香港聯合交易所有限公司及證券及期貨事務監察委員會對本申請版本的內容概不負責，對其準 確性或完整性亦不發表任何意見，並明確表示概不就因本申請版本全部或任何部分內容而產生 或因倚賴該等內容而引致的任何損失承擔任何責任。 XTX Technology Inc. 芯天下技術股份有限公司 （「本公司」） （於中華人民共和國註冊成立的股份有限公司） 的申請版本 警告 本申請版本乃根據香港聯合交易所有限公司（「聯交所」）及證券及期貨事務監察委員會（「證監會」） 的要求而刊發，僅用作提供資料予香港公眾人士。 本申請版本為草擬本，其內所載資料並不完整，亦可能會作出重大變動。 閣下閱覽本文件， 即代表 閣下知悉、接納並向本公司、其保薦人、整體協調人、顧問或包銷銀團成員表示同意： 倘於適當時候向香港公眾人士提出要約或邀請，有意投資者務請僅依據於香港公司註冊處處長 註冊的本公司招股章程作出投資決定，招股章程的文本將於發售期內向公眾人士刊發。 (a) 本文件僅為向香港公眾人士提供有關本公司的資料，概無任何其他目的。投資者不應根據 本文件中的資料作出任何投資決定； (b) 在聯交所網站登載本文件或其補充、修訂或更換附頁，並不引起本公司、 ...

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格隆汇1月8日｜据媒体消息，在监管不确定的情况下，英伟达(NVDA)要求海外客户为其H200 AI芯片 支付全额预付款。英伟达称该芯片订单量已超过200万片，台积电(TSM)已被要求增产。 ...

Group 1 - Concerns about a potential AI bubble are prevalent in investment circles, with 41% of survey respondents believing AI stock prices are speculative and disconnected from fundamentals [2][7] - Nvidia is highlighted as a leading player in the AI industry, with its GPUs in high demand due to the growing need for data center investments, projected to rise from $430 billion in 2024 to $1.1 trillion by 2029 [4][5] - Nvidia's strong financial position, with a net cash of $52.1 billion, positions it well to withstand potential downturns in AI spending, as its industry-leading architectures are expected to remain in demand [5] Group 2 - ASML is identified as a unique investment opportunity, being the sole manufacturer of extreme ultraviolet lithography machines essential for high-end microchip fabrication for AI [6] - ASML's partnership with Mistral AI aims to enhance customer offerings by providing faster time to market and improved lithography systems [6]

Coming from an IT background, I have dived into the U.S. stock market seven years ago by managing portfolio of my family. Starting managing real money has been challenging for the first time, but long hours of mastering fundamental analysis of public companies paid off and now I feel very confident in my investment decisions. My hands-on experience shaped deep understanding of risk, reward and the delicate balance between these two variables. Driven by a desire to share my insights and contribute to the inv ...

Coming from an IT background, I have dived into the U.S. stock market seven years ago by managing portfolio of my family. Starting managing real money has been challenging for the first time, but long hours of mastering fundamental analysis of public companies paid off and now I feel very confident in my investment decisions. My hands-on experience shaped deep understanding of risk, reward and the delicate balance between these two variables. Driven by a desire to share my insights and contribute to the inv ...

It's been one of the most eventful CES (Consumer Electronics Show) events in years, thanks in part to the AI boom, which holds tremendous promise in 2026. ...

Core Insights - TSMC's unique business model as a pure-play foundry allows it to focus solely on manufacturing without competing with its customers, making it a preferred partner for major tech firms [1] - The company is increasingly viewed as a critical infrastructure provider in the digital economy, with its earnings growth outweighing geopolitical risks [2] - A revised price target from Goldman Sachs reflects heightened demand for AI infrastructure, indicating a shift in investor sentiment towards TSMC as a key player in hardware manufacturing [3] Company Performance - TSMC's stock has risen over 7% at the start of the New Year, reaching above $327, with a market capitalization of approximately $1.65 trillion, solidifying its status as the world's most valuable chip manufacturer [4] - The company has successfully accelerated the timeline for new manufacturing facilities in the U.S., enhancing its global supply chain and solidifying its role in AI hardware production [5] Market Position - TSMC holds over 90% of the global market share for advanced chips (nodes smaller than 7 nanometers), making it the primary choice for high-performance silicon [6] - A significant shift in revenue composition occurred in 2025, with High-Performance Computing (HPC) revenue surpassing smartphone revenue for the first time [7] Technological Advancements - TSMC's successful rollout of 2-nanometer technology marks a significant engineering advancement, with production yields exceeding expectations [8][10] - The company has addressed supply chain bottlenecks with its advanced packaging technology, CoWoS, which is essential for assembling complex AI processors [10] Pricing Power and Margins - TSMC has implemented a price increase of 3% to 10% on its advanced nodes for 2026, which customers have accepted due to the superior performance of its chips, helping maintain healthy gross margins above 59% [11] Geopolitical Strategy - TSMC is mitigating geopolitical risks through global diversification, including the Gigafab project in Arizona, which is on track to produce advanced chips ahead of schedule [12][13] - The expansion of manufacturing capacity in the U.S., Japan, and Germany reduces geographical concentration and enhances investor confidence [14] Investment Outlook - TSMC combines stability with growth potential, offering high margins, consistent cash flow, and a reliable dividend, making it a foundational holding for the AI era [15] - Upcoming earnings calls will provide insights into margin guidance, crucial for assessing the impact of recent price hikes on inflation and expansion costs [16] Capacity Expansion - TSMC is on track to reach a capacity of 130,000 wafers per month by the end of 2026, unlocking significant revenue previously held in backlog [17]

Group 1 - Credo Technology Group Holding Ltd (NASDAQ:CRDO) is recognized as a must-buy AI stock, with BofA recently lowering its price target from $240 to $200 while maintaining a Buy rating [1][2] - The year 2026 is identified as a pivotal point in a long-term process (8-10 years) for upgrading IT systems to support faster AI tasks, driven by the demand for more powerful AI capabilities [2] - BofA analysts highlight that while there are challenges related to AI investment returns and hyperscaler cash flows, there are also positive factors such as advancements in large language models and the emergence of specialized AI factories that could increase demand for companies like Credo [3] Group 2 - Barclays also maintains a Buy rating on Credo with a price target of $220, citing optimism about the company's potential to capture market share as hyperscalers expand their AI factories and upgrade data centers [4] - Credo is a semiconductor company that specializes in high-speed connectivity solutions for data infrastructure, offering a range of optical and electrical interconnect products that facilitate efficient data transfer within AI data centers [5]

Group 1 - Advanced Micro Devices, Inc. (AMD) is highlighted as a key investment opportunity in the AI sector, particularly in the server CPU market, supported by positive trends in the chip supply chain and AI market revitalization [1][2] - Micron Technology's optimistic outlook on server unit shipments, which are expected to grow in the high teens percentage year-on-year, aligns with AMD's growth strategy, indicating strong demand despite rising DRAM prices [2][3] - AMD's total addressable market (TAM) for server CPUs is projected to double to $60 billion by 2030, with the company aiming to increase its market share from 40% to 50% [3] Group 2 - Truist has adjusted its price target for AMD from $279 to $277 while maintaining a Buy rating, reflecting a broader review of semiconductor and AI stocks amid anticipated near-term challenges in the AI sector [4] - The lead analyst at Truist, William Stein, remains optimistic about AMD and other AI infrastructure semiconductor stocks, suggesting they are undervalued relative to their growth potential [4]