智通财经APP获悉，剑桥科技(06166)午后涨超8%，截至发稿，涨7.33%，报87.1港元，成交额2.55亿港 元。 华泰证券在最新研报中称，不同于OpenAI严重依赖外部算力和云设施，谷歌正在构建从芯片到模型再 到应用的完全自给自足的生态闭环。看好谷歌自给自足"全栈式"AI 生态和能力，抢回主导权正当时。 开源证券表示，随着谷歌自研芯片起量，或拉动液冷及光模块需求。 消息面上，剑桥科技此前宣布，拟以H股募集资金向境外全资子公司CIG美国增资1亿美元，用于产能扩 张、研发升级、市场拓展及供应链安全等核心战略布局。资金注入后将加速推进CIG美国在马来西亚、 墨西哥及美国的产能扩张计划，强化高速光模块等核心产品的全球交付能力。 ...

Core Viewpoint - Huatai Securities believes that Google is making a strong comeback with its self-developed TPU v7p chip and the Gemini model, establishing a full-stack AI ecosystem that enhances its competitive position in the market [1][3]. Cloud Business Growth - The TPU has driven a 34% growth in Google's cloud business, second only to Azure, with cloud revenue reaching $15.2 billion in Q3 [8]. - Google's cloud market share increased from 18.6% to 19.3% year-over-year, showcasing its competitive edge against AWS and Oracle [8]. AI Ecosystem and User Engagement - Google is building a self-sufficient ecosystem from chip (TPU v7p) to model (Gemini 3.0) to applications (search and Waymo), which is expected to translate into financial returns [3]. - Gemini has reached 650 million monthly active users, and the AI Overviews service has served over 2 billion users, indicating strong user engagement [11]. Search and Advertising Strength - Google's search market share has rebounded to over 90%, supported by robust advertising cash flow that funds AI investments [10][13]. - The advertising business, empowered by Gemini, shows strong monetization potential, providing a stable cash flow for ongoing capital expenditures [13]. Technological Advancements - The TPU v7p chip, with an FP8 computing power of 4.5 PF, directly competes with Nvidia's B300 chip, showcasing Google's technological leadership [7]. - Google has initiated TPU deployment to third-party cloud service providers, opening new growth avenues [7]. Future Projections - Huatai Securities has raised Google's target price to $380, indicating over an 18% upside potential, corresponding to a 30x PE ratio for 2026 [4][15]. - Revenue forecasts for Google have been adjusted upwards, with expected revenue of approximately $405.2 billion in 2025 and net profit of $131.5 billion [14].

Core Viewpoint - The market has long underestimated Google's "full-stack" AI capabilities, which are self-sufficient from chip development (TPU v7p) to model creation (Gemini 3.0) and application deployment (search + Waymo) [1] Group 1: AI Ecosystem and Financial Performance - Google's self-sufficient AI ecosystem is translating into tangible financial returns, with TPU deployment significantly reducing inference costs and stabilizing search market share above 90% [1][5] - The robust advertising cash flow supports high capital expenditures, enabling further investment in AI [1][8] - The cloud business is experiencing growth driven by Google's proprietary TPU and software ecosystem, with cloud revenue reaching $15.2 billion in Q3, a 34% year-over-year increase [3] Group 2: Competitive Positioning - TPU v7p, with an FP8 computing power of 4.5 PF, directly competes with Nvidia's B300 chip, showcasing Google's technological advancements [2] - Unlike competitors relying on external computing resources, Google has been deploying TPU since 2016, now expanding to third-party cloud services [2] Group 3: Search and Advertising Business - Google's search market share has rebounded to over 90%, with the Gemini 3.0 model enhancing user engagement and advertising capabilities [5][9] - Gemini's monthly active users have reached 650 million, and its integration with Chrome is expected to drive further user traffic [5] Group 4: Broader AI Initiatives - Google's AI initiatives extend beyond core services, with Waymo operating over 2,500 autonomous vehicles and achieving over 300,000 orders per week [9] - The AlphaFold project is making significant strides in protein structure prediction, impacting AI drug development [9] Group 5: Revenue Projections - Based on the comprehensive ecosystem, revenue forecasts for Google have been raised, with expected revenue of approximately $405.2 billion in 2025 and net profit projections of $131.5 billion [9]

Core Viewpoint - The market has long underestimated Google's "full-stack" AI capabilities, which are self-sufficient from chip development (TPU v7p) to model creation (Gemini 3.0) and application deployment (Search + Waymo) [1] Group 1: AI Ecosystem and Financial Performance - Google's self-sufficient "full-stack" AI ecosystem is translating into tangible financial returns, with TPU deployment significantly reducing inference costs and stabilizing search market share above 90% [1][6] - The cloud business is experiencing growth, with Q3 cloud revenue reaching $15.2 billion, a 34% year-over-year increase, and market share rising from 18.6% to 19.3% [4] - The advertising business, empowered by Gemini, shows strong monetization elasticity, providing ample cash flow to support ongoing AI investments [7][10] Group 2: Competitive Positioning - The TPU v7p chip, with an FP8 computing power of 4.5 PF, directly competes with Nvidia's B300 chip, showcasing Google's dominance in computing power [3] - Unlike competitors that rely on external computing resources, Google has been deploying TPU since 2016, now expanding to third-party cloud service providers [3] - Google's AI ecosystem, built on TensorFlow and OpenXLA, has the potential to compete with Nvidia's CUDA [3] Group 3: User Engagement and Product Integration - Gemini 3.0 has improved capabilities, with monthly active users reaching 650 million, and is expected to leverage Google's extensive user traffic through deeper integration with search [6] - The Chrome browser is accelerating the integration of Gemini features, enhancing user experience with personalized search results and content generation [6] Group 4: Future Projections - Based on the comprehensive ecosystem development, revenue forecasts for Google have been raised, with expected revenue of $405.17 billion in 2025 and net profit of $131.51 billion [10] - The target price for Google has been adjusted to $380, indicating over an 18% upside potential based on a 30x PE ratio for 2026 [1][10]