三驾马车齐头并进，从云端仿真到车端推理，英伟达正在定义智能汽车的下一个十年。 "你们到底是个硬件公司，还是软件公司？"在回应这一问题时，英伟达黄仁勋曾表示，英伟达始终是一家软件公司。 如今来看，这话在汽车领域，颇为贴切。 在过去的几年里，英伟达已悄然从一家单纯的芯片供应商，转变为一整套自动驾驶解决方案的"总承包商"。 其布局之深，覆盖之广，远超外界想象。它不仅卖车端芯片（AGX），还提供云端训练（DGX）和仿真（OVX）的能力，最近更将最核心的AI模型和数 据集大方开源，试图降低行业门槛，做大生态蛋糕，从而更持续地驱动算力需求，重塑产业规则。 三大支柱，全栈解决方案 如果把智能汽车的开发比作盖摩天大楼，英伟达不只是卖钢筋水泥，而是开始提供从设计蓝图、施工机械到装修方案的全套服务。 这栋大楼的建造主要依赖三台"计算机"，它们构成了英伟达汽车战略的黄金三角。 想象一下，要让汽车学会在各种复杂路况下安全行驶，需要什么样的"学习资料"？这就是DGX扮演的角色：AI模型的训练工厂。 DGX不是一台单独的服务器，而是由数千张GPU组成的超级计算集群。在这个"训练工厂"里，车企等客户通过DGX平台处理着来自全球的海量驾驶数 ...

刚刚，我看了高盛发布的一份报告。 发布时间是1月20日。名字比较长，叫 《Inference Cost Curve: Comparing AI Compute Solutions (GPUs vs. ASICs)》（中文直译：《推理成本曲线：AI 计算方案对比（GPU vs. ASIC）》）。 核心观点是，随着谷歌和博通（Broadcom）的最新一代 TPU v7 芯片量产，它单位算力的推理成本居 然暴降了 70%。 01 这 70% 降幅，到底意味着啥？要只看硬件参数，估计有人会觉得「不就是芯片常规升级嘛」。 但高盛想表达的核心是，这 70% 的降幅，本质上，要在物理规则层面打破行业原有逻辑了。 这话该怎么理解？要掰扯清楚，我得先把「推理」和「训练」这两个词拆开来讲明白。 过去两年，AI 行业都处在「造车」的阶段，说白了，训练大模型。谁的引擎，也就是算力，够强，谁 就能最先造出「布加迪」这种顶级模型。 那时，英伟达的H100/H200 是独有的选择，哪怕贵到离谱，大家也得咬牙买，就因为它的速度最快。 但现在不一样了，车基本造好了，该进入「跑车接客」的阶段了，也就是做模型推理。这时，老板们最 关心：每跑一公里 ...

Group 1 - The core viewpoint of the news highlights the performance of the Huaxia Sci-Tech AI ETF (589010), which experienced a peak increase of 1.93% during trading, with a latest price of 1.618 yuan, reflecting a rise of 0.06% from the opening price [1] - The ETF tracks 30 constituent stocks, with 16 showing gains, including significant increases from companies like Lanke Technology, which rose over 7%, while a few stocks weakened [1] - The trading volume for the ETF reached 25.94 million yuan, with a turnover rate of 0.98%, indicating normal trading activity levels [1] Group 2 - The U.S. government recently overturned a ban, allowing exports of Nvidia's H200 and AMD series to designated customers in China, albeit with multiple restrictions [1] - Despite Nvidia being a major partner and investor in Anthropic, the CEO of Anthropic publicly opposed this decision at the Davos Forum, citing national security implications for AI models [1] - Investment in the AI sector in the U.S. is on the rise, with significant increases in both fiscal budgets and private investments, positioning the U.S. as a global leader in AI infrastructure development [1] - China is also witnessing continuous growth in AI investments, particularly in emerging technologies like generative AI, indicating substantial potential and vitality in the sector [1] Group 3 - The Huaxia Sci-Tech AI ETF closely tracks the Shanghai Stock Exchange Sci-Tech Innovation Board AI Index, covering high-quality enterprises across the entire industry chain [2] - The ETF benefits from high R&D investment and policy support, with a 20% price fluctuation limit and small-cap elasticity aiding in capturing the "singularity moment" of the AI industry [2]

Nvidia's stock is cheap to start the new year.Investors looking to find a chip stock trading at a discount at the beginning of 2026 don't need to look too far. The reason for this is that the largest semiconductor company in the world, Nvidia (NVDA +2.98%), also has one of the most attractively valued stocks.Its stock trades at a forward price-to-earnings (P/E) ratio of 24.5 times analyst estimates for fiscal 2027 (ending January 2027) and a price/earnings-to-growth (PEG) ratio of less than 0.7 times (with ...

对于格陵兰岛，特朗普表示，格陵兰岛是北美的一部分，这是美国的领土。它是国家战略安全所必需的，寻 求立即谈判收购格陵兰岛，不会动用武力夺取格陵兰岛。 特朗普最新演讲！谈及多个热门话题 当地时间1月21日，美国总统特朗普在瑞士达沃斯发表演讲。他在演讲中提及美联储主席、格陵兰岛等多个热 门话题。 对于新任美联储主席候选人，特朗普表示，美联储主席鲍威尔在利率问题上行动太迟了，在不久的将来宣布 新的美联储主席人选。 第 803 期 2026-01-22 焦点事件 特朗普：已就格陵兰岛未来合作制定框架，暂时不会加征关税 美国总统特朗普21日在社交媒体发文称，他已经同北约秘书长吕特就未来达成有关格陵兰岛的协议制定了框 架，因此不会实施原定于2月1日生效、对欧洲8国加征关税的措施。 两大央企换帅！涉及7家上市公司 1月21日，国务院国资委公布了7户中央企业14名领导人员职务任免情况。 两家央企集团旗下共有七家上市公司。其中保利集团境内外控股上市公司5家，分别为：保利发展、保利置业 集团、中国海诚、保利联合、保利物业；中盐集团旗下上市公司分别为中盐化工和红四方。 其中，申兆军任中国盐业集团有限公司党委书记、董事长；免去李耀强的 ...

Core Insights - The large-cap technology market experienced significant growth in 2025, primarily driven by advancements in AI technology [1] - Semiconductor chip sales reached a record high of $793 billion, fueled by the increasing adoption of AI technologies [1] Industry Summary - The technology sector is witnessing strong gains, with AI emerging as a crucial growth driver [1] - The surge in semiconductor chip sales indicates robust demand and investment in AI-related technologies [1]

幅达4.38%，单日成交额401亿美元，成交量2.23亿股。按收盘价计算，公司总市值缩水至4.33万亿美 元，较前一日蒸发约1900亿美元，折合人民币近1.3万亿元，创下近两个月来最大单日跌幅。 编辑：吴祈 审核：魏国峻 【来源：蓝鲸新闻、智通财经】 1月21日，据蓝鲸新闻，在瑞士达沃斯举行的世界经济论坛期间，英伟达黄仁勋与贝莱德集团CEO拉里· 芬克展开对谈。 黄仁勋坦言自己"唯一遗憾的事"，是在英伟达市值仅3亿美元时出售部分股票，为父母购买了一辆奔驰 汽车。"现在回头看，那可能是世界上最贵的一辆车。" 另据智通财经，美东时间1月20日，英伟达（NASDAQ: NVDA）股价遭遇大幅回调，昨晚公司股价跳 空低开2.41%，盘中一路低走，截止收盘，英伟达股价报178.07美元，较前一交易日下跌8.16美元，跌 ...

Group 1: AI Impact on Economy and Capital Markets - Artificial Intelligence (AI) presents both significant opportunities and threats to the economy and capital markets, with the potential to enhance productivity and create new industries while also posing risks of labor displacement [2][6][8] - In 2025, AI-related companies like NVIDIA, Palantir, and Alphabet saw substantial stock gains, indicating strong market interest and investment in AI technologies [4][12] - AI's ability to automate tasks and improve efficiency could lead to a productivity boost, which is crucial for economic growth, especially in aging economies [6][7] Group 2: Market Valuations and Concentration - The S&P 500 Index shows a high concentration, with the top ten companies accounting for nearly 40% of the index, raising concerns about overvaluation and lack of diversification for investors [11][12][13] - The average price-to-earnings (P/E) ratio for the top ten S&P 500 companies is significantly higher than historical averages, suggesting that these stocks may be overvalued [12][15] - Elevated valuations could lead to lower future returns, as higher purchase prices for earnings result in diminished return on investment [15] Group 3: Financing and Investment Risks - AI companies are engaging in vendor financing arrangements, creating a feedback loop where investments are made based on projected growth, which raises concerns about sustainability and profitability [16][17] - The reliance on private credit markets for financing AI initiatives has increased, with many companies borrowing significant amounts, which could lead to risks if these companies fail to generate expected revenues [18][19] - The mismatch between the rapid evolution of technology and the long-term nature of private credit loans poses additional risks, as companies may struggle to keep up with advancements while repaying older debts [20][21] Group 4: Global Investment Opportunities - Despite concerns in the US market, there are attractive investment opportunities in undervalued assets globally, particularly in emerging markets and specific sectors like technology and healthcare [24][25] - Emerging markets are benefiting from positive demographics and structural growth, making them compelling investment options compared to developed markets [25] - The potential for a weaker dollar could further enhance the attractiveness of non-US investments, providing a hedge against domestic economic challenges [24]

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Nvidia stock climbed around 2% on Wednesday, outperforming the broader market as US stocks rebounded following remarks by President Donald Trump that eased fears of a geopolitical escalation over Greenland. The rally came after Trump told the World Economic Forum in Davos, Switzerland, that he would not use military force to acquire the Danish-controlled territory, reversing a key concern that had rattled markets and triggered a sharp "sell America†trade a day earlier. The reassurance helped restore risk ap ...