在前一日未能维持所需价格、错失4万亿美元市值的英伟达(NVDA.O)，终于在周四"达阵"成功。 克莱因表示，若英伟达在中国市场的营收出现改善，"'或许'可能成为某种正面催化剂"，但他也指出， 该收入"可能像推文发布那样迅速消失"，这也可能是为什么市场对最新的"中国机会"反应冷淡。 （文章来源：金十数据） 华尔街分析师们也认为英伟达的市值仍有进一步上升空间。巴克莱分析师在6月上调英伟达目标价至200 美元，反映出对Blackwell平台部署的乐观看法；若股价达到该价位，其市值将达4.9万亿美元。与此同 时，Loop Capital的Ananda Baruah给予英伟达250美元目标价（据FactSet数据），若达成，市值将升至6 万亿美元。 本周早些时候，花旗分析师Atif Malik指出，英伟达有望从"主权AI"（即为各国建立的AI基础设施）中 获得"数十亿美元"的收入——而这一趋势在今年已经迅速升温。 据彭博社周四下午报道，黄仁勋将在访华前与前总统特朗普会面。英伟达对此不予置评，白宫尚未回应 置评请求。 此前彭博也曾报道，特朗普计划限制先进芯片对马来西亚和泰国的出口，以防止通过这些国家中转、将 芯片走私入中 ...

Group 1 - China has maintained its position as the world's largest manufacturing country for 15 consecutive years, with annual manufacturing value added exceeding 30 trillion yuan since the start of the 14th Five-Year Plan [2] - The National Development and Reform Commission (NDRC) has planned 102 major projects during the 14th Five-Year Plan, all of which are expected to be completed by the end of the year [2] - The NDRC projects that China's GDP will reach approximately 140 trillion yuan by 2025, continuing to surpass previous milestones of 110, 120, and 130 trillion yuan [3] Group 2 - The State Administration for Market Regulation and the Ministry of Industry and Information Technology have issued a plan to establish a risk assessment system for artificial intelligence, focusing on key technologies and measurement capabilities [4] - Shanghai has included unicorn companies in its listing cultivation database and is developing measures to support their listing and fundraising projects [5] Group 3 - China's largest green hydrogen and ammonia project has officially commenced production, with an annual output of 320,000 tons of green synthetic ammonia, powered entirely by renewable energy [6] - The project is expected to reach a total capacity of 1.52 million tons upon full completion [6] Group 4 - Starbucks' stake sale in China has attracted nearly 30 investment institutions, with a valuation of around 10 billion USD, although the company may retain a 30% stake [7] - The first domestic nine-valent HPV vaccine has been priced at 499 yuan per dose, significantly lower than imported alternatives [7] Group 5 - The U.S. is set to implement "reciprocal tariffs" starting August 1, 2025, as announced by President Trump [8] - Nissan has suspended production of certain models in two U.S. factories due to tariffs imposed on imported vehicles between the U.S. and Canada [8] Group 6 - Nvidia's first desktop chip is reported to have performance close to Apple's M3, indicating competitive advancements in the AI PC processor market [9] - New Zealand has launched its first national AI strategy, aiming to enhance productivity and competitiveness, with potential contributions to GDP estimated at 76 billion NZD by 2038 [10] Group 7 - Merck is nearing a deal to acquire Verona for approximately 10 billion USD, indicating ongoing consolidation in the pharmaceutical sector [11] - Meta has invested 3.5 billion USD in EssilorLuxottica to advance its AI glasses strategy, reflecting the growing interest in smart eyewear [12] Group 8 - OpenAI has successfully recruited top engineers from Tesla, xAI, and Meta, intensifying competition in the AI talent market [13] - The company Extreme Robotics has recently gone public in Hong Kong, achieving a market valuation exceeding 21.5 billion HKD [13]

Group 1 - The NAND Flash market has seen significant improvement in supply-demand balance due to production cuts and inventory reduction in the first half of 2025, with expectations of a 5% to 10% increase in average contract prices for the third quarter [1] - The client SSD market is expected to grow by 3% to 8% in the third quarter, driven by better-than-expected inventory reduction by OEM/ODM, a wave of upgrades due to Windows 10 support cessation, and demand from new CPU launches [1][2] - The enterprise SSD demand is anticipated to continue growing in the third quarter, supported by increasing orders from North American general server demand and strong orders from first-tier Chinese customers, with contract prices expected to rise by 5% to 10% [2] Group 2 - The mobile device segment, particularly eMMC, is expected to see flat demand in the third quarter due to previously satisfied consumer needs and reduced purchasing power, with contract prices projected to increase by 0% to 5% [2] - UFS market demand remains uncertain, with supply limited due to a focus on high-margin products, leading to a forecasted contract price increase of 0% to 5% in the third quarter [2] - The overall NAND Flash output is declining, and manufacturers are prioritizing high-margin products, which is expected to result in wafer prices increasing by 8% to 13% in the third quarter [3]

几天前，英伟达再一次创造了历史。 7 月 3 日，英伟达市值短暂攀上 3.92 万亿美元，超越了苹果此前保持的 3.915 万亿美元纪录，成为有史以来市值最高的上市公司。AI 算力的狂飙猛进，把 这家 GPU 厂商推向了前所未有的高点。 尤其是自 2024 年底，性能与能效双双跃进的 Blackwell 平台开始出货后的销售表现，打破了外界的疑虑，英伟达创始人兼 CEO 黄仁勋在最新财报电话会议 上表示，仅在 2025 年第一季度，这套新平台就已经贡献了英伟达数据中心收入的近七成。 但就在英伟达市值冲顶、光环加身之时，来自生态内部的裂缝也在浮现。最典型的例子，正是英伟达的重要客户—— OpenAI。几乎就在英伟达市值达到高 峰的同时，The Information 援引 OpenAI 内部人士称，OpenAI 正在使用谷歌自主研发的 TPU 芯片来为 ChatGPT 及其其他产品提供算力支持。 TPU 服务器，图/谷歌 虽然后续的回应中 OpenAI 刻意淡化了「转向」，强调是测试且「暂无大规模采用计划」。但对于一家曾亲手定义 AI 新时代的公司来说，哪怕只是「测 试」，也足以引发市场的高度敏感。 与此同时， ...

公众号记得加星标⭐️，第一时间看推送不会错过。 来源：内容 编译自 tomshardware 。 VideoCardz发现华硕的一份活动宣传邀请函显示，基于英伟达 GB10 Grace Blackwell 平台的实体系 统将于 7 月 22 日上市。华硕计划在当天重新推出其 Ascend GX10 迷你电脑。然而，该演示几乎没 有透露上市时间或实际价格，尽管英伟达此前曾提及过这两项信息。 VideoCardz发布的宣传单中写道："华硕 Ascent GX10 产品发布会：探索紧凑型华硕 Ascent GX10 的强大功能。了解其关键优势及其如何赋能人工智能开发。Nvidia 主题演讲嘉宾：聆听 Nvidia 专家 讲述 DGX Spark 软件堆栈的前沿功能，以及它们如何重新定义人工智能性能。" 描述清楚地表明华硕 Ascend GX10 系统超越了"迷你电脑"的范畴，并将该设备直接推向工作站和边 缘 AI 领域。 Nvidia 的GB10 Superchip系统级封装 (SiP) 集成了 Grace CPU，该 CPU 包含 10 个高性能 Arm Cortex-X925 核心，运行频率高达 3.90 GH ...

June 12, 2025 产业洞察 根据TrendForce集邦咨询最新调查，2025年第一季因国际形势变化促使终端电子产品备货提前启动， 以及全球各地兴建AI数据中心，半导体芯片需求优于以往淡季水平，助力IC设计产业表现。 第一季 前十大无晶圆IC设计业者营收合计季增约6%，达774亿美元，续创新高。 | Ranking | Company | Top 10 Fabless Revenue | | | Revenue Performance | Top 10 Revenue Share | | | --- | --- | --- | --- | --- | --- | --- | --- | | | | 4Q24 | 1Q25 | QoQ | YoY | 4Q24 | 1Q25 | | 1 | 英伟达 (NVIDIA) | 37,798 | 42,369 | 12% | 72% | 52% | 55% | | 2 | 高通 (Qualcomm) | 10,084 | 9,469 | -6% | 18% | 14% | 12% | | 3 | 博通 (Broadcom) | 8,218 | 8,343 | ...

June 12, 2025 产业洞察 根据TrendForce集邦咨询最新调查，2025年第一季因国际形势变化促使终端电子产品备货提前启动， 以及全球各地兴建AI数据中心，半导体芯片需求优于以往淡季水平，助力IC设计产业表现。 第一季 前十大无晶圆IC设计业者营收合计季增约6%，达774亿美元，续创新高。 在AI数据中心领域， NVIDIA（英伟达） 主要受惠于Blackwell新平台逐步放量，2025年一至三月营 收突破423亿美元，季增12%，年增达72%，维持营收第一。尽管其H20发展受限，将导致该公司于第 二季认列亏损，然单价较高的Blackwell将逐季取代Hopper平台，有助降低财务冲击。 联咏 第一季得益于中国大陆的消费补贴政策，以及部分客户因关税提前拉货，营收成长至8.2亿美元 以上，季增6%。 豪威集团(韦尔股份) 因第一季适逢智能手机淡季，营收季减2%，为7.3亿美元。但该公司在图像传感 器和汽车电子领域进展显著，主要因为本土电动车品牌增加使用摄影镜头支持智能驾驶系统，利好其 车用CIS业务。 芯源系统 第一季受惠于AI数据中心带来庞大电源控制器需求，其运算与存储部门业务大幅增长，整 体 ...

Group 1 - The AI sector experienced a pullback on June 10, with a cooling of the recent tech revaluation narrative, but AI capital expenditures are expected to remain high, supported by policy initiatives [1] - Major cloud providers and tech companies showed a year-on-year capital expenditure growth at historical highs, unaffected by tariffs and macroeconomic factors, indicating a potential independent trend for AI [3] - The commercial prospects for AI agents and embodied intelligence, particularly humanoid robots, are promising, with significant policy support and a thriving ecosystem led by major players like Alibaba and Tencent [8] Group 2 - The "DeepSeek moment" has driven the tech revaluation narrative in China, although it has recently cooled, leading to an expanded valuation gap between Chinese and U.S. tech giants [8] - The semiconductor equipment ETF (159516), chip ETF (512760), and the entrepreneurial AI ETF (159388) are suggested as potential investment vehicles for interested investors [8]

Core Viewpoint - Despite macroeconomic uncertainties causing market volatility, investors should focus on high-quality stocks that can deliver substantial long-term returns, as identified by top analysts based on solid fundamentals and growth potential [1] Group 1: Nvidia - Nvidia reported results for Q1 FY2026 that significantly exceeded market expectations, maintaining confidence in AI infrastructure demand despite chip export restrictions [2] - Analyst Harlan Sur from JPMorgan reiterated a "Buy" rating with a target price of $170, noting that while H20 chip export restrictions impacted some sales, overall revenue remained robust [2] - The anticipated 16% quarter-over-quarter growth in data center revenue for the July quarter is driven by increased customer investment in AI and accelerated computing projects [2] - Nvidia's strong demand for the Blackwell platform is expected to lead to supply shortages in upcoming quarters, supported by partnerships with large data centers in regions like the UAE, Saudi Arabia, and Taiwan [2] Group 2: Zscaler - Zscaler's Q3 performance surpassed expectations, driven by increased demand for its zero-trust exchange platform and AI security solutions [4] - Analyst Brian Essex raised the target price from $275 to $292 while maintaining a "Buy" rating, highlighting Zscaler's strong quarterly performance amid macro pressures faced by peers [4] - The company has raised its annual revenue, profit, and billing guidance, with annual recurring revenue (ARR) nearing $1 billion, driven by emerging products like "full-domain zero trust" and "intelligent operations" [4] - Zscaler's customer growth momentum remains strong, with a 23% year-over-year increase in customers with ARR exceeding $1 million [4] Group 3: Salesforce - Salesforce reported Q1 FY2026 revenue and earnings that exceeded expectations and raised its full-year guidance, while announcing an $8 billion acquisition of data management firm Informatica [5] - Analyst Derrick Wood from TD Cowen reiterated a "Buy" rating with a target price of $375, noting strong signals of demand from the expansion of the sales team [5] - The company is experiencing rapid growth in AI applications, with data cloud and AI-related ARR increasing over 120% year-over-year, and 30% of new orders coming from existing customers [5] - Salesforce is reinvesting cost savings from AI into growth areas, with a notable increase in the sales pipeline growing at a double-digit rate [6]