技术迭代叠加成本优势，卡位全民 Agent 核心赛道 MINIMAX-WP(0100) MiniMax M2.5 发布点评 | [姓名table_Authors] | 电话 | 邮箱 | 登记编号 | | --- | --- | --- | --- | | 秦和平(分析师) | 0755-23976666 | qinheping@gtht.com | S0880523110003 | | 高翩然(分析师) | 0755-80305701 | gaopianran@gtht.com | S0880525040066 | 本报告导读： 极致性价比打造竞争壁垒，MiniMax M2.5 引领 Agent 规模化落地。 投资要点： | 财务摘要(百万美元) | 2023 | 2024 | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入 | 3.5 | 30.5 | 70.2 | 218.1 | 551.2 | | (+/-)% | | 782% | 130% | 211% | 153% | | 毛利润 | (0.9) | 3. ...

The owner of Facebook has agreed to buy $60bn (£44.5bn) of artificial intelligence chips from the US semiconductor company Advanced Micro Devices despite fears over the vast sums being spent on the AI industry.Meta, which also owns Instagram and WhatsApp, has clinched the five-year deal in which it will also buy 10% of the chip company.AMD signed a similar pact with OpenAI last year, which was hailed as a vote of confidence in its chips and software, significantly boosting its stock price.A recent series of ...

（原标题：刚刚，超级利好！直线暴涨！） 【导读】Meta和AMD达成AI芯片交易 中国基金报记者 泰勒 大家好，来关注一下AI硬件领域的利好消 息。 2月24日晚间，美股盘前，AMD公司股价直线暴涨，截至发稿，涨超10%。 消息面上，Meta （Facebook和Instagram母公司）在承诺使用数百万颗英伟达处理器进行AI扩张的一周后，又与超威半导 体（AMD）签署了另一项巨额芯片协议。 Meta表示，与AMD的这项多年期协议涉及在AI数据中心部署高达6吉瓦（GW）的图形处理器 （GPU），并包括使用针对AI优化的中央处理器（CPU）。搭载MI450 GPU的AMD Helios机架级服务 器将于今年晚些时候开始首批出货。 AMD首席执行官苏姿丰在声明中表示，公司正在提供"针对Meta工作负载优化的高性能、高能效基础设 施，加速行业内规模最大的AI部署之一，并使AMD处于全球AI建设的核心位置"。 在月前发布的财报中，Meta承诺今年的资本支出将高达1350亿美元，力求在全球AI竞赛中紧跟大型同 行以及OpenAI和Anthropic的步伐。总体而言，Meta计划建设30个数据中心，其中26个位于美国。 ...

HANGING IN LIKE A CHAMP MELISSA LEE. >> ALL RIGHT THANKS FOR WATCHING FAST MONEY MAD MONEY WITH JIM. Hey >> HEY I'M CRAMER.WELCOME TO MAD MONEY. WELCOME TO CRAMER ERICA. LET'S BE FRIENDS I'M JUST TRYING TO SAVE YOU SOME MONEY.MY JOB IS NOT JUST TO ENTERTAIN BUT TO PUT THINGS INTO CONTEXT TO DO SOME EDUCATING. SO CALL ME AT ONE 807 43 CNBC OR TWEET ME JIMCRAMER. TODAY WE GOT A GLIMPSE OF AN UGLY FUTURE A WORLD WHERE WE RUN OUT OF WHITE COLLAR JOBS BECAUSE ARTIFICIAL INTELLIGENCE DESTROYS EMPLOYMENT AS WE KNO ...

开源证券主要观点如下： 智通财经APP获悉，开源证券发布研报称，春节假期期间海内外大模型密集更新，海外科技以上涨为 主，国产大模型如千问、Seedance、混元、星火、百灵、智谱GLM、MiniMax等厂商也均有更新。该行 建议，重点关注受益海内外AI算力资本开支上调的相关方向，以及国产算力自主可控链条，和靶材、 被动元器件等涨价方向。推荐标的：江丰电子(300666.SZ)；受益标的：精测电子(300567.SZ)、芯原股 份(688521.SH)、澜起科技(688008.SH)、华正新材(603186.SH)、晶合集成(688249.SH)等。 市场回顾 2月21日金融界报道称，受成本攀升与供给持续偏紧的双重挤压，电子布第二轮涨价或将启动，据卓创 资讯数据，2025年10月、12月以及2026年1月、2月，普通电子布已经历四次涨价。智通财经报道， OpenAI正敲定新一轮融资计划，目标筹集1000亿美元，融资完成后公司估值将达到8300亿美元，同时 OpenAI更新长期资本开支计划，预计2030年实现总计约6000亿美元算力支出。 存力：三星和SK海力士加快扩产节奏，美光澄清HBM4传闻称进度好于预期。韩 ...

1. 美国三大股指期货普涨，纳指期货涨0.32%，标普500指数期货涨0.12%，道指期货涨0.21%。 2. 欧股主要指数涨跌不一，德国DAX指数跌0.08%，英国富时100指数跌0.09%，法国CAC指数涨 0.03%，欧洲斯托克50指数跌0.07%。 3. 当地时间周二，美国总统特朗普新推出的10%的全球关税开始生效。 4. 摩通CEO戴蒙：美国银行业与2008年金融危机前相似，预计信贷周期最终会再次恶化。 5. AMD与Meta扩大战略合作，AMD将出售价值高达600亿美元的AI芯片，Meta可认购最多1.6亿股AMD 普通股。 6. 爆料称苹果高阶旗舰手机iPhone 18 Pro已正式进入小批量试产阶段。 7. 苹果今年将采购超1亿片台积电亚利桑那工厂生产的先进芯片。 8. 阿斯麦公布EUV光源进展，2030年前芯片产量有望提高最多五成。 9. 闪迪近日发布预告海报，暗示将于2026年2月24日推出全新产品或技术。 10. 摩通预计Q1投行和交易业务强劲增长，上调今年净利息收入预期至约1045亿美元。 11. 礼来推出多剂量装减肥药Zepbound，起售价299美元/月。 12. 派拉蒙天舞提高对 ...

Core Insights - The debate surrounding AGI (Artificial General Intelligence) has intensified, particularly with Demis Hassabis's "Einstein Test," which challenges AI to derive general relativity from foundational principles, highlighting the limitations of current AI models as mere "knowledge reorganizers" rather than true creators [1][3][10] Group 1: AGI Definition and Implications - The "Einstein Test" emphasizes that true intelligence is not just about knowledge but about breakthroughs, contrasting current AI capabilities with Einstein's unique ability to innovate [3][4] - Current AI models, while excelling in specific tasks, lack the holistic understanding and creative reasoning that characterized Einstein's work, indicating a significant gap in achieving AGI [3][4] Group 2: Timeline and Predictions - Industry leaders are increasingly optimistic about the timeline for AGI, with predictions ranging from five years to 2030, suggesting a rapid approach to AGI capabilities [6][8] - The speed of AI advancements is alarming, with research indicating that the ability of AI models to complete complex tasks doubles approximately every four months, raising concerns about the implications for the workforce and society [6][8] Group 3: Societal Readiness and Ethical Considerations - Concerns are growing about humanity's preparedness for the arrival of AGI, particularly regarding the potential for AI to surpass human intelligence and the implications for existing societal structures [8][10] - The emergence of AGI could fundamentally alter human understanding of intelligence and existence, necessitating a reevaluation of ethical, legal, and social frameworks designed for human-centric paradigms [8][10]

Core Insights - Meta has entered a multi-year agreement with AMD to purchase 6 gigawatts of AI chips, enhancing its AI infrastructure [1][2] - Following the announcement, AMD's stock experienced a nearly 12% increase in premarket trading [1] Company Developments - Meta's CEO Mark Zuckerberg expressed enthusiasm for the long-term partnership with AMD, aiming to deploy efficient inference compute and deliver personal superintelligence [2] - This agreement follows AMD's recent multi-year deal to supply AI chips to OpenAI, indicating a trend of significant partnerships in the AI chip market [2]

Group 1: AMD and Meta Deal - Advanced Micro Devices (AMD) has agreed to sell up to $60 billion worth of artificial intelligence chips to Meta Platforms over five years, allowing Meta to purchase as much as 10% of AMD [1][9] - AMD will supply six gigawatts' worth of chips to Meta, starting with one gigawatt of the forthcoming MI450 flagship hardware in the second half of this year [10] Group 2: OpenAI Partnerships - Amazon is considering an investment of around $10 billion in OpenAI, with discussions remaining fluid [1] - Walt Disney plans to invest $1 billion in OpenAI, allowing the use of its characters from franchises like Star Wars and Marvel in the Sora AI video generator [2] - OpenAI has partnered with Broadcom to produce its first in-house artificial intelligence processors [3] - AMD has also agreed to supply AI chips to OpenAI in a multi-year deal, which includes an option for OpenAI to buy up to roughly 10% of AMD [4] - Nvidia is set to invest up to $100 billion in OpenAI and supply data center chips, establishing a financial stake in the company [5] - Oracle has signed a significant cloud deal with OpenAI, expected to involve $300 billion in computing power over about five years [6] - CoreWeave signed a five-year contract worth $11.9 billion with OpenAI [7] Group 3: Stargate Datacenter Project - The Stargate project is a joint venture between SoftBank, OpenAI, and Oracle to build data centers, with an investment of up to $500 billion for AI infrastructure [8]

AMD clinches second mega chip supply deal, this time with Meta | ReutersSkip to main content[Exclusive news, data and analytics for financial market professionalsLearn more aboutRefinitiv]An AMD logo and a computer motherboard appear in this illustration created on August 25, 2025. REUTERS/Dado Ruvic/Illustration/File Photo [Purchase Licensing Rights, opens new tab]- Companies- Summary- AMD had struck a similar deal with OpenAI last year- Deal gives Meta the option to buy up to 10% of AMD- AMD to sell up to ...