美股科技行业周报：GPT-5.1版本正式发布，关注英伟达财报对算力景气度验证-20251116

Investment Rating - The report maintains a positive outlook on the technology sector, particularly on companies involved in AI infrastructure and applications, suggesting a focus on NVIDIA, Broadcom, SanDisk, Micron, and Lumentum [4][19]. Core Insights - The report highlights that recent fluctuations in the US technology sector are more related to valuation corrections and liquidity tightening rather than fundamental changes. Revenue growth rates for leading tech companies are in line with expectations, and the return on investment (ROI) for AI continues to accelerate [4][19]. - NVIDIA is expected to report a revenue of $55.1 billion for FY26Q3, reflecting a year-on-year increase of 57%, with data center revenue projected at $49.1 billion. The company is seen as maintaining high demand and growth potential in the AI infrastructure cycle [2][11]. Summary by Sections Section 1: Key US Technology Company Dynamics - CoreWeave reported a Q3 revenue of $1.4 billion, a 134% year-on-year increase, driven by strong demand for AI training and inference. The company’s order backlog reached $55.6 billion, nearly doubling from Q2, with a record RPO of $50 billion [6][8]. - Nebius achieved a Q3 revenue of $14.6 million, a 355% year-on-year increase, primarily driven by contracts with Microsoft and Meta. The company has adjusted its 2025 revenue guidance to $500-550 million [6][9]. - OKLO experienced an expanded Q3 operating loss of $36.3 million, despite receiving approval for new fuel facilities. The company continues to expand its commercial pipeline with significant customer reserves [6][10]. Section 2: Key Earnings Forecasts - NVIDIA's upcoming earnings report is anticipated to show strong performance, with a projected gross margin of 73.7%. The company’s CEO has indicated confidence in achieving $500 billion in cumulative data center revenue by 2025-2026 [2][11]. Section 3: International Technology Industry Dynamics - OpenAI has launched the upgraded GPT-5.1, focusing on enhancing emotional value and interaction experience. The new model includes features that improve response times and understanding, catering to both paid and free users [3][12]. Section 4: Weekly Perspective - The report emphasizes the ongoing strength in the AI sector, with expectations for continued penetration of AI applications driven by model iterations. Companies like Google, AppLovin, and Roblox are highlighted as potential investment opportunities [4][19].