Despite the initial announcement, the $100 billion potential deal between Nvidia Corp. (NASDAQ:NVDA) and OpenAI is yet to be finalized, the company’s CFO revealed on Tuesday.Deal With OpenAI Still In Early StageAt the UBS Global Technology and AI Conference in Scottsdale on Tuesday, Nvidia’s EVP and CFO, Colette Kress informed investors that the much-publicized partnership with OpenAI is still at the letter-of-intent stage, reported Fortune. Kress said that they still had not completed a “definitive agreeme ...

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英国养老基金抛售美国股票 卜晓明 英国媒体2日报道，英国养老基金正在缩小对美国股票的风险敞口，原因是担忧美国人工智能(AI)领域 泡沫已太大。 英国多个养老金项目告诉英国《金融时报》，近几个月来，他们一直在把投资转向美国以外的市场、或 针对美股可能下跌而增强保护措施。这些养老金项目为数百万英国储户管理总计超过2000亿英镑的资 产。 斯图尔特说，该机构正减少对美股的配置，转而在英国和亚洲市场增配。该机构管理的可持续多元资产 基金规模达360亿英镑，其约60%的股票资产位于北美。 Aon Master信托基金管理120亿英镑资产，今夏出售其全球股票组合中约10%的资产，价值约7亿英镑， 其中相当一部分是美国股票。 《金融时报》提供的数据显示，美国纳斯达克综合指数今年上涨逾20%，自2023年初以来已上涨一倍以 上。纳斯达克综合指数主要由英伟达、字母表和"元"等大型科技企业的股价推动。 欧洲央行上周说，随着投资者被"害怕错过"的情绪驱动，英伟达、字母表、"元"和微软等美国科技股估 值过高。英格兰银行（英国中央银行）和国际货币基金组织(IMF)近期发出类似警告强调，如果市场乐 观情绪消退，高企的AI股票估值会使投资 ...

Core Viewpoint - NVIDIA Corporation is facing increasing competitive pressures and financial challenges, leading to a "Sell" rating from Seaport Global Securities with a price target of $140 [1]. Competitive Risks - The firm has identified competitive risks from Google's TPUs, which can outperform NVIDIA systems on various metrics [2][3]. - NVIDIA's reliance on financial arrangements, including $26 billion in cloud compute service agreements, may significantly impact gross margins, potentially reducing them by 400 basis points next year, equating to at least $0.30 per share [2]. Financial Commitments - NVIDIA has made substantial investments, spending $6 billion this year in private companies and committing an additional $17 billion, which includes $5 billion to Intel [3]. - The potential agreement with OpenAI, although not yet signed, could add another $100 billion to NVIDIA's commitments [3]. Working Capital Dynamics - There has been a significant increase in working capital this quarter, which may indicate strong demand but is also viewed as a strategy to manage working capital needs among its ODM customers [3]. Investment Outlook - While NVIDIA has potential as an investment, there are other AI stocks that may offer greater upside potential with less downside risk [4].

Core Insights - Nvidia has been a significant player in the AI industry, investing billions into AI-related ventures and becoming a bellwether for the sector since the launch of ChatGPT on November 30, 2022 [1][2] Strategic Partnership and Investment - Nvidia announced a multiyear collaboration with Synopsys, focusing on expanding the reach of its Compute Unified Device Architecture (CUDA) and developing capabilities in agentic AI, physical AI, and Omniverse digital twins [3][4] - Nvidia purchased over 4.8 million shares of Synopsys common stock, valued at approximately $2 billion, to enhance its strategic partnership [4] - The collaboration aims to accelerate Synopsys' electronic design automation (EDA) processes using Nvidia's CUDA libraries, improving design, simulation, and verification of intelligent products [5] Investment Landscape - Since the beginning of 2024, Nvidia and its venture capital arm, NVentures, have made 117 investments totaling over $62 billion, with the $2 billion stake in Synopsys representing about 3% of its AI-centric holdings [8] - Nvidia's partnership with OpenAI, announced in September, involves a $100 billion investment contingent on the deployment of AI data centers built on Nvidia's GPUs, indicating a broad investment strategy across the AI ecosystem [9] Synopsys Performance - Synopsys reported fiscal 2025 third-quarter revenue of $1.74 billion, a 14% year-over-year increase, but earnings per share (EPS) fell 43% to $1.51, attributed to a decline in design intellectual property revenue [11] - The company lowered its fourth-quarter guidance to $2.25 billion, missing Wall Street expectations and reflecting challenges from acquisition-related expenses and export restrictions [12] - Synopsys' stock is currently valued at 34 times earnings, raising concerns about its high valuation amidst ongoing challenges [13]

作者按：re：Invent是全球最大云厂商亚马逊AWS一年一度的战略和技术大会。re：Invent 2025于12月1日-5日在美国拉斯维加斯召开。我们 在现场，记录美国云计算行业这一年最新的变化。 以下是正文： 美国西部时间12月3日，全球最大云计算厂商亚马逊AWS在re:Invent 2025发布了新款AI芯片和新款自研模型。 （亚马逊AWS CEO马特·加曼在re:Invent 2025发布Trainium 3） 亚马逊AWS CEO（首席执行官）马特·加曼（Matt Garman）宣布，亚马逊AWS自研的AI芯片Trainium 3已经上线，这是一款3nm（纳米）工艺制程的芯 片。亚马逊AWS下一代AI芯片Trainium 4也在研发设计阶段。 亚马逊AWS还发布了Amazon Nova 2系列的自研模型。其中包括Lite（轻量化版）、Pro（专业版）、Sonic（声音模型）、Omni（多模态推理模型）这四 款模型。目前Amazon Nova系列已有数万企业客户，包括海信、印孚瑟斯（印度第二大IT企业）等。 01 亚马逊AWS已部署百万枚自研AI芯片 马特·加曼提到，目前亚马逊已经部署了超过100万枚 ...

每经AI快讯，美股大型科技股盘前多数上涨，英伟达、谷歌A涨0.3%，亚马逊涨0.2%，微软、苹果涨 0.1%，Meta、特斯拉持平。 ...

Google parent company, Alphabet, is coming for Nvidia in one of the world's most lucrative hardware markets.This day was inevitable. Hyperscalers like Alphabet (GOOG +0.29%)(GOOGL +0.26%), Amazon, and Microsoft have spent billions of dollars designing their own data center chips for artificial intelligence (AI) workloads, but until now, their hardware didn't hold a candle to Nvidia's (NVDA +0.86%) industry-leading graphics processing units (GPUs).On Nov. 18, Alphabet launched its new Gemini 3 AI model. It w ...

AI端侧，实则是一个庞大而复杂的产业链生态，是大模型装入消费电子的外设+应用场景+数据挖掘+数 字资产+信用扩张周期。当下，Qwen、智谱等中国模型已经逐渐被全球开发者所认可。而所谓的外设， 就是靠着强大的制造能力而风靡全球的"中国制造"，比如消费电子、电动车、无人机、机器人等等。AI 端侧的核心意义，就在于解决AI基建那巨量资本开支的变现问题，并构建完整的AI端侧产业链生态闭 环。 现在西大在力推谷歌的"全栈自研"模式：试图将芯片-软件-模型-应用的链条全部跑通，形成自身的竞争 优势。而东大，则更应当构建独属于自己的AI战略。中国人的优势就是制造Power，机器人、无人机、 智能外设、电动车，这些工业制造领域才是中国人大展身手的主战场，软件只是工具。开源的软件让全 世界的用户加入AI生态，然后把这些生态装入物美价廉的硬件（AI Agents）中，最终再把这些硬件卖 给全世界…… 而AI生态催生出的应用场景和数据资源，将形成巨大的飞轮效应，让AI所创造的巨额财富，最终沉淀 在中国的土地上…… 炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 来源：刘煜辉的高维宏观 谈及明年展望，刘博对 ...

当谷歌开始尝试把自研的 AI 芯片 TPU（Tensor Processing Unit）卖向更广阔的市场，这场原本只发生 在云端的"芯片暗战"正在被推到台前，并对AI芯片霸主英伟达构成实质性挑战。 科技媒体The Information最新文章分析称，英伟达无法忽视的是，全球最先进的两个AI模型——来自谷 歌和Anthropic的模型，完全或部分使用谷歌自研的TPU芯片开发，而非英伟达的GPU。这一现实已促使 英伟达最大客户之一Meta认真考虑使用谷歌的TPU来开发新模型。 这意味着，TPU 的角色已从"谷歌内部工具"升级为一个可以被大型AI公司认真考虑的替代方案。据摩 根士丹利此前分析，谷歌计划2026年生产超过300万片TPU，2027年约500万片，而英伟达目前的GPU产 量约为谷歌TPU的三倍。 在大模型时代，已经很难用"单芯片性能"简单定胜负，系统级设计、互连能力和能效比，正在成为新的 核心指标。 关键差异：软件生态仍是英伟达护城河 真正构成英伟达"护城河"的，不只是硬件，而是深度绑定的CUDA软件生态。 The Information文章称，对已使用英伟达Cuda编程语言运行AI的客户而言，租用 ...