彭博：过去一年跑赢至少98%同类基金的惠理基金正在增持中国大陆AI相关股票，同时减持韩国和台湾的标的，理由是前者估值和前景相对优势。中国AI基础设施仍有很大增长空间。自今年8月以来，惠理CIO钟慧欣一直减持后者，转而增持在香港上市的中国超大规模数据中心运营商，并预计这种轮动趋势还将继续。 https://t.co/QephYGOVUi ...

🔥 NEW: Google’s AI infrastructure chief says the company must double its AI capacity every six months to keep up with surging demand. https://t.co/V1OHdMUkZo ...

DDN's Origin and Mission - DDN was founded approximately 25 years ago and has experienced tremendous growth since then [2] - Initially focused on delivering large-scale high-performance computing data infrastructure, DDN has shifted towards providing AI solutions for training, inferencing, and data intelligence at scale, particularly through its relationship with Nvidia [3] - DDN aims to ensure customer success by aligning with customer needs, which has contributed to its growth and resilience against competition [11][12] AI Infrastructure and Data Intelligence - The AI industry is moving beyond the test phase, with large foundational models driving demand for increased scale (10x to 100x) [5] - Data intelligence, encompassing access to global data and the ability to ingest, analyze, load, and simulate exabytes of data, is crucial for AI model effectiveness [7] - DDN provides the infrastructure and data intelligence necessary for efficient AI system deployment, complementing Nvidia's offerings and various software applications [9][10] - DDN enables efficient training and inferencing, delivering tokens at the lowest cost, which is essential for maximizing the value of GPU deployments [12] Sovereign AI and Enterprise Adoption - Many countries are implementing sovereign AI strategies to enhance government services, security, research, and development [14] - Enterprises are exploring AI use cases, but face challenges in prioritizing and implementing them effectively; simplification is needed for broader adoption in the next 12 to 18 months [16] Industry Impact - AI is impacting various verticals, including medical, manufacturing, autonomous vehicles, genomics, banking (high-frequency trading), space, defense, and social media [18] - The current state of AI adoption is comparable to the early days of the internet or railroads, indicating significant future growth potential [18]

Investment & Infrastructure - AWS is investing $50 billion (50B) to develop AI infrastructure for the US government [1]

Group 1 - Nebius Group (NBIS) reported 3Q25 revenue of $146.1 million, representing a year-over-year increase of approximately 355%, although it missed estimates by $9.6 million [1] - The adjusted net loss for the company was $100.4 million [1] - Nebius Group announced a significant $3 billion, five-year AI infrastructure deal [1]

Summary of Key Points from the Conference Call Industry Overview - The conference call primarily discusses the **South Korean memory industry**, focusing on companies like **Nvidia (NVDA)**, **SK Hynix**, and **Samsung Electronics (SEC)** [1][4]. Nvidia's Performance - Nvidia reported **3QFY26** earnings with a revenue of **US$57 billion**, representing a **22% quarter-over-quarter increase**. This figure surpassed both Goldman Sachs' estimate of **US$55.6 billion** and the consensus estimate of **US$55.4 billion** [1]. - Data Center revenue reached **US$51.2 billion**, exceeding Goldman Sachs' estimate of **US$49.4 billion** and the Street's estimate of **US$49.7 billion** [1]. - For **4QFY26**, Nvidia guided revenue and gross margin above market expectations, with a midpoint revenue guidance of **US$65 billion**, exceeding Goldman Sachs' estimate of **US$63.2 billion** and consensus of **US$62.4 billion** [1]. - Nvidia anticipates reaching **US$500 billion** in sales for its Blackwell and Rubin platforms from the start of **2025** until the end of **2026**, with the Rubin platform expected to ramp up in the second half of **2026** [1]. Memory Market Insights - Strong demand for Nvidia's GPUs is expected to positively impact the **High Bandwidth Memory (HBM)** market, with significant growth anticipated for both **SK Hynix** and **Samsung Electronics** in **2026** [4]. - The estimate for **Hynix's HBM bit shipments** has been raised by **18%** to **19 billion Gb**, reflecting a **47% year-over-year increase** from a previous estimate of **16 billion Gb** [4]. - Samsung Electronics is projected to see a **126% year-over-year growth** in HBM bit shipments, reaching over **10 billion Gb** in **2026** [4]. Role of Memory in AI Infrastructure - Memory is deemed crucial for building AI infrastructure, with suppliers expected to benefit from various memory products, including **DDR**, **LPDDR**, and **GDDR**, in addition to HBM [4]. Long-term Contracts and Pricing Trends - Due to tight supply conditions, there is a higher likelihood of customers entering long-term contracts with memory suppliers for both HBM and conventional memory to protect their margins [5]. - Pricing for memory products has been rising significantly over the past few months, driven by supply constraints, particularly for **LPDDR DRAM** used in multiple applications [4][5]. Price Targets and Risks - **Samsung Electronics** has a 12-month target price of **W123,000** for common shares and **W99,000** for preference shares, rated as **Buy** for both [6]. - **SK Hynix** has a 12-month target price of **W700,000**, also rated as **Buy**, with a **30% AI premium** factored into the valuation [8]. - Key risks for both companies include a major deterioration in memory supply/demand, smartphone margin contractions, and potential market share losses in mobile OLED [7][9]. Conclusion - The conference call highlights a positive outlook for the South Korean memory industry, driven by strong demand from Nvidia and the growing importance of memory in AI applications. The anticipated growth in HBM shipments for both SK Hynix and Samsung Electronics reflects a robust market environment, although risks related to supply and demand dynamics remain pertinent.

Market Sentiment and Stock Futures - US stock futures advanced, indicating a stronger open for Asian markets, driven by optimism for Federal Reserve interest rate cuts and positive news from Nvidia [2][8] - S&P 500 E-mini futures rose by 0.7% and Nasdaq 100 E-mini futures jumped by 1.2% [2] Nvidia Developments - Nvidia received assurances from the US government to resume shipments of its lower-end H20 AI accelerator chips to China, alleviating earlier inventory concerns [3] - CEO Jensen Huang highlighted robust demand for Blackwell chips, describing it as "off the charts," indicating strong demand for AI infrastructure [3] Federal Reserve Rate-Cut Optimism - Markets are increasingly pricing in a near-term reduction in interest rates by the Federal Reserve, with a 74% chance of a rate cut at the next meeting [5][8] - New York Fed President John Williams suggested room for a rate cut without jeopardizing inflation goals, while Dallas Fed President Lorie Logan advocated for maintaining the current policy rate [4][6] Gold Market Dynamics - Gold prices are holding firm, with December delivery futures settling 0.5% higher at $4,079.5 per ounce, reflecting traders' expectations of a near-term Fed rate cut [5][6] - The mixed signals from US labor data, including rising jobless claims and a four-year high unemployment rate, contribute to gold's appeal as a non-yielding asset [6] UK Nuclear Energy Challenges - The UK is identified as the costliest country to build new nuclear power plants, ranking 15th out of 16 countries in construction cost per megawatt hour [7][9] - The Hinkley Point C project is projected to cost £33 billion, potentially increasing to £46 billion ($59 billion), with completion delays expected beyond 2029 [9] Oil Market Trends - Oil prices are declining as traders assess the potential for a peace deal between Ukraine and Russia, which could increase global oil supply [10][11] - Brent crude recently fell 0.4% to $68.93 a barrel, reflecting market concerns over the evolving geopolitical situation [10]

RT Bloomberg New Economy (@BBGNewEconomy)"There's a real risk of these economies being left behind because they don't have the energy to power AI infrastructure."Co-Founder & CEO @OdysseyEnergyS Emily McAteer on countries behind left out of the global AI race at #BloombergNewEconomy. https://t.co/7lrl0ube8T ...

Investment Opportunities in AI Infrastructure Stocks - AI infrastructure stocks are currently on sale after a recent sell-off, presenting a buying opportunity [2][4] - Sterling Infrastructure (STRL), Eaton (ETN), and Vertiv (VRT) are highlighted as potential investment options in the AI infrastructure sector [5][18][25] - Pullbacks in AI stocks are considered healthy and provide opportunities to buy at better valuations [28][42] Company Performance and Growth - Sterling Infrastructure's sales are expected to grow by 12.6% this year and 19% in 2026, approaching $3 billion, with a record backlog of over $2 billion [11][13] - Sterling Infrastructure's earnings are projected to grow by 56.9% in 2025 and 14.7% in 2026 [13] - Eaton is experiencing steady double-digit growth, with sales expected to increase by 106% this year and 9.9% next year [21] - Vertiv's earnings are expected to increase by 44% in 2025 and 26% in 2026, with sales growing by 27% this year and 20.6% next year [29][30] Valuation and Market Dynamics - Sterling Infrastructure's PE ratio is 34.8%, with a PEG ratio of 2.3% [15][16] - Eaton has a forward PE of 28 and a PEG ratio of 2.5% [21] - Vertiv has a forward PE of 40.5% and a PEG ratio of 1.35% [31][32] - Analysts are generally bullish on Vertiv, with seven estimates higher in the last 30 days and no cuts [33][34]

Core Insights - NVIDIA Corp. reported strong third-quarter fiscal 2026 earnings, with adjusted earnings per share at $1.30, exceeding estimates and the previous year's figure [1] - Revenues reached $57.01 billion, surpassing estimates by 4.14% and showing a year-over-year increase of 62.5% [2] Revenue Breakdown - Data Center revenues, which constitute 89.8% of total revenues, increased by 66% year over year to $51.22 billion, driven by Blackwell GPU shipments [3] - Automotive revenues rose 31.9% year over year to $592 million, with expectations to exceed $5 billion in fiscal 2026 [7] Future Outlook - For Q4 fiscal 2026, NVIDIA anticipates revenues of $65 billion, above the consensus estimate of $60.3 billion, with a projected non-GAAP gross margin of 75% [5] - The company plans to introduce Rubin Next in 2027 and Feynman AI chips in 2028, supported by a bullish demand scenario for AI infrastructure spending [4] Market Position and Growth Potential - NVIDIA's gaming business generated $4.27 billion in sales, up 30.1% year over year, while OEM and Other revenues increased by 79.4% [9] - The company has a return on equity (ROE) of 108%, significantly higher than the S&P 500's 17% [10] Investment Sentiment - NVIDIA has a Zacks Rank 2 (Buy), indicating strong investment potential due to its proven execution and substantial unrealized potential in the AI sector [15] - The average target price from brokerage firms suggests a potential upside of 32.3% from the last closing price, with a maximum upside of 93.4% [12]