Core Viewpoint - Super Micro Computer's fourth-quarter revenue guidance significantly underperformed analyst expectations, indicating potential obstacles in the AI infrastructure boom [4][5]. Financial Performance - For the third quarter, Super Micro reported revenue of $4.6 billion, below the expected $5.42 billion, with adjusted earnings per share of $0.31, also lower than the anticipated $0.50 [3][4]. - The net profit per share dropped to $0.17, a substantial decline from $0.66 in the same period last year [4]. - The fourth-quarter revenue guidance is set between $5.6 billion and $6.4 billion, which is far below the market expectation of $6.82 billion [5][6]. - The full-year revenue forecast for fiscal 2025 has been revised down from $23.5-25 billion to $21.8-22.6 billion [8]. Market and Economic Context - CEO Charles Liang noted that customer hesitation between current Hopper and upcoming Blackwell GPUs has led to delayed purchasing decisions [6]. - Economic uncertainty and the impact of Trump's tariffs are beginning to manifest, contributing to the company's cautious outlook [6]. Company Challenges - The past year has been tumultuous for Super Micro, with significant stock price fluctuations and scrutiny over accounting practices following a report from Hindenburg Research alleging "accounting manipulation" [10]. - The resignation of Ernst & Young as the company's auditor raised concerns about financial reporting and internal controls [10]. Future Outlook - Despite short-term challenges, Super Micro's positioning as an AI infrastructure supplier remains attractive, utilizing chips from Nvidia and AMD [12]. - Analysts express caution regarding the company's ability to regain growth momentum amid procurement cycles, competitive pressures, and macroeconomic uncertainties [15].

Financial Data and Key Metrics Changes - Astera Labs reported quarterly revenues of $159.4 million, which is up 13% from the previous quarter and up 144% compared to Q1 of the previous year [8][25]. - Non-GAAP gross margins for Q1 were 74.9%, slightly up from the previous quarter [26]. - Non-GAAP operating margin for Q1 was 33.7%, with operating expenses of $65.6 million [26]. - The company ended the quarter with cash, cash equivalents, and marketable securities totaling $925 million [27]. Business Line Data and Key Metrics Changes - The Ares product family continues to see strong demand, diversifying across GPU and custom ASIC systems [8]. - The Taurus product family demonstrated strong growth, driven by deployments in AI and general-purpose systems [8]. - Scorpio PCD switches and 86 retimers are expected to shift from preproduction to volume production in late Q2 [9]. Market Data and Key Metrics Changes - The company is well-positioned to address the emerging opportunity associated with the ULE Link, which could represent a multibillion-dollar market opportunity by 2029 [12]. - The transition to PCIe 6 and the introduction of ULE Link are expected to drive additional market opportunities for Astera Labs [13][21]. Company Strategy and Development Direction - Astera Labs aims to provide a broad portfolio of connectivity solutions for AI racks, focusing on both custom ASICs and merchant GPUs [9][10]. - The company is increasing investments in R&D to support its vision of owning the connectivity infrastructure within the AI rack [10]. - The strategy includes expanding the PCIe 6 connectivity portfolio and addressing the complexities of AI rack connectivity [11][14]. Management's Comments on Operating Environment and Future Outlook - Management noted that while there are concerns regarding CapEx spending and trade restrictions, they have not seen a material impact on their business so far [32][33]. - The company expects Q2 revenue to increase to between $170 million and $175 million, reflecting a growth of approximately 7% to 10% from the prior quarter [27][28]. - Management remains confident in the long-term growth strategy despite macroeconomic challenges [28]. Other Important Information - The company appointed Dr. Craig Barrett to its board of directors, bringing valuable experience to support its growth strategy [9]. - Astera Labs is focusing on a holistic approach to AI rack connectivity, integrating silicon, hardware, and software solutions [69]. Q&A Session Summary Question: Concerns on CapEx spending momentum and demand outlook - Management has not seen a material impact from tariffs but is monitoring the situation closely. Hyperscalers have maintained their CapEx, which is encouraging [32][33]. Question: Scale-up opportunities and timing - Scale-up presents significant opportunities, with expectations for continued growth as cluster sizes and data rates increase [41][42]. Question: Growth in Taurus product line - Taurus is experiencing growth, particularly with the lead customer, and the company is looking to broaden its customer base [45]. Question: Impact of China restrictions on sales - The impact from China is modest, as revenues from China account for less than 10% of total revenues [56]. Question: Changes in ramp schedules and revenue guidance - Management remains confident in their revenue guidance, accounting for the complexities of system deployment [60][62]. Question: Inference market tightness and its impact - The company benefits from both training and inference markets, with increased compute requirements leading to more opportunities [65][66]. Question: Custom racks and mix assumptions - The mix for custom racks is evolving, driven by customer needs to optimize their existing infrastructure [94].

Here's our initial take on Super Micro's preliminary results.Key MetricsMetricQ3 2024Q3 2025Changevs. ExpectationsRevenue$3.85 billion$4.5 billion to $4.6 billion+18%MissedGAAP earnings per share$0.66$0.16 to $0.17-75%n/aNon-GAAP earnings per share$0.67$0.29 to $0.31-55%MissedSales and Profits TumbleSuper Micro Computer (SMCI -16.94%) released preliminary results for the third quarter of fiscal 2025 on Tuesday afternoon, disclosing that it would fall well short of its previous guidance. The company now expe ...

Nvidia is going (partially) American-made. The company announced on Monday that it planned to begin manufacturing some of its products in the US for the first time.Nvidia said it's already begun production of Blackwell chips at TSMC's facilities in Phoenix while the company works to construct "supercomputer manufacturing plants" in Texas — partnering with Foxconn in Houston and Wistron in Dallas. Foxconn, the world's largest electronics manufacturer, is a partner and a customer of Nvidia's. The firm, most ...

作者丨刘燕秋 来源丨投中网 移动互联网时代，创业公司的人才需求旺盛，与之相比，这一波 AI 创业的一大典型特征是，几十甚至十几人的小团队便能搞 定一切。这些务实的创始人们也并不恋战，当资本方递来橄榄枝，往往该卖就卖，见好就收。 这不眼看着，又有一批身价过亿的富豪诞生。 3 月 27 日，外媒消息称，英伟达计划以数亿美元收购阿里前副总裁贾扬清创 立的 Lepton AI 。对此，贾扬清很有分寸地回应媒体称"无法评论"。 将投中网设为"星标⭐"，第一时间收获最新推送 又一个AI造富的案例。 Lepton AI 的主要业务，是出租搭载英伟达 GPU 的服务器。可以这么理解，它扮演的是英伟达生态的补充者，帮助开发者租 赁使用英伟达 GPU 。其价值在于，可以在无需签订长期云合同的情况下，为中小客户提供 GPU 资源，同时为英伟达拓展车 企、科研机构等非云厂商客户。考虑到如今英伟达也试图进入服务器租赁市场来分一杯羹，甚至与 AWS 和谷歌等云服务商竞 争，直接下场买公司也并不稀奇。 Lepton AI 只是这波 AI 收购潮中的一朵浪花。生成式 AI 的概念火了两年多，一笔笔 AI 收购交易已然浮出水面。这个月就 有两 ...

在去年高增长、高基数的基础上，2024年生成式AI业务依然保持了极高的增速。这不仅彰显了以大模 型技术为基础的业务所具有的强劲生命力，也验证了商汤"AI基础设施(大装置)-大模型(日日新)-应用"三 位一体战略的可行性。该战略构建了完整的商业闭环：AI大装置为应用落地提供算力支撑，应用反馈 又指导基础设施升级；大模型能力与基础设施相互促进，实现算力效率的持续优化；同时，多元化的技 术路径加速了应用场景渗透，而应用实践又推动大模型向精细化方向发展。 特别值得关注的是，2024年生成式AI业务在总收入中的占比从34.8%提升至63.7%，是商汤集团最大的 业务收入。这标志着公司彻底完成从视觉AI向生成式AI战略转型的全面胜利，其收入结构变革已形成 不可逆的良性发展态势。 一、"三位一体"战略持续巩固技术领先地位，训练效率优于DeepSeek公开报告 商汤科技依托"大装置-大模型-应用"的深度协同创新，形成核心技术差异化优势，并持续巩固技术领先 地位。 2024年，商汤生成式AI业务收入突破24亿元，同比增长103.1%，连续两年保持三位数增长。这一强劲 表现推动商汤2024年全年收入同比增长10.8%，达到37. ...

Core Viewpoint - Nvidia is pushing for rapid upgrades to its AI systems, emphasizing the need for enhanced computing power to meet the demands of the evolving AI landscape, with the introduction of new systems like Blackwell and Rubin [1][2][6]. Group 1: Nvidia's Product Developments - Nvidia's latest AI system, Blackwell, will see an upgraded version named Ultra released later this year, while a new generation system called Rubin is expected to launch in the second half of 2026, with Rubin's Ultra version being 14 times more powerful than Blackwell [1]. - The demand for Nvidia's GPUs and related infrastructure is strong, particularly for training cutting-edge AI models, contributing to its market valuation exceeding $2.8 trillion [2]. Group 2: Market Dynamics and Customer Perspectives - While many cloud service providers and enterprises are eager to adopt the latest AI systems, some companies, like HPE, are satisfied with older GPU models, indicating a divergence in upgrade readiness among customers [3][5]. - HPE's CEO noted that their existing GPU capacity is sufficient for their needs, highlighting that the software capabilities are crucial for success rather than just raw computing power [3]. Group 3: Economic Implications of Upgrades - Nvidia's emphasis on continuous upgrades is driven by a need to maintain a sustainable business model, as its current price-to-earnings ratio is below 27, reflecting a 23% discount compared to the previous year [6]. - The company argues that customers must regularly update their hardware to keep pace with performance improvements and decreasing costs per data token, making upgrades not just a technical choice but an economic necessity [6][7]. Group 4: Challenges in Implementation - Despite the compelling argument for continuous upgrades, not all customers have the capacity or willingness to update their infrastructure annually, which poses challenges for Nvidia's strategy [8]. - Nvidia's CEO acknowledged that new products may not be immediately adopted, emphasizing the need for long-term planning and investment in AI infrastructure, which can cost hundreds of billions [9].

Core Viewpoint - CoreWeave, an AI data center provider, planned to go public next month with a valuation exceeding $35 billion, but its largest client, Microsoft, has reportedly withdrawn some commitments due to delivery issues, casting doubt on CoreWeave's IPO prospects [2][3]. Group 1: Microsoft Withdrawal - Microsoft has retracted some cooperation commitments with CoreWeave, impacting the company's IPO outlook [3][4]. - The withdrawal is attributed to CoreWeave's delivery problems, which have affected Microsoft's confidence in the company [3]. - Microsoft accounted for 62% of CoreWeave's total revenue last year, making this shift particularly significant [3]. Group 2: Company Background and Growth - CoreWeave was originally a cryptocurrency mining operation named Atlantic Crypto before pivoting to AI cloud computing services in 2019 [5]. - The company has over 250,000 NVIDIA AI GPUs and is one of NVIDIA's largest customers, with NVIDIA holding more than 5% of CoreWeave's shares [5]. - CoreWeave's revenue reached $1.9 billion in 2024, a substantial increase from $229 million in 2023 and $16 million in 2022, although net losses also grew to $863 million in 2024 from $594 million in 2023 and $31 million in 2022 [6]. Group 3: Financial Backing and Risks - CoreWeave has raised $14.5 billion through 12 funding rounds, including approximately $11 billion in loans, becoming a pioneer in asset-backed loans for tech companies with significant AI chip holdings [6]. - Major investors include Blackstone, which has loaned about $5 billion, and Magnetar Capital, holding around 20% of the company [6]. - The company acknowledged in its IPO filing that any negative changes in demand from Microsoft or issues with Microsoft's ability to fulfill contracts could adversely affect its business and financial outlook [6]. Group 4: Supply Chain and Strategic Adjustments - CoreWeave highlighted risks related to supply chain "asymmetry" and "delays" associated with NVIDIA, as all its chips are supplied by NVIDIA [7]. - Recent delays were linked to NVIDIA's Blackwell GPU, which faced design flaws acknowledged by NVIDIA's CEO [7]. - Analysts noted a shift in Microsoft's data center strategy, including the end of exclusive agreements with OpenAI, although the withdrawal from CoreWeave is reportedly not directly related to this broader strategic change [9]. Group 5: Future Prospects - Despite challenges from Microsoft, CoreWeave is actively expanding and has announced an agreement to acquire AI developer platform startup Weights and Biases, which was valued at $1.25 billion in 2023 [10]. - The success of CoreWeave's IPO and its ability to navigate challenges from Microsoft remains to be seen, indicating that competition in the AI infrastructure sector will intensify [10].

淘宝百亿补贴也开始区域竞价。 淘宝百亿补贴近期上线区域竞价功能，商家可根据自身情况选择销售区域，以省份为单位竞价，每 个区域竞价获胜的前三名将被平台优先派单，前三名售罄后其他名次才有被派单的机会。天猫商家 参与该活动可享受交易佣金 100% 返还。 接近淘宝的人士告诉我们，这一调整旨在改善百亿补贴商品价格不够低的情况。一些经销商有意愿 在平台更低价卖货，但碍于品牌经销规则，担心商品窜货售外地被品牌处罚而未能报出最低价。平 台鼓励更多商家参与区域内竞价，在最低价的基础上叠加官方补贴，拿出比竞争对手更具优势的价 格。 拼多多在 2023 年前后便开始实施此类区域竞价模式。淘宝、京东等多家电商平台此后都开始力推 百亿补贴，从招商、货源管理到风控制度等各个环节学习拼多多。他们暂时都活在拼多多的影子 里，还没能动摇百亿补贴与拼多多强关联的用户心智。 教育新业务增速下降、东方甄选 GMV 收缩，新东方股价跌超 20%。 财报显示，新东方去年 9-11 月营业收入同比上升 19.4% 至 10.39 亿美元，经营利润同比下降 9.8% 至 1930 万美元。昨晚至今，这家公司美、港股股价都下跌超 20%，市值没了近 170 ...