Group 1 - NVIDIA asserts that its chips do not contain backdoors, kill switches, or monitoring software, emphasizing the importance of security in modern computing [2] - The company highlights the widespread applications of its GPUs in various sectors, including healthcare, finance, scientific research, autonomous driving, and AI infrastructure [2] - NVIDIA argues that embedding backdoors or kill switches could compromise global digital infrastructure and erode trust in leading technologies, aligning with existing laws that mandate companies to fix vulnerabilities rather than create them [2] Group 2 - Recent reports indicate that NVIDIA's computing chips have been exposed to serious security issues, prompting U.S. lawmakers to call for advanced chips to include tracking and remote shutdown capabilities [3] - The National Internet Information Office of China has requested NVIDIA to explain the security risks associated with its H20 computing chips sold to China, in accordance with local cybersecurity laws [3]

8月6日凌晨，英伟达官网发文，称："NVIDIA 芯片中没有后门、终止开关和监控软件。这些绝不是构 建可信系统的方式，也永远不会是。" 该文章表示："NVIDIA GPU 是现代计算的核心，被广泛应用于医疗健康、金融、科学研究、自动驾驶 系统和 AI 基础设施等行业。业界将 NVIDIA GPU 集成于众多系统中，包括 CT 扫描仪、MRI 机器、 DNA 测序仪、空中交通雷达跟踪系统、城市交通管理系统、自动驾驶汽车、超级计算机、电视广播系 统和游戏机等。 为了降低误用风险，一些专家和政策制定者提出需要在硬件中设置"终止开关"或内置控件，以便在用户 不知情和未经同意的情况下远程禁用 GPU。有人怀疑这种情况已经存在。 为维护中国用户网络安全、数据安全，依据《网络安全法》《数据安全法》《个人信息保护法》有关规 定，国家互联网信息办公室于7月31日约谈了英伟达公司，要求英伟达公司就对华销售的H20算力芯片 漏洞后门安全风险问题进行说明并提交相关证明材料。 彼时，英伟达回应："网络安全至关重要。英伟达的芯片不存在'后门'，不会让任何人有远程访问或控 制这些芯片的途径。" 7月15日，英伟达在官网发文称，公司将恢复H ...

Group 1 - Nvidia denies the existence of backdoors in its GPUs, stating that there should be no remote disabling features without user consent [2] - Chery's chairman apologizes for past inefficiencies and announces a 30% reduction in meetings and attendees to improve operational efficiency [2] Group 2 - Li Auto announces that the newly launched Li i8 model will be unified to a single version, i8 Max, with a price adjustment from 349,800 yuan to 339,800 yuan, and offers additional benefits [3] - Yushutech unveils a new quadruped robot, Unitree A2, weighing approximately 37 kg with a range of about 20 km [3][4] Group 3 - Hema X member stores will close all locations by August 31, marking the end of this membership-based retail format in China [5] - AMD reports a second-quarter revenue of $7.69 billion, a 32% year-over-year increase, but a 31% decline in adjusted net profit [6] Group 4 - Gree Electric's chairman emphasizes the importance of product quality over low pricing, stating that misleading consumers can damage brand reputation [7] - Taobao is set to launch a new membership system that integrates various Alibaba services, enhancing user engagement and loyalty [8] Group 5 - JD.com plans to open its first large discount supermarket format in August, featuring a large store model with over 5,000 SKUs and competitive pricing [8] - Geely responds to reports of a major integration of its autonomous driving teams, indicating ongoing discussions about the restructuring [9] Group 6 - State Grid reports a record daily electricity load of 1.222 billion kilowatts, driven by high temperatures, and highlights its efforts to enhance cross-regional power transmission capabilities [11]

Core Viewpoint - NVIDIA has launched the Llama Nemotron Super v1.5, an open-source model designed for complex reasoning and agent tasks, achieving state-of-the-art performance while tripling throughput compared to its predecessor, and efficiently running on a single GPU [2][11]. Model Introduction - Llama Nemotron Super v1.5 is an upgraded version of Llama-3.3-Nemotron-Super-49B-V1, specifically tailored for complex reasoning and intelligent agent tasks [3]. Model Architecture - The model employs Neural Architecture Search (NAS) to balance accuracy and efficiency, effectively converting throughput improvements into lower operational costs [4]. - NAS generates non-standard, non-repetitive network modules, introducing two key changes compared to traditional Transformers: - Skip attention mechanism, which bypasses the attention layer in certain modules [6]. - Variable Feedforward Network (FFN), where different modules utilize varying expansion/compression ratios [7]. Efficiency Improvements - The model reduces FLOPs by skipping attention or altering FFN widths, allowing for more efficient operation under resource constraints [8]. - A block-wise distillation process was applied to the original Llama model, constructing multiple variants for each module and searching for optimal combinations [9]. Training and Dataset - The model was trained on 40 billion tokens from three datasets: FineWeb, Buzz-V1.2, and Dolma, focusing on English single-turn and multi-turn conversations [10]. - Post-training involved a combination of supervised fine-tuning and reinforcement learning to enhance performance in key tasks such as coding, mathematics, reasoning, and instruction following [10]. Deployment and Ecosystem - NVIDIA's AI models are optimized for running on NVIDIA GPU-accelerated systems, achieving significant speed improvements over CPU-only solutions [12]. - Llama Nemotron Super v1.5 is now open-source, available for developers on build.nvidia.com or via Hugging Face [13]. Ecosystem and Model Series - The Llama Nemotron ecosystem integrates large language models, training and inference frameworks, optimization tools, and enterprise deployment solutions for high-performance AI application development [14]. - NVIDIA has introduced three series of large language models: Nano, Super, and Ultra, catering to different deployment needs and user profiles [16]. - The Super series, including Llama Nemotron Super v1.5, balances precision and computational efficiency for single GPU use [17]. Enterprise Support - The Nemotron model has gained support from major enterprises like SAP, Microsoft, and Deloitte for building AI agent platforms aimed at enterprise-level process automation and complex problem-solving [17].

Group 1 - TSMC reported a record Q1 2025 revenue of $25.53 billion, a 41.6% year-over-year increase, and an operating profit of $12.38 billion, up 56.1% year-over-year [1] - TSMC's market share has been steadily increasing since Q1 2019, projected to reach 68% by 2025, while Samsung's share is expected to decline from 19% to 8% in the same period [2] - TSMC's wafer shipments in Q1 2025 were 3.26 million, which is 82% of the peak shipment of 3.97 million wafers [9][14] Group 2 - TSMC's 8-inch and 12-inch fab utilization rates are projected to be 69% and 86% respectively in Q1 2025, indicating underutilization compared to historical levels [10][12][14] - The decline in demand for 7nm technology has led to a significant drop in sales, with expectations that TSMC may convert 7nm capacity to 5nm or 3nm nodes [21][23] - TSMC's sales to the US reached a record 77% in Q1 2025, driven by increased demand for AI semiconductors, particularly NVIDIA GPUs [25][27] Group 3 - The share of smartphone sales in TSMC's revenue has decreased to 28% by Q1 2025, while high-performance computing (HPC) sales have risen to 59% [29][31] - TSMC's automotive semiconductor sales remain low, which may impact the future prospects of its Kumamoto factory [32]

Investment Rating - The report maintains a trading range for the S&P 500 between 5000-5500, indicating a cautious outlook on the market [4][6][11] Core Insights - The dispersion of earnings per share (EPS) revisions is increasing, suggesting that the upcoming earnings season may act as a rotational catalyst rather than affecting the index level [4][25] - The report emphasizes the importance of identifying high-quality stocks in industries that are less risky, such as Transports, Materials, Pharma/Biotech, and Tech Hardware [4][25] - There is a notable uncertainty surrounding tariff impacts, with many companies withdrawing guidance or adopting conservative approaches due to macroeconomic uncertainties [24][41] Summary by Sections Market Overview - The S&P 500 is expected to remain within the 5000-5500 range due to competing factors affecting both upside and downside risks [4][6] - Upside risks include a more dovish Federal Reserve, a broader trade deal with China, and improved earnings revisions, while downside risks involve declining business confidence and rising back-end rates [4][11] Earnings Revisions - Earnings revisions breadth is currently at -24%, the lowest since the 2022 growth scare, indicating a potential for further cuts to 2025/2026 EPS [41][42] - Cyclical and tariff-sensitive industries, such as Autos, Transports, and Tech Hardware, are leading the downward revisions [41][46] Sector Analysis - In Hardlines/Broadlines/Food Retail, companies are reducing exposure to China and absorbing about 50% of tariff costs, with no significant consumer slowdown observed [34] - The Tech Hardware sector is facing challenges due to tariffs, with enterprise spending remaining robust while small and medium businesses are delaying projects [37] - The Media & Telecom sector is experiencing weaker advertising spending, with companies adjusting guidance downward due to macro uncertainties [37] Investment Opportunities - The report suggests focusing on high-quality stocks in less risky industries, utilizing tools such as industry frameworks and quality stock screens to identify potential investments [4][25] - Specific companies identified as quality cyclicals include Halliburton, Schlumberger, and Ecolab, among others [47]

下一个黄金赛道。 作者 I 岳笑笑 报道 I 投资界PEdaily 黄仁勋又出手了。 本周，黄仁勋现身越南，期间宣布一则消息：英伟达已收购越南医疗保健初创公司 Vi nBr a i n。 这一笔交易看似意外，却又有迹可循。今年以来，黄仁勋在多个公开场合强烈表示了对AI医疗的狂热。这一次，他买下越南明星AI医 疗大模型公司——Vi nBr a i n，成为押注AI医疗的又一注脚。如今打开Vi nBr a i n的官网，"Vi nBr a i n is now a pa rt of NVIDIA"的通知 已经出现在主页。 买了一个AI医疗团队 被黄仁勋看中，Vi nBr a i n有何来头？ 资料显示，Vi nBr a i n的创始人是St e ve n Tr u on g。他曾在人工智能和软件行业工作了26年，就职于霍尼韦尔、I n t e lliCommuniti e s等顶 级技术公司，还是微软人工智能产品平台的关键发起人。 图源官网 2019年，St e ve n Tr uong回到越南，在照顾中风的年迈母亲时，他感受到到医院过度拥挤给患者及其家人带来的不便。结合自身经 历，他产生了将AI与医疗结合创业的 ...