Group 1 - Microsoft has delayed the launch of its self-developed AI chip Braga to 2026 due to design issues, and will introduce a transitional product, Maia 280, which is expected to improve performance by 30% [1][2] - The delay of the Braga chip has also pushed back the release of subsequent chips, Braga-R and Clea, raising concerns that these products may be outdated upon release and struggle to compete with NVIDIA's latest AI chips [2][4] - Microsoft aims to reduce its reliance on NVIDIA's expensive AI chips and has been embedding AI technology into its products through early collaboration with OpenAI [4][5] Group 2 - NVIDIA has seen a tenfold increase in annual sales over the past three years, driven by the AI boom, and is expected to maintain an average annual growth rate of 32% over the next three years [5][7] - NVIDIA's market capitalization is approaching $4 trillion, solidifying its position as a leader in the AI chip market, while companies like Meta and Amazon are working to develop their own chips to reduce dependence on NVIDIA [7][8] - Meta is facing unprecedented challenges and opportunities in the AI wave, investing heavily in AI research and development, with the Llama series models being a significant outcome [8][10] Group 3 - Meta's Llama models still show a significant performance gap compared to advanced models like OpenAI's GPT-4o, prompting Zuckerberg to initiate a "superintelligence team" to attract top talent and overcome current technological bottlenecks [10] - Microsoft is adjusting its ambitious strategy in light of delays in internal AI chip development, shifting towards a more pragmatic and iterative design approach to maintain competitiveness with NVIDIA [10][12] - WIMI is seeking to leverage the growing demand for AI services by establishing a quantum research center in collaboration with universities and research institutions, focusing on quantum computing and edge chips [12][13]

7月13日，上交所正式发布施行科创成长层指引，自当日起，科创板存量32家未盈利企业将进入科创成 长层，新注册的未盈利企业将自上市之日起进入。 市场分析人士指出，随着科创成长层制度的完善，以及第五套上市标准适用范围的扩大，预计会有越来 越多科技企业加入，科创板对科技创新领域的覆盖范围也将进一步扩大，市场将呈现更加多元的发展态 势，为优质科技企业发展提供更加广阔的市场空间。 放眼全球，英伟达或将推出"中国定制"AI芯片。有报道称，黄仁勋将于7月16日在北京举行媒体吹风 会。另外黄仁勋也会出席第三届中国国际供应链促进博览会，除推销英伟达的新产品外，也将重申对中 国市场的长期承诺。此前有消息称，英伟达最快将于9月推出专为中国市场定制的新版AI芯片。 美东时间7月12日，埃隆·马斯克旗下的SpaceX被媒体曝出，同意向xAI投资20亿美元，旨在助力其在人 工智能竞争中赶上对手，并计划探索人工智能技术在太空中的应用。 目前，科技大厂在AI领域的竞争愈发激烈，AI已成为资本市场对科技公司估值的重要因素。其中， Meta、谷歌等纷纷重金投资AI初创企业和核心人才，试图扩大各自在AI领域中的版图。 聚焦国内，第五届RISC-V ...

A c t i o n | 07 Jul 2025 03:00:00 ET │ 60 pages US Semiconductors 2Q25 Earnings Preview: Raising Estimates As Tariff Slowdown Ain't Happenin'. MCHP To Top Pick as We Expect Most Upside CITI'S TAKE We are raising estimates as our previous belief that tariffs would lead to a slowdown in the semiconductor sector doesn't appear to be happening. We are going back to our stance at the beginning of 2025 - a semiconductor upturn driven by solid demand and inventory replenishment with the most upside from analog co ...

Equity Research July 6, 2025 Asia Maxima - Tariff Mood Swings The Trump agenda remains fundamentally contradictory. Deregulation and the extension of tax cuts are bullish for equities. Tariffs and restrictions on immigration are bearish. Investors ended last quarter assuming that the American president has pivoted from his longstanding obsession with tariffs, reflected in "Liberation Day", to focusing on tax cuts. There remains a growing likelihood that America peaked as a percentage of world stock market c ...

据记者统计，2015年至今，英伟达股价累计涨幅达342倍。2023年至今，该股累计涨幅超过10倍。 【深圳商报讯】（记者钟国斌）上周，美股英伟达总市值站上4万亿美元，成为全球首家总市值突破4万 亿美元的公司，超越微软、苹果成为全球总市值最高的上市公司。 具体来看，7月9日，英伟达总市值一度突破4万亿美元，7月10日和11日，英伟达股价频创历史新高，收 盘总市值均超4万亿美元。截至7月11日收盘，英伟达股价报164.92美元/股，涨幅为0.50%，总市值4.024 万亿美元，再创历史新高。 今年以来，英伟达股价累计涨幅为22.83%。从今年4月7日低点计算，英伟达股价累计涨幅达91%。 英伟达总市值4.024万亿美元是什么概念？按人民币兑换美元折算，约合人民币28.85万亿元，相当于日 本去年GDP总量，超过英、法、德等国家的股票总市值。 回顾英伟达总市值登顶之旅，可谓是资本市场一个奇迹。两年前，英伟达总市值不到1万亿美元，随后 开启飙涨模式。从2万亿美元到3万亿美元，英伟达仅用时3个多月；从3万亿美元到4万亿美元，英伟达 也只用了13个月时间。 近期英伟达股价持续飙升，主要得益于其在AI领域的领先地位和颇为强 ...

Group 1 - Nvidia CEO Jensen Huang will hold a media briefing in Beijing, marking his second visit to China, emphasizing the importance of the Chinese market [1] - The U.S. government has imposed restrictions on the export of Nvidia's advanced chips to China since 2022, citing military application concerns [1][2] - Nvidia generated $17 billion in revenue from China in the fiscal year ended January 26, accounting for 13% of the company's total sales [4] Group 2 - Huang's visit is being closely monitored by U.S. lawmakers, who have urged him to avoid meetings with companies linked to military or intelligence in China [3] - Nvidia faces increased competition from Chinese companies like Huawei, but demand for Nvidia's chips remains strong due to its CUDA computing platform [6] - Nvidia's market value reached $4 trillion for the first time last week, reinforcing its position in the AI technology sector [6][7]

Core Insights - Nvidia has become the first company to reach a market capitalization of $4 trillion, representing 3.6% of global GDP [1][8] - Nvidia's market cap exceeds the combined stock market values of major European economies, including the UK (3.2%), France (3.1%), and Germany (2.8%) [2][4] - The company's valuation has surpassed the total value of all publicly listed companies in Germany by 0.8 percentage points [4] Market Dynamics - Nvidia's growth is driven by increasing demand for its products in the artificial intelligence sector, despite U.S. chip export restrictions to China [6] - Recent easing of trade tensions between the U.S. and China has contributed to Nvidia's momentum [6] Future Projections - Analysts, including Beth Kindig from the I/O Fund, predict Nvidia's market cap could exceed $10 trillion by 2030, with nearly 19% annual returns projected through the end of the decade [7][9]

Core Insights - Nvidia holds a dominant position in the AI infrastructure market, particularly in the GPU sector, with over 90% market share due to its CUDA software platform [1] - Nvidia's market cap recently reached $4 trillion, but its growth may slow down due to the law of large numbers, making it possible for AMD and Broadcom to outperform Nvidia in the next five years [2] Nvidia - Nvidia's data center revenue was $39.1 billion last quarter, reflecting significant growth but also indicating challenges in maintaining such rapid expansion [6][14] - The company has seen its data center revenue increase more than ninefold in two years, suggesting that sustaining this growth rate may become increasingly difficult [14] Advanced Micro Devices (AMD) - AMD is experiencing strong revenue growth and is beginning to capitalize on AI opportunities, particularly in AI inference, although it remains a distant second to Nvidia in the GPU market [4] - AMD's GPUs are being utilized by major AI model companies for daily inference workloads, and its ROCm software platform is considered adequate for inference tasks [5] - AMD's data center revenue was $3.7 billion last quarter, indicating that even modest market share gains could lead to significant growth [6] - AMD is also a leader in data center CPUs, which are essential as AI workloads expand, increasing demand for high-performance CPUs [7] - The UALink Consortium, formed by AMD and others, aims to develop an open standard for AI interconnects, potentially challenging Nvidia's proprietary technologies [8][9] Broadcom - Broadcom is not directly competing with Nvidia in the GPU market but is focusing on AI networking and custom AI chip design [10] - The company's AI networking revenue surged 70% last quarter, driven by the increasing demands of large AI clusters [10] - Broadcom is designing custom AI chips for hyperscalers, with potential revenue opportunities estimated between $60 billion to $90 billion by fiscal 2027 [12] - The acquisition of VMware enhances Broadcom's position in AI cloud environments, providing strong upselling opportunities for its Cloud Foundation platform [13] Conclusion - While Nvidia remains a strong player in the AI market, AMD and Broadcom are well-positioned for growth due to their smaller revenue bases and potential market share gains in AI-related sectors [15]

英伟达：英伟达首席执行官黄仁勋将于7月16日在北京召开新闻发布会。 ...

Core Insights - Nvidia has achieved significant stock performance, rising approximately 1,000% since the beginning of 2023, and has the largest market capitalization globally [1][2] Group 1: Market Position and Product Demand - Nvidia manufactures GPUs, which excel in parallel processing and have expanded their applications beyond gaming to include AI training, engineering simulations, cryptocurrency mining, and drug discovery [4] - The company holds a dominant 90% market share in the GPU market, allowing it to charge premium prices and achieve profits that exceed revenue growth [6] Group 2: Future Growth Potential - The demand for AI is driving unprecedented capital expenditures in data centers, with AI hyperscalers announcing record spending for 2025, indicating a multiyear growth trajectory [8] - A third-party market study projects global capital expenditures on data centers to increase from $400 billion in 2024 to $1 trillion by 2028, with Nvidia generating $115 billion in revenue from its data center division in 2024 [9] - If Nvidia maintains its market share in the data center space, it could potentially generate nearly $300 billion in revenue from this segment alone, suggesting substantial upside for the stock [10] Group 3: Long-term Outlook - Despite its past performance, Nvidia still has significant growth potential, particularly in the data center sector, which could lead to market-beating returns in the future [11]