另有AI芯片产业链人士也对《科创板日报》记者表示，未来，推理请求量与并发数将大幅增加，推理算力需求呈指数级攀升。 推理算力需求呈指数级攀升 "现阶段正处于以智能体为代表的人工智能新应用爆发初期，未来推理请求量与并发数大幅增加，推理算力需求呈指数级攀升。"一名AI产业链人士向《科 创板日报》记者表示，"随着推理范式变化，AI智能体将加速落地，其整体算力消耗可达同参数规模大语言模型的10倍以上，对智能算力的需求呈数量级 跃迁。 至2030年，预计AI推理在整个AI计算市场将占到80%的份额，而聚焦于极致推理的AI芯片，未来会有更强的爆发性。 随着大模型行业逐渐从大规模训练阶段走向推理落地阶段，业内分析普遍认为，2026年全球AI推理的需求将超过AI训练场景。 不久前，英伟达以200亿美元（约合1400亿元）收购一家AI推理芯片初创企业Groq的技术授权，并把Groq核心团队招入囊中，来补全推理算力拼图。 在近日的采访中，曦望董事长徐冰向《科创板日报》记者判断称，至2030年，预计AI推理在整个AI计算市场将占到80%的份额，而聚焦于极致推理的AI芯 片，未来会有更强的爆发性，并会对现有的算力系统造成冲击。 从市场 ...

以下文章来源于创客公社 ，作者创客公社 创客公社 . 以媒体和社群为双驱动的创产投服务平台 来源丨 创客公社 （ID： chuangkegongshe ） 作者丨 吴昊钰 2026年1月底，英伟达CEO黄仁勋开启了新年首趟"中国行"。 与往年高调作风不同，此次黄仁勋以"逛吃"为主题，先后现身上海菜市场、北京云南菜餐厅和深圳牛 肉火锅店。 在广为传播的生活图景之外，黄仁勋与一位"80后"无锡小哥的合影引发了格外的关注。 这个年轻人，是1986年出生的无锡知名"企二代"，电缆行业霸主企业——远东控股集团的董事局执 行主席兼CEO蒋承志。 2012年，远东控股集团面临战略转型的关键时刻，蒋承志回归企业，辅助父亲蒋锡培。 一边生产顶级AI芯片，一边生产实体线缆，黄仁勋和蒋承志为什么会产生交集？ 此后， 蒋锡培又带领企业创新研发多款国际领先的线缆产品，新能源汽车用铝合金高压线、新能源汽 车用耐火高压线、新能源汽车用铝排高压连接线打破国外技术垄断。 远东也从一家 小小的民营企业 一步步稳扎稳打，成为 国内 最具影响力的线缆生产企业 。 黄仁勋会见的江苏企业家 有何来头？ 与黄仁勋会面的江苏年轻"二代"企业家蒋承志，背后是 ...

科创人工智能ETF华夏(589010)紧密跟踪上证科创板人工智能指数，覆盖全产业链优质企业，兼具高研 发投入与政策红利支持，20%涨跌幅与中小盘弹性助力捕捉AI产业"奇点时刻"。 截至今日10:05，科创人工智能ETF(589010)开盘后震荡走弱，最新价报1.602元，较开盘价下跌1.111%。 持仓层面，该ETF跟踪的30只成分股跌势主导，22只个股走跌，云天励飞跌超9%大幅领跌，星环科 技、奥比中光跌超4%紧随其后，领跌梯队跌幅较深，对盘面形成显著压制；仅少数标的逆势抗跌，思 看科技涨超 5% 形成零星支撑。流动性方面，该ETF成交额达2695万元，换手率1.07%，成交活跃度维 持适中水平。 消息方面，1月31日，英伟达CEO黄仁勋表态将对OpenAI进行大规模投资，该投资或成英伟达史上最大 单笔投资，其同时透露投资金额不到1000亿美元，未公布具体数额。双方去年9月官宣合作并签署谅解 备忘录，英伟达承诺为其搭建10吉瓦算力并投资，OpenAI则承诺租赁其芯片，彼时预计数周完成谈 判，但至今无实质进展。 东吴证券指出，海外AI从狂热扩张转向需求兑现与效率竞争新周期，局部泡沫非系统性崩盘。算力、 云服务 ...

Core Viewpoint - Nvidia's anticipated investment of up to $100 billion in OpenAI may not materialize as initially expected, leading to increased uncertainty in the tech sector [1] Group 1: Investment Plans - Nvidia announced plans in September to invest up to $100 billion in OpenAI, but later clarified that no definitive agreements had been established regarding this investment [1] - The investment plan has reportedly stalled due to internal doubts about OpenAI's future competitive positioning [1] Group 2: Market Reaction - The news of Nvidia's investment uncertainty has contributed to a jittery atmosphere among investors in artificial intelligence stocks, highlighting the gap between press-release expectations and actual developments [1] - Nvidia may consider a different approach to its investment in OpenAI by participating in the company's next large funding round instead of the previously proposed $100 billion commitment [1]

Market Performance - The broad U.S. market started the year positively, with the SPDR® S&P 500® ETF (SPY) posting a gain despite some elevated volatility in the final week of January [1]

Market Overview - The electronic industry index experienced a weekly decline of 2.18% from January 26 to January 30, 2026, with consumer electronics down 4.74%, semiconductors down 0.83%, and optoelectronics down 4.10% [1][2] - In the same period, the Nasdaq index fell by 0.17%, while notable gains were seen in companies like SanDisk (up 21.62%), Meta (up 8.76%), Apple (up 4.61%), Micron (up 3.81%), and Intel (up 3.11%) [1][2] Company Performance - Apple reported a strong fourth-quarter revenue of $143.76 billion, significantly exceeding market expectations of $138.48 billion, with net profit rising from $36.33 billion to $42.1 billion year-over-year, primarily driven by a surge in iPhone sales [3] - Meta's performance and AI capital expenditures surpassed expectations, with a revised capital expenditure guidance for 2026 set between $115 billion and $135 billion, nearly doubling year-over-year, focusing on AI computing power and infrastructure [3] - SanDisk achieved a revenue of $3.025 billion in Q4 2025, a 61% year-over-year increase, with a net profit of $803 million, reflecting a 672% growth, and a gross margin of 50.9%, up 18.6% year-over-year [4] - SK Hynix reported record highs in all three major metrics for Q4 2025, with revenue increasing by 34% to 32.83 trillion KRW and operating profit rising by 68% to 19.17 trillion KRW, achieving an operating profit margin of 58% [4] - ASML's Q4 2025 net sales reached €9.718 billion, a 4.9% year-over-year increase, with a 29.3% quarter-over-quarter growth, and new orders of €13.2 billion setting a historical record [4] Beneficiary Companies - Companies identified as beneficiaries include Huahong Semiconductor, Zhongwei Company, Jingce Electronics, Huafeng Measurement and Control, Changchuan Technology, Tongfu Microelectronics, Lanke Technology, Haiguang Information, Chipone Technology, and Zhaoxin Technology [5]

摩根士丹利科技访谈：Joe Moore 谈英伟达融资与竞争格 局、博通与联发科对比、AMD 人工智能与 CPU 前景、美 光与闪迪产业链调研及偏好 20260131 摘要 英伟达计划未来 6-7 年向 OpenAI 投资 1,000 亿美元，每千兆瓦产能投 入 100 亿美元，旨在支持 AI 生态系统发展并实现其万亿美元营收目标， 目前未承担显著信用风险，仅与 CoreWeave 有少量信用义务。 市场担忧 OpenAI 数据乐观，但即使实际数据仅达到预期两倍，仍对英 伟达未来业绩超预期抱有信心。英伟达向所有客户供货，市场地位稳固， OpenAI 若能更清晰地阐述其收入和盈利模式，将有助于改善市场对其 的看法。 谷歌内部采用混合模式，在需要灵活性的场景使用可编程架构，功能固 定场景采用 TPU。Anthropic 大量使用英伟达产品并保持合作，所有已 发布模型均基于 Hopper 架构，Blackwell 架构部署较晚。 短期内，AI 芯片市场并非零和博弈，未来 12 个月需求依然强劲，各厂 商均可将产能转化为销量。英伟达市场份额约为 85%，预计将保持稳定， 行业增长受限于生态系统支撑能力，各公司增长率在 ...

J P M O R G A N North America Equity Research 29 January 2026 Semiconductors & Semiconductor Capital Equipment / IT Hardware Harlan Sur AC (1-415) 315-6700 harlan.sur@jpmorgan.com Peter K Peng (1-415) 315-8327 peter.k.peng@jpmchase.com Mayur Ramdhani (1-212) 622-1664 mayur.ramdhani@jpmorgan.com J.P. Morgan Securities LLC See page 2 for analyst certification and important disclosures. J.P. Morgan does and seeks to do business with companies covered in its research reports. As a result, investors should be aw ...

Accessible version Global Memory Tech Weekly theme: memory industry model update, softening DRAM spot, LGE upside Price Objective Change Global DRAM/NAND sales forecasts raised by 25% We updated our global memory+HBM industry model following Samsung Electronics' and SK Hynix's 4Q25 earnings results. Key changes to our 2026 estimates vs earlier include: 1) 20%+ higher ASPs (for both DRAM and NAND); 2) slightly higher bit growth; 3) capex increase, largely driven by HBM and infrastructure investments (shell f ...

【中信科技产业】海外AI叙事或重回乐观情形，重视海外算力链新一轮上涨机遇！ 核心判断 近期海外推理与训练算力需求同步走强，亚马逊云、谷歌云相继涨价，台积电上修Capex。 尽管当前AI应用大规模商业化能见度仍有限，但在模型与应用密集催化下，未来3–6个月海外算力需求有望进一步 上行，算力"泡沫论"担忧或阶段性缓解，产业链有望迎来新一轮修复。 推理侧：Agent落地 【中信科技产业】海外AI叙事或重回乐观情形，重视海外算力链新一轮上涨机遇！ 核心判断 近期海外推理与训练算力需求同步走强，亚马逊云、谷歌云相继涨价，台积电上修Capex。 尽管当前AI应用大规模商业化能见度仍有限，但在模型与应用密集催化下，未来3–6个月海外算力需求有望进一步 上行，算力"泡沫论"担忧或阶段性缓解，产业链有望迎来新一轮修复。 推理侧：Agent落地抬升推理算力消耗 MoltBot等新一代Agent显著提升对电脑操作与复杂任务的处理能力，带来更高推理算力消耗。 Anthropic持续推出Claude Code、Agent Skills等产品，拓展Agent应用场景。 OpenRouter数据显示，2026年1月初以来Token调用量持 ...