Core Insights - The company announced a 20% increase in its cash dividend and an additional $10 billion for its share repurchase program, indicating a strong commitment to returning value to shareholders [1][9] - Major tech firms are projected to invest at least $630 billion in AI infrastructure this year, which is expected to significantly increase demand for server and data center equipment from vendors like Dell [1][9] Company Performance - Dell forecasts annual revenue between $138 billion and $142 billion, surpassing analysts' average estimate of $125.54 billion [5][9] - The company expects annual adjusted earnings per share of $12.90, exceeding estimates of $11.59 [7][9] - In the first quarter, Dell anticipates revenue between $34.7 billion and $35.7 billion, above estimates of $29.13 billion [7][9] - Dell reported record revenue of $33.4 billion in the fourth quarter, beating estimates of $31.73 billion, with an adjusted EPS of $3.89 also exceeding the $3.53 estimate [7][9] Market Dynamics - The memory chip shortage is expected to dampen global demand for consumer electronics, including PCs, smartphones, and gaming consoles [5][9] - Companies like Dell and HP Inc. have implemented price increases to offset rising memory chip costs due to the AI infrastructure buildout [2][10] - Dell's revenue from its infrastructure solutions group, which includes storage, software, and server offerings, surged 73% to $19.60 billion, while sales from the client solutions group rose 14% to $13.49 billion [8][9] Customer Base and Growth - Dell has more than 4,000 AI server customers, including notable clients such as Elon Musk's AI startup xAI and CoreWeave [4][9] - The company expects AI server revenue to grow by 103% to approximately $50 billion in fiscal 2027 [3][9]

Wipro, HCL Tech, Tech-heavy Nasdaq ended lower on Thursday, as the world’s most valuable company, Nvidia, saw its share price decline by 5% a day after rising sharply, following its better-than-expected January quarter results and high revenue forecast for the ongoing quarter.Google-parent Additionally, the US labour department’s data showed that the number of Americans filing new applications for jobless benefits increased marginally last week and the unemployment rate appeared to hold steady this month. ...

智通财经APP获悉，AI相关股多数拉升，截至发稿，金山云(03896)涨9.05%，报7.23港元；迅策(03317) 涨8.82%，报89.45港元；汇量科技(01860)涨6.27%，报12.38港元；金蝶国际(00268)涨4.76%，报10.35港 元。 消息面上，据IT之家报道，有报道称DeepSeek正在测试 V4 Lite 模型，代号为"Sealion-lite"，上下文窗 口为100 万tokens，并是原生支持多模态推理。野村此前研报指，DS-V4的技术突破将有效打破"芯片 墙"与"内存墙"的桎梏，赋能本土算力硬件与AI应用双向发展，推动中国开源大模型生态走向成熟。兴 业证券认为，V4有望2月发布，应用生态潜力较大。 此外，全球最大的AI模型API聚合平台OpenRouter数据显示，9日-15日这周，中国模型以4.12万亿Token 的调用量，首次超过同期美国模型的2.94万亿Token，其中国内四款大模型霸榜全球前五。 ...

Market Volatility and Currency Intervention - The People's Bank of China (PBOC) has reduced shorting costs to halt the Yuan's recent rally, which reached its strongest levels since mid-2023, potentially threatening the export-led recovery [2] - Analysts believe Beijing is trying to create a "slow bull" market to avoid historical boom-bust cycles in Chinese equities [2] Regional Performance and Record Highs - The Hang Seng Index (HSI) is facing its steepest monthly decline since October, down 3.2% in February, driven by concerns over AI disruption affecting traditional sectors [3][9] - Malaysia's FBM KLCI index fell over 1% to 1,722.34 points, its lowest since late January, but remains nearly 10% higher than a year ago due to growth in financial services and utilities [4] - Hyundai Motor (HYMTF) shares surged over 6% to a record high, driven by a 60 trillion won proposal for hydrogen fuel cell infrastructure in Canada and optimism surrounding its robotics division [5][9] Geopolitics and Domestic Policy - Russia has warned Britain against deploying troops to Ukraine, stating it could lead to a large-scale military confrontation [6] - A meeting between President Trump and New York City Mayor Zohran Mamdani focused on a proposal for 12,000 housing units at Sunnyside Yards, indicating potential federal-local cooperation on urban development [7] Commodities and Corporate Trends - Copper prices are rising, supported by positive global demand and industrial growth prospects, as Chinese firms seek foreign expertise for global expansion [10]

Group 1 - AI-related stocks have seen significant gains, with Kingsoft Cloud (03896) up 9.05% to HKD 7.23, XunCe (03317) up 8.82% to HKD 89.45, Huily Technology (01860) up 6.27% to HKD 12.38, and Kingdee International (00268) up 4.76% to HKD 10.35 [1] - DeepSeek is reportedly testing the V4Lite model, codenamed "Sealion-lite," which features a context window of 1 million tokens and supports native multimodal reasoning [1] - Nomura's research indicates that the technological breakthroughs of DS-V4 will effectively break the "chip wall" and "memory wall," enabling the dual development of domestic computing hardware and AI applications, thus advancing the maturity of China's open-source large model ecosystem [1] - Industrial Securities believes that V4 is expected to be released in February, with significant potential in its application ecosystem [1] Group 2 - OpenRouter, the world's largest AI model API aggregation platform, reported that from September 9 to 15, Chinese models achieved a call volume of 41.2 trillion tokens, surpassing the 29.4 trillion tokens of U.S. models for the first time, with four domestic large models ranking among the top five globally [1]

而在台下，路线之争也在酝酿着分歧，纯粹"卖Token"的商业模式正面临潜在危机。OpenClaw等开源框架暴露出不小的安全风险与不稳定的调用体验，且其 本身的开发壁垒不高。 各大厂慢慢意识到，真正的护城河不在于开放API，而在于通过自主研发的本地化开发工具与端侧智能体，锁死用户的数据上下文与业务场景。 2026年之春，"养龙虾"在AI圈彻底火了。这个让人人都能拥有自己的贾维斯的OpenClaw，自己出圈的同时，顺手把卖大模型token的玩家给养肥了。 由于Agent运行需要大量token，API调用量指数级飙升。作为"卖铲人"，智谱、MiniMax、Kimi、阿里云等国内大模型厂商纷纷推出Coding Plan的API套餐， 来迎接这泼天的富贵，智谱的顶配套餐甚至被抢空。 "卖铲人"在此期间赚得盆满钵满，营收随之暴增，在资本市场也迎来了史无前例的估值狂欢。 智谱与MiniMax在港股的市值飙升，双双突破三千亿港元大关，成了大厂身价的"计量单位"，未上市的Kimi则以破百亿美元估值，刷新了国内大模型独角兽 的纪录。 眼下，当AI变成能够自我循环、疯狂消耗Token来纠错和执行的自动化机器时，算力资源的消耗速度超 ...

Group 1 - Foreign investors are returning to Indian stocks at the fastest pace in eight months, with nearly $2.1 billion of local shares purchased in February, indicating strong inflows since June [1][2] - The recent US trade deal has removed uncertainty for the $5.2 trillion Indian market, contributing to the positive momentum in corporate earnings and stock performance [2][3] - The MSCI India Index gained 8.1% last year, supported by local investors, despite foreign investors cutting exposure in 2025 [3] Group 2 - Indian equities have underperformed compared to the MSCI Asia Pacific Index, which surged 25% in 2025, leaving Indian valuations relatively low, trading about 4% below their five-year average price-to-earnings ratio [4] - Earnings for FTSE India Index companies rose 10% year-on-year in the December quarter, with net income climbing 13%, indicating a recovery in corporate earnings [5] - Consensus estimates suggest fiscal 2027 earnings growth of 16% for over 250 companies, supported by recovery in nominal GDP growth, private capex, and consumption [5][6] Group 3 - Financial companies are among the top picks for global investors, with increased interest in metals and capital goods sectors [6] - Some investors caution against viewing the latest inflows as the beginning of a structural bull run, as concerns over AI's impact on software and tech firms have led to significant market value losses [6] - Foreign funds' buying is partly tactical, influenced by softer US yields and emerging-market appeal, with a cautious but clear global positioning toward India [7]

Group 1 - NTT Data plans to increase its workforce in India by 5,000 employees this year, focusing on software programming, consulting, and IT support [1] - The company has seen a doubling of large IT contracts exceeding $100 million in the past year, particularly in manufacturing, logistics, and the public sector [1] - NTT Data is currently constructing four data centers in India as part of a $1.5 billion investment, with a current workforce of 40,000 in the country [2] Group 2 - The Indian data center market is attractive due to the country hosting 20% of the world's data but having less than 6% of global data center capacity [2] - Clients' technology budgets are projected to increase by 7% to 9% this year, up from 6% to 7% last year, driven by investments beyond AI [3]

2月，中国AI的模型调用量爆发式增长，首次超过美国。 全球最大的AI模型API聚合平台OpenRouter数据显示，9日~15日这周，中国模型以4.12万亿Token的调用量，首次超过同期美国模型的2.94万亿Token。 榜单洗牌：中国Token调用量首超美国，四款大模型霸榜 OpenRouter平台，汇聚了全球数百种大语言模型，拥有超过500万开发者用户，是目前全球最大的AI模型API聚合平台。因此，其API调用量数据被视为 洞察全球AI应用落地趋势最真实的"晴雨表"，因为它直接反映了开发者"用脚投票"的选择，体现了模型在实际应用中的受欢迎程度和竞争力。 值得注意的是，该平台的用户主要由海外开发者构成，其中美国用户占比高达47.17%，而中国开发者仅占6.01%，这使得其榜单数据更能客观反映中国AI 模型在全球范围内的真实吸引力。 16日~22日这周，中国模型的周调用量进一步冲高至5.16万亿Token，三周大涨127%，而同期美国模型调用量跌至2.7万亿Token。与此同时，全球调用量 排名前五的模型中，中国模型占据四席，这股强大的增长动能，并非依赖单一爆款产品，而是中国AI厂商集群式崛起。 Token ...

客户端解决方案集团（CSG）全年营收为510亿美元，同比增长5%，全年运营利润为28亿美元，同比下 降5%。第四财季营收为135亿美元，同比增长14%，运营利润为6.29亿美元，与去年同期持平。其中商 用客户业务营收为116亿美元，同比增长16%，消费业务营收为19亿美元。 2月26日，戴尔科技集团（DELL.US）发布2026财年第四季度及全年财报。数据显示，2026财年全年， 戴尔实现总营收达1135亿美元，同比增长19%。其中，第四财季营收为334亿美元，同比增长39%。数 据最为抢眼的是，第四财季AI优化服务器业务营收为90亿美元，同比增长342%。预计，2027财年全年 AI优化服务器业务营收预计约为500亿美元，同比增长103%。 值得关注的是，戴尔全年非一般公认会计准则，每股摊薄收益为10.30美元，增长27%；全年运营现金 流为112亿美元。戴尔宣布把现金股利上调20%并增加100亿美元股票回购授权额度。戴尔科技集团在第 四财季通过股票回购和分红向股东回馈了22亿美元。公司全年累计向股东回馈了创纪录的75亿美元并回 购约5400万股股票。 从业务板块来看，基础设施解决方案集团（ISG）全年营收 ...