如果您希望可以时常见面，欢迎标星收藏哦~ 来源：内容 编译自 WSJ 。 由于英伟达和 OpenAI等公司的人工智能业务，向来以波动性著称的存储芯片行业正在进入一个长 期繁荣期。 根据世界半导体贸易统计，存储芯片约占全球芯片销售额的四分之一。另一主要类型是逻辑芯片， 其中包括英伟达 （NVDA）生产的专用人工智能芯片。 2.99 %增加；绿色向上指向三角形它们也 被称为图形处理单元或 GPU，以及作为日常计算机和智能手机大脑的中央处理器。 在人工智能时代，一种名为高带宽内存（HBM）的专用内存需求激增，这种内存专门用于训练人 工智能模型。高带宽内存将多层DRAM堆叠在一起，并与GPU结合使用，可以同时在内存和处理 器之间传输大量数据。 这种内存加处理器的组合是人工智能服务器的核心，用于处理人工智能模型在被赋予庞大的数据集 并被告知要从中消化和学习时所需的无数计算。 以韩国三星电子、SK海力士以及美国美光科技为首的存储芯片制造商，正享受着对用于训练和运 行人工智能模型的各种产品的需求激增。 研究公司 TrendForce 估计，DRAM（一种主要的存储芯片）明年将带来比 2023 年周期低谷时期 多四倍的行业总 ...

克雷西 发自 凹非寺 量子位 | 公众号 QbitAI Nano Banana成为爆款之后，Gemini月活达到了6.5亿。 AI业务带动之下， 谷歌季度营收也首次突破千亿美元 ，交出了有史以来最亮眼的成绩单。 什么概念？市值刚刚突破5万亿美元的英伟达，2025财年上半年的收入也刚刚突破1000亿。 谷歌CEO桑达尔·皮查伊（劈柴哥）激动地宣布了这一结果，表示他们所采用的 全栈式AI策略推动了这一增长 。 AI用户规模方面，劈柴哥介绍，不仅Gemini APP已有6.5亿月活用户，每分钟要处理的Token数更是达到70亿。 Hyperbolic Labs的联创兼CTO Yuchen Jin分析， Nano Banana在其中起到了重要的作用 。 马斯克也认为这个成绩可喜可贺，称赞了一句Nice work。 财报发布后，谷歌的股价在盘后猛增，达到每股293.69美元，以此计算，市值达到了3.55万亿美元，增长了3000多万美元（超2万亿人民 币）。 靠着Nano Banana的爆火，Gemini起飞了，进而在AI的带动下，整个谷歌公司都起飞了。 季度营收首次突破千亿美元 财报显示，谷歌今年第三季度的总收入为10 ...

Core Viewpoint - OpenAI is preparing for a potential record-breaking IPO, aiming for a valuation of up to $1 trillion, with plans to submit an application to regulators by the second half of 2026 and to officially list in 2027 [2][3]. Financial Needs and Market Context - The initial fundraising target for the IPO is at least $60 billion, reflecting the company's significant capital requirements [3]. - OpenAI expects to consume $115 billion by 2029, while its revenue for this year is projected to be only $13 billion, indicating a substantial funding gap [4][7]. - The current market environment is favorable for OpenAI's IPO, as evidenced by the recent success of AI companies like CoreWeave and Nvidia, which has a market cap exceeding $5 trillion [6]. Structural Changes and Strategic Goals - OpenAI has restructured to reduce its dependency on Microsoft, which invested $13 billion and holds approximately 27% of the company [7]. - The restructuring includes the establishment of a non-profit organization, OpenAI Foundation, which holds 26% of OpenAI Group's shares, enhancing the appeal to public market investors [12]. - The company has set ambitious internal goals, including having an automated AI research intern by September 2026 and a fully automated AI researcher by March 2028 [8]. Technological and Operational Aspirations - OpenAI aims for its AI systems to make small-scale discoveries by 2026 and potentially significant discoveries by 2028 [9]. - The company has committed to investing approximately 30 gigawatts of computing power, with total ownership costs projected to be around $1.4 trillion over the coming years [10].

Group 1 - The gaming industry is showing multiple positive signals, benefiting from a new product cycle, with Bilibili's game "Escape from Duckkov" selling over one million copies in its first week, indicating strong market demand for quality content [1] - Continuous breakthroughs in AI technology are noted, with the University of Science and Technology of China and ByteDance jointly releasing the MoGA long video generation model, which supports multi-angle video generation at the minute level; ByteDance also launched the 3D generation model Seed3D1.0, providing tools for industry innovation [1] - OpenAI and Oracle have initiated a $15 billion AI infrastructure project to strengthen computing power, indicating a favorable environment driven by technology and policy recovery for the industry [1] Group 2 - The gaming ETF (516010) tracks the anime and gaming index (930901), which selects listed companies involved in anime production, game development, content distribution, and derivative operations, reflecting the overall performance of the anime and gaming industry chain [1] - The anime and gaming index exhibits significant growth and volatility characteristics, providing investors with an effective tool to invest in emerging cultural and entertainment sectors [1]

OpenAI正在为一场可能创下纪录的IPO做准备。 10月30日，据路透社援引知情人士透露， OpenAI正考虑以高达1万亿美元的估值上市，预期最早于2026年下半年向证券监管机构提交上市申请，目标是在 2027年正式挂牌。 尽管计划仍处于早期阶段，且可能根据业务增长和市场状况调整，但初步设想的融资规模最低为600亿美元。 OpenAI预计到2029年将消耗1150亿美元，而今年收入预计仅为130亿美元，资金缺口巨大。OpenAI首席执行官Sam Altman在公开直播中提到： 考虑到我们的资本需求，IPO是可能的选项。 2026见闻历"股神纪念版"重磅上市 金融人必备 $$\bigcap{\mathfrak{I}}_{-}$$ OpenAI的上市计划恰逢人工智能在全球公开市场掀起前所未有的热潮。 今年早些时候，AI云公司CoreWeave以230亿美元估值上市后，股价已大致翻了三倍。芯片巨头英伟达更是在周三成为首家市值突破5万亿美元的公司，其股 价飙升巩固了其在全球AI热潮中的核心地位。 火热的市场环境为OpenAI这样的巨无霸登场创造了有利窗口。一旦成功上市，将为其早期投资者带来丰厚回报，其中包括微软、软 ...

Core Insights - Microsoft reported a quarterly sales growth of 18% to $77.7 billion, surpassing Wall Street expectations and reflecting strong demand for cloud computing and AI tools [1][3] - The company spent nearly $35 billion in capital expenditures during the July-September quarter, primarily on computer chips and data center real estate to support AI and cloud demand [2] - Quarterly profit increased by 22% to $30.8 billion, or $4.13 per share, exceeding analyst expectations of $3.67 per share on revenue of $75.38 billion [3] Financial Performance - Microsoft's cloud-focused business segment generated $30.9 billion in revenue, up 28% year-over-year, while revenue from workplace software rose 17% to $33 billion [11] - The company's significant investment in OpenAI, totaling $11.6 billion of a committed $13 billion, reflects its strategic focus on AI [8] Market Position and Valuation - Following a new deal with OpenAI, Microsoft's valuation reached $4 trillion for the second time this year, although shares dropped over 3% in after-hours trading due to an Azure cloud outage [4][8] - Microsoft retains commercial rights to OpenAI products through 2032 and holds a 27% stake in OpenAI's new for-profit arm, indicating a strong partnership despite no longer being OpenAI's exclusive cloud provider [7] Industry Context - The high valuations of companies like Microsoft and Nvidia highlight the investor enthusiasm surrounding artificial intelligence, although there are concerns about the sustainability of this trend if AI products do not deliver on their transformative potential [9]

Core Insights - OpenAI's release of the Sora2 model marks a significant technological breakthrough, integrating social interaction features and accelerating the commercialization of AI applications for consumers [1][2] - The emergence of innovative content forms, such as "AI Manhua," is creating new industry opportunities as demand surges [1][2] Group 1: Technological Advancements - Sora2 achieves three major technological breakthroughs: realistic simulation of the physical world, multi-modal integration for simultaneous audio generation, and initial narrative logic and editing capabilities akin to a director [2] - The SoraAPP allows users to create and share derivative works from popular videos, embedding virtual characters and enhancing the social aspect of AI video creation [2] Group 2: Industry Trends - The next phase of AI video applications will see deeper integration with social interactions, moving beyond professional tools to consumer-oriented products [3] - ChatGPT is evolving into a comprehensive ecosystem, allowing various AI video tools to integrate and reach a broader user base, transforming from simple tools to a full "generate-distribute-monetize" platform [3] - The combination of AI video and AIAgent aims to streamline the video creation process, addressing user learning curves and supporting all aspects of video production [3] Group 3: Investment Opportunities - In the film industry, AI video technology is revolutionizing content production, enabling the creation of innovative content forms and providing new opportunities across the supply chain [4] - In gaming, AI video is enhancing game development and gameplay innovation, potentially increasing commercialization prospects [4] - For intellectual property (IP), AI video accelerates the visualization of IP, shortening production cycles and allowing fans to participate in content creation, thus expanding creative boundaries [4]

Core Viewpoint - Microsoft emphasizes that its AI platform is generating real business value, with Azure cloud revenue expected to grow approximately 37% in fixed currency for Q2, despite capacity constraints [1][2] Financial Performance - The company projects total revenue guidance for Q2 to be between $79.5 billion and $80.6 billion, representing a growth of 14% to 16% [2] - Expected sales costs are between $26.35 billion and $26.55 billion, with a year-over-year increase of 21% to 22% [2] - Operating expenses are anticipated to be between $17.3 billion and $17.4 billion, reflecting a year-over-year growth of 7% to 8% [2] Customer Concentration Risk - Microsoft believes that the risk of customer concentration is manageable, as its nearly $400 billion remaining performance obligation (RPO) covers a wide range of products and customer sizes [1][4] - The weighted average duration of these contracts is only two years, indicating a focus on short-term consumption and usage [1][4] AI Platform and Systems - The company's competitive advantage lies in building systems like M365 Copilot and GitHub Agent HQ, rather than just the AI models themselves [2][4] - Microsoft is creating a highly interchangeable general AI platform, reducing dependency on any single large customer [2][7] Infrastructure and Demand - Microsoft has not over-invested in infrastructure; instead, demand continues to exceed supply, with a strong focus on fulfilling existing contracts [5][9] - The company is building an efficient, flexible infrastructure to support both first-party and third-party applications, ensuring high utilization rates [6][8] OpenAI Investment - The $4.1 billion loss related to OpenAI is attributed solely to the company's share of OpenAI's operational losses, with no other components included [6][10] Strategic Decision-Making - Microsoft prioritizes building a platform that can flexibly serve various customer needs, rejecting contracts that could disrupt this balance [10] - The company is selective about large-scale AI contracts, ensuring they align with long-term strategic interests and profitability [10]

采访｜周鑫雨 邓咏仪 文｜周鑫雨 编辑｜苏建勋 在阿里、字节接连做了近7年大模型的杨红霞，身上有一种鲜明的挑战精神。 在阿里早期，她从内部的业务阿里搜索推荐系统，投身于初期并不被看好的大模型研究之路。 后来，她带领林俊旸（现通义千问负责人）、周畅（前通义千问大模型负责人）等这一轮中国大模型的核心人才，在达摩院磕出了通义千问的前身，M6 大模型。 2024年7月，杨红霞从字节离职创业后，被曝出仍要做模型相关技术的消息。 "阿里、字节大模型核心人物"的光环，没有盖住彼时市场上悲观的声音：入局太晚，创业公司怎么和大厂争？ 时隔一年零三个月，杨红霞带着她的新 AI 公司 InfiX.ai，杀回了大模型赛道。 10月初，《智能涌现》与身在香港的杨红霞，在线上交流了她的创业近况。 然而，杨红霞对我们强调："模型知识的注入只发生在预训练阶段，后训练提供的是规则。"就好比，预训练一段是 8 年制的医学博士生涯，后训练则是临 床实习的过程。 这就导致，基于企业数据后训练的模型，在实际业务中仍然会出现不少"幻觉"。 "中心化"模型的研发经历，让杨红霞形成了创业的两个原始判断： 但仅从技术中，就能窥见 InfiX.ai 的宏大版图 ...

21世纪经济报道记者肖潇 报道 今年的双十一似乎没什么新意，但有一种"买买买"正在升级。 不少用户发现，多款国内大模型学会了带货：豆包在回复里嵌入抖音商城的商品链接，覆盖电子产品、美妆、护肤等多个消费品类；两个月前，元宝宣布和 京东图书商城合作；Kimi、文小言也早有电商平台的跳转链接。 国外更进一步。不久前，ChatGPT推出即时结账功能，并上架了沃尔玛等购物平台的商品。用户可以边聊天边一键下单，而ChatGPT将从商家端抽成佣金。 通用大模型正集体迈出一步：布局电商搜索。AI不再只是回应你的好奇心，还想连接交易。 这一步看似微小，却可能改写搜索经济格局。当AI能够回复"最适合拍照的手机有哪些"时，那些真正有商业价值的询问入口正在被人工智能取代。多位从业 者认为，电商平台的护城河仍在，未来的更大冲击，可能指向搜索引擎和内容种草平台。 （让AI推荐拍照好的手机，Kimi、豆包和文小言的回复里出现电商跳转链接） AI的带货姿势 十月底，豆包悄悄上线了购物功能。 当聊天涉及消费领域时，比如询问"预算9000元内适合拍照的手机有哪些"，豆包的回答不再只是文字推荐，而是会列出iPhone 17 Pro、华为 Mate ...