Core Viewpoint - Nvidia has reached a historic milestone by becoming the first company to surpass a market capitalization of $4 trillion, driven by the increasing demand for generative AI and its strong performance in the AI chip market [1][2]. Group 1: Market Performance - Nvidia's stock price rose to $163.9 per share, with a market capitalization exceeding $4 trillion, comparable to Japan's GDP for 2024 [1]. - The company’s market value has increased dramatically from under $1 trillion two years ago to nearly $4 trillion in just over a year [1][2]. - Analysts predict Nvidia's market capitalization could reach $6 trillion, with a target price increase from $175 to $250 per share [1][2]. Group 2: Financial Performance - For Q1 of the 2026 fiscal year, Nvidia reported revenues of $44.06 billion, a 69% year-over-year increase, and a GAAP net profit of $18.78 billion, up 26% [2]. - The data center business generated $39.1 billion in revenue, accounting for 89% of total revenue, with a 73% year-over-year growth [4]. Group 3: Industry Impact - Nvidia is driving the growth of the entire AI industry chain, with predictions indicating that the global semiconductor industry's growth in 2024 will largely stem from Nvidia [2]. - The company is expected to dominate the AI server market, holding approximately 70% of the market share, while AMD holds about 8% [3][4]. Group 4: Technological Advancements - Nvidia's Blackwell series chips are set to enhance its market position, with significant production increases expected in the coming years [3]. - The company is transitioning from the Hopper series to the Blackwell series, which is anticipated to boost the overall AI server market value [4]. Group 5: Future Outlook - Nvidia is entering a "decade of AI infrastructure development," with a focus on generative AI and robotics as major growth opportunities [6][7]. - The company is also accelerating its efforts in sovereign AI and large-scale government collaborations to strengthen its global market presence [7]. Group 6: Competitive Landscape - Despite facing challenges from competitors like AMD, Google, and Amazon, Nvidia maintains a strong position in high-end AI chip performance [8]. - The company is adapting its chip designs to comply with regulatory standards in the Chinese market while continuing to innovate [8].

Core Viewpoint - Bank of America projects a compound annual growth rate (CAGR) of 35% for Ibiden's electronic components business over the next five years, driven by surging demand for GPU packaging substrates used in AI chip production [1] Group 1: Company Performance and Projections - Ibiden is expected to significantly increase its production capacity by 60-70% from 2024 to 2026, capitalizing on the historical expansion opportunities in ASICs [1][13] - The EPS forecast for Ibiden has been raised substantially through fiscal year 2028 due to the explosive growth in demand for ABF advanced packaging substrates [1] - Bank of America has upgraded its earnings expectations and 12-month target price for Ibiden, indicating strong confidence in the company's future performance [9] Group 2: Market Demand and Trends - The demand for ABF packaging substrates is closely tied to the production of AI chips, particularly Nvidia's Blackwell series, which is expected to enter a "super growth cycle" in the second half of the year [2][5] - The AI chip market, including GPUs and ASICs, is projected to grow from $126 billion in 2024 to over $400 billion by 2027, and reach at least $650 billion by 2030 [16] - The increasing reliance on ABF substrates for high-performance AI chips is driven by their superior electrical and thermal properties, which are essential for advanced packaging systems [7][8] Group 3: Competitive Landscape - Nvidia's AI GPUs currently account for over 80% of Ibiden's ABF substrate sales, but the share of AI ASICs is expected to approach 20% by 2030 [9][16] - Major cloud computing giants are securing long-term orders with Ibiden and other select Taiwanese packaging manufacturers, indicating strong demand for advanced packaging solutions [9][10] - The rapid growth in AI chip shipments is forcing substrate manufacturers to expand their high-end ABF production capacity ahead of schedule to meet the increasing output [10]

Core Viewpoint - Supermicro Computer (SMCI.US), one of the largest AI server manufacturers globally, announced plans to issue approximately $2 billion in convertible bonds, leading to a nearly 10% drop in its stock price by the end of Monday's trading session, despite a year-to-date increase of over 40% prior to the announcement [1][2] Group 1: Company Performance and Market Reaction - The stock price typically declines significantly when a company announces the issuance of convertible bonds due to potential dilution of existing shareholders [1] - Supermicro's stock price has increased approximately 35% this year, driven by strong demand for AI computing infrastructure, particularly for servers equipped with NVIDIA's latest Blackwell series AI chips [1][4] - The company plans to use the proceeds from the bond issuance for general corporate purposes, including operational funding for growth and business expansion, and intends to repurchase about $200 million of its own stock [1][2] Group 2: Competitive Position and Future Outlook - Despite the stock price drop, Supermicro is recognized as a leading provider of high-performance AI server systems, quickly launching products in response to new AI chip releases from competitors like NVIDIA, AMD, and Intel [2] - Analysts from Raymond James and Rosenblatt Securities have reiterated a "buy" rating for Supermicro, highlighting that up to 70% of its revenue comes from AI server-related business, with a 12-month target price set at $50 [4] - The company has secured significant contracts, including a large AI server supply agreement with a major data center in Saudi Arabia [3] Group 3: Industry Trends and Investment Sentiment - Investment firms like BlackRock and Morgan Stanley recommend maintaining exposure to AI-driven stocks, emphasizing their potential to outperform the S&P 500 index despite challenges such as tariff policies [7] - The demand for AI computing infrastructure remains robust, with cloud giants like Amazon, Microsoft, Alibaba, and Google leading the surge in AI budget allocations [7] - Competitors like Dell are also ramping up production of AI servers, indicating a growing market for AI applications that require substantial data processing capabilities [8][9]

据悉，人工智能(AI)基础设施供应商英伟达(NVDA.US)市值超越微软(MSFT.US)，重夺全球市值最高上 市公司头衔，总市值达3.46万亿美元。 通过发布比市场普遍预期更加稳健的Blackwell系列AI芯片产品销售预期，可谓缓解了投资者们对英伟 达中国市场份额大幅下滑的担忧，并极度乐观地预测Blackwell系列将创下史上最强劲AI芯片销售纪 录，推动人工智能算力基础设施市场"呈现出指数级别增长"。 比市场预期乐观得多的前景显示，英伟达正在加大其新一代AI芯片产品——Blackwell架构AI GPU的产 量，并且力争架构更加先进且性能更加强劲的Blackwell Ultra架构AI GPU产能在第二季度快速扩张。 并且，作为这一推动举措的一部分，公司将其AI芯片产品作为整套AI计算机系统进行提供——英伟达 称此举对于加速部署更复杂且性能更强大AI技术是必要的。英伟达CEO黄仁勋在业绩会议上预计，AI 算力基础设施最终将改变全球经济。 可以说，这家AI芯片霸主——现已成为全球营收和市值最大规模的芯片公司——主导着整个AI算力基 础设施领域，这些芯片组件对于开发和运行人工智能大模型至关重要。而英伟达旗下 ...

证券研究报告·海外公司点评·半导体 英伟达（NVDA） FY2026 一季报点评：产品切换超预期，政策 影响有望在 FY26Q2 后消除 买入（维持） | [Table_EPS] 盈利预测与估值 | FY2024A | FY2025A | FY2026E | FY2027E | FY2028E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 60,922 | 130,497 | 205,531 | 252,213 | 289,804 | | 同比(%) | 125.85 | 114.20 | 57.50 | 22.71 | 14.90 | | 归母净利润（百万元） | 29,760 | 72,880 | 104,835 | 136,413 | 154,780 | | 同比(%) | 581.32 | 144.89 | 43.85 | 30.12 | 13.46 | | EPS-最新摊薄（元/股） | 1.22 | 2.99 | 4.30 | 5.59 | 6.34 | | P/E（现价&最新摊薄） | 112.64 | 45.99 | 31.97 ...

Core Viewpoint - HPE is transforming into a key player in AI infrastructure, driven by a surge in enterprise-level AI server orders and strong demand from sovereign clients in the Middle East [1][6]. Group 1: Financial Performance - HPE reported a strong second-quarter performance with adjusted earnings per share of $0.38 and revenue of $7.63 billion, a 6% year-over-year increase, surpassing the consensus estimate of $7.45 billion [1]. - The company secured $1.1 billion in net new orders during the second quarter, with approximately one-third coming from enterprise clients [1]. - AI backlog orders soared to $3.2 billion, indicating significant demand for AI-related products [1]. Group 2: Business Segments - Total server revenue grew by 6% to $4.06 billion in the quarter [4]. - Revenue from hybrid cloud business increased by 13% to $1.45 billion [4]. - The networking business experienced its first revenue and profit growth after five consecutive quarters of decline, driven by AI developments [4]. Group 3: Strategic Insights - HPE is accelerating the deployment of NVIDIA's new Blackwell series GB200 products, with the AI backlog being just the tip of the iceberg, as the overall pipeline is several times larger [1][5]. - The management highlighted the company's expertise in direct liquid cooling technology, which is crucial for managing the high heat generated by modern AI chips [3]. Group 4: Future Outlook - For the third quarter, HPE expects revenue between $8.2 billion and $8.5 billion, with adjusted earnings per share projected at $0.40 to $0.45 [6]. - The company is navigating a complex macroeconomic and geopolitical environment while preparing for additional actions to meet its fiscal 2025 outlook [6]. - HPE is facing regulatory challenges, particularly regarding its acquisition of Juniper Networks, which could impact its strategic plans [6].

新华财经上海5月28日电（葛佳明） 受宏观政策、客户需求以及产品周期切换等多重因素影响，被视为人工智能和半导体行业的"风向标"的英伟达股价今年 以来经历了剧烈波动。5月28日美股盘后，英伟达将公布截至2025年4月27日的2026财年第一季报告，除了财务数据外，市场还将重点关注其毛利率、数据中 心部门营收情况，以及对后续营收状况的展望。 据FactSet调查的分析师预计，英伟达第一财季营收同比涨幅或达66%，至433亿美元；调整后每股收益同比涨幅达36%，至0.81美元；按照美国通用会计准则 （GAAP）计算的毛利率预计为70.6%。营收及利润增速均较去年同期大幅放缓，上年同期英伟达营收同比增速为262%，调整后每股收益同比增速达到 461%。 根据数据统计，44位给出英伟达评级的分析师中，有36位给出"买入"评级，6位给出"持有"评级，2位给出"卖出"评级。分析师给出英伟达未来12个月的平均 目标价为每股167.53美元，较5月27日的收盘价仍有约23.6%的上行空间。 | 营收预期 | 财报看点 | 投行评级及目标 | | --- | --- | --- | | ● 预计英伟达第一财季有望 | · Hop ...

以下文章来源于半导体行业观察 ，作者杜芹DQ 半导体行业观察 . 半导体深度原创媒体，百万读者共同关注。搜索公众号：半导体芯闻、半导体产业洞察，阅读更多原创 内容 本文来自微信公众号： 半导体行业观察 （ID：icbank） ，作者：杜芹DQ，题图来自：视觉中国 2025年，台积电美国代工厂将正式开始量产，该工厂代表着先进芯片制造技术在美国的到来，也是对2022 年《芯片与科学法案》能否帮助稳定美国及其盟友的半导体产业供应链的一次考验。然而，台积电的扩张 与美国半导体自主制造的愿景，能否真正突破技术和产业链的瓶颈，重塑全球半导体格局，仍然是一个充 满悬念的课题。 一、台积电美国厂，真的干成了 2020年5月，台积电宣布了一项历史性的计划——在美国亚利桑那州凤凰城投资120亿美元建设一座先进的 半导体制造厂。到了2022年12月，台积电又宣布将总投资增至400亿美元，计划在同一地区建设第二座晶圆 厂。2024年4月，美国商务部和台积电亚利桑那公司宣布，依据《芯片与科学法案》，将为该项目提供高达 66亿美元的资金支持，推动全球最先进的芯片制造能力进入美国市场。台积电还计划在此基础上建设第三 座晶圆厂。第三座工厂一 ...

如果您希望可以时常见面，欢迎标星收藏哦~ 来源：内容 综合自工商时报等 ，谢谢。 英伟达（NVIDIA）财报公布后，未如预期提振市场，反而带崩AI股。供应链透露，英伟达于晶圆 代工厂之CoWoS先进封装订单传出砍单，且先前洽谈委外之CoW（Chip on Wafer）前段封装制 程，最终未达共识。法人分析，台积电先进制程产能利用率仍接近满载，甚至高于年初产量，但随 英伟达前代Hooper GPU生命周期进入尾声，总订单量可能逐渐减少，有待次世代产品GB300问世振 兴需求。 英伟达执行长黄仁勋日前于电话会议上强调，Blackwell系列市场需求旺盛，首季产能处爬波 （Ramp-Up）阶段，毛利率将维持在约7成。供应链透露，台积电目前5/4奈米制程依旧满载，且相 较于年初英伟达不管在B系列或是RTX50系列芯片投片量都增加不少。惟法人圈解读，因台南地震造 成万片晶圆损失，近期透过拉高投片量、补上供给缺口。 反倒之前始终供不应求的先进封装订单传出下修。供应链表示，台积电先前拟将CoWoS-S/R前段封 装制程委外，但后来始终没有达成共识；加上原先使用CoWoS-S打造的Hooper GPU进入收尾，因 此封装厂订 ...

英伟达股价暴跌。 当地时间2月27日（周四），美股三大指数集体收跌，截至收盘，道指跌0.45%，纳指跌2.78%，标普500指数跌1.59%。 大型科技股出现普遍下跌，英伟达跌超8%，博通跌超7%，特斯拉跌超3%，亚马逊、谷歌A、Meta均跌超2%。目前，英伟达市值已经跌破3万亿美元。 英伟达股价重挫超8% 当地时间周四，美股英伟达股价大跌8.48%，收报120.15美元/股，总市值跌至2.93万亿美元，跌破3万亿美元大关。 AI龙头的大跌，也让美股芯片板块出现集体跳水，如超威电脑大跌15.97%。 在此之前，英伟达发布了2025财年第四季度业绩报告，该季度公司营收393亿美元，比去年同期增长78%，净利润达到220.91亿美元，超出市场预期的196.11亿美 元，较前一年的122.85亿美元显著增长。整个2025财年，英伟达营收达到1305亿美元，同比增长114%。 周三美股盘后，英伟达召开了2025财年第四季度财报电话会议。英伟达CEO黄仁勋表示，公司对AI推理带来的潜在需求感到兴奋，这类计算需求预计将远超当前的 大语言模型（LLM），可能需要比现有计算能力高出数百万倍。 黄仁勋表示："我们所做的事情并不 ...