Core Viewpoint - Amazon's stock price has been underperforming despite the S&P 500 reaching new highs, with a nearly 40% increase since April, indicating a divergence in market expectations and performance [1][3]. Group 1: E-commerce and Profitability - Amazon's e-commerce revenue growth has slowed, with a year-over-year increase of less than 10% in the past 12 months, yet operating profit surged over 35% during the same period, highlighting significant operational leverage [1]. - The low profit margins in both the U.S. (4.8%) and international markets (2.7%) suggest that Amazon has made remarkable progress in profitability, contributing approximately 55% to its overall valuation [1]. - Amazon's dominant position in the U.S. e-commerce market, significantly ahead of Walmart, provides substantial operational leverage for expansion, allowing for aggressive investments in logistics and fulfillment networks [4]. Group 2: AWS and AI Development - Amazon Web Services (AWS) has become crucial since the rise of artificial intelligence (Gen AI), benefiting from significant investments in AI chip development, such as Tranium and Inferentia, which have been successfully integrated into its infrastructure [2]. - Despite initial struggles in establishing an AI narrative, Amazon has developed top-tier models accessible to developers and enterprise clients, positioning itself favorably against competitors like Microsoft and Google [2]. Group 3: Future Growth and Market Sentiment - The market appears to undervalue Amazon's leadership in e-commerce and cloud computing, which are expected to continue driving operational leverage and support its valuation [3]. - Projections indicate that EBITDA margins could rise from 11% in FY2024 to nearly 14% by FY2027, suggesting significant potential for profit growth [6]. - Despite a decline in revenue growth rates compared to pre-2022 levels, Amazon is expected to continue investing heavily in AI to reduce costs and enhance shareholder value [6]. Group 4: Stock Performance and Investor Sentiment - Amazon's stock price trend remains upward compared to its Nasdaq peers, with current valuations near the 50-week moving average, indicating strong buying support for investors looking to increase their positions [8]. - Although the stock's relative premium prevents analysts from upgrading ratings to "strong buy," maintaining a bullish outlook and strategically adding to positions is considered a viable strategy [8].

整理 | 美股研究社 在这个快速变化的时代，人工智能技术正以前所未有的速度发展，带来了广泛的机会 。 《AI日 报 》致力于挖掘和分析最新的AI概念股公司和市场趋势，为您提供深度的行 业 洞察和价 值 分 析。 A I 快 报 1. 报道称，美国计划在AI芯片方面对马来西亚设限。 欧洲芯片股普跌，阿斯麦控股和Soitec跌 超3%，BE半导体实业、德国爱思强、意法半导体至多跌超1.5%，ASM国际跌超0.9%。 2. 三个臭皮匠顶个诸葛亮：OAI/谷歌/DeepSeek首次合体"AI梦之队"！战力飙升30%，碾压一 切单模型。 最近，一项来自于Sakana AI的研究，在推理过程中——而不是在构建——试图将三 种模型的能力整合起来。结果令人惊讶，整合后的模型能力都远超单个模型，三模合一的性能也 好于只有两个模型合体的性能。 3. 美国研究人员开发出一款多模态人工智能（AI）模型，能显著提高识别心源性猝死高风险人群 的准确性，有助于挽救生命，减少不必要的医疗干预。 美国约翰斯·霍普金斯大学等机构的研究 人员近日在《自然-心血管研究》杂志上发表论文说，他们新开发的AI模型名为"多模态AI室性心 律失常风险分层系统 ...

来源 | 华尔街见闻 在AI的狂热推动下，微软和英伟达的公司市值正迈向4万亿美元关口。 最新数据显示， 英伟达市值达3.89万亿美元，微软市值达3.71万元美元，双双逼近4万亿美元。 然而，微软的AI故事更为复杂，其市值在不到三个月内暴增1万亿美元后，市场对其估值的高倍 数容错空间已极为有限。媒体分析指出，以4万亿美元市值计算，微软的预期市盈率将创20多年 来新高。 英 伟 达 ： 芯 片 霸 主 的 顺 风 局 与 潜 在 危 机 英伟达的崛起几乎完全依赖于AI热潮。作为AI价值链上游的芯片供应商，任何涉足AI的公司几乎 都绕不开英伟达的硬件支持。 过去三年，其年销售额激增10倍，未来三年预计仍将保持年均32%的增长。英伟达大客户的资本 支出计划也显示， 短期内其芯片需求不会骤减。 然而，这种"全押AI"的模式也带来二元风险。 过去三年来，英伟达凭借芯片需求激增，年销售额增长超过10倍；近年来，微软则通过与 OpenAI的早期合作，将AI技术嵌入自身产品，说服大量企业和消费者客户为其AI服务支付溢 价。 微软内部运营压力同样不容小觑。继5月裁减6000个岗位后，微软近日确认将再裁员9000人。 尽管其他科技 ...

Core Viewpoint - HaiMa Cloud Technology Co., Ltd. is preparing for an IPO on the Hong Kong Stock Exchange, aiming to leverage its leading position in the real-time cloud rendering service market for cloud gaming in China, with a market share of 17.9% projected for 2024 [1][3]. Financial Performance - The company has experienced rapid revenue growth, with projected revenues of RMB 2.9 billion, RMB 3.37 billion, and RMB 5.2 billion for the years 2022, 2023, and 2024 respectively, resulting in a compound annual growth rate (CAGR) of 33.8% over three years [3][5]. - Revenue is primarily derived from cloud gaming GPU as a service (GPUaaS) and cloud-native content services, with GPUaaS revenues of RMB 2.48 billion, RMB 2.2 billion, and RMB 4.58 billion for the same years, accounting for 85.4%, 65.4%, and 88.1% of total revenue respectively [3][5]. - Gross profit increased from RMB 61.64 million in 2022 to RMB 89.41 million in 2023, and further to RMB 129.38 million in 2024, with a CAGR of 44.9% [5][6]. Losses and Financial Health - Despite revenue growth, the company reported net losses of RMB 2.45 billion, RMB 2.17 billion, and RMB 1.85 billion for the years 2022, 2023, and 2024, totaling RMB 6.47 billion in cumulative losses [6][8]. - As of December 31, 2024, the company held cash and cash equivalents of RMB 26.24 million, with bank and other borrowings amounting to RMB 154 million, indicating a need for additional funding to sustain operations [8][9]. Customer Dependency - The company has a significant reliance on major clients, with the top five clients contributing 81.2%, 72.3%, and 72.7% of total revenue from 2022 to 2024. Migu Culture, the largest client, accounted for 42.5%, 46.4%, and 35.7% of total revenue during the same period [9][11]. - The number of clients for GPUaaS increased from 37 to 69 between 2022 and 2024, with customer retention rates improving from 77.8% to 88.6% [9]. Market Outlook - The market for real-time cloud rendering services in cloud gaming is expected to reach RMB 11.6 billion by 2029, with a CAGR of 35.4% from 2024 to 2029 [9]. - HaiMa Cloud aims to increase its market share from 12.5% in 2023 to 17.9% in 2024 [9]. Funding and Investment - The company has raised a total of RMB 1.105 billion across 10 funding rounds since 2014, with notable investors including Migu Culture and UCloud [12][14]. - Proceeds from the IPO are intended for infrastructure investment, R&D funding, and operational expenses [12][14].

本轮海外 AI 算力大涨的五个关键词 20250706 摘要 北美四大云厂商一季度 AI 算力资本支出同比增长 62%，总额达 719 亿 美元，Meta 上调全年资本支出预期，缓解了市场对 2025 年资本支出 收缩的担忧，表明科技巨头看好 AI 产业趋势。 微软 AI 基础设施 TOKEN 处理量同比增长五倍，谷歌 TOKEN 月均调用 量同比增长 50 倍，字节跳动豆包大模型 TOKEN 日均调用量同比增长 137 倍，显示 AI 应用端对算力需求旺盛。 博通 Q2 单季度 AI 相关业务收入同比增长 46%，Marvell 上调 ASIC 市 场规模指引 37%，反映市场对定制化加速器芯片需求强劲。 英伟达在 AI 大模型训练领域占据重要地位，其 GPU 芯片是底层算力核 心。随着 AI 模型转向推理阶段，英伟达推出 Nvlink 方案并布局低成本 芯片，积极拓展推理侧市场。 AI 大模型推理侧需求快速增长，推动 IC 芯片市场竞争格局变化。除传统 芯片厂商外，谷歌、亚马逊和 Meta 等也纷纷自研或合作部署 ASIC 芯片。 黄仁勋在 VDIO 股东大会上强调 AI 需求强劲，英伟达股价创新高，市值 ...

中信建投：预计AI推动的算力投资未来依然强劲 智通财经7月7日电，中信建投研报称，CoreWeave宣布成为首家部署英伟达GB300 NVL72系统的云服务 商。Oracle披露签署多项大型云协议，其中一项可从2028财年开始每年贡献超300亿美元收入。Meta重 组AI部门成立MSL，未来几年将投入数千亿美元瞄准超级智能。总体来看，AI的发展依然日新月异， 对算力的需求预计将持续强劲。当前，市场可能因算力板块短期的快速上涨及美国的关税问题而偏向观 望，走势可能偏震荡，AI推动的算力投资未来预计依然强劲，继续推荐：一是业绩持续高增长且估值 仍处于历史较低水平的标的；二是有望享受外溢需求、取得客户或份额突破的公司；三是上游紧缺的环 节；四是1.6T及CPO产业。 ...

以下文章来源于36氪出海 ，作者36氪出海 36氪出海 . 36氪出海（letschuhai.com）是关注出海的行业媒体，为企业跨境提供海外咨询及专业服务，同时运营着超万人的出海生态社群。 来源｜ 36氪出海（ID：wow36krchuhai） 封面来源 ｜ Unsplash 活动｜阿里云中企出海峰会将落地北京： AI加速全球布局 7月9日， 阿里云中企出海峰会即将落地北京，携手标杆企业和生态伙伴，分享AI应用、制造、零售消费、具身智能等领域的务实实践。 在AI时代，出海企 业如何提升创新和业务效率，开拓新商机？ 主论坛+四大分论坛+主题展区，分享出海洞察，探索增长动力。 欢迎扫描下方二维码，报名参会。 比 亚迪搁置墨西哥建 厂计划 瑞幸在美国首开两店，单杯最高57元 TikTok在日本 推出 应用内购物功能 锦江酒店递表港 交 所，加速全球化布局 元气森林冰茶登陆印尼 特朗普称各国将于8月1日开始支付新关税 智谱获浦东创投、张江集团10亿元战略投资 瑞幸在美国 开 出首批门店， 一杯饮品 最高57元 近日，瑞幸 咖啡在美国开出首批门 店，共计2家，分别位于纽约曼哈顿百老汇大道755号，以及第 六大道800 ...

Group 1: Company Developments - Luckin Coffee has opened its first two stores in the United States, with drink prices ranging from $3.45 (approximately ¥24.71) to $7.95 (approximately ¥56.94) [3] - BYD has suspended its plan to build a large factory in Mexico due to geopolitical tensions and uncertainties from U.S. trade policies, although it still aims to expand in the Americas [3] - Jin Jiang International Hotel has submitted its IPO application to the Hong Kong Stock Exchange, with plans to use the funds for capital expenditures to enhance its overseas hotel business [4] - TikTok has launched an in-app shopping feature in Japan, allowing users to buy products directly through shopping videos and live streams [4] - Genki Forest has entered the Indonesian market with its iced tea series, expanding its global footprint [7] Group 2: Industry Trends - The Ministry of Commerce of China will strengthen guidance on the export of used cars to promote healthy and orderly development in this sector [8] - Former U.S. President Trump announced that new tariffs will begin on August 1, with rates potentially ranging from 10% to 70% [9] - Hong Kong's IPO fundraising has ranked first globally this year, reflecting strong market dynamics [9] - Saudi Arabia's foreign direct investment inflow reached $6.4 billion in the first quarter, marking a 24% year-on-year increase [9] Group 3: Investment and Financing - Zhihui Technology has secured a strategic investment of 1 billion yuan from Pudong Venture Capital and Zhangjiang Group [10] - Shinke Industrial has completed a financing round exceeding 100 million yuan, aimed at technology upgrades and international expansion [10] - Lingchuan Technology has raised several hundred million yuan in its Series A financing round, focusing on next-generation chip development [10]

Core View - CoreWeave has received the first market deployment of AI server systems based on NVIDIA's latest high-end chips, highlighting its significant position in providing cloud computing capabilities for AI software training and operation [2][4]. Group 1: Company Developments - CoreWeave's GB300 NVL72 server rack represents NVIDIA's latest generation of AI chip technology, manufactured by Dell Technologies [2]. - The new system is expected to enable clients, including OpenAI, to develop and deploy larger and more complex AI models at unprecedented speeds [2][4]. - Following the announcement, CoreWeave's stock price increased by nearly 9% [1][2]. Group 2: Industry Trends - The demand for AI infrastructure remains strong, with major cloud computing companies competing to establish AI capabilities [3][4]. - Dell is revitalizing its business by focusing on selling AI servers to companies, including Musk's xAI, reflecting the ongoing growth in the tech industry's demand for AI infrastructure [4]. - Despite the strong demand for AI infrastructure, the launch of new chips occurs amid uncertainties in chip trade policies and the broader global economic environment [4][5].

Cloud Computing and AI - Alibaba Cloud will establish new data centers in Malaysia and the Philippines, expanding its global infrastructure to 29 regions and 90 availability zones. The third availability zone in Malaysia is now operational, while the second in the Philippines is set to launch in October 2023. This move aims to meet the growing demand for cloud computing and AI services overseas [1] Electric Vehicles - Polestar announced that its upcoming SUV model, Polestar 7, will be produced in a factory being built by Volvo Cars in Slovakia. This will be Polestar's first model manufactured in Europe, with plans to launch the vehicle in 2028 [2] Beverage Industry - Genki Forest's iced tea series has entered mainstream retail channels in Indonesia, marking its second product line to launch in the country after sparkling water. The brand has established a presence in over 30,000 retail outlets in Indonesia and has also entered 591 Costco stores in the U.S. and 109 in Canada [2] - The Chinese tea brand, Jasmine Milk Tea, reported that its first store in Los Angeles generated revenue of 4.195 million yuan in its first month, selling over 77,000 drinks and setting a sales record for the brand's overseas locations [3] Coffee Industry - Luckin Coffee opened two stores in Manhattan, New York, as part of its international expansion strategy. The stores launched with a promotional price of $1.99 per cup and feature a cashier-less self-service model to enhance the digital experience [4] Retail Expansion - Anta announced plans to open its first flagship store in the U.S. in Beverly Hills in September 2025, aiming to enhance its high-end brand image in the North American market [5] Media and Entertainment - iQIYI launched its Indonesian site in Jakarta, partnering with local telecom operator Telkomsel to enhance user experience through localized content and services [6] Manufacturing Expansion - BYD inaugurated its passenger car factory in Bahia, Brazil, with an investment of 5.5 billion reais (approximately 7.2 billion yuan), marking a significant step in its global strategy [7] - CRRC is expected to establish a new train manufacturing plant in Brazil, enhancing its competitiveness in the South American market [8] - Beijing Foton signed a memorandum with Saudi Arabia to build a commercial vehicle assembly plant, further expanding its global manufacturing footprint [9] Investment and Financing - Shenkepu Industrial completed a B+ round financing exceeding 100 million yuan, aimed at upgrading core technologies and expanding its international strategy [10] - Taited Pharmaceutical successfully listed on the Hong Kong Stock Exchange, with a market capitalization exceeding 4.3 billion HKD, focusing on peptide-related services [11] - Luxshare Precision announced plans for an H-share listing in Hong Kong, aiming to raise over $1 billion to support its global strategy and automotive business expansion [11] Hospitality Industry - Jin Jiang International Hotel submitted an IPO application to the Hong Kong Stock Exchange, aiming to enhance its overseas hotel business and digital transformation [11]