Group 1 - Nokia announced its intention to delist from the Paris Stock Exchange, with the delisting expected to take effect on December 31, 2025 [1] - The decision to delist is based on a comprehensive assessment of trading volume, costs, and administrative requirements associated with being listed on the Paris exchange [1] - Nokia's shares will continue to be listed on the Helsinki Nasdaq and its American Depositary Receipts will remain on the New York Stock Exchange [1] Group 2 - Nokia has entered into a strategic partnership with NVIDIA, involving a directed share issue of 166,389,351 new shares for a $1 billion equity investment from NVIDIA [4] - NVIDIA will acquire these shares at a subscription price of $6.01 per share, resulting in NVIDIA holding 2.9% of Nokia [4] - The partnership aims to adjust Nokia's 5G and 6G software to operate on NVIDIA chips, while NVIDIA will explore the use of Nokia's data center technology in AI infrastructure [4]

Group 1 - Nokia announced its decision to delist from the Euronext Paris exchange, expected to take effect on December 31, 2025, based on a comprehensive assessment of trading volume, costs, and administrative requirements [1] - The delisting requires approval from the Euronext Paris board and is anticipated to be formalized within three months after receiving this approval [1] - Nokia's shares will continue to be listed on the Helsinki Nasdaq and its American Depositary Receipts will remain on the New York Stock Exchange [1] Group 2 - Nokia's board has decided to issue 166,389,351 new shares in a directed share issue, allowing NVIDIA to make a $1 billion equity investment [3] - NVIDIA will subscribe to these shares at a price of $6.01 per share, resulting in NVIDIA holding 2.9% of Nokia [3] - The partnership aims to adjust Nokia's 5G and 6G software to run on NVIDIA chips, with NVIDIA exploring the use of Nokia's data center technology in AI infrastructure [3]

Core Points - Nokia's board has decided to apply for the delisting of its shares from the regulated market of Euronext Paris, based on a comprehensive assessment of trading volume, costs, and administrative requirements [1][3] - The shares will continue to be listed on the Helsinki Nasdaq and the American Depositary Receipts will remain on the New York Stock Exchange [1] - The delisting process is subject to approval from the Euronext Paris board and is expected to take effect within three months after approval [3] Financial Performance - For Q3 2025, Nokia reported adjusted net sales of €4.833 billion, a 12% year-over-year increase, while operating profit decreased by 10% to €435 million [7] - CEO Justin Hotard highlighted robust growth across all business segments and emphasized the accelerating demand for advanced, reliable connectivity solutions driven by the AI supercycle [7] Strategic Partnerships - Nokia announced a strategic partnership with NVIDIA, involving a directed share issue of 166,389,351 new shares to facilitate a $1 billion equity investment from NVIDIA [8] - This investment will allow NVIDIA to hold a 2.9% stake in Nokia, and the collaboration aims to enhance Nokia's 5G and 6G software to operate on NVIDIA chips [8] - NVIDIA's investment is expected to accelerate AI-RAN innovation and support the transition from 5G to 6G, with both companies working on next-generation AI-native mobile networks [10]

Group 1 - Nokia announced the decision to delist its shares from the Euronext Paris exchange based on a comprehensive assessment of trading volume, costs, and administrative requirements [1] - The delisting process is subject to approval by the Euronext Paris board and is expected to take effect within three months after approval [1] - Nokia's shares will continue to be listed on the Helsinki Nasdaq and its American Depositary Receipts will remain on the New York Stock Exchange [1] Group 2 - Nokia's board has decided to issue 166,389,351 new shares in a directed share issue, allowing NVIDIA to make a $1 billion equity investment [2] - NVIDIA will acquire a 2.9% stake in Nokia at a subscription price of $6.01 per share, contingent upon certain customary closing conditions [2] - The partnership aims to adjust Nokia's 5G and 6G software to run on NVIDIA chips, while NVIDIA will explore the use of Nokia's data center technology in AI infrastructure [2]

Group 1 - Nokia's board has decided to apply for the delisting of its shares from the regulated market of Euronext Paris, based on a comprehensive assessment of trading volume, costs, and administrative requirements [1] - The shares will continue to be listed on the Helsinki Nasdaq and the American Depositary Receipts will remain listed on the New York Stock Exchange [1] - The delisting process requires approval from the Euronext Paris board and is expected to take effect within three months after approval [1] Group 2 - Nokia's board has approved a directed share issue of 166,389,351 new shares to enable NVIDIA to make a $1 billion equity investment [2] - NVIDIA will subscribe to these shares at a price of $6.01 per share, resulting in NVIDIA holding 2.9% of Nokia's shares [2] - The partnership aims to adjust Nokia's 5G and 6G software to run on NVIDIA chips, while NVIDIA will explore the use of Nokia's data center technology in AI infrastructure [2]

Group 1 - Nokia's board has decided to apply for the delisting of its shares from the regulated market of Euronext Paris, based on a comprehensive assessment of trading volume, costs, and administrative requirements [1] - The delisting process is subject to approval by the Euronext Paris board and is expected to take effect within three months after approval [1] - Nokia's shares will continue to be listed on the Helsinki Nasdaq and its American Depositary Receipts will remain listed on the New York Stock Exchange [1] Group 2 - Nokia's board has approved a directed share issue of 166,389,351 new shares to facilitate a $1 billion equity investment from NVIDIA, with a subscription price of $6.01 per share [2] - This investment will result in NVIDIA holding a 2.9% stake in Nokia, and both companies will collaborate to adapt Nokia's 5G and 6G software to run on NVIDIA chips [2] - The partnership aims to accelerate AI-RAN innovation and the transition from 5G to 6G, with NVIDIA launching a new computing platform supporting 6G [2]

Investment Rating - Industry Rating: Outperform the market (maintained rating) [6] Core Views - The report maintains a positive outlook on the computing power industry chain, particularly in overseas markets, which remain robust despite challenges from DeepSeek and trade frictions. The domestic AI industry and AIDC chain are also expected to maintain high growth, with 2025 potentially being a pivotal year for AI infrastructure in China [3][22]. - The report emphasizes the importance of "AI + overseas expansion + satellites" as key investment opportunities, recommending focus on core sectors such as optical modules, liquid cooling, and domestic computing power lines [3][22]. Summary by Sections 1. Artificial Intelligence and Digital Economy - Key recommendations include: - Optical modules & optical devices: Focus on companies like Zhongji Xuchuang, Xinyi Sheng, Tianfu Communication, and Yuanjie Technology [4][26]. - Switch server PCBs: Recommended companies include Hudian Co., ZTE, and Unisplendour [4][26]. - Low valuation, high dividend companies: China Mobile, China Telecom, and China Unicom are highlighted for resource revaluation [4][26]. - AIDC & cooling: Key recommendations include Yingweike and Runze Technology [4][26]. - AIGC applications/edge computing: Focus on companies like Guohua Communication and Meg Intelligent [4][26]. 2. Offshore Wind and Submarine Cables & Intelligent Driving - Offshore wind and submarine cables: Recommended companies include Hengtong Optic-Electric, Zhongtian Technology, and Oriental Cable [5][27]. - Offshore recovery & concentration: Key recommendations include Huace Navigation and Weisheng Information [5][27]. - Intelligent driving: Suggested focus on modules & terminals, sensors, connectors, and structural components [5][27]. 3. Satellite Internet & Low Altitude Economy - The report highlights the rapid development of low-orbit satellites and the low-altitude economy, recommending companies like Huace Navigation and Haige Communication [6][29]. 4. Market Performance Review - The communication sector experienced a decline of 3.47% in the week of October 27-31, underperforming against the CSI 300 index [30][32].

Market Overview - The US stock market indices opened higher on October 29, with the Dow Jones Industrial Average reaching a record high of 48,000 points during the session [2] - The current prices and percentage changes for major indices are as follows: Dow Jones at 47,925.84 (+0.46%), Nasdaq at 23,978.59 (+0.63%), and S&P 500 at 6,911.25 (+0.30%) [3] Semiconductor Sector Performance - Semiconductor stocks experienced a broad rally, with Nvidia reaching a new all-time high [3] - Notable stock performances include Micron Technology up over 3% and AMD also rising approximately 3% [3] Nvidia's Market Milestones - Nvidia's stock price increased nearly 5%, making it the first company to surpass a market capitalization of $5 trillion [5] - Nvidia's CEO Jensen Huang indicated strong demand for AI, projecting revenues exceeding $500 billion from the upcoming Blackwell and Rubin architecture chips, which will be derived from 20 million GPUs [6][7] Chip Architecture Developments - Nvidia showcased the next-generation Rubin chip, boasting a computing power of 100 PFlops, which is 100 times that of its first AI-specific computer, DGX-1 [7] - The Rubin chip is expected to enter production by next year [7] Strategic Investments - Nvidia announced a $1 billion investment in Nokia to accelerate AI-RAN (Radio Access Network) innovations, facilitating the transition from 5G to 6G [7] - The partnership aims to enhance the development and deployment of next-generation AI-native mobile networks and infrastructure [7] AI Factory Innovations - Nvidia introduced the NVIDIA BlueField-4 data processor, which will support AI factory operating systems and is part of the Rubin architecture products set to launch in 2026 [7]

Core Viewpoint - NVIDIA's stock price surged over 5%, reaching a market capitalization of $5.13 trillion, making it the first company to surpass the $5 trillion mark [3] Group 1: Financial Performance - For the second quarter of fiscal year 2026, NVIDIA reported revenue of $46.743 billion, a year-on-year increase of 56%, slightly exceeding market expectations [7] - The net profit (GAAP) for the same quarter was $26.422 billion, reflecting a year-on-year growth of 59% [7] - Data center revenue was $41.1 billion, also up 56% year-on-year, but slightly below market expectations [7] Group 2: Product Developments - CEO Jensen Huang indicated strong AI demand, projecting that revenue from Blackwell and Rubin architecture chips could exceed $500 billion from 20 million GPUs by 2026, five times the revenue from Hopper architecture chips between 2023 and 2025 [4] - The Rubin chip, which boasts a computing power of 100 PFlops, is set to enter production by next year [5] - NVIDIA announced a $1 billion investment in Nokia to accelerate AI-RAN innovation, facilitating the transition from 5G to 6G [5] - The company introduced the NVIDIA BlueField-4 data processor, which will support AI factory operating systems and is part of the Rubin architecture products scheduled for release in 2026 [6] Group 3: Market Context - The surge in stock prices for NVIDIA, Microsoft, and Apple reflects the ongoing global AI wave, with Apple reaching a market cap of $4 trillion and Microsoft at $4.04 trillion [7] - There is ongoing debate in the market regarding the potential bubble in AI stocks, with differing opinions from investment leaders [7]

Core Viewpoint - NVIDIA's stock price surged over 5% on October 29, 2023, reaching a market capitalization of $5.13 trillion, making it the first company in history to surpass a $5 trillion market cap [1] Company Developments - NVIDIA's CEO Jensen Huang indicated strong demand for AI, projecting that revenue from the Blackwell and Rubin architecture chips could exceed $500 billion from 20 million GPUs by 2026, which is five times the revenue expected from the Hopper architecture chips between 2023 and 2025 [2] - Huang showcased the next-generation Rubin superchip, which boasts a computing power of 100 PFlops, 100 times that of NVIDIA's first AI-specific computer, DGX-1, with production expected to begin by next year [3] - NVIDIA announced a $1 billion investment in Nokia to accelerate AI-RAN innovation, facilitating the transition from 5G to 6G, and introduced the Arc Aerial RAN Computer to support next-generation AI-native mobile networks [3] - In quantum computing, NVIDIA launched NVQLink, enabling hybrid simulation between QPUs and GPU supercomputers, with support from 17 different quantum computing companies [3] - NVIDIA introduced the NVIDIA BlueField-4 data processor, which will support AI factory operating systems and is part of the Rubin architecture products set to launch in 2026 [4] Financial Performance - For the second quarter of fiscal year 2026 ending July 27, 2025, NVIDIA reported revenue of $46.743 billion, a 56% year-over-year increase, slightly exceeding market expectations, with a net profit of $26.422 billion, up 59% year-over-year [5] - NVIDIA's data center revenue reached $41.1 billion, also a 56% year-over-year increase, but slightly below market expectations [5] Market Context - On October 28, 2023, NVIDIA, Microsoft, and Apple briefly entered the "4 trillion club," with Apple's market cap at $3.99 trillion and Microsoft's at $4.03 trillion, while on October 29, Apple's market cap rose to $4 trillion and Microsoft's to $4.04 trillion [5] - The surge in market capitalization among tech giants is driven by the ongoing global AI wave, although there are ongoing discussions about the potential for an AI bubble [5]