Company Overview - CoreWeave, originally founded as Atlantic Crypto, transitioned from Ethereum mining to providing AI-focused cloud computing infrastructure after the downturn in crypto mining during 2018-2019 [5] - The company now operates the CoreWeave Cloud Platform, which combines proprietary software and cloud services to support generative AI applications [6] Market Performance - CoreWeave's IPO was the largest of the year but was undersubscribed and priced lower than expected, with Nvidia stepping in to support the offering [2] - Despite a disappointing opening, CoreWeave's stock surged to $188, more than triple its IPO price, reflecting a resurgence in AI stock interest as market conditions improved [3] Business Model and Differentiation - CoreWeave differentiates itself from major cloud providers like Microsoft, Amazon, and Alphabet by offering higher performance and uptime specifically for generative AI [7] - The company has established a close relationship with Nvidia, often being the first to deploy new AI resources, enhancing its competitive edge [8] Customer Base and Revenue - Microsoft accounted for 62% of CoreWeave's revenue in 2024, highlighting customer concentration risks, although no single customer makes up more than 50% of its backlog [10] - Key partnerships with companies like Nvidia and OpenAI, which invested $350 million, provide a strong foundation for future growth [11][12] Growth Potential - CoreWeave reported a remarkable 420% increase in revenue to $981.6 million in the first quarter, indicating strong demand for its services [13] - The demand for AI computing is expected to grow significantly, positioning CoreWeave as a potential leader in AI cloud infrastructure despite current unprofitability [14]

行 业 及 产 业 美容护理 2025 年 07 月 13 日 行 业 研 究 / 行 业 点 评 相关研究 证 券 研 究 报 告 证券分析师 王立平 A0230511040052 wanglp@swsresearch.com 王盼 A0230523120001 wangpan@swsresearch.com 聂霜 A0230524120002 nieshuang@swsresearch.com 联系人 王立平 (8621)23297818× wanglp@swsresearch.com ⚫ 本周化妆品医美板块表现弱于市场。2025 年 7 月 4 日至 2025 年 7 月 11 日期间，申 万美容护理指数上涨 1.5%，表现弱于市场。其中，申万化妆品指数上涨 2.6%，强于申 万 A 指 1.1pct；申万个护用品指数基本持平，弱于申万 A 指数 1.6pct。 请务必仔细阅读正文之后的各项信息披露与声明 本研究报告仅通过邮件提供给 中庚基金 使用。1 再生药械再添两员，轻医美概念方兴未艾 看好 ——化妆品医美行业周报 20250713 - 本期投资提示： ⚫ 周观点：再生药械再添两员，轻医美概念方兴未 ...

公众号记得加星标⭐️，第一时间看推送不会错过。 在最近于日本举行的超大规模集成电路技术与电路研讨会上，应用材料公司发表了一篇论文，描述了一种扩展 2nm 及 以上工艺节点的先进逻辑芯片铜互连的方法。 应用材料公司开发了一种铜互连工艺流程，该流程利用了各种设备和材料，包括新的Low k电介质线和钌钴（RuCo）衬里 技术。在论文中，应用材料公司通过开发基于2纳米节点最新晶体管技术的AI加速器测试芯片，证明了该工艺的可行性。 诚然，这是一个涉及多个方面的复杂过程。简单来说，一个先进的逻辑芯片包含数十亿个被称为晶体管的微型结构。晶体 管是芯片的关键组成部分，用于切换器件中的电信号。 在同一块先进的芯片中，微型晶体管通过复杂的铜布线方案相互电连接。这种布线方案称为铜互连，是芯片的重要组成部 分。 但近年来，芯片制造商在铜互连方面遇到了一些挑战和问题。基本上，铜互连中的细线在每个节点上变得更小、更紧凑， 从而可能在这种复杂的布线方案中产生电阻和其他问题。这会影响芯片的性能和可靠性。 预计在2纳米及以后的工艺节点，这些挑战将会加剧。为了解决这些问题和其他问题，应用材料公司的新工艺为开发用于2 纳米及以后先进芯片的复杂铜互 ...

Market Overview - The S&P 500 is trading at record levels, with many stocks also at high valuations, indicating potential for continued bullishness in the markets as companies post strong results [1] Nvidia - Nvidia has been a strong investment, with high demand for its chips driven by AI investments, achieving a valuation of $4 trillion and a 23% increase since the start of the year [4] - Historically, Nvidia has generated positive returns in the second half of the year in 8 out of the last 10 years, averaging a return of 33%, which could push its market cap above $5 trillion if similar performance is repeated [5] - The company faces challenges such as tariffs and global trade issues, with export restrictions in China cutting its market share nearly in half [6] - Nvidia is currently trading at 38 times its estimated future earnings, which is considered expensive, but easing trade concerns could lead to strong second-half results [7] Advanced Micro Devices (AMD) - AMD has also performed well in the second half of the year, generating positive returns in 7 out of the last 10 years, with an average return of 31% [8] - The stock has increased by 21% this year, but its future performance will depend on the competitiveness of its chips compared to Nvidia's offerings [9] - AMD's recent quarter showed a 36% increase in sales to $7.4 billion, indicating strong growth potential [9][10] - The stock trades at a forward P/E multiple of 39, which is not cheap, but the AI sector's growth could justify investment [10] Tesla - Tesla has had mixed results in the second half of the year, with positive returns in 5 out of the last 10 years and an average gain of around 40% when it performs well [11] - The stock is down over 20% this year due to controversies surrounding CEO Elon Musk, but there is potential for a rebound if he can maintain focus [12] - Tesla's vehicle deliveries in Q2 were down 14% year-over-year, with sales down 9% and net income dropping 71% to $409 million [13] - The stock is considered risky, trading at a forward P/E of over 160, suggesting caution before making investment decisions [14]

Core Insights - Nebius Group's shares nearly doubled in the first half of 2025, rising 99.7% through June 30 [1] - The company is a rebranded version of Yandex, which divested its Russian assets and relocated to Amsterdam after the Ukraine invasion [2] - Nebius is positioned as a start-up with significant cash reserves and ongoing projects, showing explosive growth and optimism for becoming a major player in AI [3] Financial Performance - In Q1 2025, Nebius reported a remarkable revenue growth of 385% and a 684% increase in annualized recurring revenue (ARR), reaching $249 million [8] - Operating costs grew by 96% during the same period, indicating margin expansion alongside revenue growth [8] - The company aims to achieve between $750 million and $1 billion in ARR by the end of 2025, supported by strong initial guidance [8] Strategic Investments - Nebius made a majority investment in Toloka, an expert data provider for AI companies, highlighting the importance of quality data in AI development [9] - Toloka is backed by notable investors, including Jeff Bezos' venture company, indicating confidence in its value [9] Market Position and Growth Potential - Nebius raised $700 million in a private placement led by Nvidia, positioning itself as a key player in the neocloud space [4] - The company benefits from early access to Nvidia's latest GPUs, enhancing its competitive edge in AI infrastructure [5] - Despite trading at about 20 times this year's revenue estimates, if Nebius meets its ARR guidance, the valuation could adjust to a more reasonable 10 times forward ARR [11] Analyst Sentiment - Following a strong endorsement from Arete Research, Nebius' stock surged over 50% in June, with a price target set at $84, indicating significant upside potential [10] - The execution and embedded value of Nebius' AI clusters are viewed positively, especially amid a shortage of Nvidia GPUs [10]

Core Viewpoint - A lawsuit has been filed against Reddit, Inc. and its senior executives for potential violations of federal securities laws, specifically related to misrepresentation of user growth impacted by Google's AI technology [1][2][3]. Group 1: Lawsuit Details - The lawsuit is pending in the U.S. District Court for the Northern District of California, titled Tamraz, Jr. v. Reddit, Inc., et al., No. 25-cv-05144 [2]. - Investors have until August 18, 2025, to request to be appointed to lead the case [2]. Group 2: Allegations Against Reddit - The complaint alleges that Reddit misrepresented the impact of Google's AI technology on its user growth, suggesting that it downplayed the negative effects [3][4]. - Google's AI technology has reportedly reduced the need for users to visit Reddit for answers, leading to a decline in user engagement [4]. Group 3: Stock Performance - Following a report on May 1, 2025, indicating a slowdown in daily active user growth, Reddit's stock price fell by $4.96, or over 4%, from $118.79 to $113.83 per share [5]. - On May 21, 2025, an analyst from Baird lowered the stock price target for Reddit, resulting in a further decline of $9.79, or over 9%, from $105.64 to $95.85 per share [6].

Core Companies in AI - Nvidia and Palantir Technologies have demonstrated significant strengths in artificial intelligence, leading to substantial earnings growth and stock performance [1][2] - CoreWeave, a new entrant in the market, has emerged as a potential AI powerhouse, outperforming both Nvidia and Palantir with a remarkable 300% stock increase in the first half of 2025 [2][4] CoreWeave's Business Model - CoreWeave generates most of its revenue by renting access to over 250,000 Nvidia GPUs, specializing in AI workloads [4][6] - Nvidia holds a 7% stake in CoreWeave and facilitated the launch of its latest GPUs, indicating a strong partnership [6] Financial Performance - CoreWeave's first-quarter earnings report showed a revenue increase of over 400% year over year, reflecting strong demand for Nvidia's chips [7] - The company's technology and infrastructure expenses surged by more than 500% to approximately $500 million in the first quarter, indicating high capital investment needs [10] Market Trends - The demand for GPUs is expected to grow as more organizations apply AI to real-world problems, particularly in the area of inferencing, which requires significant processing power [8] - CoreWeave's cloud servers are anticipated to have a busy future, driven by ongoing demand for AI capabilities [8] Strategic Moves - CoreWeave plans to acquire Core Scientific, which will eliminate $10 billion in future lease payments, although the stock fell due to concerns about share dilution from the all-stock deal valued at $9 billion [12] - The acquisition is seen as a strategic move to enhance operational efficiency and reduce costs in the long term [12] Investment Considerations - For cautious or value investors, exploring other opportunities may be advisable, while aggressive investors may find it a good time to invest in CoreWeave due to its access to Nvidia's latest GPUs and potential for long-term gains [13]

在新华社援引印媒传出印度打算对美征报复性关税的消息后，又传来美国和印度或达成协议的双方关系可能缓和消息。 美东时间7月11日周五，媒体援引知情人士消息称，美国正努力与印度达成一项临时贸易协议，该协议可能将美国计划对印度征收的关税税率降至20%以 下。 知情者称，印度不会收到美国总统特朗普发出的征税函，预计将以声明的形式宣布印度同美国达成的贸易安排。临时协议将让印美双方得以继续谈判，为印 度政府提供空间，在预计今年秋天达成更广泛的协议之前，解决悬而未决的问题。 消息传出后，在美上市印度ETF iShares MSCI India ETF（INDA）盘中跌幅略为收窄到0.6%以内。 印度卢比的跌幅也有所收窄。美元兑卢比盘中涨幅不足0.1%。 印度寻求比特朗普所说美越协议更优惠的协议 本周五的媒体报道称，知情者表示，印度政府寻求达成一项比特朗普所说美越协议更优惠的协议。不过，最近的消息显示，美越协议其实并不是一个好"榜 样"。 据新华社，7月2日上周三特朗普在社交媒体表示，美越达成一项贸易协议，越南所有对美出口商品将面临至少20%关税，并对美国"完全开放市场"。 据新华社报道，印度商业和工业部长皮尤什·戈亚尔4日表 ...

Core Insights - Precipio, Inc. has amended its warrant exercise agreement with its largest warrant holder, changing the structure from cash exercise to a combination of cash and cashless exercise, resulting in a cash inflow of approximately $1.2 million instead of $3.8 million [1][6] Company Overview - Precipio is a healthcare biotechnology company focused on cancer diagnostics, aiming to reduce cancer misdiagnoses through innovative diagnostic products and services that enhance accuracy and improve patient outcomes [3] Financial Impact - The amendment to the warrant exercise will reduce the number of shares added to the company's outstanding shares from approximately 300,000 to between 130,000 and 150,000, depending on the share price at the time of exercise [6]

RT CoinDesk Podcast Network (@CoinDeskPodcast)🎧 Catch the latest episode of 'THE MINING POD: CoreWeave / Core Scientific’s $9B Deal, IREN’s Blackwell Buy, Bit Digital’s ETH Treasury,’ in partnership with @blockspacepod!Today on The Mining Pod, Ben Harper from Luxor Technology joins to discuss CoreWeave's $9 billion acquisition of Core Scientific, IREN’s $130 million Nvidia GPU purchase, hashprice hitting $60 for the first time since February, summer hashrate curtailment, and why transaction fees are so low. ...