21世纪经济报道记者倪雨晴 12月30日，GPU企业天数智芯正式启动公开招股，招股期截至2026年1月5日，并计划1月8日以股票代 码"9903"在港交所上市。 根据公告，此次天数智芯拟发售25431800股H股，其中，中国香港公开发售2543200股，占比10%，其 余为国际配售。发行价定为每股144.60港元，以此计算，募资规模约为37亿港元，IPO市值约354.42亿 港元。 （图源：天数智芯全球发售公告） 在资金用途方面，天数智芯计划将约80%的募资净额用于未来五年的研发投入，包括通用GPU芯片及加 速卡的研发和商业化、扩充研发团队、推进专有软件栈和AI算力解决方案建设；约10%用于销售与市场 拓展；其余约10%用于营运资金及一般企业用途。 作为一家成立于上海的通用GPU厂商，天数智芯长期聚焦国产通用GPU芯片及相关解决方案。自2021年 以来，公司陆续推出"天垓"与"智铠"两个系列多款通用GPU产品，覆盖训练型与推理型两类核心应用场 景。 招股书披露，截至2025年6月30日，天数智芯累计出货量达到5.2万片，服务客户超过290家，产品已在 金融服务、医疗保健、交通运输等多个行业完成超过900次实际 ...

“We expect the minutes to the December meeting to note ongoing disagreement among FOMC participants about the appropriate policy path over the near term,” Goldman Sachs economists wrote in a note this week.Today, market watchers will pay close attention to the publication of the minutes from the Fed’s December 9-10 meeting. The minutes will be scrutinized to assess policymakers’ appetite for additional rate cuts. The FOMC lowered its benchmark rate this month for the third time in a row, though officials’ m ...

台积电位于亚利桑那州的首座工厂已正式投产 4 纳米制 程芯片，而第二座工厂将负责 3 纳米制程的大规模量 产，目标投产时间锁定 2027 年。此次加速扩产的核心原 因之一，是台积电正面临市场对 4 纳米、3 纳米乃至 2 纳米等尖端制程的海量需求，目前高性能计算客户已占 据该公司芯片产能的很大一部分。与此同时，人工智能 热潮尚无降温迹象，台积电因此计划扩大整体产能规 模，亚利桑那州工厂的升级工作正是这一战略的落地举 措。 报道还提及另一个重要原因：台积电当下正面临来自区 域竞争对手的激烈冲击。除了英特尔在 18A 制程技术上 持续突破，三星晶圆代工业务也迅速崛起，成为不容小 觑的强劲对手。此前报道称，三星拟加码其泰勒晶圆厂 的建设规划，摒弃原计划的 4 纳米制程，直接上马 SF2（2 纳米）制程工艺。这家韩国芯片巨头还成功 拿下特斯拉这一核心大客户，这一动态也表明，众多客户正在积极寻找台积电之外的可靠替代供应方。 IT之家 12 月 30 日消息，据韩媒 Digital Daily 报道，芯片巨头台积电正大幅提前其亚利桑那州晶圆厂的 制程节点量产时间表，3 纳米制程的大规模量产或将在 2027 年启动，较原计 ...

U.S. stock futures are showing a mixed to slightly positive sentiment this Tuesday, December 30, 2025, as investors brace for the release of the Federal Reserve's December meeting minutes later today. This comes after major indexes experienced a second consecutive session of losses on Monday, driven largely by profit-taking in the high-flying technology sector as the year draws to a close. Thin trading volumes are anticipated throughout the shortened holiday week, with U.S. markets set to close on Thursday ...

Market Overview - US stock futures remained mostly steady as Wall Street attempts to recover from a tech-led decline at the end of 2025 [1] - Major Wall Street indexes experienced modest declines, with Nvidia and Tesla leading the drop amid a rotation out of tech stocks [2] Federal Reserve Insights - The release of the Federal Reserve's December meeting minutes is anticipated, which may provide insights into future interest rate decisions after a third consecutive rate cut [3] - There is a significant expectation (approximately 84%) that the Fed will maintain current interest rates in January, although opinions are divided regarding potential actions in March [4]

The artificial intelligence trade is moving, and investors seeking cutting-edge ways to play it are snapping up technology “pick-and-shovel” stocks as massive cloud service providers pour billions into new data centers. Data storage companies dominated the S&P 500 Index in 2025, with Sandisk Corp. shares soaring almost 580% to make them the benchmark’s best performer, with Western Digital Corp. in second and Seagate Technology Holdings Plc in fourth. Meanwhile, AI-linked power providers and cable and fibe ...

Group 1 - The article highlights the rapid development of artificial intelligence (AI) technology, presenting significant opportunities in the market [3] - SoftBank has agreed to acquire DigitalBridge for $4 billion as part of its AI strategy, with the deal approved by the board [5] - Elon Musk discussed AI and autonomous driving collaboration with Israeli Prime Minister Netanyahu, indicating ongoing cooperation with Tesla and legislative progress in Israel [6] Group 2 - Meta has acquired AI startup Manus for several billion dollars, marking its third-largest acquisition since its inception [8] - Prior to the acquisition, Manus was valued at $2 billion during a new funding round, with the negotiation process completed in a very short timeframe [9] - NVIDIA has completed a $5 billion stock purchase from Intel, acquiring 214,776,632 shares at a price of $23.28 per share, as part of a plan to jointly develop PC and data center chips [10]

一天9个IPO鸣锣上市，这是12月30日A股、港股的热闹景象，这一资本热潮既是岁末收官的亮眼答卷，更是2025年中国资本市场欣欣向荣的鲜活缩影。 不过在市场热度持续跃升的另一面，当下，港股新股市场存在的隐忧也被推至聚光灯下。无论是近期明显回升的上市首日破发率，还是市场对于港交所目前 约300家排队企业消化能力方面的质疑，都被一一摆上台面。 纵使喜忧并存，但在一系列资本市场利好政策的加持下，市场对2026年充满期待，普遍认为A、H股新股市场将稳中向好，新股数量与融资规模大概率实现 稳步攀升。 | . | | --- | | | 证券代码 | 了 加载名称 | 7 0 | 上市目期 | | --- | --- | --- | --- | --- | | 7 | 600930.SH | | や申新能 〜 | 2025-07-16 | | 2 | 688795.SH | | 座尔线程 ~ | 2025-12-05 | | 3 | 688783.SH | | 西安奕材 | 2025-10-28 | | ব | 001280.SZ | | 中国轴小 ~ | 2025-12-03 | | ട | 688802 SH | | ...

Industry Overview - The semiconductor industry is poised for further growth driven by the artificial intelligence (AI) boom, as top AI developers continue to launch more advanced models that require increased computing power and data center capacity [1] - Major suppliers of AI infrastructure, chips, and components, such as Nvidia, Advanced Micro Devices (AMD), and Micron Technology, have seen their shares surge by an average of 119% in 2025, significantly outperforming the S&P 500 index, which is up only 18% [2] Investment Opportunities - Investors lacking exposure to the AI semiconductor sector in 2025 likely underperformed the broader market [4] - The iShares Semiconductor ETF offers a straightforward way to invest in this rapidly growing industry, focusing on companies like Nvidia, AMD, and Micron, with the potential to turn an investment of $250,000 into $1 million over the next decade [5][11] ETF Composition - The iShares Semiconductor ETF exclusively invests in American companies involved in chip design, distribution, and manufacturing, particularly those benefiting from AI opportunities, with a portfolio of 30 stocks [7] - The ETF is heavily weighted towards its top three holdings: Nvidia (8.22%), AMD (7.62%), and Micron Technology (6.88%) [7] Company Insights - Nvidia's GPUs are considered the best for developing AI models, with its Blackwell Ultra lineup designed to support the latest reasoning models [7] - AMD is competing with Nvidia in the data center chip market, with plans to launch its MI400 GPUs, which could significantly enhance performance [8] - Micron Technology is a leading supplier of memory and storage chips, with its HBM3E solutions integrated into Nvidia and AMD's GPUs, and is already sold out of its 2026 supply of data center memory [9] Performance Projections - The iShares Semiconductor ETF is projected to end 2025 with a 43% return, with a historical compound annual return of 27.2% over the past decade [11] - If annual spending on AI data center infrastructure and chips reaches $4 trillion by 2030, the ETF could deliver compound annual returns exceeding 20% [13] - Even with a return moderation, the ETF could still help investors reach $1 million in 13 years with a long-term average return of 11.8% [15]

Group 1 - Zhipu AI, a Chinese artificial intelligence firm, initiated a share sale to raise HK$4.35 billion (US$560 million), aiming to become the first large language model (LLM) developer listed in Hong Kong [1][2] - The company set its offer price at HK$116.20 for over 37 million shares, with 10% allocated to retail investors, and plans to debut on January 8 [2] - Zhipu expects net proceeds of HK$4.17 billion from its IPO, with a post-listing market valuation estimated at HK$51.16 billion [3] Group 2 - The IPO activity in December has seen a surge of Chinese tech firms, including those in AI and semiconductors, accelerating their listings in Hong Kong [6] - Zhipu's retail bookbuilding could attract over 400,000 retail investors due to strong investment sentiment for tech shares, although first-day performance may differ from recent high-profile debuts [5] - Shanghai Biren Technology, another tech firm, attracted HK$459.68 billion in margin financing for its retail tranche, indicating strong demand in the market [7]