海外及传媒年度策略：算力飞轮、多极模型生态与Agent化生产力

Group 1: Generative AI and Computing Power - The landscape of generative AI is shifting from a "single supplier" model to a "multi-architecture + multiple leading players" competition, with NVIDIA, AMD, Google, and Amazon leading the charge in AI chip development [22][23] - The AI server interconnect is evolving from board-level PCIe and copper cabling to rack-level optical interconnects and reconfigurable network architectures, enhancing data transmission capabilities [24][25] - The storage sector is entering a "super cycle" driven by HBM, GDDR, DRAM, NAND, and CXL technologies, as AI models demand increased data capacity and bandwidth [27][28][31] Group 2: AI Applications and Industry Impact - Video generation models have reached a "production-grade" stage, with companies like Google and Kuaishou leading the way in integrating AI into content creation workflows [32][33] - The advertising, gaming, and automation sectors are undergoing significant transformations due to AI, with enhanced precision in ad targeting and reduced production costs in gaming [9][10] - The publishing industry is characterized by stable demand for educational materials and low PE ratios, providing a safety net for investors [12] Group 3: Market Performance and Trends - The Nasdaq Composite Index experienced a notable recovery in the second half of 2025, driven by advancements in AI and generative models, which restored investor confidence [35][38] - The MAG 7 stocks showed significant performance differentiation, with Google and NVIDIA outperforming the market, while other major players like Tesla and Microsoft lagged behind [38]