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]

在模拟芯片行业逐步走出周期低谷、迎来复苏增长的关键阶段，国产电源管理芯片领域再传资本佳音。 12月26日，证监会官网披露信息显示，总部位于安徽合肥的伏达半导体正式在安徽证监局办理上市辅导备案登记，启动A股IPO进程，辅导机构为国泰海 通。而就在不久前的12月11日，该公司刚取得新三板挂牌同意函，短短半月内完成新三板与A股IPO的双重推进，看出这家专精特新企业加速资本化的决 心。 作为半导体产业链的"能源管家"，电源管理芯片广泛应用于消费电子、汽车电子、工业控制等核心领域，其性能直接决定终端设备的能效与续航表现，是 保障电子设备稳定运行的核心器件。尤其在AI服务器算力升级、汽车电动化智能化提速的当下，市场对高性能电源管理芯片的需求持续攀升，为国产厂 商带来了突围机遇。 成立于2014年的伏达半导体，正是这一赛道的核心玩家，凭借对有线及无线快充技术的深耕，已成长为业界领先的电源芯片及方案供应商，并斩获工信部 专精特新"小巨人"企业认定，彰显了在细分领域的硬实力。 伏达半导体聚焦消费类电子、移动配件、汽车电子、工业四大高增长领域，构建了覆盖无线充电接收和发射芯片、充电与电池管理芯片、汽车电子芯片、 通用模拟芯片及J ...

Core Viewpoint - China is mandating that chipmakers use at least 50% domestically made equipment for new capacity, aiming to establish a self-sufficient semiconductor supply chain in response to U.S. technology export restrictions [1][3]. Group 1: Regulatory Changes - The new rule requires chipmakers to demonstrate through procurement tenders that at least half of their equipment will be sourced from Chinese manufacturers when seeking state approval for plant expansions [2]. - This mandate is a significant step in reducing reliance on foreign technology, particularly following the U.S. tightening of export restrictions in 2023, which banned sales of advanced AI chips and semiconductor equipment to China [3]. Group 2: Impact on Supply Chain - The 50% rule is influencing Chinese manufacturers to select domestic suppliers, even in areas where foreign equipment is still available from the U.S., Japan, South Korea, and Europe [4]. - Applications that do not meet the 50% threshold are generally rejected, although there is some flexibility based on supply constraints, particularly for advanced chip production lines where domestic equipment is not fully developed [5]. Group 3: National Strategy - President Xi Jinping is advocating for a "whole nation" approach to create a fully self-sufficient semiconductor supply chain, involving extensive collaboration among engineers and scientists across the country [6]. - Chinese scientists are reportedly working on prototypes for machines capable of producing cutting-edge chips, a development that the U.S. has sought to prevent [7]. Group 4: Industry Dynamics - The shift in preference among domestic fabs, such as Semiconductor Manufacturing International Corporation (SMIC), towards U.S. equipment has changed due to the 2023 U.S. export restrictions, forcing them to collaborate more with domestic suppliers [8].

Core Viewpoint - Retail investors are increasingly favoring five members of the "Magnificent Seven" and a popular ETF for investment in 2026, reflecting a significant shift in market dynamics driven by the rise of retail investing [1][3]. Group 1: Retail Investor Trends - Approximately 30 million retail investors opened new brokerage accounts in 2020 and 2021, with retail investors accounting for 25% of total equities trading volume in 2021, nearly double the share from the previous decade [3]. - Brokerage firms, particularly Robinhood, have successfully attracted retail investors through commission-free trades and fractional share purchases [5]. Group 2: Key Stocks - Nvidia is the most held stock on Robinhood, with shares rallying 1,200% since the beginning of 2023, driven by its dominance in AI-related GPU technology [6][7]. - Tesla, with close to 1.8 million deliveries in 2023 and 2024, remains a favorite due to its first-mover advantage in the EV market, although it is considered a risky investment due to its high valuation and unfulfilled promises from its CEO [11][12]. - Apple has maintained a significant market share in the U.S. smartphone market, with a loyal customer base and a strong capital-return program, but its high P/E ratio raises concerns about its valuation [15][17]. - Amazon is projected to account for over 40% of U.S. e-commerce market share by 2025, with its cloud service, AWS, generating significant operating income, enhancing its growth potential [20][21]. - Microsoft is focusing on cloud computing and AI integration, with Azure experiencing 40% sales growth in the fiscal first quarter, although its legacy segments continue to provide stable cash flow [25][27]. Group 3: Popular ETF - The Vanguard S&P 500 ETF is the most popular ETF among retail investors, aiming to mirror the performance of the S&P 500, which has averaged an annual return of roughly 10.5% over the last 30 years [29][30]. - The ETF features a low net expense ratio of 0.03%, making it an attractive option for investors seeking diversification [31].

(Bloomberg) — South Korea’s stock market renaissance in 2025 was one for the history books. Buoyed by world-beating gains in arms exporters to eye-popping surge in AI and K-beauty shares, the market just capped its strongest advance in a quarter century. The Kospi (^KS11) Index has soared 76% this year, compared with the S&P 500’s 17% advance so far and MSCI Asia Pacific Index’s 25% gain. The Korean benchmark’s performance, the best among major equity gauges, has been helped by chip heavyweights Samsung E ...