Core Viewpoint - Nvidia and TSMC are highlighted as leading tech stocks to consider for investment as the market momentum continues into 2026, driven by strong performance in the tech sector [1] Nvidia - Nvidia maintains over 90% market share in the GPU data center space, solidifying its position as a leader in AI infrastructure despite facing increased competition [2] - The main challenge for Nvidia comes from custom AI ASICs, which are more energy-efficient but lack the flexibility of GPUs [4] - Nvidia's GPUs are readily available at scale, and the company collaborates closely with TSMC to secure future supply to meet rising demand [6] - Nvidia predicts that data center capital expenditures could reach $4 trillion by 2030, positioning the company to capture significant market share [7] - The stock is attractively priced with a forward P/E ratio under 24.5 times 2026 estimates and a PEG ratio below 0.7, indicating potential undervaluation [7] Taiwan Semiconductor Manufacturing (TSMC) - TSMC is the largest semiconductor contract manufacturer globally and benefits from the struggles of its rivals, being part of an oligopoly with Samsung and Intel [8] - TSMC has consistently produced chips at small node sizes with low defect rates, with 60% of its revenue coming from chips at 5nm nodes or below [10] - The company is expanding capacity by building new fabs and is expected to raise prices next year due to strong pricing power [11] - TSMC is set to introduce its new 2nm node technology, projected to cost 50% more than its 3nm technology, contributing to future growth [11] - The stock is also attractively valued with a forward P/E of 24 times, making it a solid buy given its growth outlook [12]

Group 1 - The U.S. government has allowed Nvidia to export H200 chips to mainland China, imposing a 25% fee, raising concerns in Taiwan about who will bear this cost [1][2] - The H200 chip, which has a larger high-bandwidth memory compared to its predecessor H100, is primarily manufactured by TSMC, with other Taiwanese companies also involved in the supply chain [2][3] - The 25% fee is expected to be treated as an import tax when the chips are shipped from Taiwan to the U.S., circumventing legal issues related to export taxes [1][2] Group 2 - TSMC's U.S. subsidiary reported a significant drop in profits, indicating challenges in its operations in the U.S. [2] - The construction of TSMC's large facility in Phoenix, Arizona, has faced systemic issues such as bureaucratic hurdles, labor shortages, and rising costs [3][4] - TSMC has had to bring over 500 technicians from Taiwan to support operations in the U.S., facing criticism from local unions regarding labor practices [4]

The latest 13F filing from Steve Cohen’s Point72 Asset Management reveals significant portfolio adjustments, characterized by aggressive expansions in semiconductor and mega-cap tech holdings, paired with substantial derivative positions that indicate sophisticated risk management. Here are some of the largest position moves.1. SPDR S&P 500 ETF Trust (SPY): +3,144,900 shares (Put) & +499,000 shares (Call)Point72 established two large, opposing derivative positions in SPY.A Put Position of 5,282,200 shares ( ...

Key Points - SpaceX plans to go public in mid-2026 with a target valuation of $1.5 trillion, aiming to raise over $30 billion, which would be the largest IPO in history. The funds will be used for developing space data centers and purchasing necessary chips, driven by the growth of Starlink satellite internet services and advancements in Starship rocket development [2] - Oracle's Q2 adjusted revenue was $16.06 billion, slightly below analyst expectations of $16.21 billion, with cloud revenue at $8 billion, also missing the forecast of $8.04 billion [2] - Amazon intends to invest over $35 billion in India by 2030 for business expansion, AI-driven digitalization, export growth, and job creation, aiming for a cumulative e-commerce export of $80 billion from India [2] - Meta is shifting focus to closed-source models, with a new model named Avocado expected to launch in spring 2026, as Zuckerberg becomes more involved in daily R&D to drive the company's strategy towards directly monetizable AI models [2] - CATL plans to issue bonds not exceeding 10 billion RMB, with proceeds aimed at supplementing working capital, repaying debts, and supporting capacity expansion and technology R&D to meet the growing demand in the new energy battery market [2] Greater China Company News - Lens Technology intends to acquire 100% of Peimei Gao International to enhance its core competitiveness in AI computing hardware solutions, expanding its business in smart terminals and new energy [4] - Wuliangye will implement a 10 billion RMB interim dividend next week, reflecting the strong profitability and return capabilities of leading companies in the liquor industry [4] - Century Huatong announced that its subsidiary holds a 7.3121% stake in Guosheng Capital, which owns 19.58869 million shares of Moer Thread, potentially impacting the company's net profit by 640 million RMB in Q4 2025 [4] - JD Industrial's Hong Kong public offering was oversubscribed by 60.5 times, with a final issue price set at HKD 14.10 per share, raising approximately HKD 2.827 billion [4] Americas Company News - Microsoft announced a $17.5 billion investment in India over the next four years for AI and cloud infrastructure, and established an AI safety foundation with partners like Anthropic and OpenAI [7] - NVIDIA received U.S. government approval to sell H200 AI chips to China, subject to security reviews and a 25% sales share [7] - Amazon reached an agreement with Italian tax authorities to pay €723 million in taxes, criticizing the unpredictable regulatory environment in Italy [7] - Brookfield and a Qatari AI company formed a $20 billion AI joint venture to develop AI infrastructure in Qatar and selected international markets [8] Asia-Pacific Company News - Samsung SDI signed a $1.36 billion order for energy storage systems, planning to manufacture lithium iron phosphate batteries in the U.S. to expand its North American market [10] - SK Hynix plans to list on the U.S. stock market to narrow the gap with Micron and enhance its valuation, driven by surging demand for AI storage chips [10] Europe and Oceania Company News - BMW Group's supervisory board appointed Milan Nedeljkovic as the new chairman, effective May 2026, to lead the production of new generation models [13] - Stellantis Group partnered with Bolt to accelerate the deployment of autonomous driving services in Europe, with plans to start testing vehicles in 2026 [13] - Lingbao Gold intends to acquire a 50%+1 share stake in an Australian gold mining company for AUD 370 million, focusing on gold mining and exploration [13]

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Core Points - The Nasdaq China Golden Dragon Index (HXC) increased by 0.64% on December 11, with mixed performance among Chinese concept stocks [1][5] - Major gainers included TSMC (+2.21%), Alibaba (+1.86%), and Ctrip (+1.01%), while notable decliners included Pinduoduo (-1.59%) and Netease (-0.51%) [1][5] - The US stock market saw significant gains, with the Dow Jones rising nearly 500 points following the Federal Reserve's decision to cut interest rates again this year, leading traders to anticipate further easing policies next year [1][5] Gainers Summary - TSMC rose by 2.21% - Alibaba increased by 1.86% - Ctrip gained 1.01% - Baidu rose by 1.72% - ASE Technology increased by 2.91% - Beike gained 3.71% - Huazhu Group rose by 2.49% - NIO increased by 0.05% - Manbang gained 0.65% [1][5] Decliners Summary - Pinduoduo fell by 1.59% - Netease decreased by 0.51% - JD.com dropped by 0.30% - Tencent Music fell by 1.31% - Futu Holdings decreased by 0.01% - UMC dropped by 1.24% - Xpeng Motors fell by 0.71% - Li Auto decreased by 1.04% - ZTO Express dropped by 0.12% [1][5] US Market Performance - The Dow Jones Industrial Average rose by 497.46 points, or 1.05%, closing at 48,057.75 points - The Nasdaq Composite increased by 77.67 points, or 0.33%, closing at 23,654.16 points - The S&P 500 rose by 46.22 points, or 0.68%, closing at 6,886.73 points [1][5]

Group 1 - The Magnificent 7 index of major US tech stocks closed down 0.16% at 208.22 points, experiencing low volatility for most of the day [1] - The "super" market capitalization tech stock index increased by 0.23% to 407.45 points [1] Group 2 - Microsoft shares closed at 478.56, down 2.74% with a trading volume of 34.468 million shares [2] - Meta Platforms shares closed at 650.13, down 1.04% with a market capitalization increase of 11.30% [2] - Nvidia shares closed at 183.78, down 0.64% with a market capitalization increase of 36.89% [2] - Berkshire Hathaway Class B shares closed at 490.43, down 0.20% with a market capitalization increase of 8.20% [2] - AMD shares closed at 221.42, down 0.09% with a market capitalization increase of 83.31% [2] - Apple shares closed at 278.78, up 0.58% with a market capitalization increase of 11.83% [2] - Alphabet Class A shares closed at 320.21, up 0.99% with a market capitalization increase of 69.82% [2] - Eli Lilly shares closed at 993.64, up 1.16% with a market capitalization increase of 29.67% [2] - Tesla shares closed at 451.45, up 1.41% with a market capitalization increase of 11.79% [2] - Amazon shares closed at 231.78, up 1.69% with a market capitalization increase of 5.65% [2] - TSMC shares closed at 310.14, up 2.22% with a market capitalization increase of 58.60% [2]

They all have a huge long-term growth runway.With less than three weeks left in the year, the S&P 500 is thriving, up nearly 17%. Will it be able to manage a fourth year of double-digit gains in 2026? There's no way to know. What investors should be focused on instead is making sure their portfolios are well diversified with growth stocks to benefit from strong gains and solid value stocks to fortify their positions if there's market volatility.With that in mind, Alphabet (GOOG +0.27%), Nu Holdings (NU 0.27 ...

Core Insights - The rapid evolution of AI is outpacing the development of computing infrastructure, leading to a significant gap in computing power that is expected to widen by 2026. This gap will manifest in two key areas: a growing demand for core computing capabilities across chips, storage, packaging, and cooling, and a shift towards edge computing to reduce cloud latency and costs, resulting in an explosion of applications from AI smartphones to integrated robots [1]. Industry Overview - The electronic sector has reached a record high in Q3 2025, driven by AI, with the electronic index rising by 44.5% year-to-date, outperforming the CSI 300 index by 26.6% [12][13]. - The semiconductor sector has shown significant growth, with various sub-sectors experiencing substantial increases: PCB (+114%), consumer electronics (+51%), and semiconductors (+40%) year-to-date [12][13]. - The overall electronic industry reported a revenue increase of 19% and a net profit increase of 35% in Q1-Q3 2025, with all major segments showing positive growth [18][24]. Performance Metrics - The electronic sector's inventory levels have risen, particularly in consumer electronics and PCBs, indicating strong demand and recovery in terminal markets [22][25]. - The semiconductor sector's monthly sales growth has rebounded since June 2023, with a notable increase in demand for digital, storage, and equipment segments [34][41]. AI Impact on Semiconductor Cycle - The semiconductor market is entering an upward cycle, with significant growth in capital expenditures from both domestic and international cloud service providers, driven by AI demand [41][42]. - Major cloud providers are expected to increase their capital expenditures significantly, with projections indicating a 50%-60% growth in 2026 [43]. Consumer Electronics Trends - Global smartphone sales are projected to recover, with a forecast of 1.29 billion units in 2024, reflecting a 6.1% year-on-year increase [26][27]. - The PC market is also expected to grow, with global sales reaching 263 million units in 2024, a 1.0% increase year-on-year [27][29]. Automotive Sector Insights - The automotive market is experiencing a weak recovery, with global sales expected to reach 92.23 million units in 2025, reflecting a 1.8% year-on-year increase [39]. - The penetration rate of electric vehicles is projected to rise, with expectations of 20% in 2025 for global sales [39]. AI Narrative Acceleration - The competition among AI model developers has intensified, with significant advancements in model capabilities and applications across various sectors [47][50]. - The demand for AI-related spending is expected to reach $3-4 trillion by 2030, driven by the need for enhanced computing power and applications [58]. Edge Computing and Hardware Development - The shift towards edge computing is becoming crucial, with predictions indicating that the global edge AI market will grow to ¥1.2 trillion by 2029, with a CAGR of 39.6% [69]. - Major AI companies are actively entering the edge hardware market to enhance user experience and profitability [69].

英伟达H200芯片有望对中国出口，这条消息传开后，引发了市场的无尽遐想。 大摩认为，当前投资者最纠结两个核心问题，其实也决定了台积电切入中国AI市场的节奏： 西村考虑允许H200对东村出口，是要改善贸易关系吗？ 东村AI芯片公司"降级设计"，能拿到台积电代工吗？ 大摩的判断是有机会！ 此前就有消息称，中国芯片企业正通过聚焦"推理场景"（比如AI语音助手、图像识别等轻量级应用）降 低芯片性能，以符合代工要求。 其中广为流传的一点猜测是，假如东村和西村关系因此缓和，东村的AI GPU代工业务，会否花落台积 电。 针对这个问题，摩根士丹利近日发布研究报告称，如果中国AI GPU代工业务真的落地，将成为台积电 业绩的重要增量。大摩在报告中明确重申其"首选股"地位，维持增持投资评级，目标价1688新台币。 Part.1 市场最关心的2个问题 供应链调研显示，壁仞科技等本土企业已在采用台积电工艺设计相关芯片，还能用LPDDR替代高端 HBM内存，精准适配推理需求。 Part.2 Part.4 对中国本土代工厂的影响 如果台积电真的切入中国AI GPU代工，会不会分流本土代工厂的需求？ Part.3 英伟达B40遇冷，本土 ...