Core Viewpoint - The article highlights the significant surge in Oracle's stock price, driven by strong financial results and a massive increase in remaining performance obligations (RPO), which has sparked enthusiasm in the AI-driven growth narrative in the market [2][6]. Financial Performance - Oracle's stock price soared over 41% at one point, closing with a gain of 38.84%, marking the largest single-day increase since 1999 [4][6]. - The company's market capitalization rose to $941.94 billion (approximately ¥67,100 billion), with a single-day increase of $263.5 billion (approximately ¥19,000 billion) [6]. - For the first fiscal quarter of 2026, Oracle reported adjusted earnings per share of $1.47, slightly below analyst expectations of $1.48, and revenue of $14.93 billion, also below the expected $15.04 billion [6]. Remaining Performance Obligations (RPO) - Oracle's RPO surged to $455 billion, a staggering year-on-year increase of 359%, which exceeded market expectations significantly [6][10]. - This explosive growth is attributed to large-scale cloud contracts with leading AI companies such as OpenAI, xAI, and Meta, positioning Oracle as a key infrastructure provider for AI model training [6][11]. Cloud Infrastructure Growth - Oracle's cloud infrastructure revenue reached $3.3 billion in the last quarter, reflecting a year-on-year growth of 55% [7]. - The company anticipates cloud infrastructure revenue to hit $18 billion in fiscal year 2026, a nearly 77% increase from $10.3 billion in fiscal year 2025, with projections for subsequent years indicating substantial growth [8]. Analyst Reactions - Following Oracle's financial report, multiple investment banks raised their target prices for the stock, with Wolfe Research increasing its target from $300 to $400, suggesting a market cap of $1.12 trillion [10]. - Analysts noted that the reported backlog data was unprecedented, with expectations for RPO around $180 billion, making Oracle's actual figure several times higher [10]. AI Market Insights - Oracle's Chairman Larry Ellison emphasized that AI is fundamentally transforming the company, with a focus on the AI inference market, which he believes will be larger than the AI training market [11][12]. - Ellison outlined Oracle's strategy to capture the AI inference market through its new "AI database," asserting that the company's AI narrative is just beginning [11][12]. Competitive Advantage - Ellison highlighted Oracle's technological edge, claiming that its data centers are faster and more cost-effective for AI model training compared to competitors [13]. - He attributed this advantage to Oracle's underlying technology, particularly its network capabilities, which enhance data transfer speeds and reduce costs [13].

消息面上，甲骨文9日表示，随着人工智能需求的增长，2026财年云基础设施销售额将跃升77%，达到180亿美元，超出市场预期。该公司首席执行官Safra Catz表示，在随后的四年，云基础设施业务的年度营收目标将分别达到320亿美元、730亿美元、1140亿美元和1440亿美元。 甲骨文深夜大涨。 当地时间9月10日，美股三大股指早盘涨跌不一，截至发稿，道指微跌0.04%，标普500指数涨0.54%，纳指涨0.31%。 | 道琼斯指数 | 45692.89 | -0.04% | | --- | --- | --- | | .DJI | | | | 标普500指数 | 6547.71 | +0.54% | | .SPX | | | | 纳斯达克综合指数 | 21947.21 | +0.31% | | .IXIC | | | | 纳斯达克中国金龙指数 | 8185.23 | -0.55% | | .HXC | | | 经济数据方面，根据美国劳工统计局周三（10日）发布的报告，美国8月生产者价格指数（PPI）环比下降0.1%，而7月的数据被下修。同比来看，PPI上涨 2.6%。 美国8月PPI环比意外下降，进一步增强 ...

甲骨文深夜大涨。 当地时间9月10日，美股三大股指早盘涨跌不一，截至发稿，道指微跌0.04%，标普500指数涨0.54%，纳指涨0.31%。 | 道琼斯指数 | 45692.89 | -0.04% | | --- | --- | --- | | .DJI | | | | 标普500指数 | 6547.71 | +0.54% | | .SPX | | | | 纳斯达克综合指数 | 21947.21 | +0.31% | | .IXIC | | | | 纳斯达克中国金龙指数 | 8185.23 | -0.55% | | .HXC | | | 经济数据方面，根据美国劳工统计局周三（10日）发布的报告，美国8月生产者价格指数（PPI）环比下降0.1%，而7月的数据被下修。同比来看，PPI上涨 2.6%。 美国8月PPI环比意外下降，进一步增强了美联储降息预期。 据央视新闻，当地时间9月10日，美国总统特朗普在其社交平台"真实社交"上发文再次批评美联储主席鲍威尔，并敦促立即大幅降息。特朗普写道，美国"没 有通胀"，美联储"必须立刻大幅降息"，并称鲍威尔是"一场彻底的灾难"，还表示鲍威尔"毫无头绪"。 特朗普已多次要求鲍 ...

受科技股再度上涨以及对美联储将降息提振，全球股市连续第六个交易日走高。 周三，欧股开盘集体上涨， 日韩股市均创收盘历史新高，美国股指期货同样上扬。甲骨文公司美股盘前大涨超29%，预计2026财年云基础设施营 收将增长77%，至180亿美元。台积电美股盘前涨超2%，8月销售同比增长33.8%。 投资者关注本周即将公布的美国通胀报告，将直接影响下周美联储的利率决策以及2025年的降息路径。与此同时，地缘政治风险也在抬头。据央 视新闻，当地时间9月9日，卡塔尔首都多哈北部的卡塔拉地区发生爆炸事件。以色列国防军证实其对哈马斯高级领导层实施了一次精确打击。推 高了石油价格。 聚焦美联储：就业降温与通胀考验 在下周美联储会议召开前，投资者的目光紧紧锁定本周将公布的生产者价格指数（PPI）和消费者价格指数（CPI）。这些数据被视为判断联储下 一步行动的核心依据。货币市场目前的预测是，美联储今年将进行两到三次降息。 墨尔本Capital.com的市场分析师Kyle Rodda表示： "从当前的市场风险偏好看，市场似乎相信（降息）足以保护美国经济免于衰退。但一份火热的通胀报告将使情况复杂化，迫使美联储 在劳动力市场和物价稳定之 ...

Group 1 - The Chiayi Phase II park is entering the environmental assessment stage, with TSMC committing to retain advanced technology in Taiwan, specifically planning to establish a new generation advanced packaging factory in Chiayi [1] - The environmental impact statement estimates that the companies entering the Chiayi Phase II park will generate an annual revenue of NT$210 billion [1] - As of April 2023, the Chiayi park has six approved companies and two expansion projects, achieving a land rental rate of 100% [1] Group 2 - The Chiayi Phase II park covers approximately 89.58 hectares, with 41.66 hectares designated for production and 47.92 hectares for public facilities, focusing on emerging technologies such as B5G, 6G, AI, cybersecurity, heterogeneous packaging, net-zero, and quantum technology [2] - The average water usage for the project is estimated at 40,000 CMD (tons/day), with agreements in place for water supply and plans to utilize various water sources [2] - The estimated electricity demand for the park is 338,000 kW, with consent obtained from the local power company [2] Group 3 - The construction period for the Chiayi Phase II park is expected to be around five years, with an anticipated increase of 3,500 jobs during the operational phase [3]

iPhone 17系列新机话题火热，知名智能手机比价平台SellCell出具最新调查报告发现，美国有近七成 iPhone用户预计升级至iPhone 17系列新机，凸显美国市场换机意愿相当高。 SellCell指出，此次于8月针对超过2,000名美国iPhone用户调查，约68.3%现有用户打算购入iPhone 17系 列新机，较去年iPhone 16系列的61.9%明显增加。其中，iPhone 17 Pro与iPhone 17 Pro Max为最多既有 用户想升级机型。 另一方面，传出苹果今年为iPhone 17系列打造"活力橘"新色系，以高饱和度的鲜艳橘子来达到全新视觉 焦点，借此吸引更多年轻族群，一改过往以冷色系为特殊色的惯例，同步助攻买气。 苹果今年秋季新品发表会主题为 "Awe dropping"，根据苹果先前发布的活动主视觉动画，该动画是一个 发光的苹果Logo，散发蓝色渐层光芒，并且从冷色系的蓝色，动态变化到暖色系的橘色，隐约透露新 机的特殊色将从冷色系变革到暖色系。 苹果iPhone 17系列新机发表倒数计时，受惠价格普遍"冻涨"与新色系助攻，换机潮蠢动。美国市场民调 率先出炉，高达近七成iPh ...

Core Viewpoint - Nvidia's stock price has dropped nearly 3%, marking the first significant risk of falling below the $4 trillion market cap in two months, amid concerns over economic downturns and competition from Broadcom's AI ASIC market growth [1][9] Group 1: Nvidia's Market Position - Nvidia's stock has seen a decline of nearly 10% from its August peak, resulting in a market cap loss of approximately $470 billion, despite still being the highest valued company globally [9] - The company is facing increased competition from Broadcom, which has reported strong earnings and growth projections, leading to adjustments in Nvidia's long-term performance expectations by analysts [2][5] Group 2: Broadcom's Performance - Broadcom's semiconductor revenue related to AI infrastructure reached approximately $5.2 billion in Q3, with a year-over-year growth of 63%, exceeding Wall Street's expectations [4] - The company has secured over $10 billion in AI infrastructure orders from a major client, OpenAI, and anticipates a revenue growth rate of 50% to 60% for AI-related revenue in fiscal 2026 [5] Group 3: AI ASIC vs. AI GPU - AI ASIC and Nvidia's AI GPU represent two distinct technological paths in AI chips, with AI ASIC offering significant cost-effectiveness and energy efficiency advantages for large-scale cloud computing giants [3][15] - The rapid rise in demand for AI ASICs, driven by major tech companies, is expected to erode Nvidia's market share in the AI chip sector, which currently holds a 90% market share [13][15] Group 4: TSMC's Role - TSMC remains a critical player in the chip manufacturing sector, benefiting from the surge in demand for AI GPUs and ASICs, with expectations of a 30% sales growth by 2025 due to increasing AI chip orders [17][18] - The company is experiencing supply constraints in advanced packaging capacity, particularly for 5nm and below processes, which is impacting Nvidia's production capabilities [18]

Market Overview - On September 5, US stock markets experienced significant volatility, with all three major indices closing lower. The Dow Jones Industrial Average fell by 0.48% to 45400.86 points, the S&P 500 decreased by 0.32% to 6481.50 points, and the Nasdaq Composite slightly declined by 0.03% to 21700.39 points [1][2]. Employment Data Impact - The core reason for the market shift was the release of August non-farm payroll data, which showed only 22,000 new jobs added, significantly below the expected 75,000. The unemployment rate rose to 4.3%, aligning with expectations. Notably, June's data was revised downwards, indicating the first negative growth in non-farm employment since early 2020 [3][4]. Interest Rate Expectations - Following the weak employment data, expectations for interest rate cuts surged. The market anticipates at least a 25 basis point cut from the Federal Reserve, with some traders betting on a 50 basis point reduction. Analysts from JPMorgan and Barclays have adjusted their forecasts, suggesting multiple rate cuts by the end of the year [4][5]. Sector Performance - Sector performance showed clear divergence. In technology, chip stocks generally rose, with Broadcom surging by 9.41% to a market cap of $1.575 trillion. However, Nvidia fell by 2.7% amid concerns over increased competition in the AI sector. Major tech stocks had mixed results, with Google and Facebook seeing slight gains, while Microsoft and Amazon declined [6][7]. Chinese Stocks - Chinese stocks performed well, with the Nasdaq China Golden Dragon Index rising by 1.16%. Notable gainers included Fangdd, Baidu, Alibaba, and JD.com, driven by expectations of Federal Reserve rate cuts, which may alleviate global liquidity pressures [8][9]. Other Significant Events - Other market-moving events included criticism from former President Trump regarding the EU's $3.5 billion fine on Google, and Tesla's announcement of a new compensation package for CEO Elon Musk, potentially worth $143.5 billion if certain market conditions are met. Analysts have differing views on future market trends, with some remaining optimistic about tech stocks due to AI investments, while others caution about weakening growth momentum [10].

Core Insights - Intel's CFO, Sinha, revealed that a decision regarding the future of the 1.4nm (14A) advanced process may be made next year, emphasizing TSMC as a key partner and stating that Intel will "always" collaborate with TSMC [1] - Sinha clarified that the previous statement by Intel's CEO about halting the 14A process without external customers was not a lack of confidence but a matter of financial discipline, indicating that capacity will only be created with external demand [1] - A decision on whether to continue the 14A development is expected by 2026, with potential product availability projected for 2028-2029, aiming to secure external customers during this timeframe [1] - Sinha confirmed that Intel will continue to place orders with TSMC, despite potential fluctuations in their relationship due to Intel's Integrated Device Manufacturing (IDM) strategy [1] Production Strategy - Intel considers TSMC a great partner and intends to continue utilizing TSMC's technology, with many chips, including Lunar Lake and most Arrow Lake, being outsourced [2] - The current ratio of internally produced chips to outsourced chips is 70% to 30%, with the outsourcing ratio potentially decreasing but still remaining higher than levels from a decade ago [2]

Core Insights - OpenAI is collaborating with Broadcom to develop its first custom AI ASIC chip, which will initially be used internally rather than sold to external clients [1][2][3] - OpenAI's CEO, Sam Altman, indicated plans to invest trillions of dollars in AI infrastructure, including chips and data centers, emphasizing the long-term importance of AI [2] - Broadcom's recent performance and future outlook highlight a surge in demand for AI ASICs, with a significant order from OpenAI exceeding $10 billion [4][7] Company Developments - OpenAI is finalizing the design architecture for its AI ASIC in collaboration with Broadcom, with plans to have it manufactured by TSMC [3] - Broadcom's CEO announced that AI-related revenue growth is expected to be stronger than previously anticipated, with a projected growth rate of 50% to 60% for fiscal year 2026 [4] - Broadcom's semiconductor revenue related to AI infrastructure reached approximately $5.2 billion, a year-over-year increase of 63% [5] Market Trends - The demand for AI ASICs is expected to continue growing, following the trend set by major tech companies like Google and Amazon [3][8] - Broadcom's strong earnings have revitalized investor confidence in the AI sector, leading to a significant increase in its stock price, which has more than doubled since April [5][7] - The AI ASIC market is anticipated to expand rapidly, potentially matching or exceeding the growth of AI GPU demand in the coming years [8][14] Analyst Sentiment - Analysts are optimistic about Broadcom's stock performance, with several firms raising their target prices significantly following the company's strong earnings report [15] - The overall sentiment in the market is bullish regarding AI infrastructure investments, driven by the increasing reliance on custom AI chips [14][15]