当地时间7月10日，芯片巨头英伟达股价继续高歌猛进，市值首次在收盘突破4万亿美元。 该公司在最近一次财报中表示，由于美国对中国的芯片禁令，公司在截至今年7月的季度中预计将损失约80亿美元。 就在英伟达股价创下历史新高之际，黄仁勋是否将再次到访中国引发关注。在上个月的国新办举行新闻发布会上，中国贸促会副会长于健龙表示："全球人 工智能领军企业美国英伟达将首次在链博会上亮相并且参展。"为了与中国市场保持紧密联系，黄仁勋今年已经多次到访中国。 在中国推出的下一代芯片是什么？ 此前，英伟达的H20人工智能芯片在中国的销售被要求额外的许可。随着英伟达新一代的Blackwell Ultra芯片下半年在全球进入批量发货，市场也高度关注 英伟达在中国市场推出的下一代人工智能芯片是什么。 黄仁勋在被问及相关问题时，只是简单地回答称："不是Hopper系列，因为Hopper已经无法修改了。"他没有提及英伟达是否会在中国推出修改版本的 Blackwell芯片。 英伟达最新的Blackwell Ultra芯片可生成比上一代Blackwell芯片多50倍以上的AI内容，并成为推动各大科技巨头数据中心发展的关键基础设施。如何向中国 市场 ...

此次融资谈判之际，该公司告知投资者其今年收入将增长四倍以上。若交易完成，这家初创企业的投 后估值将达到 60 亿美元，较一年前的股权融资实现翻倍。 • AI 芯片初创公司 Groq 专攻推理市场：LPU芯片专注开源模型推理（Llama 4/Gemma等），以低 延迟、低功耗叫板英伟达，但性能弱于Hopper/Blackwell训练芯片 • 此前该公司已与沙特阿拉伯、芬兰达成一系列合作协议预计今年收入从9000万跃升至5亿美元。 图片来源： Groq 据直接了解融资情况的人士透露，开发用于驱动大语言模型芯片的 Nvidia 挑战者 Groq 已与投资者洽 谈，拟以 60 亿美元的投后估值筹集 3 亿至 5 亿美元资金。 Groq 已从包括基金巨头贝莱德、思科和三星的风投部门，以及 D1 Capital 、 Lee Fixel 的 Addition 和老虎环球管理在内的投资者处筹集了超过 10 亿美元的权益融资。 • 该公司未能实现第一季度向数据中心部署芯片的目标 该公司在近期与沙特阿拉伯达成芯片协议后正寻求资金。今年 2 月， Groq 表示已获得沙特阿拉伯 15 亿美元的 " 承诺 " ，以扩大其在该国的芯片 ...

It has been a turbulent year for the U.S. markets. In early April, many stocks experienced sharp declines due to escalating trade tensions and the introduction of new tariffs by the Trump administration. Investors panicked. Headlines screamed of trade wars.But fast-forward to July, and it's a completely different picture. The benchmark S&P 500 index is sitting at record highs. Economic metrics are seeming friendlier, and optimism has crept back in. But don't let the rally fool you -- there's tension brewing ...

机构：AI投资减速已触底 英伟达市值首破4万亿 金十数据7月10日讯，英伟达市值突破4万亿美元，成为全球首家达成这一里程碑的公司。Synovus Trust 高级投资组合经理Dan Morgan表示，作为AI资本开支的风向标，英伟达(NVDA.O)的股价走势表明AI投 资减速已触底。四大云计算巨头——亚马逊、微软、Meta和Alphabet——预计2025年将合计投入逾3300 亿美元资本支出构建AI基础设施，较2024年2400亿美元的预估支出规模大幅增长38%。当前笼罩英伟达 股价的最大阴云，是客户从Hopper系列芯片向新一代Blackwell芯片过渡期间，今年下半年销售增速可 能放缓的不确定性。 ...

Core Insights - Nvidia became the first publicly traded company to reach a market capitalization of $4 trillion on July 9, 2024, although it later adjusted to $3.97 trillion [1] - The company has seen rapid growth, surpassing the $1 trillion mark just over 25 months ago, and is now among only 10 companies globally with a market cap exceeding $1 trillion [2] Company Performance - Nvidia's stock rose 239% in 2023, reaching the $1 trillion mark on May 30, 2023, and continued to grow, hitting $2 trillion on February 23, 2024, and $3 trillion on June 5, 2024 [7] - The market cap increased from $3 trillion to $4 trillion in just over a year, with a stock price increase of 20% during that period [8] Market Position - Nvidia dominates the AI market, with its GPUs accounting for approximately 92% of the market share, driven by the demand for parallel processing capabilities essential for AI calculations [6] - The company is experiencing significant demand for its new Blackwell chips, which are reported to be 40 times more powerful than previous models [9] Future Projections - Nvidia's projected data center capital expenditures are expected to rise from $400 billion in 2024 to over $1 trillion by 2028, indicating a substantial growth opportunity in the AI sector [10] - To reach a $5 trillion valuation, Nvidia's stock price would need to increase by 25% to around $205 per share, with analysts already setting a price target of $200 [12] Earnings Expectations - The consensus estimate for Nvidia's full-year earnings per share is projected to be $4.29, reflecting a 66% increase from the previous fiscal year [12] - Nvidia reported a revenue growth of 69% year over year in the first quarter of fiscal 2026, suggesting potential for continued strong performance in upcoming earnings reports [13]

重温《英伟达 GTC 2025》：挖掘 AI 算力需求预期差？ 20250706 摘要 美股算力领域表现突出，主要由推理和训练需求共振驱动，需关注大模 型和应用，而非仅依赖产业链数据。GTC 大会参会人数增加，AI 产业人 士占比提升，表明其对 AI 产业的重要性增强，蕴含大量信息差和预期差。 算力需求空间与 TOKEN 量密切相关，计算需求不断增加推动了这一趋 势的发展。海外算力公司的涨幅显著，仅靠传统业绩思路无法解释，需 深入分析 TOKEN 量如何影响计算需求，以及这些因素如何驱动未来趋 势。 Agentic AI 是推理模型衍生出的 AI 范式，强调任务分布执行和规划， 以完成某个任务为终极目标，通过拆解、分布、规划和执行来实现，能 够处理连续、多步骤的复杂或简单任务。 黄仁勋指出，现在不仅有预训练阶段，还有后训练（post training）和 测试时间（test time），这三个阶段都存在算力需求通胀，因此现在有 三条 skin law 曲线。 Q&A 全球 AI 算力跟踪的现状如何？与以往相比有哪些变化？ 当前全球 AI 算力的跟踪方式与以往有显著不同。过去主要通过产业链数据进行 跟踪，但这种 ...

Company Overview - Nvidia is the leading company in the generative artificial intelligence (AI) sector, particularly known for its dominance in the graphics processing unit (GPU) market [2][3] - The company holds a remarkable 92% market share in the GPU market, with strong demand for its new Blackwell chips [4] Market Demand and Competitive Position - The demand for Nvidia's AI infrastructure has surged, with AI inference token generation increasing tenfold in just one year [4] - Nvidia's CUDA software platform enhances its competitive position by locking clients into its ecosystem, making it complex and costly to switch to other chip manufacturers [4] Financial Performance - Nvidia's revenue grew from $26.9 billion in fiscal 2023 to $130.5 billion in the latest fiscal year, with free cash flow reaching $60.7 billion [7] - In the first quarter of fiscal 2026, Nvidia reported $44 billion in revenue, a 69% year-over-year increase, with net income of $18.77 billion, up 26% [8] - Management anticipates fiscal Q2 revenue to be around $45 billion, reflecting a 50% year-over-year growth [8] Industry Position and Future Outlook - Major tech companies like Microsoft, Amazon, Alphabet, and Tesla are customers of Nvidia, indicating its critical role in the data center market [9] - Nvidia is expected to capture a significant share of the projected $1 trillion data center expenditures by 2028 [9] Leadership - CEO Jensen Huang has been pivotal in transforming Nvidia from a gaming GPU company to a leader in AI technology, positioning the company at the forefront of the AI conversation [10][11] - Huang's vision and leadership are seen as key factors in Nvidia's continued growth and appeal as an investment [12] Investment Consideration - Nvidia is characterized by a strong competitive moat, substantial free cash flow, and impressive earnings growth, making it a compelling choice for investors [13] - Despite a forward price-to-earnings ratio of 36.8, the company's rapid growth justifies its valuation [13]

Core Insights - The rapid rise of Palantir Technologies in the AI sector may be temporary, with concerns about its high valuation and market sustainability [5][8][7] AI Market Overview - The global addressable market for AI is projected to reach $15.7 trillion by 2030, indicating significant growth potential for various companies [2] Palantir Technologies - Palantir's stock has surged by 1,940% since the beginning of 2023, leading to a market cap exceeding $300 billion [5] - The company has a sustainable competitive advantage with its Gotham and Foundry platforms, which are difficult for competitors to replicate [6] - Palantir's business model includes multiyear government contracts and an enterprise-based subscription model, contributing to predictable cash flow [6] - Despite its strengths, Palantir faces historical challenges that have affected other tech companies, including potential overvaluation and negative investor sentiment [7] - Palantir's price-to-sales (P/S) ratio is currently above 104, significantly higher than the historical range of 30 to 43 for leading companies in similar trends, suggesting an unsustainable valuation [8] Competitors with Growth Potential - Pfizer, with a current market cap of $142 billion, is positioned to grow stronger, especially with its oncology segment bolstered by the acquisition of Seagen [10][13] - PayPal, valued at $73 billion, offers a more attractive risk-reward profile with sustained double-digit growth potential and a forward price-to-earnings ratio of 13 [16][20] - Intuitive Surgical, with a market cap of $193 billion, dominates the robotic-assisted surgical market and is expected to see revenue growth driven by higher-margin services and accessories [21][25]

Wall Street's largest public company has turned a $12 investment into $73,584 (not including dividends) in less than 27 years.What do you get when you put Wall Street's two hottest trends -- artificial intelligence (AI) and stock splits -- together? The stock market's largest public company, Nvidia (NVDA 1.28%).A stock split is a tool public companies have available to adjust their share price and outstanding share count by the same factor. These adjustments can be used to increase the share price (in a rev ...

必读要闻二：SK海力士有望向英特尔AI芯片供应HBM4 必读要闻一：这类基础设施建设进展顺利，一批国家重大工程建设加速推进 据报道，今年以来，我国全力推进水利基础设施建设。1至5月，全国水利基础设施建设进展顺利，共完 成水利建设投资4089.7亿元。一批国家重大水利工程建设加速推进，同时全国还新开工11项重大工程， 包括大型灌区建设与现代化改造、大江大河治理工程等。 兴业证券指出，2025年6月26日，中办、国办发布《关于全面推进江河保护治理的意见》，提出充分挖 掘现有水源调蓄工程供水潜力，加快推进已列入国家规划的骨干水源工程建设；健全重大水利工程建 设、运行、管理机制。近年来中央预算资金、专项债资金等均向水利水电倾斜，水利水电基建投资增速 保持高增长，建筑企业水利水电、水生态保护等江河相关的建筑工程订单同样保持高增长的态势，随着 此次《意见》落地，水利水电工程高景气度预期延续，关注水利水电带来的投资机会。 7月6日上午10:30，CMG世界机器人技能大赛首场机器狗任务赛直播开启，机器狗"黑豹2.0"将在直播 间，挑战三大"不可能任务"，上演"百米人机对决"。 四足机器人是一种模仿动物肢体结构和行走方式的仿生 ...