黄仁勋春风得意！ 英伟达拿下了一场巨大的游说胜利。 原本想限制英伟达把先进的AI芯片卖给「受关注国家」的条款，并没有被塞进即将要通过的国防法案里。 这个所谓的《GAIN AI法案》，是想给英伟达等这类芯片巨头立个规矩： 手里的强力AI芯片，得先紧着美国客户挑，也就是得给美国人「优先购买权」； 然后，才能卖给中国或者其他受限制的国家。 这个决定算是给一场激烈的游说战画上了句号。 黄仁勋出马 这场仗打得不可开交，一边是「对华鹰派」，另一边是英伟达和其他想在中国多做生意的行业巨头。 英伟达这边的理由是，这法案会限制先进芯片的全球竞争，而且完全没必要，因为他们本来也不会让想买高端芯片的美国客户买不着货。 昨天，这场高风险的拉锯战迎来了高潮。 英伟达CEO黄仁勋亲自奔赴华盛顿，先后会见了当选总统特朗普以及多位关键议员。 在众议院议长办公室外，黄仁勋跟记者表示，他此行就是为了「回答一些关于AI的问题」。 据悉，一项名为《安全与可行出口法案》（SAFE Act）的新提案正在酝酿中，意图将现有的对华芯片禁令直接固化为法律。 在这场政治与商业的反复撕扯中，美国芯片行业的未来，注定难以平静。 然而，局势的紧迫性不言而喻。 白宫正 ...

Buying an exchange-traded fund can help smooth out some of the volatility that comes with investing in AI.Artificial intelligence (AI) stocks have driven the S&P 500 higher for the last few years, and with trillions of dollars in spending on data centers in the pipeline, they are likely to remain a major source of returns. However, not all AI stocks are created equal.Had investors bought Palantir Technologies at the start of 2025, they would be sitting on a 124% gain today. But had they bought Upstart Holdi ...

曦云是沐曦的训推一体芯片产品线，主要用于AI训练与推理场景。曦云C600系列于2025年7月发布前， 沐曦股份超九成的营收来自曦云C500系列。沐曦股份称，C500系列产品在性能层面对标英伟达A100。 12月3日，即将在科创板上市的国产GPU公司沐曦股份公布其发行价为104.66元/股，低于摩尔线程的每 股定价114.28元。后者将于12月5日以"国产GPU第一股"的身份在科创板挂牌交易。 在12月4日的上市路演交流中，沐曦股份管理层披露公司主力GPU芯片性能，同时强调：公司的训推一 体芯片不仅可用于大模型后训练和推理，也能用于大模型的预训练环节。 训推一体芯片难以用于预训练？ 沐曦股份董事长、总经理陈维良介绍，公司最新一代产品及明年的主力产品为曦云C600系列，其性能 介于英伟达A100和H100之间，预计2025年底进入风险量产阶段，2026年上半年正式量产。 沐曦股份副总经理、首席技术官彭莉在回答提问时表示，公司曦云C系列训推一体产品除用于模型后训 练、推理之外，也可以用于模型预训练，目前已在千卡集群上成功支持128B MoE大模型（1280亿参数 的混合专家模型）等多个大模型完成全量预训练，且已完成 ...

一、事件：2026国际消费电子展（CES） 2026美国拉斯维加斯国际消费类电子产品展览会将于2026年1月6日-9日举办。 CES是全球规模最大、水平最高、影响最广的消费类电子产品展览会之一，被誉为消费电子行业的"风向 标"，此次科技巨头也再度齐聚。 截止目前，此次国际展商目前确认参加的有三星、英特尔、AMD、英伟达、高通、谷歌、亚马逊、索 尼、LG、特斯拉、微软等。 国内厂商则有联想、TCL、海信、小米、绿联、倍思、韶音、云鲸、追觅、MOVA、未岚大陆、影石 Insta360、Rokid、雷鸟等。 英特尔将在CES 2026上全球发布酷睿Ultra第3代"Panther Lake"处理器；英伟达方面的消息相对较少，只有 外媒提到RTX 50 SUPER系列显卡可能在CES 2026展会期间亮相。 AMD则计划发布新款旗舰和游戏处理器；同时，还将展示与韩国视觉感知AI辅助驾驶企业STRADVISION 的合作成果。 西门子将展示如何用人工智能、数字孪生和自动化技术，推动制造业、基础设施和运输行业进入新时代； LG除了展示"祖传炫技"的柔性透明OLED技术外，还将展出Micro RGB LCD电视。 国内方面 ...

（图片来源：摄图网） 当地时间12月1日，东京的一场活动上，软银集团创始人孙正义首次回应了此前清仓英伟达这一引发市 场轩然大波的举动。他坦言："我一股也不想卖的，只是更需要资金来投资OpenAI和其他项目，我是哭 着卖出英伟达股票的。" 软银与英伟达的缘分始于2017年，当时软银愿景基金斥资约40亿美元建仓英伟达。然而，2019年初，软 银却选择清仓离场，错失了此后英伟达股价飙升带来的数千亿美元涨幅。2024年，孙正义与英伟达CEO 黄仁勋的一次"相拥而泣"会面，更是成为科技圈的经典画面，孙正义为当年"卖早了"扼腕不已。 从去年开始，软银重新建仓英伟达，去年四季度持仓10亿美元，今年一季度再次增持至约30亿美元。但 历史的车轮并未停下。根据软银11月11日发布的业绩报告，集团在2025年10月以58.3亿美元(约合人民币 415亿元)的价格，悉数出售了持有的3210万股英伟达股票(含资产管理子公司持股)。这笔交易发生在英 伟达股价处于历史高位之际，套现规模之大令市场震惊。软银首席财务官后藤芳光在财报说明会上直 言："由于对OpenAI的投资规模较大，因此通过(出售股票)来筹集资金并加以运用。" 就在卖出英伟达 ...

Core Insights - Nvidia and other American AI chip makers see a window of opportunity to sell into the Chinese market amid the AI revolution, but future sales are uncertain due to China's self-sufficiency goals [2][4][6] - China's semiconductor self-sufficiency plan has been in development since 2015, indicating a long-term strategy to reduce reliance on foreign technology [1][6] - Current projections suggest that Nvidia's sales to China could potentially drop to zero if China prioritizes chip self-sufficiency over raw computing power [2][5] Industry Dynamics - The narrative around US-China semiconductor relations is evolving, with some observers noting that US restrictions are less stringent than in the past, particularly compared to the sanctions imposed on Huawei [3][6] - Chinese companies like Huawei and Cambercon are developing alternatives for AI chips, but they currently lag in performance and production volume due to US restrictions on equipment sales [4][5] - The technological gap between US and Chinese semiconductor manufacturing is significant, with US companies like TSMC maintaining superior yield and sophistication compared to China's SMIC [5][6] Policy Implications - Policymakers recognize that US restrictions on chip sales to China are not permanent obstacles, as China is committed to achieving self-sufficiency and advancing in semiconductor technology [6][7] - The call to action for the US and its allies is to innovate and adopt AI technologies more rapidly to maintain a competitive edge [6][7]

I aim to provide alpha-generating investment ideas. I am an independent investor managing my family's portfolio, primarily via a Self Managed Super Fund. You can expect my articles to deliver a clearly structured, evidence-based thesis. But first and foremost, I encourage readers to judge me on my performance.I have a generalist approach as I explore, analyze and invest in any sector so long there is perceived alpha potential vs the S&P500. The typical holding period ranges between a few quarters to multipl ...

Core Insights - The recent advancements in AI models, particularly Google Gemini and Anthropic's Cloud, indicate an acceleration in AI progress, which is positive for the AI industry and companies like Nvidia [1] - OpenAI is expected to release a more efficient model in the coming months, leveraging the scaling techniques demonstrated by competitors [2] - The current AI market is not a bubble; instead, it is at the beginning of a multi-year demand acceleration phase [2][3] AI Model Advancements - Google Gemini and Anthropic's models have shown significant improvements in major benchmarks, suggesting a bullish outlook for AI adoption [1] - OpenAI is set to benefit from Nvidia's new NVL 72 AI server clusters, enhancing its model training capabilities [1] Market Valuation Comparison - AI stocks are currently trading at 25 to 30 times earnings, which are believed to be understated, contrasting sharply with the dot-com bubble where stocks traded at 100 times forward earnings [4] Data Center Buildout Cycle - The data center capacity leasing has seen an unprecedented increase, with more capacity leased in the September quarter than in the entire previous year [6] - Major hyperscalers, including Microsoft and Amazon, are planning to double their data center capacity over the next four quarters due to overwhelming demand [8] Investment Behavior - The investment behavior in AI is not reckless; companies are strategically building data center capacity in response to actual demand from startups and enterprises [8][9] - The Nvidia and OpenAI deal is still in the finalization stage, indicating that many anticipated investments have yet to materialize [9][10]

最近几周，炙手可热的人工智能（AI）交易似乎正面临着一次"重大洗牌"风险：谷歌杀出重围，风头盖 过英伟达。但摩根士丹利（Morgan Stanley）最新安抚投资者称，目前还没有太多理由担心这家"AI霸 主"。 英伟达的股价上个月下跌了9%，就连该公司第三季度的超亮眼"成绩单"也未能为其和更广泛的人工智 能行业带来新的动力。日本首富、软银孙正义和亿万富翁彼得·蒂尔（Peter Thiel）等知名投资者相继清 仓英伟达，一时间，对泡沫的担忧笼罩了市场。 不过，在大摩看来，其他芯片制造商不会对英伟达构成重大威胁。与此同时，这位分析师最近还访问了 亚洲，并分享了他对英伟达为何不应担心来自东方的竞争的看法。 "尽管人们对亚洲的人工智能解决方案给予了很大的关注，但我们认为，它们在多个层面上都非常有 限，包括集群规模和向外扩展技术，而且亚洲的软件仍然希望获得西方的解决方案。"他在报告中写 道。 最后，虽然这位分析师也上调了同为芯片制造商的博通（Broadcom）的目标股价，但Moore表示，他 仍认为英伟达是该行业的明显赢家。 但大摩分析师Joseph Moore本周反驳了悲观论调，并将该股的目标价从此前的235美元上调 ...

>> THIS IS "BALANCE OF POWER," LIVE FROM WASHINGTON, D. C. JOE: FROM BLOOMBERG'S WASHINGTON, D.C. , STUDIOS TO OUR TV AND RADIO AUDIENCES WORLDWIDE, WELCOME TO "BALANCE OF POWER." TONIGHT, FROM THE NATION'S CAPITAL, HEGSETH UNDER NEW PRESSURE. THE PENTAGON INSPECTOR GENERAL EXPECTED TO DELIVER A REPORT ON THE INFAMOUS SIGNALGATE SCANDAL, THE GROUP CHAT THAT EXPOSED HIGHLY SENSITIVE SECRETS.ALSO, YOU GET A PARDON. DAYS AFTER GETTING A CONVICTED COCAINE TRAFFICKER BELIEFS FROM PRISON, PRESIDENT TRUMP ANNOUNCI ...