来源：半导体产业纵横 这能否让我们摆脱当前硅技术的局限性？ 总部位于美国德克萨斯州奥斯汀的人工智能芯片企业Neurophos，背靠比尔·盖茨旗下盖茨前沿基金的资 本支持，近日公布了其光学处理单元（OPU）的核心测试成果。该公司声称，这款自研OPU在 FP4/INT4低精度计算工作负载下，算力性能达到英伟达最新款Vera Rubin NVL72人工智能超级计算机的 十倍，且二者功耗水平基本持平。据科技媒体The Register报道，Neurophos实现这一技术突破的核心路 径，在于采用了更大规模的计算矩阵与更高的运行时钟频率，这两大设计革新成为其光学计算芯片对标 传统GPU的关键优势。 Neurophos首席执行官Patrick Bowen在接受媒体采访时，详解了这款OPU的核心硬件设计亮点。他表 示，该芯片仅集成了一枚1000 x 1000像素规格的光子传感器，单从尺寸来看，这一矩阵规模约为当前多 数AI GPU所采用的256 x 256像素矩阵的15倍，更大的矩阵直接提升了芯片并行计算的基础能力。而更 具突破性的是，Neurophos成功将光晶体管的物理尺寸缩小了约10000倍，这一微型化成果解决了传统 ...

南方财经 21世纪经济报道记者吴斌 上海报道 在科技股和芯片股的提振下，标普500指数创下历史新高。 美国东部时间1月27日，标普500指数收涨0.41%，报6978.60点，时隔半个月再创历史新高；纳斯达克综 合指数涨0.91%，报23817.10点；道琼斯指数跌0.83%，报49003.41点。 财报方面，约五分之一的标普500成分股本周公布季度业绩，"七巨头"中有苹果、微软、Meta和特斯 拉。 本轮财报季的一个关键主题在于：企业是否开始真正从AI相关投资中获益？在2025年末，市场一度担 心大规模投向数据中心及其他基础设施的资本支出能否带来回报，这种疑虑一度打压科技股及其他AI 概念股，本周市场将对此高度关注。 科技巨头能否继续走高？ 1月27日，"七巨头"中六家上涨，英伟达、苹果涨逾1%，微软、亚马逊涨逾2%，仅特斯拉一家下跌。 Globalt Investments高级投资组合经理Thomas Martin分析称，大家都在关注任何能让外界深入了解人工 智能技术发展趋势的信息，投资者将重点关注各公司的资本支出水平以及与AI商业化相关的信息，除 了资本支出和运营支出总额之外，相关评论也将是关注的焦点。 ...

January 27, 2026 10:15 PM GMT Asia-Pacific Technology | Asia Pacific AI Supply Chain: TPU/ASIC updates; ICMS NAND demand calculation We sense that AI semi vendors have started securing critical 2027 components – T-Glass/ABF, HBM, and TSMC 3nm – (e.g., MediaTek's 3nm TPU). Downgrade Egis to EW, as its 2026 appears to be shaping up as a year of transition. ASIC – Volume upside for MediaTek's 3nm TPU project in 2027: In our Target Price Up report, we highlighted the supply chain's bull case of 6-7mn TPU units ...

Summary of Key Points from the Conference Call Industry Overview - The focus is on the U.S. Semiconductors industry, particularly the AI value chain and its implications for various companies involved in hardware and semiconductor verticals [1][2] Core Insights and Arguments - A top-down framework is constructed to dimension the AI upside across sectors from 2025 to 2027, aimed at simplifying comparisons across different companies [2][19] - The analysis updates the breakdown of data center capital expenditures (capex) to reflect rising prices for DRAM and NAND, estimating an increase of approximately $70,000 per rack for server DRAM and $35,000 per rack for storage costs, raising all-in capex from $5.9 million to $6.0 million per rack [3][21] - Incremental revenue estimates per gigawatt (GW) of capacity are derived from market share estimates across nine key hardware/semiconductor verticals, with a regression analysis used to estimate margins on incremental AI revenue [4][23] Company-Specific Insights - **Unimicron and Ibiden** are highlighted as having significant upside potential, particularly in ABF substrate and HDI, with Unimicron expected to benefit from large opportunities [5][27] - **Nvidia (NVDA)** and **Broadcom (AVGO)** are identified as industry favorites, with Nvidia's AI substrate upgrade expected to double content generation [5][27] - **Intel (INTC)** and **Cisco** are noted to have lower exposure to AI opportunities compared to their market prominence, with Intel facing challenges in capturing market share [6][28][31] - **Delta Electronics** is rated as outperforming, with a price target of NT$1,300, benefiting from increased electrical content in AI data centers [13][30] - **MediaTek** is expected to see growth from the TPU ramp, while memory/storage players like **SanDisk**, **Samsung**, **Micron**, **SK Hynix**, and **KIOXIA** are projected to benefit from rapid memory price surges [6][30] Financial Metrics and Valuations - The report includes a detailed ticker table with performance metrics for various companies, including EPS and adjusted P/E ratios, indicating that Unimicron has room for growth while Intel appears expensive relative to its AI opportunities [9][29] - **Nvidia** is rated outperform with a target price of $275, while **AMD** is rated market perform with a target of $225, reflecting high expectations for AI growth [11][12] Additional Considerations - The analysis acknowledges that estimates of AI upside are imprecise and that valuations are influenced by various non-AI factors, suggesting that investors should consider their own assumptions for more accurate estimates [20][26] - The report emphasizes the importance of understanding the nuances of each company's position within the AI landscape, including their ability to adapt to evolving data center requirements [20][30] Conclusion - The semiconductor industry is poised for significant growth driven by AI, with specific companies like Unimicron and Ibiden positioned to capture substantial market share. However, challenges remain for established players like Intel, highlighting the dynamic nature of the sector and the need for careful analysis of individual company prospects [5][6][27][30]

CoreWeave | North America Deepening the Alliance - CoreWeave & NVIDIA Expand Partnership Key Takeaways What Was Announced? CoreWeave announced a multi-pronged expansion of its partnership with NVIDIA (see here) focused on 1) accelerating the build out of an incremental >5 GW of AI infrastructure by 2030 (CoreWeave-specific forecast, with NVIDIA likely a very small portion), 2) accelerating CoreWeave's ability to obtain land, power and shells to build these AI factories, 3) adding a new dimension of software ...

Investment Rating - The report does not explicitly state an investment rating for the industry Core Insights - The United States is on the verge of a new industrial revolution driven by AI and advanced manufacturing, which necessitates secure, reliable, and affordable energy [8] - Duke Energy plans to invest $200 billion in new grid and generation investments over the next decade, aiming to provide value for customers and advance economic development [8] Summary by Relevant Sections - **Energy Industry Transformation**: The energy sector is undergoing significant changes, with a focus on capital investment to meet the demands of a new industrial era [8] - **Duke Energy's Capital Plan**: Duke Energy's investment strategy is highlighted as the largest in the industry, emphasizing the need for modernization and infrastructure development [8] - **Market Opportunities**: The current environment presents substantial opportunities for energy companies, although it also poses challenges related to capital investment and customer affordability [8]

Group 1 - Nvidia, under the leadership of CEO Jensen Huang, has reached a market valuation of $5 trillion, establishing itself as a leader in the AI sector [1][4] - There is currently no clear succession plan for the CEO position, raising concerns among investors about the company's future leadership [1][4] - Huang's centralized management style, with over 60 executives reporting directly to him, has been pivotal for Nvidia's rapid growth but poses risks as he ages [4] Group 2 - Potential successors such as Ian Buck and Brian Catanzaro have been mentioned, but none possess Huang's unique combination of vision, engineering expertise, and personal influence [4] - Huang has stated that there will never be another CEO like him, emphasizing his deep connection with the company [4] - Discussions about succession are expected to intensify as Nvidia's role in the global tech supply chain becomes increasingly significant [4]

2026年1月23日，全球云计算巨头亚马逊云科技宣布对其面向大模型训练的EC2机器学习容量块实施约 15%的价格上调，这是AWS长达约二十年首次打破"只降不涨"的定价传统。机器学习容量块是AWS为 应对高性能GPU等稀缺计算资源供需失衡所推出的定制化服务模式，用户可提前预订指定型号的GPU实 例，确保关键算力资源的稳定供给。全球AI发展如火如荼，该行认为AWS作为亚马逊核心的公有云平 台，此次涨价一方面再次确认了全球AI算力需求端的高景气度，另外一方面从供给角度来看，AI云产 业链资源稀缺性或日益凸显。 英伟达向CoreWeave追加20亿美元投资，AI算力租赁需求旺盛 开源证券发布研报称，亚马逊AWS近二十年来首次涨价，上调AI训练实例价格约15%。英伟达向算力 租赁商CoreWeave追加20亿美元投资。同时，Meta与康宁签订60亿美元光纤采购长单，以支持其AI数据 中心建设。这些事件共同印证了全球AI发展正持续推高对底层算力与网络设施的需求，AIDC、算力租 赁及光纤光缆等环节有望受益。 开源证券主要观点如下： 亚马逊AWS宣布涨价，AI云基础设施稀缺性或日益凸显 根据华尔街见闻公开新闻，Meta已与 ...

Group 1 - The Southern ChiNext AI ETF (159382) has seen a rise of over 2%, currently up 1.51%, indicating a potential three-day increase with a turnover of 2.69% and a transaction volume of 63.45 million yuan [1] - The ChiNext AI Index, which the ETF tracks, has seen significant gains in constituent stocks, with NetEase Technology up 17.06%, Taicheng Light up 11.97%, and Beijing Junzheng up 6.91% [1] - DeepSeek released a paper on January 27, introducing the DeepSeek-OCR 2 model, which utilizes the innovative DeepEncoder V2 method, achieving a score of 91.09% in the OmniDocBench v1.5 benchmark, a 3.73% improvement over its predecessor [1] Group 2 - Alibaba launched the Qwen3-Max-Thinking model on January 26, which shows significant improvements in various dimensions and competes with top models like GPT-5.2-Thinking and Claude-Opus-4.5 [2] - NVIDIA and CoreWeave announced an expanded partnership to accelerate the construction of AI data centers, with NVIDIA investing $2 billion to help CoreWeave build over 5 gigawatts of AI data centers by 2030 [2] - CITIC Securities predicts continued growth in the pre-computing power sector through 2025, driven by ongoing capital expenditures from major CSPs and structural highlights in AI applications across finance, healthcare, and data sectors [2] Group 3 - The Southern ChiNext AI ETF closely tracks the ChiNext AI Index, which reflects the stock price changes of listed companies related to the AI theme on the ChiNext board [3] - The top ten weighted stocks in the index include Zhongji Xuchuang, Xinyi Sheng, Tianfu Communication, and others, indicating a diverse portfolio within the AI sector [3] Group 4 - The Southern ChiNext AI ETF has an off-market connection with classes A (024725) and C (024726) [4]

✔#英伟达向CoreWeave追加投资20亿美元、支持其2030年前增加超5GW AI基础设施 英伟达向CoreWeave追加投资20亿美元，支持其到2030年前增加超5GW AI基础设施，这笔20亿美元的投资约占 Core 【国海计算机·0127】英伟达向CoreWeave追加投资20亿美元、首推独立CPU芯片 #英伟达向CoreWeave追加投资20亿美元、首推独立CPU芯片 【国海计算机·0127】 英伟达和英特尔于2025年9月宣布达成合作，共同开发多代数据中心和PC产品， CPU或已成为算力生态核心竞争 方向。 ✔#行业景气度延续、国内外CSP资本开支继续增长 TrendForce预测谷歌、AWS、Meta、微软和甲骨文五家北美云巨头的资本开支总额将在2026年同比+40%。 【国海计算机·0127】英伟达向CoreWeave追加投资20亿美元、首推独立CPU芯片 #英伟达向CoreWeave追加投资20亿美元、首推独立CPU芯片 【国海计算机·0127】 ✔#英伟达向CoreWeave追加投资20亿美元、支持其2030年前增加超5GW AI基础设施 英伟达向CoreWeave追加投资20亿美元，支 ...