如果说三年前ChatGPT的横空出世，是推倒多米诺骨牌的第一指，那么三年后的今天，我们正身处这场骨牌相继倒地的连锁震荡中。在这一波 几乎每天都在更新迭代的技术浪潮中，大多数企业管理者正感到前所未有的迷茫：风口变幻莫测，战略究竟该怎么定？ 在ChatGPT诞生三周年的今天，中欧国际工商学院战略学教授张宇，并未随波逐流地预测技术走向，而是从商学院教授的视角，回归商业本 质，梳理出AI时代战略制定中那些"不变"的底层逻辑：在这个充满不确定的时代，不妨先确立那些确定的事。 毫无疑问，过去三年中，以生成式AI（Generative AI）为代表的新一代AI技术，给人类社会带来了深远改变，从大幅提升工作速度（尤其是入门级的图文 和编程工作），到节约工作时间，再到节约成本和提升利润，以及威胁和替代工作岗位（尤其是初级岗位和年轻人的就业机会），让我们几乎每天都感到 震惊与惊叹。 时至今日，恐怕绝大多数人都会同意，这一波AI技术是自蒸汽机、电力、计算机/互联网之后，对人类社会产生深远影响的"第四次技术革命"。 那么，为什么生成式AI会对我们的社会尤其是商业活动产生如此巨大的影响和改变呢？究其原因，恐怕是因为生成式AI是迄今为止 ...

Core Insights - Berkshire Hathaway currently holds stakes in two quantum computing stocks: Alphabet and Amazon, reflecting Warren Buffett's long-term investment strategy that has yielded a compound annual gain of 20% over 60 years, nearly double that of the S&P 500 [1][2] Investment Philosophy - Warren Buffett is known for his contrarian investment approach, avoiding hype-driven stocks that often lead to overstretched valuations [3] - Buffett's portfolio includes major positions in companies like Apple, American Express, Bank of America, Coca-Cola, and Chevron, showcasing a diversified strategy across various sectors [4] - The companies in Buffett's portfolio are resilient, generating consistent cash flow that is reinvested or returned to shareholders [5] Technology Sector Focus - Technology stocks represent a smaller portion of Berkshire's portfolio due to their higher valuation multiples and rapid changes in the industry [6] - Berkshire has invested in technology, particularly in artificial intelligence (AI), with significant positions in Amazon and Alphabet [7] Company Analysis - Apple has established a strong customer lock-in through its hardware and services, while Amazon has become a leading online marketplace and diversified into various sectors [8] - Alphabet has leveraged its expertise in internet search to develop new services relevant to its AI initiatives, generating steady cash flow for innovation and shareholder rewards [9] Potential Investment in Nvidia - There is speculation that Berkshire may acquire a stake in Nvidia, which aligns with Buffett's investment criteria due to its strong brand in semiconductors and AI infrastructure, as well as its modest dividend and stock buyback strategy [10][12] - Nvidia's ecosystem supports generative AI development and plays a crucial role in hybrid classical-quantum computing environments, positioning it for growth as the AI narrative evolves [13] - Currently, Nvidia trades at a forward price-to-earnings (P/E) multiple of 24, which is considered a premium but is the lowest price in over a year, with accelerating revenue and profits [14][15]

近期，手术机器人行业掀起"英伟达合作热潮"，目前已有超8家手术机器人企业宣布牵手英伟达。 例如，内腔机器人企业EndoQuest Robotics计划将英伟达的IGX Thor平台集成到其下一代手术机器人系统中；英 国CMR Surgical宣布成为英伟达IGX Thor平台的全球首批应用企业。据了解，IGX Thor是英伟达最新推出的顶级 物理AI与机器人平台，具备5581 FP4 TFLOPS人工智能算力与400GbE网络连接能力，较前代平台实现了算力能 效与感知能力的全面飞跃。 此外，强生、XCath、Asensus、Moon Surgical、Virtual Incision、Neptune Surgical、Stereotaxis等手术机器人企业 均与英伟达达成了合作。 | 手术机器人企业 | 与英伟达的合作内容 | | --- | --- | | EndoQuest Robotics | 将英伟达的IGX Thor平台集成到其下一代手术机器人系统 | | | 日 | | CMR Surgical | 成为英伟达IGX Thor平台的全球首批应用企业 | | 强生 | 将英伟达的Isaac for ...

AI的股票，最终还是让AI炒了。 AI 这一波，会上升到什么高度？ 最近，一张资本内循环的示意图在硅谷疯传，箭头从投资者指向 OpenAI，从 OpenAI 指向英伟达，再从英伟达绕回 OpenAI 的股东名单。钱在几家科技巨 头之间画了一个圈，成为了 AI 繁荣在市场层面的写照。 一系列交易与合作，撑起了万亿美元的市值。 这个圈子看上去很复杂？公司都是我们耳熟能详的公司，但在推动人工智能技术前进的过程中，它们不断合作，有着复杂的内在联系。 复杂精密的资金网络 这事得从 OpenAI 与 Oracle 的一宗巨额交易说起。 今年 9 月，OpenAI 与 Oracle 签署了一份协议：未来约五年内，OpenAI 将向 Oracle 购买约 3000 亿美元的计算资源。这份合同据称将从 2027 年开始实 施，合约规模之大，被认为是「历史上最重磅」的云服务合同之一。 要支撑如此海量的云服务，Oracle 只能向英伟达采购更多芯片。由此，英伟达、Oracle 的股价应声大涨，Oracle 更是单日暴涨 36%，创下自 1992 年 12 月 以来的最大单日涨幅，公司市值增加超 2500 亿美元。这一涨幅也让 Or ...

Group 1 - The Vanguard Information Technology ETF (VGT) is being added to custodial accounts to secure the financial future of children, focusing on the anticipated growth of artificial intelligence (AI) in the economy by the mid-2030s [1][2] - The ETF holds over 300 technology companies, weighted by market capitalization, allowing for automatic capital allocation to the largest and most successful firms [4] - Nvidia, Apple, and Microsoft are the top three holdings in the fund, comprising approximately 18%, 14%, and 13% of assets respectively, reflecting their dominance in AI technology [5][7] Group 2 - The fund's automatic rebalancing feature allows it to adapt to emerging leaders in the technology sector without the need for individual stock selection [6] - The Vanguard Information Technology ETF has a low expense ratio of 0.09%, significantly lower than the average technology sector fund, which charges over 1%, enhancing long-term investment returns [10] - The concentration of the fund's assets in its top three holdings results in higher volatility compared to broader market indices, which is a consideration for long-term investors [7]

The GPU leader's stock may be more influenced by market sentiment than results.Nvidia (NVDA 1.83%) has been one of the best stocks to own in 2023, 2024, and 2025. It has outperformed the market each year, and now that we're on the doorstep of 2026, investors are wondering if it can do so again. But next year could be more challenging, as many investors are starting to fear that AI stocks are in a bubble.Where is Nvidia heading in 2026? In one sense, it's hard to guess, but the stock's performance may be out ...

最近全球市场都在纠结人工智能这事儿，从年初大家蜂拥而上，到年底开始嘀咕泡沫要不要破灭。想想 过去几年，几个硬泡沫一个接一个，中国房价已经凉了，美国股市一路狂飙，纳斯达克涨了六倍多，道 琼斯也翻倍。黄金和茅台也跟着起伏，现在轮到AI了。以ChatGPT发布为起点，AI爆发得太猛，英伟达 市值从四千亿窜到五万亿，这数字相当于全球第四大经济体，够吓人的。投资者们追捧得热火朝天，但 现在股价回调，大家开始慌了。 AI泡沫确实存在，因为每次大技术革命都这样。铁路时代欧洲人疯投轨道，互联网2000年崩盘前也一 样热闹。泡沫不是坏事，它推动资本涌入，让技术落地。但破灭也必然，当所有人都all in时，估值就 虚了。英伟达三季度营收五百七十亿，增速超六成，可股价还是跌了百分之十一。市场情绪从乐观传染 到恐惧，罗伯特·席勒那本书里讲的群体效应就是这样，一传十十传百，最后大家蜂拥而至。 AI不同于其他泡沫，它有实打实的进步。ChatGPT一出，生成内容瞬间普及。英伟达芯片支撑数据中 心，需求真在那儿。但过热了，所有行业都想沾边，资金泛滥。破灭会淘汰伪概念，留下核心。像光伏 新能源，中国也经历过泡沫，现在成了全球老大。AI潜力更大 ...

Core Insights - Nvidia continues to see significant growth opportunities in artificial intelligence (AI) despite a slight slowdown in sales growth [1][2] - CEO Jensen Huang anticipates a "revolutionary" transition in AI, which could lead to new applications and services [2][3] - The company reported record revenue of $57 billion for the quarter ending October 26, marking a 62% year-over-year increase [7] Financial Performance - Nvidia's market capitalization stands at $4.3 trillion, making it the most valuable company globally [9] - The company expects sales to rise to approximately $65 billion in the current quarter, with gross profit margins projected at about 75% [8] - Nvidia's forward price-to-earnings multiple is 23, slightly above the S&P 500 average of 21, indicating a justified premium based on its growth prospects [9] AI Growth Potential - The transition to agentic AI is expected to create new applications beyond current capabilities, such as complex task management [3] - Physical AI is identified as the next growth leg for Nvidia, with potential applications in robotics and autonomous vehicles, representing a multitrillion-dollar opportunity [5][6] - Nvidia's Chief Financial Officer highlighted the transformative potential of AI across various industries [6]

Core Insights - Tech stocks, particularly in the Nasdaq, have shown resilience in 2025 with a gain of approximately 20% despite early-year volatility [1][2] - Historical trends suggest that bull markets lasting three years often extend to an average of eight years, indicating potential for continued growth in the Nasdaq [2] - Major technology companies have reported strong quarterly results, reinforcing the sustainability of the Nasdaq's rally [2] Company Analysis: Nvidia - Nvidia's stock has increased by 34% in 2025, currently trading around $180, driven by high demand for its data center GPUs [4][5] - The company has a backlog of booked orders worth $307 billion, significantly exceeding its past four quarters' revenue of $187 billion, leading to heightened growth expectations for the next fiscal year [7][10] - Analysts forecast a 58% increase in Nvidia's earnings for fiscal 2027 to $7.43 per share, with the stock trading at a lower price-to-earnings ratio compared to the Nasdaq 100 index [10] Company Analysis: Applied Digital - Applied Digital's stock has surged by 211% in 2025, currently priced around $24, despite a recent decline of about 33% from its October peak [12][13] - The company is expanding its data center capacity, with existing leases representing potential revenue of $16 billion and plans for 700 MW of capacity by 2027 [14] - With $5 billion in funding secured for future development, Applied Digital's growth is expected to accelerate, potentially increasing its market cap by 27% based on projected revenue [16][17]

On November 30, 2022, OpenAI introduced a new product to the world, innocuously describing it as “a model called ChatGPT which interacts in a conversational way.” It’s no hyperbole to suggest that ChatGPT subsequently transformed the worlds of business and tech, becoming enormously popular — it’s still in the number one spot on Apple’s free app rankings today — while also serving as the catalyst for a flood of generative AI products. It’s even made people suspicious of the em dash, which no chatbot will ...