Group 1: Industry Insights - Nvidia (NVDA.US) is expected to release its next-generation Rubin series products in the second half of next year, utilizing M9 materials and orthogonal backplanes, which significantly increases processing difficulty and leads to a rise in both quantity and price of PCB drill bits [1] - The global PCB drill bit industry is currently facing a shortage, with the top five companies (CR5) holding a combined market share of 75.2% as of the first half of 2025, with DingTai High-Tech leading with a sales volume of 500 million units and a market share of 28.9% [2] - The demand for high-performance drill bits is expected to increase significantly due to the higher requirements for drill bit length, breakage rates, and processing performance associated with advanced materials [1][2] Group 2: Company Developments - Minexplosion Optoelectronics (301362.SZ) announced plans to acquire 100% of Xiamen Maida's stake in Xiamen Precision, focusing on the production of PCB, FPC, IC substrates, and AI PCB tungsten micro-drills, with a product size range of 0.09mm to 0.35mm [1] - DingTai High-Tech (301377.SZ) is set to benefit from the technological iteration in the PCB drill bit market, leveraging its scale and self-manufacturing capabilities to maximize profits amid the current shortage [2] - Wald (688028.SH) has made progress in internal verification of PCD drill bits, focusing on high-hardness and brittle materials for PCB and semiconductor applications, with the ability to process over 8,000 holes in M9 boards without breakage [3] - Xiamen Precision, established in 1995, has a strong technical foundation and plans to expand its production capacity from the current 15 million units per month to over 50 million units in the next 2-3 years [3]

2月10日，行业分析机构SemiAnalysis发布的最新报告显示，下一代高带宽内存（ HBM4 ） 市场将由韩系厂商SK海力士与三星彻底主导，美国厂商美光（Micron）因技术路线选择失 误，已痛失英伟达下一代Rubin芯片的HBM4供应订单，其在该平台的供应份额恐将降至 0%。 报告明确指出，美光在NVIDIA Rubin平台的HBM4供应份额已被"清零"。与之形成鲜明对比 的是，韩系双雄将瓜分全部订单——市场预计 SK海力士 将拿下约70%的份额，剩余30%则 由三星收入囊中，这也意味着韩系厂商将全面垄断这一高端内存核心市场。 美光此次遭遇市场滑铁卢，核心症结在于技术路线的选择偏差。为降低生产成本并掌控供应 链主动权，美光采取了内部自主设计、制造HBM4基础裸片（ Base Die ）的"单打独斗"策 略，这与竞争对手的合作模式形成了鲜明差异。 不同于SK海力士选择与台积电强强联手、三星拥有自家逻辑代工能力，美光的独立研发生产 模式不仅引发了严重的散热问题，其产品的引脚速度（ Pin Speeds ）也未能达到英伟达的 客户标准。更为关键的是，美光不愿转向更先进的外部制程节点，最终导致自身在关键性能 指 ...

智通财经APP获悉，有媒体援引知情人士透露的消息报道称，美国总统特朗普领导下的美国联邦政府计 划对亚马逊(AMZN.US)、谷歌(GOOGL.US)以及微软(MSFT.US)等美国科技巨头们豁免于即将重磅出台 的下一轮对外芯片关税政策，主要因为这些大型科技公司正在大规模建设AI数据中心，而这一如火如 荼的AI投资进程与建设进程对于美国经济而言可谓至关重要。 知情人士强调，这些攸关芯片关税政策的特殊豁免政策将由美国商务部经过贸易调查之后进行豁免性质 的提供，并且与有着"芯片代工之王"称号的台积电(TSM.US)超过千亿美元在美国本土制造高性能AI芯 片以及其他3nm及以下制程最先进芯片制造与封装的大额投资承诺密切相关联。 在这种背景下，如果对于数据中心建设至关重要的最核心硬件产品——即关键芯片，一刀切地加征高额 关税，就可能大幅推高AI数据中心建设成本、延缓项目进度甚至打击投资者信心，从而在短期内拖累 经济增长——关税本身就被研究表明会减少经济增长，长期可能压缩产能和资本存量。 因此最新的豁免传闻显示的核心AI数据中心所需芯片关税豁免，实际上是特朗普政府试图保持超大规 模AI算力基础设施投资的节奏，防止对市场预 ...

Group 1 - The core viewpoint of the articles highlights the significant rise in optical communication concept stocks in the U.S. market, driven by advancements in Co-Packaged Optics (CPO) technology and supportive government policies [1][2]. - Companies such as Credo Technology, Corning, Ciena Technologies, and Lumentum have shown notable stock price increases, indicating strong market interest in optical communication technologies [1]. - NVIDIA is advancing the scale deployment of CPO technology to address the growing power consumption and reliability challenges of AI supercomputers, integrating optical engines into the same package as switching chips [1]. Group 2 - In the A-share market, as of February 6, ten CPO concept stocks have received net financing purchases exceeding 100 million yuan, with Tianfu Communication and Zhongji Xuchuang leading at 2.542 billion yuan and 2.21 billion yuan respectively [2]. - Tianfu Communication has reported that its 1.6T optical engine products have entered normal delivery stages, and the company is coordinating supply chain resources to enhance production capacity [2]. - New Yisong expects to achieve a net profit attributable to shareholders of 9.4 billion to 9.9 billion yuan by 2025, representing a year-on-year growth of 231.24% to 248.86%, and has successfully mass-produced and delivered 1.6T optical module products [2].

Core Viewpoint - Jinglin Asset has made significant adjustments to its stock holdings in the fourth quarter of 2025, increasing its positions in key technology stocks while reducing exposure to others, reflecting a strategic focus on sectors like AI and new energy [1][6][9]. Group 1: Stock Holdings and Changes - As of the end of 2025, Jinglin Asset held stocks in 28 companies in the US market, with a total market value exceeding $4 billion [1]. - The top ten holdings include Google A, Meta, Pinduoduo, NetEase, Manbang Group, Futu Holdings, NVIDIA, Alibaba, Intel, and Atour, with Chinese stocks still dominating the portfolio [1][10]. - The largest holding shifted from Meta to Google A, with Google A valued at approximately $841.97 million, reflecting an increase of 926,084 shares from the previous quarter [2][3][10]. Group 2: Investment Strategy and Focus Areas - Jinglin Asset is focusing on sectors such as AI, new energy, smart driving, and humanoid robots, believing these areas will continue to see rapid growth and investment from both China and the US [1][9]. - The firm emphasizes a balanced global investment strategy, selecting companies with strong valuations and cash flows to mitigate risks while capitalizing on growth opportunities [9]. - The CEO highlighted the importance of major AI application platforms like Google, Apple, ByteDance, Tencent, and OpenAI, predicting that 2026 could be a pivotal year for AI agents [9]. Group 3: Recent Trading Activity - In Q4 2025, Jinglin Asset increased its holdings in Intel by 694,363 shares and in Futu Holdings by 139,473 shares, while also initiating a position in Broadcom [6]. - The firm significantly reduced its holdings in NVIDIA by 1.54 million shares and in Meta by 229,056 shares, alongside partial reductions in other stocks like TSMC and UnitedHealth [6].

Group 1 - Samsung Electronics is set to begin mass production of HBM4 as early as the third week of February, which will be used in NVIDIA's next-generation AI computing platform, Vera Rubin [2] - The storage industry is expected to see its value rise to $551.6 billion by 2026, driven by the AI boom, which is more than double the value of the foundry industry, projected to reach $218.7 billion [2] - Lingyi iTech has established an embodied intelligence super factory in Beijing, aiming for a production capacity of 10,000 units by 2026, expanding to 50,000 units by 2030 [2] Group 2 - Samsung Display is considering expanding its OLED panel production capacity in response to Apple's plans to launch the iPhone Flip, following the iPhone Fold [2]

Summary of Key Points Core Viewpoint - Baillie Gifford's total holdings value decreased to $120.34 billion in Q4 2025, down approximately 10.8% from $135 billion in Q3 2025, primarily due to a net selling strategy and some growth stocks experiencing high-level corrections [1][2]. Group 1: Portfolio Adjustments - Nvidia remains the largest holding despite a 5.76% reduction in shares, accounting for 6.80% of the portfolio [3]. - Mercado Libre saw a 4.95% increase in holdings, raising its share to 5.83%, solidifying its position as a cornerstone of the portfolio [3]. - The top five holdings also include Amazon, Shopify, and Sea Ltd, with the top ten holdings comprising 43.4% of the total portfolio [4]. Group 2: Notable Transactions - Significant reductions were made in Amazon, Shopify, Meta, and Cloudflare, while Google saw a notable increase in holdings by 166%, reflecting a strategic shift towards AI capabilities [5][6]. - Baillie Gifford's investment in Google is valued at approximately $1.7 billion post-increase [6]. Group 3: Investment Philosophy and Trends - The investment team emphasizes the importance of adapting to the AI wave, suggesting that companies must pivot quickly to meet new market demands [9][10][12]. - The transition to AI is viewed as a new paradigm shift, with potential for significant growth opportunities as new companies emerge [14][15]. - The focus is on both "AI core" companies and those using AI as a tool to enhance existing services [21][24]. Group 4: Insights on China and Platform Companies - The sentiment in China has shifted, with a recognition of the country's potential to foster visionary entrepreneurs, particularly in the battery sector where CATL holds a significant market share [25][26]. - Platform companies are highlighted for their ability to create value through network effects and adaptability, requiring a long-term investment perspective [28]. Group 5: Non-Public Company Investments - Baillie Gifford has committed over £6 billion to non-public companies since 2012, recognizing the increasing duration of private company ownership before IPOs [31][32]. - The firm holds significant stakes in companies like SpaceX and ByteDance, which have shown substantial revenue growth compared to public market indices [33]. Group 6: Portfolio Construction Approach - The investment strategy is bottom-up, focusing on global transformations rather than specific trends or technologies [34]. - The portfolio includes a diverse range of companies across various sectors, with ongoing adjustments to capitalize on emerging growth opportunities [38].

Apollo Global Management正把私募信贷的触角伸向AI算力资产，通过"买芯片再出租"的结构化融资， 为xAI这类高资本开支项目提供现金流缓冲，也为投资者打开一条以硬件为底层资产的收益路径。 据The Information援引知情人士报道，Apollo接近达成一笔约34亿美元的贷款安排，资金将投向一只投 资载体，该载体计划购买Nvidia芯片并租赁给Elon Musk旗下xAI，交易最快可能在本周敲定。 在这一背景下，通过载体购置芯片并出租，能够把部分一次性资本开支转化为持续性租赁成本，从而缓 解短期现金压力。 Musk在为xAI筹资方面并未遭遇太大阻力。The Information称，该公司上月表示在一轮单独融资中筹得 200亿美元，较最初预期多出50亿美元。 知情人士称，Apollo对本次交易的同意发生在Musk决定将xAI与SpaceX合并之前。 回报假设：基准情景年化回报超过22%，下行情景约17% Apollo为该投资工具提供的债务预计将收取9.5%的利率。据知情人士透露，Apollo还计划将部分债务出 售给其他机构，并协助出售该工具的股权部分。 这将是Apollo第二次对面向 ...

Core Viewpoint - Baillie Gifford's total holdings value decreased to $120.34 billion in Q4 2025, down approximately 10.8% from $135 billion in Q3 2025, primarily due to a net selling strategy and high valuations of growth stocks [2][3]. Group 1: Portfolio Adjustments - Nvidia remains the largest holding at 6.80%, despite a 5.76% reduction in shares for the second consecutive quarter [4]. - Mercado Libre saw a 4.95% increase in holdings, raising its portfolio share to 5.83%, solidifying its position as a key asset [4]. - The top five holdings include Amazon, Shopify, and Sea Ltd, with the top ten holdings accounting for 43.4% of the portfolio [5]. Group 2: Notable Transactions - Significant reductions were made in Amazon, Shopify, Meta, and Cloudflare, while Google saw a notable increase in holdings by 166%, reflecting a strategic shift towards AI capabilities [6]. - Baillie Gifford's investment in Google is estimated at around $1.7 billion post-increase, indicating a focus on AI custom chips and cost advantages in large-scale computing [7]. Group 3: AI Investment Insights - The investment team emphasizes the importance of early engagement in AI trends, suggesting that companies must pivot quickly to new business models once product-market fit is established [10][12]. - The transition to an "intelligent paradigm" is viewed as the next major shift in technology, with AI expected to create new growth opportunities and large companies [13][14]. - Current AI applications are primarily in personal assistant chatbots and programming tools, with companies like Anthropic experiencing rapid growth [15][16]. Group 4: Chinese Market Perspectives - The sentiment in the Chinese market has shifted, with a recognition of the potential for visionary entrepreneurs and rapid technological advancements [24]. - Baillie Gifford holds a significant stake in CATL, which commands 40% of the global battery market, indicating confidence in the future of battery technology beyond electric vehicles [25]. - Despite geopolitical risks, the firm sees potential in select Chinese companies that remain undervalued [27]. Group 5: Non-Public Company Investments - Since 2012, Baillie Gifford has committed over £6 billion to non-public companies, recognizing the increasing time companies remain private before IPO [30]. - The non-public market has expanded significantly, with over 1,500 companies valued at over $1 billion, representing a total market cap exceeding $5 trillion [32]. - Investments in non-public companies like SpaceX and ByteDance are seen as essential for capturing growth opportunities that may be missed in public markets [33]. Group 6: Portfolio Construction Strategy - The portfolio is constructed from the bottom up, avoiding single bets on specific countries or trends, focusing instead on global transformations [36][37]. - The firm is actively reallocating capital towards disruptive growth opportunities, including increased investments in companies like CATL and Chinese consumer platforms [42].

5 February 2026 | 5:02AM EST Equity Research Nvidia Corp. (NVDA): 4Q Preview: Expect a strong quarter as investor focus turns to 2027 revenue visibility, competition, and China Key stock takeaways: We expect investors to focus on (1) directional commentary on visibility into 2027; (2) non-traditional customer demand trends; (3) competitive dynamics; (3) China business trends. We expect a beat-and-raise quarter given positive industry supply and demand datapoints, but we believe the bar for outperformance is ...