KEY ISSUESSilver surged 13% for the week and is now up over 90% year-to-date—vastly outperforming Bitcoin, which is down 3% on the year.Eurozone banks climbed 5% during the week and are now nearly 70% higher year-to-date when accounting for the currency boost.Market volatility fell sharply, with the VIX dropping 7 points to 16, signaling stronger investor risk appetite.These developments: precious metals momentum, European banking sector strength, and a major decline in volatility were central to global mar ...

公众号记得加星标⭐️，第一时间看推送不会错过 近年来，随着AI⼤语⾔模型、云计算、⾃动驾驶等领域的爆发式增⻓，数据中⼼对⾼速数据传输的 需求呈指数级攀升，传统并⾏总线架构早已难以承载⽇益膨胀的带宽压⼒，数据中⼼的互联架构也 随之迎来了根本性的迭代。 这种多层级、⾼关联的架构，天然对数据传输提出了"低功耗、低延迟、⾼密度"的刚性要求，这 也让当前最先进的数据中⼼正⾯临前所未有的互联带宽挑战，⾼速互连技术的升级已从可选优化变 为了核⼼刚需。 ⽽⾏业需求的倒逼还在持续升级：据预测，到2025年，千亿⾄万亿参数模型的训练将需要EB级数 据处理能⼒。当前224Gbps互联⽅案在AI训练任务中的通信开销占⽐已超过70%，推理阶段更要 求时延严格控制在数⼗毫秒内⸺这些严苛指标，让数据传输的速率、延迟、功耗与密度⻔槛被推 ⾄了前所未有的⾼度。 在此背景下，现有400/G互连的局限性⽇益凸显，实现每通道448Gbps成为满⾜下⼀代基础 设施带宽、延迟和扩展性需求的关键⼀步。 当前，全球标准组织、科技巨头和产业链企业正积极投⾝于448Gbps/lane互联技术的研发与标准 化⼯作，以期突破当前算⼒基础设施的极限。 从0.Gbps ...

从发行数据上看，年内上市的电子股和即将登陆科创板的摩尔线程平均发行价33.40元，中位数发行价22.04元。其中，摩尔线程发行价格 最高，达114.28元，同时在整个电子板块新股历史中位居第11位，仅次于纳芯微、达瑞电子、翱捷科技、恒玄科技、普冉股份、华海清 科、芯导科技、东微半导、思瑞浦、钜泉科技。 | 序号 | 证券代码 | 证券简称 | 首发价格 | 首发市盈率 | 首发时所属 | 首发上市日 | 申万行业 | | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | | 行业市盈率 | | | | 9 | 688795.SH | 摩尔线程 | 114.28 | | | | 电子 | | 2 | 301630.SZ | 同宇新材 | 84.00 | 23.94 | 38.62 | 07-10 | 电子 | | 3 | 301629.SZ | 矽电股份 | 52.28 | 26.23 | 29.67 | 03-24 | 电子 | | 4 | 688775.SH | 影有创新 | 47.27 | 20.04 | 38.21 | 06-11 | 电 ...

Nvidia was an early leader in AI and has reaped the rewards. But it may soon need to defend its crown.The artificial intelligence (AI) market is booming, and could grow from $235 billion last year to $631 billion by 2028. The top AI stocks have already enjoyed tremendous returns since early 2023, and the future looks bright. Remember, the internet hasn't stopped growing since its initial boom decades ago.Nvidia has arguably been the most apparent AI winner thus far. Its GPU chips have become the de facto ch ...

Core Insights - The quantum computing market is gaining traction, with companies like IonQ, Rigetti Computing, and D-Wave Quantum being popular investment opportunities [1][4] - A new trend has emerged where investors are complementing their AI investments with quantum computing stocks, indicating a growing interest in this sector [2] - Nvidia is highlighted as a potentially smart investment in quantum computing due to its unique approach compared to competitors [3] Industry Overview - The quantum computing market is divided into pure-play companies and cloud hyperscalers like Microsoft, Alphabet, and Amazon, which are also investing in quantum technologies [4] - Pure-play companies have struggled to gain significant business traction due to the exploratory nature of quantum computing and limited commercial applications [5] - Heavy investments in research and development by pure-plays aim to achieve technological breakthroughs necessary for enterprise-level adoption [6] Nvidia's Role in Quantum Computing - Nvidia provides a comprehensive stack of hardware and software tools that support quantum supercomputers, including GPUs, CPUs, and a software platform [12] - The company's strategy is agnostic, focusing on integrating with various quantum systems rather than developing its own quantum chips [13] - Nvidia's approach allows it to leverage its existing AI infrastructure while expanding into quantum computing services, positioning itself as a leader in the broader AI market [14] Market Position and Valuation - As of November 24, Nvidia's forward price-to-earnings (P/E) multiple is 23.4, down from 34 times forward earnings a year ago, indicating market sentiment towards the stock [15] - Concerns about a potential AI stock market bubble and increased competition from Advanced Micro Devices and custom silicon designs are affecting investor perceptions [16] - Despite these challenges, Nvidia continues to innovate and expand its total addressable market (TAM) across various sectors, including quantum computing [17] - The current valuation of Nvidia stock is viewed as attractive, suggesting it may be a compelling opportunity for investors [18]

Key TakeawaysU.S. online Black Friday sales hit a record $11.8 billion, a 9.1% increase year-over-year, significantly boosted by AI-powered shopping tools.Entry-level job postings have fallen 16% year-over-year, raising concerns for young workers as AI automation impacts the labor market, with youth unemployment reaching 10.5%.Japan is dedicating approximately $1.6 billion in an extra budget to bolster its AI and semiconductor industries, part of a long-term strategy to regain technological leadership.A Coi ...

【文/观察者网 心智研究所】 技术路线的分岔：同一个问题，两种解法 要理解这场技术路线分岔的深意，需要回到二十世纪末的那场危机。 1999年，美国国防部高级研究计划局（DARPA）资助了一个雄心勃勃的研究项目，目标是探索CMOS 技术如何突破25纳米的物理极限。彼时，整个半导体行业笼罩在一片悲观情绪之中。根据当时的技术预 测，当晶体管的栅极长度逼近20纳米时，传统的平面结构将彻底失效——电子会像不听话的孩子一样四 处乱窜，漏电问题将使芯片变成一块发热的废铁。 领导这个研究项目的，是加州大学伯克利分校的胡正明教授。这位后来被誉为"摩尔定律续命人"的华人 科学家，带领团队提出了两种截然不同的解决方案。 用一个通俗的比喻来理解：想象你手中握着一根越来越细的水管，水流变得越来越难以控制，总是从指 缝间漏出去。怎么办？ 第一种办法是把水管竖起来——你的手指可以从三面包裹住水管，接触面积大了，控制力自然就强了。 这就是FinFET的核心思想：将原本平躺的晶体管沟道竖起来，形成一个像鱼鳍一样的三维结构，让栅 极能够从三面包裹住沟道，大幅增强对电流的控制能力（如下图）。 2014年前后，法国SOI衬底材料龙头Soitec正经 ...

Core Insights - The article discusses the potential overvaluation of tech companies, particularly in the AI sector, due to inflated earnings resulting from underestimated depreciation expenses [1][2][3] Group 1: AI Investment and Valuation - AI has driven significant investments in data centers and chips, leading to increased valuations for tech companies [1] - Companies may be overestimating the useful life of chips, which could inflate earnings and valuations [2][3] - Nvidia, as a leading chipmaker, has a high trailing price-to-earnings ratio of 45, but a more modest forward price-to-earnings ratio of 23, indicating potential valuation concerns [4] Group 2: Earnings and Depreciation - Lower depreciation costs can result from longer useful life estimates, which may incentivize companies to overestimate asset longevity [3] - If earnings are overstated, it suggests that stock valuations are even higher than they appear, raising concerns for investors [4][9] Group 3: Market Dynamics and Future Implications - Nvidia reported $57 billion in sales for the period ending October 26, a 62% year-over-year increase, indicating strong demand [5] - If chips have a shorter useful life than claimed, companies may face more frequent capital expenditures, impacting their financial strategies [6][7] - Concerns are growing that excessive investment in AI could lead to a bubble, particularly if companies are not achieving expected returns [8][9] Group 4: Investment Strategy Considerations - Investors may need to reassess their exposure to AI stocks, especially if there are signs of declining demand in the sector [9][10] - Long-term investors might still find value in established companies like Nvidia, while others may consider diversifying into ETFs or S&P 500 indexes to mitigate risk [10]

Core Insights - Retail investors have shown significant interest in five stocks this week, driven by earnings reports, retail hype, AI developments, and corporate news [1] Walmart Inc. (NYSE:WMT) - Walmart's Black Friday event commenced online on November 25, with early access for Walmart+ members starting on November 24, featuring substantial discounts on various products [6] - The stock is trading around $109 to $111 per share, reflecting a year-to-date increase of 21.22% and a 17.95% rise over the year [7] Alibaba Group Holding Ltd. (NYSE:BABA) - Alibaba reported second-quarter results on November 25, with a revenue increase of 5% to $34.81 billion, driven by a 34% growth in cloud services [7] - Following news of the Pentagon considering adding Alibaba to a list of Chinese military-linked firms, some retail investors began to sell off BABA shares [7] Alphabet Inc. (NASDAQ:GOOG) - GOOG shares surged due to AI-driven growth, with the company approaching a historic $4 trillion valuation [11] - The stock is trading around $157 to $160 per share, with an 85.52% increase year-to-date and an 80.38% rise over the year [11] Meta Platforms Inc. (NASDAQ:META) - META shares rebounded amid optimism surrounding AI trading and analyst upgrades, despite facing allegations regarding internal research on social media's impact on youth [15] - The stock is trading around $633 to $635 per share, with a year-to-date increase of 5.74% and a 10.32% rise over the year [16] Nvidia Corp. (NASDAQ:NVDA) - NVDA shares initially dipped due to reports of Meta's potential multi-billion-dollar deal with Google for data centers, but the CEO asserted that NVIDIA remains ahead in technology [16] - The stock is trading around $320 to $322 per share, reflecting a year-to-date increase of 68.01% and an 87.86% rise over the year [16] Market Overview - Retail focus has combined meme-driven narratives with earnings outlooks and corporate news, contributing to positive market action in the S&P 500, Dow Jones, and Nasdaq [19]

Core Viewpoint - Nvidia has shown significant long-term growth, with a 1,200% increase over the past five years, but has faced volatility in 2025 due to external factors like tariffs and concerns over an AI bubble [2][3]. Group 1: Nvidia's Market Position - Nvidia is a leader in designing high-performance graphics processing units (GPUs), essential for AI training and applications, having entered the market early and maintained a competitive edge through continuous innovation [4]. - The company has experienced explosive earnings growth, with annual revenue and profit increasing in double- and triple-digit percentages, surpassing analysts' expectations in recent quarters [5]. Group 2: External Challenges - Investor sentiment has been affected by concerns regarding tariffs, economic growth, and the valuation of AI stocks, which has led to fluctuations in Nvidia's stock price despite strong earnings reports [6]. Group 3: Future Outlook - Nvidia's CEO, Jensen Huang, predicts that AI infrastructure spending could reach between $3 trillion and $4 trillion by the end of the decade, indicating a substantial market opportunity [8]. - Major customers like Amazon and Microsoft have reported increasing demand and plans to expand capacity, suggesting a growing need for Nvidia's GPUs [9]. - With reasonable valuation at 38x forward earnings estimates, Nvidia is positioned to potentially return to investors' "buy list," making it a strong candidate for growth in 2026 [10].