(Reuters) -Top Chinese firms are training their artificial intelligence models abroad to ​access Nvidia's chips and avoid U.S.‌ measures aimed at curbing their progress in advanced technology, ‌Financial Times reported on Thursday. Alibaba and ByteDance are among the tech firms training their newest large language models in Southeast Asian data centres, the report said,⁠ citing two people ‌with direct knowledge of the matter. Reuters could not immediately verify the report. Nvidia ‍declined to comment on ...

Market Overview - Bitcoin (BTC) is trading above $90,500, but this increase is accompanied by rising realized losses and weakening demand across the market [1][5] - Investors are exiting positions at a loss, indicating a potential exhaustion in the market rather than a recovery [2] - Large deposits are driving the latest BTC inflows to exchanges, with the average deposit value significantly increasing as whales sell their coins [3] On-Chain Analysis - The recent surge in deposits coincides with weakening liquidity conditions, raising concerns about the market's ability to absorb supply [4] - Realized losses have reached levels similar to previous cycle lows, and the short-term holder profit and loss ratio has collapsed, indicating a lack of buying momentum [5] Price Movements - Bitcoin is holding above the $90,000 level, but on-chain and derivatives data suggest the rebound lacks conviction and is vulnerable without stronger demand [6] - Ether (ETH) is trading near the $2,900 zone, with rising large-holder deposits and weak demand signals indicating a fragile rebound [6] - Gold has climbed above $4,170, driven by expectations for lower U.S. interest rates boosting demand for the metal [6] Stock Market Performance - Asia-Pacific stocks have risen, with Japan's Nikkei 225 up 1.42%, influenced by Wall Street's rebound on rising hopes for Fed rate cuts [7]

Summary of Horizon Robotics Conference Call Company Overview - **Company**: Horizon Robotics (9660.HK) - **Industry**: Smart Driving Technology Key Points Industry Trends - The smart driving trend in China is on the rise, transitioning from Advanced Driver Assistance Systems (ADAS) to highway Navigation on Autopilot (NOA) and city NOA, which is driving product mix upgrades for Horizon Robotics [2][3] Revenue Growth Projections - Horizon Robotics targets mid double-digit revenue growth over the next three years, driven by the smart driving trend, product mix upgrades, and customer penetration [2][3] - The average selling price (ASP) of chipsets is projected to increase from approximately US$30 in ADAS to US$100 in highway NOA, and potentially up to US$500 in city NOA, or US$700 when embedded with software [2] Customer Expansion Strategy - The company is focusing on local car OEMs such as BYD, Geely, Chery, and Changan, which are gaining market share in China [2] - Horizon Robotics plans to expand into joint venture (JV) car OEMs, which are primarily still in the ADAS phase, to leverage opportunities in smart driving and access global-tier car OEMs [2] Product Development and Outlook - For 2026, the company anticipates that product mix upgrades and customer expansion will be key drivers of growth [3] - The ADAS chipset revenue is expected to remain stable, while the J6M chipset for highway NOA and J6P for city NOA are projected to expand their customer base [3] - Horizon Robotics aims to have its solutions utilized in over 1,000 Robotaxis by 2026, collaborating with leading internet companies in China [3] Competitive Advantages - The company emphasizes its full-stack capability, particularly in software and AI, which is critical for maintaining a leading market position in the smart driving sector [8] - Horizon Robotics has a strong R&D team, with software engineers outnumbering hardware engineers by 3-4 times, enhancing its ability to design effective chipsets [8] Financial Projections - The 12-month target price for Horizon Robotics is set at HK$15.30, representing a potential upside of 102.9% from the current price of HK$7.54 [11] - Revenue projections for the upcoming years are as follows: - 2024: Rmb 2,383.6 million - 2025: Rmb 3,605.4 million - 2026: Rmb 7,166.2 million - 2027: Rmb 12,264.4 million [11] Risks - Key downside risks include: 1. Increased competition or pricing pressure in the auto supply chain amid slow demand [10] 2. Slower-than-expected product mix upgrades towards AD [10] 3. Delays in customer base expansion [10] 4. Supply chain risks due to geopolitical tensions [10] Conclusion Horizon Robotics is well-positioned to capitalize on the growing smart driving trend in China, with a strong focus on product development and customer expansion. However, the company faces several risks that could impact its growth trajectory.

Core Viewpoint - Tachyum has introduced the open-source TDIMM memory standard, significantly enhancing bandwidth and capacity compared to existing memory solutions [1][6][8]. Group 1: TDIMM Memory Standard Features - The TDIMM standard offers a bandwidth increase of 5.5 times, from 51 GB/s to 281 GB/s compared to standard RDIMM [1][8]. - TDIMM supports various capacities: standard size at 256 GB, higher size at 512 GB, and extra tall size up to 1 TB [1][8]. - The new design utilizes a 484-pin connector, allowing for optimized connectivity and signal integrity [2][9]. Group 2: Cost and Efficiency - TDIMM reduces the required DRAM IC count by 10%, leading to a projected cost reduction of 10% [2][9]. - The power consumption of TDIMM is expected to be 30% higher, but it achieves double the bandwidth of RDIMM [10]. - The anticipated cost for AI systems using TDIMM is projected to drop from $3 trillion and 25 million watts to $27 billion and 540 megawatts [6][8]. Group 3: Future Developments - By 2028, the TDIMM standard is expected to evolve, achieving a bandwidth of 27 TB/s, surpassing the upcoming DDR6 standard [4][11]. - The open-source nature of TDIMM is expected to drive widespread adoption and cost reduction across the industry [11][12]. - Tachyum plans to further open-source its instruction set architecture (ISA) and software, expanding its technology's reach [11].

Core Viewpoint - Alphabet's stock is rising while Nvidia remains flat as investors recognize the potential of Google's AI chips, particularly in light of a report suggesting Google may sell its TPUs to Meta for AI applications [1] Group 1: Google's AI Chips and Market Position - Google's TPUs are designed primarily for its own services, such as YouTube and search, and are optimized for specific tasks, making them less appealing for third-party customers who require flexibility across multiple cloud platforms [3][5] - The competitive landscape indicates that Google is not directly competing with Nvidia, as Nvidia's GPUs offer broader compatibility and a larger install base, which is crucial for software developers [4][6] - The specialized nature of TPUs is beneficial when software is highly optimized for them, but third-party adoption remains limited compared to Nvidia's GPUs [5][7] Group 2: Cloud Providers and AI Workloads - The success of custom ASIC strategies, like Google's, hinges on how effectively cloud providers can optimize their workloads, with Google currently leading in this area [6] - The emergence of multi-cloud and multi-AI cloud deployments is anticipated, as enterprises seek to distribute workloads across various platforms without extensive customization [9][10] - There is a growing need for a middleware layer that allows for efficient financial and programming benefits across different cloud environments, although the industry is still far from achieving this [8][10]

Core Viewpoint - Alphabet (GOOG) is positioned to benefit significantly from the artificial intelligence revolution, with shares currently trading at a low valuation, making them a buy opportunity [1] Group 1: Company Overview - Alphabet owns valuable digital assets such as Google search, YouTube, Android, Gmail, and Google Cloud, with the majority of revenue coming from advertising [2] - As of November 25, shares increased by 20.5%, bringing the company's market capitalization close to $4 trillion [2] Group 2: Financial Performance - In Q3, Alphabet's revenue rose by 16% year-over-year to $102.3 billion, while operating income, excluding one-time charges, increased by 22% [3] - GOOG stock has a trailing price-earnings ratio of 31.4, with 44 out of 55 analysts rating it a "Strong Buy" [3] Group 3: AI Developments - Meta is reportedly considering purchasing AI chips from Alphabet, indicating high demand for GOOG's products, which are noted to be more cost-effective and power-efficient than Nvidia's GPUs [3][4] - Alphabet's latest AI model, Gemini 3, has received praise for its reasoning and coding capabilities, and its partnership with AI startup Anthropic is expected to enhance financial results in the long term [5]

Core Insights - Google is reportedly in discussions to sell AI chips to Meta, indicating a strategic move in the competitive AI chip market [1] - Alibaba Group's stock experienced a significant increase following the announcement of stronger-than-expected revenue, despite a 71% decline in earnings year-over-year [1] - The growth in Alibaba's cloud services is attributed to its momentum in AI, suggesting a positive outlook for the company's future performance [1] Company Performance - Alibaba reported an adjusted earnings figure of 4.36 yuan per American depositary share for the quarter ending in September, which is below the previous year's 6.03 yuan [1] - The decline in earnings highlights potential challenges for Alibaba, even as revenue growth remains strong [1] Market Reactions - The stock market reacted positively to Alibaba's AI-related news, with analysts raising targets for the company's stock [4] - Nvidia's stock fell in response to the news about Google's AI chip discussions, reflecting the competitive pressures in the tech sector [2]

The new Silicon Valley is in Arizona. Greater Phoenix is becoming America's semiconductor HQ. It's where Intel and TSMC plan to manufacture next generation chips that American companies will need if they want to stay competitive in the AI arms race.That's triggered a rush of hopes and some fears. I talked with folks who work in the industry and residents about all the changes that manufacturing more chips in the US could bring. Phoenix is in a desert, so water use is one of the biggest concerns.Chip factori ...

Core Viewpoint - The farm equipment maker, Deer, anticipates annual profit to fall below estimates due to tariff impacts and reduced margins from large tractors [1] Group 1: Financial Performance - The recent quarter showed growth across all sectors, particularly in construction, which increased by 27% [2] - Deer expects a sales decline of 5% to 10% for the full year 2026, although this is an improvement compared to previous years where sales dropped by 17% in 2025 and 22% in 2024 [5] Group 2: Market Conditions - The farm economy remains volatile, leading to conservative guidance from Deer [2][5] - Bankruptcies among farmers in Iowa are increasing year on year, indicating stress in the agricultural sector [4] Group 3: Government and Policy Impact - There is potential relief for farmers expected to start in January, reminiscent of the $12 billion relief provided in 2018 [3] - Recent rollbacks on agricultural tariffs may also provide some relief to the farming community [4]

Core Insights - SoftBank's recent divestment from Nvidia, selling its entire stake for approximately $5.8 billion, raises questions among investors about potential warning signs [2][3][10] - The decision to sell is primarily driven by SoftBank's strategic shift towards investing in OpenAI, committing around $30 billion to support AI model development and infrastructure projects [4][6] - SoftBank's exit from Nvidia allows it to reallocate funds towards younger ventures and capitalize on Nvidia's significant stock appreciation over the past five years, where it has increased by over 1,280% [7][10] Investment Strategy - Investors are advised to consider their own goals and risk tolerance rather than directly following SoftBank's investment moves, as their objectives may differ significantly [9][10] - The sale of Nvidia shares, while substantial, represents a small fraction of SoftBank's overall valuation of over $4.3 trillion, suggesting that it should not be interpreted as a definitive market signal [10] - Investors holding Nvidia shares may want to reassess their positions, especially in light of Nvidia's recent earnings report showing a 62% increase in total revenue and a 66% increase in data center revenue [11] Investment Approach - A dollar-cost averaging strategy is recommended for those interested in investing in Nvidia, allowing for consistent investment regardless of market fluctuations [12][14] - Nvidia is recognized as a strong company with long-term potential, and investors should remain focused on its fundamentals rather than short-term price movements [15]