2011年10月，乔布斯去世；随后库克正式接管苹果帝国，截至目前，正好做了14年的CEO； 为什么说"正好"呢，因为乔布斯在1997年回归苹果后（之前被董事会赶走了）到去世前几个月，也掌舵了14年的苹果。 所以，两任CEO，同样的年限，还挺有对比效果的。当然，最直观的还是如图所见，产品发布&公司市值。 乔布斯时代（1997-2011），让苹果从濒临破产的2.5亿美元市值起步，到iMac、iPod、iPhone和iPad这些神级产品登场，苹果完美演绎了什么时"凤凰涅槃"， 市值达到3445亿美元，增长率高达141,000%。 换句话说，如果你在乔布斯掌舵的任一时间买入苹果并持有至今，大概是10~100多倍的回报。 这也是乔布斯众所周知的魔力——不只是卖产品，而是售卖梦想与美学。 再说说厨子。ch 库克接棒后（2011至今），很多人觉得他太不"乔布斯"了，苹果失去了以往的创造力，但但实际上，乔布斯的遗产已经被推向巅峰。 苹果市值从3470亿美元暴增至超股票3.1万亿美元，增长了9,000%。 虽然这14年里没有iPhone、iPad这样的产品，但库克掌舵下也给出不少引领行业的东西： AirPods、Apple W ...

Core Insights - The imminent retirement of Apple CEO Tim Cook raises questions about his successor, with John Ternus, the current Senior Vice President of Hardware Engineering, being a prominent candidate [1][24][32] Leadership Changes - A significant shift in Apple's leadership is underway as key executives, including COO Jeff Williams, are stepping down, creating a power vacuum [7][21] - The departure of Williams marks the end of an era and signals the beginning of a succession battle within the company [7][21] AI and Technology Challenges - Apple's AI division, led by John Giannandrea, faces challenges, particularly with the underperformance of Siri and the launch of Apple Intelligence [8][15] - The potential for external recruitment from competitors like Meta is being explored to strengthen Apple's AI capabilities [13][15] Chip Development - Johny Srouji, a key figure in Apple's chip development, is contemplating retirement, which could lead to significant changes in the hardware division [16][18] - The most likely successors for Srouji are Zongjian Chen and Sri Santhanam, both of whom have played crucial roles in Apple's chip projects [18] Environmental and Government Affairs - Lisa Jackson, former head of the EPA and currently overseeing Apple's environmental initiatives, has also hinted at retirement, adding to the uncertainty in Apple's leadership landscape [19] Ternus as the Preferred Successor - John Ternus is viewed as the most suitable candidate to succeed Cook due to his age, engineering background, and deep understanding of Apple's product and technology needs [26][28][30] - Ternus has gained significant trust from Cook and has been increasingly involved in strategic decision-making beyond his traditional role [30][32] New Leadership Appointments - Apple continues to promote new vice presidents annually, with three new appointments this year, indicating a smooth transition in leadership without internal conflict [33]

苹果折叠机叫iPhone Ultra？ 凤凰网科技讯 北京时间10月9日，据美国科技网站9to5mac报道，今年的iPhone 17系列手机迎来重大变 化，不仅推出了全新的iPhone Air机型，更打造了差异化更显著的Pro系列。但这只是开始，据传明年苹 果将推出首款折叠屏iPhone，它可能会成为首款"iPhone Ultra"机型。 9to5mac列出了苹果会将首款折叠屏手机命名为"iPhone Ultra"的三大原因： 1.尺寸更大 对于苹果来说，为折叠屏iPhone命名面临的一个挑战是，其屏幕将比iPhone 18 Pro Max更大，因 此"Max"不再是"最大"。 当然，苹果的命名规则并非总是合乎逻辑。例如，理论上iPad Air应比iPad Pro更轻更薄，但实际上并非 如此。 iPhone 17 Pro Max 不过，大多数情况下，苹果产品的命名还是比较有逻辑的。从现有苹果产品来看，"Max"被"Ultra"取代 的例子已经存在。苹果的M系列芯片就遵循这种命名方式：M3 Ultra性能优于M3 Max，而M3 Max又优 于M3 Pro，依此类推。 如果苹果想表明有一款iPhone比长期以来 ...

苹果当前在芯片方面实力显著。但翻看苹果的发展，苹果在2008年收购PA semi是该公司芯 片命运的转折点。 据介绍，这家拥有150名员工的芯片公司由丹·多伯普尔（Dan Dobberpuhl）于2003年创立，他曾 是数字设备公司（Digital Equipment）在20世纪90年代开发的备受赞誉的Alpha和StrongARM微 处理器的首席设计师，PA Semi 当时的芯片是基于 IBM 的 Power 架构。 按照当时的报道，苹果没有说这个收购的目的是啥，但有知情人士透露，，此次谈判是由时任苹果 首席执行官史蒂夫·乔布斯主导，目的是将PA Semi的PWRficient处理器作为iPhone和未来iPod的 核心。后续的发展，证实了这个观点。 从某种程度看，苹果的这个收购，奠定了该公司后续在手机、耳机、PC和一系列设备上的基础。 现在，苹果又出招了。 公众号记得加星标⭐️，第一时间看推送不会错过。 又收购了一家芯片公司 根据欧盟列为"守门人"的收购案名单，苹果公司最近已经偷偷收购了芯片公司IC Mask Design。 欧盟的上市文件显示："苹果将收购 IC Mask Design Limited（ ...

公众号记得加星标⭐️，第一时间看推送不会错过。 过去几十年来，英特尔的 x86 架构统治着计算领域，为从最基础的笔记本电脑到最强大的数据中心 设备等各种设备提供动力。然而，一场静悄悄的革命正在幕后悄然发生：Arm。Arm 架构在智能手 机时代真正开始站稳脚跟，如今正在主流计算领域占据重要地位，而这在以前是不可想象的。如此之 多，以至于 x86 的统治地位似乎已成定局。 有很多理由可以相信这一点，而且与几年前相比，现在想想也并非难以想象。苹果公司通过其M系列 Apple Silicon SoC向Arm的重大转变无疑开启了一股潮流，而微软再次推动基于Arm的Windows操 作系统，表明微软再次看到了它的价值。而这两项行业变革仅仅是冰山一角。 Arm 的行业支持很有说服力 Arm 崛起的最明显指标之一是芯片制造商，以及这些芯片的创造者群体在过去十年中如何不断壮 大。在 x86 领域，只有两家主要生产商：英特尔和 AMD。相比之下，Arm 生态系统拥有众多芯片 设计公司。一些科技界巨头正在打造基于 Arm 的高性能处理器：苹果用其自主研发的 M 系列芯片取 代了 Mac 中的英特尔 CPU，高通正在基于 Arm 为 ...

来源：市场投研资讯 （来源：上海证券研究） 市场行情回顾 过去一周（09.15-09.19），SW电子指数上涨2.96%，板块整体跑赢沪深300指数3.40个百分点，从六大 子板块来看，消费电子、电子化学品Ⅱ、光学光电子、半导体、元件、其他电子Ⅱ涨跌幅分别为 4.85%、3.61%、2.89%、2.79%、1.37%、0.74%。 中美贸易摩擦加剧、终端需求不及预期、国产替代不及预期。 报告名称：《台积电领衔晶圆代工2.0市场，英伟达50亿美元注资英特尔——电子行业周报 （2025.09.15-2025.09.19）》 分析师：陈凯 SAC编号：S0870525070001 研报发布日期：2025年9月22日 发布机构： 上海证券有限责任公司 核心观点 25Q2台积电营收突破302亿美元，晶圆代工2.0市占率达到38%。9月16日，根据芯智讯援引市场研究机 构CounterpointResearch最新公布的数据显示，受益于人工智能（AI）、高性能计算（HPC）芯片旺盛需 求，2025年第二季全球半导体代工市场达到了417亿美元。其中，台积电的市占率高达70.2%，当季营 收突破302亿美元，较上季增长18. ...

Core Insights - The SW Electronics Index increased by 2.96% from September 15 to September 19, outperforming the CSI 300 Index by 3.40 percentage points [2] - In the six sub-sectors, the performance was as follows: Consumer Electronics (4.85%), Electronic Chemicals II (3.61%), Optical Electronics (2.89%), Semiconductors (2.79%), Components (1.37%), and Other Electronics II (0.74%) [2] Semiconductor Market Overview - TSMC's revenue surpassed $30.2 billion in Q2 2025, with a market share of 38% in the Foundry 2.0 segment [3] - The global semiconductor foundry market is projected to reach $41.7 billion by Q2 2025, with TSMC holding a dominant market share of 70.2% [3] - TSMC's revenue grew by 18.5% compared to the previous quarter, with nearly 75% of its revenue coming from advanced process technologies below 7nm [3] - Major clients include NVIDIA, AMD, and Apple, indicating strong demand for advanced chips driven by AI and high-performance computing [3] - Samsung's efforts in 2nm GAA technology are hindered by a lack of large-scale production orders, limiting its ability to challenge TSMC's market position [3] Strategic Partnerships - NVIDIA announced a $5 billion investment in Intel to enhance collaboration in the data center and personal computing sectors [4] - Intel will customize x86 CPUs for NVIDIA, which will integrate these into its AI infrastructure platform [4] - This partnership aims to merge NVIDIA's AI capabilities with Intel's extensive x86 ecosystem, potentially positioning NVIDIA as a significant shareholder in Intel [5] Investment Recommendations - The electronic semiconductor sector is expected to experience a comprehensive recovery by 2025, with an improved competitive landscape and profitability [6] - Recommended stocks include those in semiconductor design with low PE/PEG ratios, such as Zhongke Lanyun and Juchip Technology, as well as key materials and carbon-silicon industry leaders [6]

Core Insights - Nvidia's market capitalization has surged to $4.28 trillion, prompting strategic decisions on cash allocation that could reshape the industry landscape [1] - Nvidia dominates the AI GPU market with an 85%-90% share, leveraging the AI wave to redefine the next generation of computing [1] Investment Moves - On September 17, Nvidia announced a $5 billion investment in Intel, causing Intel's stock to soar by 22.8%, marking its best single-day performance since 1987 [2] - Nvidia also invested nearly $1 billion to hire the CEO of AI startup Enfabrica and secured technology licensing from the company [2] - Additionally, Nvidia revealed a £110 billion ($150 billion) investment plan in the UK, aiming to establish a leading AI computing center in Europe [2] Strategic Philosophy - Nvidia's CEO Jensen Huang is adopting a cash management strategy that avoids high-risk acquisitions, instead opting for equity investments and collaborations with AI companies [4] - This approach allows Nvidia to sidestep stringent antitrust scrutiny while integrating key partners into its ecosystem, fostering a collaborative industry environment [4] Intel Partnership - The $5 billion investment in Intel will grant Nvidia approximately 5% ownership, enabling joint development of next-generation x86 architecture products [5] - The collaboration focuses on creating a hybrid chip solution that integrates Intel's x86 CPU with Nvidia's RTX GPU, enhancing performance and efficiency [5][6] Technological Advancements - The partnership aims for a revolutionary integration of CPU and GPU, utilizing Nvidia's NVLink interface to achieve 14 times the bandwidth and lower latency compared to traditional PCIe connections [6] - The new chip will support unified memory access, addressing data transfer bottlenecks seen in traditional architectures [6] AI Ambitions - Nvidia's acquisition of Enfabrica's technology aims to build a massive AI cluster capable of interconnecting over 100,000 GPUs, aligning with the performance needs of its new Blackwell chips [8] - The Blackwell chips are expected to deliver 7-30 times the performance of the previous H100 generation, with a total computing power of 2.4 exaflops from the UK supercluster [8] Market Positioning - Nvidia's collaboration with Intel is a strategic move to solidify its hardware dominance in the AI era, filling gaps in its general computing capabilities [9] - The partnership creates a comprehensive technology stack combining CPU, GPU, and software, enhancing Nvidia's competitive edge [9] Competitive Landscape - Nvidia's collaboration faces competition from AMD's APU solutions and Apple's M-series chips, but its unique advantages in NVLink technology and software ecosystem position it favorably [10] - The partnership also aligns with U.S. government interests in bolstering domestic technology and manufacturing capabilities [11] Historical Context - Previous collaborations in the tech industry have had mixed results, but Nvidia and Intel's clear division of responsibilities aims to mitigate risks associated with past failures [12] - Nvidia's investment in Intel is expected to stabilize the partnership, reducing the likelihood of collaboration breakdowns [12] Future Considerations - Nvidia's aggressive cash deployment strategy raises questions about sustaining growth and managing competition while navigating regulatory environments [18] - The company must balance innovation with maintaining its market position to avoid the fate of past tech giants [19]

Core Viewpoint - Apple is making efforts to enhance gaming on macOS to attract developers and improve the gaming experience on Mac, despite the platform's historical limitations in gaming performance and content availability [4][6][8]. Group 1: Apple's Gaming Strategy - Apple aims to showcase the capabilities of its M-series chips through gaming, as gaming performance is a direct indicator of hardware capability [8]. - The company is also motivated to retain gaming content within its ecosystem, as it has strict in-app purchase policies on iOS, and wants to prevent users from relying on external platforms like Steam and Epic [8][14]. - Despite the limited gaming market on Mac, Apple is pushing for more native game versions to create a viable gaming environment, even if the current offerings are sparse [8][17]. Group 2: Technical Limitations - The transition from Intel to Apple Silicon has created challenges for gaming on Mac, as many games are developed for Windows and do not have macOS versions [9][11]. - Hardware limitations, such as performance and power consumption issues, hinder the ability of Macs to run demanding games effectively [11][13]. - The unified memory architecture of Macs, while beneficial for certain tasks, may not meet the needs of high-performance gaming, as dedicated video memory is often preferred [13]. Group 3: Content Development Challenges - Apple's dual approach to gaming—offering services like Apple Arcade while also promoting high-profile games—creates a conflicting strategy that may confuse users [14][15]. - The lack of significant investment from developers in adapting games for macOS results in a limited selection of titles, which undermines the potential for a robust gaming ecosystem [17]. - The overall perception of Mac as a gaming platform remains skeptical, as developers are hesitant to invest in creating content specifically for macOS [17].

Core Viewpoint - The article discusses the departure of Pang Ruoming, a prominent AI leader, from Apple to Meta, highlighting the challenges faced by Apple's AI team and the internal resistance that hindered innovation and progress in AI development [4][6][26]. Group 1: Pang Ruoming's Departure - Pang Ruoming was offered a $200 million annual salary by Meta, raising questions about Apple's AI team's effectiveness and output [4][27]. - Despite being responsible for the Apple AI Foundation Model (AFM) team, Pang's achievements were not publicly recognized due to Apple's closed ecosystem, which delayed the release of their work until product launches [5][6][28]. - Pang expressed disappointment with Apple's conservative AI strategy and internal obstacles, leading to his decision to leave [7][8][39]. Group 2: Apple's AI Team Dynamics - The AFM team, which Pang led, consisted of around 80 members, including notable figures like Chen Zhifeng and Wang Zirui, who have significant backgrounds in AI and machine learning [10][12][20]. - Following Pang's departure, Chen Zhifeng will take over leadership of the AFM team, which will adopt a more decentralized management structure [14][15]. - The team has developed a foundational model with capabilities comparable to DeepSeek V3, indicating a strong technical foundation despite internal challenges [28]. Group 3: Internal Challenges at Apple - Apple's AI strategy has been criticized for being slow and lacking innovation, with key decisions often influenced by Craig Federighi, who has been hesitant to invest heavily in AI [36][42]. - The internal conflict regarding AI priorities has led to a lack of timely product releases and public acknowledgment of the team's work, contributing to talent dissatisfaction [39][42]. - Apple's reliance on its proprietary hardware has limited the AI team's ability to deploy cutting-edge models, as the current chips do not support advanced AI functionalities effectively [40][41].