As is my custom, I’ll be taking a break from these weekly updates for the rest of the year. That doesn’t mean I’ll be loafing my way to year end though. I’ll probably do some short posts as things come up before year end but my main focus will be on the 2026 outlook that we’ll publish in a couple of weeks. This week will just be a short update on how markets have performed year to date.International markets have been the stars so far this year:Thanks in part to a weakening dollar: Within the US, large cap s ...

自从第五轮谈判后，中美两国关系已有明显的回暖迹象。然而，出乎意料的是，密苏里州总检察长哈纳 威趁此时提出了对中国的诉讼请求，要求按照3月的判决结果索赔1700亿元，连本带利。这一举动引发 了广泛关注。 令人意外的是，一向强硬对华的特朗普，在面对这一请求时竟然保持了沉默。究其原因，主要是由于近 期英伟达等美国企业的市值暴跌，这让特朗普意识到，继续与中国对抗对自己没有任何好处。 美国历任总统中，特朗普的反华态度最为明显。但他显然没有预料到，即使不依赖中国的稀土或不进口 大豆，依然可能影响到自己的选票。在美国大豆农民面临困境时，特朗普的内心也不好受。毕竟，这些 农民是他忠实的支持者，没有他们的支持，2026年的中期选举将面临巨大挑战。 中国也理解到，在中美会晤中，购买美国农产品是必定要讨论的话题。因此，中国在10月29日象征性地 购买了18万吨大豆。这一举动既给了美方一根救命稻草，又在试探美国的诚意。如果特朗普接受了这一 举措，未来合作的空间依然存在。如果美国继续高高在上的态度，中国也毫不在乎，反正大豆可以从其 他地方购买，巴西和阿根廷的价格更低且没有政治附加条件。 尽管如此，美国并非完全不识趣，特朗普在11月3日 ...

当谷歌不再只满足于「TPU自己用」，TPU摇身一变成了英伟达王座下最锋利的一把刀！CUDA护城河还能守住吗？读完这篇SemiAnalysis的 分析，你或许会第一次从「算力账本」的视角，看懂谷歌暗藏的杀招。 谷歌Gemini 3的成功，让其背后的TPU再次成为全世界关注的焦点。 资本市场给出了明确的反应，谷歌股价的上涨，也让一个话题再次被拿到牌桌上讨论： 谷歌TPU是不是真的能和英伟达GPU掰一掰手腕？ 尤其是TPUv7更是人们讨论关注的焦点，这款专门为AI设计的芯片是否能够打破英伟达多年来的GPU形成的垄断？ 众所周知，SemiAnalysis是一家在科技界，尤其是半导体和人工智能领域极具影响力的精品研究与咨询公司。 它以硬核、深度的数据分析著称，不同于泛泛而谈的科技媒体，它更像是一个服务于华尔街投资者、芯片巨头和AI从业者的「行业智库」。 刚刚，他们最新的文章给出一个明确的结论：TPUv7首次向英伟达发起了冲锋。 而且这一篇文章由12位作者共同撰写，可见分量之重。 TPUv7：谷歌向王者发起挑战 英伟达坚不可摧的堡垒，出现了一丝裂痕。 目前，世界上最顶尖的两个模型——Anthropic的Claude 4. ...

ChatGPT涨价、免费额度缩水，骂归骂，很多人还是没搞懂：到底谁在拿走我们的钱？其实，涨价的真正推手不是OpenAI，而是用GPU锁住 AI底价的英伟达。 ChatGPT涨价的讨论又冲上了首页。 Plus到手价从20美元涨到22美元、美区Team从25美元涨到30美元，Claude在20美元的Pro之外，又新增了30美元的Team档和Max档， 有人骂贵，有人觉得情有可原，更多人开始意识到：AI正在进入一个「越用越贵」的时代。 可顺着成本链条往下看，会发现涨价的真正推手既不是OpenAI，也不是Anthropic，而是Nvidia。 所有AI公司都在为它的GPU付账，用户最终为这条链买单。 涨价的起点：算力被Nvidia推上去了 外界把涨价的矛头指向OpenAI，可真正把整个行业往贵的方向推的，是算力成本。 把「算力」 这两个字拆开看，其实就是三个字：英伟达。 据The Information报道，这一轮涨价背后，是Nvidia的现金流在过去两年里出现了几乎前所未有的爆炸性增长。 截至2023年1月，它的自由现金流只有38亿美元；到了明年，预计会飙到965亿美元，三年复合增长率高达194%。 短短四年，它的 ...

Cybersecurity can be the next AI gold mineSemiconductor stocks like Nvidia, Broadcom, and Advanced Micro Devices have produced tremendous long-term returns due to their artificial intelligence (AI) chips.While semiconductors are the early winners, the next trillion-dollar AI opportunity may be in cybersecurity. It's always been a hot sector due to cloud platforms and websites needing protection. However, AI can unlock a gold mine for cybersecurity stocks that results in long-term outperformance.Hackers are ...

2025年11月，超5000亿美元市值在英伟达和谷歌之间发生"大挪移"：谷歌母公司Alphabet市值增长约5300亿美元，剑指4万亿美元；而AI芯片"霸主"市值却 蒸发6200亿美元（约合人民币4.39万亿元）。 这一增一减背后，是一则可能重塑行业格局的行业传闻：Meta正与谷歌密谈，计划2027年斥资数十亿美元采购谷歌TPU（张量处理单元）芯片。作为英伟 达的核心客户，Meta的算力需求曾高度依赖其GPU芯片，"倒戈"将直接冲击英伟达占据的近85%市场份额。 这并非简单的客户流失，而是一场技术路线的博弈。谷歌"十年磨一剑"的TPU芯片，凭2~3倍于GPU的能效比撕开缺口，第七代产品Ironwood性能更是较 前代飙升4倍。英伟达的CUDA生态护城河是否牢不可破？万亿美元AI芯片赛道将迎来何种变局？ 2025年11月，谷歌市值涨约5300亿美元，英伟达跌去6200亿美元。这一增一减背后，是Meta或"倒戈"采购谷歌TPU芯片，冲击英伟达GPU的主 导地位。 TPU与GPU技术路线不同，引发华尔街对英伟达地位的争论，"共赢派"认为市场足够大，"威胁派"则担忧谷歌生态威胁。 图片来源：每经记者 郑雨航 摄 TP ...

25 November 2025 U.S. Semiconductors NVIDIA, Broadcom - What could you do with a TPU? Stacy A. Rasgon, Ph.D. +1 213 559 5917 stacy.rasgon@bernsteinsg.com Alrick Shaw +1 917 344 8454 alrick.shaw@bernsteinsg.com Arpad von Nemes +1 917 344 8461 arpad.vonnemes@bernsteinsg.com Last night The Information reported that Google was "talking to Meta and other cloud customers about letting them run Google's TPU chips in their datacenters." The news follows recent positive sentiment around Google'srecently-released Gem ...

U.S. Semiconductors NVIDIA Corp Rating Outperform Price Target NVDA 275.00 USD 25 November 2025 Stacy A. Rasgon, Ph.D. +1 213 559 5917 stacy.rasgon@bernsteinsg.com Alrick Shaw +1 917 344 8454 alrick.shaw@bernsteinsg.com Arpad von Nemes +1 917 344 8461 arpad.vonnemes@bernsteinsg.com NVIDIA (NVDA): This is the memo you have been looking for... Over the weekend NVIDIA sent out a memo, detailing their response to a number of bear takes that have been fielded recently across the press (and across Twitter/X) incl ...

Core Insights - Berkshire Hathaway currently holds stakes in two quantum computing stocks: Alphabet and Amazon, reflecting Warren Buffett's long-term investment strategy that has yielded a compound annual gain of 20% over 60 years, nearly double that of the S&P 500 [1][2] Investment Philosophy - Warren Buffett is known for his contrarian investment approach, avoiding hype-driven stocks that often lead to overstretched valuations [3] - Buffett's portfolio includes major positions in companies like Apple, American Express, Bank of America, Coca-Cola, and Chevron, showcasing a diversified strategy across various sectors [4] - The companies in Buffett's portfolio are resilient, generating consistent cash flow that is reinvested or returned to shareholders [5] Technology Sector Focus - Technology stocks represent a smaller portion of Berkshire's portfolio due to their higher valuation multiples and rapid changes in the industry [6] - Berkshire has invested in technology, particularly in artificial intelligence (AI), with significant positions in Amazon and Alphabet [7] Company Analysis - Apple has established a strong customer lock-in through its hardware and services, while Amazon has become a leading online marketplace and diversified into various sectors [8] - Alphabet has leveraged its expertise in internet search to develop new services relevant to its AI initiatives, generating steady cash flow for innovation and shareholder rewards [9] Potential Investment in Nvidia - There is speculation that Berkshire may acquire a stake in Nvidia, which aligns with Buffett's investment criteria due to its strong brand in semiconductors and AI infrastructure, as well as its modest dividend and stock buyback strategy [10][12] - Nvidia's ecosystem supports generative AI development and plays a crucial role in hybrid classical-quantum computing environments, positioning it for growth as the AI narrative evolves [13] - Currently, Nvidia trades at a forward price-to-earnings (P/E) multiple of 24, which is considered a premium but is the lowest price in over a year, with accelerating revenue and profits [14][15]

The GPU leader's stock may be more influenced by market sentiment than results.Nvidia (NVDA 1.83%) has been one of the best stocks to own in 2023, 2024, and 2025. It has outperformed the market each year, and now that we're on the doorstep of 2026, investors are wondering if it can do so again. But next year could be more challenging, as many investors are starting to fear that AI stocks are in a bubble.Where is Nvidia heading in 2026? In one sense, it's hard to guess, but the stock's performance may be out ...