人民财讯12月16日电，12月16日，胡润研究院在深圳市福田区发布的《2025胡润全球高质量企业 TOP1000》显示，得益于人工智能芯片和数据中心计算需求的激增，英伟达超越微软和苹果，成为全球 价值最高的公司，价值32.8万亿元人民币，增长49%。 ...

机器之心编辑部 英伟达的自研大模型，刚刚有了大版本的更新。 北京时间今天凌晨，英伟达发布了 Nemotron 3 系列开放模型，共三种规模，分别为 Nano、Super 和 Ultra ： 英伟达认为，随着企业从单一模型聊天机器人转向协同工作的多智能体 AI 系统，开发者正面临通信开销高、上下文漂移以及推理成本居高不下等挑战。同时，能 够支撑复杂工作流自动化的模型，必须具备足够的透明性与可解释性，才能赢得开发者与企业的信任。 其中 Nemotron 3 Nano 已在 Hugging Face 上线，是目前计算成本效率最高的模型，针对软件调试、内容摘要、AI 助手工作流和信息检索等任务进行了优化，可显 著降低推理成本。该模型采用独特的混合 MoE 架构，在效率与可扩展性方面实现了显著提升。 Nemotron 3 Nano 的总参数规模为 316 亿，激活参数规模为 32 亿（包含嵌入层为 36 亿）。在每次前向推理过程中，其激活的参数数量不到上代 Nemotron 2 Nano 的一半，却实现了更高的准确率。 与 Nemotron 2 Nano 相比，Nemotron 3 Nano 实现了最高 4 倍的 To ...

Core Insights - Nvidia is facing increased competition in the accelerated computing chip market as AMD is gaining market share in 2025, with expectations for continued improvement in 2026 [1] Company Summary - AMD's market share growth in 2025 has generated positive sentiment among investors, indicating a potential shift in the competitive landscape of the accelerated computing chip industry [1]

Legendary short-seller Jim Chanos is sounding the alarm on the AI infrastructure boom, warning that a critical accounting oversight regarding Nvidia Corp. (NASDAQ:NVDA) chips creates a “massive financial risk” for the sector's aggressive spenders.Depreciation TrapIn a recent podcast interview, Chanos argued that data center operators, specifically Oracle Corp. (NYSE:ORCL) and “neocloud” provider CoreWeave Inc. (NASDAQ:CRWV) , are overstating their future profitability by relying on unrealistic depreciation ...

Investment Rating - The report rates the industry as "Outperform" [3] Core Insights - The data center industry has become a core incremental application scenario for the power equipment sector, directly driving demand growth and technological iteration in power equipment [3][7] - The report emphasizes the need to incorporate multi-dimensional indicators from the AI industry to accurately gauge the demand for power distribution equipment in data centers, given the capital expenditure scale and long investment return cycles in the data center sector [3][7] - The demand side is driven by capital expenditures from leading cloud providers, which serve as a direct "barometer" for short-term demand potential for power distribution equipment [3][8] Summary by Sections Demand Side - Capital expenditures from overseas cloud providers reached $99.617 billion in Q3 2025, a year-on-year increase of 80.39% and a quarter-on-quarter increase of 9.54% [4][9] - Domestic capital expenditures from Alibaba and Tencent showed a slowdown, with Alibaba's expenditure at 31.501 billion yuan, a year-on-year increase of 80.10% but a quarter-on-quarter decrease of 18.55% [4][14] - The report highlights that the investment rhythm of data centers is constrained by GPU supply, necessitating tracking of key supply chain data to validate demand progress [3][7] Supply Chain - Nvidia's revenue reached 362.571 billion yuan in Q3 2025, marking a historical peak with a quarter-on-quarter growth of 24.63% and a year-on-year growth of 62.49% [4][18] - TSMC reported revenue of 343.614 billion New Taiwan dollars in November 2025, a year-on-year increase of 24.5% [4][24] - The CPU price index rose to 98.20 in October 2025, while DRAM spot prices surged over 200% from $12.85 to $38.76 within two months, indicating strong server demand [4][27] Application Side - The report notes a steady increase in the number of AI models and application deployments, which directly influence the capital expenditure cycle of data centers [4][29] - The OpenRouter platform recorded a token call volume of 5.78 trillion from December 2 to December 8, 2025, reflecting a week-on-week decrease of 6.62% [4][37] - The prices for tokens of models scoring over 40 on the Artificial Analysis Intelligence Index dropped by over 50% in Q3 2025 [4][47]

苏姿丰与联想集团之间的互动并非首次。2025年3月，苏姿丰到访中国，其抵达后造访的第一家企业正 是联想集团。随后，双方宣布将在AI PC领域展开多项合作，并进一步加深在AI服务器方面的协同。 AMD与联想集团共同服务着包括微软、Meta、甲骨文在内的多家全球头部云计算与AI集群客户。 12月16日，观察者网获悉，美国超威半导体公司（AMD）董事会主席兼首席执行官苏姿丰率高管团队 造访联想集团位于北京的全球总部。多张流传于网络的照片显示，在联想集团多位高管陪同下，AMD 一行参观了包括人形机器人在内的多项联想最新产品与技术成果。 本文系观察者网独家稿件，未经授权，不得转载。 无独有偶，联想集团也在加深与英伟达的关系。据了解，约一个月前，联想集团全体董事会成员及核心 高管团队受邀访问英伟达位于美国加州的总部，双方围绕AI基础设施、企业级算力解决方案以及潜在 的生态级合作进行了深入交流。两家企业均未披露关于此次交流的相关信息。 联想集团此前披露的信息显示，其将于2026年1月6日在拉斯维加斯地标性建筑Sphere举办联想科技创新 大会，届时将集中发布其在AI领域的最新产品、服务方案以及混合式AI战略的阶段性落地成果 ...

凤凰网科技讯12月16日，NVIDIA于昨日宣布推出NVIDIA Nemotron3系列开放模型、数据和库，为各个 行业透明、高效的专业代理式AI开发提供助力。 Nemotron3模型提供Nano、Super和Ultra三种规模，采用异构潜在混合专家(MoE)架构，帮助开发者大规 模开发并部署可靠的多智能体系统。 英伟达称，其中Nemotron3Nano的吞吐量较前代Nemotron2Nano提升4倍，并在大规模多智能体系统中实 现较高的每秒token生成能力。 该系列模型通过强化学习技术与并行多环境后训练以提高准确性。英伟达表示，随着企业从单一对话模 型转向多智能体系统，开发过程中常面临通信开销、上下文漂移及推理成本等挑战，Nemotron3旨在为 此类专业化代理AI的构建提供更高透明度与效率。 英伟达创始人兼首席执行官黄仁勋在发布中表示，开放创新是人工智能进步的基础，Nemotron系列旨 在将先进AI转化为开放平台，为开发者构建大规模代理系统提供支持。 ...

证券研究报告｜TMT 行业周报 短期进口纾缓供给压力，长期自主替代势在必行 【20251208-20251214】 周度市场回顾：本周（12/08-12/14）沪指周跌幅 0.34%， 收报 3889.35 点；深证成指周涨幅 0.84%，收报 13258.33 点； 创业板指周涨幅 2.74%，收报 3194.36 点。本周 A 股三大指 数本周涨跌不一，市场全周日均成交额转为回升。 周度行业要闻：（1）特朗普称美国将允许英伟达向中国 "经批准的客户"出售 H200 人工智能芯片，芯片销售收入的 25%将上缴美国政府。（2）闻泰科技邀请安世（荷兰）来华 协商。中方已通过荷驻华使馆，要求荷经济部落实与中方磋 商共识，推动安世（荷兰）尽快派员来华。（3）中央经济工 作会议 12 月 10 日至 11 日在北京举行。会议指出，明年经济 工作在政策取向上，要坚持稳中求进、提质增效，发挥存量 政策和增量政策集成效应，加大逆周期和跨周期调节力度， 提升宏观经济治理效能。 行业数据跟踪：（1）消费电子行业或更依赖于技术创新 和刺激政策，9 月份我国智能手机出货量增速大幅提升。（2） 半导体行业当前的需求依然旺盛，同时国内 ...

Core Insights - The article highlights the increasing interest of billionaire money managers in AI stocks as a significant investment trend for the upcoming year, with a focus on three key companies: Alphabet, Nvidia, and Meta Platforms [1][2][4]. Group 1: Alphabet (GOOGL) - Alphabet has been a consistent choice among billionaire fund managers, with notable purchases including 17,846,142 Class A shares by Warren Buffett and additional stakes by Coatue Management [5][6]. - The company holds a dominant position in the internet search market, capturing 89% to 93% of global market share over the past decade, and benefits from strong advertising pricing power [8]. - Alphabet's Google Cloud is integrating generative AI solutions, contributing to a revenue growth rate of around 30%, positioning it as a potential primary revenue source in the future [9][10]. Group 2: Nvidia (NVDA) - Nvidia is recognized as a leading player in the AI revolution, with significant share purchases by investors like David Tepper and Dan Loeb, indicating strong confidence in the company's future [12][13]. - The company dominates the AI-GPU market, with no significant competition challenging its hardware capabilities, and plans to introduce advanced chips annually [14]. - Nvidia's CUDA software platform enhances customer loyalty and maximizes the performance of its GPUs, further solidifying its market position [16]. Group 3: Meta Platforms (META) - Meta Platforms has seen increased investment from billionaire fund managers, with multiple new positions and additions to existing stakes during the third quarter [18][19]. - The company generates approximately 98% of its net sales from advertising across its popular platforms, which attract a daily average of 3.54 billion users [20][21]. - Meta is leveraging generative AI in its advertising solutions, potentially improving ad performance and pricing power, while maintaining a strong cash position of nearly $44.5 billion [22].

Nasdaq, one of the world's largest exchanges that is home to tech companies Nvidia, Apple and Amazon, is planning to submit paperwork with the US Securities and Exchange Commission to roll out round-the-clock trading of stocks, as it looks to capitalise on a global demand for US equities.Investor demand for nonstop trading in US stocks has surged in recent years, prompting regulators to introduce new rules and green-light proposals from major exchanges to enable trading beyond normal market hours.The US sto ...