Group 1 - The core viewpoint of the article highlights that MediaTek is expected to maintain its leadership in the global smartphone processor market with a 34% market share in Q4 2024, followed by Apple at 23% and Qualcomm at 21% [1] - Samsung's market share has declined to 4% in Q4 2024, down from 5% in Q3 2024, indicating a significant downturn [1] - Samsung's Galaxy S25 series will exclusively use Qualcomm's Snapdragon 8 Elite chip due to poor yield rates of its second-generation 3nm process, which hindered the supply of its Exynos processors [1] Group 2 - There are rumors that Samsung is attempting to reduce its reliance on Qualcomm's Snapdragon processors, with the Galaxy Z Flip FE potentially being the first foldable device to use an Exynos processor if yield rates meet expectations [1] - Huawei's Kirin chip ranks sixth globally, despite facing various restrictions [2]

Core Viewpoint - CoreWeave is positioned as a leading "GPU cloud" provider with 250,000 Nvidia GPUs, but concerns arise regarding the longevity and demand for these chips in the rapidly evolving AI hardware market [1][2][3] Group 1: CoreWeave's Business Model - CoreWeave rents remote access to Nvidia AI chips, primarily utilizing the Hopper generation, which is currently in high demand due to the AI boom initiated by OpenAI's ChatGPT [1] - The company has borrowed nearly $8 billion to acquire Nvidia chips and build data centers, sometimes using its accumulated GPUs as collateral [4][5] Group 2: Nvidia's Chip Evolution - Nvidia's CEO Jensen Huang indicated that the upcoming Blackwell generation of GPUs, set to ship by the end of 2024, will outperform the Hopper chips by 40 times in certain applications [2][3] - The introduction of Blackwell chips is expected to lower the rental prices of older Hopper chips, which could impact CoreWeave's revenue projections [3][4] Group 3: Market Dynamics and Pricing - The rental price for H100 chips has decreased significantly from $8 per hour in 2023 to under $2 per hour for some services, indicating a potential shift in the AI chip rental market [4] - Analysts suggest that the rapid pace of innovation may lead to accelerated depreciation of older chip generations, posing a threat to profitability for companies like CoreWeave [4][5] Group 4: Future Outlook - CoreWeave aims to provide cutting-edge infrastructure and plans to continue investing in expanding and improving its data centers, while also addressing the potential obsolescence of its components [5] - The relationship between CoreWeave and Nvidia remains strong, with Nvidia holding over 5% of CoreWeave's shares, but the competitive landscape is shifting with the introduction of new chips [5]

证券代码：300102 证券简称：乾照光电 公告编号：2025-022 一、重要提示 本年度报告摘要来自年度报告全文，为全面了解本公司的经营成果、财务状况及未来发展规划，投资者 应当到证监会指定媒体仔细阅读年度报告全文。 除董事陈文翔未能亲自出席并委托董事李敏华代为出席外，其余所有董事均已亲自出席了审议本报告的 董事会会议。 容诚会计师事务所（特殊普通合伙）对本年度公司财务报告的审计意见为：标准的无保留意见。 □适用 √不适用 公司上市时未盈利且目前未实现盈利 □适用 √不适用 董事会审议的报告期利润分配预案或公积金转增股本预案 √适用 □不适用 公司经本次董事会审议通过的利润分配预案为：以888,333,883（剔除已回购股份31,999,980股）为基 数，向全体股东每10股派发现金红利0.46元（含税），送红股0股（含税），以资本公积金向全体股东 每10股转增0股。 本报告期会计师事务所变更情况：公司本年度会计师事务所由变更为容诚会计师事务所（特殊普通合 伙）。 非标准审计意见提示 董事会决议通过的本报告期优先股利润分配预案 □适用 √不适用 二、公司基本情况 1、公司简介 ■ 2、报告期主要业务或产品 ...

Core Viewpoint - The recent launch of AI Agent product Manus has generated significant excitement in the tech industry, highlighting the potential for disruptive innovation across various sectors driven by AI technology [1] PART.01: AI Joint Exhibition Area - The 2025 Munich Shanghai Electronics Show will feature an AI Joint Exhibition Area, focusing on four key applications: smart driving, cloud computing and data centers, consumer electronics, and medical industry [2] PART.02: AI Technology Innovation Forum - An AI Technology Innovation Forum will be held during the exhibition, bringing together experts and industry representatives to discuss challenges and trends in next-generation AI chip architecture, data security, and the integration of AI with storage [4] Human-shaped Robot Exhibition Area - The exhibition will introduce a Human-shaped Robot Exhibition Area, showcasing the latest technologies and applications in humanoid robotics, providing a platform for industry innovation and commercialization [7] Human-shaped Robot Innovation Forum - A Human-shaped Robot Innovation Forum will take place, focusing on the latest humanoid robot technologies and their applications across various fields [12] Medical Electronics Innovation Forum - The International Medical Electronics Innovation Forum will explore breakthroughs and transformations in the medical electronics field, with discussions on AI applications in healthcare [24] Embedded Systems Innovation Forum - The International Embedded Systems Innovation Forum will feature discussions on new product designs and research achievements, emphasizing the role of AI in embedded systems [29] Event Schedule and Participation - The exhibition will host various thematic forums and activities, covering hot application markets such as electric vehicles, automotive electronics, humanoid robots, and AI technology [38]

Core Insights - Broadcom Inc. announced the launch of Audi's Edge Cloud 4 Production (EC4P) initiative, utilizing VMware Cloud software to enhance manufacturing efficiency at the Boellinger Hoefe plant in Germany, where the electric Audi e-tron GT is produced [1][2] - The EC4P initiative aims to integrate software-defined factory automation, bridging the gap between IT and operational technology (OT), with partnerships involving Broadcom, Cisco, and Siemens [2][3] Group 1: EC4P Initiative Details - The EC4P initiative includes the deployment of virtual programmable logic controllers (vPLCs) to improve productivity and efficiency in Audi's manufacturing strategy [3] - Audi plans to expand the local cloud for production across all plants, leveraging advancements in digital control systems [3] - The collaboration between Audi and Broadcom is focused on creating a more efficient, cost-effective, and secure manufacturing future [3][6] Group 2: Benefits of VMware Cloud Foundation - VMware Cloud Foundation (VCF) enables Audi to create a private cloud environment for managing critical shop floor workloads, enhancing operational efficiency [4][5] - Key benefits of VCF include reduced hardware footprint, lower maintenance costs, improved agility and scalability, and enhanced security through centralized patching [5][6] - The initiative is expected to facilitate faster updates and deployments, minimize downtime, and lower environmental impact by reducing power consumption and e-waste [5][6] Group 3: Future Applications - Future use cases for the EC4P initiative may include AI-driven production, data analytics, and computer vision applications [4] - The transition to a cloud-based infrastructure is anticipated to increase factory uptime and speed up the rollout of new applications across production lines [6]

Summary of Horizon Robotics Conference Call Company Overview - **Company**: Horizon Robotics (9660.HK) - **Industry**: Automotive technology, specifically focusing on smart driving and advanced driver-assistance systems (ADAS) Key Financial Highlights - **2H24 Revenue**: Rmb1.4 billion, representing a **23% YoY** and **55% QoQ** increase, exceeding Bloomberg consensus by **10%** [4][8] - **Gross Margin (GM)**: Achieved **76.1%**, higher than the expected **72.5%** and consensus estimate of **69.5%** [4][8] - **Operating Income**: Reported at Rmb-1.24 billion, in line with expectations [4][8] - **Net Income**: Turned positive at Rmb7.4 billion, significantly beating expectations of a loss [7][8] - **Product Solutions Delivery**: Expected to reach **2.9 million** in 2024 with **100+ car model design wins** [2][9] Product and Market Developments - **Partnership with Li Auto**: Li Auto plans to adopt Horizon Robotics' J6M chips for its L/MEGA series vehicles, upgrading from J5 solutions, indicating strong supplier credibility [1][9] - **Chip Adoption**: Increasing adoption of Horizon's chips among local OEMs, with a focus on higher-end products like J6M (128 TOPS) and J6P (560 TOPS) [1][9] - **Market Expansion**: Horizon Robotics is expanding its presence among Chinese OEMs, including BYD, Changan, Geely, Chery, and GAC, promoting intelligent driving features [9] Future Outlook - **Revenue Growth Projections**: Expected **50% YoY** growth in 2025, with continued strong growth rates of **60%+ YoY** in 2026-2028 [11] - **Earnings Revisions**: Adjustments made to 2025E-2030E earnings, with a **2%-5%** increase in revenue estimates for 2026-2030 [10][11] - **Target Price**: Raised to **HK$13.33** from **HK$11.77**, based on a revised EV/EBITDA multiple of **30.0x** for 2028E [19] Risks and Challenges - **Competitive Landscape**: Potential risks include increased competition and pricing pressures in the auto supply chain amid slow demand [18] - **Product Mix Upgrade**: Risks associated with slower-than-expected upgrades to AD products and expansion of the customer base [18] - **Supply Chain Risks**: Geopolitical tensions may pose supply chain challenges [18] Conclusion Horizon Robotics is positioned for significant growth driven by partnerships with major OEMs, strong product demand, and a favorable market environment for smart driving technologies. The company’s financial performance in 2H24 indicates robust growth, and the outlook remains positive despite potential risks in the competitive landscape.

Core Insights - The global smartphone chip market is experiencing shifts in market share among key players, with MediaTek leading in Q2 2023 and projected to maintain a strong position through Q4 2024 [4][5] - Apple is expected to see an increase in chip shipments in Q4 2024 due to the launch of the A18 series [6] - Qualcomm's chip shipments are projected to decline slightly in Q4 2024, but revenue growth is anticipated due to strong demand in the high-end market [6] Market Share Overview - MediaTek's market share is projected to fluctuate from 31% in Q2 2023 to 34% in Q2 2024, with a peak of 41% in Q1 2024 [4] - Apple's market share is expected to decrease from 19% in Q2 2023 to 13% in Q2 2024, with a rebound to 23% in Q4 2024 [4] - Qualcomm's share is forecasted to drop from 29% in Q2 2023 to 30% in Q2 2024, but will decline to 21% by Q4 2024 [4] - UNISOC is projected to increase its share from 14% in Q2 2023 to 15% in Q2 2024, maintaining a steady presence [4] - Samsung's market share is expected to remain low, fluctuating between 4% and 6% throughout the forecast period [4] Company-Specific Developments - MediaTek is set to increase overall shipments in Q4 2024, driven by the launch of new high-end chips and stable LTE chip shipments [6] - Qualcomm anticipates a slight decline in shipments but expects revenue growth from the Snapdragon 8 Elite, which is in demand among multiple smartphone brands [6] - Samsung's Exynos chip shipments are expected to remain stable, with growth in specific models like Exynos 2400 and Exynos 1480 due to new product launches [6] - UNISOC is expanding its presence in the low-end market, benefiting from the adoption of its LTE chips by leading manufacturers [6]

In Brief Nvidia is looking to get into the server rental market.The semiconductor giant is reportedly nearing a deal to acquire Lepton AI, a company that rents out servers that are powered by Nvidia’s AI chips, according to The Information. The deal is reportedly worth several hundred million dollars, according to The Information, which cited unnamed sources. TechCrunch reached out to Nvidia for more information.Lepton AI was founded two years ago and raised an $11 million seed round in May 2023 from CRV a ...

黄埔江上 以下文章来源于华商韬略 ，作者华商韬略 华商韬略 . 聚焦标杆与热点、解构趋势与韬略 黄土上的算力之城。 作者 | 东木褚 来源 | 华商韬略 （ID:hstl8888) 2024年11月的一个夜晚，一艘游船泛舟黄浦江，船上的乘客来自国内的两家科技公 司。 一家是在深交所上市的弘信电子，另一家是AI芯片独角兽燧原科技。 上船之前，两个团队开会复盘了一个事关公司命运的合作项目，大家都认为： "AI算力之争，要跟全世界最强的对手掰手腕，这个项目是中国算力迎来质变的起点。" 弘信电子的董事长李强分享了抗美援朝38军血战三所里的视频，他说： "我们用了20年时间，把一家150万元成立的作坊式小厂发展成为柔性电子行业的领军企 业。战略转型切入AI赛道的时候，很多人都来质疑，我们也曾退缩过，但还是顶住了， 像38军一样知耻后勇，取得了胜利。" 燧原科技的创始人赵立东也是心有戚戚，"自主研发芯片很难，但比研发AI芯片更难的是 做生态，想找到合作伙伴和客户，要先找到一片'all in AI，all in算力'的热土。" 燧原科技成立于2018年，创始人是赵立东和张亚林，两人曾在半导体巨头AMD共事多 年，负责过CP ...

A handout picture from October 2019 shows Sundar Pichai with one of Google's Quantum Computers in the Santa Barbara lab, California, U.S. Picture taken in October 2019. Google/Handout via REUTERS THIS IMAGE HAS BEEN SUPPLIED BY A THIRD PARTY.One of Google's top executives working on quantum computers said he believe the technology is only five years away from running practical applications that can't be calculated on modern computers.Julian Kelly, Google Quantum AI's director of hardware, told CNBC's Deirdr ...