Core Viewpoint - Industrial Fulian's stock price has experienced significant volatility, dropping over 30% from its peak, resulting in a market value loss exceeding 500 billion yuan within a short period [1][3]. Financial Performance - For the first three quarters of 2023, Industrial Fulian reported a revenue of 603.93 billion yuan, representing a year-on-year growth of 38.4%, and a net profit attributable to shareholders of 22.49 billion yuan, up 48.52% year-on-year [3]. Stock Market Reaction - On October 29, following the release of its quarterly report, Industrial Fulian's stock price surged over 9%, closing at 80.8 yuan per share, with a market capitalization reaching 1.6 trillion yuan, a historical high [3]. - On November 24, the stock price fell to 54.61 yuan per share, marking a decline of 9.99% by midday, and ultimately closing at 55.95 yuan, down 7.80% for the day, with trading volume exceeding 18.7 billion yuan [2]. Market Speculation and Response - A circulating rumor suggested that Nvidia would enter the server market, leading to a potential downward revision of Industrial Fulian's revenue expectations for Q4 2025, which contributed to the stock's decline [3][4]. - Industrial Fulian issued a clarification stating that the rumors regarding a downward adjustment of Q4 performance targets were unfounded, asserting that operations and customer demand remained strong [4][5]. Management's Outlook - During a quarterly earnings call, management expressed confidence in ongoing projects and customer demand, indicating that the company had not adjusted its performance expectations despite market speculation [5][6]. - Analysts have deemed the rumors about Nvidia's market entry as unreliable, emphasizing that such a move would not align with Nvidia's profit strategy [6]. Industry Context - Other companies in the computing power sector also experienced stock price declines during the same period, with notable drops including 10.96% for Zhongji Xuchuang, 28.64% for Xinyi Sheng, and 23.74% for Tianfu Communication [6].

经济观察报记者 郑晨烨 11月24日9点39分，开盘不到10分钟，总市值超过一万亿元的AI大热股工业富联（601138.SH）股价跌幅已超3%。至11点30分午间收盘，工业富联股价报 54.61元/股，跌幅达9.99%。午后，其股价出现了小幅反弹，最终收报55.95元/股，收盘跌幅达7.80%，当天放量成交逾187亿元，总市值为1.11万亿。 此前的10月29日，工业富联披露2025年三季度报告，业绩表现亮眼。财报数据显示，其今年前三季度实现营业收入6039.31亿元，同比增长38.4%；实现归母 净利润224.87亿元，同比增长48.52%。10月29日当天，工业富联股价涨超9%，收报80.8元/股，总市值站上1.6万亿元，创下历史新高。 在10月29日至11月24日的短短19个交易日内，工业富联股价剧烈震荡，从高点累计跌幅已超30%，市值蒸发逾5000亿元。 在社交平台中，不少股民都将工业富联11月24日的暴跌归因于一则从11月21日便开始流传的"小作文"上。这则不知源头的"小作文"对工业富联的影响用一句 话便可概括："英伟达要亲自下场做服务器，所以工业富联2025年第四季度营收规模要下修，业绩面临巨大不 ...

关于"AI泡沫论"的讨论仍在进行，美股多只算力相关个股股价震荡。上周英伟达发布超市场预期的 最新季度财报后，该公司股价连续两日下跌。 A股的英伟达概念股工业富联近期股价也在震荡下行。10月30日到11月24日，工业富联股价已累计 下跌30.77%，市值蒸发超4000亿元。截至11月24日收盘，工业富联股价下跌7.8%。 股价下跌的同时，近期市场传出关于工业富联下调第四季度业绩目标、机柜出货预期的传闻，投资者 对此十分关心。 工业富联在互动平台做出紧急澄清，称第四季度整体经营包括英伟达GB200、GB300等相关产品出 货均按既定计划推进，客户需求持续畅旺，生产及出货正常。公司未向市场下调第四季度利润目标。 同时，与客户合作开发的下一代产品也在按前期计划如期顺利推进中。 2025.11. 24 本文字数：1314，阅读时长大约2.5分钟 作者 | 第一财经 郑栩彤 除了机构减持，英伟达与OpenAI的绑定关系也受到市场关注，英伟达此前计划助力OpenAI构建和 部署至少10吉瓦的AI数据中心，这些数据中心包含数百万块英伟达GPU。但OpenAI在大模型领域的 领先地位已受到谷歌的挑战。 11月19日，谷歌Gem ...

股价下跌的同时，近期市场传出关于工业富联下调第四季度业绩目标、机柜出货预期的传闻，投资者对此十分关心。 工业富联在互动平台做出紧急澄清，称第四季度整体经营包括英伟达GB200、GB300等相关产品出货均按既定计划推进，客户需求持续畅旺，生产及出货 正常。公司未向市场下调第四季度利润目标。同时，与客户合作开发的下一代产品也在按前期计划如期顺利推进中。 作为英伟达的核心供应商之一，工业富联的服务器出货情况将与英伟达的AI芯片需求情况相关。 本月早些时候，工业富联也回应了订单和展望下调的市场传闻，称公司未发布任何相关口径，现有客户项目进度与交付节奏正常。对应产线、测试与交付 能力均按计划运作中，新品也推进顺利。工业富联称，无须过度解读市场传闻。 关于"AI泡沫论"的讨论仍在进行，美股多只算力相关个股股价震荡。上周英伟达发布超市场预期的最新季度财报后，该公司股价连续两日下跌。 从业绩情况看，工业富联和英伟达最新季度业绩都高于市场预期。英伟达在截至2025年10月26日的2026财年第三财季录得营收570亿美元，同比增长 62%，净利润319亿美元，同比增长65%。英伟达CEO黄仁勋还强调英伟达Blackwell芯片销 ...

Core Viewpoint - The construction of major projects in Henan during the "14th Five-Year Plan" period is a key driver for high-quality development, with significant investments in infrastructure and technology aimed at enhancing the province's economic capabilities [1][2][3] Group 1: Major Projects and Developments - The opening of Pingdingshan Port and the groundbreaking of Shangqiu Airport mark significant advancements in Henan's infrastructure, enhancing connectivity and supporting economic growth [1] - The establishment of a "米" shaped high-speed rail network and the construction of the BYD base in Zhengzhou position Henan as a new hub for the new energy vehicle industry [2] - The entry of Super Fusion Digital Technology Co., Ltd. into Zhengzhou has led to a domestic market share exceeding 60% for localized AI servers, showcasing the province's technological advancements [2] Group 2: Strategic Goals and Economic Planning - The "15th Five-Year Plan" emphasizes the importance of expanding domestic demand and integrating investment in both material and human resources to stimulate economic growth [1] - The focus on project construction is seen as essential for stabilizing employment, businesses, and market expectations, thereby driving high-quality development [2] - The province aims to align project development with national strategic initiatives, ensuring that current investments translate into future industrial outputs [3]

Core Insights - Foxconn, the world's largest electronics contract manufacturer, reported a 17% year-on-year profit increase in Q3, driven by sustained demand for AI servers, exceeding market expectations [1] - The company achieved a net profit of NT$57.67 billion (approximately $1.89 billion) for the July-September period, surpassing the anticipated NT$50.4 billion, with revenues reaching NT$2.06 trillion, an 11% year-on-year growth [1] - Foxconn is diversifying beyond its traditional role as the largest iPhone assembler for Apple, focusing on AI and other business areas, and has become a key partner for Nvidia in AI server production [1][2] Financial Performance - In Q3, Foxconn's revenue growth aligns with market expectations, while the company anticipates significant year-on-year revenue growth in Q4, particularly in AI server sales [1][2] - Monthly sales in October increased by 11.3%, with projections indicating a 15% year-on-year sales growth for the three months ending in December [1][2] Strategic Partnerships and Market Position - Foxconn's close collaboration with Nvidia has contributed to a stock price increase of over 30% this year, as leading tech companies compete to procure Nvidia hardware for data center enhancements [2] - The company is leveraging its dominant position in contract manufacturing to secure current and future orders, adopting a "follow the cash flow" strategy that prioritizes high-growth server manufacturing over some consumer electronics orders [3] Challenges and Future Outlook - Despite potential profit margin pressures from component price fluctuations, currency changes, and logistics challenges, Foxconn is expected to maintain strong performance in Q4 [3] - The company is also expanding into the electric vehicle sector, viewing it as a key growth engine, although this transition has faced hurdles, including the sale of a previously acquired EV factory [4] - Foxconn is collaborating with Nvidia, Stellantis, and Uber to develop L4 autonomous vehicles, indicating a strategic move into the autonomous driving space [4]

Core Viewpoint - CoreWeave has lowered its full-year revenue outlook due to delays in fulfilling contracts with clients, highlighting ongoing supply chain bottlenecks in the AI demand surge [1][2] Financial Performance - CoreWeave expects 2025 revenue to be between $5.05 billion and $5.15 billion, down from the previous estimate of $5.15 billion to $5.35 billion [2] - In Q3, CoreWeave reported a revenue of $1.36 billion, exceeding market expectations of $1.29 billion, but the operating margin was 4%, lower than the analyst estimate of 6.5% [2] - The company recorded a net loss of $110 million, an improvement from a loss of $360 million in the same period last year, with a loss per share of $0.22, better than the expected loss of $0.57 [2] Client and Market Dynamics - The number of clients generating over $100 million in revenue has doubled year-over-year, indicating a more diverse client base [3] - As of the end of Q3, CoreWeave had $55.6 billion in unfulfilled orders, nearly doubling from the previous quarter [2][3] Capital Expenditure - CoreWeave's capital expenditure for this year is projected to be between $12 billion and $14 billion, with expectations for a more than doubling of this amount next year [3]

Core Viewpoint - The demand for high-performance, reliable, and scalable AI computing infrastructure is unprecedented as companies transition into a fully intelligent era, leading to the launch of the HuaKun AT958 B3 server equipped with the latest Ascend 910C chip, which offers significant performance improvements [1] Group 1 - The HuaKun AT958 B3 server is designed to meet diverse computing needs with two configurations: standard and super node [1] - The performance of the new server is 2.2 times that of the previous generation, enabling full deployment of DeepSeek [1]

Core Insights - Microsoft has entered into a five-year agreement worth $9.7 billion with Australian data center operator IREN to access advanced Nvidia chips, addressing its long-standing computing power shortage [1] - Dell will supply IREN with equipment based on Nvidia's GB300 chips, with a procurement value of $5.8 billion, which will ultimately be utilized by Microsoft [1] - Following the announcement, IREN's stock surged over 20% in pre-market trading, while Dell's shares rose by 5% due to securing the core equipment supply order [1] Company Developments - IREN, founded in 2018, transitioned from a pure Bitcoin mining company to an AI infrastructure provider starting in 2023, pausing its mining capacity expansion to focus on AI business [1][2] - As of October 31, IREN's stock has increased over sixfold this year, with a market capitalization exceeding $16.5 billion [2] - IREN operates multiple data centers in North America with a total installed capacity of 2,910 megawatts, powered entirely by renewable energy [2] Strategic Initiatives - The Nvidia processors will be deployed in phases at IREN's 750-megawatt facility in Childress, Texas, by 2026, alongside the construction of new data centers utilizing liquid cooling technology [2] - Microsoft will pay 20% of the total agreement price upfront, primarily to cover IREN's $5.8 billion hardware procurement agreement with Dell [2] - Microsoft CFO Amy Hood indicated that the AI computing power shortage is expected to persist at least until mid-2026, contrary to earlier expectations of improvement by the end of this year [2]

Core Viewpoint - Supermicro Computer (SMCI.US) reported disappointing Q1 FY2026 earnings and revenue, leading to a stock price drop of over 9% after hours, marking the sixth consecutive quarter of underperformance against analyst expectations [1][3]. Financial Performance - Q1 FY2026 revenue was $5.02 billion, down from $5.94 billion year-over-year and below the analyst forecast of $6.09 billion [1]. - Adjusted earnings per share were $0.35, lower than the expected $0.41 but an increase from $0.07 in Q1 FY2025 [1]. Revenue Guidance - The company had previously lowered its revenue outlook for Q1 FY2026 from a range of $6 billion to $7 billion to $5 billion due to delays in revenue recognition from product design upgrades [2]. - Supermicro anticipates strong revenue growth for FY2026, projecting at least $36 billion in revenue, supported by over $13 billion in Blackwell Ultra orders [2]. Market Challenges - The company has faced scrutiny since a report by Hindenburg Research accused it of accounting violations and export control breaches, leading to delays in SEC filings and a risk of delisting from NASDAQ [3]. - Increased competition in the AI server market has raised concerns about Supermicro's long-term profitability, despite a year-to-date stock increase of over 50% [3].