Core Viewpoint - Nvidia stock experienced a significant rally at the end of last week, but it may require an additional factor to sustain this upward momentum [1] Company Summary - Nvidia's stock performance indicates strong market interest, yet the sustainability of this rally is uncertain without further catalysts [1]

每经记者｜宋欣悦 每经编辑｜程鹏 高涵 记者|宋欣悦 编辑|程鹏 高涵 杜恒峰 校对|陈柯名 ① 【三大期指齐涨，太空概念股盘前走高】截至发稿，道指期货涨0.22%、标普500指数期货涨0.16%、 纳指期货涨0.17%。太空概念股走高，Rocket Lab、AST SpaceMobile涨近3%。 ⑧ 【或无缘Rubin首年订单，美光科技跌超2%】美光科技跌超2%。消息面上，英伟达或将把美光 HBM4排除在Rubin架构的首年量产之外。 ⑨ 【QuantumScape涨超22%，已于上周启动固态电池试生产】截至发稿，QuantumScape涨超22%。消 息面上，美国固态锂金属电池公司QuantumScape已于2月4日在其位于加州圣何塞的总部正式启用Eagle 生产线，进行固态电池试生产。 ⑩ 【高盛预计美股2026年IPO募资总额有望翻两番至创纪录的1600亿美元】高盛分析师表示，美国股市 IPO活动预计在2026年出现大幅反弹。随着SpaceX、OpenAI和Anthropic等知名企业临近上市，全年募资 总额有望翻两番至创纪录的1600亿美元。 （免责声明：本文内容与数据仅供参考，不构成投资建议，使 ...

Core Insights - The rapid growth of AI computing is driving an explosive demand for high-speed optical interconnect solutions, positioning companies in the CPO (Co-Packaged Optics) sector as key players in the industry [1][2][3][4][5][6][7][8][9][10][11][12][13][14][15][16][17][18][19][20][21][22][23][24][25][26][27][28][29][30][31][32][33][34][35][36][37][38][39][40][41][42][43][44][45][46][47][48][49][50][51][52][53][54]. Company Summaries - **Guangzhou Technology (光库科技)**: Based in Shenzhen, focuses on high-speed optical engines and silicon photonics integration, providing critical components for CPO. The company has developed self-researched high-speed optical engines and silicon photonics technology, achieving efficient co-packaging of optical and switching chips, and has partnered with leading computing firms for products compatible with 800G and above [1][31]. - **Tianfu Communication (天孚通信)**: Located in Suzhou, it is a global leader in optical communication precision devices, with a full industry chain advantage in passive optical devices, optical engines, and CPO components. The company has developed self-researched optical engines and co-packaged components, achieving efficient integration of optical and switching chips, and has deep collaborations with major computing firms [2][31]. - **Taicheng Light (太辰光)**: Headquartered in Shenzhen, it specializes in optical communication devices and system integration, with a focus on high-speed optical modules and CPO components. The company has developed self-researched high-speed optical modules and co-packaged components, achieving efficient integration of optical and switching chips, and has partnered with leading computing firms [3][31]. - **Dongtian Micro (东田微)**: Based in Yichang, it is a leader in optical materials and optical components, focusing on optical filters and CPO core optical components. The company has developed self-researched high-speed optical engine core optical components, enhancing optical interconnect efficiency and integration, and has partnered with leading computing firms [4][33]. - **Changxin Bochuang (长芯博创)**: Located in Beijing, it is a leader in optical communication chips and modules, with a focus on optical chips and CPO core components. The company has developed self-researched high-speed optical engines and co-packaged components, achieving efficient integration of optical and switching chips, and has partnered with leading computing firms [5][34]. - **Saiwei Electronics (赛微电子)**: Based in Beijing, it is a global leader in MEMS sensors and semiconductors, with a focus on MEMS processes, optical chips, and CPO core components. The company has developed optical engines and co-packaged components leveraging MEMS process advantages, enhancing optical interconnect efficiency and integration [6][35]. - **Changfei Fiber (长飞光纤)**: Headquartered in Wuhan, it is a global leader in optical fiber and cable, with a full industry chain advantage in optical fiber, optical modules, and CPO optical transmission links. The company has developed self-researched high-speed optical modules and optical transmission link components, achieving efficient transmission and integration of optical signals [7][36]. - **Zhaochi Shares (兆驰股份)**: Based in Shenzhen, it is a leader in consumer electronics and semiconductors, focusing on LED chips and optical modules. The company has developed co-packaged components leveraging its technology in LED chips and optical modules, achieving efficient integration of optical and switching chips [8][37]. - **Anfu Technology (安孚科技)**: Located in Ningbo, it is a leader in energy storage and optical communication, focusing on energy storage systems and optical modules. The company has developed self-researched high-speed optical modules and co-packaged components, achieving efficient integration of optical and switching chips [9][38]. - **Robotec (罗博特科)**: Based in Suzhou, it is a leader in intelligent manufacturing and optical communication equipment, focusing on photovoltaic equipment and optical engines. The company has developed co-packaged components leveraging its technology in intelligent manufacturing and optical engines [10][39]. - **Liant Technology (联特科技)**: Headquartered in Wuhan, it is a leader in high-speed optical modules, focusing on 400G/800G optical modules and CPO components. The company has developed self-researched high-speed optical modules and co-packaged components, achieving efficient integration of optical and switching chips [11][40]. - **Zhishang Technology (致尚科技)**: Based in Shenzhen, it is a leader in precision manufacturing and optical communication components, focusing on precision components and optical engines. The company has developed self-researched high-speed optical engine core components, enhancing optical interconnect efficiency and integration [12][41]. - **Xinyi Sheng (新易盛)**: Located in Chengdu, it is a global leader in high-speed optical modules, focusing on 400G/800G optical modules and CPO components. The company has developed self-researched high-speed optical modules and co-packaged components, achieving efficient integration of optical and switching chips [13][42]. - **Huanxu Electronics (环旭电子)**: Based in Shanghai, it is a global leader in electronic manufacturing services, focusing on SiP packaging and optical engines. The company has developed co-packaged components leveraging its SiP packaging technology, achieving efficient integration of optical and switching chips [14][43]. - **Xiechuang Data (协创数据)**: Headquartered in Shenzhen, it is a leader in data center and smart terminal solutions, focusing on data center equipment and optical modules. The company has developed self-researched high-speed optical modules and co-packaged components, achieving efficient integration of optical and switching chips [15][44]. - **Huilv Ecology (汇绿生态)**: Based in Wuhan, it is a leader in ecological restoration and digital economy integration, focusing on ecological restoration and digital technology. The company has developed co-packaged components leveraging its digital technology and optical module expertise [16][45]. - **Ruijie Networks (锐捷网络)**: Located in Fuzhou, it is a leader in network equipment and solutions, focusing on network devices and optical modules. The company has developed self-researched high-speed optical modules and co-packaged components, achieving efficient integration of optical and switching chips [17][46]. - **Yihua Shares (意华股份)**: Based in Wenzhou, it is a leader in connectors and optical communication components, focusing on high-speed connectors and optical modules. The company has developed self-researched high-speed connectors and co-packaged components, achieving efficient integration of optical and switching chips [18][47]. - **Zhili Square (智立方)**: Headquartered in Shenzhen, it is a leader in precision manufacturing and optical communication devices, focusing on precision components and optical engines. The company has developed co-packaged components leveraging its precision manufacturing and optical engine technology [19][48]. - **Guangli Micro (广立微)**: Based in Hangzhou, it is a leader in semiconductor testing and optical communication devices, focusing on semiconductor testing and optical engines. The company has developed co-packaged components leveraging its semiconductor testing and optical engine technology [20][49]. - **Sijia Technology (世嘉科技)**: Located in Suzhou, it is a leader in precision manufacturing and communication devices, focusing on precision components and optical modules. The company has developed self-researched high-speed optical modules and co-packaged components, achieving efficient integration of optical and switching chips [21][50]. - **Yintang Intelligent Control (英唐智控)**: Based in Shenzhen, it is a leader in electronic distribution and optical communication components, focusing on electronic distribution and optical modules. The company has developed co-packaged components leveraging its electronic distribution and optical module technology [22][51]. - **Guangxun Technology (光迅科技)**: Headquartered in Wuhan, it is a leader in optoelectronic devices and modules, focusing on optoelectronic devices and optical engines. The company has developed self-researched high-speed optical engines and co-packaged components, achieving efficient integration of optical and switching chips [23][52]. - **Woge Optoelectronics (沃格光电)**: Based in Xinyu, it is a leader in optoelectronic display materials, focusing on optoelectronic display materials and optical engines. The company has developed self-researched high-speed optical engine core optical components, enhancing optical interconnect efficiency and integration [24][53].

高盛分析师预计，英伟达2025财年第四季度营收将达到673亿美元，同时在盈利端也将超出市场预期。 多项催化因素有望推动英伟达股价走高，并据此给出250美元的目标价，较2月6日收盘价仍有约35%的 上涨空间。分析师预计，Rubin GPU将在2026年第三季度开始出货，第四季度及以后显著放量，并支撑 公司至少到2028年的强劲增长。 ...

澳大利亚人工智能初创公司Firmus Technologies Pty.获得100亿美元贷款融资，这是该国规模最大的私募 信贷融资交易之一。该笔资金将用于推动其数据中心建设计划，标志着全球AI基础设施投资热潮向澳 大利亚市场的进一步延伸。 据彭博周一报道，这笔融资由黑石集团牵头的基金提供，科技投资公司Coatue Capital LLC也参与其 中。资金将用于Firmus数据中心扩张的下一阶段，项目将采用英伟达的芯片。该公司周一宣布，计划到 2028年在澳大利亚建设总容量达1.6吉瓦的数据中心。 Firmus预计将于今年晚些时候在悉尼上市，目前已成为澳大利亚最活跃的数据中心建设商之一。去年11 月，该公司曾融资5亿澳元用于场地开发、基础设施部署和能源交易，当时估值约为60亿澳元。 澳大利亚正成为全球数据中心建设热潮的主要受益者。根据澳大利亚联邦银行的研究，该国已成为仅次 于美国和中国的全球第三大AI投资目的地，预计将新增价值约1500亿澳元(1050亿美元)的数据中心。 黑石重注AI基础设施 根据穆迪评级的预测，未来五年内AI相关基础设施(如数据中心)的投资预计将超过3万亿美元，其中大 部分支出预计将通过债务 ...

Core Viewpoint - Goldman Sachs anticipates Nvidia will deliver a revenue "surprise" of $2 billion in Q4 of fiscal year 2025, with earnings also expected to exceed market expectations [1] Revenue Projections - Goldman Sachs analysts project Nvidia's Q4 revenue will reach $67.3 billion, surpassing previous forecasts by approximately $2 billion [1] - The revenue forecast for Q1 is also above market consensus by 8% [1] Earnings Per Share (EPS) Expectations - EPS predictions for Q4 and Q1 are expected to exceed market estimates by 5% and 9%, respectively [1] Market Sentiment and Stock Price Target - Despite strong quarterly performance, Goldman Sachs warns that the market may have already priced in these results, shifting investor focus to guidance for 2026 and 2027 [1] - The firm sets a target price of $250 for Nvidia, indicating a potential upside of about 35% from the closing price on February 6 [1] Product Launch and Growth Outlook - Analysts expect the Rubin GPU to begin shipping in Q3 of 2026, with significant volume expected in Q4 and beyond, supporting strong growth for the company at least until 2028 [1]

Core Viewpoint - Nvidia's upcoming earnings report on February 25 is seen as a critical indicator of the sustainability of the global AI boom, with Goldman Sachs expressing high expectations for the company's performance [1]. Group 1: Earnings Expectations - Goldman Sachs predicts Nvidia's Q4 FY2026 revenue will reach $67.3 billion, exceeding market expectations by approximately $2 billion [2]. - The expected earnings per share (EPS) for Q4 FY2026 is projected at $1.59, which is 5% higher than market forecasts [2]. - For Q1 FY2027, Goldman Sachs anticipates an EPS of $1.80, surpassing market expectations by 9% [2]. Group 2: Market Sentiment and Focus - Analysts note that strong quarterly performance may already be priced into Nvidia's stock, shifting investor focus from past results to guidance for FY2027 [2]. - The ability to exceed future performance expectations will depend on revenue visibility for FY2027 [2]. Group 3: Reasons for Optimism - Significant capital expenditure growth in global hyperscale data centers is expected, rising from $394 billion in 2026 to over $527 billion [3]. - Nvidia's data center revenue forecast of $500 billion for 2026 is considered conservative compared to Goldman Sachs' higher estimates [3]. - Demand for GPUs from large language model companies and government contracts is accelerating, presenting substantial opportunities [3]. - Maintaining an 80-85% market share against increasing competition from Google, AMD, and others is crucial for Nvidia's success [3]. Group 4: Additional Growth Drivers - The easing of export restrictions on Nvidia's H200 chips to China could lead to a significant revenue rebound from this key market [4]. - The successful production ramp-up of the new Rubin GPU platform, set to begin shipping in Q3 2026, is vital for sustaining growth momentum [4]. Group 5: Long-term Growth Projections - Goldman Sachs forecasts Nvidia's revenue and EPS for FY2026 at $215.1 billion and $44.90, respectively [5]. - Projections for FY2027 include revenue of $382.9 billion and EPS of $87.50 [5]. - For FY2028, revenue is expected to reach $513 billion with an EPS of $121.30 [5]. - The target price of $250 is based on a 30x P/E ratio applied to the FY2027 EPS forecast, with a potential future target price of approximately $364 based on FY2028 estimates [5].

>> THIS IS THE ASIA TRADE. I AM SHERY AHN IN TOKYO. >> I AM AVRIL HONG IN SINGAPORE. YOUR TOP STORIES THIS HOUR. ASIAN STOCKS SET FOR A POSITIVE START TO THE WEEK AFTER WALL STREET'S BEST DAY SINCE MAY. INVESTORS IN THIS REGION ALSO ASSESSING ELECTION VICTORIES TO RULING PARTIES IN JAPAN AND THAILAND. THE YEN IN FOCUS WITH JAPAN'S LBP SECURING A SUPER MAJORITY, SETTING THE STAGE FOR FURTHER FISCAL STIMULUS FROM PRIME MINISTERS. WE WILL GET REACTION ON THE BUSINESS AND POLITICAL IMPACT. THE ASIA GROUP AND A ...

三星电子股价于周一在首尔证券交易所迎来强劲反弹，盘中涨幅一度突破6%。此次市场情绪的集体爆 发，主要源于业界流传三星已正式获准启动全球首款第六代高带宽内存(HBM4)芯片的量产计划，并预 计最快于2月底开启规模化出货。 据报道，这家韩国科技巨头计划最早将于2月第三周向英伟达(NVDA.US)——人工智能加速器领域的领 军企业——出货这些芯片。据知情人士透露，三星电子此次量产的HBM4芯片已顺利通过英伟达极为严 苛的质量认证，成功切入其下一代Vera Rubin架构AI加速器的供应链。 三星当前正处于非同寻常的战略追赶期——正全力缩小与SK海力士的差距。作为英伟达内存芯片的核 心供应商，SK海力士已凭借技术优势占据先发地位，而三星在高带宽内存(HBM)开发领域的突破性进 展，正逐步消解其与国内竞争对手的技术鸿沟。 从资本市场的视角来看，三星市值的回升反映了投资者对其AI业务盈利前景的重新评估。随着全球数 据中心对大模型训练需求的持续扩张，存储市场已进入新一轮景气周期，行业预测2026年第一季度内存 合约价格可能因供应偏紧而出现超过50%的涨幅。 三星通过抢占HBM4的量产先机，不仅有望显著增厚其存储业务部的利润 ...

By Scott Murdoch SYDNEY, Feb 9 (Reuters) - Australian artificial intelligence company Firmus said on Monday ​it had finalised a $10 billion debt funding ‌package led by global private equity firm Blackstone (BX) and Coatue ‌Management, a New York-based technology investor. Firmus said the funding would be used to build the next phase of its Project Southgate, the company's initiative ⁠to develop AI ‌training and inference infrastructure, which includes data centres, across Australia. SYDNEY, AUSTRALIA ...