Core Viewpoint - Third Point hedge fund is investing in three distinct categories within the AI sector, focusing on hardware, facilitators, and applications, with a significant portion of its portfolio allocated to five key AI stocks [1][2][3]. Group 1: Hardware - The hardware category includes Nvidia and Taiwan Semiconductor, with Nvidia being a leader in graphics processing units (GPUs) essential for AI applications since 2023 [4][5]. - Nvidia relies on Taiwan Semiconductor for manufacturing its chips, highlighting the interdependence between these two companies [5]. Group 2: Facilitators - Amazon and Microsoft are categorized as facilitators, providing cloud computing services that allow businesses to access AI capabilities without needing to build their own data centers [10]. - Amazon Web Services (AWS) and Microsoft Azure are the largest cloud platforms, benefiting from increased demand driven by AI workflows [10][12]. - The demand for AI computing capacity is expected to rise, making investments in Amazon and Microsoft strategically sound [12]. Group 3: Applications - The application segment is currently less emphasized in Third Point's portfolio, as hardware and facilitators have proven to be more profitable investments in the AI space [13]. - Meta Platforms is working on integrating generative AI into its services, which could lead to significant profit opportunities in the future [14]. - Maintaining some exposure to application-focused companies like Meta is advisable, as future developments in AI applications could yield substantial returns [15].

1月9日，上证指数站上4100点，午后科技股表现活跃。截至发稿，科创综指涨超1.6%，成分股中，信 科移动-U涨停，灿芯股份、上海谊众、国科军工、骄成超声等股涨超15%。 此外，大模型企业MiniMax港股今日正式上市，午后持续走高，截至发稿，该股已涨超90%。 中国银河证券表示，"人工智能+制造"专项行动以五大重点行业为抓手，推动人工智能按行业特征差异 化落地。可遵循"上游—中游—下游"三条投资主线。上游聚焦制造场景适配的算力、芯片与工业软件智 能化升级。中游作为政策资源与应用需求最集中的环节，行业解决方案与智能装备的工程化落地和规模 化推广具备更强弹性。下游围绕数据治理、模型安全评测与系统运维等生态服务。 （文章来源：21世纪经济报道） 相关ETF中，科创综指ETF天弘（589860）冲刺五连阳，成交额超3100万元，换手率已超10%，盘中交 投活跃。此外，云计算ETF天弘（517390）成交额超1600万元，换手率近5%。 科创综指ETF天弘（589860）紧密跟踪科创综指，该指数于定位于科创板市场综合指数，对科创板的市 值覆盖度约为97%，成分股覆盖小市值硬科技企业，具有极强的表征性和突出的成长属性。 ...

【环球网科技综合报道】1月9日，据外媒Wccftech报道，在今年CES展会上，英特尔在主题演讲中高调亮出 Panther Lake芯片，明确将矛头指向掌上游戏设备市场，甚至直言AMD同类产品为"老旧芯片"，展现出强势夺回市 场份额的决心。 英特尔高管尼什·尼拉拉约南在接受采访时表示，Panther Lake是专为掌上市场打造的最新处理器，而AMD仍在售 卖"老旧芯片"。目前，AMD凭借Z系列芯片主导掌上设备市场，但英特尔信心十足，计划通过全新产品线或定制 优化版本入局竞争。（旺旺） 作为首款采用18A先进制程的系统级芯片，Panther Lake的核心优势在于能效核升级与每瓦性能突破。其搭载的新 一代Darkmont能效核实现全维度优化，结合18A制程的RibbonFET晶体管与PowerVia背面供电技术，相较上一代实 现每瓦性能提升超15%，这恰好契合掌上设备对功耗控制与性能输出的核心需求。同时，该芯片集成的Arc核显性 能强劲，搭配XeSS 3技术，可大幅提升掌上游戏的帧率体验。 ...

今日（1.9），港股科技再度飘红，100%纯度的港股通科技30ETF（520980）涨近1%，盘中成交额超2.4亿元！资金面上，昨日再获资金关注，大举"吸金"超 2600万元！ 同类唯一15BP最低档管理费的恒生科技ETF基金（513260）亦涨0.35%，盘中成交额已超3亿元。资金面上，近20日有10日获资金青睐，昨日再获净流入超 1500万元，基金最新融资余额强势反弹，攀升至超1.4亿元，基金最新规模达73.88亿元！ 【机构：港股开年"独秀"全球？】 消息面上，阿里巴巴面向投资者的最新交流信息显示，淘宝闪购在最新季度取得关键进展。淘宝闪购2026年的首要目标是份额增长，会坚定加大投入以达到 市场绝对第一。 京东成立"变色龙业务部"，全面承接JoyAI App、JoyInside、数字人等核心AI产品的打造与商业化。京东第二批自研AI玩具将于1月中旬全面上线。 小鹏汽车一口气推出4款新车，包括G7、2026款P7+、2026款G6和2026款G9，都将搭载小鹏汽车第二代VLA大模型。何小鹏称，这是行业首个实现L4级初阶 能力的物理世界大模型。 港股科技热门股中，阿里巴巴-W、快手-W、哔哩哔哩-W涨超2% ...

Core Viewpoint - TSMC, the world's largest contract chipmaker, reported fourth-quarter revenue of T$1,046.08 billion ($33.05 billion) [1] Group 1 - TSMC's fourth-quarter revenue reflects a significant financial performance, showcasing the company's strong position in the semiconductor industry [1] - The reported revenue is based on monthly data calculations, indicating a systematic approach to financial reporting [1]

台积电12月销售额3,350亿元台币，同比增长20.4％。 市场有风险，投资需谨慎。本文不构成个人投资建议，也未考虑到个别用户特殊的投资目标、财务状况或需要。用户应考虑本文中的任何 意见、观点或结论是否符合其特定状况。据此投资，责任自负。 风险提示及免责条款 ...

For semiconductors, we believe the main driver for the beat was the better-than-expected conventional DRAM and NAND pricing. We estimate the company's conventional DRAM pricing to have risen by close to 50% qoq and NAND pricing up more than 30% qoq, compared to our prior expectations of DRAM +38% qoq and NAND +25% qoq, respectively. We expect DRAM bit shipment to have been largely inline with the company's guidance with only a slight growth qoq, while NAND bit shipment is likely to have missed its BUY Samsu ...

January 8, 2026 07:01 AM GMT Investor Presentation | Asia Pacific 2026 Outlook: Prefer AI to Non-AI; Both Logic and Memory Are Attractive | Downloaded by Neil.Wang@troweprice.com M | Not for redistribution without written consent of Morgan Stanley Charlie Chan Equity Analyst | | | --- | --- | --- | | | | Foundation | | January 8, 2026 07:01 AM GMT | | | | Investor Presentation Asia Pacific | Morgan Stanley Taiwan Limited+ | | | 2026 Outlook: Prefer AI to Non-AI; Both Logic and | Charlie.Chan@morganstanley.c ...

Summary of StarPower Conference Call Company Overview - **Company**: StarPower (603290.SS) - **Industry**: Semiconductor, specifically focusing on power semiconductors including SiC (Silicon Carbide) and GaN (Gallium Nitride) technologies Key Points 1. Revenue Growth Outlook for 2026 - Management is optimistic about revenue growth across various end markets in 2026 - **AI Servers**: Growth driven by the AI infrastructure cycle, with collaborations with global-tier power supply vendors for SiC devices expected to expand in 2026 [2] - **Automotive**: Anticipated increase in EV penetration rates and SiC adoption, with efforts to engage more global-tier car OEMs, particularly in Europe [2] - **Industrial**: Growth through penetration of global-tier customers such as Delta, Schneider, ABB, and Siemens [2] - **Photovoltaic**: Market share expansion despite modest end demand [2] - **Home Appliances**: Strong growth supported by increased market share and IPM capacity expansion [2] 2. SiC and GaN Technology Outlook - The pricing gap between SiC and IGBT (Insulated Gate Bipolar Transistor) has narrowed from Rmb2,000-3,000 to within Rmb1,000, driven by lower SiC substrate costs [3] - SiC devices are expected to be used in EVs priced at Rmb200k+ in 2025, potentially decreasing to Rmb100k+ in 2026 [3] - Management maintains that their SiC pricing remains competitive due to superior quality, with a yield rate of 80% [3] - Expansion into GaN technology is underway, with products capable of covering over 1,000V, targeting applications in EVs and AI data centers [3] 3. Pricing Trends - Management expects the pricing decline in power semiconductors to moderate to normal levels by 2026, as some smaller vendors may exit the market due to losses [4] - Despite ongoing pricing pressures, the company anticipates a stable gross margin trend in 2026 due to product mix upgrades [7] 4. Valuation and Price Target - The company is rated Neutral with a 12-month target price of Rmb121.20, representing a 21.0% upside from the current price of Rmb100.17 [10] - Valuation methodology includes applying a 31.0x target P/E multiple to the 2026E EPS [8] 5. Key Risks - Risks include stronger or weaker-than-expected IGBT market growth, variability in new design wins and market share gains, and competition levels [9] Additional Insights - The company is focusing on upgrading its product mix to mitigate pricing pressures in the power semiconductor market [1] - Management's proactive approach in expanding product lines and capturing new markets is viewed positively, although the overall market conditions remain challenging [1][2]

9 January 2026 | 1:32AM HKT Equity Research China Semis Tour: SmartSens (688213.SS) COO visit: Automotive CIS in expansion; Smartphone CIS driven by spec upgrade We hosted SmartSens (688213.SS, Not Covered) COO in our China Semis Tour in Shanghai on Jan 7. SmartSens is a local CIS supplier that focuses on the automotive, smartphones, surveillance, and robotics markets. Management is positive on smartphones CIS spec upgrade, driven by brand clients' emphasis on AI imaging capabilities and highlights SmartSen ...