上周美国最高法院推翻美国总统特朗普对等关税的裁决也被视为一股顺风。Mathews Asia投资经理 Tiffany Hsiao预计，"与美国消费者需求相关的韩国出口商，尤其是电子产品和零部件领域将从关税不确 定性的降低中受益。" 野村近期将其对韩国综指的上半年目标上调至高达8000点，理由是存储器超级周期、人工智能资本支出 链和国防领域的强劲盈利，以及实体人工智能链的估值重估。 周三，韩国综合指数一路上涨，截至发稿，上涨1.83%，创下6079点的历史新高。其中，三星电子股价 上涨2.5%，SK海力士股价上涨1.4%，随后有所回落。该基准指数在去年飙升76%的基础上，2026年至 今已累计上涨42%。 长期以来被外国资金视为低估的韩国股票，如今已成为全球市场的明显赢家。所谓的"AI恐慌交易"被证 明对韩国是有利的，因为软件股在该国只扮演次要角色，而硬件制造商则持续推动市场上行。公司治理 改革也为这轮上涨推波助澜，预计议会将于周三晚些时候通过一项法案，要求企业注销库藏股。 "韩国继续受益于多重结构性利好因素，存储器超级周期带来的积极溢出效应正越来越多地扩散到更广 泛的技术生态系统中，"Lombard Odier ...

Core Viewpoint - Nvidia's upcoming earnings report is highly anticipated and could significantly influence its stock and the broader tech sector [1][2] Group 1: AI Demand - Nvidia is a leader in the rapidly growing artificial intelligence (AI) sector, dominating the AI chip market and benefiting from strong earnings growth [2] - Recent earnings reports from other AI-related companies indicate soaring demand, which will be crucial for Nvidia to address in its upcoming report [4][5] Group 2: Exports to China - The U.S. has recently allowed Nvidia to sell its H200 chips to China, contingent on sharing 25% of sales with the U.S., which could open a significant market valued at approximately $50 billion annually [7][9] - Nvidia is ramping up production of the H200 chips in anticipation of demand, although it remains unclear when exports will officially begin [8] Group 3: Development Plans and Partnerships - Nvidia is exploring advancements beyond AI data centers, including a new system for laptops that integrates various processing units [10] - The company has also formed a partnership with Nokia to focus on AI applications in telecom networks, which could impact its growth trajectory [10][11]

分组1: Meta and AMD Deal - The deal between Meta and AMD is seen as a strategic move for Meta to diversify its supply base and ensure adequate supply for its buildout plans, with a 10% equity stake involved [1][2][4] - There are concerns regarding AMD's need to give up equity to meet demand, raising questions about its long-term strategy compared to competitors like Nvidia [3][6] - The ongoing partnerships and equity stakes in companies like AMD and Nvidia indicate a competitive landscape where both companies are vying for market share in the semiconductor space [4][6] 分组2: Apple Manufacturing in the U.S. - Apple is set to manufacture the Mac Mini in the United States for the first time, which is viewed as a significant win for local job creation [7][11] - While some investors may care about the location of manufacturing, it is not a primary concern for all investors, particularly those focused on long-term growth and capitalizing on market opportunities [8][10] - Apple's growth is projected at 5% for topline revenue, potentially reaching 10% when accounting for buybacks and growth in its services business, indicating a stable long-term outlook [10] 分组3: Software and Financial Sectors - The software sector has faced challenges, but there are still pockets of opportunity, particularly in companies like HUD 8 Corp and GitLab, while larger firms like Adobe are less favored [12][14] - The financial sector has been exited completely by the company, reflecting a cautious approach amid concerns about increasing correlations with the software sector [15]

Core Viewpoint - The global storage market is experiencing a price surge due to extremely low inventory levels of DRAM and NAND, with only about 4 weeks of supply remaining, driven by strong demand from AI and computing sectors [1][2]. Group 1: Market Dynamics - SK Hynix reported that its DRAM and NAND inventory is at a historical low of approximately 4 weeks, leading to unmet demand across various sectors including cloud services and consumer electronics [2]. - The company anticipates that storage chip prices will continue to rise throughout 2026, influenced by the explosive demand from AI applications and constraints in cleanroom space for production [2][4]. - The price increases have already begun, with SK Hynix raising prices for high-end products like HBM and DDR5, and further price hikes across all DRAM and NAND products expected [4][6]. Group 2: Financial Performance - SK Hynix's financial results for the fiscal year 2025 showed record revenues of 97.15 trillion KRW and an operating profit of 47.21 trillion KRW, reflecting a profit margin of 49%, driven by rising storage prices and strong demand [3]. Group 3: Industry Trends - The storage industry is witnessing a significant upgrade phase, with cloud service providers increasing investments in AI infrastructure, leading to a rise in the average selling price of high-tech products like HBM and enterprise SSDs [5][6]. - The current storage cycle is expected to be stronger and more prolonged than the previous one, fueled by ongoing high demand from AI [6]. Group 4: China's Role in the Market - The global storage chip supply shortage, driven by AI demand, is creating opportunities for Chinese manufacturers to enter the global supply chain, moving from being an alternative option to a viable choice for major PC manufacturers [7]. - Chinese companies like Yangtze Memory Technologies and Changxin Memory Technologies are emerging as leaders in the storage industry, with expectations of increased production capacity by late 2026 to early 2027, which could stabilize global supply and prices [7][8].

Key Takeaways Zacks Thematic Screens lets you dive into 30 dynamic investment themes shaping the future.Unsurprisingly, NVIDIA is a stock that the screen returned. NVIDIA earnings are due this week, wrapping up the Mag 7 reporting cycle. Zacks Thematic Screens lets you dive into 30 dynamic investment themes shaping the future. Whether you're interested in cutting-edge technology, renewable energy, or healthcare innovations, our themes help you invest in ideas that matter to you.For those interested in viewi ...

Core Viewpoint - The semiconductor industry is currently experiencing a strong performance driven by multiple factors, including the demand from AI technologies and the ongoing push for domestic substitution in China [1][6]. Group 1: Industry Dynamics - The semiconductor industry is benefiting from AI's influence, with sectors such as GPU, CPU, ASIC, storage, and advanced processes directly gaining, while supporting equipment, materials, components, and packaging are benefiting indirectly [1][6]. - The current state of the semiconductor industry is not aligned with traditional macroeconomic frameworks, as it is more influenced by AI demand and the deepening of domestic substitution [2][7]. Group 2: Market Conditions - The storage segment is at a relative high point in terms of industry prosperity, with potential for continued unexpected growth, while consumer chip segments like SOC and analog chips are at low points [2][7]. - The Chinese semiconductor industry is in an early stage of benefiting from AI, indicating significant growth potential across the entire industry chain [2][7]. Group 3: Investment Opportunities - Key investment areas include domestic computing power, semiconductor equipment, materials, and components benefiting from the expansion of domestic wafer fabs, as well as military semiconductors [3][8]. - The expansion of wafer fabs is driven by AI's demand for advanced processes, storage shortages, and the "China for China" outsourcing needs, suggesting upward potential for related equipment, materials, and components [3][8]. Group 4: Investment Strategy - The core investment strategy focuses on "odds + industry trends + selective stocks," aiming to identify high-potential stocks within major industry trends such as AI and domestic substitution [4][9]. - The strategy emphasizes quantitative assessment of growth potential based on the understanding of industry trends and individual stocks, with a preference for positioning before market turning points [4][9]. Group 5: Market Outlook - The overall trend for the semiconductor industry is expected to be upward, although the sector's valuation is currently considered high following significant increases since September 2024 [10]. - The primary risk in the sector is liquidity risk, which is crucial for supporting high valuations, and investors are advised to adopt a long-term perspective based on the high potential and long cycle of China's semiconductor industry [10].

格隆汇2月25日｜美国超威公司(AMD.US)周二收涨8.77%，报213.84美元。消息面上，科技巨头Meta与 AMD达成超大规模AI(人工智能)算力合作协议。 MI450。 据悉，AMD同意在五年内向Meta公司出售价值高达600亿美元的人工智能芯片。根据协议，这家 Facebook母公司可收购该芯片公司最多10%的股权。AMD总裁苏姿丰在周二(24日)新闻发布会上表示， AMD将向Meta供应总计六千兆瓦的芯片，其中包括今年下半年率先交付一千兆瓦即将推出的旗舰产品 ...

Core Insights - AMD's stock rose by 8.77% to $213.84 following a significant AI computing partnership with Meta [1] - The agreement involves AMD selling AI chips worth up to $60 billion to Meta over five years [1] - Meta has the option to acquire up to 10% equity in AMD as part of the deal [1] Group 1 - AMD will supply a total of 6,000 megawatts of chips to Meta, with 1,000 megawatts of flagship product MI450 to be delivered in the second half of this year [1] - The partnership highlights the growing demand for AI capabilities and the strategic collaboration between tech giants [1]

Speculation regarding AI's possible impact on a wide variety of sectors has prompted oversized moves in stocks and indexes in recent weeks, with Monday's steep decline the latest example of on-again, off-again risk appetite amid ‌these uncertainties. "We're in ⁠for a ⁠period of time where the market will be going through some uncertainty and today we're seeing a little bit of a buy on the dip," said Matthew Keator, managing partner in the Keator Group, a wealth management firm in Lenox, Massachusetts. "We' ...

Core Viewpoint - The Tianhong Sci-Tech Chip Design ETF (589070) is experiencing significant growth in both trading volume and fund shares, reflecting a positive outlook for the semiconductor industry amid a recovery cycle and favorable policies [1][2]. Fund Performance - As of February 24, 2026, the Tianhong Sci-Tech Chip Design ETF had a turnover rate of 6.04% and a transaction volume of 35.99 million yuan, while the tracked Shanghai Sci-Tech Board Chip Design Index fell by 0.89% [1]. - The ETF has seen an increase of 34 million shares this month, with a total inflow of 31.78 million yuan over the last 11 trading days [2]. Market Trends - The semiconductor industry is currently in a recovery phase, supported by both policy and demand, enhancing the investment value of the Tianhong Sci-Tech Chip Design ETF [2]. - The commercialization of domestic AI large models is accelerating, which is expected to lead to explosive growth in demand for computing power chips [2]. Industry Insights - Institutions believe that the rapid expansion of the downstream application market is driving explosive growth in demand for AI computing acceleration chips, attracting various chip manufacturers [3]. - As Chinese GPU companies continue to make technological breakthroughs, the market size for AI computing acceleration chips is expected to grow rapidly [3]. Expert Opinions - Dongwu Securities highlights that AI applications are pushing traditional mobile and PC chips towards high-end upgrades, necessitating continuous innovation in process technology and architecture design [4]. - Companies that capture the edge computing market and adapt to new AI applications will gain a competitive advantage in the AI landscape [4].