智通财经APP获悉，全球AI芯片龙头英伟达(NVDA.US)近日从人工智能芯片初创公司Groq手中购买了 一项授权，这一动作迅速引发市场热议。尽管交易的具体条款尚未披露，一个核心问题浮出水面：在 GPU几乎垄断AI算力的背景下，英伟达为何还要"引入他人芯片"？ 市场普遍将此举类比为Meta Platforms(MEA.US)在2012年收购Instagram。这是一笔典型的防御性交易， Meta创始人扎克伯格担心新兴社交平台威胁Facebook的核心地位。事后证明，这一布局不仅化解了竞争 风险，还为Meta带来了更年轻的用户群体。如今，英伟达投资Groq，同样被视为"先下手为强"的防守策 略。 不过，这一选择也隐含着英伟达对未来竞争的判断变化。分析人士认为，此举在维持公司长期增长潜力 的同时，也意味着英伟达正在为可能下降的盈利能力做准备。 早在2015年，谷歌(GOOG.US,GOOGL.US)就推出了自研的TPU，微软(MSFT.US)和亚马逊(AMZN.US) 也纷纷布局定制AI芯片，此外还有大量初创企业涌入赛道。Groq正是其中代表之一，其创始人曾是谷 歌TPU团队成员，并将在此次交易后为英伟达效力。 ...

Core Viewpoint - The global interest rate cut cycle has begun, coupled with the surge in AI investment driving physical demand, leading to a significant increase in market funds' allocation towards strategic resources [1] Group 1: Market Performance - As of December 2, the Industrial Nonferrous ETF (560860) has seen a year-to-date increase of 78.06% [1] - In the past 60 days, the ETF has attracted over 3.4 billion yuan in investments, with its latest scale reaching 6.167 billion yuan [1] - The scale of the ETF has grown nearly 17 times this year, indicating strong market interest [1] Group 2: Sector Composition - The Industrial Nonferrous ETF closely tracks the CSI Industrial Nonferrous Metals Theme Index, with the top three sectors being copper (31.06%), aluminum (22.44%), and rare earths (16.13%), collectively accounting for nearly 70% [1] - This ETF ranks first among all nonferrous metal indices tracked by ETFs in the market, making it the preferred tool for investors looking to allocate to core strategic resources [1]

Group 1 - The U.S. stock market is experiencing a rally, with the Nasdaq 100 index recently achieving its longest winning streak in over a year, having risen for five consecutive months [1] - Morgan Stanley warns that the anticipated interest rate cut by the Federal Reserve may dampen investor enthusiasm, as the market has already priced in a quarter-point cut [3] - The S&P 500 index has been in a period of low volatility, with daily fluctuations averaging less than 0.9%, marking the longest calm period in two years, yet it continues to reach new highs [3] Group 2 - The market's reaction to the Federal Reserve's interest rate decision will depend on various scenarios, including the perceived dovishness of the Fed's guidance and any indications of economic slowdown [4] - Historical data shows that the S&P 500 index typically declines in September, but it has risen in past instances when the Fed cut rates without an economic contraction [6] - The potential for the stock market to continue reaching new highs post-rate cut hinges on improved economic data, sustained dovish signals from the Fed, and strong corporate earnings, particularly in the tech sector [8]

Core Viewpoint - Chinese concept stocks experienced a significant rise, with the Nasdaq Golden Dragon China Index increasing by over 2% [5]. Group 1: Market Performance - On June 9, US stock indices opened higher, with the Dow Jones Industrial Average down by 0.29% to 42638.75, the Nasdaq up by 0.22% to 19573.18, and the S&P 500 down by 0.01% to 5999.74 [2]. - Tesla's stock initially dropped over 4% but later narrowed the decline to under 1%. The stock fell over 14% last week due to a public dispute between CEO Elon Musk and former President Donald Trump [2][4]. Group 2: Chinese Stocks Performance - Major Chinese stocks showed strong performance, with Baidu up by 3.37%, Meituan-ADR up by 3.31%, and Netease up by 2.60% [6]. - The A-share and Hong Kong stock markets also performed well, with the Shanghai Composite Index surpassing 3400 points and the Hang Seng Index rising over 1% to above 24000 points [6]. Group 3: Economic Factors - The first meeting of the China-US economic and trade consultation mechanism took place in London, with discussions led by Chinese Vice Premier He Lifeng [7]. - Goldman Sachs raised its earnings growth forecast for the MSCI Asia Pacific (excluding Japan) index, citing strong macro growth in China and the US as key reasons [7]. - Morgan Stanley's strategist indicated that due to a weaker dollar and a shift in investor diversification, Chinese stocks are expected to attract more capital inflows in the next 6 to 12 months [7].