Investment Focus - The report highlights the strong growth potential in the storage industry, with domestic storage manufacturers expected to exceed production expansion forecasts, benefiting companies closely tied to these manufacturers [1] - NVIDIA is projected to have a strong performance in FY4Q26, with a significant increase in overall revenue and EPS trajectory, supported by a robust order backlog of 500 billion [1] - Alphabet's cloud business is expected to grow significantly, driven by AI solutions, with a 48% growth rate in the last quarter, leading to an increase in EPS for 2026 and 2027 [1] - Alibaba's cloud growth is anticipated to exceed consensus estimates by 2-3% for the year, despite short-term performance pressures [1] Company Analysis - Zhongwei Company is positioned as a leading player in the hardware sector, benefiting from a deepening platform strategy that expands its capabilities in etching, film deposition, and measurement [1] - Tencent is recommended as a top pick in the internet sector, with a target price of 700, driven by steady growth in core gaming and advertising businesses, alongside new revenue streams from mini-games and video accounts [2] - New Oxygen is recognized for its strong marketing capabilities and low customer acquisition costs, with a target price of 10.1 USD based on its growth trajectory in the light medical beauty sector [2] - Ato Hotel is expected to achieve a revenue growth of 26% to 12.39 billion, with a strong market position in the mid-to-high-end hotel sector [3] - HashKey is positioned as a leading digital asset platform in Asia, benefiting from regulatory trends and expected to expand its product offerings in derivatives and leveraged trading [4] - Tesla's advancements in autonomous driving and robotics are highlighted, with expectations for accelerated overseas expansion and significant product developments [4] - MP Materials is noted for its strategic importance in the rare earth industry, benefiting from domestic supply chain localization and increasing demand from the defense and renewable energy sectors [7] - ACWA Power is recognized as a leader in the renewable energy sector, with a focus on solar, wind, and green hydrogen projects, supported by government power purchase agreements [8] - Vestas is highlighted as a dominant player in the wind energy sector, benefiting from global wind power growth and technological advancements in turbine efficiency [9] - Three-Six Pharmaceutical is noted for its strong market position in kidney, blood, and oncology sectors, with promising pipeline products and collaborations with Pfizer [10]

Core Viewpoint - NVIDIA's potential announcement of a new inference chip at the upcoming GTC conference may have contributed to the decline in memory stocks like Micron and SanDisk, raising concerns about a shift in the memory market narrative [1][2] Group 1: Market Reactions - Micron's shares fell after a significant sell-off in Korean memory stocks, with SK Hynix dropping 11.5% and Samsung 9.9% [1] - Despite the broader market weakness, American memory stocks like Micron and SanDisk showed resilience, with Micron up 3.3% and SanDisk up 4.2% before market opening [1] - The KOSPI index fell 12% in the latest trading session, with SK Hynix and Samsung experiencing further declines of 9.6% and 11.7%, respectively [1] Group 2: NVIDIA's New Chip - NVIDIA is reportedly preparing to launch a new chip that utilizes a radically different architecture, focusing on SRAM instead of high-bandwidth memory (HBM) [1] - The new chip is expected to enhance efficiency for inference workloads, potentially allowing NVIDIA to compete more effectively against companies like Broadcom [1] - NVIDIA's acquisition of Groq for $20 billion indicates a strategic shift towards this new architecture, which could impact the demand for HBM and NAND flash memory [1] Group 3: Implications for Memory Stocks - The introduction of NVIDIA's new chip could lead to a re-rating of memory stocks, particularly if it disrupts the current memory supercycle that has benefited companies like Micron and SanDisk [2] - Micron's guidance suggests projected revenue of $18.7 billion for the next quarter, indicating strong performance despite potential long-term threats from NVIDIA's new technology [2] - SanDisk is expected to report historic EPS growth this year, but the market is concerned about the long-term implications of NVIDIA's advancements [2]

Group 1 - Wall Street analyst Alex Henderson upgraded Lumentum Holdings' 12-month price target from $550 to $850, indicating a shift from a projected decline of 23.77% to an expected rally of 17.81% [1][2] - The upgrade is linked to a $2 billion investment agreement with Nvidia, which is expected to start receiving Lumentum's high-power lasers in the second half of 2027, with the agreement lasting until at least 2029 [2][3] - The agreement with Nvidia may signal potential future customers for Lumentum, strengthening the bullish outlook for the company [3] Group 2 - There is a growing disconnect between Wall Street's bullish sentiment on AI and the broader market's skepticism, as evidenced by significant stock volatility following the announcement of the Nvidia deal [4][6] - Lumentum's stock experienced notable fluctuations, rising from $700 to $784, then dropping to $694, and finally settling at $721 by March 4 [5] - Investor anxiety is reflected in the market's reaction to strong earnings reports from Microsoft and Nvidia, which led to substantial single-session losses despite positive business results [7]

March 3, 2026 10:49 AM GMT Asia Technology | Asia Pacific M Idea AI Supply Chain: CPO and ASIC Dynamic Update We see customers aggressively developing scale-up and scale- out CPO, with Asia semis names including TSMC, ASE, KYEC, FOCI, AllRing, and TFC helping realize these goals. We remain optimistic about CPO, although it is still very early. 2026 marks the beginning of CPO development: We published a CPO deep-dive in January 2026 (see report) highlighting that we might see scale-out and scale-up developme ...

策略对话通信：关注美伊冲突的 AI 要素，相信大光归来 20260304 摘要 在美伊冲突等地缘冲突背景下，AI 在军事与各行业的渗透是否意味着算力需求 仍处于早期、并将持续上行？ AI 已深度嵌入情报、决策、打击、防御以及后勤等全链条环节，显著提升了信 息处理与作战效率。例如，可对卫星、侦察机、雷达、监听及开源数据进行毫 秒级清洗与关联，实现快速定位；也可对波斯语等内容进行实时翻译，并结合 通信解析以更快锁定关键目标。类似能力的落地，本质上依赖更高强度、更持 续的算力供给。应用侧同样在加速扩散，token 数呈现爆发式增长：国内今年 （2026 年）1—2 月出现爆炸式增长；海外 token 数亦保持较快增速，周度维 度持续上行。算力供给端仍处于紧缺状态，且目前尚难判断算力"天花板"所 在，这与以往光伏、5G 等相对容易框定上限的投资周期不同。北美云厂商 CAPEX 自 2023 年以来持续加速上行：2024 年同比增长 55%，2025 年同比 增长 65%，2026 年当前指引约为 65%—75%。产业链调研反馈显示，2027 年增速可能较 2026 年更快。整体来看，算力需求仍处于加速扩张阶段，趋势 ...

海外 AI 电源行业专家交流 20260303 Q&A 美国数据中心未来几年新增需求与建设节奏如何判断？ 从 2025 年开始，北美 AIDC 建设明显提速，并预计 2026 年及未来 2—3 年将 维持较为显著的年度增长，带动电源及制冷、智能化、供配电等基础设施相关 系统与设备的容量及数量同步提升。头部 CSP 已陆续披露 2027 年数据中心投 资规划，北美头部 CSP 用于数据中心建设的资金规模基本均超过 1,000 亿美元， 对应的数据中心容量建设普遍至少在 1GW、甚至 2GW 以上。结构上，头部 CSP 的数据中心在北美份额接近一半；另一半由中立 colo 及其他相对小体量主 体构成，数量更多，但整体建设步伐与增量斜率与头部 CSP 接近。综合判断， 北美市场自 2025 年起至 2027 年，预计每年将形成约"20 多 GW"甚至以上 的整体增量。伴随 AIDC 建设推进，电源行业除容量增长外，电源系统在容量、 电压等级、效率及形态等维度也将在未来 2—3 年出现较大变化与更新。 在电网与供应链等客观约束下，北美每年"20 多 GW"增量落地的确定性如何 看？ "20 多 GW/年"属于估算与预 ...

AI 科技新技术新变化 20260303 摘要 算力需求极度稀缺，光模块出现史上首次涨价，光纤光缆价格从 20 元 飙升至 70 元，行业由过剩转为供不应求。 英伟达 2026 年计划投产 4 款 CPU，通过整合光引擎与交换芯片解决集 群拥堵，台积电在供给端占据核心垄断地位。 英伟达投资 Coherent 与 Lumentum 确保硅光及隔离器供应，NPO 技 术因支持可插拔模式成为海外巨头首选迭代方向。 iPhone 17 采取增配不涨价策略（存储 256GB 起），预计 2026 年上 半年排产同比增 10%，3D 打印渗透率 2027 年将大幅提升。 AI 医疗与脑机接口进入临床密集期，晶泰控股实现正面盈利，三博脑科 作为临床试验平台稀缺性凸显。 大模型赛道呈现 Token 爆发式增长，Minimax 单月 AR 达 1.5 亿美金， 市场逻辑从席位授权转向 Agent 服务收费。 国产算力维持"双王"核心地位，多模态产业链受益于 API 开放后的 Token 分润，建议在当前低位左侧布局。 Q&A 本次电话会议的主题聚焦"AI 科技新技术和新变化"，核心分享框架与对市场 节奏的判断是什么？ 过去一段 ...

Quick Read Nvidia (NVDA) stock is down 5% year-to-date and trades at 36.6x trailing P/E. After six months of sideways movement, with investors waiting for the multiple to compress into the 20s. Strong quarterly results no longer move Nvidia shares as the market now expects blowout quarters and waits for proof that AI investments deliver real, sizeable returns. The analyst who called NVIDIA in 2010 just named his top 10 AI stocks. Get them here FREE. Perhaps it'll take more than even a perfect, blo ...

Core Viewpoint - Nvidia's stock has not responded positively to strong earnings, indicating that the market expects even higher performance and substantial returns from AI investments [1] Group 1: Stock Performance - Nvidia's stock is down 5% year-to-date and currently trades at a trailing P/E of 36.6x [1] - The stock has been trading sideways for six months, with investors anticipating a compression of the P/E ratio into the 20s [1] Group 2: Market Expectations - The market now expects blowout quarterly results from Nvidia, making it difficult for the stock to break through resistance levels [1] - Investors are looking for confirmation that AI investments will yield significant returns before committing new capital [1] Group 3: Competitive Landscape - Rising competition from major players in the AI sector is a concern, particularly as the industry shifts focus from training to inference [1] - Despite bearish sentiments from notable investors, Nvidia's relative resilience compared to competitors suggests it may still have growth potential [1] Group 4: Future Outlook - The resolution of capacity constraints and bottlenecks in AI innovation is crucial for Nvidia's future performance [1] - A significant surprise, such as a major sales surge or breakthrough in AI applications, may be necessary to drive the stock higher in the near term [1]

It was shaping up as a catastrophic, margin-call driven Wednesday session after Japan's Nikkei tumbled about 4% and Korea's Kospi suffered its biggest drop ever, plunging by a record 12%. But after initially plunging overnight, S&P futures rose as much as 0.4% after the New York Times reported that operatives from Iran’s Ministry of Intelligence used backchannels to contact the Central Intelligence Agency a day after US-Israeli attacks began. The report also stated that US officials are skeptical that eithe ...