Core Viewpoint - Qualcomm Incorporated is a leading player in the wireless technology sector, known for its innovations in mobile communication and semiconductor solutions, with a cautious price target adjustment from $175 to $160 by Mizuho Securities [1] Group 1: Price Target and Market Sentiment - Mizuho Securities set a price target of $160 for Qualcomm, slightly above its current trading price of $155.82, indicating a more cautious outlook [1] - Institutional investors, such as Commerzbank Aktiengesellschaft FI, have increased their holdings in Qualcomm by 1.7%, now owning 472,843 shares valued at $78.7 million, reflecting strong belief in Qualcomm's long-term potential [2] - Other institutional investors, including First Citizens Bank and Trust Co., have also increased their positions, with a 3.9% rise in the third quarter, highlighting positive sentiment among investors towards Qualcomm's future prospects [2] Group 2: Stock Performance and Market Position - Qualcomm's stock price has decreased by approximately 1.26% today, dropping by $1.99, with a trading range of $154.92 to $157.98 during the day [3] - Over the past year, Qualcomm's stock has seen a high of $205.95 and a low of $120.80, indicating significant market volatility [3] - With a market capitalization of approximately $166.88 billion, Qualcomm remains a significant player in the tech industry, and today's trading volume of 7,106,729 shares indicates active investor interest [3]

Group 1 - The Shanghai Stock Exchange Sci-Tech Innovation Board Semiconductor Materials and Equipment Theme Index (950125) decreased by 3.27% as of January 26, 2026, with major component stocks like Tianyue Advanced leading the decline at 9.12% [1] - The China Securities Semiconductor Materials and Equipment Theme Index (931743) fell by 3.66%, with Zhichun Technology dropping 9.99% [1] - The liquidity of the Sci-Tech Semiconductor ETF (588170) was active, with a turnover rate of 13.63% and a transaction volume of 1.093 billion yuan [1] Group 2 - Shen Gong Co., Ltd. (688233.SH) announced an expected net profit for 2025 of 90 million to 110 million yuan, representing a year-on-year growth of 118.71% to 167.31% [2] - The global semiconductor market is recovering, driven by AI demand, leading to increased capital expenditure and steady growth in the company's large-diameter silicon materials business [2] - The domestic market in China is accelerating the pace of domestic substitution, with increased demand for key consumables from local storage chip manufacturers [2] Group 3 - The Sci-Tech Semiconductor ETF (588170) tracks the Shanghai Stock Exchange Sci-Tech Innovation Board Semiconductor Materials and Equipment Theme Index, focusing on semiconductor equipment (60%) and materials (25%) [3] - The semiconductor equipment and materials industry is a significant area for domestic substitution, benefiting from low domestic substitution rates and high potential for growth [3] - The Huaxia Semiconductor Equipment ETF (562590) also focuses on semiconductor equipment (63%) and materials (24%), emphasizing the upstream semiconductor sector [3]

2025年末，随着摩尔线程、沐曦股份在科创板上市后股价表现强劲，及2026年初壁仞科技成功登陆港 股，国产高端GPU领军企业集群加速对接资本市场。如今，"国产GPU四小龙"阵营的最后一块关键拼图 即将就位 —— 上海燧原科技股份有限公司的科创板IPO申请已于1月22日获证监会受理，标志着其上市 进程进入冲刺阶段，这家估值达205亿元的独角兽企业有望在二级市场再引关注。 公司的核心竞争力植根于其核心团队的深厚产业背景。创始人、董事长兼CEO赵立东毕业于清华大学无 线通信系，曾在硅谷的半导体芯片行业工作超过二十年，2007年至2014年就职于AMD(美国超威半导体 公司)，负责CPU/APU产品规划和多个相关核心IP的研发，并参与成立中国研发中心。2014年12月加入 紫光集团担任副总裁，主管半导体投资相关工作。联合创始人兼COO张亚林也曾在AMD工作11年，带 领AMD上海研发中心成功开发并量产多颗旗舰处理器。可以说，从核心团队来看，燧原科技具有纯正 的"硅谷基因"，这也为公司奠定了坚实的技术与工程基础。 在技术路径选择上，燧原科技采取了差异化竞争策略。燧原科技的最大亮点之一是其技术路线，公司避 开与英伟达通用 ...

Core Viewpoint - The article discusses the process of generating a Process Design Kit (PDK) for digital standard cell libraries, emphasizing the importance of accurate modeling and design rules in semiconductor manufacturing [1][9]. Group 1: PDK Generation Process - The first step in PDK generation is defining the Back End of Line (BEOL) stacking structure, which includes the number of metal and via layers, conductor and dielectric materials, and the geometries suitable for the technology node [1]. - After defining the BEOL structure, electrical characteristics for each layer are simulated, and results are recorded in BEOL parasitic parameter files [1]. - The next critical step in PDK development involves designing and developing N-channel and P-channel FET device models, which form the foundation of the standard cell library [1]. Group 2: Design Rules and Layout - Design rules for minimum metal lengths, spacing between metal/via, and end-to-end spacing are documented in technology files (.tf) or Layout Exchange Format (LEF) files [2][3]. - The layout design of standard cells is compact, limiting internal wiring to lower BEOL layers (typically M1-M3) and middle interconnect layers (MOL) [7]. - A layout versus schematic (LVS) check is performed after layout completion to ensure the layout matches the schematic and adheres to design rules [7]. Group 3: Device Simulation and Characterization - Device characteristics are simulated using TCAD tools, with DC and AC characteristics characterized through various models, including BSIM [5]. - As technology nodes shrink, transistor architectures have evolved, with FinFET and GAAFET structures requiring specific BSIM-CMG templates for accurate modeling [5]. - The final step involves developing a standard cell library that includes circuit schematics for each cell, which is essential for layout and simulation [5]. Group 4: Parasitic Parameter Extraction - Parasitic parameter extraction captures MOL and lower BEOL layers, represented as RC SPICE netlists, which are crucial for performance evaluation during layout simulations [8]. - The information generated from these netlists is stored in Liberty (.lib) files, aiding EDA tools in assessing design performance during module layout and routing simulations [8]. - Accurate parasitic modeling and standard cell characterization are vital for reliable timing and power analysis in digital integrated circuit design [9].

Core Insights - The Schwab Emerging Markets Equity ETF (SCHE) offers lower costs and higher yields compared to the iShares MSCI Emerging Markets ETF (EEM), which has a longer history and greater tech exposure [1][4][10] Cost and Size Comparison - SCHE has an expense ratio of 0.07%, significantly lower than EEM's 0.72%, which could lead to compounded savings over time [3][4] - As of January 22, 2026, SCHE's one-year return is 28.4%, while EEM's is 37.9% [3] - SCHE has a dividend yield of 2.9%, higher than EEM's 2.2% [3][9] - SCHE has assets under management (AUM) of $12.0 billion, compared to EEM's $25.1 billion [3] Performance and Risk Comparison - Over the past five years, SCHE's maximum drawdown is -35.70%, while EEM's is -39.82% [5] - The growth of $1,000 invested over five years is $1,036 for SCHE and $1,044 for EEM [5] Holdings and Diversification - EEM tracks large- and mid-cap companies with a 30% tilt towards technology, while SCHE has a 22% tech exposure and holds over 2,100 stocks, making it more diversified by company count [6][7] - EEM's top holdings include Taiwan Semiconductor Manufacturing, Tencent Holdings, and Samsung Electronics, which make up 21.5% of its assets [6] - SCHE's top holdings also feature Taiwan Semiconductor, Tencent, and Alibaba Group, comprising nearly 22% of its assets [7] Investment Implications - Both SCHE and EEM provide passive investment opportunities in emerging markets, holding over 1,000 stocks each [8] - The significant difference in expense ratios suggests that SCHE may be a more cost-effective option for investors seeking exposure to emerging markets [10]

2025年以来，IPO市场进入适应和转缓阶段。 与此同时，在资本市场集中支持科技创新的政策背景下，多家科创板申报企业上市进程可谓"光速"推 进，18家企业从申报受理到提交注册平均间隔天数仅为1天，其中半数过会当天即提交注册。如"国产 GPU第一股"摩尔线程，从IPO获受理到成功过会仅间隔84天，且公司于过会当天提交注册，34天后注 册生效。 此外，主板申报企业从获受理到提交注册环节的平均用时也缩短至12天，其中红板科技过会当天提交注 册，20天后注册生效。 那么，其它板块及其它审核环节节奏如何？本篇中，汉鼎咨询结合iFind梳理了2023年至2025年A股各板 块IPO企业过会、提交注册及注册生效各环节之间的用时情况。 （注：考虑到2023年初全面注册制实施，主板存在部分核准制企业平移至注册制审核，本篇剔除相关数 据。） 一、各板块IPO过会用时变化 据iFind数据，剔除主板核准制平移至注册制企业后，2023年至2025年347家IPO企业过会。板块分布方 面，北交所138家、创业板124家、科创板58家、主板27家。 按年度划分，2023年197家企业过会、2024年45家企业过会，2025年105家企业 ...

Core Insights - The article highlights the top-performing analysts in the U.S. for the year 2025, as ranked by TipRanks based on their success rates and average returns [1][2]. Analyst Rankings - **Sam Slutsky – LifeSci Capital**: Achieved the highest ranking with a success rate of 67.74% and an average return of 62.4%. His notable recommendation on Abivax SA (ABVX) yielded a return of 894.81% [3]. - **Richard Shannon – Craig-Hallum**: Ranked second with a success rate of 61.87% and an average return of 36.9%. His top call on Aeva Technologies (AEVA) generated a return of 822.14% [4]. - **Joseph Stringer – Needham**: Secured the third position with a success rate of 79.17% and an average return of 38.2%. His best recommendation was for Inozyme Pharma (INZY), which returned 361.9% [5]. - **Myles Minter – William Blair**: Fourth place with a success rate of 66.93% and an average return of 28.8%. His top recommendation on Ovid Therapeutics (OVID) yielded a profit of 350% [6]. - **Ruben Roy – Stifel Nicolaus**: Fifth on the list with a success rate of 75.68% and an average return of 35.3%. His best call on CoreWeave (CRWV) generated a return of 293.2% [7]. - **Seamus Fernandez – Guggenheim**: Ranked sixth with a success rate of 78.57% and an average return of 40.6%. His best recommendation was for Cidara Therapeutics (CDTX), which returned 244.7% [8]. - **Thomas Smith – Leerink Partners**: Seventh place with an average return of 30.7% and a success rate of 65.22%. His best recommendation on Abivax yielded a return of 880.34% [9]. - **Mark Miller – Benchmark Co.**: Eighth with a success rate of 59.8% and an average return of 11.1%. His top call on SanDisk (SNDK) generated a return of 470.6% [11]. - **Allison Bratzel – Piper Sandler**: Ninth position with a success rate of 63.64% and an average return of 58.2%. His recommendation for Abivax also yielded a return of 894.81% [12]. - **Julian Harrison – BTIG**: Tenth with a success rate of 59.38% and an average return of 37%. His top recommendation on Abivax generated a return of 1,057.12% [13].

Group 1 - Huang Renxun visited Nvidia's new office in Shanghai and engaged with employees, reflecting on key events of 2025 [3] - The iPhone Air saw a price drop of nearly 2900 yuan within three months of its launch, now priced at approximately 5499 yuan after discounts [5][6] - Yu Minhong discussed New Oriental's transformation, emphasizing the shift from a purely educational focus to new business ventures post-2021 [6] Group 2 - Baidu merged its document and cloud storage services into a new personal super-intelligent business group, enhancing AI application capabilities [8] - Zhou Hongyi predicted that by 2026, there will be at least 10 billion intelligent agents globally, with companies in the AI sector being relatively small [8] - Tesla plans to start training its Optimus robot at the Austin factory next month, indicating a move towards automation in production [10] Group 3 - OpenAI's API business achieved a significant growth, reaching an annual recurring revenue of over 20 billion dollars by the end of 2025, up from 6 billion in 2024 [16] - OpenAI announced the launch of multiple Codex-related products in the coming month, focusing on AI programming safety and efficiency [16][20] - Alphabet's CEO Sundar Pichai sold 32,500 shares of the company, cashing out 10.6 million dollars [21] Group 4 - The Chinese foldable smartphone market is dominated by Huawei, which holds over 70% market share, while Apple is expected to enter the market with its foldable iPhone in fall 2026 [28]

Core Insights - The focus is shifting towards energy stocks that support the AI economy as investors become more bullish on energy and infrastructure providers compared to U.S. megacap technology stocks in 2026 [1][2] Industry Overview - AI and big tech dominated equity returns in 2025, but concerns are rising over volatile returns on capital and higher borrowing costs due to aggressive data center expansions by major tech companies [2] - The semiconductor industry is projected to reach $1 trillion in revenue in 2026, marking a 29% year-over-year growth, driven by AI workloads transitioning from training to inference [3] - Deutsche Bank analysts predict 2026 will be a challenging year for AI, citing supply-chain bottlenecks and energy shortages as key constraints [4] Investment Methodology - The list of the 10 best AI energy stocks was curated based on financial media and resources, focusing on companies that supply electricity to AI data centers or provide necessary infrastructure and fuel systems [6] - Hedge fund sentiment was assessed to rank these stocks, utilizing Insider Monkey's hedge fund database tracking 978 stocks as of Q3 2025 [6] Company Highlights - **Bloom Energy Corporation (NYSE:BE)**: Shares surged to an all-time high of $147.93, climbing 470.43% over the past year due to strong investor momentum and a significant agreement with American Electric Power valued at approximately $2.65 billion [10][11][12] - **NextEra Energy, Inc. (NYSE:NEE)**: Jefferies slightly lowered its price target from $88 to $87 while maintaining a 'Hold' rating, citing large data center-related power contracts as a key catalyst for growth [15][16][17] - **Quanta Services, Inc. (NYSE:PWR)**: Wolfe Research issued a positive outlook for clean energy, highlighting Quanta Services as a preferred pick due to its strong presence in power, gas, and transmission markets amid increasing corporate spending on data centers [19][20][21][22]

Greetings. I'm Sean Puit, Zach's equity strategist, and today I'm going to be discussing if Nvidia is the most capital efficient stock to invest in. So, Nvidia's aggressive expansion in AI infrastructure, data centers, and advanced semiconductor manufacturing is a reason that investors and analysts will want to watch its capital efficiency metrics more closely.And to that point, Nvidia's capex has soared over 500% in the last 5 years to nearly 6 billion on a trailing 12-month basis. uh and when capex grows ...