AMD and Meta Announce Expanded Strategic Partnership to Deploy 6 Gigawatts of AMD GPUs The 6-gigawatt agreement expands on the companies’ existing strategic partnership and aligns roadmaps across silicon, systems and software to deliver AI platforms purpose-built for Meta’s workloads. News Highlights Meta is partnering with AMD to rapidly scale AI infrastructure and accelerate the development and deployment of cutting-edge AI modelsAMD and Meta agree to a definitive multi-year, multi-generation partner ...

%% %% 行业研究丨深度报告丨电气设备 [Table_Title] 美国加码 AIDC 自建电源，变压器&储能景气 有望加速——美国缺电研究系列三 %% %% research.95579.com 1 丨证券研究报告丨 报告要点 [Table_Summary] 此前，我们在《解能源桎梏，扬时代风帆——美国缺电深度研究》中指出，AI 电力需求高增下， 美国电力缺口不断放大，公用电网短期难以解决，导致电价不断上涨。2026 年以来，在立法层 面，FERC、州政府及区域输电组织加速推进大型负载并网政策落地，数据中心自建电源已是 大势所趋。本报告重点阐述北美数据中心供电及配储架构，量化测算自建电源对变压器及储能 需求的拉动。 分析师及联系人 [Table_Author] 邬博华 曹海花 司鸿历 SAC：S0490514040001 SAC：S0490522030001 SAC：S0490520080002 SFC：BQK482 SFC：BVD284 袁澎 SAC：S0490524010001 请阅读最后评级说明和重要声明 2 / 23 %% %% %% %% research.95579.com 2 [Table_ ...

智通财经2月24日讯，今日93股涨停，42股炸板，封板率为69%，豫能控股、美邦股份4连板，汉缆股份 3连板，协鑫集成、韩建河山9天5板，风语筑6天4板，金牛化工7天4板，顶固集创20cm 6天3板。市场冲 高回落，创业板指盘中一度涨超2%。沪深两市成交额2.2万亿，较上一个交易日放量2194亿。盘面上， 市场热点快速轮动，全市场超4000只个股上涨。板块方面，油气、化工、培育钻石方向领涨；影视、 AI应用、算力租赁方向领跌。截至收盘，沪指涨0.87%，深成指涨1.36%，创业板指涨0.99%。 人气及连板股分析 连板晋级率升至60%，但3板及以上连板股仍仅有3只。节前受到Seedance2.0发布以及博弈春节档票房的 双重提振表现火爆的影视传媒、AI应用端双双遭遇退潮，此前5连板的掌阅科技开盘后仅2分钟即封死 跌停，进而带动光线传媒在内的多只影视类个股封跌停。随着春节假期间大宗商品价格大面积走高，涨 价概念得到资金大举抢筹，贵金属为代表的有色板块卷土重来，化工板块涨势持续火爆，十余股封涨 停。而春节长假期间高热度的算力出海以及机器人等方向遭遇资金兑现，整体呈现高开低走的巨震分 歧，可见短线资金整体风偏仍相对 ...

Core Viewpoint - Nvidia's upcoming quarterly earnings report is critical for assessing the sustainability of its profits amid increasing competition and potential risks to its market dominance in the AI chip sector [1][5]. Group 1: Earnings Expectations - Analysts expect Nvidia's profit for the quarter ending in January to surge over 62%, a slowdown from 65.3% growth in the previous quarter [5]. - Revenue is projected to jump more than 68% to $66.16 billion, with first-quarter revenue forecasted to grow another 64.4% to $72.46 billion [6]. - Nvidia has surpassed sales expectations for the past 13 quarters, although the growth delta has been shrinking [6]. Group 2: Competitive Landscape - Nvidia faces competition from companies like Advanced Micro Devices (AMD) and Google, which are developing their own AI chips [3][4]. - Google has entered into a deal with Anthropic to provide its in-house chips, and is reportedly in talks to supply Meta, a significant Nvidia customer [3]. - To maintain its market position, Nvidia has licensed chip technology from Groq in a deal reportedly worth $20 billion [4]. Group 3: Market Dynamics - Concerns are rising about the sustainability of AI spending, with Nvidia potentially reducing its commitment to OpenAI from $100 billion to $30 billion [5]. - Analysts predict Nvidia will forecast revenue for the April quarter at least 3% above estimates, with some expecting it to exceed estimates by over 13% [7]. - Demand for Nvidia's chips, which are essential for processing large AI workloads, is expected to remain strong, supported by Big Tech's capital spending [8]. Group 4: Supply Chain and Production - Supply chain bottlenecks may limit Nvidia's growth, particularly regarding chip shipments as it competes for capacity with TSMC's 3-nanometer assembly lines [9]. - Nvidia's executives hinted at ongoing discussions for data center orders for the next year, suggesting an update to its $500 billion order backlog figure [9]. - The potential return of Nvidia's AI chip sales to China could positively impact sales, as the company seeks to finalize licensing for its H200 AI chip [10]. Group 5: Financial Metrics - Nvidia is expected to record an adjusted gross margin of 75% in the fourth quarter, an increase of over one percentage point from the previous year [11]. - Analysts believe Nvidia's pricing power and secured high-bandwidth memory allocations will mitigate the impact of rising memory prices [12].

Nvidia’s stock has become a market object. It’s big enough to tug the major indexes, with a 7.8% weight in the S&P 500. When it moves, it drags money and sentiment with it, which helps explain why people talk about its quarterly reports as if they’re a major weather event.The company can clear consensus and still disappoint a crowd that paid for a bigger and louder fireworks show. Meet the expectations treadmill: A good quarter gets a shrug. A great quarter gets a shrug. Now, the market’s daring Nvidia to d ...

今日，冰火两重天！ A股三大指数全线上涨，录得马年首日开门红，然而港股绿意盎然，恒生科技指数跌逾2%，再度逼近技术性熊市。 隔夜美股科技股再遭暴击，道指、标普500和纳指均跌逾1%，标普直接回吐今年所有涨幅，纳指年内下跌2.64%，与恒科并列全球倒数。 (本文内容均为客观数据信息罗列，不构成任何投资建议） 仔细一看，美股内部悄悄上演一轮大小盘风格切换。 | 俄罗斯卢布 | 2.87 | | --- | --- | | 上证指数 | 2.85 | | 欧洲国债 | 2.179 | | 德国DAX | 2.059 | | MSCI发达市场 | 1.969 | | 全球国债 | 1.849 | | 日本国债 | 1.719 | | 美国国债 | 1.29% | | 亚洲美元债 | 1.13% | | 人民币 | 1.12% | | 日元 | 0.98% | | 中国国债 | 0.71% | | 沪深300 | 0.66% | | 俄罗斯MOEX | 0.51% | | 英镑 | 0.22% | | 欧元 | -0.08% | | 标普500 | -0.11% | | 美元指数 | -0.54% | | 恒生科技 | ...

天孚通信(300394) < 日 交易中 02-24 11:09:39 通 融 357.62 额 91.9亿 股本 7.77亿 市盈™51.72 万得 盘口 +46.04 +14.78% 换 3.41% 市值 2780亿 市净 56.99 分时 五日 日K 周K 月K 更多 ◎ 均价: 347.20 盘口 | 资金 叠加 15.20% 卖5 357.90 358 93 2 357.80 3 型4 卖3 357.78 3 卖2 357.77 2 5 0.00% 卖1 357.66 311.58 买1 357.57 4 三环集团(300408) 交易中 02-24 11:10:06 通 融 5 4 . 1 7 万得 盘口 +7.34 +12.93% 换 2.08% 市值 1229亿 市净 5.85 分时 五日 日K 周K 月K 更多 ◎ 均价:65.10 盘口 | 资金 叠加 19.39% 卖5 64.16 33 67.78 20 卖4 64.15 | স | 卖3 64.14 | 5 | | --- | --- | --- | | 卖2 64.13 | 37 | | | 29 | 0 000 2 64 1 | ...

张量处理器（TPU）需求强劲，美银证券将 2026 年 TPU 预估出货量从 400 万颗上修至460 万颗，看好相关供应 链，包括台 美银将 2026 年 TPU 出货预期从 400 万颗上修至 460 万颗 看好七档台股 美银发布 AI 特殊应用 IC（ASIC）报告指出，根据供应链在财报季的回馈，将 TPU 今年预估出货量上调到 460 万 颗，比去年的 230 万颗增加一倍。 （联合报系资料照） 美银将 2026 年 TPU 出货预期从 400 万颗上修至 460 万颗 看好七档台股 美银指出，TPU 需求强劲，主要受出本身工作负载快速成长及外部销售推动，源头信息加微WUXL3408尤其在 Meta 的 MTIAASIC 专案因管理阶层变动而延迟后更是明显。 此外，Google 正加速采用自研 ARM 伺服器 CPU（目前为 Axion，后续専案预计在 2027 年下半年推出），搭配 TPU，以取代 x86 CPU。 美银也上调亚马逊 Trainium的预估需求，将 2026 年的预估量由 200 万颗上修至 210 万颗，2027 年的预估由 260 万 颗调高到 300 万颗，因为亚马逊的资本支出 ...

Summary of Key Points from Conference Call Records Industry Overview - The records focus on the global AI industry, highlighting significant trends and developments during the Chinese New Year period from February 16 to February 22, 2023. Major tech companies are accelerating their investments in AI computing power infrastructure [1][2]. Key Companies and Developments - **NVIDIA and Meta Partnership**: On February 18, NVIDIA and Meta announced a multi-year strategic partnership, signing a multi-billion dollar agreement. Meta has become NVIDIA's second-largest buyer of chips, with plans to deploy millions of NVIDIA chips, including Blackwell architecture GPUs and next-generation Rubin architecture GPUs [2]. - **NVIDIA's Upcoming Chip Launch**: NVIDIA's CEO Jensen Huang revealed plans to unveil a "world-first" new chip at the GTC conference on March 15, 2023, with multiple groundbreaking products expected [2]. - **OpenAI's Capital Expenditure Plans**: OpenAI updated investors on its long-term capital expenditure plans, aiming for approximately $600 billion in total computing power spending by 2030, alongside a potential financing round exceeding $100 billion, with NVIDIA negotiating a possible $30 billion investment [2]. Market Performance - Notable stock performance in the optical communication sector during the specified week included significant gains: Lumentum (+18.66%), Coherent (+14.25%), AXT (+22.44%), and AAOI (+16.24%) [1]. Technological Advancements - **AI Model Releases**: Several AI models were released during the period, including Google's Gemini 3.1 Pro and Anthropic's Claude Sonnet 4.6, which is noted for its performance at a fraction of the cost of flagship models [2]. - **ByteDance Innovations**: ByteDance introduced several AI models, including Seedance 2.0 for video generation and Doubao 2.0, which features upgrades in language understanding and logic reasoning [2]. Government and Industry Initiatives - The Indian government announced plans to invest $200 billion in building data centers over the coming years to promote AI industry development, with investments from major companies like Google, Microsoft, and Amazon included in this initiative [2]. Additional Insights - The fourth Global AI Impact Summit took place in New Delhi, attended by prominent figures such as French President Macron and CEOs from Google, OpenAI, and Anthropic. Google’s management compared the current AI wave to a "10x faster industrial revolution," with a significant increase in cloud business backlog orders [2]. - ByteDance reported that its AI interaction numbers reached 1.9 billion on New Year's Eve, showcasing the growing engagement with AI-driven content creation [3]. This summary encapsulates the critical developments and trends in the AI industry as discussed in the conference call records, providing insights into company strategies, market performance, and technological advancements.

Group 1 - The core viewpoint of the news highlights the strong performance of AI computing hardware stocks in the A-share market, particularly in optical modules and communication sectors, with significant gains observed on the first trading day after the Spring Festival [1] - Communication ETF Huaxia (515050) rose over 2.5%, with major holdings like Tianfu Communication increasing by over 10% and Huagong Technology hitting the daily limit [1] - Companies in the "China Optics Valley" are ramping up production, with orders for AI optical modules extending to Q4 2026, indicating robust demand and operational capacity [1] Group 2 - Open Source Securities' latest report anticipates a significant "siphon effect" from AI by 2026, with major global players like Google and Meta increasing their AI capital expenditures [2] - Domestic AI giants such as ByteDance, Alibaba, and Tencent are expected to enter a phase of large-scale investment in AI computing [2] - The report emphasizes three core themes: "optical, liquid cooling, and domestic computing," while also recommending attention to AI applications, telecom operators, and satellite internet & 6G sectors [2] Group 3 - The Communication ETF Huaxia (515050) focuses on electronic (PCB, consumer electronics) and communication (optical modules, servers) computing hardware, with top five holdings including Zhongji Xuchuang, Xinyi Sheng, and Lixun Precision [3] - The Growth Enterprise Market Artificial Intelligence ETF Huaxia (159381) tracks an index with nearly 50% weight in CPO, covering domestic software and AI application companies, providing high elasticity [3] - The top three weighted stocks in the AI ETF are Zhongji Xuchuang (15.64%), Xinyi Sheng (15.57%), and Tianfu Communication (6.85%), with a low comprehensive fee rate of only 0.20% [3]