Core Insights - Tsai Capital Corporation's Growth Equity Strategy achieved an 8.5% gain before fees and 7.6% after fees for the year ending December 31, 2025, underperforming the S&P 500 Index's 17.9% return [1] - Since inception 26 years ago, the strategy has delivered a cumulative gain of 970% before fees and 658% after fees, compared to the S&P 500 Index's total return of 639% [1] - The strategy focuses on long-term investments in exceptional companies that effectively allocate capital towards promising ideas and talent, currently holding 17 high-quality growth companies [1] Company Highlights - Amazon.com, Inc. (NASDAQ:AMZN) is highlighted as a key stock in Tsai Capital's fourth-quarter 2025 investor letter, with a market capitalization of $2.598 trillion [2] - As of January 16, 2026, Amazon's stock closed at $243.01 per share, with a one-month return of 5.28% and a 52-week gain of 3.57% [2] - Amazon has evolved from its origins in 1994 to dominate various markets, with its e-commerce segment continuing to gain market share and Amazon Web Services (AWS) being the leader in cloud computing, contributing over 50% of Amazon's operating profits [3]

Core Points - The Gross Law Firm has issued a notice to shareholders of CoreWeave, Inc. (NASDAQ: CRWV) regarding a class action lawsuit for shareholders who purchased shares during the class period from March 28, 2025, to December 15, 2025 [1] - Allegations include that CoreWeave's management made materially false and misleading statements about the company's ability to meet customer demand and understated risks associated with reliance on a single third-party data center supplier, which could negatively impact revenue [1] - Shareholders are encouraged to register for the class action by March 13, 2026, to potentially be appointed as lead plaintiff, although participation in the case does not require this appointment [2] Company and Industry Summary - The Gross Law Firm is a nationally recognized class action law firm focused on protecting investors' rights against deceit, fraud, and illegal business practices [3] - The firm aims to ensure companies adhere to responsible business practices and seeks recovery for investors who suffered losses due to misleading statements or omissions that inflated stock prices [3]

Group 1 - The stock prices of American cloud companies declined in pre-market trading, with Intuit down by 3%, Adobe down by 2.3%, and Zscaler down by 1.6% [1]

Group 1 - U.S. cloud companies' stock prices declined in pre-market trading, with Intuit down by 3%, Adobe down by 2.3%, and Zscaler down by 1.6% [1]

Core View - CoreWeave, Inc. (NASDAQ:CRWV) is gaining attention on Wall Street as an AI stock, with Mizuho analyst Gregg Moskowitz raising the price target to $100.00 from $92.00 while maintaining a "Neutral" rating, indicating optimism for long-term growth despite short-term risks [1][4]. Company Developments - Mizuho highlighted the recent expansion of the relationship between CoreWeave and Nvidia, which includes plans for a 5GW capacity build-out and a $2 billion equity investment from Nvidia, enhancing CoreWeave's growth prospects [2]. - The potential for CoreWeave to sell its software stack to other cloud partners and enterprises is emphasized as a "meaningful and margin accretive" long-term opportunity [2]. Market Position - Mizuho believes CoreWeave is well-positioned to capture a significant share of the rapidly growing AI cloud provider market, despite previous reservations about its revenue potential in a capacity-constrained environment [3]. - The firm acknowledges recent developments have increased confidence in CoreWeave's long-term trajectory, although it remains cautious about short-term revenue upside [4].

一位知情人士透露，阿里正考虑将未来三年投入到AI基建与云计算上的3800亿元提升至4800亿。在国 内，阿里有自研的芯片真武810E；在海外，它也在"用一辆辆卡车来运采购的GPU。"一位知情人士说。 最激进的时候，"连RTX4090这类消费级显卡也大量买入，用来搭建推理集群、补充推理吞吐。"（晚点 LatePost） 风险提示及免责条款 市场有风险，投资需谨慎。本文不构成个人投资建议，也未考虑到个别用户特殊的投资目标、财务状况或需要。用户应考虑本文中的任何 意见、观点或结论是否符合其特定状况。据此投资，责任自负。 ...

Core Insights - The strategic collaboration between Rio Tinto and Amazon Web Services (AWS) is significant and could lead to transformative changes in Rio Tinto, artificial intelligence, and the data center industry [1][2]. Group 1: Strategic Collaboration - AWS has become Rio Tinto's first customer for copper produced using the innovative "Nuton" technology, which has been in development for 20 years [4]. - The agreement is a two-year contract that allows AWS to acquire copper through a low-carbon-emitting bioleaching process at the Johnson Camp copper mine, aligning with its carbon-emissions goals [4]. Group 2: Technology and Innovation - The Nuton technology utilizes a proprietary bioleaching process to recover copper from previously mined stockpiles, showcasing industry innovation [4][6]. - Rio Tinto will employ muon detection technology to 3D map stockpiles, ensuring effective bioleaching by targeting the right areas [6][7]. Group 3: Market Implications - The demand for copper is expected to surge, with S&P Global projecting a 50% increase by 2040 due to AI and defense needs, indicating a potential shortfall in supply [2]. - The collaboration positions Rio Tinto as an attractive investment option for those bullish on copper, alongside traditional pure-play copper companies [3].

" 2025，云计算爬出「失速」隧道；2026，AI云大战一触即发。 " 作者丨 胡敏 编辑丨 包永刚 "云计算行业，过去这一年，真的不一样了。"云销售刘琦说。 前几年，他和同行聚会时，话题总绕不开一个沉重的疑问："是不是该离开了？" 看不到头的下行期，把所有人都卷进了一场无休止的内耗：熬夜改方案的产研、疲于应酬的销售、夹缝求 生的合作伙伴，以及背负增长压力的高管，都被同一种焦虑和疲惫笼罩。 更糟的是，大规模的集成项目和无底线的价格战，让云厂商集体陷入"利润黑洞"。当投资者看清这种牺牲 利润换规模的模式无法持续，便用脚投票，导致云计算板块估值跌入谷底。这个曾代表未来的黄金赛道， 一度被资本市场抛弃，光环也日渐暗淡。 "这行，可能真到头了。"刘琦和朋友们常把这句话挂在嘴边。 一边是逐渐触及天花板的现实市场，一边是居高不下的增长军令状。 当增量无法从外部获取，压力便全部 转向内部，演变成一场残酷的"存量绞杀"，订单开始不断在不同厂商之间、不同团队之间"搬来搬去"。 今天你从对手那里抢来一个客户，明天你的后院可能就被另一家突袭。 但云计算的故事，真的就此结束了吗？ 如果到了 2025 年，投资者仍用过去的眼光看待这 ...

据追风交易台，摩根大通分析师Harlan Sur解读微软与Meta最新财报指出，AI基础设施的支出强度已明 确进入新一轮扩张周期。 这表明，在基础模型、AI代理及商业化应用加速部署的推动下，算力需求持续超越供给能力，驱动云 计算与超大规模企业持续加大投入。摩根大通认为，当前供需格局下，主要科技企业的资本支出仍具上 调空间，投资将重点集中于数据中心、服务器及网络基础设施，进而带动相关半导体产业链业绩。该投 资趋势预计将延续至2027年。 供应极限成为常态：需求缺口将持续 供应紧张已成为当前人工智能基础设施建设的核心瓶颈。微软与Meta在最新财报会议中均指出，算力 需求持续超越供应能力。 供需失衡的结构性原因在于基础模型、AI代理及商业化应用的加速部署，推动计算强度呈现指数级增 长。Meta透露，其用于训练生成式广告模型的GPU集群规模已实现翻倍，并正进一步扩展以支持2026 年新一代GEM模型的训练。 这种持续的供应紧缺态势，预计将继续支撑数据中心、服务器及网络基础设施在2026年至2027年间保持 高强度投资。 定制芯片开发成为战略重点 两家科技巨头在最新财报中均表示，AI算力供应紧张态势贯穿2026年。两家 ...

Core Insights - The AI industry chain is expected to experience inflation transmission starting from Q4 2025, with cloud computing emerging as the next inflation direction due to rising AI demand [1] - Major cloud service providers are witnessing positive revenue growth driven by increased AI-related demand, exemplified by Amazon Web Services (AWS) achieving a net sales figure of $33 billion in Q3 2025, marking a 20% year-on-year increase [2] - AI is becoming a significant driver for cloud computing development, with infrastructure requirements evolving to support advanced AI applications [3] Industry Trends - The AI demand is leading to a price increase across various segments of the AI industry chain, including storage and CPUs, with cloud computing firms likely to undergo a valuation restructuring [1] - AWS's recent price increase breaks a two-decade trend of declining cloud service prices, indicating a shift in the market dynamics [1] - NVIDIA's $2 billion investment in Core Weave highlights the growing importance of cloud computing in the AI landscape [2] Company Focus - Recommended companies in the cloud computing sector include Alibaba-W (09988), Kingsoft Cloud (03896), and others, while CPU-related companies include Haiguang Information (688041.SH) and China Great Wall (000066.SZ) [4] - Database companies to watch include StarRing Technology-U (688031.SH) and Dameng Data-U (688777.SH) among others [4]