本文来自微信公众号： 版面之外 ，作者：画画 最近有个事很有意思。 印度在新德里用五天时间，办了一场号称迄今为止亚洲规模最大、规格最高的AI峰会，硅谷几乎半 壁江山都飞了过来。 当地官方媒体用的词是：AI时代的新德里时刻。 以下文章来源于版面之外 ，作者画画 版面之外 . 版面之外，才是真相。 但就在全场情绪最高涨的那一刻，两个画面突然定格下来，轻轻戳破了现场有些过于完美的气氛。 第一个画面，发生在舞台中央。 莫迪站在正中间，微笑着伸出手，示意身边所有科技领袖手牵手、高高举起，象征全球AI共同体的 团结与共识。 谷歌CEO皮查伊第一时间伸手。微软、亚马逊的高管们纷纷跟上。 一长排人，眼看就要连成一条完整的链条。 结果，OpenAI的山姆·奥尔特曼没有伸手。 Anthropic的达里奥·阿莫迪也没有。 两个人站在人群里，只轻轻举起了拳头。没有交叉，没有配合。 一条象征团结的人链，在最核心的位置，断成了两截。 第二个画面，藏在主席台的座位表里。 整场峰会，印度最需要、也最不该缺席的人，自始至终没有出现。 英伟达CEO、全球算力之王黄仁勋，以不可预见的情况缺席。 印度AI最缺什么？ 芯片、算力、GPU、基础设施。 ...

The Best Stocks to Buy with $1,000 in February: Why NVIDIA Is a Steal - 24/7 Wall St.[S&P 5006,845.20 -0.51%][Dow Jones49,248.60 -0.82%][Nasdaq 10024,771.80 -0.46%][Russell 20002,646.28 -0.45%][FTSE 10010,638.60 -0.67%][Nikkei 22556,905.50 -1.11%][Stock Market Live February 19, 2026: S&P 500 (SPY) Slips on Walmart Outlook][Investing]# The Best Stocks to Buy with $1,000 in February: Why NVIDIA Is a Steal### Quick ReadNVIDIA (NVDA) is my top pick if you're looking to buy a stock with $1,000 (or more) today. T ...

过去三年， 英伟达（NVIDIA）已成为全球科技产业的核心驱动力 。2025财年，公司全年营收突破约 1300 亿美元 ，数据中心业务占比接近 90% ，毛利率维持在 70%–75% 区间。Blackwell GPU 和相关平台成为推动这轮 AI 基础设施升级的主要引擎。 这意味着下游行业——从云服务到企业 IT、从软件平台到终端应用——正在围绕这股算力浪潮重新定义其架构、投资与商业模式。 一、英伟达营收与算力扩张的下游拉动机制 数据中心业务的爆发式增长 英伟达数据中心业务是其增长核心： 2025 财年数据中心营收约 115.2 亿美元 ，同比增长 142% 。 Blackwell 架构单季曾贡献约 110 亿美元营收 ，是公司历史上最快的产品销售增长纪录。 在多个季度中，数据中心收入占比一度超过 88%~90% 。 Blackwell GPU 贡献了数据中心业务约 70% 的计算收入 。 这些数字说明，英伟达的增长几乎完全由 AI 计算需求驱动，而这种需求本质上来自下游企业对大规模模型训练、实时推理、AI 工厂和智能应用的投 入。 下游需求爆发背后的三大趋势 1. 算力成为生产力基础设施 下游企业不再把 A ...

来源：芝麻AI 一、国际新闻 国际贵金属市场波动显著，现货黄金日内经历震荡，先后突破4870美元/盎司（日内跌0.14%）和4880美 元/盎司（日内涨0.05%），纽约期金则失守4870美元/盎司（日内跌0.75%）、4880美元/盎司（日内跌 0.52%），并一度突破4900美元/盎司（日内跌0.11%）[1][2][3][4][5]。 此前，现货黄金曾失守4850美元/盎司（日内跌2.93%）和4860美元/盎司（日内跌2.71%），纽约期金同 步下探至4860美元/盎司（日内跌3.72%）和4870美元/盎司（日内跌3.50%），受此影响，美股金矿股普 跌，金罗斯黄金、金田公司、盎格鲁黄金阿散蒂等企业股价跌幅超4%[6][7][8][9][10][11]。 能源市场方面，布伦特原油失守67美元/桶（日内跌2.43%），WTI原油失守62美元/桶（日内跌 1.21%），油价下跌与伊朗和美国核谈判取得进展有关，市场风险溢价削弱[12][13][14]。 Meta与英伟达达成多年协议，将采购数百万颗Blackwell、Rubin GPU及Grace、Vera CPU，以扩建AI数 据中心，双方还将共同设计下 ...

英伟达CEO黄仁勋最近的行程非常满。当地时间1月21日，黄仁勋在瑞士举办的达沃斯论坛上大谈过去 一年AI模型的三大进展。随后，他开启访华行程，先后出现在上海、北京、深圳、中国台湾。当地时 间2月3日，黄仁勋又出现在工业软件公司达索系统于美国休斯顿举办的活动上，这次演讲的主题是工业 AI。 "过去，我们花了1/3的时间在设计和数字化上，也许花了2/3的时间在构建物理形态上。未来很有可能我 们将花100%的时间在数字化上。即使完成了设计、模拟、验证，还必须做软件集成。"黄仁勋称，无论 是设计、描绘、模拟还是操作，未来都将由软件定义，从一双网球鞋到其他所有东西都是如此，汽车是 软件定义的，机器人所在的工厂也是软件定义的。 当天英伟达宣布了与达索系统的合作，双方将利用虚拟孪生技术合作构建工业AI平台，达索的虚拟孪 生技术将与英伟达AI基础设施、开源加速软件库结合，建立经科学验证的行业世界模型，用于生物 学、材料科学、工程和制造等领域，除了在工程和制造领域实现软件定义的生产系统，还能用于推动新 分子和下一代材料发展。 黄仁勋表示，双方技术的融合将使工程师能在比以往大10万倍的规模上开展工作，工作时看到的不再是 预先渲染 ...

Core Insights - Hyundai Motor Group's Chairman Chung Eui-sun initiated the new year with a "global lightning management action," emphasizing a customer-centric, technology-driven, and localization-based strategy to achieve sustainable global leadership [1] Group 1: China - Focusing on Hydrogen and Battery Collaboration - During a visit to China, Chung Eui-sun attended the Korea-China Business Forum and engaged in discussions with leaders from major Chinese companies, reinforcing collaboration foundations [3] - Meetings with CATL focused on joint research and stable supply of power batteries, essential for electric vehicle operations [3] - Discussions with Sinopec centered on hydrogen energy collaboration, with Hyundai's HTWO Guangzhou factory already in mass production of fuel cell systems [3] - Hyundai plans to expand its electric vehicle lineup in China to six models by 2030, while Kia aims to launch at least one new electric vehicle annually [3] Group 2: United States - Embracing AI and Robotics - At CES 2026, Chung Eui-sun highlighted the importance of technology partnerships, meeting with Nvidia's CEO to discuss AI chips and data centers [4] - Hyundai signed a contract to procure 50,000 Blackwell GPUs and plans to co-establish an Nvidia AI Technology Center [4] - Boston Dynamics showcased its humanoid robot Atlas and received recognition for its MobED mobile robot platform, indicating a strong focus on robotics innovation [5] Group 3: India - Strengthening Local Manufacturing and Brand Identity - Chung Eui-sun visited three key production bases in India, emphasizing the importance of local manufacturing capabilities [6] - Hyundai's total production capacity in India exceeds 1.5 million units, securing a 20% market share [7] - The company aims to position India as a global manufacturing and export hub, focusing on localizing the supply chain for critical components [7] - Chung expressed a commitment to building a "national brand" in India, highlighting the importance of community engagement and employee support [7][8] Group 4: Social Responsibility and Community Engagement - Hyundai has invested significantly in social responsibility initiatives in India, including support for disabled athletes and mobile clinics for underserved communities [8] - The company collaborates with local educational institutions to develop high-end technical talent, demonstrating a commitment to community integration [8] - Chung's visit was not merely ceremonial but a comprehensive strategy encompassing technology, production, and community engagement [8]

Core Insights - Nvidia is a leading player in the AI revolution, providing high-performance chips essential for AI model training and operation [1][2] - The company is set to release new hardware annually, enhancing its growth potential and maintaining its competitive edge [3][4] - Nvidia's upcoming Rubin architecture promises significant cost reductions and efficiency improvements for AI model developers [5][6] Nvidia's Market Position - Nvidia's Blackwell GPUs have seen exceptional sales, with cloud GPUs currently sold out [3] - The company anticipates strong demand from the Chinese market, with expectations of approval for H200 chip sales [7][8] - Nvidia's market capitalization stands at $4.5 trillion, with a gross margin of 70.05% [9] Physical AI and Related Companies - The physical AI sector is emerging, with Nvidia's CEO highlighting its potential at CES [9] - Companies like Serve Robotics, which utilizes Nvidia's technology for autonomous delivery, are positioned to benefit from this trend [10][11] - Serve Robotics has expanded its fleet significantly and is integrated with major delivery platforms [12] Financial Projections - Serve Robotics is projected to generate $2.5 million in revenue for 2025, with expectations of growth to approximately $25 million in 2026 [14][15] - Despite its speculative nature, Serve Robotics' market cap has exceeded $1 billion, indicating high growth expectations [13][14]

Core Insights - TSMC's unique business model as a pure-play foundry allows it to focus solely on manufacturing without competing with its customers, making it a preferred partner for major tech firms [1] - The company is increasingly viewed as a critical infrastructure provider in the digital economy, with its earnings growth outweighing geopolitical risks [2] - A revised price target from Goldman Sachs reflects heightened demand for AI infrastructure, indicating a shift in investor sentiment towards TSMC as a key player in hardware manufacturing [3] Company Performance - TSMC's stock has risen over 7% at the start of the New Year, reaching above $327, with a market capitalization of approximately $1.65 trillion, solidifying its status as the world's most valuable chip manufacturer [4] - The company has successfully accelerated the timeline for new manufacturing facilities in the U.S., enhancing its global supply chain and solidifying its role in AI hardware production [5] Market Position - TSMC holds over 90% of the global market share for advanced chips (nodes smaller than 7 nanometers), making it the primary choice for high-performance silicon [6] - A significant shift in revenue composition occurred in 2025, with High-Performance Computing (HPC) revenue surpassing smartphone revenue for the first time [7] Technological Advancements - TSMC's successful rollout of 2-nanometer technology marks a significant engineering advancement, with production yields exceeding expectations [8][10] - The company has addressed supply chain bottlenecks with its advanced packaging technology, CoWoS, which is essential for assembling complex AI processors [10] Pricing Power and Margins - TSMC has implemented a price increase of 3% to 10% on its advanced nodes for 2026, which customers have accepted due to the superior performance of its chips, helping maintain healthy gross margins above 59% [11] Geopolitical Strategy - TSMC is mitigating geopolitical risks through global diversification, including the Gigafab project in Arizona, which is on track to produce advanced chips ahead of schedule [12][13] - The expansion of manufacturing capacity in the U.S., Japan, and Germany reduces geographical concentration and enhances investor confidence [14] Investment Outlook - TSMC combines stability with growth potential, offering high margins, consistent cash flow, and a reliable dividend, making it a foundational holding for the AI era [15] - Upcoming earnings calls will provide insights into margin guidance, crucial for assessing the impact of recent price hikes on inflation and expansion costs [16] Capacity Expansion - TSMC is on track to reach a capacity of 130,000 wafers per month by the end of 2026, unlocking significant revenue previously held in backlog [17]

Core Viewpoint - Nvidia (NVDA) is positioned as a major beneficiary of the artificial intelligence boom, driven by strong demand for its advanced graphics processing units (GPUs) [1] Market Pressure and Competition - The stock has faced pressure due to concerns over AI valuations and increasing competition from companies like Broadcom (AVGO), Advanced Micro Devices (AMD), and Google's tensor processing units (TPUs) [2] - Nvidia is also dealing with uncertainties regarding chip exports to China amid geopolitical tensions [2] Analyst Sentiment - Despite market pressures, several analysts maintain a bullish outlook on Nvidia, citing its strong execution, innovation, and dominant position in the AI GPU market [3] - TipRanks' AI Analyst has an "outperform" rating on NVDA with a price target of $205 [3] Analyst Insights - **Vivek Arya – Bank of America** - Arya reiterated a buy rating with a price target of $275, emphasizing Nvidia's competitive edge and upcoming Blackwell-backed LLMs expected in early 2026 [4][6] - He noted a $500 billion revenue opportunity for Blackwell, Rubin, and networking for 2025-2026, with recent deals with OpenAI and Anthropic representing potential upside [7][8] - **Stacy Rasgon – Bernstein** - Rasgon also holds a buy rating with a price target of $275, highlighting the potential upside in the $500 billion outlook for Blackwell and networking sales [9][10] - He believes Nvidia is about two years ahead of Google's TPU program and that its programmable platform solutions are superior for cloud AI infrastructure [11][12] - Rasgon mentioned ongoing uncertainty regarding licenses to ship H200 AI chips to China and the implications of a 25% revenue sharing with the U.S. government [13] - **Blayne Curtis – Jefferies** - Curtis reaffirmed a buy rating with a price target of $250, citing Nvidia's technology moat and growth potential amid ASIC adoption [15][16] - He expects significant revenue from the new CPX chip in 2027 and has raised his EPS estimates for 2026 and 2027 to $7.82 and $9.50, respectively [18]

Core Insights - NVIDIA has experienced significant stock volatility, with drops exceeding 30% on multiple occasions, leading to substantial market value loss [1][6] - The company's valuation has surged due to strong AI demand and data center performance, but this growth also exposes it to risks from competition and market corrections [2][10] Company Performance - NVIDIA's market capitalization is over $3.3 trillion, making it the world's most valuable publicly traded company [4] - The company has demonstrated impressive revenue growth, with a 65.2% growth in the last twelve months and a 91.6% average over the last three years [11] - NVIDIA maintains a strong cash generation profile, with a free cash flow margin of nearly 41.3% and an operating margin of 58.8% [11] Competitive Landscape - The rise of custom AI chips from competitors like Google, Amazon, and Microsoft poses a threat to NVIDIA's market share, with Amazon claiming 50% cost savings [10] - AMD and Intel are increasing competition in AI accelerators, which may impact NVIDIA's dominance, although NVIDIA's CUDA ecosystem remains a significant advantage [10] Regulatory and Geopolitical Risks - U.S. export restrictions, particularly the April 2025 H20 ban, could cost NVIDIA $5.5 billion, while China's push for domestic chip production adds further challenges [10] - Limited export approvals for the H200 could potentially yield $25-30 billion in revenue, but regulatory hurdles in China persist [10]