on 28-Jan-2026 Global Capital Goods LONG VIEW 28 January 2026 Powering AI: Deep diving the 800 VDC shift - quantifying the impact on electricals content and growth Alasdair Leslie +44 20 7762 4952 alasdair.leslie@bernsteinsg.com +44 20 7550 2192 om.kela@bernsteinsg.com Chad Dillard +1 917 344 8469 chad.dillard@bernsteinsg.com Miguel Marques, CFA +1 917 344 8432 miguel.marques@bernsteinsg.com +44 20 7762 1411 nicholas.witting@bernsteinsg.com Dan Corcuera-Robbins, ACA +44 20 7762 5184 dan.corcuera-robbins@ber ...

根据挪威政府最新公布的一份持仓清单，规模高达2.2万亿美元的挪威主权级别财富基金在2025年下半 年减持了美国股市最大规模科技巨头股票仓位，其中包括其长期以来的第一大持仓——即AI芯片超级 霸主英伟达(NVDA.US)。截至年末，负责管理该基金的挪威央行投资管理公司(Norges Bank Investment Management，NBIM)已削减其前四大科技巨头持仓，除英伟达外还包括苹果公司(AAPL.US)、微软公司 (MSFT.US)以及谷歌母公司Alphabet(GOOGL.US)。 NBIM成立于1990年代初，其投资遵循挪威财政部设定的基准系统指数，因此其进行主动操作的空间有 限。其投资组合覆盖股票、固定收益、房地产与可再生基础设施，且均在挪威境外。 从"美欧地缘政治博弈"的视角看，挪威主权财富基金(NBIM/GPFG)在2025年下半年小幅减持英伟达、苹 果、微软、Alphabet这类美股科技龙头，其深层意义更像是在这些占据市场高额权重的科技巨头估值来 到历史高位之际"去权重集中度 + 降政治尾部风险"，而不是"大举撤离美国或者看空AI投资主题"。 挪威NBIM本就严格贴近财政部设定的基准指数 ...

智通财经APP获悉，根据挪威政府最新公布的一份持仓清单，规模高达2.2万亿美元的挪威主权级别财富基金在2025 年下半年减持了美国股市最大规模科技巨头股票仓位，其中包括其长期以来的第一大持仓——即AI芯片超级霸主英 伟达(NVDA.US)。截至年末，负责管理该基金的挪威央行投资管理公司(Norges Bank Investment Management， NBIM)已削减其前四大科技巨头持仓，除英伟达外还包括苹果公司(AAPL.US)、微软公司(MSFT.US)以及谷歌母公 司Alphabet(GOOGL.US)。 该主权财富基金将芯片巨头英伟达的持股比例从6月底的1.32%降至年末的1.26%，同时将微软的持股比例从1.35%降 至1.26%，但是这两家科技巨头仍是该基金最有价值的前五大投资之一，其后依次为Alphabet和云计算与电商巨头亚 马逊公司(AMZN.US)。苹果则是该主权财富基金第二大投资。作为简化投资组合战略的一部分，该主权财富基金退 出了摩尔多瓦、冰岛等国股市，同时选择新增约旦和巴拿马。 在几乎同一时期，该主权基金对美国资产的总体敞口并未显著下降：到2025年末其大约52.9%资产仍在美国 ...

Core Insights - Norway's $2.2 trillion sovereign wealth fund has reduced its stakes in major US tech firms, including Nvidia, Apple, Microsoft, and Alphabet, by the end of 2025 [1][2] Group 1: Investment Adjustments - The fund cut its stake in Nvidia from 1.32% to 1.26% and in Microsoft from 1.35% to 1.26%, while still maintaining these companies among its top five investments [2] - The total number of companies held by the fund decreased to 7,201, having exited over 1,000 companies in the last six months of 2025 [3] Group 2: Portfolio Strategy - The fund's strategy includes simplifying its portfolio, which led to exiting stock markets in Moldova, Iceland, Croatia, and Estonia, while adding investments in Jordan and Panama [3] - Approximately 53% of the fund's investments are concentrated in the US across all asset classes, with significant holdings in US Treasuries, Japanese government bonds, and German bunds [3] Group 3: Geopolitical Considerations - An advisory panel has indicated that the fund needs to enhance its preparedness for increasing geopolitical risks, including tariffs and financial sanctions [4] - The fund faced criticism from US Republican lawmakers for its decision to sell out of Caterpillar Inc. last year [4] Group 4: Fund Overview - Norges Bank Investment Management, which manages the fund, operates under a benchmark index set by Norway's finance ministry, limiting its scope for active investment moves [5] - The fund's investment portfolio includes equities, fixed income, real estate, and renewable infrastructure, all outside of Norway [5]

In its statement, the Fed cited still-elevated inflation alongside solid economic growth for its decision. The U.S. central bank said the job market has "shown some signs of stabilization" and removed ‌language from its prior ‌statement saying that downside risks to employment had risen. Investors had widely expected the central bank to keep rates unchanged at 3.5%-3.75% and it said that eight out of 10 policymakers had voted to hold rates steady. After the statement, ‌traders boosted their bets that the F ...

从关键参数来看，"真武"整体性能超过英伟达A800和主流国产GPU，与英伟达H20相当。 凤凰网科技讯1月29日，阿里平头哥官网上线高端AI芯片"真武810E"。 凤凰网科技了解到，这款芯片实现软硬件全自研，此前曾在媒体曝光中引发关注。这意味着由通义实验 室、阿里云和平头哥组成的阿里AI黄金三角"通云哥"完整浮出水面。 ...

Voice AI attracts interest; Inside PhonePe’s IPO planWant this newsletter delivered to your inbox?Also in the letter:■ Shadowfax’s muted listing■ Pine Labs swings to black in Q3■ ETtech Done DealsVoice AI startups hear the sound of money as enterprises sign up Voice artificial intelligence (AI) startups Rising interest: Three Indian startups raised capital in January alone.Others, such as Navana AI, Vaani AI and JobsUPI, are looking to raise funds, founders told ET.The momentum mirrors global trends, where ...

钛媒体App 1月29日消息，根据最新公布的持股清单，挪威规模达2.2万亿美元的主权财富基金在2025年 下半年减持了美国大型科技股，包括其最大持股英伟达。到年底，负责管理该基金的挪威银行投资管理 公司已经减持了其前四大科技股，其中包括苹果、微软和Alphabet。该基金在6月底至年底期间，将英伟 达股份从其投资组合中1.32%的占比减持至1.26%，同时将其持有的微软的股份从1.35%减持至1.26%。这 两家公司仍然是该基金价值最高的五大投资之一，紧随其后的是Alphabet和亚马逊。苹果位列第二。 （广角观察） | | | June 30 Ownership | Yearend Ownership | | --- | --- | --- | --- | | | | (%) 6月30日所有权 | (%) 年末持股比例 | | Name 姓名 | Industry 行业 | (%) | (%) | | NVIDIA Corp NVIDIA 公 | Technology 技术 | 1.32 | 1.26 | | ID | | | | | Apple Inc 苹果公司 | Technology 技术 | 1.2 ...

Core Insights - The rapid development of artificial intelligence (AI) is leading to an energy crisis, with data center electricity demand projected to increase by 160% by 2030, reaching 945 terawatt-hours, equivalent to Japan's total electricity consumption [2] - Traditional electrical interconnects are becoming inadequate for the demands of AI, prompting a shift towards silicon photonics, which uses light for data transmission, offering significant improvements in speed and efficiency [5][11] - The silicon photonics market is expected to grow from $9.5 million in 2023 to over $863 million by 2029, reflecting a 45% annual growth rate, indicating rapid commercial adoption of this technology [6] Group 1: Energy Crisis and AI Demand - AI training facilities are consuming vast amounts of power, with NVIDIA H100 chips consuming up to 700 watts each, leading to energy usage comparable to that of 30,000 households [2] - The existing infrastructure has not kept pace with the exponential growth in computing performance, resulting in a "memory wall" that limits data transfer speeds between processors and memory [6] Group 2: Technological Advancements - Silicon photonics redefines data transmission in computing systems by using photons instead of electrons, significantly reducing energy consumption to 0.05 to 0.2 picojoules per bit compared to traditional electrical interconnects [5] - The transition to silicon photonics is facilitated by advancements in precision optical manufacturing, allowing for scalable processes that support energy-efficient high-performance computing [5][11] Group 3: Market Potential and Challenges - The demand for silicon photonics is driven by the need for high-speed access within modern AI architectures, which require direct connections between memory modules and processors [7] - While silicon photonics technology has been used in telecommunications, its integration into AI systems presents challenges in reliability and maintenance, as failures in co-packaged optical systems could lead to significant repair costs [9] Group 4: Future Implications - The successful deployment and scaling of silicon photonics could revolutionize various sectors, from autonomous vehicles to edge computing, by enabling sustainable AI expansion without compromising performance or environmental responsibility [14] - The technology represents a fundamental shift that may determine which companies lead the next phase of the digital revolution, similar to the impact of copper interconnect technology in previous generations [14]

近日，但斌执掌的东方港湾海外基金向美国证监会（SEC）提供了2025年四季度的13F文件，其美股的最新持仓情况浮出水面。 截至2025年末，东方港湾海外基金清仓了阿里巴巴、奈飞 （Netflix） 、Coinbase等7只股票，持仓标的锐减至10只。期末管理规模约为13.16亿 美元，折合人民币约91亿元，较去年三季度末的12.92亿美元小幅增长。 去年四季度，但斌的调仓动作颇为显著，持仓进一步向科技巨头集中，尤其是大幅加仓谷歌，一举成为其第一大重仓股。 | Stock ↑ | History | Sector | Shares Held or | Market | % of | Previous % of | Rank | Change in | % | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | Principal | Value | Portfolio | | | | Change | | | | | Amt | | | Portfolio | | Shares | | | GOOG | History | ...