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Core Viewpoint - Nvidia plans to make a significant investment in OpenAI, which is expected to be its largest investment to date, as stated by CEO Jensen Huang, who also clarified that there are no issues with the relationship between Nvidia and OpenAI [1] Group 1 - Nvidia's upcoming investment in OpenAI is described as "huge" and potentially the largest in the company's history [1] - CEO Jensen Huang emphasized that he is not dissatisfied with OpenAI, countering any speculation regarding their partnership [1]

Core Insights - Nvidia and OpenAI announced a strategic partnership to deploy at least 10 gigawatts of Nvidia systems [1] - The partnership is backed by up to $100 billion in progressive investment as capacity comes online [1] Company Summary - Nvidia is positioning itself as a leader in the AI sector through this partnership with OpenAI [1] - The investment signifies a strong commitment to expanding AI infrastructure and capabilities [1] Industry Summary - The collaboration highlights the growing demand for AI technologies and the need for substantial infrastructure to support this growth [1] - The partnership may set a precedent for future collaborations in the AI industry, emphasizing the importance of strategic alliances [1]

(Bloomberg) — Nvidia Corp. (NVDA) will “absolutely” be involved in OpenAI (OPAI.PVT)’s current funding round, though the investment will be “nothing like” $100 billion, Chief Executive Jensen Huang said. Huang declined to specify how much the investment will be, though he added that it would probably be “the largest investment we’ve ever made.” Most Read from Bloomberg “We will definitely participate in the next round of financing, because it’s such a good investment,” Huang told reporters in Taipei. “ ...

以下文章来源于财联社AI daily ，作者周子意 而最新的报道称， 英伟达首席执行官黄仁勋近期私下向业内同仁强调，最初的1000亿美元协议并非具有约束力，也尚未最终确定。 财联社AI daily . 财联社及科创板日报旗下产品——未来已来，AI前沿，独家、深度、专业！ 据报道， 英伟达和OpenAI之间价值1000亿美元的合作交易谈判已陷入停滞。 去年9月英伟达曾宣布，计划向OpenAI投资高达1000亿美元，以帮助其训练和运行最新的人工智能模型。但据知情人士最新透露， 这一计 划因英伟达内部人士对这笔交易存疑而停滞不前。 据媒体援引知情人士的话报道，这两家公司目前正在重新考虑其合作关系的未来，最新讨论包括在OpenAI当前融资轮中进行数百亿美元的 股权投资。 这项交易的搁置显然对OpenAI构成了不小的打击。这笔交易本可以为OpenAI提供所需的资金和渠道，使其能够购买关键的先进芯片，以在 日益激烈的竞争环境中保持领先地位。 并且值得一提的是，这家ChatGPT制造商正为2026年底前上市做准备，过去一年一直在争取获得大量算力以支撑未来产品和增长。 竞争担忧 根据两家公司于去年9月签署的谅解备忘录，英伟达 ...

此前有报道称，英伟达投资 OpenAI 的计划在改芯片巨头内部一些人士对交易表示怀疑后陷入停滞。 英伟达CEO黄仁勋周六表示，该公司"肯定"会参与 OpenAI 当前的融资轮次，这很可能会是该公司有史 以来规模最大的一笔投资。 黄仁勋拒绝透露投资的具体金额，但他表示这笔投资"不会与"此前报道的 1000 亿美元相等。他在台北 接受记者采访时发表了上述言论。 此前有报道称，英伟达投资 OpenAI 的计划在改芯片巨头内部一些人士对交易表示怀疑后陷入停滞。 责任编辑：于健 SF069 责任编辑：于健 SF069 英伟达CEO黄仁勋周六表示，该公司"肯定"会参与 OpenAI 当前的融资轮次，这很可能会是该公司有史 以来规模最大的一笔投资。 黄仁勋拒绝透露投资的具体金额，但他表示这笔投资"不会与"此前报道的 1000 亿美元相等。他在台北 接受记者采访时发表了上述言论。 ...

Core Viewpoint - Kevin Warsh endorses President Trump's push for lower interest rates, which may serve as a catalyst for significant initial public offerings (IPOs) in the artificial intelligence sector [1] Group 1: Interest Rates and Economic Impact - Lower interest rates are expected to stimulate economic activity, potentially leading to increased investments in technology and innovation [1] - The support from Warsh for lower rates aligns with broader economic strategies that could benefit the AI industry [1] Group 2: Artificial Intelligence IPOs - The anticipated lower interest rates could create a favorable environment for blockbuster AI IPOs, attracting more investors to the sector [1] - Companies in the AI space may leverage this opportunity to go public, capitalizing on the heightened interest and investment potential [1]

Core Viewpoint - Microsoft is heavily reliant on OpenAI, facing challenges in selling its own AI products, which raises concerns about its future growth potential [1][5]. Group 1: Financial Performance and Dependencies - Microsoft's remaining performance obligation is $625 billion, with $281 billion tied to contracts with OpenAI, indicating a significant dependency on a single partner [2]. - The company spent $37.5 billion on capital expenditures in the last quarter, with two-thirds allocated to short-lived assets like GPUs and CPUs, raising questions about the sustainability of this investment strategy [3]. - Microsoft's free cash flow has declined due to soaring capital expenditures, leading to skepticism among investors regarding the returns on these investments [10]. Group 2: AI Product Adoption - Microsoft 365 Copilot, integrated into productivity apps, has only 15 million paid seats out of 450 million total, resulting in a penetration rate of just over 3%, suggesting weak commercial adoption [6]. - GitHub Copilot has 4.7 million paid subscribers, reflecting a 75% year-over-year increase, but still represents a small fraction of GitHub's 150 million users, indicating limited market penetration [7]. - The difficulties Microsoft faces in getting customers to pay for AI products may signal broader challenges for the AI industry, as spending on AI infrastructure may be outpacing real-world adoption [8]. Group 3: Market Position and Valuation - Microsoft stock trades at approximately 25 times the average analyst estimate for fiscal 2026 earnings, with the valuation heavily dependent on the outcomes of its deals with OpenAI [11]. - Despite challenges in the AI sector, Microsoft maintains strong software franchises and a dominant position in the PC market with Windows and Office productivity apps [9].

行业研究丨深度报告丨电子设备、仪器和元件 [Table_Title] 产业技术投资泡沫的五个视角——生成式 AI 与 历史技术革命 %% %% %% %% research.95579.com 1 丨证券研究报告丨 报告要点 [Table_Summary] 生成式 AI 发展至今，带来了巨大的技术变革，也创造了供应链巨大的投资机会。AI 泡沫的论 调不时出现，成为悬在产业链估值头顶的达摩克利斯之剑。 本文尝试从叙事、盈利、资金、壁垒、估值的五个角度出发，结合历史上的产业技术革命和资 本市场的运行规律，来评估 AI 当前的泡沫程度。 分析师及联系人 [Table_Author] 杨洋 谢尔曼 SAC：S0490517070012 SAC：S0490518070003 SFC：BUW100 请阅读最后评级说明和重要声明 2 / 32 %% %% %% %% research.95579.com 2 电子设备、仪器和元件 cjzqdt11111 [Table_Title 产业技术投资泡沫的五个视角——生成式 2] AI 与 历史技术革命 [Table_Summary2] 产业技术泡沫：新时代的基座，在灰烬上建立 站 ...

市场策略丨深度报告 [Table_Title] AI 革命和泡沫分析框架（一）：AI 的 1998—— 科网泡沫再审视 %% %% %% %% research.95579.com 1 丨证券研究报告丨 报告要点 [Table_Summary] 本文对科网泡沫复盘，希望以史为鉴，对当下 AI 产业演进过程提出一些思考。衡量泡沫是否存 在主要有八大维度，可以分为三个层面。宏观：叙事催化剂和杠杆水平；产业：故事性、应用 场景、未来竞争格局、商业模式；市场：经验不足的投资者、纯粹可投资标的。从宏观环境整 体来讲，美国当前的经济环境不及科网泡沫时期，流动性相比当时更好。产业端来讲，商业模 式能否闭环，企业能否产生最终盈利是市场最为关注的问题。而市场端来看，当前估值水平和 市场构成相比科网泡沫时期更优。 分析师及联系人 [Table_Author] 戴清 SAC：S0490524010002 SFC：BTR264 请阅读最后评级说明和重要声明 2 / 26 %% %% %% %% research.95579.com 2 [Table_Title AI 革命和泡沫分析框架（一 2] ）：AI 的 1998—— 科网泡沫 ...