Core Viewpoint - AMD's stock price has risen for the seventh consecutive trading day, driven by optimism surrounding its AI server CPU sales [1][2] Group 1: Financial Performance and Projections - KeyBanc analyst John Vinh expects AMD's revenue to exceed expectations in the upcoming fourth-quarter earnings report, primarily due to strong demand for server CPUs, particularly the latest Turin data center CPU [1] - AMD's server CPU business is projected to grow by at least 50% this year, driven by robust demand, with average selling prices expected to increase by 10% to 15% as large cloud providers secure capacity [1] - Bernstein analyst Stacy Rasgon has raised AMD's fourth-quarter revenue expectations, citing increased optimism regarding the company's server business momentum, with a projected 30% growth in sales of AMD Epyc processors, including the fifth-generation Turin CPU [1] Group 2: Market Sentiment and Competitive Landscape - AMD's stock rose nearly 8% on Wednesday, marking the longest consecutive gain since February 19, 2025, although Wall Street's view on AMD remains "divided" due to uncertainties regarding its GPU competitiveness against Nvidia [2] - Investors are focused on AMD's production timeline for its first rack-level solution, Helios, and the progress of the accompanying Instinct MI455 series GPUs, as well as updates on AI-related revenue expectations [2] - AMD has reportedly secured an agreement with OpenAI to begin deploying Helios later this year, but currently, OpenAI is the only significant customer [2][3] Group 3: AI Business Outlook - The narrative surrounding AMD's AI business heavily depends on the progress of its collaboration with OpenAI and its ability to attract more substantial clients for Helios [3] - Short-term pressure on AI prospects may be limited, as AMD is likely to benefit more from strong server demand and market share gains in its core business while waiting for results from its AI chip initiatives [3]

过去的芯片开发依托于硅基，如何在高分子材料上开发出芯片？为此，研究人员另辟蹊径，参考了"卷寿司"的想法，不局限于纤维表面， 构建了螺旋式多层电路，极大提升了空间利用率。按实验室1微米光刻精度推算，1毫米长的纤维目前可集成1万个晶体管，与一些商业医 用植入芯片相当；1米长纤维的晶体管集成量，可达到经典计算机中央处理器水平。在纤维内部构建螺旋式多层电路，理论上，1毫米长的 纤维可集成约1万个晶体管。经过多年攻关，团队最终实现了每厘米10万个晶体管的集成密度。 1月22日，国际权威学术期刊《自然》发表了一项来自中国研究团队的原创技术突破。研究人员突破传统硅基芯片范式，在一根比头发丝 更细的纤维里构建起高密度集成电路，在国际上率先研制出"纤维芯片"。 这项原创研究成果来自聚合物分子工程全国重点实验室，复旦大学纤维电子材料与器件研究院、高分子科学系、先进材料实验室彭慧胜、 陈培宁团队。该"纤维芯片"的信息处理能力与一些经典商业芯片相当，且具有高度柔软、适应拉伸扭曲等复杂形变、可编织等独特优势， 有望为脑机接口、电子织物、虚拟现实等未来产业提供关键支撑。 此前，研究团队已经在国际上率先提出"纤维器件"新概念，并已创建30 ...

1月22日消息，据复旦大学公众号介绍，今天凌晨，国际顶级学术期刊《自然》主刊发表了复旦大学彭慧胜/陈培宁团队的最新研究成果《基于多层旋叠 架构的纤维集成电路》， 团队成功在柔软的高分子纤维内制造出大规模集成电路，创造出世界首款"纤维芯片"。 有望为脑机接口、电子织物、虚拟现实等新兴产业提供强有力的技术支撑。 "纤维芯片"概念图 柔软的"纤维芯片"在手指上打结照片 经过近五年时间，团队先后攻克了高分子表面平整化、耐溶剂侵蚀、形变下电路稳定等多个技术难题，最终成功制备出具有信息处理功能的"纤维芯 片"。 该"纤维芯片"不仅保持了纤维柔软、可编织的本征特性， 更实现了电阻、电容、二极管、晶体管等电子元件的高精度互连，光刻精度达到了实验室级光 刻机最高水平。 "纤维芯片"及其内部局部电路光学照片 这意味着，基于"纤维芯片"， 未来可将发光、传感等模块直接集成在一根纤维上，形成无需外接设备的全闭环系统，甚至实现自供能。 据介绍，传统芯片的光刻工艺普遍依赖平整的硅晶圆衬底，而纤维不仅具有曲面结构，表面积极小，用于制备纤维器件的弹性高分子基底，也很难耐受光 刻过程中的各类极性溶剂。 同时还要保证在拉伸、扭转等变形中保持电路 ...

Core Viewpoint - The recent earnings season for U.S. stocks has shown that actual profits significantly exceeded market expectations, yet investors reacted with the worst stock price performance following earnings beats on record, indicating a cautious sentiment towards future guidance and macroeconomic uncertainties [1][5][15]. Group 1: Earnings Performance - Approximately 81% of S&P 500 companies reported actual profits that surpassed fourth-quarter consensus estimates, but their stock prices lagged the benchmark index by an average of 1.1 percentage points, marking the worst relative performance since 2017 [1][15]. - Companies like 3M and State Street saw significant stock price declines despite beating earnings expectations, as investors focused on their bleak forecasts [2][15]. - Netflix's disappointing earnings outlook led to a pre-market drop of about 6%, failing to provide a positive start to the earnings season for tech giants [2][15]. Group 2: Market Sentiment and Valuation - Investors are increasingly focused on management comments and earnings guidance, particularly regarding AI computing demand and consumer health, which are critical narratives for the ongoing bull market [6][13]. - The current market threshold for upward movement is not merely beating consensus expectations but rather providing strong forward guidance to justify high valuations in a sensitive macroeconomic environment [7][13]. - The S&P 500 is trading at approximately 22 times forward earnings, above the 10-year average of 19 times, indicating that any signs of weak demand could trigger significant sell-offs [13][15]. Group 3: Geopolitical and Economic Concerns - Concerns over geopolitical tensions and macroeconomic uncertainties, exacerbated by aggressive tariff threats from former President Trump, have led to increased scrutiny from investors in the historically high U.S. stock market [8][15]. - The potential for a global trade war has heightened investor caution, impacting sentiment towards the stock market as it enters its third year of a bull run [8][15]. Group 4: Specific Company Insights - TSMC reported exceptionally strong earnings, with a gross margin exceeding 60% and a projected revenue growth rate of nearly 30% for 2026, significantly boosting investor confidence in semiconductor stocks [14][15]. - The demand for DRAM and NAND storage chips remains robust, driven by the increasing importance of these products in AI training and inference systems, highlighting a critical growth area in the tech sector [13][14].

在 那 之 前 我 们 先 了 解 一 下 手 机 正 常 怎 么 散 热 的 。 过 去 几 年 ， 旗 舰 智 慧 型 手 机 普 遍 仰 赖 均 热 板 （Vapor Chamber）与石墨片等机身层级的被动散热方案，藉由扩大散热面积，将热能分散至机 身结构中。然而，随着高时脉CPU、庞大GPU 与NPU 同时运作成为常态，仅靠手机内部的被动 散热结构，已愈来愈难以支撑长时间高负载运算。 在此背景下，HPB 的出现，某种程度上也被视为移动装置散热零组件的下一种可能选项。 如果您希望可以时常见面，欢迎标星收藏哦~ 随 着 移 动 SoC 迈 入 2 纳 米 与 高 密 度 AI 运 算 时 代 ， 散 热 正 成 为 效 能 竞 赛 的 关 键 变 数 。 三 星 在 Exynos 2600 上导入Heat Pass Block（HPB），近期也传出该封装散热技术可能被其他Android 阵营芯片采用，是否未来HPB 将会成为未来手机的趋势呢？ 传统设计中，热量需先穿过封装材料，再由均热板或石墨片向外扩散；而HPB 的导入，则在裸晶 与外部散热系统之间建立更直接的热传路径，使热能能更快离开高温区域。 三星 ...

1月20日，据"中电科芯片技术股份有限公司（以下简称'电科芯片'）"官方微信公众号消息，1月19日， 超跑级先锋设计旗舰荣耀Magic8RSR保时捷设计隆重发布。这一新品搭载双卫星荣耀鸿燕通信，支持天 通与北斗双卫星链路，累计可待机时长达170个小时，支持天通全向增强寻呼，北斗图片语音发送。 值得关注的是，电科芯片作为荣耀在手机直连卫星通信SoC芯片领域的重要合作伙伴及射频与后端供应 商，支持荣耀Magic8 RSR双模语音卫星通信射频基带一体化SoC芯片开发，并提供北斗短报文SoC芯 片，双方以技术协同之力，为大众消费终端卫星通信能力升级注入核心动能。 依托深厚的技术积淀与严苛的品控体系，电科芯片的手机直连卫星通信SoC芯片系列产品已进入多家主 流终端厂商供应链，覆盖智能手机、智能穿戴、车载终端等多个领域。目前，该公司已全面布局卫星通 信上下游产业链相关射频芯片，包括面向地面终端应用布局北斗短报文SoC芯片、语音卫星通信SoC芯 片、Ku/K/Ka波段波束赋形芯片，以及面向星载应用布局低噪声放大器、射频开关、射频衰减器、波束 赋形芯片、变频收发器芯片等。 面向未来，电科芯片将持续聚焦卫星通信核心赛道，深耕芯 ...

韩国股市周三早盘跌幅收窄， 芯片制造商因乐观的出口数据而重拾涨势，汽车制造商则因对 机器人技 术的乐观情绪而跳涨。数据显示，韩国1月前20天的出口同比增长14.9%， 半导体出口猛增70%。数据 公布后，芯片制造商三星电子涨幅一度高达3%，SK海力士上涨1%。现代汽车攀升9%，创下历史新 高，在周二因获利回吐压力而下跌后重拾涨势。不过，其他大多数指数权重股仍然下跌，包括电池制造 商、制药商和电子商务公司。 ...

Group 1 - New Oriental Education Technology Group has appointed Chen Xingjia as a senior consultant with an annual salary of 1.5 million RMB, following public scrutiny over his previous salary exceeding 700,000 RMB [1] - New Oriental commits to donating no less than 1 million RMB annually to the Henghui Foundation, which focuses on the health and growth of Chinese youth [1] Group 2 - SK Hynix announced a record performance bonus of over 1.36 million KRW (approximately 64,000 RMB) per employee, marking the highest in the company's history, with a stock option plan available for employees [2] - The company's stock performance saw a significant increase of 275% last year [2] Group 3 - Gree Electric Appliances is set to mass-produce silicon carbide chips for automotive applications, with plans to supply half of the chips needed by GAC Group [6] - The company has already begun mass production of silicon carbide chips for home appliances and plans to expand into solar energy and logistics vehicles [6] Group 4 - Xiaomi reported two incidents of vehicle fires, with no injuries reported, and is cooperating with investigations [9] - The company is actively addressing safety concerns related to its vehicles [9] Group 5 - iQIYI announced the resignation of CFO Wang Jun, who will continue to serve as a consultant until May 31, 2026, while the company seeks a suitable replacement [11] - The company is focused on maintaining stability during this transition [11] Group 6 - Netflix has revised its merger agreement with Warner Bros. Discovery to pay a cash-only price of $27.75 per share, instead of a combination of cash and stock [12] - This change reflects Netflix's strategic approach to acquisitions in the current market [12] Group 7 - The 2025 Hurun Global Gazelle Enterprises list shows that the US and China lead with 302 and 278 companies respectively, accounting for 71% of the total [20] - The report highlights a significant number of companies transitioning to unicorn status, with 71 achieving this milestone last year [20]

AI军备竞赛加剧内部分化 曾经推动美国股市屡创新高的"七巨头"科技股正逐渐走向分化。随着投资者对人工智能支出热潮的态度趋于审慎，这一由超大市值股票组成的投 资组合在过去一年中表现出现显著差异。 《华尔街日报》数据显示，2025年仅Alphabet与英伟达跑赢标普500指数，而其余五家巨头，微软、Meta、苹果、亚马逊和特斯拉表现均落后于 大盘。基金经理指出，这一组合已不再等同于市场领先力量的代名词。Bahnsen Group首席投资官David Bahnsen表示： "它们之间的相关性已经瓦解。如今它们唯一的共同点，只剩下万亿美元市值这一标签。" 这一转变标志着自本轮牛市启动以来的AI交易逻辑已进入新阶段，投资者开始更具选择性地布局。部分资金预期AI红利将向医疗等行业扩散，另 一些则聚焦于芯片制造商或能源公司，反映出市场从AI主题向细分赛道与实质盈利能力的转向。 散户投资者转移注意力 曾长期坚定持有"七巨头"的个人投资者，正逐渐将注意力转向市场的其他板块。Vanda Research数据显示，去年散户在这七只股票中的交易占比已 显著低于2023年及2024年水平。 以长期受散户青睐的特斯拉为例，其散户交易活跃 ...

Core Viewpoint - TSMC's financial report serves as a strong endorsement for the AI industry, showcasing significant growth and profitability metrics that exceed expectations, with a gross margin surpassing 60% and continuous revenue growth over eight quarters [1][19]. Group 1: Financial Performance - TSMC's Q4 2025 financial results showed revenue growth for eight consecutive quarters, with a gross margin of 62.3%, rivaling software giants [1][24]. - The company reported a substantial increase in capital expenditure guidance for 2026, projecting between $52 billion and $56 billion, a significant rise from $40.9 billion in 2025, indicating strong future demand [3][21]. Group 2: Market Position and Technology - TSMC's dominance is attributed to its 3nm process technology and advanced packaging solutions, with 3nm revenue accounting for 28% of total revenue in Q4 2025, marking a record high [6][24]. - The company has maintained a high gross margin due to the unique demand for AI computing chips, with major clients like NVIDIA and AMD driving this demand [9][27]. Group 3: Competitive Landscape - TSMC's ability to maintain high margins is partly due to the lack of strong competition in advanced process nodes, as rivals like Samsung and Intel have struggled to keep pace [10][28]. - The advanced packaging technology, particularly CoWoS, has become critical for AI chips, with TSMC capturing a significant share of this market, further solidifying its competitive edge [11][31]. Group 4: Client Dynamics - NVIDIA has emerged as a key client, with expectations that it will surpass Apple as TSMC's largest customer by 2026, reflecting a shift in the client landscape [17][35]. - TSMC's collaboration with NVIDIA has evolved from process design to system-level integration, indicating a deepening partnership that could redefine the future of chip manufacturing [34][35]. Group 5: Future Outlook - TSMC's capital expenditure plans suggest a robust growth trajectory, with a projected compound annual growth rate of 25% from 2024 to 2029, driven by strong demand for advanced process technologies [19][37]. - The company has already secured significant orders for its upcoming 2nm process, indicating a healthy pipeline of demand that contrasts sharply with the challenges faced during the initial rollout of the 3nm process [37].