After two years of strong inflows, AI-focused exchange-traded funds (ETFs) are entering a tougher phase. Broad exposure that once amplified gains is now leaving investors concentrated in a small group of dominant tech stocks.Jack Fu, chief executive of Draco Evolution, says many AI ETFs are still built for excitement, not durability. “A lot of investors think they're buying diversified AI exposure,” Fu told Benzinga. But in many cases, they’re buying the same few big tech stocks in different wrappers, he ex ...

Core Viewpoint - Following the investment strategies of billionaires, particularly in the AI sector, can provide valuable insights and potential investment opportunities [1][2]. AI Hardware - Chase Coleman III, head of Tiger Global Management, has identified seven stocks as key players in the AI trade, with a focus on hardware [3]. - The core AI hardware stocks include Nvidia, Taiwan Semiconductor, and Broadcom, which are essential for exposure to AI hardware [4]. - Nvidia is recognized as the largest company by market cap, driven by its GPUs that are foundational to generative AI technology, with expectations of significant growth in 2026 [5]. - Broadcom is emerging as a competitor to Nvidia by partnering with AI hyperscalers to develop custom computing units, potentially alleviating the bottleneck of Nvidia GPUs [6]. - Taiwan Semiconductor serves as a neutral party in the AI sector, benefiting from the ongoing investment in AI data centers [7]. AI Application - Microsoft is the largest component in Coleman's portfolio, excelling in its AI strategy by partnering with companies like OpenAI to enhance its cloud platform, Azure [8]. - Alphabet has achieved success with Google Cloud and its generative AI model, Gemini, which is gaining traction against ChatGPT [10]. - Amazon, while the largest cloud provider, has seen a recent acceleration in AWS growth to 20%, indicating increased adoption for AI workloads [11]. - Meta Platforms is investing heavily in AI to enhance its social media platforms, which has positively impacted ad performance and could lead to significant growth if it successfully enters the consumer hardware market [13]. Investment Recommendation - All seven identified stocks are projected to perform well by 2026, and it is recommended for investors to consider acquiring them in equal amounts as core AI holdings [14].

关注台积电法说会，26 年 AI 展望有望继续强劲增长。台积电将于 1 月 15 日召开法说会，除了对 26Q1 业绩做出 展望外，将对 2026 年需求景气展望与资本支出规划，我们预计在 AI 强需带动下，26Q1 有望淡季不淡，2026 年 AI 展望有望继续强劲增长，受益于英伟达 GPU 价量齐升及 ASIC 需求爆发，台积电将大力扩产 2nm、3nm 制程及 CoWoS 产能，2026 年资本开支也有望超预期。台积电 2025 年 12 月合并营收 3350 亿元新台币，月减 2.5%，年增 20.4%，创历年同期新高，25Q4 营收首度突破 1 万亿元新台币关卡，达到 10460.8 亿元新台币，季增 5.7%，年增 20.5%，创单季新高。台积电先进制程有望自 2026 年起至 2029 年连续四年涨价，看涨 3%至 10%不等，虽然台积 电报价上涨，但是客户仍踊跃预定先进制程产能。台积电 2nm 发展较快，流片量（tape-outs）已达到 3nm 技术 同期的 1.5 倍。存储芯片继续强劲涨价，根据 TrendForce 数据，26Q1 预估 1Q26 一般型 DRAM 合约价季增 55-60 ...

证券研究报告|行业周报 gszqdatemark 2026 01 11 年 月 日 通信 IDC 的边际变化 字节跳动等国内大厂资本开支规划显著提升，芯片供给端出现边际改善， 叠加国产大模型持续迭代，推动国内大厂数据中心招投标活动重启，通信 行业内部的板块轮动再次聚焦到 IDC（数据中心）。 【增量变化：从芯片供给到 AI 应用的全链条驱动】 IDC 市场正处于供需格局转变中，这一转变的核心驱动因素是芯片供给的 边际改善与国产 AI 应用需求的爆发。 从供给端看，外部芯片限制动态缓解，互联网大厂重新开启招投标。2025 年 12 月初，美国政府修订了 AI 芯片出口管制政策，为英伟达向中国"获 准客户"出口 H200 芯片提供了关键的政策窗口。此前因海外高性能 AI 芯片供应受限，大厂建设规划存在不确定性，数据中心等基础设施的招投 标活动放缓或暂停。由于芯片供应预期改善，2025 年四季度起字节等大 厂重新开启数据中心招投标。 从需求端看，大模型持续迭代推动对算力的底层需求。可灵（Kling）2025 年 12 月发布 2.6 版本与 O1 模型，推出行业首个音画同出模型。 DeepSeek2026 年初发布 ...

Core Viewpoint - The article highlights the upcoming significant economic events and data releases that could impact market dynamics, including U.S. inflation data, corporate earnings reports, and geopolitical developments, particularly concerning the U.S. government funding and G7 discussions on rare earth issues [3][16][20]. Economic Data - The U.S. is expected to release the December CPI data on January 13, with predictions of a significant rebound, influenced by government shutdown-related statistical distortions. Morgan Stanley forecasts a core CPI increase of 0.36% [5][6]. - China's December import and export data will be released on January 14, with expectations of a 3.0% year-on-year increase in exports and a 2.9% decline in imports [4]. Corporate Earnings - Major U.S. banks, including JPMorgan Chase, will kick off the earnings season, with a focus on the health of the financial system amid high interest rates. The earnings reports from these banks will be critical for assessing market sentiment [11]. - Taiwan Semiconductor Manufacturing Company (TSMC) is set to release its Q4 2025 earnings on January 15, with anticipated revenue of approximately NT$1.011 trillion and earnings per share of NT$2.72. The report will be crucial for understanding the demand for advanced chip manufacturing, particularly in AI [10]. Geopolitical and Industry Developments - The risk of a U.S. government shutdown is rising, with funding bills being expedited through Congress. The outcome of these discussions will significantly influence market sentiment [16]. - The G7 finance ministers will meet to discuss rare earth issues, which could have implications for global supply chains and technology sectors [20]. - The 2026 Nuclear Fusion Technology and Industry Conference will take place on January 16-17, indicating a growing focus on nuclear fusion as a future energy source, with significant investments expected in the coming years [21].

Group 1: Earnings Reports - Major financial institutions including JPMorgan, Wells Fargo, Morgan Stanley, and Goldman Sachs are set to report earnings, marking the start of the earnings season for Q4 2025 [1][3] - JPMorgan Chase, the largest U.S. bank, will kick off the earnings season with its year-end report, having recently announced it will become the next issuer of the Apple Card [3] - Wells Fargo anticipates slower growth in net interest income for the year, while BNY Mellon and Goldman Sachs are also scheduled to report [4] Group 2: Economic Indicators - December's Consumer Price Index is expected to show inflation pressures slowing to 2.7%, with additional reports on wholesale inflation from October and November to provide further insights [6] - Retail sales data for November will offer insights into consumer activity during the holiday shopping season, which is crucial for the U.S. economy [8] - Reports on new and existing home sales are anticipated, as home sales have stalled due to ongoing affordability challenges [8] Group 3: Sector-Specific Insights - Taiwan Semiconductor's earnings will be closely watched to assess the chipmakers' ability to sustain revenue growth amid rising demand for AI chips [5] - Delta Air Lines' earnings will provide insights into the travel sector's recovery following disruptions caused by last year's government shutdown [5]

近日，晶圆代工龙头台积电公布2025年12月营收报告。公司当月合并营收约为3350.03亿元新台币，环 比下降2.5%，同比增长20.4%，创下单月同期新高。该业绩超出市场预期，原因是人工智能应用领域的 蓬勃发展带动了对公司产品的需求激增。 按最新月度数据推算，台积电去年第四季度的营收达1.05万亿新台币，同比增长约20%，超过伦敦证券 交易所集团(LSEG)基于20位分析师的预测值10359.13亿元新台币(327.2亿美元)，这与台积电在10月份的 财报电话会议上给出的322亿至334亿美元的业绩指引基本一致。 财报还显示，公司2025年1至12月营收约为3.81万亿元新台币，同比增长31.6%，再创历史新高。 台积电将于1月15日公布第四季度完整收益报告，其中包括对当前季度和全年的最新展望。 另一家机构Aletheia也持乐观看法，其认为2027年将成为台积电史上产能扩张最积极的一年，年增率预 计达到40%—50%，并预期该公司先进制程产能将在2028年前达成翻倍成长。 不过，摩根士丹利在最近一份报告中提示，尽管台积电拥有目前最先进的晶圆厂，苹果仍被传出正在考 虑于未来让英特尔代工服务(IFS)生产部分 ...

Core Insights - Taiwan Semiconductor Manufacturing Company (TSMC) is expected to report strong earnings, with a significant share price increase of 54% in 2025 and record revenue in Q3 2025 [1][2] - The upcoming fourth-quarter results will be announced on January 15, raising questions about whether to invest in TSMC stock before the report [1] Financial Performance - TSMC has shown robust earnings growth in the first three quarters of 2025, with substantial year-over-year increases in revenue, net income, and earnings per share (EPS) [2] - Despite strong earnings, TSMC's stock price did not see immediate increases post-earnings reports, remaining flat or declining after the second and third quarters [3] Market Data - TSMC's current stock price is $323.63, with a market capitalization of $1.7 trillion [4] - The stock has a gross margin of 57.75% and a dividend yield of 0.95% [5] Industry Context - TSMC manufactures semiconductors for major tech companies like Apple, Broadcom, and Nvidia, benefiting from the rapid growth in semiconductor demand driven by artificial intelligence technology [5][6] - The company is positioned as a long-term investment opportunity rather than a short-term earnings play, emphasizing the importance of a long-term perspective in investment decisions [7]

新一代 Rubin 平台已全面投产，拟 26 年下半年发货 据华尔街见闻 1 月 6 日消息，英伟达在 CES 展会推出新一代 Rubin AI 平台，标志着其在人工智能芯片领域保持年度更新节奏。该平台 通过六款新芯片的集成设计，在推理成本和训练效率上实现大幅跃 升，将于 2026 年下半年交付首批客户。全部六款 Rubin 芯片已从合 作制造方处回厂，并已通过部分关键测试，正按计划推进。据英伟达 公告，Rubin 平台的训练性能是前代 Blackwell 的 3.5 倍，运行 AI 软件的性能则提升 5 倍。与 Blackwell 平台相比，Rubin 可将推理 token 生成成本降低至多 10 倍，训练混合专家模型（MoE）所需 GPU 数量减少 4 倍。微软和其他大型云计算提供商将成为下半年首批部 署新硬件的客户，微软的下一代 Fairwater AI 超级工厂将配备英伟 达 Vera Rubin NVL72 机架级系统，规模可扩展至数十万颗英伟达 Vera Rubin 超级芯片。CoreWeave 也将是首批提供 Rubin 系统的供 应商之一。 英伟达推出新存储平台，AI 存储需求持续加码 据科创 ...

Core Insights - The article highlights the qualifications and experience of a finance professional with expertise in data analytics, financial modeling, and investment research, particularly in the property management sector in Istanbul [1]. Group 1: Professional Background - The individual is ACC-qualified and holds a Master's in Audit & Accounting from Istanbul University [1]. - Over two years of experience as a Data Scientist and Financial Analyst at a leading property management firm [1]. - Developed budgets, set targets, and utilized data-driven insights to enhance profitability [1]. Group 2: Skills and Expertise - Proficient in financial modeling, market analysis, and investment research [1]. - Hands-on experience in stocks and cryptocurrency [1]. - Focus on delivering concise and conversational writing to aid readers in making informed financial decisions [1].