November 27, 2025 07:23 AM GMT Capital Goods | Europe 800vDC: Potential paradigm shift to data center power architecture, but jury still out on which player will emerge strongest Key Takeaways Backdrop: 800vDC (*vDC = voltage direct current) refers to a new data center power architecture that is currently being mapped out for future AI data centers using the Nvidia Vera Rubin GPUs. Right now, AI server racks are around ~50kw to ~200 kw/rack of power consumption. However, with Vera Rubin servers, this is loo ...

AI芯片市场暗流涌动。 巨头之一谷歌正加快自研AI芯片TPU的商业化步伐，有报道称谷歌正与Meta等科技大厂谈外采合作。在外界看来，如果合作落地，TPU将进入 谷歌体系之外的超大规模数据中心，或对英伟达GPU主导的算力市场带来冲击。 相关消息一出，英伟达股价随即震荡。周二美股早盘，英伟达股价一度下滑7%，最终收跌约2.6%。而自10月29日以来，英伟达市值从5.03万 亿美元跌至11月25日收盘的4.32万亿美元，不到一个月时间市值缩水已超过7000亿美元（约合人民币5万亿元）。 11月26日凌晨，英伟达在社交平台上正面回应谷歌的竞争："我们对谷歌的成功感到高兴——他们在人工智能领域取得了重大进展，而我们仍 将继续向谷歌供货。英伟达领先行业整整一代，是唯一能够运行所有AI模型，并可在所有计算场景中部署的平台。" 作为全球GPU市场的主导者，英伟达用"领先一代"与"全场景优势"回应这场自研芯片带来的挑战。而即便谷歌TPU得以进入Meta等巨头的数据 中心，也并不意味着GPU会在短期内被替代。事实上，谷歌也表示，自家定制的TPU和英伟达GPU的需求都在加速增长。 更多业内观点认为，随着AI训练与推理的负载增长和高 ...

【环球时报报道 记者 倪浩】继年初DeepSeek引发行业震动后，随着谷歌发布基于自研芯片训练的高性 价比模型Gemini 3，人工智能（AI）领域的竞争格局再次迎来剧变。市场围绕"AI泡沫"，特别是"英伟 达泡沫"的质疑声浪再度升温。25日，英伟达、超威半导体和安谋等热门芯片股普跌。当天早盘时段， 英伟达股价一度重挫超过7%，较一个月前历史最高点时市值蒸发约1万亿美元。直到26日，股价才小幅 回调。 谷歌母公司Alphabet最新推出的多模态AI模型Gemini 3近日横扫硅谷各大基准测试榜单，性能被认为已 经超越了OpenAI的ChatGPT。值得关注的是，Gemini 3是基于谷歌自研的TPU（张量处理单元）芯片完 成训练，而非行业普遍采用的英伟达GPU（图形处理单元）。 此外，据科技媒体"The Information"报道，Meta正在考虑从2027年起在其数据中心部署谷歌的TPU，并 且最早可能在明年通过谷歌云租借TPU。如果消息属实，这笔交易不仅能为谷歌带来数十亿美元收入， 还将有效证明其芯片技术的可靠性。这被视为谷歌在AI芯片领域挑战当前霸主英伟达的重要一步。 英国《金融时报》援引知名机构经纪 ...

Core Insights - The recent sell-off of electric air taxi companies presents a potential entry point for long-term investors despite skepticism surrounding the industry [1][2] Company Summaries Joby Aviation - Joby Aviation is leading in the eVTOL market and is in the final stage of FAA certification, with expectations for commercial operations by 2026 [3][4] - The stock has decreased approximately 35% from its 52-week high of nearly $21, resulting in a market capitalization of around $12.8 billion [4][6] - Joby has completed over 600 flights this year and announced a $250 million aircraft sale in Kazakhstan, indicating growing international demand [7] Archer Aviation - Archer Aviation focuses on selling aircraft to operators and building infrastructure for urban air mobility, with its stock down roughly 34% recently [8][11] - The company acquired Hawthorne Airport for $126 million, positioning itself strategically for the upcoming 2028 Olympics in Los Angeles [9] - Archer has over $2 billion in liquidity and has secured partnerships with Stellantis and United Airlines, enhancing its long-term prospects [11] Market Outlook - Wall Street remains optimistic, with a consensus price target of around $12.4 for the companies, suggesting a potential 70% upside from current levels [12] - The eVTOL industry is expected to grow into a multibillion-dollar market by the end of the decade, with both companies having the necessary partnerships and technology to lead [14]

曾经风光无限的"AI股王"英伟达，如今股价遭遇断崖式下跌，8000亿美元市值凭空蒸发，投资者纷纷用 脚投票，就连背后的资本大佬也集体跑路。 这波暴跌来得又快又猛，让整个市场都始料未及，毕竟此前英伟达还靠着AI风口一路高歌，成为全球 投资者追捧的香饽饽。 曾经的AI神话为何突然失宠？这8000亿市值蒸发，是AI风口退潮还是另有隐情？这场资本狂欢的急刹 车，背后藏着的行业变化，可能比我们想象中更关键。 市值雪崩 科技行业历来信奉"预期先行于业绩"，但当预期被推到脱离现实的高度，泡沫的破裂只是时间问题。 英伟达的崛起堪称教科书式的赛道红利捕获，AI算力需求的爆发式增长，让其GPU芯片成为无可替代 的核心硬件，股价也随之承载了太多超出业务本身的想象空间。 从被奉为"AI时代终极赢家"到27天内市值蒸发近3500亿美元，这样的剧烈震荡看似突然，实则早已埋下 伏笔。 黄仁勋此前在内部会议中坦言的"无赢局面"，与其说是巨头的审慎，不如说是对行业潜规则的清醒认 知。 在科技领域，单一赛道依赖从来都是高风险游戏，当一家公司的估值完全绑定某个风口，任何细微的风 吹草动都可能引发市场的过度反应。 就像曾经的互联网泡沫、新能源造车热 ...

Core Viewpoint - Investing in artificial intelligence (AI) infrastructure is a sound strategy that can be potentially lucrative, with the AI infrastructure market projected to grow from $35.42 billion in 2024 to $223.45 billion by 2030, at a compound annual growth rate of 30.4% [3]. AI Infrastructure Market - The AI infrastructure market is expected to experience significant growth, indicating a shift in investor focus from traditional chipmaking companies to broader infrastructure investments [3]. Data Center REITs - Investing in data centers through real estate investment trusts (REITs) offers a way to diversify investments away from chip stocks while generating a consistent revenue stream [4]. Digital Realty Trust - Digital Realty Trust is the fifth-largest publicly traded REIT in the U.S., owning over 300 data centers across multiple continents, with major clients including Microsoft, Amazon, and Nvidia [5]. - In Q3, Digital Realty's revenue increased by 10% year-over-year to $1.6 billion, with earnings of $64 million, or $0.15 per share, compared to $0.09 per share a year prior [7]. - The company offers a dividend yield of 3% and is required to distribute 90% of its earnings to shareholders [8]. Equinix - Equinix reported $395 million in annualized gross bookings for Q3, a 25% year-over-year increase, and plans to double its computing power capacity by 2029 [9]. - The company operates 273 data centers globally, with total revenue of $2.31 billion, up 5% from the previous year [10]. - Equinix's net income rose by 26% to $374 million, with earnings per share increasing by 23% to $3.81 [12]. Iron Mountain - Iron Mountain has expanded from records storage to owning over 30 data centers, providing 1.2 gigawatts of computing power [13]. - The company reported a 12.6% year-over-year revenue increase to $1.8 billion in Q3, with its data center and digital businesses growing by over 30% [14]. - Iron Mountain expects full-year revenue between $6.79 billion and $6.94 billion, projecting a 12% improvement from 2024 [17].

Core Viewpoint - Michael Burry is aggressively betting against Nvidia, claiming that the AI boom is a bubble and attempting to convince others of his bearish thesis [2][3][15]. Group 1: Burry's Allegations and Strategy - Burry holds over $1 billion in bearish put options on Nvidia and Palantir, indicating a strong belief that their stock prices will decline [3]. - He accuses Nvidia of costing shareholders $112.5 billion through stock-based compensation, which he claims reduces owners' earnings by 50% [3]. - Burry suggests that AI companies are manipulating financials by overstating the useful lives of Nvidia's GPUs, leading to inflated capital expenditures [3]. - He argues that the demand for AI products is misleading, as customers are allegedly funded through a circular financing scheme [3]. Group 2: Nvidia's Response - Nvidia has issued a seven-page memo to Wall Street analysts, countering Burry's claims and stating that his calculations are incorrect, particularly regarding stock buybacks [5]. - The company asserts that its employee compensation practices are consistent with industry peers and emphasizes that it is not comparable to Enron [5]. Group 3: Market Implications and Historical Context - Burry's warnings have gained traction, leading to speculation about whether he could influence investor sentiment and trigger a sell-off in Nvidia's stock [15][16]. - Historical examples show that prominent critics can accelerate the unraveling of companies with underlying issues, as seen with Enron and Lehman Brothers [15]. - Nvidia's market cap is currently at $4.5 trillion, having increased twelvefold since early 2023, making it the most valuable company in the world [8].

All right, welcome back to the tech corner. I'm George Silis, senior markets contributor here with the Schwab network. Today we're going to re-evaluate Nvidia Incorporation.In fact, if you want to watch the first video on Nvidia back in March, you can click above. Now, Nvidia Incorporation is a leading infrastructure computing technology company known primarily for its innovations in accelerated computing. The company operates through two main segments, computing and networking as well as graphics.Now, the ...

Nvidia (NASDAQ: NVDA) is under pressure as the chipmaker faces allegations over inflated revenue numbers.Namely, the ‘Big Short’ investor Michael Burry, this time backed by another legendary figure, Jim Chanos, is once again raising concerns over Nvidia’s business practices, questioning whether its investments in customers are inflating sales figures.The $NVDA memo to its Wall Street sell-side analysis cited me as the first source. I attached the front page of the memo here. Also, part of my response addres ...

Core Insights - Alphabet Inc's shares have increased by 67% year-to-date, outperforming NVIDIA's 32% rise as of November 25, 2025 [1] - Berkshire Hathaway has taken a new position in Alphabet, making it the 10th largest equity holding in its portfolio as of the end of Q3 2025 [2] - Alphabet is part of the "Magnificent Seven" group, which includes major tech companies known for their AI initiatives, and has shown strong revenue and earnings growth [4] Financial Performance - Alphabet's stock has surged 18.3% in the past month, contrasting with NVIDIA's 4.7% decline [1] - Alphabet's forward price-to-earnings (P/E) ratio is 26.68X, lower than the tech sector's 30.75X and the S&P 500's 24.03X, indicating a cheaper valuation compared to peers like Microsoft, which trades at 32.31X [11] Strategic Moves - Alphabet is expanding into AI chip production, potentially competing with NVIDIA [6] - Meta Platforms is reportedly in discussions to utilize Google's AI chips, which could enhance Alphabet's market position [7][8] - Google has secured a deal to supply up to 1 million tensor processing units (TPUs) to Anthropic, suggesting growing interest in its AI chip technology [10] Market Position - Alphabet has a strong Growth score of "B" and a Momentum Score of "A," positioning it well within the top 13% of its sector and top 33% of its industry [12] - The stock has solid exposure to various exchange-traded funds (ETFs), making it an attractive option for investors following Berkshire's investment strategy [13]