公众号记得加星标⭐️，第一时间看推送不会错过。 来 源： 内容来自 theregister 。 小心了，Jensen！谷歌凭借其 TPU 一次又一次地证明，重要的不是加速器的大小，而是它们在生产 环境中扩展的效率。 如今，随着最新一代 Ironwood 加速器计划在未来几周内全面上市，Chocolate Factory 不仅拥有规 模优势，而且还配备了强大的张量处理单元 (TPU)，足以与 Nvidia 的 Blackwell巨兽一较高下。 谷歌的 TPU v7 加速器于 4 月份首次发布，同时还与 El Capitan 超级计算机进行了滑稽的糟糕比较 ——不，Ironwood TPU Pod 的速度并不是美国能源部最大的钢铁机器的 24 倍——与前几代相比， 谷歌的 TPU v7 加速器在性能上有了重大飞跃。 从历史上看，谷歌的 TPU 在原始 FLOPS、内存容量和带宽方面一直远逊于英伟达以及最近的 AMD 等公司的当代 GPU，谷歌只是通过增加 TPU 的数量来弥补这一不足。 谷歌以 Pod（大型、可扩展的计算域）的形式提供其 TPU，每个 Pod 包含数百甚至数千个芯片。如 果需要额外的计算能力，用户 ...

行情速递 ① 主 板 领 涨 ， 吉 视 传 媒 (+10.04%)/ 中 国 电 影 (+10.01%)/ 浪 潮 软 件 (+10.01%)/ 京 泉 华 (+9.99%)/金安国纪(+9.99%)/ ②创业板领涨，中富电路(+13.22%)/威尔高(+8.63%)/显盈科技(+8.42%)/ ③科创板领涨，南亚新材(+9.98%)/宏微科技(+6.58%)/品茗科技(+6.43%)/ ④活跃子行业，SW影视动漫制作 (+1.30%)/SW通信线缆及配套 (+0.98%)/ ③盈方微，发布关于持股5%以上股东减持股份预披露公告/东方证券作为盈 方微持股5%以上的股东/计划在2025年11月26日至2026年2月25日期间减 持不超过25,184,680股/占公司总股本的3%/ ④歌尔股份，发布2025年前三季度权益分派实施公告/以扣除回购股份后的 34.72亿股为基数/向全体股东每10股派发现金红利1.50元（含税）/合计派 发现金520,811,016.00元/ 国内新闻 ①大话芯片，商务部今日发布公告称/自2025年11月10日起/停止实施对原 产于美国的进口相关截止波长位移单模光纤（G.654.C光 ...

全球风险资产遭遇"黑色星期二"。 今晚，美股开盘后，三大指数集体下挫，纳指、标普500指数一度大跌超1%，美股大型科技股普跌。欧洲股市 亦全线走弱，加密货币市场也遭遇猛烈抛售，比特币大跌超3%。今日亚洲交易时段，亚太股市亦全线下跌。 值得一提的是，反映市场情绪的"恐慌指数"VIX大幅飙涨，日内最高涨超19%。 有分析指出，在业绩披露后，美股AI概念股Palantir股价大跌，加剧了市场对美股AI板块估值过高的担忧，部 分投资者选择获利了结。美联储官员们就进一步降息前景发出分歧信号，进一步打压市场情绪。另外，多位华 尔街大佬对当前估值表示谨慎，并警告美股市场可能面临重大回调的风险。 全球风险资产大跌 北京时间11月4日晚间，美股三大指数集体低开，道指跌0.72%，标普500指数跌1.13%，纳指大跌1.59%。 美股大型科技股全线大跌，甲骨文、特斯拉、英特尔跌超3%，谷歌、英伟达跌超2%，微软、谷歌、亚马逊跌 超1%。美股"AI大牛股"——Palantir股价盘初一度暴跌超10%。 有分析指出，市场抛售的导火索是AI概念股Palantir股价大跌，尽管该公司公布了创纪录营收并上调全年业绩 预期，但投资者选择获利 ...

美股三大指数集体收涨，大型科技股涨跌不一，热门中概股多数上涨。操作上建议低吸参与为主。 周五指数震荡调整，最终集体收跌，两市成交量小幅缩量。整体来看指数继续调整，但从盘中表现来看， 个股涨多跌少，中小盘个股反弹明显，究其原因还是属于超跌反弹表现。不过随着业绩披露完成，市场有 可能又会重归一种炒小炒差的题材氛围，需留意市场风格的转换。操作上建议低吸参与为主。 据媒体报道，英伟达与韩国科学技术情报通信部及三星电子、现代汽车集团和SK集团等达成协议，将提供 超过26万颗AI芯片以启动韩国AI项目。韩国计划利用26万块英伟达最新Blackwell GPU构建AI基础设施， 加速汽车、制造、半导体、通信等产业的数字化转型。 ★全运会火炬传递启动人形机器人吸睛 全运会的火炬传递于11月2日在深圳莲花山公园启动。人形机器人"夸父"手握1.6kg重的火炬，无需技术人 员陪跑，奔跑步伐稳健、动作自然，完成第二棒与第三棒之间的传递。 ★我国核能科技新突破成功完成钍铀核燃料转换 11月1日，中国科学院对外证实，由中国科学院上海应用物理研究所牵头打造的2兆瓦液态燃料钍基熔盐实 验堆，近期成功完成钍铀核燃料的首次转换。 ★深化智慧城市 ...

Core Viewpoint - The U.S. aims to establish a dominant position in the AI sector by creating a cooperative ecosystem with trusted partners, particularly in the Middle East, to ensure technological dependence and control over AI infrastructure and standards [1][5][10]. Group 1: U.S. AI Strategy - The U.S. AI strategy has shifted from export restrictions to targeted diffusion, focusing on building a "center-periphery" model where high-end AI capabilities remain in the U.S. while downstream operations are moved to allied nations [1][5]. - The U.S. seeks to integrate Middle Eastern countries into a dollar-based AI ecosystem, aiming to replicate the capital circulation mechanisms of the oil dollar era through AI and stablecoin initiatives [1][7]. Group 2: AI Infrastructure Investments - The Trump administration plans to invest $500 billion in the "Stargate" project to build the largest AI infrastructure, with a focus on Middle Eastern countries rich in energy resources [2][6]. - Significant investments are being made in the Middle East, including $20 billion from Saudi Arabia into U.S. AI startups and $14 billion from the UAE into semiconductor and technology sectors [8][9]. Group 3: Export Control and Regulation - The U.S. has categorized countries into three tiers for AI chip export controls, with first-tier countries receiving unlimited access while second-tier countries face performance limits [4]. - The U.S. is implementing strict regulations to prevent technology leakage, requiring local operations to maintain control over sensitive technologies [13][12]. Group 4: Geopolitical Implications - The U.S. views the Middle East as a strategic front in the tech competition against rivals, aiming to prevent other nations from gaining technological footholds in the region [10][14]. - The U.S. is fostering a "digital containment" strategy to integrate Middle Eastern countries into its technological ecosystem while limiting Chinese influence [12][16]. Group 5: Gulf States' Response - Gulf countries are pursuing a "hedging" strategy to balance reliance on U.S. technology with the desire for digital sovereignty, seeking to control their own data and infrastructure [15][16]. - There is a growing inclination among Gulf states to collaborate with China, which respects their digital sovereignty, while still engaging with U.S. technology in the AI sector [15][16].

消息面上，据21世纪经济报道，6月11日，英伟达在首届GTC巴黎上，抛出了一系列欧洲AI基础设施的 合作计划。一方面，英伟达正在与法国、英国、德国和意大利的企业进行AI合作。另一方面，英伟达 正在德国、瑞典、意大利、西班牙、英国和芬兰建立并拓展AI技术中心。比如，在法国，AI新秀Mistral AI正与英伟达合作，构建一个由18000个英伟达Grace Blackwell系统驱动的云平台，并计划在2026年扩 展到多个节点。在英国，英伟达联手云厂商Nebius和 Nscale，计划先部署14000个英伟达Blackwell GPU 来驱动新的数据中心。 浙商证券表示，AI Agent具备爆发潜力，有望重塑计算机行业价值，持续把握相关领域投资机遇。首先 带来国产算力需求提升，其次软件服务产业自身就是高人力成本服务业，AI Agent能直接降本增效，有 望推高行业毛利率中枢，最后AI Agent有望推动计算机公司商业模式升级。 交银国际指出，科技股估值虽未回到之前高点，但已基本修复，建议投资者关注确定性较高的领域。首 先，人工智能仍是今后一段时间最关键的技术变化，下半年随着部分关键产业链公司完成产品升级，我 们认 ...

作者 | Hunting Alpha 惠普 ( NYSE ： HPE ) 今年开局不佳，原因多种多样：备受期待的并购交易推迟、利润率压力高于预期，以及AI收入增长低于预期。这促使分 析师再次认真审视该股，并对其进行了重新评估： 人工智能显然是其重要的增长主题。对于 惠普而言，其整体人工智能系统在营收组合中的贡献一直在增长，但在上个季度，其贡献却意外环比 下降了 620个基点 。 编译 | 华尔街大事件 1. 预计人工智能收入结构将加速增长，但 2025 财年下半年 2. 预计利润压力将持续存在 3. Juniper 收购案仍有可能完成，但由于延迟和不确定性，其估值可能会下降 4. 估值接近长期公允价值，但面临较低的盈利增长预期 5. 尽管支撑位出现看涨反应，但进一步上涨之前更有可能进入盘整阶段 6. 股东积极主义是一种可监控的上行风险 管理层将这一下滑归咎于芯片供应链受限和需求趋势放缓的双重打击。坏消息是，这些不利因素预计至少还会持续一个季度： 我们确认的[人工智能系统]收入约为9亿美元，高于去年的约4亿美元，但由于芯片供应和客户准备情况，环比下降符合预期。我们预 计这些因素将继续影响我们的人工智能系统业务。 ...

4月23日，上海车展上，联发科推出天玑汽车旗舰座舱平台C-X1，采用3nm工艺、Arm v9.2-A架构，搭 载英伟达Blackwell GPU，支持光追/DLSS等先进图形技术，可给车内用户提供3A游戏娱乐体验。(人民 财讯) ...

Core Viewpoint - CoreWeave, an AI data center provider, planned to go public next month with a valuation exceeding $35 billion, but its largest client, Microsoft, has reportedly withdrawn some commitments due to delivery issues, casting doubt on CoreWeave's IPO prospects [2][3]. Group 1: Microsoft Withdrawal - Microsoft has retracted some cooperation commitments with CoreWeave, impacting the company's IPO outlook [3][4]. - The withdrawal is attributed to CoreWeave's delivery problems, which have affected Microsoft's confidence in the company [3]. - Microsoft accounted for 62% of CoreWeave's total revenue last year, making this shift particularly significant [3]. Group 2: Company Background and Growth - CoreWeave was originally a cryptocurrency mining operation named Atlantic Crypto before pivoting to AI cloud computing services in 2019 [5]. - The company has over 250,000 NVIDIA AI GPUs and is one of NVIDIA's largest customers, with NVIDIA holding more than 5% of CoreWeave's shares [5]. - CoreWeave's revenue reached $1.9 billion in 2024, a substantial increase from $229 million in 2023 and $16 million in 2022, although net losses also grew to $863 million in 2024 from $594 million in 2023 and $31 million in 2022 [6]. Group 3: Financial Backing and Risks - CoreWeave has raised $14.5 billion through 12 funding rounds, including approximately $11 billion in loans, becoming a pioneer in asset-backed loans for tech companies with significant AI chip holdings [6]. - Major investors include Blackstone, which has loaned about $5 billion, and Magnetar Capital, holding around 20% of the company [6]. - The company acknowledged in its IPO filing that any negative changes in demand from Microsoft or issues with Microsoft's ability to fulfill contracts could adversely affect its business and financial outlook [6]. Group 4: Supply Chain and Strategic Adjustments - CoreWeave highlighted risks related to supply chain "asymmetry" and "delays" associated with NVIDIA, as all its chips are supplied by NVIDIA [7]. - Recent delays were linked to NVIDIA's Blackwell GPU, which faced design flaws acknowledged by NVIDIA's CEO [7]. - Analysts noted a shift in Microsoft's data center strategy, including the end of exclusive agreements with OpenAI, although the withdrawal from CoreWeave is reportedly not directly related to this broader strategic change [9]. Group 5: Future Prospects - Despite challenges from Microsoft, CoreWeave is actively expanding and has announced an agreement to acquire AI developer platform startup Weights and Biases, which was valued at $1.25 billion in 2023 [10]. - The success of CoreWeave's IPO and its ability to navigate challenges from Microsoft remains to be seen, indicating that competition in the AI infrastructure sector will intensify [10].

Market Overview - The three major A-share indices rose collectively, with the Shanghai Composite Index up 1.02% closing at 3380.21 points, the Shenzhen Component Index up 0.93% at 10955.65 points, and the ChiNext Index up 1.23% at 2268.22 points [1] - The Hang Seng Technology Index saw an intraday increase of 5%, while the Hang Seng Index rose over 3% [1] - Over 4200 stocks in the market experienced gains, with total trading volume in the Shanghai and Shenzhen markets reaching 193.83 billion, an increase of 41.6 billion from the previous day [1] Investment Products - The highly anticipated Free Cash Flow ETF (159201) is set to officially launch, closely tracking the National Certificate Free Cash Flow Index, which has seen a cumulative return of 604.85% since early 2013, with an annualized return exceeding 18% [1] - The ETF has shown positive returns for six consecutive years from 2019 to 2024, making it an attractive investment option in a low-interest-rate environment [1] Sector Performance - Broker stocks experienced significant movements, with China Galaxy and CICC both hitting the daily limit [1] - Steel stocks showed strong fluctuations, with several stocks like Bayi Steel reaching the daily limit [1] - The robotics sector remained active, with over 30 stocks including Wuzhou Xinchun hitting the daily limit [1] - Solar energy stocks rebounded, with companies like Longi Green Energy rising over 5% [1] - Computing power stocks showed localized strength, with Hengwei Technology hitting the daily limit [1] Hong Kong Market Developments - The Hong Kong government announced a reinforced fiscal consolidation plan, expecting a GDP growth of 2%-3% and an overall inflation rate of 1.8% for 2025 [4] - Southbound funds saw a net purchase exceeding 10 billion HKD, indicating strong foreign investment interest [3][6] - The asset management total in Hong Kong surpassed 31 trillion HKD, with over half sourced from foreign capital [6] IPO Highlights - The IPO of Mixue Ice Cream (referred to as "Mixue Group") achieved a record subscription rate of 5125 times, raising approximately 34.55 billion HKD [8][10] - The company reported revenues of 13.6 billion, 20.3 billion, and 18.7 billion CNY for 2022, 2023, and the first nine months of 2024, respectively, with year-on-year growth rates of 31.2%, 49.6%, and 21.2% [10] - Concerns were raised regarding the high valuation of Mixue Group, with a price-to-earnings ratio exceeding 30 times, which is above the industry average [11] Potential Mergers - There are rumors of a potential merger between CICC and China Galaxy, which could create a brokerage giant with an asset scale of approximately 193 billion USD [12][14] U.S. Market Insights - The U.S. tech giants are experiencing a technical correction, with the "Magnificent 7" index down over 10% since its peak in December [15] - Tesla's stock price fell by 8.39%, resulting in a market cap loss of approximately 89.2 billion USD [15][17] - The upcoming earnings report from NVIDIA is highly anticipated, with expectations of a revenue of 38.132 billion USD, marking a year-on-year growth of 72.52% [19]