5 billion in Anthropic, while NVIDIA pledges up to $10 billion, leading to Anthropic's valuation soaring to $350 billion [3][5]. - Anthropic will purchase $30 billion worth of Azure computing power from Microsoft, fully utilizing NVIDIA's AI systems, including the current Grace Blackwell architecture and the upcoming Vera Rubin architecture [5][11]. Group 2: Strategic Implications - The collaboration expands Microsoft's AI offerings, allowing Azure customers access to Anthropic's Claude models, which will be available on major cloud platforms [8][9]. - Despite this new partnership, Microsoft maintains its core relationship with OpenAI, having invested heavily in it since 2019, with OpenAI's valuation reaching $135 billion [9][10]. Group 3: Market Concerns - The announcement of this partnership comes amid rising skepticism about the AI investment boom, with NVIDIA and Microsoft's stock prices dropping nearly 3% on the day of the announcement [13]. - Concerns about a potential AI bubble are prevalent, with 45% of fund managers identifying it as a significant market risk, questioning whether AI products can generate sufficient revenue to justify the massive investments [12][15].

早盘提示 Morning session notice 研究员： 于军礼 从业资格： F0247894 交易咨询资格：Z0000112 联系方式：yujunli@greendh.com | 板块 | 品种 | 多（空） | | | --- | --- | --- | --- | | | | 【重要资讯】 | | | | | | 1、摩根大通认为，尽管市场存在围绕人工智能叙事的噪音，但流动性紧张才是驱 | | | | | 动股市下跌的核心因素，杠杆基金获取现金的能力受限导致持仓平仓压力加剧。如 | | | | | 果出现进一步下跌，"机械性"抛售将推动市场再跌一档。 | | | | | 2、亿万富翁 Peter Thiel 旗下基金、桥水基金、软银纷纷减仓英伟达，美国公共 | | | | | 债务不断攀升、地缘政治紧张局势以及央行干预措施共同推高了系统性风险，促使 | | | | | 顶级投资者在高估值科技股上采取更为谨慎的立场。 | | | | | 3、散户是今年美国股市最大的净买家之一，尤其在期权市场，散户成交量已经压 | | | | | 倒机构。"散户"和大众市场的重要性正在资产管理和市场生态系统的各个层 ...

公众号记得加星标⭐️，第一时间看推送不会错过。 来 源 ： 内容 编译自tomshardware 。 据路透社报道，GlobalFoundries刚刚宣布收购总部位于新加坡的硅光子器件制造商AMF，该公司称 此次收购使其成为该技术领域最大的制造商。硅光子器件使用光而非电脉冲来传输数据，可用于芯片 内部、组件之间甚至服务器之间的通信。 英伟达已计划在其下一代人工智能服务器中采用硅光子技术，这将降低功耗并同时提高数据传输速 度。这对该公司至关重要，因为它可以实现数据中心内数百万个GPU的集群。AMD也在积极布局这 项技术，据报道已斥资近3亿美元在台湾设立了一个专注于该技术的研发中心。今年早些时候，AMD 收购了另一家硅光子技术公司Enosemi，以增强与英伟达的竞争力。 硅光子技术能够在降低功耗的同时提升数据传输速度，这对人工智能计算的未来至关重要。尤其是在 人工智能数据中心建设空前扩张，电力需求激增，给电网带来巨大压力的当下，这一点显得尤为重 要。"随着数据传输速度加快，工作负载日益复杂，以更高的速度、精度和能效传输信息的能力，对 于人工智能数据中心和先进的电信网络而言至关重要。"GlobalFoundries ...