2025年末， 国产GPU行业迎来一场资本的盛宴。 12月5日， 摩尔线程率先登陆科创板， 成为"国产GPU第一股"， 期间最高价达到941.08元／股， 涨幅超过700％， 总市值超过4400亿元。 ▲摩尔线程K线图。 不到半个月， 沐曦股份同样在科创板挂牌上市， 开盘暴涨超568％， 坐上A股史上"最赚钱新股"的宝座。 紧随其后， 壁仞科技通过港交所聆讯； 而燧原科技也在A股排队候场。 被业界称为"GPU四小龙" 的四家国产GPU企业， 几乎同步敲响了资本市场的大门。 业内人士普遍认为，这场"狂欢"的背后，并非单纯的故事性炒作，而是一场由国家战略驱动、产业需求牵引、地方生态支撑的系统性变革——人工智能进 入"算力为王"时代，GPU作为AI时代的"新石油"，正成为科技自立自强的关键战场。 算力缺口催生国产GPU"奇兵" 过去三年， 全球大模型竞赛如火如荼。 中国AI创新力量频频亮相国际舞台。 但一个现实始终存在：训练这些模型所需的高端GPU长期依赖进口，尤其受制于海外出口管制，"一卡难求"已成为行业常态。 "以前，主要是互联网大厂有算力需求，它们也倾向于建设自己的算力平台。"位于两江协同创新区的人工智能公共 ...

The trade war with China was tough on Nvidia Corp. (NASDAQ: NVDA) investors. ...

Group 1: Nvidia's Acquisition - Nvidia has agreed to acquire assets from chip startup Groq for $20 billion in cash, marking its largest purchase to date [2][3] - The acquisition includes a nonexclusive licensing deal, with Groq's leadership team joining Nvidia to enhance and scale the licensed technology [2] Group 2: Market Performance - The S&P 500 has increased by 1.4% this week, setting new intraday and closing records, while the Dow Jones Industrial Average and Nasdaq Composite are also up more than 1% [7] - Historically, the last five trading days of the year and the first two of the new year have shown an average gain of 1.3% for the S&P 500 since 1950 [7] Group 3: Waymo's Service Update - Waymo has paused its robotaxi service in the San Francisco Bay Area due to expected heavy rain, following a previous service pause during a blackout that caused operational issues [8][9] Group 4: Leather Goods Pricing - Tariffs and supply chain bottlenecks are increasing prices for leather goods, with Tapestry estimating tariff-related expenses could reach $160 million [10] - The Yale Budget Lab projects that prices for leather goods will remain nearly 22% higher for the next one to two years due to significant tariff exposure [11]

投资者密切关注着英伟达首席执行官黄仁勋的一举一动，无论是他与特朗普总统的会面，还是和三星、 现代的高管们一起吃炸鸡、喝啤酒的夜晚。 2025 年，英伟达营收飙升至 1871 亿美元，市值持续攀升，一度突破 5 万亿美元大关，之后回落至 4 万 亿美元区间。 这一年，英伟达历经诸多巅峰与低谷，以下 15 件事堪称其 2025 年的关键里程碑。 1 月 6 日：2025 年国际消费电子展 英伟达以一系列新品发布拉开 2025 年的序幕。在 2025 年国际消费电子展（CES）上，公司推出了新款 迷你人工智能芯片及性能更强的游戏显卡。黄仁勋在主题演讲中谈及物理人工智能（即机器人技术）、 桌面人工智能系统以及多项人工智能软件更新等内容，为公司全年发展奠定基调。 提及 2025 年对华尔街及人工智能行业影响最深远的企业，英伟达绝对首屈一指。 1 月 27 日：深度求索（DeepSeek）冲击时刻 从各类数据来看，英伟达这一年成绩斐然，但年初却遭遇一记重击。1 月，深度求索公司发布了 R - 1 大模型，并宣称该模型的训练未使用顶尖处理器。这一消息引发人工智能行业震荡，英伟达单日市值蒸 发近 6000 亿美元。 尽管初期 ...

March S&P 500 E-Mini futures (ESH26) are trending down -0.03% this morning as trading resumed after the Christmas holiday, with activity subdued and volumes expected to remain light ahead of a shortened New Year’s week. Higher bond yields today are weighing on S&P 500 futures. The 10-year T-note yield rose two basis points to 4.15%. More News from Barchart In Wednesday’s trading session, Wall Street’s three main equity benchmarks closed higher, with the S&P 500 posting a new record high. Nike (NKE) cl ...

Group 1 - The two best-performing stocks among the "Seven Giants" as of December 24 are Nvidia and Alphabet, with Nvidia's stock up approximately 36% to $188 and Alphabet's stock up about 65% to $315 [1] - Optimists believe that the tech stocks in the US will not experience a bubble in 2026, with an expected overall increase of over 20%, particularly for Nvidia and Alphabet, which have projected P/E ratios of 23x and 27x respectively [1] - Nvidia's stock has faced pressure due to a slowdown in AI spending and competition, but market confidence remains high despite these challenges [1] Group 2 - Nvidia's recent Blackwell chip and the upcoming Rubin chip are highly anticipated, with expectations that OpenAI will release the next-generation GPT model early next year, which may be trained using Blackwell [2] - The export outlook for Nvidia's GPUs to the Chinese market is more optimistic than before, with the H200 chip expected to bring additional benefits in 2026 [2] - Alphabet's Gemini 3.0 model, trained on custom chips developed with Broadcom, has drawn investor attention, but the market's focus is more on competition with OpenAI rather than direct threats to Nvidia's GPUs [2] Group 3 - Alphabet has developed its own custom AI chips (TPUs) over the past decade, which provide cost advantages in cloud computing and enhance the training of the Gemini large language model [3] - Gemini's market share is expected to grow rapidly in 2025, increasing from nearly zero to 13%, contributing to a significant rise in Alphabet's stock price [3] - Morgan Stanley estimates that deploying 500,000 TPUs could generate approximately $13 billion in annual revenue for Alphabet, with expectations of renting out 5 million TPUs by 2027 and 7 million by 2028 [3]

Core Viewpoint - In 2023, Invec, a leader in liquid cooling technology, has seen its market capitalization exceed 100 billion yuan, driven by the increasing demand for AI computing power and high-efficiency cooling solutions [1][3][14]. Company Overview - Invec's stock price has surged over 258% this year, closing at 110.59 yuan per share, with a total market value of 1080 billion yuan as of December 26 [1][3]. - The company has transitioned from a small workshop to a leading enterprise in precision temperature control over the past 20 years, initially focusing on outdoor cabinet air conditioning for communication operators [11][12]. Business Growth and Financial Performance - Invec's revenue has grown from 518 million yuan in 2016 to an expected 4.589 billion yuan in 2024, with a 40.19% year-on-year increase in the first three quarters of 2025 [12][14]. - The net profit attributable to shareholders reached 399 million yuan in the first three quarters of 2025, reflecting a 13.13% year-on-year growth [12][21]. Market Trends and Opportunities - The global liquid cooling market is projected to reach 80 billion yuan by 2026, with significant demand driven by AI computing needs [15]. - Major clients include tech giants like Nvidia and Google, with Invec positioned to benefit from the increasing shift towards liquid cooling solutions in data centers [14][16]. Competitive Landscape - The liquid cooling sector is becoming increasingly competitive, with domestic and international players like Huawei and Delta Technologies also developing their own solutions [20][21]. - Invec faces challenges from both local competitors and foreign firms that have established strong market positions through partnerships with key chip manufacturers [20][21]. Production and Capacity Expansion - Invec is actively expanding its production capacity, with significant investments in new facilities aimed at meeting rising demand [18]. - The company has plans to enhance its overseas supply chain, with factories in Malaysia and Thailand set to increase production capabilities [18]. Strategic Partnerships - Invec has established strategic partnerships with leading companies in the AI sector, enhancing its position in the global cooling solutions market [16][17]. - The company is working to secure a larger share of the supply chain for major clients, which could lead to substantial revenue growth [16][17].

Core Viewpoint - Nvidia has made its largest acquisition to date, entering a $20 billion technology collaboration agreement with AI chip startup Groq, which includes the integration of Groq's core team into Nvidia [2][11]. Group 1: Acquisition Details - The agreement is a non-exclusive licensing deal allowing Nvidia to utilize Groq's inference technology, while Groq will continue to operate as an independent entity under CEO Simon Edwards [4][11]. - This acquisition model, termed "Acqui-hire 2.0," focuses on technology asset transfer and talent acquisition without equity purchase, thereby avoiding antitrust scrutiny [4][11]. - Nvidia's CEO Jensen Huang stated that this agreement will enhance Nvidia's capabilities, particularly in AI inference and real-time workloads [11]. Group 2: Groq's Technology and Market Position - Groq's LPU chip, designed specifically for large language models, boasts inference performance improvements of 10 to 100 times compared to conventional GPUs and TPUs, positioning it as a significant competitor to Nvidia's GPU dominance [5][12]. - The global AI inference chip market is projected to reach three times the size of the training market by 2025, indicating a shift in focus within the AI industry [12]. Group 3: Competitive Landscape - Nvidia currently holds a 90% market share in AI training chips but faces increasing competition in the inference space from companies like Google, Meta, and various startups [12]. - Other tech giants are also pursuing similar acquisition strategies, with companies like Meta and AMD acquiring AI chip startups to bolster their capabilities [13]. Group 4: Financial and Investment Context - Groq has attracted significant investment since its inception, including a recent $750 million round led by firms such as Sequoia Capital and BlackRock, valuing the company at $6.9 billion [6][7]. - Nvidia's cash reserves of $60.6 billion provide a strong financial foundation for such strategic acquisitions, allowing it to eliminate potential competitors while enhancing its technological edge [11].

智通财经APP获悉，在科技股投资领域，英伟达(NVDA.US)的崛起无疑是一个引人注目的故事。韦德布 什证券公司(Wedbush Securities)的资深科技分析师丹·艾夫斯(Dan Ives)近期对英伟达给出了高达250美元 的目标价，这一大胆预测引发了市场的广泛关注。艾夫斯认为，华尔街尚未充分认识到英伟达在人工智 能领域的巨大盈利潜力，尤其是在AI技术体系中从训练到推理再到实际部署的全方位关键作用。 本文将深入探讨英伟达从新冠疫情初期的游戏显卡公司，到如今成为计算新时代核心力量的转变，以及 其市值在短短几年内飙升至4万亿美元的惊人增长。同时，我们还将分析艾夫斯对英伟达未来发展的信 心来源，包括其在AI领域的战略布局、市场定位，以及当前企业对AI采用的早期阶段所带来的长期增 长潜力。 丹·艾夫斯是韦德布什证券公司的董事总经理兼全球科技研究主管，也是华尔街科技领域最常被引用的 分析师之一。与众不同的是，他在阐述重大主题时敢于大胆地给出大数字，然后在电视上用通俗易懂的 语言解释其背后的逻辑。 艾夫斯因早早投身于科技周期浪潮，在业界树立起了卓越的声誉。他所涉足的领域广泛，涵盖云计算、 电动汽车，以及当下由人工 ...

长久以来，服务器内存与手机内存像是两条永不相交的轨道——DDR在数据中心稳稳"飙性能"，LPDDR在手机端默默"省功耗"。 但英伟达可能即将改变这一行业定律，直接把"平行线"掰成了"交叉线"：它要把手机内存LPDDR5X塞进AI算力中心！ 这一颠覆，无异于给本就高度紧缺的DRAM市场再添一记"重锤"，让供应链的神经瞬间绷得更紧。Counterpoint分析指出，这对内存供应链来说是一次巨大 的转变，供应链无法轻易消化如此大的需求。 为什么服务器开始"抢"手机的内存 Counterpoint的报告认为，英伟达的转变主要原因是为了降低AI服务器功耗。 这并非英伟达的任性，而是物理定律的必然。 随着 AI 模型参数突破万亿级，数据中心的"能耗墙"危机日益严峻。传统的 DDR5 内存虽然容量大，但在高频运行时功耗惊人。而 LPDDR5X天生具备低电 压、低功耗的基因，且在速率上已经实现了对标准 DDR 的反超。 然而，英伟达的方案有一个痛点：LPDDR 通常是焊死在主板上的，无法像传统内存条那样插拔升级。于是，一个新的硬件形态应运而生——LPCAMM2。 同时，长鑫存储LPDDR5X相比上一代产品，功耗降低了 20% ...