早上好！先来看重要资讯。 马杜罗在美首次出庭：我无罪 据新华社报道，遭美国强行控制的委内瑞拉总统马杜罗夫妇5日中午在美国纽约南区联邦地区法院首次出庭，拒绝 美方所谓"犯罪"指控。 马杜罗在法庭上表示，自己是"被绑架的"，"我无罪"，拒绝美方对其一切指控。马杜罗强调，他仍然是委内瑞拉 总统。 △1月5日，委内瑞拉总统马杜罗乘坐的车辆离开美国纽约南区联邦地区法院。 马杜罗的妻子西利娅·弗洛雷斯对美方指控同样表示自己无罪。她的代理律师告诉法庭，弗洛雷斯在美军突袭时受 了伤。 法官要求马杜罗3月17日再次出庭参加听证。 委内瑞拉下令搜捕美国侵略支持者 委内瑞拉政府5日正式颁布一项法令，要求国家、州和市各级警察机关立即在全国范围内搜索并抓捕所有涉及煽动 或支持美国武装袭击的人员，并将其移交司法系统进行审判。 法令还规定多项紧急防御措施，如对公共服务基础设施、石油工业及其他国家基础工业实施军事化管理；加强 陆、海、空边境的巡逻和安全保障；在全国各州市部署"综合防御指挥部"等。 这项法令是委内瑞拉总统马杜罗3日遭美方强行控制前签署的。 阻止购买俄石油，特朗普再次威胁对印度提高关税 美国总统特朗普4日警告，如果印度不按美方要 ...

热点栏目 自选股 数据中心 行情中心 资金流向 模拟交易 客户端 来源：期货日报 早上好！先来看重要资讯。 马杜罗在美首次出庭：我无罪 据新华社报道，遭美国强行控制的委内瑞拉总统马杜罗夫妇5日中午在美国纽约南区联邦地区法院首次 出庭，拒绝美方所谓"犯罪"指控。 马杜罗在法庭上表示，自己是"被绑架的"，"我无罪"，拒绝美方对其一切指控。马杜罗强调，他仍然是 委内瑞拉总统。 马杜罗的妻子西利娅·弗洛雷斯对美方指控同样表示自己无罪。她的代理律师告诉法庭，弗洛雷斯在美 军突袭时受了伤。 法官要求马杜罗3月17日再次出庭参加听证。 委内瑞拉下令搜捕美国侵略支持者 委内瑞拉政府5日正式颁布一项法令，要求国家、州和市各级警察机关立即在全国范围内搜索并抓捕所 有涉及煽动或支持美国武装袭击的人员，并将其移交司法系统进行审判。 法令还规定多项紧急防御措施，如对公共服务基础设施、石油工业及其他国家基础工业实施军事化管 理；加强陆、海、空边境的巡逻和安全保障；在全国各州市部署"综合防御指挥部"等。 这项法令是委内瑞拉总统马杜罗3日遭美方强行控制前签署的。 "我的判断是，我们现在的政策立场已经非常接近'中性'，"卡什卡利指出，"我们需 ...

Core Insights - The AI semiconductor industry is expected to experience significant growth in 2026, with a shift in investment logic from upstream to downstream infrastructure [2][10] - The bottleneck in AI development has transitioned from chip manufacturing and packaging to downstream components such as data center space, power supply, and cooling systems [2][5] Upstream Capacity No Longer the Sole Bottleneck - Chip manufacturing and packaging have significantly expanded, alleviating previous supply concerns [4] - TSMC reported stronger-than-expected AI demand and a quick ramp-up in CoWoS capacity, indicating flexibility in the supply chain [4] - Despite ongoing tightness in advanced node wafer front-end capacity, AI semiconductors are prioritized over other applications like cryptocurrency ASICs [4] Bottleneck Shift - The current constraints are now focused on data center space, power availability, and supporting infrastructure, which have longer construction cycles than chip manufacturing [6] - The deployment of large-scale GPU clusters presents challenges in power consumption and heat dissipation, leading to a shift towards liquid cooling and high-voltage direct current (HVDC) solutions [6] Storage and Memory - AI workloads demand high-speed data storage and access, with companies like Meta opting for QLC NAND flash for cost efficiency [8] - The global demand for HBM (High Bandwidth Memory) is projected to surge, with NVIDIA expected to consume 54% of the total HBM by 2026 [8] Racks and Networking - OCP has introduced standardized blueprints for "AI Open Data Centers" and "AI Open Cluster Designs" to facilitate large-scale deployments [9] - Companies like Alibaba are focusing on pluggable optics for their cost-effectiveness and flexibility, while new technologies like CPO/NPO are gaining attention [9] Demand Forecast Indicates Explosive Growth for Downstream Components - Global cloud service capital expenditure is expected to grow by 31% in 2026, reaching $582 billion, significantly exceeding market expectations [11] - AI server capital expenditure could see approximately 70% year-over-year growth if its share in overall capital spending increases [11] AI Chip Demand Breakdown - NVIDIA is projected to dominate the CoWoS capacity consumption with a 59% share, followed by Broadcom, AMD, and AWS [12] - In AI computing wafer consumption, NVIDIA leads with a 55% share, followed by Google, AMD, and AWS [12] Investment Focus Shift - The signals from the OCP conference and industry data indicate a new direction for AI hardware investment, emphasizing the importance of downstream infrastructure [13] - Investors are encouraged to broaden their focus from individual chip companies to the entire data center ecosystem, identifying key players in power, cooling, storage, memory, and networking [13]

Core Insights - The core argument of the article is that the bottleneck in AI development has shifted from chip manufacturing and packaging to downstream infrastructure, including data center power supply, liquid cooling, high bandwidth memory (HBM), server racks, and optical modules [2][4][9]. Upstream Capacity Expansion - Chip manufacturing and packaging have significantly expanded, alleviating previous concerns about supply shortages [5][6]. - TSMC has reported strong AI demand and is working to close the supply-demand gap, with a lead time of only six months for expanding CoWoS capacity [6][9]. - The report predicts that global CoWoS demand will reach 1.154 million wafers by 2026, a 70% year-on-year increase, indicating a robust supply response [6][12]. Downstream Infrastructure Challenges - As chip supply is no longer the main issue, the focus has shifted to the availability of data center space, power, and supporting infrastructure, which have longer construction cycles than chip manufacturing [9][12]. - The deployment of large-scale GPU clusters presents significant challenges in power consumption and heat dissipation, leading to a preference for liquid cooling solutions and high-voltage direct current (HVDC) power supply systems [9][12]. - The demand for HBM is expected to explode, with global consumption projected to reach 26 billion GB by 2026, with NVIDIA alone accounting for 54% of this demand [9][12]. Investment Opportunities - The shift in focus towards downstream infrastructure opens new investment opportunities beyond traditional chip manufacturers, emphasizing the importance of companies that excel in power, cooling, storage, memory, and networking [12][13]. - Global cloud service capital expenditure is expected to grow by 31% to $582 billion by 2026, significantly higher than the market's general expectation of 16% [12]. - AI server capital expenditure could see approximately 70% year-on-year growth if AI servers' share of capital expenditure increases [12][13].

Core Insights - SoftBank Group has acquired Foxconn's electric vehicle factory in Ohio to initiate the $500 billion "Gateway to the Stars" data center project in collaboration with OpenAI and Oracle [1] - The acquisition is part of SoftBank's efforts to secure financing for the "Gateway to the Stars" project, which aims to build data centers and supporting infrastructure across the U.S. [1] - Foxconn's parent company, Hon Hai, has agreed to sell the factory for $375 million to Crescent Dune LLC, with SoftBank identified as the buyer [1] - Hon Hai's involvement is expected to support SoftBank founder Masayoshi Son's ambitions to establish a strong position in the growing AI hardware investment wave [1] - Hon Hai will operate the factory and may utilize the site for its own AI server manufacturing, with potential plans to convert the Ohio site into a data center [1]