格隆汇1月28日｜美股盘前，半导体股普涨，阿斯麦涨约5%，此前公布了创纪录的第四季度订单量。美 光科技涨约5%，英特尔涨约5%，英伟达涨约2%。希捷科技涨约10%，公司Q2营收增21.5%，营业利润 率创历史新高，Q3收入指引超预期。 ...

Market Analysis by covering: Palantir Technologies Inc. Read 's Market Analysis on Investing.com ...

这一转变反映出美国科技企业在政治压力、关税威胁和供应链韧性考量下，不得不从高度集中于台积电的 模式转向"多源供应、分散风险"的新策略。除英伟达和苹果外，谷歌、微软、AWS、高通、博通、超微和 特斯拉等企业也在与英特尔洽谈合作。 供应链人士透露，英伟达预计在2028年推出的Feynman架构平台将与英特尔合作，英伟达在合作中采用"量少、低阶、非 核心"的合作策略。除英伟达外，苹果、谷歌、微软、AWS、高通、博通等企业也在与英特尔洽谈合作。分析认为，在政 治、供应链韧性与台积电先进封装产能受限的现实下，美国芯片大厂势必启动双代工策略。 硬·AI 作者 | 赵 颖 编辑 | 硬 AI 继苹果之后，英伟达也计划将部分芯片制造业务转向英特尔代工。英伟达预计在2028年推出的Feynman 架构平台将与英特尔合作，这是美国科技巨头在特朗普政府推动"美国制造"目标下调整供应链策略的最新 案例。 据DIGITIMES周三报道， 供应链人士透露，英伟达将在与英特尔的合作中采用"量少、低阶、非核心"的 合作策略。 GPU核心芯片仍由台积电代工，而I/O芯片则部分采用英特尔18A或预定2028年量产的14A制 程，最后由英特尔EM ...

下一代高带宽存储器HBM4的供应竞争格局初步成形。SK海力士将获得英伟达Vera Rubin平台约七成 HBM4订单，远超市场此前预期，而三星电子正寻求通过技术升级和价格策略夺回市场份额。 据媒体28日援引消息人士报道，英伟达预计将其Vera Rubin平台约三分之二的HBM4需求分配给SK海 力士，具体份额接近70%。这一比例远高于此前市场预期的略高于50%的水平。 与此同时，据报道，行业消息人士称，三星电子将从下月开始向英伟达和AMD等主要AI芯片客户正式 出货HBM4产品。这标志着三星在完成最终认证测试后，客户已下达量产订单而非仅要求样品供应。 据Dealsite报道，消息人士透露，两家公司向英伟达供应HBM4的价格水平相当，显示三星的定价能力 已赶上SK海力士。行业消息人士预计12层HBM4产品价格将超过600美元。 首批纳入的资产预计包括SK株式会社和SK Innovation持有的美国小型模块化反应堆公司TerraPower的股 份。此举旨在加快投资决策速度并提升专业能力。 三星发起技术反攻 据报道，三星正寻求通过领先一代的技术规格实现最高性能。三星在HBM4产品中采用10纳米级工艺的 第六代(1 ...

在技术如火如荼发展的当下，业界常常在思考一个问题：如何利用 AI 发现科学问题的新最优解？ 一个普遍的解法是「测试时搜索」（Test-time search），即提示一个冻结的（不更新参数的）大语言模型（LLM）进行多次尝试，这一点类似人类在做编 程作业时的「猜」解法，尤其是进化搜索方法（如 AlphaEvolve），会将以往的尝试存入缓冲区，并通过人工设计、与领域相关的启发式规则生成新的提 示。 可是，尽管这些提示能够帮助 LLM 改进以往的解法，但 LLM 本身并不会真正提升，就像一个学生始终无法内化作业背后的新思想一样。 具体来看，团队只是把单个测试问题定义为一个环境，并在其中执行强化学习（RL），因此任何标准 RL 技术原则上都可以应用。然而，需要注意的 是，这里的目标与标准 RL 存在关键差异，这里的目标不是让模型在各类问题上平均表现更好，而是只为了解决眼前这一个问题，并且只需要产出一个优 秀的解决方案，而不是平均产生多个良好的解决方案。 团队将该方法命名为「Test-Time Training to Discover」（TTT-Discover）。为了适应上述目标，其学习目标函数和搜索子程序都旨在 ...

Core Insights - Beijing has approved Alibaba and other companies for new initiatives, signaling a potential shift in regulatory stance towards tech firms [1] - More approvals are anticipated in the coming weeks, indicating a possible easing of restrictions that have impacted the industry [1] Company-Specific Summary - Alibaba is among the first companies to receive approval, which may enhance its operational capabilities and market position [1] - The approval is expected to boost investor confidence in Alibaba and similar tech companies, potentially leading to increased investment [1] Industry Overview - The recent approvals suggest a broader trend of regulatory relaxation in the tech sector, which has faced significant scrutiny in recent years [1] - The anticipated wave of approvals could lead to a revitalization of the tech industry, fostering innovation and growth [1]

China has approved its first imports of Nvidia's H200 artificial intelligence chips, Reuters reported, citing two people familiar with the matter, in a sign Beijing is recalibrating its stance as it w... ...

Core Viewpoint - Investors have recently shifted focus to niche stocks as skepticism grows regarding the returns on investments made by the Magnificent Seven tech giants in artificial intelligence development [1][12]. Group 1: Performance of the Magnificent Seven - The Magnificent Seven tech giants, including Alphabet, Amazon, Apple, Meta, Microsoft, Nvidia, and Tesla, have led the stock market for the past three years, but their performance has declined since the end of 2025 [1][12]. - Alphabet and Amazon are the only stocks among the Magnificent Seven that have seen gains, with Alphabet rising nearly 20% during the recent downturn [2][12]. - The Magnificent Seven index is currently trading at 28 times profits expected over the next 12 months, which is below previous peaks and in line with the average over the past decade [10][13]. Group 2: Investment Shifts and Market Reactions - Traders have increasingly invested in companies benefiting from Big Tech's spending, such as Sandisk, which is up over 130%, Micron Technology, which has risen 76%, and Western Digital, which has gained 67% since the Magnificent Seven index peaked [3][12]. - The upcoming earnings reports from Microsoft, Meta, Tesla, Apple, Alphabet, and Nvidia are expected to provide insights into the health of various tech sectors, with a projected profit growth of 20% for the fourth quarter, the slowest since early 2023 [4][6][12]. Group 3: Capital Expenditures and Growth Expectations - Major tech companies are expected to spend approximately USD 475 billion on capital expenditures in 2026, significantly up from USD 230 billion in 2024, raising investor expectations for returns on these investments [7][12]. - Microsoft’s Azure revenue rose 39% in its fiscal first quarter, with expectations of 36% growth in the second quarter, highlighting the demand for cloud services driven by AI [7][12]. - Companies that fail to meet growth targets may face significant market penalties, as seen with Meta Platforms, which experienced an 11% drop in stock price following a projection of increased capital expenditures without clear profit pathways [8][12]. Group 4: Comparative Earnings Growth - The 493 companies in the S&P 500 not included in the Magnificent Seven are projected to deliver only 8% earnings growth in the fourth quarter, significantly slower than the expected growth from the tech giants [9][12]. - Nvidia shares have increased by 1,184% since the end of 2022, yet are priced at 24 times anticipated profits, slightly above the S&P 500's multiple of 22, indicating that the stocks are not historically expensive [10][13]. Group 5: Market Sentiment and Future Outlook - Investors are awaiting signs of growth from the Magnificent Seven, with the current earnings season viewed as a critical milestone for assessing progress [11][13]. - The sentiment in the market has shifted to a "show-me story," where investors demand tangible results from Big Tech's investments in AI and other technologies [4][12].

MACD金叉信号形成，这些股涨势不错！ 四季度，东方港湾清仓Coinbase、奈飞、AsteraLabs、BitMineImmersionTechnologies、博通、台积电等 美股标的。此外，变化较大的是，谷歌取代英伟达，跃升为东方港湾的第一大重仓股。此前多个季度， 东方港湾的第一大重仓股为英伟达。2025年四季度，东方港湾加仓了谷歌约40.55%的股份，叠加该股 在四季度涨幅接近29%，从而导致谷歌的持仓占比大幅提升，并远高于对英伟达的持仓。2025年末，东 方港湾对谷歌的持股市值约为4.06亿美元，占其美股持仓的约31%。 格隆汇1月28日｜美国证券交易委员会(SEC)官网披露但斌掌舵的东方港湾旗下海外基金2025年四季度美 股持仓数据显示，2025年末东方港湾共持有10只美股标的，持股市值合计13.16亿美元，折合人民币超 91亿元，相比2025年三季度末约12.92亿美元持股市值略有增长。2025年四季度，东方港湾在美股进行 了一定幅度的调仓换股，更加聚焦美股的科技巨头。 ...

China has reportedly given the green light for the first batch of Nvidia Corporation‘s (NASDAQ:NVDA) H200 artificial intelligence chips to be imported into the country.Initial approvals were mainly granted to three major Chinese internet firms, while other companies await later clearances; the recipients were not named, Reuters reported on Wednesday. It is unclear how many more companies will be approved in later rounds or what criteria Beijing is using to decide eligibility, according to the report. Nvidia ...