"这就像电影里的情节，"Burry引用自己在《大空头》中的名言，"我可能早了，但没错。"他承认自己在互联网泡沫和房地产泡沫中都有过早入场 的先例，但他认为当前的AI热潮与当年的"数据传输泡沫"如出一辙。目前，他通过新开设的通讯栏目"Cassandra Unchained"向投资者阐述这一宏 大叙事，警告泡沫破裂只是时间问题。 这位曾准确预测次贷危机的投资者与全球市值最高公司的论战在近期显著升级。Burry不仅公开披露了做空仓位，更猛烈抨击英伟达为回应质疑而 发布的内部备忘录，称该文件充斥着"稻草人论证"，读起来"像个骗局"。他直言不讳地指出，真正的风险被掩盖了——随着技术迭代加速，英伟 达客户的巨额资本支出面临着未来的资产减记风险。 根据11月3日披露的信息，Burry通过买入看跌期权的方式做空这两家公司，这笔押注目前的成本约为1000万美元。如果市场如他所料发生剧烈崩 盘，这笔投资的潜在回报可能超过10亿美元。 电影《大空头》原型Michael Burry再次站在了华尔街主流共识的对立面，这一次，他的目标是支撑美股牛市的AI双雄——英伟达和Palantir。Burry 坚信市场已脱离现实，AI行业正在形成类 ...

Core Viewpoint - TianShuZhiXin has passed the Hong Kong Stock Exchange hearing and disclosed its prospectus, marking a significant step in its development and reflecting the robust growth of domestic GPU chip capabilities in the global market [1][17]. Company Overview - TianShuZhiXin, headquartered in Shanghai, is a leading provider of general-purpose GPU chips and AI computing solutions in China. Its main products include general-purpose GPU chips, accelerator cards, and customized AI computing solutions [4]. - The company is the first in China to achieve mass production of inference and training general-purpose GPU chips and the first to utilize 7nm advanced technology for chip production in the domestic GPU sector [4]. Product Focus - The company focuses on AI computing needs, which have evolved into two main areas: training and inference. Training requires intensive computing power, while inference emphasizes efficient model deployment and execution [6]. - TianShuZhiXin offers two main product lines: TianGai for training and ZhiKai for inference, addressing the complementary computing needs of these areas [6][8]. Product Development - The TianGai series is designed specifically for AI model training, with the first generation launched in September 2021. The second generation is set for mass production in Q4 2023, and the third generation is expected in Q3 2024 [8]. - The ZhiKai series, launched in February 2023, is the first general-purpose GPU product designed for inference, optimized for various deployment scenarios [8]. Financial Performance - TianShuZhiXin has seen rapid growth in customer base, shipment volume, and revenue, with the number of customers increasing from 22 in 2022 to 181 by 2024. The company has completed over 900 deployments across various industries [13]. - Revenue has grown from 189 million RMB in 2022 to 540 million RMB in 2024, with a compound annual growth rate of 68.8%. However, the company has not yet achieved profitability, recording significant net losses during this period [14][15]. Research and Development - The company places a strong emphasis on R&D, with expenditures significantly exceeding revenue. R&D spending from 2022 to 2024 was 457 million RMB, 616 million RMB, and 773 million RMB, respectively [15]. - The R&D team consists of 484 members, with over one-third having more than ten years of industry experience, and the company holds numerous patents and trademarks [15]. Market Outlook - The general-purpose GPU market in China is experiencing rapid growth, with a projected compound annual growth rate of 33.0% from 2025 to 2029. Domestic GPU companies are expected to increase their market share significantly [16]. - TianShuZhiXin's listing is anticipated to further activate the domestic GPU industry ecosystem and support China's competitive position in global AI computing [17].

Core Viewpoint - The acquisition of the chip design company Silingke by Tongye Technology marks a strategic expansion into the power IoT communication chip sector, indicating the company's intent to establish a "second growth curve" beyond its core rail transit equipment business [1][13]. Group 1: Acquisition Details - Tongye Technology plans to acquire 91.69% of Silingke for 561 million yuan, a reduction from the previously proposed 100% acquisition [3]. - The valuation of Silingke has been adjusted from a maximum of 670 million yuan to 612 million yuan due to minor discrepancies in financial data, alleviating some financial pressure on Tongye Technology [2]. - The acquisition will be financed partly through a loan from Tongye's actual controllers, which will help reduce external financing needs and financial costs [2]. Group 2: Financial Performance of Silingke - Silingke, founded by a team of PhD researchers from the Chinese Academy of Sciences in 2016, focuses on the research, design, and sales of IoT communication chips, particularly for power systems [4]. - The company has shown stable financial performance with projected net profits of 27.71 million yuan and 20.36 million yuan for 2023 and 2024, respectively [5]. - Silingke's revenue from self-developed chips has consistently accounted for over 89% of its main business income in recent years [5]. Group 3: Synergies and Strategic Fit - The merger is expected to create synergies in business, technology, marketing, and management between Tongye Technology and Silingke, enhancing operational efficiency [8][9]. - Tongye Technology's existing products can integrate Silingke's communication chips, improving communication efficiency and reducing construction difficulties in rail transit systems [9]. - Both companies share similar customer bases, allowing for streamlined marketing and service integration post-acquisition [10]. Group 4: Profit Commitment and Future Outlook - Silingke's core team has committed to achieving a cumulative net profit of no less than 175 million yuan over three years, which aligns with reasonable valuation metrics compared to similar acquisitions [11][12]. - The acquisition is seen as a strategic move to tap into the growing power IoT chip market, which is supported by favorable policies and has significant growth potential [13].

将投中网设为"星标⭐"，第一时间收获最新推送 近日，成立仅一年半的中法合资IC设计公司灵朔科技完成数千万元的天使轮融资，本轮由利城资本 独家投资。 作者丨簪竹 来源丨 投中网 黄金十年，英雄折戟 过去十年，是国产替代IC设计的黄金十年，2021年"缺芯潮"开始，中国一级市场对IC设计投资热情 迎来了高潮，大量国内基金涌入，热钱呼啸过后，国内许多IC设计标的都经历了多轮融资，但IC设 计行业受到半导体固有周期变化的影响，行业从2023年开始遇冷，真正被并购甚至能够走向科创板 的IC设计公司寥寥无几，于是英雄折戟，相当一部分投资，成为了国内芯片设计发展的花泥。 2025年，IC设计赛道，尤其是高端车规MCU设计赛道遇冷，市场上弹药充足且坚持投向芯片设计的 投资机构寥寥无几，过去十年芯片设计投资血和泪的教训让一级市场投资人甚至形成了少碰车规IC 设计的共识，毕竟道理是显然易见的：高昂的人工费用、严苛的主机厂测试流程、并不性感的毛利以 及并不低的估值，种种因素让投资人难以下手，进而让本就现金流难以打正的初创设计公司更加难以 维系，恶性循环之下，原本喧嚣的赛道，还没有真正辉煌就逐渐冷落下来。 逆行者 然而市场永远不乏" ...

今年前三季度，峰岹科技实现营业收入5.58亿元，同比增长28.88%；归母净利润1.67亿元，同比下降 9.01%。峰岹科技表示，作为一家注册在深圳市的芯片设计研发企业，持续需要引进研发及各类人才， 公司当前位于深圳总部的注册、经营、研发、办公所使用的场所多年以来一直为租赁物业，存在租金上 涨、租约不稳定、场地受限等风险，难以满足公司当前及未来发展节奏加速、持续引入高端人才和经营 发展的需要。 头部科技企业加码布局深圳，抖音、小米、vivo纷纷启用新大楼 【深圳商报讯】(记者苑伟斌)12月26日，峰岹科技(深圳)股份有限公司(以下简称"峰岹科技")发布公告， 根据战略发展规划和业务需求，拟购买位于前海深港合作区T102-0482宗地上建设的润融大厦(二期)1栋 房产，用于公司研发办公大楼及公司经营发展，以满足公司规模扩张的需求。公告披露，本次购买的标 的房产建筑面积25204.97平方米，商定总价人民币近7.1亿元。 头部科技企业因何重点布局深圳研发创新？胡国庆博士认为，上述科技企业可以说十分重视深圳整个科 创产业集群，包括电子信息产业集群软硬件一体化的优势条件。具体来说，深圳本身在电子信息这一领 域就有着强 ...

领域专用架构是一种芯片设计方法，专注于为特定应用领域（如人工智能推理、高频交易或视频编解码）优化性能与能效。它通过定制化硬件单元（如专用 指令集和加速器），针对核心算法进行深度优化，从而在特定任务上显著超越通用处理器。2025年，中国领域专用架构的发展呈现出多技术路线并行、关键 应用场景突破和生态体系逐步完善的态势。 转自：新华财经 上海浦东软件园股份有限公司副总经理、浦软创投董事长童剑飞表示，上海浦东软件园携手隼瞻科技共建领域专用架构领域计算实验室，旨在进一步联动 产、学、研、用各方资源，以平台为纽带、以生态为依托，打造第五代精简指令集架构与人工智能融合创新的"引力场"和"加速器"，推动更多前瞻性方案从 构想走向现实。 新华财经上海12月27日电（记者 高少华）领域专用架构（DSA）领域计算实验室26日在上海正式揭牌。该实验室由第五代精简指令集架构（RISC-V）工委 会牵头，上海浦东软件园与隼瞻科技联合发起，旨在促进成果转化及行业创新发展，未来将打造成为推动第五代精简指令集架构与人工智能协同创新、加速 专用处理器落地的重要载体。 隼瞻科技创始人兼首席执行官曾轶表示，在全球算力需求多元化升级、技术迭代周期持 ...

Core Viewpoint - The semiconductor industry is experiencing a surge in "A+H" listings, with companies like Longxin Co., Ltd. and others pursuing dual listings to capitalize on market opportunities and enhance capital resources [2][3]. Company Overview - Longxin Co., Ltd. is a leading domestic high-speed mixed-signal chip designer, focusing on efficient and reliable data transmission for smart terminals and AI applications [4][6]. - The company has established a strong market position, ranking first in China and among the top five globally in the video bridge chip market [6]. Financial Performance - Longxin Co., Ltd. has demonstrated impressive financial metrics, with a gross margin exceeding 53% and a net profit margin around 30%, outperforming peers [7]. - The company reported a revenue of 389 million RMB for the first three quarters of 2025, reflecting a year-on-year growth of 16.67%, and a net profit of 125 million RMB, up 32.47% [6][7]. Revenue Breakdown - The company's revenue is primarily derived from smart visual terminals, which accounted for 79.3% of total revenue in the first three quarters of 2025 [8]. - The smart vehicle segment has shown significant growth but is currently facing challenges, while the AI & HPC segment remains small but is expected to grow due to ongoing investments in high-speed transmission protocols [8]. Market Opportunities - The high-speed mixed-signal chip sector presents substantial growth potential, with a current domestic localization rate below 5%, indicating significant room for domestic manufacturers to capture market share [9]. - The market for smart video and interconnect chips is projected to reach a scale of hundreds of billions by 2024, providing ample opportunities for domestic firms [9]. Industry Dynamics - The semiconductor industry is benefiting from supportive domestic policies and technological advancements, which are accelerating development and creating opportunities for local companies [11]. - Longxin Co., Ltd. faces intense competition in technology, particularly in core areas like vehicle SerDes, where it must invest heavily in R&D to keep pace with international leaders [12].

Core Viewpoint - Longxin Semiconductor, a "little giant" enterprise specializing in high-speed mixed-signal chips, has submitted its prospectus to the Hong Kong Stock Exchange, marking a significant step towards entering the capital market [1]. Group 1: Company Overview - Founded in November 2006, Longxin Semiconductor focuses on high-speed mixed-signal chip design, aiming to create efficient and reliable "data highways" for smart terminals, devices, and AI applications [3]. - As a typical Fabless company, Longxin Semiconductor outsources wafer manufacturing and testing to external suppliers, concentrating resources on core technology research and product design, aligning with current industry trends [3]. Group 2: Market Position and Performance - According to authoritative data from Frost & Sullivan, Longxin Semiconductor ranks first in the domestic video bridge chip market and is among the top five Fabless design companies globally, with a projected revenue of 400 million yuan in 2024 and a market share of 3.7% in the global video bridge chip market [3]. - The company has developed a rich product matrix with 261 chip products as of September 30, 2025, including 151 smart video chips and 110 interconnect chips, widely used in smart visual terminals, automotive applications, AR/VR, and AI & HPC [4]. Group 3: Technology and Competitive Edge - Longxin Semiconductor's proprietary ClearEdge technology platform integrates high-bandwidth SerDes, protocol processing, encryption, and high-definition video processing, supporting single-channel transmission rates of up to 20 Gbps, with related IP achieving 100% mass production [4]. Group 4: Client Base and Market Challenges - The company's clients include well-known enterprises such as Visionox, Thunderbird, and Rokid, and it has established reference design collaborations with Nvidia and Qualcomm, laying a solid foundation for market promotion [7]. - Despite its leading position in the domestic market, Longxin Semiconductor faces significant competition from global giants, with Texas Instruments holding a 36.1% market share and Analog Devices at 21.2%, indicating substantial room for growth for Longxin's 3.7% market share [7]. - The company’s R&D expenditure for 2024 is 99.97 million yuan, significantly lower than the over 1 billion yuan spent by its top five global competitors, highlighting the pressure for technological iteration [7]. - Operational efficiency challenges are evident, with inventory turnover days exceeding the industry average by 80.6% and accounts receivable turnover days surpassing the average by 65.3%, indicating a need for improvement post-capital market entry [7].

如果您希望可以时常见面，欢迎标星收藏哦~ Groq周三在一篇博客文章中表示，已与英伟达就Groq的推理技术达成1项非独家授权协议，但未透 露具体价格。文章称，根据协议，Groq创办人兼执行长乔纳森·罗斯、公司总裁桑尼·马德拉以及其 他高阶主管将「加入英伟达，共同推进和扩大这项授权技术的应用」。 Groq补充说，它将继续作为1家「独立公司」运营，由财务长西蒙爱德华兹担任执行长。 英伟达（NVIDIA）史上之最！ CNBC报导，Disruptive执行长戴维斯（Alex Davis）透露，英伟 达 已 同 意 以 200 亿 美 元 （ 约 新 台 币 6300 亿 ） 现 金 收 购 高 效 能 人 工 智 能 （ AI ） 加 速 芯 片 设 计 商 Groq，而英伟达执行长黄仁勋在发给员工的电子邮件中表示，协议将让英伟达获得Groq的知识产 权许可，但我们并没有收购Groq这家公司。 Disruptive于9月领投了Groq的最新1轮融资。戴维斯表示，自Groq于2016年成立以来，他的公司 已投资Groq超过5亿美元（约新台币157.5亿），这笔交易进展迅速。 3个月前，Groq以约69亿美元（约新台币2 ...

Group 1 - Fudan Microelectronics (688385) announced a significant change in its major shareholder, with Shanghai Guosheng Group Investment Co., Ltd. (Guosheng Investment) set to acquire 107 million A-shares from Shanghai Fuxin Fangao Integrated Circuit Technology Co., Ltd. (Fuxin Fangao), representing 12.99% of the total shares at a price of 5.144 billion yuan, or 48.20 yuan per share [1] - Following the transfer, Guosheng Investment will become the largest shareholder of Fudan Microelectronics, while the company will remain without a controlling shareholder or actual controller, ensuring no significant impact on its management [1] - Guosheng Investment's rationale for the acquisition is aligned with its strategic development needs, with its controlling shareholder being Shanghai Guosheng Group and actual controller being the Shanghai State-owned Assets Supervision and Administration Commission [1] Group 2 - A framework agreement for the share transfer was signed on November 14, with both parties agreeing to maintain and support the strategic cooperation between Fudan Microelectronics and Fudan University, focusing on collaborative research and development in cutting-edge technology fields such as integrated circuits [2] - The agreement includes plans to establish diversified research cooperation platforms and to support joint team formation, technology breakthroughs, and resource sharing, emphasizing a collaborative model that integrates basic research, technological development, and industrial transformation [2] - To ensure operational continuity and stability of core business, both parties will work together to maintain the stability of senior management and key personnel within Fudan Microelectronics [2] Group 3 - The share transfer is subject to internal decision-making approvals from both parties, regulatory approvals from state-owned asset supervision authorities, and compliance confirmation from the Shanghai Stock Exchange before the transfer can be registered [3] - Fudan Microelectronics is recognized as a leading domestic chip design company with a diverse product line, including security and identification chips, non-volatile memory, smart meter chips, and field-programmable gate arrays (FPGAs), and it also provides chip testing services through its subsidiary, Hualing Co., Ltd. [3]