这家聚焦于AI算力租赁的"新云"初创科技公司近几个月进行了多项至关重要的高级管理层招聘事项，一 些投资者认为这对其潜在的首次公开募股(IPO)可谓非常关键。NScale本月从总部位于美国的"AI+数据 中心"应用领头羊Palantir Technologies Inc.招募Lauren Hurwitz出任首席运营官。12月，该公司任命长期 任职于华尔街金融巨头摩根大通的银行家Alice Takhtajan担任首席财务官，并任命曾在微软工作多年的 高管Nidhi Chappell担任NScale的AI算力基础设施业务总裁，Chappell曾经领导过微软Azure人工智能和 高性能计算基础设施业务。 知情人士称，相关融资磋商仍在进行中，该初创公司也可能决定不推进交易。Nscale、高盛与摩根大通 的评论代表均拒绝置评。 这家聚焦于云端AI算力基础设施租赁的"新云"初创科技公司，属于典型的 "AI算力基础设施层"玩家， 总部位于英国的Nscale整体业务逻辑上可以大体对标有着"英伟达亲儿子"称号的云端AI算力租赁巨头 CoreWeave(CRWV.US)，后者在美股市场的估值已经高达385亿美元，已经有投资者开始憧 ...

有着"英伟达亲儿子"称号的云端AI算力租赁领军者CoreWeave(CRWV.US) 周一成为全球股票市场关注焦 点。这家聚焦于AI算力租赁的"新云"科技公司宣布，为了放宽流动性测试要求，其已对近期的一份重要 信贷协议进行了修订。该动态消息出炉之后，该云计算公司的股价在美股盘前交易中一度上涨超5%， 截至上周五美股收盘，CoreWeave市值约400亿美元。 有着"英伟达亲儿子"称号的CoreWeave是何方神圣? 作为数据中心领域英伟达图形处理器(即AI GPU)的最早期云端租赁采用者，CoreWeave凭借抢跑数据中 心AI算力资源需求浪潮，喜获英伟达的风投部门青睐，甚至能够优先获得需求极度旺盛的英伟达 H100/H200以及Blackwell系列AI GPU，曾迫使微软、谷歌与亚马逊等云服务巨头向CoreWeave租赁云端 AI算力资源，喜提"英伟达亲儿子"这一称号。 早在2023年8月，CoreWeave成为首家部署NVIDIA H200 Tensor Core GPU的云计算服务公司，这是一款 高性能的AI GPU，这使得它能够为客户们提供无比强大的计算能力。在AI浪潮推动下，尤其是2023 年，依 ...

Core Insights - The year 2025 witnessed a significant reshaping of the global business landscape driven by AI, with OpenAI emerging as a "shadow giant" despite not being publicly listed, influencing market valuations through orders and narratives [1][3] - Nvidia became the world's first company to reach a market capitalization of $5 trillion, while Google aggressively pursued AI pricing power [1][3] - The year marked a collision of old and new orders, characterized by a mix of high-stakes bets and reversals, reshaping technology, capital, and the direction of the era [1][3] Group 1: Major Events - The U.S. government launched the "Stargate" initiative, committing $500 billion to build 20 large-scale AI data centers, but faced challenges in execution, leading to a significant reduction in project scope [5][6] - CoreWeave went public with a valuation of approximately $230 billion, marking the first public market pricing of AI computing power, and secured substantial long-term contracts with major clients [7][9] - Nvidia invested $5 billion in Intel, marking a strategic partnership aimed at enhancing competitiveness in the PC and data center markets [11][13] Group 2: OpenAI's Market Influence - OpenAI, although not publicly traded, became a key driver of market sentiment, with its initiatives and financial performance causing significant fluctuations in stock prices across the AI sector [15][17] - The company faced scrutiny over its financial sustainability, with concerns about its revenue and valuation mismatch leading to a decline in market confidence [19] - By the end of the year, OpenAI's perceived value shifted from a premium label to a risk exposure, reflecting the changing dynamics in the AI market [19] Group 3: Industry Dynamics - The AI competition evolved from a focus on strength to considerations of cost-effectiveness and usability, with Google positioning itself to challenge Nvidia's dominance in AI infrastructure [38][39] - The automotive industry saw a significant policy reversal in Germany, allowing internal combustion engines to remain viable beyond 2035, highlighting the tension between aggressive transition goals and market realities [33][34] - SpaceX's record number of launches in 2025 redefined the concept of "industrialized space," showcasing the potential for scalable operations in the aerospace sector [28][30]

Group 1 - The "Stargate" project, a $500 billion investment in AI infrastructure, was announced by the White House, aiming to build 20 large-scale AI data centers across the U.S. [2][3] - Initial enthusiasm for the project waned as disagreements over equity and funding emerged between SoftBank and OpenAI, leading to delays and a reduction in project scope [3][4] - By December, only the Abilene site showed significant progress, with plans to become the largest AI cluster by mid-2026, while other sites remained unconfirmed [3][4] Group 2 - CoreWeave went public with a valuation of approximately $230 billion, marking the first public market pricing of AI compute leasing [4][7] - The company transitioned from a cryptocurrency mining operation to a GPU cloud service, securing long-term contracts with major clients, including OpenAI [7][8] - CoreWeave's success has prompted similar companies to pursue IPOs and has changed the perception of compute power from a scarce resource to a flexible asset [8] Group 3 - NVIDIA became the first company to reach a market capitalization of $5 trillion, driven by the demand for GPUs in AI applications [20][22] - The company's stock price surged approximately 90% over six months, reflecting its pivotal role in the AI market [22][23] - Concerns about the sustainability of NVIDIA's valuation have emerged, drawing parallels to the dot-com bubble [22][23] Group 4 - Warren Buffett announced his retirement in his final letter to shareholders, marking the end of an era for Berkshire Hathaway [24][25] - Buffett emphasized the importance of long-term thinking in business and criticized the competitive nature of executive compensation [25][26] Group 5 - SpaceX completed 155 launches in 2025, redefining the concept of scalable space operations [26][27] - The company achieved significant cost reductions through reusable rocket technology, transforming rockets into "turnaround assets" [27][28] - SpaceX is moving towards an IPO, signaling a shift from engineering marvels to industrial-scale operations in commercial space [30] Group 6 - Germany revised its 2035 ban on internal combustion engines, allowing for a transition period that reflects market realities [31][32] - The decision was influenced by lobbying from major automotive companies and highlighted the gap between aggressive climate goals and actual market conditions [31][32] Group 7 - Alphabet's market capitalization rose to $3.8 trillion, driven by advancements in AI technology and a focus on self-developed chips and models [34][36] - The company aims to challenge NVIDIA's dominance by enhancing the compatibility of its TPU with popular frameworks and directly selling its hardware [34][35] - The competition in AI is shifting towards cost efficiency and usability, with Alphabet positioning itself as a potential leader in the new AI platform landscape [35][36] Group 8 - NVIDIA acquired Groq's core technology for approximately $20 billion, emphasizing the importance of low-latency inference capabilities in AI [37][39] - This strategic move reflects a shift in focus from training to inference, as companies seek to optimize costs and efficiency in AI applications [39]

炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 转自：北京日报客户端 近日，中国裁判文书网披露一则刑事判决书。上海市浦东新区人民法院对一起券商分析师受贿案作出一 审判决，原东方某有限公司研究所电子行业首席分析师邹某、电新行业高级分析师程某，因犯非国家工 作人员受贿罪，分别被判处有期徒刑十个月、缓刑一年，有期徒刑八个月、缓刑一年，均并处罚金十万 元，二人违法所得亦被依法追缴。 判决书并未披露相关人员的姓名。不过查阅利通电子的相关研报可发现，2023年12月，东方财富证券原 电子行业首席分析师邹杰曾发布关于利通电子的深度研报《主业战略布局进展突出，AI算力租赁服务 打造第二成长曲线》。 | 证券:利通电子(603629.SH) | 行业;电子设备 | 发布日期: 2023-12-21 15:51 | 撰写日期: 2023-12-21 | | | --- | --- | --- | --- | --- | | 原始评级:增持 | 变动: 维持 | 目标价格: 29.19 | 报告类型: | 深度研究 | | 深度研究:主业战略布局进展突出,AI算力租赁服务打造第二成长曲线 | | | | ...

智通财经APP获悉，据媒体援引知情人士透露的消息报道称，聚焦于AI算力租赁"新云"的云计算初创公 司Fluidstack正洽谈筹集约7亿美元的新一轮融资，这轮融资之后该公司估值将飙升至约70亿美元。这家 聚焦于云端AI算力基础设施租赁的初创公司，属于典型的 "AI算力基础设施层"玩家，Fluidstack整体业 务逻辑上可以大体对标有着"英伟达亲儿子"称号的云端AI算力租赁巨头CoreWeave，后者在美股市场的 估值已经高达427亿美元，已经有投资者开始憧憬新生代的这家"AI算力军火商"Fluidstack成为"下一个 CoreWeave"。 据媒体报道，这位知情人士表示，由前OpenAI研究员Leopold Aschenbrenner创立的公司Situational Awareness正商谈领投本轮融资。由于信息尚未公开，该人士要求匿名。该人士称，Alphabet Inc.旗下的 美国科技巨头谷歌(Google)正在讨论参与本轮融资，华尔街金融巨头高盛集团则担任此次大规模融资的 投行顾问。 从一家小众初创企业，到谷歌兜底、马克龙背书 对于一家直到今年早些时候仍相对默默无闻的小众初创公司而言，如此庞大的估值 ...

Core Viewpoint - The Shenzhen Municipal Financial Office issued a warning about the increasing risks of illegal fundraising activities, highlighting the deceptive nature and the various new schemes being employed by fraudsters to exploit the public and disrupt market order [1] Group 1: Types of Illegal Fundraising Cases - Case 1: "Agricultural Cloud Breeding" - A fraudulent scheme involving a "cloud breeding black pig" investment project that promised a fixed annual return of 60%, ultimately leading to the freezing of withdrawals and the closure of the app, with over 40,000 members and more than 1 billion yuan involved [2][3] - Case 2: "Medical Beauty" - A "beauty loan" scam where a beauty institution induced nearly 1,000 consumers to take out loans totaling 66.22 million yuan, resulting in a loss of 40.7 million yuan due to the company's collapse [4] - Case 3: "AI Computing Power Leasing" - A Ponzi scheme disguised as a cloud storage investment, promising returns of 15%-30% annually, but relying on new investors' funds to pay old investors [5] - Case 4: "RWA" - A scheme involving a "digital cultural tourism fund" that misused the concept of asset tokenization to lure investors into a fraudulent virtual currency scheme [6][7] - Case 5: "Fake State-Owned Enterprises" - A scam where a fake local investment company issued debt products under the guise of a city investment project, leading to average losses of over 200,000 yuan per investor [8] - Case 6: "Gold Investment" - A fraudulent "golden interest" scheme where a company falsely claimed to hold a trading license, resulting in investors losing money due to the lack of actual gold assets [9] Group 2: Characteristics of Fraudulent Activities - The fraudulent schemes often feature three main characteristics: the use of "agriculture + technology" as a marketing gimmick, strong online presence making it difficult to track funds, and multiple illegal risks including illegal fundraising and pyramid schemes [3] - The medical beauty sector has become a new hotspot for illegal fundraising, with fraudsters targeting young women and entrepreneurs by bundling illegal fundraising with beauty services [4] - High-tech concepts like AI and cloud computing are exploited by fraudsters to create false investment opportunities, promising high returns while engaging in illegal fundraising activities [5] Group 3: Regulatory Recommendations - The Shenzhen Municipal Financial Office emphasizes the importance of verifying the qualifications of financial institutions and suggests using five authoritative channels for checking the legitimacy of financial products and services [10][11]

Investment Rating - The report maintains a positive rating for the industry, suggesting that AI computing power leasing could become the next ideal anchor asset for RWA [4]. Core Insights - RWA serves as a bridge between real-world assets and web3.0, facilitating the transition from web2.0 to web3.0 financing channels by tokenizing tangible and intangible assets on the blockchain [1][8]. - The expansion of RWA assets has evolved from traditional financial assets to real estate and physical economy assets, with significant participation from major financial institutions [11][12]. - AI computing power leasing is identified as a promising next step in the RWA asset chain, characterized by market growth, clear yield transparency, and defined market financing needs [2][3]. Summary by Sections RWA Asset Expansion Path - RWA utilizes blockchain technology to convert real-world assets into digital tokens, enabling investment in fixed-income products and facilitating asset diversification and risk sharing [1][8]. - The RWA asset category has expanded significantly since the introduction of stablecoins like USDT in 2014, which addressed volatility in the crypto market [11][12]. Characteristics of Ideal Anchor Assets for RWA - Ideal RWA anchor assets should exhibit continuous market growth, transparent yield, and clear market financing demand [18][19]. - The process of "confirmation—splitting—circulation—financialization" is essential for RWA, ensuring that assets are digitized and can be traded efficiently [18][20]. AI Computing Power Leasing as the Next Anchor Asset - The report highlights that AI computing power leasing possesses the necessary characteristics to become an ideal anchor asset for RWA, driven by the increasing demand for computational resources in AI applications [2][29]. - The global AI computing power leasing market is projected to grow significantly, with estimates reaching $14.6 billion in 2024 and expanding to $63.64 billion by 2031 [44][47]. Investment Recommendations - The report suggests closely monitoring the relevant industry chain, including IDC manufacturers and cloud service providers, as they are poised to benefit from the growth of RWA and AI computing power leasing [3][58].

Core Viewpoint - The article discusses the rapid divestment of shares by the You family from their listed company, Hongbo Co., which resulted in over 2 billion yuan in cashing out within three years, raising questions about their commitment to the company and the implications for minority shareholders [1][20][30]. Group 1: Company History and Development - The You family, led by patriarch You Laoye, transitioned their foreign trade business to their daughter, You Yuxian, in 1995, despite societal norms favoring male leadership [2][4]. - You Yuxian and her sister, You Lijuan, pivoted the business towards the printing industry, investing heavily in advanced printing technology from Japan in 1999, which was a significant financial commitment at the time [7][9]. - The company, Hongbo Printing, gained a competitive edge by securing a large order for the national population census in 2000, leading to substantial market share growth, particularly in lottery printing, where it reached over 65% market share at its peak [11][13]. Group 2: Financial Performance and Challenges - After going public in May 2008 and raising 1.2 billion yuan, the You family held a 70% stake in Hongbo, solidifying its status as a family-run enterprise [15]. - However, by 2014, the company faced declining profitability, with revenue increasing to 860 million yuan but net profit plummeting to 23 million yuan, indicating a net profit margin of only 2.7% [17]. - The company attempted to diversify through acquisitions in the gaming and telecommunications sectors, but these efforts failed, leading to significant financial losses and a decline in revenue by 23.49% in 2018 [19]. Group 3: Shareholder Actions and Market Impact - The You family initiated a series of share sell-offs starting in 2014, with You Lijuan cashing out over 700 million yuan by 2021, and the family collectively selling off shares worth 2 billion yuan in total [20][21]. - The family strategically timed their sell-offs around financial disclosures, exploiting information asymmetry to maximize their returns while leaving minority shareholders at a disadvantage [23][28]. - Following the family's exit, Hongbo Co. has struggled with financial performance, reporting losses for two consecutive years and a significant increase in retail investor participation, which has led to concerns about the company's future viability [26][30].