有着"AI芯片霸主"以及"地球上最重要股票"称号的英伟达(NVDA.US)，无疑是引领美国股市自2023年初期踏向这一 轮超级牛市行情的最强力引擎，然而，英伟达股价的猛烈涨势在今年夏天暂歇。如今，华尔街看涨英伟达的多头势 力正在热切期待来自华盛顿的"全新AI魔法"(即全新的动态消息)让该股再次启动强劲无比的涨势，迈向他们心心念念 的5万亿美元市值这一超级关口，进而踏向新一轮牛市行情。 这家AI芯片超级巨头为期三天的人工智能大会"GTC大会"于周一在美国首都开幕，所有目光都将聚焦于首席执行官 黄仁勋定于美东时间周二中午发表的重磅主题演讲。虽然GTC此前也曾在华盛顿举行，但这是首次安排CEO发表主 题演讲。因此，一些专业的机构投资者认为会址的选择具有重要意义。 "GTC某种程度上就是全球范围AI领域的超级碗，"管理约1.2亿美元、长期持有英伟达股票的Sparrow Growth Fund首 席投资官Gerry Sparrow表示。"它在华盛顿举行这一事实，可能预示着将会宣布一些意料之外的好消息。" 在亚洲时间周二早些时候，正在访问日本的美国总统唐纳德·特朗普表示他想祝贺黄仁勋，但尚不清楚是否有具体原 因。他在东京 ...

Core Viewpoint - Nvidia's CEO Jensen Huang visited Taiwan to meet with TSMC, highlighting the ongoing tensions between Washington and Beijing regarding AI chip exports and the company's upcoming financial report [1][8]. Group 1: Nvidia's AI Chip Developments - Nvidia has completed the initial tape-out of six new AI chips, including a new AI GPU based on the Rubin architecture and a silicon photonic processor [3]. - The Rubin architecture is set to succeed the Blackwell architecture, with production aimed for 2026, featuring significant upgrades such as HBM4 memory and enhanced NVLink bandwidth [3]. - The silicon photonic processor is expected to be used for AI data center networking and high-speed interconnects, supporting larger-scale AI GPU interconnections [4][5]. Group 2: Market Dynamics and Future Products - Nvidia is reportedly developing a new AI chip, tentatively named "B30A," specifically for the Chinese market, based on the latest Blackwell architecture [7]. - The H20 AI chip, designed for the Chinese market, has been noted for its unique advantages in AI inference workloads, despite its lower performance in AI training compared to the H100 [7][8]. - Huang indicated that the decision regarding the future of the H20 AI chip successor lies with the U.S. government, emphasizing the complexities of international trade regulations [8]. Group 3: Supply Chain and Production Adjustments - Nvidia has instructed suppliers, including Foxconn and Amkor Technology, to halt production related to the H20 AI chip amid concerns over safety risks and to manage existing inventory [9]. - The company has a substantial stock of H20 chips and is awaiting orders from Chinese customers before proceeding with further production [9].

Core Insights - NVIDIA CEO Jensen Huang praised TSMC, stating that any investor looking to buy shares in the company is "very wise" as TSMC's stock has risen over 15% this year [2] - Huang's visit to Taiwan was to express gratitude to TSMC for completing the design finalization of six new chips for NVIDIA, including a new GPU and a silicon photonics processor for the next-generation "Rubin" architecture supercomputer [2] - Huang emphasized that this is the first time in the company's history that all chips are entirely new and revolutionary, indicating a significant milestone for NVIDIA [2] Company Developments - NVIDIA is eager to launch the "NVIDIA Constellation" project, a new office in Taiwan to accommodate its growing workforce [3] - The company is collaborating with local chip companies, system suppliers, and manufacturers, necessitating a large number of engineers to work alongside them [3] Industry Context - The U.S. government is planning to invest in semiconductor companies through the CHIPS and Science Act, which aims to revitalize U.S. leadership in semiconductor manufacturing [3] - TSMC has been promised $6.6 billion in funding under this act for the construction of three advanced fabs in Arizona, with the P1 fab already in production and P2 expected to start mass production in 2027 [3] - TSMC's Arizona factory reported its first profit after four years of losses, earning NT$6.447 billion, which accounted for 1.62% of TSMC's net profit in Q2 2025 [3]