Core Insights - The article highlights the growing importance of AI stocks in the stock market, particularly focusing on companies like Nvidia and OpenAI that are at the forefront of generative AI technology [1] Industry Overview - The AI sector is experiencing a boom, but selecting individual winners is challenging due to competitive pressures and risks faced by leading companies like Nvidia and TSMC [2] - TSMC, while a dominant player in chip manufacturing, faces competition from Intel and is also impacted by geopolitical risks due to its location in Taiwan [2] Investment Vehicle - Exchange-traded funds (ETFs) are presented as a smart alternative for investors seeking exposure to the stock market without the need to pick individual stocks [3] - The VanEck Semiconductor ETF (SMH) is highlighted as a top performer since its inception in 2011, significantly outperforming the S&P 500 [4][6] ETF Performance - The SMH ETF has a strong historical performance, particularly during the AI boom, and includes major chip stocks such as Nvidia (19.3% of net assets) and TSMC (10.2%) among its top holdings [6][7] - Recent performance of ASML and Intel indicates that the AI boom is benefiting even those companies that have previously lagged behind [8] Future Growth Potential - The demand for semiconductors is expected to grow due to technological advancements, with increasing reliance on semiconductors in various products and infrastructure [11] - Despite a trailing price-to-earnings ratio of 46, the growth potential of companies within the SMH ETF, such as Nvidia's 62% revenue growth, suggests that the ETF may be undervalued on a forward basis [12] Diversification Benefits - The VanEck Semiconductor ETF offers a good alternative to the S&P 500 by providing exposure to international stocks like TSMC and ASML, which are not included in the index [13]

分析师 1: 各位领导，大家晚上好。我是天风证券传媒分析师王子杰今天我们这个 TMT 周会的主题 是国内外 AI 年报分析展望。接下来有请我们所长海清总先为大家进行一个分享。 分析师 2: 包括微软这些，对吧，这个代表性的都是 Meta 对吧，这些都是超预期的，就是基本开支 都是超预期的，所以对于算力的投入仍然是坚定不移，而且是超预期的这个警惕。我们可 以看到北美仍然是非常乐观。所以对应的我们也看到在海外算力公司的业绩上，比如说像 闪迪呀，也是非常爆表，对吧这个超预期。已经预期很高了，仍然在大超预期，所以海外 算力的这个业绩也很突出。那么当然我们又回到国内公司的海外算力公司，标地站，天孚 通信，对吧，来看到业绩低于预期，但是股价利空出尽就一路往上涨。 然后搞 CPU，现在很活跃。所以这个阶段是偏炒主题，所以你看，现在业绩虽然低于预期， 没关系，你炒主题，对吧？CPU 很强势，对吧？这个照样能够大涨。那么另外一方面，就 是像海外创业的新易盛，计算业绩其实超预期，尤其新易盛大超预期，结果，对吧，这个 也是遭遇了回调，就是因为这个阶段其实是偏这个主题的一个阶段。所以有业绩，而且 26 年的业绩，25 年业绩，大家可 ...

会议助理: 大家好，欢迎参加宏观至见系列第二期，拆解 AI 大基建的宏观底账、杠杆、能源约束与 估值会议。现在有请主持人开始发言，谢谢。 应镓娴 国泰海通宏观分析师: 好的，各位投资者下午好，我是国泰海通宏观分析师殷嘉贤。那非常欢迎大家参加我们的 智建系列第二期。因为现在市场对于美股科技、AI 大基建相关的关注度依然是比较高的， 所以我们很有幸今天能够请到专家郑迪迪总。前沿科技投资人来给我们从比如说资本市场 能源约束等偏宏观的视角分享一下他对于 AI 大基大基建、AI 投资方面的一些理解。感谢 迪总，那我们下面的时间就交给专家。 前沿科技投资人郑迪迪总: 好的，我看这个是半个小时时间还是一个小时？ 应镓娴 国泰海通宏观分析师: 您这边大概分享 45 分钟，然后我们剩下的时间再给投资者做一个交流。 前沿科技投资人郑迪迪总: 明白，就是我自己先讲是吧？我以为我以为是个 QA 模式，OK，好，那我知道了。好 OK，那现现在都能听到吧？ 应镓娴 国泰海通宏观分析师: 可以听到，李总。 前沿科技投资人郑迪迪总: 好的，没问题没问题。对，这个大家好，这个我是这个到机构投资者社区 ceo，然后我们 搞这个机构投资人社群，大 ...

(1) 共封装光学（CPO）——NVIDIA 的下一个大事（2）？ --- (1) Co-Packaged Optics (CPO) – The Next Big Thing for NVIDIA (2)? substack.com/home/post/p-186603237 Substack Disclaimer: This newsletter's content aims to provide readers with the latest technology trends and changes in the industry, and should not be construed as business or financial advice. You should always do your own research before making any investment decisions. Please see the About page for more details. 免责声明：本通讯的内容旨在向读者提供最新的技术趋势和行业变动，不应被视为商业或金融建 议。在做出任何投资决策之 ...

Disclaimer: This newsletter's content aims to provide readers with the latest technology trends and changes in the industry, and should not be construed as business or financial advice. You should always do your own research before making any investment decisions. Please see the About page for more details. 免责声明：本通讯的内容旨在向读者提供最新的技术趋势和行业变动，不应被视为商业或金融建 议。在做出任何投资决策之前，您应始终自行进行研究。更多详情请参见 " 关于 " 页面。 In the previous article that I wrote back in July this year (The Bonder War – An update on ASMPT (522 HK)，BESI (BESI ...

据八位知情人士透露，OpenAI 对英伟达最新的一些人工智能芯片并不满意，并且从去年以来一直在寻 求替代方案，这可能会使人工智能热潮中两家最受瞩目的公司之间的关系变得复杂。 ChatGPT 的开发商英伟达的战略转变在于更加重视用于执行特定 AI 推理环节的芯片。AI 推理是指 AI 模型（例如 ChatGPT 应用所使用的模型）响应用户查询和请求的过程。英伟达在用于训练大型 AI 模型 的芯片领域仍然占据主导地位，而推理环节则成为竞争的新战场。 OpenAI 和其他公司决定在推理芯片市场寻求替代方案，这标志着英伟达在人工智能领域的统治地位受 到了重大考验，而此时两家公司正在进行投资谈判。 9 月，英伟达表示，计划向 OpenAI 投资高达 1000 亿美元，作为一项交易的一部分，该交易使这家芯片 制造商获得了这家初创公司的股份，并为 OpenAI 提供了购买先进芯片所需的资金。 路透社报道称，这笔交易原本预计几周内就能完成。然而，谈判却拖延了数月之久。在此期间， OpenAI 还与 AMD 以及其他旨在与英伟达竞争的GPU达成了合作协议。但一位知情人士表示，该公司 不断变化的产品路线图也改变了其所需的计算资源 ...

威尔高：正式接到谷歌电源订单，英伟达gb300&rubin电源pcb核心玩家 威尔高：正式接到谷歌电源订单，英伟达gb300&rubin电源pcb核心玩家 其他gb300/rubin进展顺利。 其他gb300/rubin进展顺利。 25/26/27年收入预期15/24/36复合增速50%，利润随着泰国工厂稼动率提升&电源产品占比提高26/27年预期3＋/5＋ 25/26/27年收入预期15/24/36复合增速50%，利润随着泰国工厂稼动率提升&电源产品占比提高26/27年预期3十/5十 威尔高：正式接到谷歌电源订单，英伟达gb300&rubin电源pcb核心玩家 威尔高：正式接到谷歌电源订单，英伟达gb300&rubin电源pcb核心玩家 公司近期正式接到2亿元以上谷歌一次电源订单，二次电源项目对接中。 公司近期正式接到2亿元以上谷歌一次电源订单，二次电源项目对接中。 其他gb300/rubin进展顺利。 其他gb300/rubin进展顺利。 公司近期正式接到2亿元以上谷歌一次电源订单，二次电源项目对接中。 公司近期正式接到2亿元以上谷歌一次电源订单，二次电源项目对接中。 ...

Core Viewpoint - Nvidia is positioned as the leading manufacturer of AI chips and technology, with strong indicators suggesting a successful quarterly performance ahead of its earnings report on February 25 [1][11]. Group 1: Nvidia's Market Position - Nvidia's dominance in the AI chip market is underscored by its partnerships with major companies in the AI sector, which report strong demand for AI-related products [2]. - The upcoming earnings report is expected to reflect significant growth, with management guiding for revenue of $65 billion, indicating a year-over-year growth of 65% and an adjusted EPS of $1.50, representing a 69% increase [12]. Group 2: Palantir Technologies - Palantir, an AI-driven data analytics company and Nvidia partner, reported a 70% year-over-year revenue increase to $1.41 billion, driven by a 137% surge in U.S. commercial revenue and a 66% increase in U.S. government revenue [5][6]. - The company provided a 2026 revenue guidance of 61% annual growth, indicating strong future prospects [5]. Group 3: Teradyne - Teradyne, which manufactures testing equipment for semiconductors, experienced a 44% year-over-year revenue increase to $1.08 billion, attributed to robust demand for AI-related chips [9]. - The adjusted EPS for Teradyne soared 89% year-over-year to $1.80, significantly exceeding Wall Street's expectation of $1.38 [9][10]. - Teradyne's CEO expressed confidence in continued year-over-year growth across all business segments, particularly in compute driven by AI [10].

Jensen Huang, chief executive officer of Nvidia Corp., speaks during the 2026 CES event in Las Vegas, Nevada, US, on Tuesday, Jan. 6, 2026.Advanced Micro Devices reported fourth-quarter earnings on Tuesday after the bell. The chipmaker beat Wall Street's revenue and profit estimates, but shares plunged more than 8% in extended trading because its guidance came up short of some expectations.AMD's main rival, Nvidia, is facing difficulties of its own. CEO Jensen Huang told CNBC's Jim Cramer on Tuesday that th ...

美东时间2月3日（周二），伴随着市场风格切换至周期和价值股，叠加新一轮"AI抢饭碗"的软件股抛售潮和美伊对峙升温影响，美国股市三大股指全线收 跌，纳斯达克指数盘中跌幅达2.39%，美股科技巨头走弱。 截至收盘，标普500指数跌0.84%，报6917.81点；纳斯达克综合指数跌1.43%，报23255.19点；道琼斯工业平均指数跌0.34%，报49240.99点。纳斯达克指数 近乎跌去年内涨幅。 美股科技七巨头中，仅微软收涨，英伟达、脸书、亚马逊跌幅均超过2%。 英伟达盘中一度跌超5%，截至收盘跌2.84%，市值一夜蒸发1281亿美元（约合人民币8888亿元）。 | 名称 | 现价 | 涨跌幅 ◆ | 成 三 | | --- | --- | --- | --- | | 微软(MICROSOFT | 411.210 | -2.87% | 186.93亿 | | MSFT.O | | | | | 英伟达(NVIDIA) | 180.340 | -2.84% | 262.88亿 | | NVDA.O | | | | | 脸书(META PLATF | 691.700 | -2.08% | 67.18亿 | | MET ...