股价大涨。 据媒体报道，韩国三星电子已经和美国汽车制造商特斯拉达成一份价值22.8万亿韩元（约165亿美元）芯片制造协议。受消息 刺激，三星电子股价周一上涨6.8%，并创下自去年9月以来的最高水平。 根据三星电子（Samsung Electronics Co．，简称"三星"）提交的文件显示，其已与一家未披露名称的客户达成价值165亿美元 的芯片代工协议。该合约相当于三星2024年营收的7.6%。三星表示，该合约将于7月24日生效，有效期至2033年12月31日。该 文件并未披露客户名称及其他细节。 "这笔交易的战略重要性怎么强调都不为过。"马斯克表示，三星公布的交易价值"只是最低限度。实际产出可能会高出好几 倍"。他还称，作为特斯拉首席执行官和X平台所有者，他将亲自考察芯片生产线，并且已获得三星授权，协助优化生产流 程。AI6组件将在未来几年成为特斯拉汽车自动驾驶硬件套件的核心。 随后，特斯拉CEO在其社交媒体上确认，三星拿下了特斯拉165亿美元的芯片订单。马斯克还表示，这些订单都是FSD（完全 自动驾驶）芯片。三星将生产特斯拉的AI6芯片，目前三星在生产特斯拉的AI4芯片。中间的AI5芯片由台积电生产。 三 ...

Core Insights - Nvidia's introduction of the H20 chip and its tailored RTX Pro GPU for the Chinese market signifies a shift in the trade dynamics between the US and China, as both Nvidia and AMD resume AI chip exports to China [2][5]. Group 1: H20 Chip Overview - The H20 chip is designed specifically for the Chinese market to comply with US export restrictions, based on Nvidia's Hopper architecture, and is suitable for vertical model training and inference, but not for trillion-scale model training [3]. - Nvidia's exhibition at the event did not feature the H20 chip or any specific GPU products, instead showcasing integrated hardware and software solutions, including humanoid robots powered by Nvidia technology [3]. Group 2: Market Implications - Nvidia's CEO Jensen Huang highlighted the potential loss of $15 billion in sales due to previous export restrictions and emphasized that the Chinese AI market could reach $50 billion in the next two to three years [5]. - Huang criticized the US export control policies, arguing that they are based on the flawed assumption that China cannot develop its own AI chips, which he believes is incorrect [5]. Group 3: Robotics and AI Integration - Huang predicts that AI will drive the future of manufacturing, with robots collaborating with humans, creating new opportunities within China's supply chain ecosystem [6]. - The demand for specialized chips in robotics is expected to grow as humanoid robots and embodied intelligence become more integrated into daily life [8]. Group 4: Alternative Chip Solutions - Due to previous trade restrictions, companies have begun to adopt domestic alternatives for high-performance AI chips, leading to the emergence of System on Chip (SoC) solutions in the humanoid robotics sector [8]. - For instance, XPeng's AI humanoid robot is equipped with the XPeng Turing AI chip, which claims to offer performance equivalent to multiple Nvidia chips [9]. Group 5: Chip Architecture and Development - The architecture of autonomous driving chips and humanoid robot chips shows significant similarities, suggesting that the same core technologies can be applied across different applications [11][14]. - Nvidia's Orin SoC and AI GPU chips share common architectural elements, indicating a convergence in design for various AI applications [15][16]. Group 6: Market Position and Future Outlook - Nvidia achieved a remarkable 3.76 million AI GPU shipments in 2023, capturing 98% of the global data center GPU market, with expectations of exceeding 4 million shipments in 2024 [16]. - The collaboration and shared ecosystem among developers are seen as essential for the continued growth of AI and robotics, suggesting that partnerships may be more beneficial than competition in this evolving landscape [16].

Tesla 主打"硬件下放、规模化"，竞争对手 Waymo 主打"高成本传感器 + 高精地图"。 特斯拉采用"视 觉 +AI "策略，仅依赖摄像头与自研 FSD 芯片，强调以低成本硬件通过大规模数据训练实现自动驾驶目 标。 Waymo 则使用"多传感器融合"，包括 LiDAR 、雷达与摄像头，同时构建高精度地图（ HD map ）作为路径规划基础 。 报告导读： 特斯拉在美国德州奥斯汀启动了首批 Robotaxi 服务，这次试点的启动意味着 Robotaxi 初落地，特斯拉迈出了成为 AI 公司的重要一步。 特斯拉 Robotaxi 试点启动。 2025 年 6 月 22 日，特斯拉在美国德州奥斯汀启动了首批 Robotaxi 服 务。试点规模约 10 – 20 辆 Model Y ，仅限受邀用户试乘 ，于每日 6:00 – 24:00 在地理围栏内运 营，单次固定收费 4.20 美元 ， 车内配备前排安全监控员 。这次试点的启动意味着 Robotaxi 初落地， 特斯拉迈出了成为 AI 公司的重要一步。 报告来源 以上内容节选自国泰海通证券已发布的证券研究报告。 报告名称：特斯拉Robotaxi上线，AI应 ...

Group 1 - The next-generation FSD chip AI5/HW5 from Tesla has entered mass production, with TSMC as the primary foundry [1] - The AI5/HW5 chip boasts a computing performance of 2,000 to 2,500 TOPS, which is five times that of the current HW4 chip at approximately 500 TOPS [1] - The AI5/HW5 chip will utilize a 3nm N3P process, with Samsung as a backup foundry, and is expected to be used in mass production vehicles by 2026 [1] Group 2 - Tesla plans to enhance the FSD hardware suite with upgraded lenses, including weather-resistant lenses from Samsung that can melt ice and snow in one minute [2] - A pilot program for Robotaxi was launched in Austin, with the first 12 Model Y vehicles equipped with HW4 hardware for testing autonomous driving [2]

以下文章来源于远川科技评论 ，作者徐珊珊 远川科技评论 . 刻画这个时代（的前沿科技） 我是芯片超人花姐，入行20年，有50W+芯片行业粉丝。 有很多不方便公开发公众号的， 关于芯片买卖、关 于资源链接等， 我会分享在朋友圈 。 扫码加我本人微信 削减万亿政府开支的小目标尚未达成，特斯拉的业绩瘦身却疗效显著。马斯克宣布告别白宫前夕， 特斯拉交出史上最差季报：净利润暴跌71% ，汽车收入同比骤降20%，陷入实质亏损状态。 去年，在大选中慷慨解囊的马斯克荣膺"第一兄弟"，特斯拉在资本市场气势如虹，一度逼近全球 汽车制造商市值总和的一半。 结果无人驾驶的Cybercab尚未落地，特斯拉率先进入无人驾驶状态。群龙无首的一个季度里， 5000亿美元蒸发的市值和掉头向下的汽车交付量，终于换来了马斯克的浪子回头。 特斯拉面临的问题并非单纯的销量下滑。2022年前后，特斯拉实际上进入了一个"转型过渡期"： 汽车业务的增长 会 逐渐趋稳，人工智能相关业务准备接棒，让特斯拉逐渐摆脱汽车生产商的身 份，成为人工智能公司。 但和"转型"同时出现的词，往往是"阵痛"。 01 失效的金手指 2015年2月，特斯拉财报不及预期，马斯克在电 ...

从"技术极客"转变为造车达人后，开始务实的小鹏拿下新势力一季度销冠。 今年一季度，小鹏汽车销量同比增长330.8%达9.4万辆，领跑新势力梯队，也跑赢行业同期11.2%的增速。 销量喜报早已预示财报的增长。2025年一季度，小鹏汽车总营收同比增长141.5%至158.1亿元，其中汽车销售收入占比达到91%至143.7亿元，同比增长了 159.2%；其净亏损同比收窄51.5%至6.6亿元。 尽管一季度销量主要靠中低端车型MONA M03和P7+贡献，但小鹏汽车利润率依旧在稳定增长。今年一季度，小鹏的汽车毛利率为10.5%，整体的毛利率高 达15.6%，创下近四年来单季毛利率的新高。 蔚小理等新势力都曾经是特斯拉的"中国学徒"，而现在，小鹏要做自己，成为面向全球的AI汽车公司。何小鹏在业绩会上说："令我倍感振奋的是，我们的 增长潜力才刚刚开始释放。" 根据规划，第二季度，部分搭载图灵芯片的车型已经开始生产，配备图灵芯片的车型将在第三季度大规模装车放量。到第四季度，小鹏汽车将会实现单季度 盈利。 在具体车型规划上，"今年的第三季度到2026年，小鹏汽车、MONA都会不断地有新车推出。"何小鹏说。 按照何小鹏的预测， ...

Investment Rating - The report maintains a positive outlook on the humanoid robot industry, emphasizing the importance of software development for commercialization [3][4]. Core Insights - The report identifies that the hardware maturity of humanoid robots is currently higher than that of software, with software being the key to commercialization. It highlights the need for advancements in algorithms, data, and control systems to drive the industry forward [3][5][6]. Summary by Sections 1. Algorithms: The Core of Embodied Intelligence - The algorithm framework is divided into two levels: the upper "brain" focuses on task-level planning and decision-making, while the lower "cerebellum" handles real-time motion planning and joint control [3][11][18]. - The report discusses the evolution of control algorithms, noting a shift from traditional methods to modern approaches like reinforcement learning (RL) and imitation learning (IL) [3][19][29]. - The VLA (Vision-Language-Action) model is highlighted as a significant advancement in upper-level control, enabling robots to understand and execute tasks through natural language processing [3][36][40]. 2. Data: The Foundation of Algorithm Learning - Data quality and diversity are crucial for algorithm performance, with sources categorized into real data, synthetic data, and web data. Real data is the most accurate but least abundant [3][74][76]. - The report emphasizes the importance of remote operation and motion capture technologies for collecting high-quality real data [3][79]. 3. Control Systems: The Foundation of Embodied Intelligence - The control system is described as the "brain" of humanoid robots, consisting of hardware (SoC chips, CPUs, GPUs, NPUs) and software components [3][3][3]. - The report notes that the industry lacks a unified consensus on the structure of the "brain" and "cerebellum" in humanoid robots, which are essential for executing complex algorithms and tasks [3][3][3]. 4. Investment Opportunities - The report identifies several key companies in the humanoid robot industry worth monitoring, including: - Controller segment: Tianzhun Technology, Zhiwei Intelligent, Desay SV [4][4]. - Motion control technology: Huichuan Technology, Xinjie Electric, Leisai Intelligent, Gokong Technology, Tosida [4][4]. - Chip manufacturers: Rockchip, Horizon Robotics [4][4]. - Data collection equipment: Lingyun Optical, Aofei Entertainment [4][4].