来源：环球网 针对这一传闻，黄仁勋回应称："我们将对OpenAI进行一笔巨额投资。我坚信OpenAI，他们所取得的成 就令人惊叹，无疑是当下最具影响力的公司之一。我非常享受与萨姆（OpenAI CEO萨姆·奥尔特曼）共 事。"他还补充道，目前萨姆正在推进这一轮融资，英伟达肯定会参与其中并投入大量资金，这极有可 能成为英伟达史上最大的一笔交易。（青山） | I INV VEHICHING I I DULUSURIA THE ECONOMIC TIMES tech | | --- | | Subscribe to ETPrime English Edition . Today's ePaper | | Home BUDGET DETPrime Markets [[Market Data Masterclass News Industry SME Politics Wealth Tech Al Careers Opinion NRI Pan | | Al Web Stories IT Tech & Internet Funding Startups Tech Bytes Newsletters . Blogs & ...

公众号记得加星标⭐️，第一时间看推送不会错过。 一个简化的AI加速器架构展示了这两个领域如何共存。在计算层，加速器通过高带宽铜缆链路向上连 接到L1计算交换机。这些是典型的纵向扩展连接：短距离、高密度，并针对以最小延迟传输海量数 据进行了优化。L1交换机之间也通过铜缆互连，形成一个紧密耦合的网络结构，使得多个加速器在 软件层面上几乎可以像一个大型设备一样运行。 随着流量向上层级传输，它会汇聚到与更广泛的数据中心网络连接的二层网络交换机。在这个层级， 光插拔设备占据主导地位，因为系统必须支持更远的传输距离、更高的端口数量以及可扩展的带宽增 长。 这两个领域面临的日益严峻的挑战是，尽管电信号串扰器（SerDes）仍在不断发展，但其系统层面的 限制却日益增多。在硅芯片上，SerDes 的容量持续从 112G 扩展到 224G PAM4 及更高。然而，随 着数据速率的提升，包括封装、基板、PCB 走线、连接器和电缆在内的电气通道逐渐成为瓶颈。为 了在远距离传输中保持信号完整性，需要越来越强大的均衡和数字信号处理（DSP）能力，这会导致 每比特功耗增加，并增加热负载。 对于拥有数千条SerDes通道的大型AI交换机和加 ...

Core Insights - The rising adoption of generative AI models from OpenAI and Anthropic is significantly impacting major cloud computing platforms, with trillions of dollars committed to future infrastructure projects by these companies [1] Group 1: OpenAI and Microsoft - OpenAI's partnership with Microsoft has provided the latter with a first-mover advantage in integrating generative AI, with ChatGPT being heavily utilized across Microsoft's Azure cloud services [3][5] - The increasing use of OpenAI's software has led to a surge in AI workloads on Azure, driving demand for incremental cloud services [4] Group 2: Amazon's Role in AI Infrastructure - Amazon Web Services (AWS) has entered a $38 billion GPU leasing deal to support OpenAI, highlighting the competitive landscape among cloud providers [7] - Amazon has invested $8 billion in Anthropic, positioning itself strategically in the AI sector, with Anthropic utilizing AWS's GPU clusters and custom-designed chips [8][9] - If Amazon's AI accelerators can compete effectively with Nvidia and AMD's GPUs, AWS could gain significant pricing power and increase customer retention [10][11] Group 3: Google Cloud's Position - Google Cloud has experienced impressive growth, with OpenAI and Anthropic as key customers, leveraging its computing power and custom chips [12][13] - Anthropic's use of Google Cloud's Tensor Processing Units (TPUs) is expected to enhance Google Cloud's competitive position in the AI infrastructure market [14] - As OpenAI addresses its capacity challenges, Google Cloud is likely to benefit from increased user adoption and ongoing data center expansion [15]

Core Insights - Meta Platforms is positioned as a leading AI stock for 2026, driven by significant advancements in its advertising business and productivity enhancements through AI technologies [1] Group 1: Advertising Business Transformation - Meta's ad revenue increased by 24% year over year in Q4, reaching $58.1 billion, with AI playing a crucial role in enhancing revenue and profits [2] - The company revamped its ad ranking model and doubled GPU usage for AI training, resulting in a 3.5% rise in ad clicks on Facebook and over 1% increase in ad conversions on Instagram [3] Group 2: Productivity Improvements - The implementation of agentic coding has led to a 30% increase in output per engineer since early 2025, with power users experiencing an 80% year-over-year productivity boost [4] - CFO Susan Li indicated that growth is expected to accelerate in the latter half of 2026 [5] Group 3: Product Innovations - Sales of Meta's AI-powered smart glasses tripled in 2025, with CEO Mark Zuckerberg comparing their potential impact to that of smartphones [5][6] - Meta is committed to developing personal superintelligence, which is anticipated to significantly enhance user experience by understanding individual preferences and relationships [7] Group 4: AI Infrastructure Development - Meta established a new division, Meta Compute, aimed at creating custom silicon and energy sources for AI, which is expected to reduce reliance on third-party chips and lower energy costs [8][9] - The Andromeda ad retrieval engine is now compatible with various GPUs, including Nvidia and AMD, enhancing operational flexibility [9] Group 5: Business-to-Business Revenue Growth - Agentic AI is also contributing to B2B revenue, with Meta's business AIs on WhatsApp facilitating over 1 million weekly conversations between customers and businesses in Mexico and the Philippines [10][11] - Plans are in place to expand the availability of these AI agents to more markets in 2026 [11] Group 6: Reality Labs Financial Outlook - Reality Labs reported a $6 billion loss in Q3, which impacted overall profits, but losses are expected to stabilize in 2026, with a focus on AI glasses and wearables [12][13]

Core Insights - Nvidia has experienced significant volatility over the past five years, transitioning from a gaming-focused revenue model to a data center-driven growth strategy fueled by artificial intelligence demand [2][4]. Financial Performance - In early 2021, Nvidia's gaming segment contributed approximately 50% of its revenue, but the company faced a 24% stock decline due to GPU shortage fears [2]. - Nvidia reported record quarterly revenue of $5 billion for Q4 of fiscal 2021, leading to a stock gain of 125% that year [3]. - However, between November 2021 and October 2022, Nvidia's stock price fell by 66% due to inflation and slowing economic growth [3]. - Currently, Nvidia's data center segment generated record revenue exceeding $51 billion in the third quarter, which is more than ten times its total revenue from five years ago [4]. - The company's market capitalization stands at $4.6 trillion, with a current stock price of $191.13 [5]. - Management forecasts fourth-quarter revenue of $65 billion, indicating a growth rate of 65% [6]. Investment Returns - An investment of $100 in Nvidia stock five years ago would now be worth $1,479, reflecting a remarkable gain of 1,380% [7].

编者荐语： 日经中文网与36氪开展内容交换合作。将精选36氪的精彩独家财经、科技、企业资讯，与读者分享。 以下文章来源于36氪 ，作者邱晓芬 36氪 . 36氪是服务中国新经济参与者的卓越品牌和开创性平台，提供新锐深度的商业报道，强调趋势和价值，我们的slogan是：让一部分人先看到未来。 平头哥自研PPU已成为中国新增AI算力市场的主力芯片之一。 文 ｜ 邱晓芬 封面来源 ｜ 日经中文网 1月22日，接近市场人士称，阿里巴巴集团已决定支持旗下芯片公司平头哥未来独立上市。平头哥是阿里巴巴全资子公司，于2018年成立。 成立8年以来，公司已在计算、存储、网络等领域推出多款性能业界顶级的芯片，据悉，平头哥自研PPU已成为中国新增AI算力市场的主力芯片之一。 互联网公司里， 自研芯片的早期探索者 芯片一直被认为是科技领域最难坑的骨头之一，而平头哥创立之前，阿里巴巴的硬件研发「履历」几乎空白，互联网公司造芯在国内更无先例，平头哥研 发芯片的难度不亚于阿里投入云计算。 虽然现实很骨感，但在这场技术和资本的游戏里，阿里的战略决心不亚于对阿里云的长期投入。 公司成立后，内部芯片研发的路线和模式非常清晰，即重点围绕云端数据中 ...

GlobalFoundries Inc. (NASDAQ:GFS) is one of the new stocks on the rise. On January 15, following a transfer of coverage, Citi raised its price target on GlobalFoundries to $42 from $35 with a Neutral rating on the shares. As part of this update, the firm rolled forward its valuation model to 2027 estimates, shifting from 2026. In other news, on January 14, GlobalFoundries Inc. (NASDAQ:GFS) executed a definitive agreement to acquire Synopsys Inc.’s (NASDAQ:SNPS) ARC Processor IP Solutions business, includ ...

Core Insights - IonQ has established itself in the quantum computing sector by developing one of the most accurate systems, achieving 99.99% two-qubit gate fidelity [1] - The company is pursuing vertical integration to enhance scalability and control over the quantum ecosystem through strategic acquisitions [2] Company Strategy - IonQ has made significant acquisitions, including Oxford Ionics for reducing quantum computer size, LightSynq for photonic interconnect technology, Capella for satellite-based distribution, and Vector Atomic for quantum sensing technology [4] - The latest acquisition of SkyWater Technology allows IonQ to manufacture its own chips, making it the only vertically integrated quantum computing company [5] Industry Context - Most semiconductor companies operate on a fabless model, relying on third-party foundries, but vertical integration is advantageous in the emerging quantum computing field [6] - With SkyWater's fabs located in the U.S. and its trusted status with the government, IonQ is positioned to secure government contracts in quantum computing, which is a promising revenue source [8]

Core Insights - A significant portion of Symbotic's revenues is derived from its partnership with Walmart, which serves as the largest customer [1] - In fiscal 2025, more than 84% of Symbotic's total revenues were generated from Walmart, indicating a high dependency on a single customer [2] - Symbotic has a sizable backlog of $22.5 billion, primarily from agreements with Walmart and GreenBox, providing strong visibility into future revenue [3] - To reduce dependence on Walmart, Symbotic is pursuing strategies to diversify its customer base and expand market reach [5] - A new partnership with Nyobolt enhances Symbotic's warehouse automation systems, improving performance and durability [6] Revenue Concentration - Over 84% of Symbotic's fiscal 2025 revenues were generated from Walmart, highlighting significant customer concentration risk [2][11] - The company's backlog of $22.5 billion is largely tied to Walmart and GreenBox, emphasizing the reliance on these key partners [3][11] Strategic Initiatives - Symbotic is focusing on diversifying its customer base to mitigate risks associated with customer concentration, including a deal with Nyobolt [5][11] - The collaboration with Nyobolt aims to enhance the performance of Symbotic's autonomous mobile robots, which could broaden its market appeal [6] Financial Performance - Symbotic's shares have surged in double digits over the past year, outperforming its industry [9] - The company is trading at a premium valuation compared to the industry average, with a price-to-sales ratio of 10.98X [13]

Core Viewpoint - In 2025, despite increasing uncertainties in external demand, China's major provinces have stabilized their economic foundations, with several economic powerhouses achieving record GDP growth [1][3]. Economic Performance - In 2025, three provinces surpassed a GDP of 10 trillion yuan, with Guangdong leading at 14.58 trillion yuan, followed by Jiangsu at 14 trillion yuan, and Shandong breaking the 10 trillion yuan mark for the first time [3][6]. - Guangdong's GDP reached 145,846.76 billion yuan, marking its 37th consecutive year at the top of the national GDP rankings, with advanced manufacturing and high-tech manufacturing growing by 5.1% and 6.2% respectively [6]. - Jiangsu's GDP was 142,351.5 billion yuan, a 5.3% increase year-on-year, while Shandong's GDP reached 103,197 billion yuan, growing by 5.5% [6][7]. Industrial Development - The industrial sector remains a core support for Jiangsu's growth, with notable performance in high-end manufacturing, particularly in electronics and transportation equipment [6][7]. - Shandong's equipment manufacturing sector saw an 11.4% increase in value added, with significant growth in automotive and rail transport industries [7]. - In 2025, 20 provinces achieved GDP growth rates above the national average of 5%, with western provinces like Tibet leading at 7% [8]. Trade Resilience - Despite uncertainties, foreign trade showed resilience, with new energy vehicles, lithium batteries, and photovoltaic products becoming significant contributors to exports [8]. - Anhui's foreign trade exceeded 1 trillion yuan for the first time, with a 1.1 times increase in exports of the "new three items" [8]. Regional Strategies - Various provinces emphasized tailored industrial planning during their local meetings, focusing on upgrading existing industries rather than simply moving away from traditional sectors [10]. - Guangdong aims to build a competitive modern industrial system, emphasizing high-quality manufacturing and integrating artificial intelligence into its industrial framework [10][11]. - Zhejiang's strategy includes embedding AI into industrial upgrades, leveraging its strong digital economy and private sector participation [12]. Traditional Industry Enhancement - Provinces like Hubei and Henan are focusing on enhancing their traditional industries while also promoting new sectors [14][15]. - Hubei's plan includes upgrading traditional sectors like automotive and steel while fostering emerging industries such as integrated circuits and artificial intelligence [14][15]. - The strategy of "three lines advancing" aims to strengthen the competitiveness of traditional industries while supporting new and future industries [15][16].