Core Viewpoint - The electronic sector has seen a significant inflow of over 22 billion in main funds, leading the 31 primary industries in the Shenwan classification, with a notable performance from the electronic ETF (515260) which reached a peak increase of 3.27% during the day [1][4] Group 1: Market Performance - The electronic ETF (515260) has shown a current increase of 2.29%, indicating strong buying interest as evidenced by the afternoon premium range [1] - Key stocks in the PCB sector, such as Huadian Co., have surged over 8%, while other notable companies like Dongshan Precision and Nvidia concept stock Shenghong Technology have also seen significant gains [3][4] Group 2: Sector Insights - The electronic sector is experiencing positive news, particularly in the Apple supply chain, with Counterpoint forecasting that Apple's market share in the global smartphone market could reach 19.4% by 2025, surpassing Samsung for the first time since 2011 [5] - Nvidia has reaffirmed its technological leadership, claiming to be the only platform capable of running all AI models across various application scenarios [5] - HSBC's latest report indicates that the acceleration of AI server iterations is driving a dual cycle of technological and price increases for core components like PCBs and CCLs, with Citigroup previously predicting a continued tight supply for AI PCBs into next year [5] Group 3: Weight Distribution in ETF - The electronic ETF (515260) includes significant weights from various sectors: Apple supply chain at 44.63%, Nvidia supply chain at 27.81%, and PCB at 12.47% [6] - The semiconductor industry holds a weight of 49.67%, indicating a strong focus on this area, while consumer electronics account for 20.58% [6] Group 4: Future Outlook - Huachuang Securities anticipates that AI is reshaping the value chain of the electronic industry, with explosive demand for AI computing power creating new growth opportunities [5][6] - The electronic industry is still in an innovation phase, expected to undergo breakthroughs in terminal innovation, performance release, and profit explosion for rapid development [5]

近期，谷歌凭借其新一代人工智能模型Gemini 3.0带来的突破性体验、Meta斥资数十亿美元购买谷歌TPU以及投资大师沃伦·巴菲特的重 仓买入，引发了股价的连续大幅上涨。 二是AI芯片业务迎来重大突破。谷歌目前正在向客户推销其自研TPU，其中一个潜在客户是Meta。 这股热潮迅速传导至A股市场，今日A股市场谷歌产业链概念股继续活跃，"易中天"携手走强，其中，长光华芯20cm涨停，赛微电子涨 超14%，中际旭创涨超13%，新易盛涨超10%，天孚通信、沪电股份等跟涨。 | 代码 | 名称 | 张唱 | : 涨跌 | 现价 | | --- | --- | --- | --- | --- | | 688048 | 长光华花 | +20.00% +17.86 | | 107.15 | | 300456 | 赛微电子 | +14.89% | 45.39 | 41.59 | | 300308 | 中际旭创 | +13.89% +66.63 | | 546.29 | | 300502 新易盛 | | +10.44% +31.80 | | 336.52 | | 600105 永鼎股份 | | +9.92% | +1.56 | ...

智通财经APP获悉，在市场传闻Meta(META.US)正考虑使用谷歌(GOOGL.US)的TPU（线程处理单元） 来补充其现有的英伟达GPU供应后，美国银行重申了对英伟达(NVDA.US)、AMD(AMD.US)和博通 (AVGO.US)的"买入"评级。 阿利亚补充道："商用GPU芯片具有诸多优势：现成可用、多云可移植性、英伟达的全栈软件和开发者 生态，以及面向不具备定制芯片专业知识的政府和企业本地客户的更大可寻址市场。此外，紧张的供应 链和英伟达的规模优势使得抢占过多份额变得更加困难，因为近中期内零部件供应不足，因此份额变化 本质上是渐进的。对于特定范围的内部工作负载，定制芯片可能成本更低，这可能适合像谷歌和Meta 这样拥有大量内部工作负载的客户。然而，它们在微软Azure或亚马逊AWS等公有云或100多个需要高 度灵活性的新云中用途较小，这就是为什么即使谷歌也在其公有云中使用GPU。" 美国银行分析师维韦克·阿利亚在给客户的一份报告中写道："昨日晚些时候，市场消息称谷歌可能在明 年将其TPU出租给Meta，随后可能在2027年进行本地化部署。两家公司均未对此类交易发表任何官方评 论，但如果属实，这可能 ...

黄仁勋回应： 这不是泡沫 而是三次平台级转型叠加 英伟达上周三（11月19日）公布远超市场预期的三季度财报：营收达570.1亿美元，同比暴增62%，不仅 击败分析师预期的551.9亿美元，公司给出的下一财季指引更是高达650亿美元，同样高于市场预估的624 亿美元。如此亮眼的数据，让英伟达在当日的盘后交易一度飙涨超6%，管理层甚至罕见放出"从今年年初 到2026年12月，Blackwell和Rubin芯片有望带来5000亿美元营收"的豪言。 然而，狂欢只持续了不到24小时。次日（11月20日）开盘，英伟达股价高开5%至196美元后快速跳水， 最终收跌近3%至180.98美元，盘中跌幅一度超过7%，创下一个月来最低收盘价。英伟达的急转直下也拖 累标普500指数大跌约3%，反应市场对科技板块的风险偏好明显降温。 为何英伟达这一"史诗级"财报没能撑住市场情绪？有市场机构指出，英伟达出色的销售数据并不能完全证 明AI大潮的可持续性。市场对"AI泡沫"的争议再次被推到台前，"AI投资的回报率到底在哪里？"不少投 资者担忧，当前AI的火热，是否正在走向一种"只见铁锹不见黄金"的循环式繁荣。就像当年的加州淘金 热一样，铁锹 ...

Core Viewpoint - Nvidia's market capitalization has decreased by approximately $115 billion due to concerns that Google is catching up in the artificial intelligence sector [1] Group 1: Nvidia's Stock Performance - Nvidia's stock price fell by 2.6%, with an intraday drop exceeding 7% [1] - The decline in Nvidia's stock has affected several related companies [1] Group 2: Impact on Partner Companies - Supermicro, a key partner of Nvidia, saw its stock drop by 2.5% [1] - Oracle, which has committed billions to Nvidia's high-performance systems, experienced a 1.6% decline in its stock price [1] - CoreWeave, a data center operator in which Nvidia holds a 6% stake, saw its stock decrease by 3.1% [1] - Competitor Nebius, which operates in AI cloud computing, also faced a 3.3% drop in stock price [1] Group 3: Market Sentiment - Investor sentiment has been negatively influenced by the excitement surrounding Google's self-developed AI-specific chip, the Tensor Processing Unit (TPU) [1]

新华财经上海11月26日电 北京时间11月25日晚间，美股开盘后，英伟达股价直线跳水，盘初一度大跌 超近7%，随后跌幅有所收窄，截至收盘，跌幅为2.59%。而谷歌股价则持续走强，盘初一度大涨超 3%，最终收涨1.53%，股价再创历史新高，谷歌母公司Alphabet的总市值升至3.9万亿美元，逼近4万亿 美元关口。 自11月以来，谷歌、博通等公司为代表的"谷歌链"持续走高，而以英伟达、软银、甲骨文等为代表 的"OpenAI链"的股价持续走弱。 （文章来源：新华财经） 业内人士普遍认为，上述美股科技股的走势转变或许可以揭示市场长期以来的"AI交易"逻辑出现变化， 谷歌自研TPU（张量处理单元）的出现让英伟达GPU（图形处理器）长期保持的垄断优势出现动摇。 作为AI领域的老牌巨头，谷歌早在2013年就开始了TPU的研发，这是一款专为机器学习和深度学习任务 加速设计的专用集成电路芯片（ASIC），2016年5月首次公开并应用于AlphaGo上，目前已经迭代至第7 代。 随着AI应用深入，推理计算需求呈爆发式增长。ASIC芯片则完全为AI训练和推理定制，计算能力上限 更高，在算法固化、大规模部署的推理场景，ASIC凭借 ...

整理 | 华卫 近日，据外媒报道，Meta 正考虑采用谷歌设计的芯片。受此消息影响，英伟达股价下跌，盘中最大跌幅达 7%，随后有所回升，于 11 月 25 日收盘下跌 4.3%。谷歌母公司 Alphabet 股价则延续涨势，在前一天大涨逾 6% 后，当日再涨 4.2%。 报道称，Meta 计划斥资数十亿美元采购谷歌张量处理单元（TPU），相关芯片预计将于 2027 年在 Meta 的数据中心投入使用，且明年或将从谷歌云部 门租赁该类芯片。据了解内部表态的人士透露，部分谷歌云高管认为，该计划有望帮助公司抢占英伟达数据中心业务高达 10% 的营收份额。考虑到英 伟达仅 2025 年第二季度的 Data Center 部门营收就超过 510 亿美元，若谷歌能拿下这一比例的份额，或意味着数百亿美元的营收增量。 作为定制化芯片，TPU 被业内专家认为是谷歌的核心竞争优势，该产品能为客户提供高效能的 AI 专用计算解决方案。此外，谷歌还开发了全新配套软 件，旨在降低 TPU 的使用门槛。若 Meta 最终落地 TPU 采购计划，这将成为谷歌的重大胜利，也是对其芯片技术的潜在市场验证。 一笔交易，或助 Alphabet 估 ...

Here are the biggest tech and AI stories that you cannot miss this week. So, number one, Anthropic just secured up to $15 billion from Microsoft and Nvidia, pushing the company to a $350 billion valuation. Microsoft committed over $30 billion in Azure compute.The clearest sign yet. AI Infra is the new oil. But Sam Alman says, "Rough vibes come because Google trained Gemini 3 fully on TPUs and Elon's XAI is building its own X1 chip." So now the big question, does everyone have to have a play in the chip game ...

图片来源：unsplash 在Gemini 3的助力之下，谷歌的"逆袭"大戏愈演愈烈，公司的市值也逼近4万亿美元关口。 11月25日美股盘中，受Meta计划采用其自研TPU芯片等消息刺激，谷歌母公司Alphabet盘中涨超3%，市 值达到3.97万亿美元。 虽然此后有所回落，但仍收涨1.53%，股价323.44美元，市值3.9万亿美元，距离4万亿美元大关就差"临 门一脚"，在全球市值排名中仅次于英伟达和苹果，年内70.86%的涨幅（市值增长约1.5万亿美元）更是 远高于"美股科技七姐妹"的其他成员。 近一个月以来接连迎来的重磅利好，谷歌再一次搅动科技巨头们的AI战局。 领跑美股Q3财报季 10月以来的美股Q3财报季，成为了科技巨头们股价走势的分水岭。 10月30日，Meta发布三季度财报，虽然营收超出市场预期，但持续上调的资本支出和暴跌的净利润， 进一步加剧了市场对AI投资回报率的质疑。 2025年，Meta资本支出从660亿美元至720亿美元上调至700-720亿美元，2026年预计将"显著增长"，主 要用于AI算力和云服务。与此同时，由于受到"大而美"法案（One Big Beautiful Bill A ...

Core Insights - Nvidia's stock experienced a significant decline, losing approximately $115 billion in market value due to concerns over Google's advancements in artificial intelligence [1] - Google's release of its latest large language model, Gemini 3, is perceived as a potential threat to Nvidia's dominance in the AI chip market, as it utilizes Google's proprietary Tensor Processing Units (TPUs) instead of Nvidia's chips [1][2] Group 1: Stock Market Impact - Nvidia's stock fell by 2.6%, with an intraday drop exceeding 7%, affecting several related companies [1] - Key partners of Nvidia, such as Supermicro and Oracle, also saw declines in their stock prices, with drops of 2.5% and 1.6% respectively [1] - Other companies in the AI cloud computing space, including CoreWeave and Nebius, experienced stock declines of 3.1% and 3.3% respectively [1] Group 2: Competitive Landscape - Analysts suggest that the impact of Gemini 3 could be comparable to the disruption caused by the rise of DeepSeek, a Chinese AI startup, which previously led to significant sell-offs in US tech stocks [2] - The release of Gemini 3 is viewed as a pivotal moment that "resets" the AI competitive landscape, ushering in a "new DeepSeek phase" [2] - Google is actively promoting the use of TPUs in its data centers to potential clients, including Meta, as an alternative to Nvidia's chips [2]