美银证券发表研究报告指，英伟达与初创公司Groq于圣诞节前夕宣布达成AI推理技术非独家授权协 议，市场估计交易潜在价值可能高达200亿美元，而Groq主要管理团队成员将加入英伟达，属令人意外 的消息，因Groq专注于开发语言处理器(LPU)，与英伟达以设计和销售图形处理器(GPU)而闻名不同。 该行认为，此次交易或反映英伟达已意识到，虽然GPU主导AI训练，但快速转向推理可能需要更专用 的芯片，同时相信不同的硬件为未来的GPU及LPU产品路线图和定价增添复杂性，但英伟达亦可为客户 提供更多选择，应对市场竞争。该行维持对英伟达的"买入"评级，对此次交易长远看法正面，继续列为 首选股，目标价275美元。 ...

美国银行分析师维韦克·阿雅认为，人工智能热潮并未降温，而是在持续扩大。尽管有对AI持怀疑态度的人士指出其令人瞠目的估值是回避的理由，但阿 雅表示，该行业正处于一个长达十年转型的"中点"，而引领这一转型的是英伟达(NVDA.US) 和博通(AVGO.US)。 在一份报告中，阿雅预测全球半导体销售额将实现30%的同比增长，并最终在2026年推动该行业突破1万亿美元的年度销售里程碑。 阿雅仍然持乐观态度，他认为当前的支出既是"进攻性的也是防御性的"。换句话说，大型科技公司别无选择，必须投资以保护其现有业务版图。 阿雅表示，作为全球市值最高的公司，英伟达目前正运行在一个"不同的星系"。 英伟达股价今年以来上涨超过40%，阿雅警告不要将这家AI领导者与传统芯片制造商相提并论。普通芯片的售价约为2.40美元，而一块英伟达 图形处理器(GPU)的售价约为3万美元。 尽管有些人担心英伟达的市值已触及天花板，但美国银行指出了其自由现金流(预计未来三年将达到5000亿美元)，以及经增长因素调整后"仍然 非常便宜"的估值。 英伟达的市盈率增长比率(PEG) 约为0.6倍，相比之下，市盈率增长比率接近2倍的标普500指数显得昂贵。" ...

智通财经APP获悉，美国银行分析师维韦克·阿雅认为，人工智能热潮并未降温，而是在持续扩大。尽 管有对AI持怀疑态度的人士指出其令人瞠目的估值是回避的理由，但阿雅表示，该行业正处于一个长 达十年转型的"中点"，而引领这一转型的是英伟达(NVDA.US) 和博通(AVGO.US)。 阿雅表示，作为全球市值最高的公司，英伟达目前正运行在一个"不同的星系"。 英伟达股价今年以来上涨超过40%，阿雅警告不要将这家AI领导者与传统芯片制造商相提并论。普通芯 片的售价约为2.40美元，而一块英伟达图形处理器(GPU)的售价约为3万美元。 尽管有些人担心英伟达的市值已触及天花板，但美国银行指出了其自由现金流(预计未来三年将达到 5000亿美元)，以及经增长因素调整后"仍然非常便宜"的估值。 在一份报告中，阿雅预测全球半导体销售额将实现30%的同比增长，并最终在2026年推动该行业突破1 万亿美元的年度销售里程碑。 阿雅表示，他坚信那些拥有"由利润率结构量化的护城河"的公司。除了英伟达和博通，他还强调了另外 四家大型半导体公司——Lam Research、科磊(KLAC.US)、亚德诺半导体(ADI.US)和铿腾电子 (CDN ...

Group 1 - The State Council of China held a meeting to discuss safety production and solid waste management, approving the draft implementation regulations for the Value-Added Tax Law and the Commercial Mediation Regulations [4] - The U.S. stock market saw all three major indices rise, with the Dow Jones up 0.38%, Nasdaq up 1.31%, and S&P 500 up 0.88%, driven by gains in large tech stocks [4] - International oil prices increased, with WTI crude oil rising 0.96% to $56.54 per barrel and Brent crude oil up 1.01% to $60.10 per barrel [7][8] Group 2 - The People's Bank of China released the "Management Measures for the Identification of Beneficial Owners of Financial Institution Clients," effective January 20, 2026, emphasizing the balance between anti-money laundering and optimizing financial services [9] - The Ministry of Commerce of China filed a complaint with the WTO against India's tariffs on information and communication products and solar subsidies, claiming these measures violate multiple WTO obligations [10] - China Shenhua announced a major acquisition plan involving assets from its controlling shareholder, with a total transaction value of 133.598 billion yuan, covering coal, power, and chemical industries [19] Group 3 - Guizhou Securities Regulatory Bureau imposed penalties on Guizhou BaiLing for financial fraud, resulting in a fine of 10 million yuan and warnings to responsible individuals [16][17] - Spring Wind Power initiated a service guarantee plan for first-generation T-BOX vehicles due to the upcoming discontinuation of 2G networks, affecting smart connected services [20] - Ford recalled over 270,000 electric and hybrid vehicles in the U.S. due to parking function issues that could lead to rollaway risks [27]

韩国政府计划今后五年内在人工智能(AI)等硬科技领域孵化1万家初创企业，推动这些企业成长为韩国 经济发展的重要力量。 韩联社报道说，韩国中小风险企业部18日会同有关部门发布"迈向全球四大创投强国综合对策"并提出多 个目标，包括孵化1万家AI等硬科技领域初创企业、打造50家独角兽和"十角兽"企业、推动企业对接年 规模约40万亿韩元（约合1904亿元人民币）的全球风险投资市场。 为实现上述目标，韩国政府计划到2030年前获得约5万个图形处理器(GPU)，组建庞大的AI算力节点并 统筹分配算力，优先支持风险投资和硬科技初创企业。同时，韩国政府将调整完善涉及AI、生物医 药、军工、能源和先进制造等战略性产业的政策体系，力争到2030年完成初创企业的孵化任务。 （文章来源：新华社） ...

英国媒体2日报道，英国养老基金正在缩小对美国股票的风险敞口，原因是担忧美国人工智能(AI)领域 泡沫已太大。 英国多个养老金项目告诉英国《金融时报》，近几个月来，他们一直在把投资转向美国以外的市场、或 针对美股可能下跌而增强保护措施。这些养老金项目为数百万英国储户管理总计超过2000亿英镑的资 产。 英国缴费确定型养老金尤其易受股市波动影响，因为年轻储户通常重仓由大盘科技股主导的美国股指。 距退休还有30年的储户通常会将其70%至80%甚至全部资产配置于全球股票，其中大部分股票配置由美 国大型科技企业主导。 标准人寿投资公司投资方案主管卡勒姆·斯图尔特说："我们认识到美国股票特有的风险，例如（美国政 府）关税措施和大型科技企业在股市的集中度问题。" 斯图尔特说，该机构正减少对美股的配置，转而在英国和亚洲市场增配。该机构管理的可持续多元资产 基金规模达360亿英镑，其约60%的股票资产位于北美。 Aon Master信托基金管理120亿英镑资产，今夏出售其全球股票组合中约10%的资产，价值约7亿英镑， 其中相当一部分是美国股票。 《金融时报》提供的数据显示，美国纳斯达克综合指数今年上涨逾20%，自2023年初以 ...

Group 1 - UK pension funds are reducing their exposure to US stocks due to concerns over a potential bubble in the AI sector [1] - Several pension schemes managing over £200 billion in assets are shifting investments away from the US market or enhancing protective measures against potential declines in US equities [1] - Defined contribution pension plans in the UK are particularly vulnerable to market fluctuations, with younger savers typically allocating 70% to 80% of their assets in global stocks, predominantly in large-cap US tech stocks [1] Group 2 - The Nasdaq Composite Index has risen over 20% this year, driven by major tech companies like Nvidia, Alphabet, and Meta, with a more than 100% increase since the beginning of 2023 [2] - The European Central Bank has warned that high valuations of US tech stocks, fueled by a "fear of missing out" sentiment, pose significant risks to investment portfolios if market optimism wanes [2] - Notable short-seller Michael Burry has reiterated his bearish stance on Nvidia, raising concerns about issues such as "circular investments" among US AI companies and the sustainability of Nvidia's AI infrastructure spending [2]

Industry Insights - The National Space Administration has issued an action plan aiming for high-quality development of the commercial aerospace industry by 2027, focusing on efficient collaboration, safety, significant industry scale growth, enhanced innovation, and improved governance capabilities [1] Company Insights - Nvidia has publicly reassured the market that its GPUs are a generation ahead of Google's AI chips, addressing concerns about its leading position in the AI chip sector after a stock price drop of over 7% [2] - Alibaba reported Q3 revenue of 247.8 billion, a year-on-year increase of 4.8%, slightly above market expectations, but adjusted net profit fell 72% to 10.35 billion, indicating significant pressure on profitability [4] - Alibaba stated it does not foresee an AI bubble in the next three years and may increase investments beyond the previously committed 380 billion RMB [4] Policy Focus - The pilot program for the development and utilization of state-owned data resources has been launched, with 12 leading units identified, indicating a significant policy push in the data sector [9] - The State Council Information Office will hold a press conference on November 27 regarding measures to promote consumption, suggesting ongoing structural opportunities in the consumer sector [10] Market Trends - The GLP-1 industry chain is expected to enter a growth phase due to sustained demand expansion, with domestic weight-loss drugs nearing commercialization [11]

Core Viewpoint - Michael Burry, a well-known short-seller, reiterates his bearish stance on Nvidia, suggesting that the current AI hype in the U.S. is a "magnificent absurdity" and that Nvidia is a precursor to a potential bubble burst in the AI industry [1][3]. Group 1: Market Analysis - Burry compares the current AI boom to the internet bubble, highlighting that Nvidia is at the center of this phenomenon, similar to Cisco during the late 1990s [3]. - Nvidia has become the highest-valued company globally, with an estimated valuation of approximately $5 trillion, mirroring Cisco's market dominance in its time [3]. Group 2: Financial Performance and Concerns - Burry emphasizes the importance of examining Nvidia's revenue recognition methods and the "circular investment" among AI companies, which could indicate underlying financial instability [3]. - Questions have been raised regarding the longevity of Nvidia's GPU technology and whether its AI infrastructure spending can be sustained [4]. Group 3: Historical Context - Burry references Cisco's stock price surge of 3800% from 1995 to 2000, followed by an over 80% decline after the bubble burst, suggesting a similar fate could await Nvidia [3].

Core Viewpoint - Michael Burry, a well-known short-seller, reiterates his bearish stance on Nvidia, suggesting that the current AI hype in the U.S. is a "magnificent absurdity" and that Nvidia is a precursor to a potential bubble burst in the AI industry [1][2]. Group 1: Market Analysis - Burry compares the current AI boom to the internet bubble, highlighting that Nvidia, like Cisco during the late 1990s, is at the center of this phenomenon [1]. - He notes that Nvidia has become the world's most valuable company with an estimated valuation of approximately $5 trillion, mirroring Cisco's record market cap during the internet bubble [1]. Group 2: Financial Concerns - Recent scrutiny by Burry includes concerns over "circular investments" among U.S. AI companies, revenue recognition methods, and how tech giants account for depreciation on computing equipment [2]. - Questions have been raised regarding the longevity of Nvidia's graphics processing units (GPUs) and whether its AI infrastructure spending can be sustained [2]. Group 3: Company Response - Nvidia's CEO, Jensen Huang, dismissed concerns about a bubble, asserting that the company's business remains strong despite Burry's criticisms [3].