美银证券发表研究报告指，英伟达与初创公司Groq于圣诞节前夕宣布达成AI推理技术非独家授权协 议，市场估计交易潜在价值可能高达200亿美元，而Groq主要管理团队成员将加入英伟达，属令人意外 的消息，因Groq专注于开发语言处理器(LPU)，与英伟达以设计和销售图形处理器(GPU)而闻名不同。 该行认为，此次交易或反映英伟达已意识到，虽然GPU主导AI训练，但快速转向推理可能需要更专用 的芯片，同时相信不同的硬件为未来的GPU及LPU产品路线图和定价增添复杂性，但英伟达亦可为客户 提供更多选择，应对市场竞争。该行维持对英伟达的"买入"评级，对此次交易长远看法正面，继续列为 首选股，目标价275美元。 ...

AI播客：换个方式听播客 下载mp3 音频由扣子空间生成 周一，白银短暂超越英伟达（NVDA），成为全球市值第二大资产。这一历史性洗牌标志着资本正从科技股向实体大宗商品深度轮换。 白银的加速上涨为贵金属长达一年的涨势画上了阶段性句号。推动这一轮上涨的因素包括各国央行增持贵金属、交易所交易基金（ETF）资金流入，以及美 联储连续三次降息。借贷成本下降对不产生利息的大宗商品构成利好，交易员们预计2026年美联储将进一步降息。 "毫无疑问：我们正在见证白银市场上演一场跨代泡沫，"澳大利亚IG集团市场分析师托尼·西卡莫尔（Tony Sycamore）向彭博新闻社表示，"新建矿山需要长 达10年时间才能投产，而资本正像飞蛾扑火般涌入这场贵金属泡沫，目前根本无法判断泡沫何时会破裂。" 实物供应短缺 推动白银价格上涨的因素有两方面：长期的实物供应短缺和货币需求的复苏。 与主要作为投资品持有的黄金不同，白银年供应量中约50%用于工业应用。太阳能光伏产业的爆发式增长以及汽车行业的电气化进程，已将伦敦和纽约仓库 的白银库存消耗至数十年低点。 颇具讽刺意味的是，正是曾推动英伟达市值突破4万亿美元的人工智能（AI）热潮，加剧了白银的 ...

Market Overview - The year was characterized by high-conviction bets and rapid reversals across various markets, including bonds, currencies, and stocks [1] - Investors engaged in significant bets on political shifts, inflated balance sheets, and speculative narratives, leading to both substantial gains and losses [2][3] Cryptocurrency Trends - The Trump brand initially drove momentum in the cryptocurrency market, with various tokens launched by Trump family members experiencing significant but short-lived rallies [4][5] - By December 23, Trump's memecoin had dropped over 80% from its January high, while Melania Trump's token fell nearly 99% [6] - The volatility in crypto assets highlighted the speculative nature of the market, where political momentum could not shield investments from core market patterns [7] Defence Stocks Surge - A geopolitical shift led to a significant rise in European defence stocks, with companies like Rheinmetall AG and Leonardo SpA seeing year-to-date gains of approximately 150% and over 90%, respectively [10] - Asset managers, previously hesitant to invest in defence due to ESG concerns, began to redefine their mandates and invest heavily in the sector [11][12] - A Bloomberg basket of European defence stocks rose over 70% for the year, indicating a major shift in capital allocation towards defence as a public good [12] Debasement Trade Narrative - Heavy debt loads in major economies prompted investors to seek refuge in gold and alternative assets, leading to the emergence of the "debasement trade" narrative [13] - In October, both gold and Bitcoin reached record highs amid concerns over the US fiscal outlook and a prolonged government shutdown [14] - Despite the initial rise, Bitcoin later slumped, and the dollar stabilized, illustrating the complexities of the debasement trade [15][16] South Korean Stock Market - South Korea's benchmark equity index surged over 70% in 2025, driven by President Lee Jae Myung's efforts to enhance capital markets [18] - Foreign investment increased significantly, while local retail investors remained net sellers, indicating a disconnect between domestic sentiment and foreign capital inflows [20] Japanese Bonds - The "widowmaker" trade against Japanese bonds turned profitable in 2025 as yields surged, driven by interest rate hikes and increased government spending [26][27] - The benchmark 10-year JGB yields surpassed 2%, marking levels not seen in decades, while the overall bond market faced significant declines [28][29] Credit Market Dynamics - The credit market in 2025 experienced a series of smaller collapses, exposing poor lending practices and leading to significant losses for investors [40][41] - Companies like Saks Global and New Fortress Energy faced severe financial difficulties, prompting a reevaluation of credit risk and lending standards [41][42] Fannie Mae and Freddie Mac - Following Donald Trump's re-election, shares of Fannie Mae and Freddie Mac surged by 367% from the start of the year to their September high, driven by optimism regarding potential privatization [34][35] - The possibility of an IPO valuing the companies at around $500 billion further fueled investor interest, despite ongoing skepticism about the timeline for such a move [35][36] Turkish Carry Trade Collapse - The Turkish carry trade, initially favored by investors, collapsed following political unrest, leading to significant outflows from Turkish lira-denominated assets [37][39] - By December 23, the lira had weakened by 17% against the dollar, highlighting the risks associated with high-yield investments in politically unstable environments [39]

（责任编辑：宋政 HN002） 【免责声明】本文仅代表作者本人观点，与和讯网无关。和讯网站对文中陈述、观点判断保持中立，不对所包含内容的准确性、可靠性或完整性提供任何明示或暗示的保证。请 读者仅作参考，并请自行承担全部责任。邮箱：news_center@staff.hexun.com 格隆汇12月29日｜国际现货白银价格周一暴力上涨，最高至83.87美元，再创历史新高，年内涨幅最高达190%。Companiesmarketcap数据显示，在连续几日 的暴力拉涨中，白银全球总市值已达到4.49万亿美元，超越苹果，成为全球第三大资产，并有望与英伟达争夺全球第二大资产宝座。 ...

| Rank ◀ | Name | | ◆ Market | | --- | --- | --- | --- | | 1 | | Gold GOLD | $31.! | | 2 | | NVIDIA NVDA | $4.1 | | 3 | | Silver SILVER | $4. | | 4 | | Apple AAPL | $4.1 | 美股频道更多独家策划、专家专栏，免费查阅>> 责任编辑：栎树 周一，国际现货白银价格暴力上涨，最高至83.87美元，再创历史新高，年内涨幅最高达190%。Companiesmarketcap数据显示，在连续几日的暴力拉涨中， 白银全球总市值已达到4.49万亿美元，超越苹果，成为全球第三大资产，并有望与英伟达争夺全球第二大资产宝座。 ...

信达证券近日发布电子行业周报：英伟达200亿美元收购Groq核心资产，LPU架构在推理环节具备优 势。12月25日凌晨，英伟达和Groq宣布达成"非排他性授权协议"，以200亿美元现金价格购买一家"非 GPU"架构企业的技术授权，这是英伟达有史以来最大规模的一笔"投资"。根据芯智讯，英伟达计划于 明年2月中旬开始向中国出口H200芯片，首批预计出货总量为5000-10000套模组，约4-8万颗H200芯 片。 以下为研究报告摘要： 风险提示：电子行业发展不及预期；宏观经济波动风险；地缘政治风险。（信达证券 莫文宇,杨宇轩,王 义夫） 英伟达200亿美元收购Groq核心资产，LPU架构在推理环节具备优势。12月25日凌晨，英伟达和Groq宣 布达成"非排他性授权协议"，以200亿美元现金价格购买一家"非GPU"架构企业的技术授权，这是英伟 达有史以来最大规模的一笔"投资"。该项授权协议主要内容包括：1）业务分割：英伟达将获得Groq的 所有资产与技术授权，但Groq旗下的GroqCloud云端业务并不在交易范围内，将维持独立运作；2）人 才吸纳：作为该协议的一部分，Groq的创始人Jonathan Ross、G ...

据悉，此次合作规模相当于Groq最新估值的3倍，交易完成后Groq创始人及总裁将加入英伟达。花旗分 析师Atif Malik和Papa Sylla在报告中指出，这一合作具有双重战略意义：一方面，继9月发布Rubin CPX GPU后，英伟达通过此次合作间接认可了专用推理架构对于实时、高成本效益AI部署的重要性，这将 帮助其应对来自TPU及新兴初创企业的竞争;另一方面，相较于全额收购，授权合作模式能让Groq保持 独立运营，有助于规避监管审查。 报告强调，当前超大规模AI推理需求正呈现每六个月翻一番的快速增长趋势。12月初亚马逊 (AMZN.US)AWS为其Bedrock AgentCore平台推出情景记忆功能，11月初谷歌(GOOGL.US)提出嵌套学习 方法并计划每六个月将AI计算能力翻倍，这些行业动态均推动GPU/XPU需求持续攀升。英伟达此前发 布的Rubin CPX GPU采用成本效益更高的GDDR7内存，相较昂贵的HBM内存可降低3倍总拥有成本 (TCO)，专为推理密集型工作负载设计;而Groq的语言处理单元(LPU)则专注于推理实时响应，具备超低 延迟和高效处理语言模型令牌的优势。通过授权获得Gr ...

英伟达产业链观点更新 20251228 摘要 国产替代加速：国内设备厂商能力提升，合作范围扩大，推动半导体设 备如量检测、涂胶显影及空白掩模板等领域的国产替代率显著提高，尤 其在半导体级别应用中潜力巨大。 算力需求激增：下游应用如手机、智能终端推动算力需求，液冷、电源 系统等配套设施成为关键。太空算力、新型电源结构等新兴途径为中国 在 AI 领域提供竞争优势。 海外算力产业链催化：2026 年第一季度海外算力产业链将迎来多重催 化，英伟达 COWS 流片产能预计 2026 年增长 60%-70%，2027 年增 长 50%-60%，谷歌 TPU 出货量预计 2027 年接近千万级别，同比增长 近 100%。 中际旭创盈利预测：市场预期中际旭创 2026 年利润约为 350 亿至 400 亿人民币，若英伟达和谷歌在 2027 年保持高速增长，其利润可能翻倍 至 700 亿至 800 亿人民币，估值有望达到 1 万亿至 1.2 万亿元。 大模型关注焦点：市场关注 OpenAI 的 GPT 和 XAI 的 Grok 大模型，若 基于 B 系列芯片训练的大模型在 2026 年发布后表现超预期，将验证 Scaling ...

2025/12/28 19:20 英伟达向 800 伏电压转型：深入剖析下一轮 AI 资本支出激增 | ZeroHedge 优质的 正当华尔街逐渐习惯于填补⼈⼯智能领域巨⼤的资⾦缺⼝时，这个缺⼝即将变得更⼤。 10 ⽉，英伟达宣布了⼗⼏家合作伙伴，为数据中⼼⾏业迎接 800 伏直流电源架构和 1MW 机架密度做好准备，这是从传统 的 415 伏交流电源架构的⾰命性转变。 英伟达向 800 伏电压转型：深⼊探究下⼀轮 AI 资本⽀出激增 泰勒·德登 2025年12⽉28⽇，星期⽇，凌晨4:45 市场花了 3 年时间才算清⼈⼯智能领域永⽆⽌境的资本⽀出⿊洞，特别是 要阻⽌中国赢得⼈⼯智能战争，未来五年⾄少需 要 5 万亿美元的资⾦ ，这⼀认识险些让⼈⼯智能泡沫破裂。 这家GPU巨头在10⽉中旬表示，将公布Vera Rubin NVL144 MGX系列开放式架构机架服务器的规格。该公司还将详细介绍 其对Nvidia Kyber系统的⽣态系统⽀持，该系统连接了576个Rubin Ultra GPU，旨在满⾜⽇益增⻓的推理需求。 作为回应，约 20 家⾏业合作伙伴正在展示新的硅芯⽚、组件、电源系统以及对该公司最新 80 ...

Summary of Key Points from the Conference Call Companies Involved - **Samsung Electronics** (Ticker: 005930 KS) - **SK Hynix** (Ticker: 000660 KS) Core Insights and Arguments - **Samsung Electronics**: - Current market cap is KRW 658.9 trillion with a target price of KRW 160,000, indicating an upside potential of 44.0% from the current price of KRW 111,100 [1] - The company maintains a "Buy" rating, reflecting positive sentiment towards its future performance [1] - **SK Hynix**: - Current market cap is KRW 428.1 trillion with a target price of KRW 880,000, suggesting an upside potential of 49.7% from the current price of KRW 588,000 [1] - The company also holds a "Buy" rating, indicating strong confidence in its growth prospects [1] Industry Dynamics - **DRAM Market**: - Total shipment of DRAM is projected to grow from 24,352 million GB in 2022 to 69,290 million GB by 2027, reflecting a compound annual growth rate (CAGR) of approximately 28% [5][5] - The total shipment value of DRAM is expected to increase significantly from USD 78.83 billion in 2022 to USD 481.06 billion by 2027, with notable fluctuations in year-on-year growth rates [5][5] - Average Selling Price (ASP) for DRAM is forecasted to rise from USD 3.2/GB in 2022 to USD 6.9/GB by 2027, indicating a recovery in pricing power [5][5] - **NAND Market**: - Total shipment of NAND is expected to grow from 635 billion GB in 2022 to 2,085 billion GB by 2027, with a CAGR of approximately 42% [5][5] - The total shipment value of NAND is projected to increase from USD 49.98 billion in 2022 to USD 241.30 billion by 2027 [5][5] - ASP for NAND is expected to stabilize around USD 0.9/8GB by 2027, reflecting a recovery in pricing trends [5][5] Additional Important Insights - **Market Performance**: - Samsung Electronics has shown a strong performance with a 12-month absolute return of 104.2% [44] - SK Hynix has also performed well, with a 12-month absolute return of 249.0% [96] - **Forecast Adjustments**: - Target prices for both Samsung Electronics and SK Hynix have been increased, reflecting improved market conditions and growth expectations [40][91] - **Investment Sentiment**: - Both companies are rated as "Buy," indicating a favorable outlook from analysts and potential for significant returns in the memory semiconductor sector [1][1] This summary encapsulates the key points from the conference call, focusing on the companies involved, their market positions, and the broader industry dynamics.