Core Viewpoint - Nvidia has faced significant challenges recently, with its stock price dropping approximately 30% since the end of 2024, indicating that aggressive growth rates may be a thing of the past. Analysts suggest that Nvidia's stock is overvalued and recommend selling due to substantial downside potential [1][2]. Group 1: Market Dynamics - Nvidia experienced a strong finish in 2024 with soaring revenues, but market sentiment is shifting as competitors like Deepseek demonstrate higher efficiency at lower costs, raising doubts about the necessity of Nvidia's GPUs for running models [2][3]. - Reports indicate that Microsoft has paused some data center projects, suggesting potential overcapacity in AI data centers, which could negatively impact Nvidia's performance in upcoming quarters [2][3]. Group 2: Competitive Landscape - Major clients of Nvidia, including Amazon, OpenAI, Google, and Meta, are developing custom chips to reduce reliance on Nvidia, threatening its dominance in the AI accelerator market [3][4]. - The escalation of global trade tensions poses additional challenges for Nvidia, particularly in its operations in China, where sales remain below pre-export control levels [3][4]. Group 3: Financial Valuation - Nvidia's stock was previously overvalued at $132 per share, with an intrinsic value estimated at $91.20 per share. Current economic factors suggest that intrinsic value may be even lower, indicating further downside potential [4][6]. - Updated valuation models show Nvidia's enterprise value at $1.79 trillion and equity value at $1.83 trillion, translating to an intrinsic value of $73.87 per share, suggesting Nvidia is overvalued by approximately 22% [6][7]. Group 4: Future Outlook - Analysts have adjusted sales growth expectations for fiscal year 2026 down to 50% due to the impact of trade tensions, with further adjustments likely after the first quarter earnings report [5][6]. - Despite the challenging environment, there are signals that the U.S. government may be open to trade negotiations, which could alleviate some economic pressures on Nvidia [8].

| 欧佩克公布月度 | 扮演的角色发表 | 报告。 | 与一场问答。 | 话。 | | --- | --- | --- | --- | --- | | 原油市场报告 | 讲话。 | · 10:00:00 | · 07:00:00 | · 2025-04-18 | | (月报具体公布 | ·07:40:00 | 国新办就国民经 | 2025年FOMC票 | 美股休市一日。 | | 时间待定,一般 | 2027年FOMC票 | 济运行情况举行 | 委、堪萨斯联储 | · 2025-04-18 | | 于北京时间18- | 委、亚特兰大联 | 新闻发布会。 | 主席施密德和达 | 旗下贵金属、美 | | 21点左右公 | 储主席博斯蒂克 | | 拉斯联储主席洛 | 国原油、外汇和 | | 布)。 | 就货币政策发表 | | 根就美国经济和 | 股指期货合约全 | | 国家能源局每月 | 讲话。 | | 银行业进行炉边 | 天交易暂停。 | | 15日左右公布全 | ·09:20:00 | | 谈话。 | · 2025-04-18 | | 社会用电量数 | 今日有1000亿 | | 国内成品油将开 | 港股休市一日, ...

"关税的担忧可能暂时退散了，但事情远未结束。"摩根士丹利分析师约瑟夫·摩尔（Joseph Moore）周四 在给客户的一份报告中写道。 坎托·菲茨杰拉德（Cantor Fitzgerald）的分析师C.J. 缪斯则发出了灵魂拷问："接下来呢？" 他指出，英伟达已在为其GB200服务器在墨西哥的生产做准备，这有助于减轻来自亚洲的高额关税带来 的影响。 "总体来看，向北美转移生产并不算太难，"摩尔写道。GB200属于Blackwell产品系列，"的确比普通的 代工项目复杂，但其生产量并不算大。" 此外，他还指出，像GB200这样的大型机架级产品，在短期内并不是一个"价格敏感型市场"。 "我们依然认为AI板块是最值得长期持有的位置，"缪斯写道，并强调这些企业在2025自然年里有望交出 超出华尔街预期的业绩表现。他最看好的三只股票是英伟达、博通和台积电，同时他认为美光科技 (MU.O)也值得关注，因为AI板块"在经济波动中相对不敏感"。 不过这些公司股价在周四全线下跌：英伟达跌5.9%，博通跌6.9%，台积电跌4.8%，美光重挫10%。 但要知道，这些跌幅是发生在芯片股创下历史最佳单日表现之后的一天。周三，受特朗普宣 ...

美股盘前芯片股上涨，台积电(TSM.N)涨2.5%，Arm(ARM.O)涨1.4%，高通(QCOM.O)涨0.8%，美光科 技(MU.O)涨0.4%，英伟达(NVDA.O)涨0.5%。 ...

权值股急拉、航运股飙涨，台股大逆转5.85% 金十数据4月11日讯，台股今天开低走高，早盘指数一度跌581点，跌幅超3%，随后台积电、联发科、 鸿海等权值股迅速翻红，激励指数盘中大逆转，终场收涨528.74点，涨幅达2.78%，日内振幅达5.85%。 单日成交总量5,141.08亿新台币，较昨日量增146.6%。收盘时，上涨家数为545家，涨停24家，下跌家 数为441家，跌停2家。产业表现排名上，EMS、笔记本电脑、电源供应器、航运等族群大涨。 ...

Group 1: AI Industry Developments - The European Union is investing in the construction of 13 AI super factories, with a total investment goal of €200 billion, including a dedicated fund of €20 billion for these projects [1] - Each AI super factory will be equipped with over 100,000 high-end AI processors, with the best-performing factories hosting up to 25,000 processors [1] Group 2: Film Industry Response - The National Film Administration of China plans to moderately reduce the import of American films in response to the U.S. government's imposition of tariffs on Chinese goods, which may decrease the audience's favorability towards American films [1] Group 3: Telecommunications and 5G - Beijing aims to achieve comprehensive 5G large-scale applications by the end of 2027, establishing itself as a leading city in 5G applications, enhancing industrial support, network service capabilities, and ecological collaboration [2] Group 4: Corporate Financial Performance - TSMC reported March revenue of NT$285.96 billion, a year-on-year increase of 46.5%, and Q1 revenue of NT$839.25 billion, up 41.6% year-on-year [3] - Meixin Sheng expects Q1 2025 net profit to be between RMB 2 million and 5 million, marking a significant turnaround from losses, driven by a 30% to 35% increase in revenue [5] - Huaxi Biological's 2024 revenue reached RMB 5.371 billion, with skin-related medical revenue exceeding RMB 1 billion, reflecting a 43.57% year-on-year growth [6] Group 5: Corporate Actions and Shareholder Commitments - Kingsoft WPS Corporation Limited, the controlling shareholder of Kingsoft Office, has committed not to reduce its shareholding from April 10, 2025, to December 31, 2025 [4] - Jincheng Co. plans to repurchase shares worth between RMB 50 million and 100 million for employee stock ownership or equity incentives [6] - Guangge Technology intends to repurchase shares with a total amount between RMB 10 million and 20 million for employee stock ownership plans [6] Group 6: Investment and Financing Activities - Stardust Intelligence has completed several rounds of financing, raising several hundred million yuan, with participation from prominent investors [7] - Shenzhen Ruisi Zhixin Technology has received equity financing from multiple investors, indicating strong market interest [8] - Anhui Zhongsheng Traceability Biotechnology has completed B+ round financing of RMB 85 million, continuing its trend of successful fundraising [9]

Market Performance - Main board leads with significant gains from companies like Kosen Technology (+10.03%), Zhiwei Intelligent (+10.01%), and Huqin Technology (+10.01) [1] - Growth in the ChiNext board is highlighted by Longyang Electronics (+20.01%) and Huibo Yuntong (+19.99%) [1] - The Sci-Tech Innovation board shows strong performance with Fuliwang (+19.99%) and Juxin Technology (+19.99%) [1] - Active sub-industries include SW Consumer Electronics Components and Assembly (+6.32%) and SW Semiconductor Materials (+1.96%) [1] Domestic News - Kossda and Infineon deepen collaboration to enhance power semiconductor solutions for high-frequency UPS systems [1] - TSMC reports March revenue of NT$285.96 billion, a 10% increase quarter-on-quarter and 46.5% year-on-year, with expectations for slight seasonal decline in Q2 [1] - Luxshare Precision denies rumors of plans to build a factory in the U.S. [1] - Beijing has registered 128 generative AI services as of April 10, 2025, with 23 new services added [1] Company Announcements - China Shipbuilding Special Gas reports a 142.42% year-on-year increase in new orders for trifluoromethanesulfonic acid series products in Q1 2025, with the organic silicon industry seeing a 30% rise in new customers [3] - Meixin Sheng anticipates Q1 2025 revenue between CNY 12.3 million and CNY 12.8 million, a year-on-year increase of 30% to 35%, with net profit expected to be between CNY 2 million and CNY 5 million [3] - Allwinner Technology forecasts Q1 2025 net profit between CNY 85 million and CNY 100 million, a year-on-year increase of 73.16% to 103.72% [3] - Feirongda expects Q1 2025 net profit between CNY 55 million and CNY 62 million, a year-on-year increase of 76.69% to 99.18% [3] International News - SEMI projects global semiconductor manufacturing equipment shipments to reach USD 117.1 billion in 2024, a 10% increase from USD 106.3 billion in 2023 [1] - The EU is implementing a plan to build 13 AI super factories, each equipped with over 100,000 high-end AI processors [1] - Google showcases AR glasses integrated with its Gemini AI assistant at TED2025 in Vancouver [1] - Apple reportedly shipped 600 tons of iPhones from India to the U.S., potentially totaling up to 1.5 million units [1]

Core Viewpoint - TSMC's Q1 revenue increased by 42% year-on-year, reaching approximately NT$285.96 billion, with cumulative revenue for the quarter at NT$839.25 billion (about $25.53 billion), aligning with market expectations despite concerns over potential impacts from new U.S. tariffs [1][2]. Group 1: Revenue Performance - TSMC's Q1 revenue of NT$285.96 billion and cumulative revenue of NT$839.25 billion fell within the company's forecast range of $25 billion to $25.8 billion [1]. - Analysts had initially expected a slight dip in revenue due to the January earthquake, but the actual results exceeded these expectations [1]. Group 2: Market Concerns - Investors are particularly focused on the potential weakening of global chip demand following the implementation of new U.S. tariffs on April 9 [1]. - There is anticipation regarding TSMC's upcoming investor conference on April 17, where the company may revise its annual revenue and capital expenditure targets [1]. Group 3: Competitive Position and Risks - Bloomberg analysts believe TSMC maintains a leading position in advanced process technologies, particularly in 2nm and 3nm nodes, which should mitigate the impact of U.S. tariffs [2]. - However, TSMC faces short-term profit risks due to rising operational costs from rapid overseas capacity expansion, particularly in the U.S., and low utilization rates in mature process technologies [2]. Group 4: Customer Impact - TSMC's major customer, NVIDIA, may have 40% to 60% of its U.S. system products eligible for tariff exemptions, potentially reducing the impact of tariffs [3]. - Despite some products being assembled in the U.S., approximately half of NVIDIA's components are still produced in Asia, particularly Taiwan, which may continue to face tariff risks [3].

美股盘前，台积电(TSM.N)涨0.4%，3月营收同比增46.5%，一季度营收高于预期。苹果(AAPL.O)、英 伟达(NVDA.O)跌2.5%。热门中概股上涨，携程(TCOM.O)涨近5%，阿里巴巴(BABA.N)涨2.5%，拼多多 (PDD.O)涨1.7%。 ...

Core Insights - The profits of South Korean wafer fabrication equipment manufacturers significantly increased last year, driven by high bandwidth memory (HBM) and advanced packaging technologies [1] Group 1: Revenue Growth - Hanmi Semiconductor reported the highest year-on-year revenue growth at 638.15%, followed by Techwing at 631.25%, and Zeus at 592.96% [1] - The revenue of Hanmi Semiconductor reached 558.9 billion KRW, with an operating profit of 255.4 billion KRW [1] Group 2: Key Suppliers and Clients - Hanmi Semiconductor is the primary supplier of thermal compression (TC) bonders for HBM production to SK Hynix, the largest HBM supplier globally [2] - Techwing's revenue was 185.5 billion KRW, with an operating profit of 23.4 billion KRW, serving major clients like SK Hynix, Kioxia, and Micron [2] - Zeus generated revenue of 490.8 billion KRW, with an operating income of 49.2 billion KRW, supplying TSV cleaning machines to Samsung and SK Hynix [3] Group 3: Market Dynamics - Jusung Engineering's revenue was 409.4 billion KRW, with 85% coming from China, indicating a strong demand in the Chinese market despite potential risks from the US-China trade war [3] - DIT reported revenue of 116.7 billion KRW, with 59% of its income derived from laser solutions, primarily serving SK Hynix [3] Group 4: New Developments - Auros Technology's revenue was 61.4 billion KRW, and it began supplying overlay measurement equipment to Kioxia in mid-2024 [4]