近期，从模型到算力，谷歌正在引领全球AI新叙事，美股AI行情也围绕谷歌这一焦点，在算力和应用 层面出现两大分化： 算力：谷歌 VS 英伟达，TPU VS GPU。11中旬以来，谷歌与英伟达股价开始分化，除了"AI泡沫"叙事 扰动之外，近期Meta计划采购谷歌TPU的消息，也引发了市场对于谷歌TPU是否会替代英伟达GPU市场 份额的讨论。 风险提示 仅公开资料整理，不涉及投资建议及研究观点 本文源自：券商研报精选 应用：谷歌 VS OpenAI，Gemini VS GPT。近期 谷歌Gemini 3和 Nano-banana Pro大模型的超预期表现， 正在重塑此前OpenAI"一家独大"的AI竞争格局，也在牵动双方生态链公司的股价表现。11月中旬以 来，谷歌链公司（谷歌+博通+天宏科技+Lumentum+迅达科技）与OpenAI链公司（英伟达+微软+甲骨文 +AMD+CoreWeave）走势显著分化。 ...

Group 1 - Alibaba is focusing on both AI to B and AI to C strategies, aiming to make Alibaba Cloud a leading full-stack AI service provider and develop AI applications for end-users [5] - Nvidia claims its GPU technology is a generation ahead of Google's AI chips, emphasizing its flexibility and capability to run all AI models across various computing scenarios [6][9] - A new AI model named popEVE has been developed by researchers from Harvard Medical School and the Barcelona Genomics Center, which can accurately identify disease-causing mutations in human proteins, potentially transforming genetic disease diagnostics [7] Group 2 - Apple is projected to surpass Samsung to become the world's largest smartphone manufacturer again, driven by strong sales of the new iPhone series and a significant upgrade cycle among consumers [9] - Meta is in negotiations with Google for a multi-billion dollar AI chip deal, which could significantly reduce its data center costs and allow for more investment in product innovation and user growth [10]

Core Viewpoint - The article discusses the shifting dynamics in the AI computing market, particularly focusing on NVIDIA's declining dominance as Meta explores alternatives like Google's TPU, indicating a significant change in supplier relationships and market power [4][5][12]. Group 1: Market Dynamics - NVIDIA's stock price fell by 5.5%, resulting in a market cap loss of over $250 billion due to concerns about increased competition from Google [4]. - Meta's consideration of using Google's TPU instead of solely relying on NVIDIA's GPUs signals a shift in the AI landscape, suggesting that the era of exclusive supplier loyalty is ending [5][9][12]. - The article emphasizes that the loyalty of major tech companies is to their own success in the technology race rather than to any single supplier [11][12]. Group 2: Business Implications - The article argues that the perception of NVIDIA as the sole provider of AI computing power is changing, with major players now seeking to diversify their supplier base [12][18]. - Meta's actions are seen as a strategic move to ensure sufficient computing power without being overly dependent on NVIDIA, which could impact NVIDIA's pricing power and profit margins in the long term [18][19]. - The shift from viewing NVIDIA as a "god-like" entity to a more conventional business reflects a broader trend in the industry where companies are preparing for a more competitive environment [13][41]. Group 3: Industry Trends - The article highlights that the AI infrastructure market is experiencing significant capital expenditure growth, indicating a long-term trend rather than a temporary spike [35]. - The emergence of a "computing oligopoly" among top tech companies like NVIDIA, Google, Microsoft, and Meta suggests that smaller players may struggle to compete in this evolving landscape [36][39]. - The narrative around AI is shifting from a speculative bubble to a serious arms race for computing power, with companies investing heavily to secure their positions [25][39].

Wondering why Nvidia stock has crushed the market this year? These metrics break it down.In the debate over whether AI (artificial intelligence) spending is peaking or only getting started, Nvidia (NVDA 2.56%) just delivered another quarter that strongly supports the latter view. The AI chip specialist reported record results, pointing to a still-growing pipeline of demand as cloud providers race to build new AI infrastructure.The quarter was impressive by every measure. Nvidia's revenue growth accelerated ...

展望后市，国盛证券表示，谷歌与英伟达的强势表现，共同勾勒出AI产业发展的核心飞轮：模型升级 催生算力需求，算力增长为模型创新提供基础。技术创新、算力基建与产业应用正形成良性循环，算力 产业链维持高景气度。继续看好算力板块，坚定推荐算力产业链相关企业如光模块行业龙头。 把握光模块等算力、AI应用核心机会，建议重点关注全市场首只创业板人工智能ETF（159363）及场外 联接（A类023407、C类023408），标的指数重点布局光模块（含量超54%），抢占AI算力制高点。从 赛道分布看，逾七成仓位布局算力，超两成仓位布局AI应用，能够高效捕捉AI主题行情。（截至 2025.10.31） 数据来源：沪深交易所等。注："全市场首只"是指首只跟踪创业板人工智能指数的ETF。 风险提示：创业板人工智能ETF华宝被动跟踪创业板人工智能指数，该指数基日为2018.12.28，发布日 期为2024.7.11。创业板人工智能指数2020-2024年年度涨跌幅分别为：20.1%、17.57%、-34.52%、 47.83%、38.44%，指数成份股构成根据该指数编制规则适时调整，其回测历史业绩不预示指数未来表 现。文中指数成份股 ...

Core Insights - Jim Cramer discussed NVIDIA Corporation (NASDAQ: NVDA) as part of his insights on 11 stocks, emphasizing the company's role in an industrial revolution [1][2]. Stock Performance - NVIDIA's shares closed 3% lower during the airing of the show, dipped nearly 1% on Friday, and then closed 2% higher on Monday [2]. - Cramer advised viewers to wait for a reversal in NVIDIA's stock price before making a purchase [3]. Investment Perspective - While acknowledging NVIDIA's potential, there is a belief that other AI stocks may offer better returns with limited downside risk [4].

注意到，英伟达(NVDA.US)正面临日益加剧的担忧：其对人工智能计算所用半导体市场的掌控力正在 下滑。这种疑虑如今已体现在股市表现中。 这家芯片制造商的股价周二下跌2.6%，此前有报道暗示 Alphabet 公司的人工智能处理器正取得进展。 自本月开盘以来，该股已下跌14%，市值蒸发超过7000亿美元，因投资者对AI支出泡沫以及英伟达对 OpenAI等同样也是其客户的初创公司进行循环投资日益感到担忧。 该股周三盘前交易中继续小幅下跌，看似将延续跌势。此次暴跌使这家芯片制造商的预期市盈率降至25 倍，低于本月开盘时的约34倍。 "英伟达的估值真正基于的是其将维持市场份额的理念，"50 Park Investments 的首席执行官亚当·萨汉表 示。"如果它开始失去部分市场份额，那么投资者将重新评估其增长前景以及应有的估值水平。" 该股目前比"七巨头"指数便宜，该指数的市盈率约为30倍，并且英伟达是该指数本月表现最差的成分 股。然而，英伟达的收入和利润增长远超该集团其他成员(Alphabet、亚马逊公司、苹果公司、Meta Platforms Inc.、微软公司和特斯拉公司)。 今年，英伟达收入预计将增长63% ...

因市场日益担忧英伟达在人工智能（AI）计算芯片领域的绝对垄断地位正在松动，这种怀疑情绪已迅 速传导至股票市场，导致这家芯片巨头的股价在过去一个月内遭遇重挫。 11月26日，据报道，受一份表明谷歌母公司Alphabet旗下AI处理器正在获得市场份额的报告影响，英伟 达股价周二下跌2.6%。自本月初以来，该股已累计下跌14%，市值蒸发超过7000亿美元。投资者的恐慌 主要源于对AI支出泡沫的担忧，以及对英伟达向OpenAI等同样是其客户的初创公司进行"循环投资"的 质疑。 持续的下挫已导致该公司的估值大幅回调，其未来12个月的预期市盈率已从本月初的约34倍降至25倍， 这一估值水平已低于彭博"科技七巨头"指数约30倍的市盈率。 50 Park Investments首席执行官Adam Sarhan表示，如果英伟达开始失去部分市场份额，投资者将重新评 估其增长前景和合理估值水平。分析人士指出，这正是当前市场波动的核心逻辑。 尽管如此，华尔街分析师对该公司前景依然乐观，80位分析师中有74位给出买入评级。 估值重构与增长预期 尽管近期遭遇抛售，英伟达的股票实际上已比彭博"七巨头"指数（Bloomberg Magnif ...

Core Insights - The article discusses the significant impact of Google's TPU on the AI computing market, highlighting a shift in investment logic within the capital markets [1][3] - The performance of AI-related ETFs, particularly the 5G Communication ETF and the Huaxia AI ETF, has surged due to the increasing relevance of Google's TPU in the AI hardware narrative [1][4] Group 1: Market Performance - The 5G Communication ETF (515050) surged by 5.08%, with a year-to-date increase of 77.65%, while the Huaxia AI ETF (159381) rose by 5.05%, marking a 71.09% increase since its launch on March 24 this year [1] - The "Google chain content" in the Huaxia AI ETF and the 5G Communication ETF reached 48% and 30.87%, respectively, indicating strong exposure to Google's TPU ecosystem [4] Group 2: Competitive Landscape - Google's Gemini 3 model has been well-received, surpassing ChatGPT, while the TPU chip release has garnered significant attention, with Meta reportedly considering its use [3] - Analysts from Nomura Securities believe that Google's latest model has reset the AI landscape, marking a new "DeepSeek moment" [3] Group 3: Nvidia's Position - Nvidia's stock experienced a sharp decline, dropping nearly 7% amid concerns over its growth logic in light of Google's advancements [7] - Despite the challenges, Nvidia reported a revenue of $57.006 billion for the third quarter of fiscal 2025, a 62% year-over-year increase, driven primarily by its data center business [10][11] - Nvidia's CEO emphasized that their GPUs remain a generation ahead in the industry, capable of running all AI models across various computing scenarios [7] Group 4: Alibaba's Performance - Alibaba's cloud intelligence group reported a revenue of 39.82 billion yuan, a 34% year-over-year increase, driven by public cloud services and AI-related products [12] - The AI-related product revenue has seen triple-digit year-over-year growth for nine consecutive quarters, indicating strong adoption among enterprise clients [13] Group 5: Investment Opportunities - The article suggests that the AI computing demand is real and global, encompassing both Nvidia's GPUs and Google's TPUs, with a focus on high-performance architectures [24] - Chinese companies are positioned strongly within the global supply chain for critical components like optical modules (CPO), PCB, and servers, which are essential for AI computing infrastructure [25]

Core Viewpoint - Michael Burry has intensified his criticism of Nvidia and other AI companies, asserting that he is betting against both Nvidia and Palantir, highlighting concerns over their financial practices and market valuations [1][2][7]. Company Analysis - Burry criticized Nvidia's recent memo to analysts, claiming it misrepresented his views and contained numerous fallacies, describing it as almost a hoax [2][3]. - He emphasized that Nvidia's depreciation accounting practices could lead to significant future writedowns, as companies may extend the useful life of their assets to inflate short-term profits [4][6]. - Burry pointed out that Nvidia's argument regarding the continued use of older-generation chips is flawed, as he believes newer chips may become obsolete between 2026 and 2028 [3][4]. Market Reaction - Nvidia's stock has declined by 14% since its peak on November 3, reflecting growing investor concerns about potential overspending and overvaluation in the AI sector [6]. - Burry's bearish positions on Nvidia and Palantir, with a combined notional value of $1.1 billion, were revealed to have cost him approximately $10 million each [8].