Core Insights - Nvidia faces ongoing sales challenges in China, while Alibaba has developed a new versatile chip designed for a broader range of AI inference tasks [1][3] Group 1: Chip Development - Alibaba's new chip is currently in the testing phase and is being produced by a Chinese company, differing from its previous collaboration with TSMC for AI processors [3] - The new chip is specifically designed for inference tasks, which typically do not require the most advanced chips, as demand for inference computing is rapidly increasing in China [3] Group 2: Market Context - There remains a significant gap before Chinese products can compete with the most advanced American chips, compounded by U.S. export controls on cutting-edge manufacturing equipment [3] - Despite these challenges, Chinese companies are actively developing alternatives to Nvidia's H20 chip, which is a lower-spec version tailored for the Chinese market [3] Group 3: Financial Performance - Alibaba's cloud computing revenue for the period from April to June increased by 26% year-on-year, driven by strong AI demand, exceeding market expectations [4] - Alibaba's CEO emphasized the company's commitment to investing in consumer and AI + cloud strategies to seize historical opportunities for long-term growth [4]

Core Viewpoint - The recent decline in US stock markets, particularly on May 21, was driven by weak US Treasury auction results and concerns over the sustainability of US debt following a credit rating downgrade by Moody's [1][3]. Group 1: Market Conditions - The S&P 500 ETF, Dow Jones Index, and Nasdaq Composite Index experienced declines of 1.61%, 1.91%, and 1.41% respectively on May 21 [1]. - Investors showed low interest in the latest US Treasury auction, with yields significantly exceeding market expectations, leading to fears about rising fiscal deficits due to potential tax cuts [3]. Group 2: Catalysts to Watch - Key upcoming factors that may influence market trends include US inflation data, potential political interference in monetary policy, trade negotiations, corporate earnings performance, and macroeconomic uncertainties [4]. - The technology sector remains a focal point for long-term market interest despite anticipated short-term volatility [4]. Group 3: Nvidia's Position - Nvidia is set to release its earnings report soon, making it a significant focus for market participants [5]. - The company has a strong competitive advantage, but faces challenges such as export restrictions to China and increasing competition from major players like AMD, Google, and Microsoft [10][11]. Group 4: Financial Performance - Nvidia's past financial performance has been robust, driven by its data center business, with strong revenue and profit growth expected to continue in the upcoming quarters [8]. - Despite concerns about supply chain risks and geopolitical uncertainties, Nvidia's leadership in AI chip technology remains solid, supported by recent positive developments in the Middle East [11]. Group 5: Technical and Market Signals - Nvidia's stock has been fluctuating between $130 and $138, with short-term support near $130 and resistance around $138 [13]. - Recent trading activity indicates a net outflow of $1.7 billion on May 21, primarily due to profit-taking, but short-selling pressure remains limited [15]. - The implied volatility for Nvidia options is at 56.23%, suggesting potential for further price movement as the earnings report approaches [17]. Group 6: Options Activity - Recent options activity shows a predominance of bullish sentiment, with traders focusing on price ranges between $110-$160 and $120-$145 [20][21]. - The options market reflects a mixed outlook, with significant trading volumes indicating expectations of price movements following the earnings announcement [19][21].

国芯网[原:中国半导体论坛] 振兴国产半导体产业！ 英伟达RTX 50系列显卡的合作中国台湾厂商包括华硕、微星、技嘉等，如果辉达5090D暂停供应中国， 对这些中国台湾厂商的影响有限，它们仍可以从英伟达RTX 50系列显卡新品中受益。 另外，美国政府15日对英伟达销往中国的H20晶片实施出口管制，禁令也包括超微（AMD）MI308和同 等效能晶片。英伟达曾表示，第一季财报将会包含一笔与H20产品有关的约55亿美元（约新台币1788亿 元）费用；超微（AMD）指出，美对中半导体新许可要求，将使超微损失8亿美元（约新台币260亿 元）。 ***************END*************** 半导体公众号推荐 半导体论坛百万微信群 不拘中国、 放眼世界 ！ 关注 世界半导体论坛 ↓ ↓ ↓ 4月21日消息，近日网上突然传出中国特供版显卡RTX 5090D也会被禁售的消息，随即多个 品牌的产品都被下架，但也有说法称，RTX 5090D只是暂停供应，后续要等官方通知。 据消息人士处获悉， 最初是NVIDIA向所有AIC显卡厂商发布通知称，RTX 5090DD将会暂停 供应，但不代表任何禁售，大家不要做任何 ...

Group 1 - The recent news indicates that the Chinese version of the RTX 5090D graphics card may face a sales suspension, but it is not officially banned yet, pending further announcements from NVIDIA [2] - NVIDIA has informed all AIC graphics card manufacturers to pause the supply of RTX 5090D due to limited inventory, and the card's AI inference performance is weaker compared to its counterparts [2] - The U.S. government has imposed export controls on NVIDIA's H20 chips to China, which will impact NVIDIA's financials with an estimated cost of around $5.5 billion, while AMD anticipates a loss of $800 million due to new semiconductor licensing requirements [3]