据悉，该体系基于国产C86处理器与可信计算3.0架构，通过融合芯片密码能力与可信执行环 境，实现全流程密码防护，形成系统级的"主动免疫"安全能力。 曙光云将于11月26日正式发布"立体密算体系"，该体系聚焦于人工智能时代面临的三大核心安全挑 战：大规模算力基础设施的安全保障、大模型全流程保护以及大数据密态流通。 在实际应用中，该技术已在多个关键行业实现规模化部署。数据显示，其加密处理效率显著提 升，机密计算任务执行延迟明显降低，整体安全运行效率平均提升约50%，在部分场景中威 胁识别准确率亦有数倍提升。 ...

GenAI发展日新月异，客户急需最新的市场洞察与决策建议。为快速反映市场变化，Gartner在该系列报告中持续更 新"新兴市场象限"，自2024年10月首次发布以来，已更新至第8期。在过往的报告中，阿里云持续位于新兴领导者象 限。 按照自下而上的技术栈，最新的系列报告分为四个维度。 在"面向GenAI的基础设施"的维度，报告关注云厂商面向模型训练、推理和服务所提供的基础设施优化。新兴领导者象 限仅有阿里云、微软、谷歌、AWS四家厂商入围，阿里云是唯一入围亚太厂商。华为云和腾讯云位于远见者象限。 在"GenAI工程"维度，报告关注数据准备、模型训练/精调、模型管理、评估、观测等模型全生命周期工具。阿里云依然 位于领导者象限，在纵轴"特征"以及横轴"未来潜力"指标上，均优于AWS、谷歌、微软。 Gartner最新报告：阿里云在生成式AI四大维度均列领导者象限，比肩谷歌、OpenAI 2025年11月中旬，国际权威市场研究机构Gartner发布4篇GenAI（生成式AI）技术创新指南系列报告，公布了GenAI云基 础设施、GenAI工程、GenAI模型以及AI知识管理应用四大维度的新兴市场象限（Emerging M ...

Core Viewpoint - Alphabet is positioned to be the biggest winner in the AI sector due to its structural cost advantages and vertical integration in AI technology [1][3]. Group 1: Market Position and Competitors - Nvidia currently dominates the GPU market for AI, while AMD is attempting to gain market share [2]. - Broadcom is assisting companies in developing custom ASICs for AI workloads, but Alphabet's internal development of AI chips gives it a competitive edge [2][5]. - Alphabet's Tensor Processing Units (TPUs) are in their seventh generation and optimized for its cloud infrastructure, providing a significant performance and energy efficiency advantage [5][6]. Group 2: Cost Efficiency and Revenue Opportunities - The shift from AI training to inference makes compute efficiency increasingly important, and Alphabet's TPUs consume less power, leading to lower operational costs [4][6]. - Alphabet does not sell its TPUs directly; instead, customers must use Google Cloud, allowing the company to capture multiple revenue streams within AI [7]. - By utilizing its own TPUs for internal AI workloads, Alphabet gains a cost advantage in developing and running its Gemini AI model compared to competitors relying on GPUs [8]. Group 3: Technological Advancements and Future Prospects - Alphabet's vertical integration and comprehensive AI tech stack position it favorably for future growth, with its Gemini 3 model receiving positive analyst reviews [9]. - The company's software platforms, such as Vertex AI, and its fiber network enhance its AI capabilities and reduce latency [10]. - The acquisition of cloud security company Wiz will further strengthen Alphabet's AI technology offerings [10].

Core Insights - The competition threat posed by OpenAI has surpassed the short-term revenue benefits from cloud services for major tech companies [1][4] - OpenAI's ambitious revenue target of $41 billion by 2030 is expected to disrupt the industry landscape significantly [1][4] Group 1: OpenAI's Partnerships and Risks - OpenAI has signed large-scale computing partnerships with major tech giants like Microsoft, Google, Amazon Web Services, and Oracle [4] - The primary motivations for these partnerships include expanding cloud AI scale, deepening technological collaboration, and managing controllable risk exposure [4] - While these collaborations have led to short-term stock price increases for the tech giants, long-term strategic risks are becoming apparent [4] Group 2: Competitive Threats and Market Impact - OpenAI's competitive threat is twofold: success could lead to market share capture in enterprise AI and consumer applications, while underperformance could result in idle computing resources for the giants, causing industry overcapacity and revenue decline [4] - OpenAI plans to enter advertising and e-commerce commission sectors, which could directly impact the core interests of platforms like Meta and YouTube [4] - It is projected that advertising and e-commerce commissions will significantly contribute to OpenAI's $41 billion revenue target, accounting for approximately 8% of the total industry scale [4] Group 3: Current Market Position - Currently, OpenAI accounts for less than 10% of the cloud service revenue for major tech companies, with AWS contributing less than 5% [4] - Despite the relatively controllable risk exposure at present, the competitive threat from OpenAI in key areas such as search, e-commerce, and enterprise AI has already surpassed the short-term revenue gains from cloud services [4]

Q3'25 EPS Review: Where to from Here? Recapping Takeaways & Debates; Focus Stocks Going Forward During this past earnings season, US Internet & Interactive Entertainment companies delivered a volatile array of stock price reactions as investors focused their attention on a few themes that emerged: 20 November 2025 | 4:02PM EST Equity Research Eric Sheridan +1(917)343-8683 | eric.sheridan@gs.com Goldman Sachs & Co. LLC Alex Vegliante, CFA +1(212)934-1878 | alex.vegliante@gs.com Goldman Sachs & Co. LLC AMERIC ...

金山云 20251120 摘要 金山云第三季度总收入达 24.8 亿元人民币，同比增长 36%，首次实现 净利润转正，为 2,873 万元人民币，经调整营业利润为 1,536 万元人民 币，营业利润率为 0.6%。 智能计算云业务成为增长引擎，收入达 7.82 亿元人民币，同比增长约 122%，占公共云收入的 45%，受益于对各大互联网客户大规模训练和 推理需求的支持。 公有云业务收入 17.5 亿人民币，同比增长 49%，金山云积极拓展客户 覆盖面，并推进智能计算与基础公有云的交叉销售，企业云业务收入 7.3 亿元。 金山云持续加强技术投入，推出模型 API 服务、升级在线模型服务，并 推出数据标注和数据集市场服务，构建计算资源调度平台等，满足私有 部署场景需求。 小米及其生态系统产品贡献收入 6.91 亿元人民币，同比增长 84%，占 总收入的 28%，为金山云发展提供重要支撑，并对未来增长持乐观态度。 金山云通过一体化训练与推理、智能计算及公有/私有混合部署等方式， 应对生成式人工智能市场快速发展，布局模型 API 业务，加强成本控制。 管理层预计未来几年毛利率将维持在 20%左右，随着推理需求增加，预 ...

Core观点 - CoreWeave is experiencing significant revenue growth and is positioned well for future expansion due to the increasing demand for data centers driven by artificial intelligence [2][4]. 公司概况 - CoreWeave has transitioned from cryptocurrency mining to providing a cloud platform for AI infrastructure and software [5]. - The company has secured multibillion-dollar contracts with major firms, including Meta Platforms, and has a backlog of orders exceeding $55 billion as of the end of the third quarter [6][7]. 财务数据 - CoreWeave's revenue figures show substantial growth: $16 million in 2022, $229 million in 2023, and projected $1.9 billion in 2024, with $4.3 billion in the past 12 months as of mid-November [4]. - The company's market capitalization is approximately $36 billion, with a price-to-cash-flow ratio of 14.4, which is below the industry average of 19.3 [3][6]. - The price-to-sales ratio is noted to be high at 7.1, indicating potential overvaluation concerns [3]. 行业前景 - A McKinsey report projects that by 2030, global data centers will require $6.7 trillion to meet the demand for computing power, largely driven by the AI boom [2].

Core Insights - The article discusses the potential of AI and the cloud computing sector, highlighting the transformative nature of AI while cautioning about the possibility of an AI bubble, drawing parallels to the dotcom era [2][3] - A list of the 13 best cloud stocks to buy is provided, based on a methodology that includes analysis of hedge fund sentiment and market capitalization [5][7] AI Market Insights - Kim Posnett from Goldman Sachs emphasizes that it is too early to determine if there is an AI bubble, noting that 75% of major technology innovations over the last 175 years led to equity price bubbles [2] - Despite similarities to previous bubbles, current research indicates that there is not yet an AI bubble [2] Cloud Stocks Methodology - The list of cloud stocks was curated from the top holdings of three ETFs, sorted by market capitalization, and focused on pureplay cloud computing stocks with positive analyst upside potential [5] - Hedge fund sentiment was also considered, as research shows that imitating top hedge fund stock picks can lead to market outperformance [7] Akamai Technologies, Inc. (NASDAQ:AKAM) - Akamai has a market capitalization of $12.57 billion and an analyst upside potential of 3.00% with 42 hedge fund holders [8][9] - The company reported Q3 2025 earnings with a revenue increase of 4.97% year-over-year to $1.05 billion, exceeding estimates by $10.74 million [10] - Cloud Infrastructure revenue grew 39% year-over-year to $81 million, and management anticipates Q4 2025 revenue between $1.065 billion and $1.085 billion [10][11] Nutanix, Inc. (NASDAQ:NTNX) - Nutanix has a market capitalization of $15.87 billion and an analyst upside potential of 51.90% with 58 hedge fund holders [12] - The company is positioned to attract dissatisfied VMware customers and has received bullish ratings from analysts ahead of its fiscal Q1 2026 results [12][13] - Management expects revenue for Q1 2026 to be in the range of $670 million to $690 million, with a non-GAAP operating margin of 19.5% to 20.5% [14][15]

Group 1: Alphabet Overview - Alphabet has recently initiated a dividend program, increasing its payout by 5% since last year, indicating potential for a consistent dividend due to its strong business fundamentals [3][6] - The company is a leader in the digital advertising market and has seen its quarterly revenue grow by 16% year over year to $102.3 billion, marking its first time crossing the $100 billion threshold [4] - Over the past five years, Alphabet's sales have more than doubled, achieving a compound annual growth rate of approximately 15% [4] Group 2: Growth Drivers - The cloud computing segment is a significant growth driver for Alphabet, with revenue increasing by 34% year over year to $15.2 billion, although it currently represents a small portion of total sales [5] - The cloud backlog reached $155 billion, reflecting a 46% increase from the previous quarter, showcasing strong momentum in cloud and AI offerings [6] - Alphabet's ability to generate consistent free cash flow supports its dividend program, making it an attractive growth stock despite its $3.4 trillion market cap [6]

Core Viewpoint - Alphabet is positioned as a strong contender to reach a $5 trillion market cap, following Nvidia, with a current market cap of $3.4 trillion, while Microsoft and Apple are ahead at $3.7 trillion and $3.9 trillion respectively [1][2]. Group 1: Market Position and Competitors - Alphabet's market cap stands at $3.4 trillion, making it a significant player in the tech industry, but still trailing behind Microsoft and Apple [2]. - Amazon, with a market cap of $2.4 trillion, could potentially catch up if it gains market value while its competitors decline [3]. - Alphabet is growing its sales in the cloud computing sector more rapidly than Amazon, despite Amazon holding a larger market share [3]. Group 2: Profitability and Margins - Alphabet has higher profits and margins compared to Amazon, despite Amazon generating higher sales [6][4]. - The company's strong margins position it favorably in comparison to its competitors [4]. Group 3: AI and Innovation - Alphabet has made significant advancements in AI, including an AI overview and AI mode in its search engine, which are expected to enhance its advertising revenue [7][11]. - The company is leveraging its AI capabilities to increase engagement on platforms like YouTube, contributing to higher ad revenue [11]. Group 4: Competitive Advantages - Alphabet benefits from a strong brand name, switching costs in cloud computing, and network effects in internet search, providing it with a competitive edge [17]. - The elimination of a major antitrust threat has strengthened Alphabet's prospects, making it a more attractive investment [17]. Group 5: Long-term Investment Potential - Alphabet is seen as a strong long-term investment due to its leadership in digital advertising, cloud computing, AI, and streaming [16]. - The company's involvement in innovative sectors, such as self-driving vehicles, further enhances its growth prospects [17].