Core Viewpoint - Amazon's stock has underperformed in 2025 compared to the S&P 500, raising questions about its future potential and whether it should be prioritized by investors as the year ends [1][2]. E-commerce Performance - Amazon's e-commerce segment experienced a 10% year-over-year growth in Q3, marking one of its best quarters in a long time [5]. - Third-party seller services also rose by 12%, indicating strong performance in this area as well [5]. Valuation Concerns - Amazon's stock has been trading at a premium valuation, averaging around 30 times forward earnings, which is considered high given its growth rates around 10% [6][8]. - The combination of high valuation and moderate growth has limited the stock's potential [8]. Profit Drivers - The majority of Amazon's profits come from its other business units, particularly Amazon Web Services (AWS) and advertising services [9]. - AWS revenue grew by 20% in Q3, driven by increased demand for cloud computing and AI workloads [10]. - Although AWS accounted for only 18% of total sales in Q3, it contributed 66% of operating income, highlighting its profitability [11]. Advertising Growth - Amazon's advertising services grew revenue at an impressive 24% in Q3, leveraging consumer data from its e-commerce platform [13]. - High margins in advertising are expected to enhance overall profitability, similar to trends seen in other advertising-focused companies [14]. Future Outlook - The fastest-growing segments, AWS and advertising, are also the highest-margin ones, suggesting that profits will increase at a faster rate than revenue [15]. - The anticipated acceleration in AWS growth and strength in advertising positions Amazon for a strong performance in 2026, making it an attractive investment opportunity [15].

企业越来越少问"哪个模型最强?"， 越来越多问—— 过去两年，生成式AI在中国企业内部的推进出现了一个鲜明变化： 表面上看，这是一个关于服务体验的问题; 但真正深入到企业的业务系统后就会发现： "哪个平台的客户支持最可靠?" 所谓"最佳客户支持"，本质是：谁能托住你的AI业务不出事。 这也是为什么，在跨境电商、全球SaaS、游戏、制造、供应链等板块，AWS会频繁被中国企业视为"最 稳的选择之一"。不是因为客服人数多，而是因为它提供的是工程级的支持体系、可预测的架构稳定 性，以及全球一体化的技术护栏。 本文尝试从"系统工程"而不是"客服体验"去回答： 哪些生成式AI平台，才真正算是为中国客户提供了"最佳客户支持"。 01|生成式AI的客户支持，本质不是答疑，而是能否托底风险 中国企业最清楚一个事实： 生成式AI不是小插件，而是正在变成核心业务链路。 一旦系统出现： 推理延迟抖动 并发瓶颈 模型行为异常 跨区域访问不稳定 数据链路风险不透明 影响的不是个别员工，而是业务节点本身。 所以企业在问"最佳客户支持"时，真正的意思是： "我用AI做业务，能不能放心托付给这家平台?" AWS在全球范围内的定位就是："AI是 ...

新浪科技讯 12月8日上午消息，近日，京东云JoyBuilder模型开发平台迎来全新升级，成功支撑业界顶 尖模型GR00T N1.5的千卡训练，成为行业首家支持具身智能千卡级LeRobot开源训练框架的AI开发平 台，且训练效率较开源社区版本提升3.5倍。基于软硬件深度调优和算法层面的突破，大幅提升了模型 训练效率与稳定性，1亿+数据的千卡训练时间从15小时缩短至22分钟，加速具身智能迈向规模化落 地。 据介绍，围绕具身智能模型训练，京东云AI Infra及相关团队基于JoyBuilder模型研发平台进行了全栈优 化： 新浪科技讯 12月8日上午消息，近日，京东云JoyBuilder模型开发平台迎来全新升级，成功支撑业界顶 尖模型GR00T N1.5的千卡训练，成为行业首家支持具身智能千卡级LeRobot开源训练框架的AI开发平 台，且训练效率较开源社区版本提升3.5倍。基于软硬件深度调优和算法层面的突破，大幅提升了模型 训练效率与稳定性，1亿+数据的千卡训练时间从15小时缩短至22分钟，加速具身智能迈向规模化落 地。 据介绍，围绕具身智能模型训练，京东云AI Infra及相关团队基于JoyBuilder模型 ...

Summary of Key Points from the Conference Call Industry Overview - The report focuses on the **China Internet** sector, particularly the **Cloud & Data Centers**, **Games**, and **Mobility** sub-sectors, highlighting their performance and future outlook post-3Q results and a recent China Internet trip [1][9][10]. Core Insights and Arguments 1. **Sub-sector Preferences**: - The **Cloud & Data Centers** sub-sector has been elevated to the top preference (1) due to expected sustained AI growth momentum driven by AI training/inference demand and positive order volume outlook for data centers [1][9]. - **Games** sub-sector is now ranked 2, while **Mobility** has dropped to 3, reflecting their defensive nature and favorable pricing power amidst a soft macro backdrop [1][9]. 2. **AI and Valuation Performance**: - The China Internet sector has shown outperformance driven by AI and valuation multiples, with notable EPS growth expected from companies like **Alibaba** and **Tencent** [9][10]. - The sector's median 2026E P/E is noted at **18X**, indicating that valuation multiple expansion has been a significant driver of performance rather than profit growth [9][10]. 3. **Competitive Landscape**: - **Bytedance** is highlighted as a key competitor, particularly with its recent launch of the **Doubao Phone Assistant**, which could disrupt existing app traffic and advertising models [1][9][10]. - The potential for a new era of AI assistants in China is discussed, with implications for user engagement and privacy concerns [9][10]. 4. **Food Delivery and Quick Commerce**: - The competition in food delivery is intensifying, with **Meituan**, **Alibaba**, and **JD** expected to see adjusted EBIT declines in the upcoming quarter [9][10]. - Market share dynamics are projected to stabilize at a ratio of **5:4:1** between Meituan, Alibaba, and JD, with Meituan maintaining a leadership position [9][10]. 5. **Global Expansion**: - The report notes the increasing competition among Chinese players in the **LatAm food delivery market**, with companies like **DiDi** and **Meituan** expanding their international footprints [1][9][10]. - **JD** is also highlighted for its international expansion efforts, particularly in Europe, which could provide a re-rating opportunity for the company [9][10]. Additional Important Insights - The report emphasizes the importance of strategic pivots for eCommerce and local services players in response to Bytedance's advancements in AI and eCommerce [1][9][10]. - The potential disruption of the advertising market due to AI assistants filtering out ads is noted, indicating a shift in how users interact with apps [10]. - The report includes a detailed earnings summary and market reactions for various companies within the sector, providing insights into their performance and future outlook [12][46]. This summary encapsulates the key points discussed in the conference call, focusing on the China Internet sector's dynamics, competitive landscape, and future growth opportunities.

Summary of Key Points from the Conference Call Industry Overview - The focus is on the **Disruptive Technology** sector, particularly the **AI Revolution** expected to gain momentum in **2026** with significant monetization opportunities arising from AI infrastructure built in **2025** [1][2] - The **global semiconductor market** is projected to reach between **$1.7 trillion - $2.4 trillion** by **2040**, driven by advancements in AI, 5G, and IoT technologies [15] - The **autonomous vehicle market** is expected to reach **$3.22 trillion** by **2033**, with a **36% CAGR** as AI developments drive adoption [57] Core Insights - **AI Monetization**: Approximately **20%** of AI-driven deal flow has accelerated recently, indicating strong demand from enterprise customers [1] - **Big Tech Capex**: Expected to be in the range of **$550 billion to $600 billion** for **2026**, with significant spending anticipated from governments and Global 2000 organizations [1] - **Tech Stock Growth**: A forecasted **20%** increase in tech stocks for **2026** as the AI Revolution progresses [1] AI Bubble Concerns - Concerns regarding an **AI Bubble** are deemed overblown, with the belief that the AI Revolution is still in its early stages [2] - Less than **5%** of US enterprises have fully adopted AI strategies, indicating substantial room for growth [2] Company-Specific Updates Additions to IVES AI 30 List - **CoreWeave (CRWV)**: Recognized for providing essential AI infrastructure, addressing global data center buildout needs [6] - **Iren Limited (IREN)**: Positioned to meet rising demand for AI High Performance Computing (HPC) [7] - **Shopify (SHOP)**: Accelerating AI integration through personalized shopping and operational efficiencies [8] Removals from IVES AI 30 List - **SoundHound (SOUN)**: Facing competitive challenges and shifting focus to M&A [9] - **ServiceNow (NOW)**: Struggling with monetization and backlog issues [10] - **Salesforce (CRM)**: Slower than expected monetization of its Agentforce strategy [11] Infrastructure and Investment - **AI Infrastructure**: Remains a top priority, with significant investments needed to meet rising compute demand [12] - The **data center power market** is expected to reach **$50 billion** by **2030**, with a **CAGR of 8%** [12] Geopolitical Context - Easing **US-China tensions** are seen as a positive development for tech stocks, with ongoing discussions between leaders [14] - The relationship between the US and China is crucial for the AI Revolution, particularly concerning the use of Nvidia GPUs [14] Sector-Specific Insights Semiconductors - **Nvidia (NVDA)**: Dominating the GPU market, expected to benefit significantly from AI-related capex [16] - **AMD**: Anticipated to gain market share in CPUs and benefit from rising AI infrastructure spending [19] - **TSMC**: Positioned to capitalize on AI investments due to its leadership in semiconductor foundry [20] Software and AI Applications - The global AI market is projected to reach **$407 billion** by **2027**, with a **36% CAGR** [30] - **IBM**: Backlog for AI agents has reached **$9.5 billion**, indicating strong demand [35] Cybersecurity - The cost of cybercrime is expected to reach **$23 trillion** by **2027**, emphasizing the need for robust cybersecurity solutions [50] - AI is increasing the sophistication of cyberattacks, with **87%** of security professionals reporting AI-driven attacks [51] Conclusion - The AI Revolution is in its early stages, with significant growth potential across various sectors, particularly in tech and infrastructure. Companies that can effectively leverage AI will likely see substantial benefits in the coming years.

Core Viewpoint - Nvidia holds equity stakes in several public companies, including CoreWeave, which has seen significant stock price growth since going public [2][3] Company Overview - CoreWeave operates as a neocloud, building data centers equipped with GPU clusters and renting access through a cloud-based platform [4][5] - The company has a market capitalization of $44 billion and a gross margin of 49.23% [4] Business Performance - CoreWeave's backlog reached $55.6 billion, reflecting a 271% year-over-year increase [9] - Major customers include OpenAI, which has committed $22.4 billion, and Meta Platforms, with a multiyear deal worth $14.2 billion [10] Market Position - CoreWeave's revenue is projected to rise nearly fourfold over the next two years, with an implied price-to-sales ratio of 2.2 based on expected 2027 revenue [12] - The company's valuation is lower than competitors like Iren and Nebius Group, which trade at 3.3x projected 2027 sales [13] Financial Considerations - CoreWeave has taken on over $13 billion in debt to finance infrastructure buildouts [15] - Nvidia's $6.3 billion deal with CoreWeave provides a safeguard by agreeing to purchase unused capacity, mitigating risks associated with overbuilding [16][17] Investment Thesis - CoreWeave is positioned for long-term success in the AI infrastructure era, supported by a strong backlog, customer acquisition, and strategic alliances [18]

Core Viewpoint - The "Magnificent Seven" stocks, including Alphabet and Amazon, have shown strong performance in 2025, with Alphabet leading the group. Amazon is expected to emerge as a strong performer in 2026 despite its recent underperformance [2][3][4]. Group 1: Performance Overview - The "Magnificent Seven" stocks have achieved a cumulative increase of 25% as of December 3, 2025 [2]. - Alphabet has outperformed its peers with a year-to-date performance of 67.4%, followed by Nvidia at 35.2%, and Microsoft at 17.1% [3]. Group 2: Amazon's Position and Future Potential - Amazon has lagged among the "Magnificent Seven," with less than a 50% increase over the past five years, but is expected to break out in 2026 [4]. - The company has been enhancing its e-commerce and cloud computing operations, which may lead to improved performance [4][7]. Group 3: Innovations and Operational Efficiencies - Amazon has built the largest fulfillment and logistics network globally, utilizing robots and AI to enhance operational efficiency [5][6]. - The company deploys over 1 million robots in its fulfillment centers, including advanced robots like Vulcan, which can handle a variety of items and detect damaged products [6]. - AI is being used to optimize delivery routes and improve warehouse operations, contributing to faster delivery times and reduced costs [7][8].

Core Insights - Snowflake's share prices have recently declined despite strong fiscal 2026 third-quarter results and a positive outlook, although the stock is still up nearly 47% year-to-date [1] Financial Performance - Snowflake reported a 29% year-over-year increase in quarterly revenue, reaching $1.21 billion, surpassing the analyst consensus of $1.18 billion [5] - Product revenue also increased by 29% to $1.16 billion, while adjusted earnings per share (EPS) rose to $0.35 from $0.20 a year ago, exceeding the consensus estimate of $0.31 [5] - The net revenue retention rate remained strong at 125%, indicating increased usage among existing customers [6] Growth Drivers - The company attributed its growth to AI, with AI revenue hitting $100 million in the quarter, one quarter ahead of projections [7] - Over 1,200 customers are utilizing Snowflake's AI-powered Snowflake Intelligence solution to develop AI agents, driving consumption-based growth [7] - Snowflake added a record 615 new customers in the quarter, with AI offerings accounting for approximately half of its bookings [8] Strategic Partnerships - Notably, Snowflake secured a $200 million partnership with Anthropic to deliver Claude-powered AI agents to enterprise customers [9]

Core Insights - Rubrik's stock price is expected to reach a new all-time high by mid-2026 due to its critical role in the AI ecosystem [2] - The company's fiscal Q3 results showed a significant increase in revenue and subscriptions, indicating strong demand and growth [3][4] Financial Performance - Rubrik reported net revenue of $350.17 million for fiscal Q3, a nearly 50% year-over-year increase, significantly surpassing market expectations by almost 1000 basis points [3] - Subscription revenue increased by 52%, with annual recurring revenue (ARR) from clients generating over $100K up by 27% [3] - The company achieved adjusted earnings of 10 cents, exceeding expectations, with cash flow up 200% and free cash flow up 400% [4] Guidance and Outlook - Rubrik provided a strong Q4 guidance, expecting continued business momentum and raised its full-year revenue forecast to at least $1.28 billion, which is 400 basis points better than expected [4] - Analysts indicate a positive outlook for Rubrik, with a Moderate Buy rating and an upward trend in consensus price targets, suggesting a minimum target upside of 25% [5] Market Trends - There is a notable accumulation of Rubrik's stock by analysts and institutions in 2025, despite some price target reductions [5] - The overall trend remains positive, with several price target revisions indicating potential upside closer to $130, or about 35% [5]

Core Viewpoint - Apple's high valuation metrics are currently supporting its market valuation, but it is expected that other companies will surpass Apple in market cap in the coming years due to its slow growth and high valuation [1]. Group 1: Competitors to Apple - Alphabet is approximately $300 billion behind Apple and generates more net income, indicating it could be valued higher if given the same stock price valuation. Its revenue and operating income growth rates are nearly double those of Apple, positioning it well to surpass Apple in market cap within three years [4][6]. - Microsoft, with a market cap of about $3.6 trillion, is also a strong contender to surpass Apple. Its net income is close to Apple's, and its growth rates, driven by a thriving software business and a strong cloud computing platform, suggest it will likely pass Apple in market cap soon [9]. - Amazon, currently valued at about $2.5 trillion, faces a tougher challenge as it is $1.7 trillion smaller than Apple. However, its cloud computing business, AWS, is experiencing significant growth, and its advertising business is also expanding rapidly, which could help it close the gap with Apple [10][11][13]. Group 2: Growth Prospects - Alphabet's advertising platform is performing well, and its challenge to Nvidia's dominance in the AI computing market could further enhance its growth prospects [7]. - Microsoft benefits from strong demand for AI, which is expected to continue driving growth in its cloud computing services [9]. - Amazon's AWS saw a 20% year-over-year revenue increase, and its advertising business grew by 24% in Q3, indicating strong potential for profitability and growth [11][13].