事件： 来源：招商电子 英伟达发布FY26Q4季报，本季营收681亿美元，同比+73%/环比+20%，创历史新高；non-GAAP毛利率 为75.2%，同比+1.7pcts/环比+1.6pcts。综合财报及交流会议信息，总结要点如下： 评论： 1、FY26Q4营收高增再超预期，公司开启战略备货以应对未来市场需求。 FY26Q4营收681亿美元，同比+73%/环比+20%，超出此前预期（650亿美元），本季营收、营业利润和 自由现金流均创历史新高；non-GAAP毛利率为75.2%，符合此前指引（74.5%-75.5%），同比+1.7pcts/ 环比+1.6pcts，环比增长主要得益于Blackwell架构产能持续爬坡；本季库存环比增长8%，采购承诺也大 幅增加，公司已战略性储备库存并锁定产能，以满足未来数个季度的市场需求。 2、数据中心营收再创新高网络业务表现亮眼，游戏受供应链影响环比下降。 1）数据中心：营收623.14亿美元，同比+75%/环比+22%，主要得益于Blackwell架构的持续强劲需求以 及Blackwell Ultra的产能爬坡。已部署并投入使用的Blackwell架构基础设施算力达近 9 ...

Group 1: AI Disruption and Market Sentiment - The potential for artificial intelligence (AI) to disrupt various business sectors is causing volatility in the U.S. stock market, with investors seeking insights into its economic impact [1][12] - Concerns about AI's disruptive nature have led to declines in stock prices in industries such as software, wealth management, and real estate services, as investors debate which companies will benefit or suffer from AI advancements [2][3] - Nvidia's quarterly report, a key player in the AI space, did not alleviate market concerns, resulting in a more than 5% drop in its shares, reflecting investor anxiety over the returns from significant investments in data centers [3] Group 2: Economic Data and Job Market Insights - The upcoming U.S. jobs report for February is anticipated to show an increase of 60,000 jobs, following a strong January report that added 130,000 jobs and reduced the unemployment rate to 4.3% [5][6] - There are concerns that the robust January jobs data may be an anomaly, with some analysts highlighting a weak job market in 2025, raising questions about future employment trends [6] - Investors are closely monitoring the jobs report for indications of when the Federal Reserve may cut interest rates, with expectations suggesting a potential reduction in June or July [7][8] Group 3: Earnings Reports and Economic Indicators - The earnings season is concluding, with Broadcom and major retailers like Best Buy and Target set to report their quarterly results [10][11] - Other economic indicators, including manufacturing and services sector activity, are also due for release, which will provide further context for market performance [11]

Core Insights - Jack Dorsey, CEO of Block, announced significant layoffs, with nearly half of the workforce (4,000 out of 10,000) being let go to streamline operations and enhance growth potential [3] - Dorsey anticipates that other companies will follow suit in workforce restructuring as they adopt more efficient intelligence tools, suggesting a broader trend across industries [4] - The potential impact of these layoffs could lead to widespread job reductions globally, as companies may replicate Block's approach to workforce management [5] Company Summary - Block, valued at $33 billion, is undergoing a major workforce reduction to adapt to a changing business environment and leverage AI for operational efficiency [3] - The CFO of Block emphasized that the job cuts are aimed at positioning the company for long-term growth and faster operations with smaller, skilled teams [3] Industry Implications - Dorsey's comments indicate a shift in the tech industry towards automation and efficiency, which may prompt similar actions from other firms, leading to significant workforce changes across various sectors [4] - The expectation of job losses due to AI and automation raises concerns about the future job market, with ongoing debates about the creation of new roles to replace those being eliminated [6]

Artificial intelligence (AI) infrastructure spending is poised to jump significantly once again in 2026. According to market research provider Futurum, the five largest hyperscalers and cloud computing companies in the U.S. could spend between $660 billion and $690 billion on AI infrastructure this year, well above last year's $380 billion. Additionally, the firm notes that pure-play AI companies such as OpenAI, Anthropic, and Perplexity, as well as ambitious infrastructure projects such as Stargate, wil ...

Core Insights - Nvidia reported a revenue increase of 73% year-over-year and raised future forecasts, yet its stock price fell by 5.46%, resulting in a market cap reduction of over $250 billion, nearly equivalent to Intel's market cap of $227 billion, closing at $4.5 trillion [1][2] Group 1: Market Reaction - The decline in Nvidia's stock price was characterized by a stark divergence between institutional and retail investors, with institutions leading the sell-off while retail investors significantly increased their buying activity [1][2] - During the drop in Nvidia's stock price, the market experienced the largest retail buying surge since 2012 [1][2] Group 2: Institutional Behavior - Goldman Sachs indicated that traditional long funds and hedge funds were the primary sellers on the day of the stock decline, exacerbating the downward pressure due to previously crowded long positions in Nvidia [1][2] Group 3: Investor Sentiment - Despite CEO Jensen Huang's assertion that the demand for AI has reached a turning point, institutions expressed skepticism regarding this optimistic outlook, leading to a lack of investor confidence and a subsequent decline in the semiconductor sector [1][2]

IT之家 2 月 27 日消息，据路透社 2 月 26 日报道，两位了解情况的消息人士表示，DeepSeek 在即将进行重大模型更新之前，未向美国芯片制造商展示其即 将推出的旗舰模型，这打破了行业标准做法。 相反，DeepSeek V4 向国内供应商 —— 包括华为技术有限公司 —— 提供了早期访问权限。 报道提到，AI 开发者通常会将主要模型的预发布版本分享给英伟达和 AMD 等芯片制造商，以确保其软件在广泛使用的硬件上高效运行。DeepSeek 之前曾 与英伟达的技术人员密切合作。 对于其即将推出的模型，DeepSeek 没有向英伟达和 AMD 提供访问权限，而是给予包括华为在内的中国厂商几周的时间来适配其芯片。 英伟达和 AMD 拒绝评论。DeepSeek 和华为没有回应评论请求。 消息源 @legit_api 于 2 月 26 日在 X 平台发布推文，报道称 DeepSeek 正在测试 V4 Lite 模型，代号为"Sealion-lite"，上下文窗口为 100 万 tokens，并是原生 支持多模态推理。 IT之家注意到，本月早些时候，DeepSeek 更新之后开始灰度测试最高 1M（百万）Tok ...

Industry Overview - Artificial intelligence (AI) infrastructure spending is expected to increase significantly, with the five largest hyperscalers and cloud computing companies in the U.S. projected to spend between $660 billion and $690 billion in 2026, up from $380 billion last year [1][2] - The demand for AI infrastructure is driven by both established companies and new entrants in the AI space, indicating a robust growth trajectory for the sector [2] Company Analysis: Micron Technology - Micron Technology's dynamic random-access memory (DRAM) chips, particularly high-bandwidth memory (HBM), are essential for AI data centers, enabling faster data processing for AI models [5][8] - The company has noted that AI servers require six times the amount of DRAM compared to standard servers, leading to a significant increase in demand and a shortage of memory chips [7][9] - Analysts predict a substantial increase in Micron's earnings, with expectations of more than a fivefold increase in earnings per share over two fiscal years, making it an attractive investment opportunity [11] - Micron's current trading multiples are favorable compared to the tech-focused Nasdaq-100 index, suggesting potential for price appreciation [12] Company Analysis: Jabil - Jabil is positioning itself as a key player in AI infrastructure, providing manufacturing and engineering services for AI server racks and related technologies [13][15] - The company plans to invest $500 million to expand its AI data center infrastructure manufacturing capacity, reflecting its commitment to capturing the growing demand in this sector [15] - Jabil is forecasting a 35% increase in AI revenue for fiscal 2026, indicating strong growth potential, and has raised its operating margin guidance due to improved contributions from its AI business [16] - The stock is currently trading at a discount compared to the Nasdaq-100's earnings multiple, suggesting it may still have significant upside potential [18][19]

Core Insights - Nvidia reported a remarkable 73% year-over-year revenue increase and a 75% rise in net profits for Q4 FY26, highlighting strong financial performance [2] - Despite the focus on new Blackwell chip rollouts, demand for older Ampere (A100) chips remains significant, contributing over $20 billion to Nvidia's quarterly data center revenue [3][5] Demand for Legacy Chips - Approximately one-third of Nvidia's $62.3 billion data center revenue is driven by older architectures, including the A100 and Hopper chips, indicating a critical reliance on these legacy products [3] - The A100 chip is priced around $10,000 on the secondary market, making it more affordable compared to the newer Blackwell GPUs, which can cost up to $50,000 [5] Software Ecosystem and Customer Lock-In - Nvidia's proprietary CUDA software ecosystem enhances customer retention, as it ties developers to Nvidia's architecture, making transitions to competitors costly and complex [4][9] - The integration of CUDA with low-level GPU programming and high-performance libraries creates a strong vendor lock-in effect, which is difficult for competitors to overcome [9][10] Competitive Landscape and Future Risks - While Nvidia currently leads in training stack and developer ecosystem, there is a potential risk as inference becomes more dominant in AI computing, which may lead to increased competition from custom ASICs developed by companies like Alphabet and Amazon [11][12] - If inference accelerates faster than expected, Nvidia's market share in data center expenditures could decline, impacting margins as clients may opt for lower-cost, task-specific chips [12][13]

①【三大期指齐跌】截至发稿，道指期货跌0.40%、标普500指数期货跌0.22%、纳指期货跌0.10%。 ②【中概股盘前涨跌不一】中概股盘前涨跌不一。截至发稿，阿里巴巴跌0.95%，拼多多涨0.41%，百 度涨0.88%，京东跌0.59%。 ⑦【Meta据悉与谷歌达成AI芯片租用协议】当地时间2月26日，据媒体报道，Meta公司已与谷歌签署了 一项价值数十亿美元的协议，从谷歌租用人工智能芯片，以开发新的人工智能模型。 ⑧【"稀土荒"加剧，部分美国航天与半导体供应商已"无力接单"】当地时间2月26日，据行业知情人士 对媒体透露，美国航空航天和半导体公司的供应商当前正面临日益严重的稀土短缺，已有至少两家供应 商开始拒接部分客户订单。短缺主要集中在钇和钪这两类稀土元素上。 ⑨【日活增速持续放缓、首季指引较保守，多邻国跌近23%】截至发稿，语言学习平台多邻国盘前大跌 近23%。消息面上，多邻国公布，去年第四季度营收同比增长35%至2.829亿美元，经调整EBITDA为 8430万美元，均超过市场预期。展望2026年第一季度，公司预计营收为2.885亿美元，经调整EBITDA约 为7360万美元，分别低于市场普遍预期的 ...

①【三大期指齐跌】截至发稿，道指期货跌0.40%、标普500指数期货跌0.22%、纳指期货跌0.10%。 ②【中概股盘前涨跌不一】中概股盘前涨跌不一。截至发稿，阿里巴巴跌0.95%，拼多多涨0.41%，百 度涨0.88%，京东跌0.59%。 ③【英伟达反弹0.8%】继昨日英伟达收跌5.46%后，截至发稿，英伟达盘前反弹0.8%。消息面上，每日 经济新闻独家报道，全球最大的AI模型API聚合平台OpenRouter的数据显示，2026年2月，中国AI模型 的全球调用量实现了历史性的突破。在2月9日至15日当周，中国模型的周调用量达到4.12万亿Token， 首次超越了美国同期的2.94万亿Token。该消息引发了市场对于英伟达算力逻辑的担忧。中国大模型主 流MoE体系的出现使得Token使用量的爆发，不再与英伟达GPU的需求量线性挂钩。 ④【巨大资本开支引发市场担忧，CoreWeave跌近10%】云基础设施提供商CoreWeave盘前跌近10%。消 息面上，CoreWeave面临天量规模的积压订单，公司预计2026年资本支出为300亿至350亿美元，远高于 2025年的103.1亿美元。巨大的资本支出引发市场对 ...