海外科技行业 2026 年第 7 期：算力景气延续，AI商业化加速落地

Investment Rating - The report maintains an "Overweight" rating for the industry, recommending investment in AI computing, cloud vendors, AI applications, and AI social sectors [5]. Core Insights - Nvidia's guidance exceeded expectations, showcasing significant advantages in token economics. The company's data center revenue surpassed expectations, with a year-on-year increase of 73% to $68.1 billion, and data center revenue alone rose by 75% to $62.3 billion. The customer base diversified, with revenue from cloud service providers (CSPs) slightly exceeding 50% [5][8]. - Baidu Group's performance is under short-term pressure, but the proportion of AI-driven revenue is increasing. In Q4 2025, Baidu's total revenue was 32.74 billion yuan, down 4.1% year-on-year, while core revenue decreased by 5.7% to 26.11 billion yuan. AI-related revenue exceeded 11 billion yuan, accounting for 43% of core revenue [5][9]. - Google released the new image generation model Nano Banana 2, enhancing multimodal capabilities and improving generation efficiency and cost performance [5][10]. Summary by Sections Weekly Overview - Nvidia's guidance exceeded expectations, with data center revenue increasing by 75% year-on-year. The company raised its revenue guidance for Blackwell and Rubin to a combined $500 billion [8]. Baidu Group Performance - Baidu's total revenue in Q4 2025 was 32.74 billion yuan, with AI cloud revenue growing by 34% year-on-year. AI-related revenue accounted for 43% of core revenue [9]. Google Developments - Google launched Nano Banana 2, which improves image generation efficiency and supports various aspect ratios and up to 4K resolution output [10]. Investment Recommendations - Recommended stocks include Nvidia (NVDA.O), TSMC (TSM.N), ASML (ASML.O), and major cloud vendors like Microsoft (MSFT.O), Amazon (AMZN.O), and Google (GOOGL.O) [25].