〓千万大报·如影随形〓 ★本报由河南日报社、河南移动联合出品 全球首款家务机器人开卖。OpenAI投资的1X科技人形家用机器人Neo昨日起开启预订，售价为2万美元 （约 14.5 万人民币）。这款机器人单次充电可运行最长4小时，身高1.68米，重30kg，并配备摄像头， 可让用户远程查看机器人视角。Neo可通过移动应用或语音指令控制，可编程执行多种家务，如浇水、 清理洗碗机或整理房间。 2025年10月30日河南手机报（早报） 农历九月初十 星期四 ●凌晨重磅！美联储宣布降息25个基点 ●吃饭时没手机 为啥饭都不香了 〓今日天气〓 郑州：雾转多云19℃/10℃，开封：雾转多云19℃/11℃，洛阳：雾转多云18℃/10℃，平顶山：雾转晴 20℃/11℃，安阳：雾转小雨17℃/9℃，鹤壁：雾转小雨17℃/9℃，新乡：雾转小雨19℃/10℃，焦作：雾 转多云18℃/10℃，濮阳：多云转小雨19℃/9℃，许昌：雾转晴21℃/9℃，漯河：雾转晴21℃/10℃，三门 峡：雾转晴18℃/8℃，南阳：雾转晴20℃/11℃，商丘：雾转多云20℃/10℃，信阳：雾转晴20℃/10℃， 周口：雾转晴20℃/12℃，驻马店：雾转晴2 ...

2025.10. 29 本文字数：1412，阅读时长大约2.5分钟 作者 | 第一财经 郑栩彤 美股10月29日开盘，英伟达股价上涨超5%，盘中市值达5.13万亿美元，成为史上首个市值突破5万亿美元的公 司。 | < w NVDA.O | 英伟达(NVIDIA) | | | --- | --- | --- | | 208.270 量 2860.58万 股本 243.00亿 市盈 58.4 | | 万得 | | +7.240 +3.60% 换 0.12% 市值 5.06万亿 市净 50.54 | | 盘口 | | 书时 五日 日K 周K 月K 更多 | | (0) | | 叠加 卖1 | | 208.270 70 | | 200 000 000 000 000 -----3.96%- 买1 208.220 | | 1 | | 09:31 208.350 292 | | | | 09:31 208.360 300 | | | | 2 300 0713 400,500 201.030 | | 4 | 消息面上，英伟达CEO黄仁勋释放了AI需求强劲的信号。他在当地时间10月28日的GTC DC大会上表示，现在 已经可 ...

Core Viewpoint - NVIDIA's stock price surged over 5% on October 29, 2023, reaching a market capitalization of $5.13 trillion, making it the first company in history to surpass a $5 trillion market cap [1] Company Developments - NVIDIA's CEO Jensen Huang indicated strong demand for AI, projecting that revenue from the Blackwell and Rubin architecture chips could exceed $500 billion from 20 million GPUs by 2026, which is five times the revenue expected from the Hopper architecture chips between 2023 and 2025 [2] - Huang showcased the next-generation Rubin superchip, which boasts a computing power of 100 PFlops, 100 times that of NVIDIA's first AI-specific computer, DGX-1, with production expected to begin by next year [3] - NVIDIA announced a $1 billion investment in Nokia to accelerate AI-RAN innovation, facilitating the transition from 5G to 6G, and introduced the Arc Aerial RAN Computer to support next-generation AI-native mobile networks [3] - In quantum computing, NVIDIA launched NVQLink, enabling hybrid simulation between QPUs and GPU supercomputers, with support from 17 different quantum computing companies [3] - NVIDIA introduced the NVIDIA BlueField-4 data processor, which will support AI factory operating systems and is part of the Rubin architecture products set to launch in 2026 [4] Financial Performance - For the second quarter of fiscal year 2026 ending July 27, 2025, NVIDIA reported revenue of $46.743 billion, a 56% year-over-year increase, slightly exceeding market expectations, with a net profit of $26.422 billion, up 59% year-over-year [5] - NVIDIA's data center revenue reached $41.1 billion, also a 56% year-over-year increase, but slightly below market expectations [5] Market Context - On October 28, 2023, NVIDIA, Microsoft, and Apple briefly entered the "4 trillion club," with Apple's market cap at $3.99 trillion and Microsoft's at $4.03 trillion, while on October 29, Apple's market cap rose to $4 trillion and Microsoft's to $4.04 trillion [5] - The surge in market capitalization among tech giants is driven by the ongoing global AI wave, although there are ongoing discussions about the potential for an AI bubble [5]

Group 1 - TSMC's stock price increased over 2.3% to $279 before market opening, with expectations of reaching new highs after opening [1] - The foundry price for TSMC's third-generation 3nm process (N3P) is rumored to have increased by approximately 20% compared to the previous N3E process, while the price for the upcoming 2nm process is expected to rise by 50% [1] - TSMC has secured 15 customers for its 2nm process, with 10 of them focused on HPC applications and the remaining on mobile chip clients [1] Group 2 - Citigroup's report indicates that TSMC is likely to remain a key foundry partner for both NVIDIA and Intel following their collaboration [1] - NVIDIA confirmed in August that TSMC is producing six new chips for its next-generation Rubin architecture [1] - Analysts at Citigroup predict that TSMC's revenue from NVIDIA will grow by 50% and from Intel by 20% by 2026 [1]

Core Insights - The AI computing infrastructure is experiencing a dual resonance of supply and demand, with the liquid cooling server industry poised for a significant breakthrough [1][2] - Nvidia's new Rubin architecture chips have completed tape-out and are set for mass production next year, with global data center infrastructure capital expenditure expected to reach $3-4 trillion over the next five years [2] - The competitiveness of the domestic AI industry chain is continuously improving, exemplified by Cambrian's approved fundraising of 3.985 billion yuan for large model chip and software platform development, with a staggering 4347% year-on-year revenue increase in the first half of the year [1][2] Industry Summary - Overseas computing demand has exceeded expectations, accelerating the maturation of the domestic ecosystem [2] - Oracle's latest financial report indicates a projected 77% surge in cloud infrastructure revenue, with unconfirmed performance obligations skyrocketing to $455 billion, including a $300 billion contract with OpenAI [2] - The upgrade in cooling demand driven by enhanced computing density necessitates liquid cooling technology, which is becoming essential due to the advanced process of Rubin chips [2] - Major cloud providers are expected to significantly boost liquid cooling server demand through substantial collaborations and capital investments [2] Company Insights - Cambrian's fundraising approval and its remarkable revenue growth highlight the potential of domestic AI companies [2] - Shenghong Technology has also received approval for a 1.9 billion yuan fundraising aimed at overseas AI-related production capacity [2] - Industry leaders are accelerating the integration of domestic computing clusters and ecosystems through the development of a series of chips and open platforms [2] Investment Perspective - The sector shows strong AI beta resonance across established overseas companies, companies still validating overseas chains, and purely domestic companies [3] - The power generation sector remains a logical choice for simultaneous volume and profit growth, with recommendations for companies like Keta Power [3] - Other recommended companies include AIDC leasing target Hongjing Technology, and those benefiting from power upgrades such as Yingweike and Shenling Environment [3]

Investment Rating - The report maintains a "Buy" rating for the power equipment sector [7][18]. Core Insights - The demand for overseas computing power has exceeded expectations, leading to a significant acceleration in the domestic ecosystem [5][6]. - The AI computing infrastructure is experiencing a dual resonance of supply and demand, with the liquid cooling server industry poised for a clear breakout point [15][16]. - Major cloud service providers are expected to invest heavily in liquid cooling technology due to the advanced process of the new generation of chips [5][15]. - The domestic AI industry chain is becoming increasingly competitive, with significant fundraising efforts by leading companies to enhance their capabilities [6][16]. Summary by Sections Investment Viewpoints - The report highlights strong AI beta resonance across various companies, from established overseas firms to domestic players [17]. - The power generation sector is identified as a logical area for growth, with specific recommendations for companies such as KOTAI Power and AIDC leasing firm Hongjing Technology [7][17]. Industry Dynamics - The report notes that the global capital expenditure for data center infrastructure is projected to reach $3-4 trillion over the next five years [15]. - Oracle's latest financial report anticipates a 77% surge in cloud infrastructure revenue, indicating robust market demand [5][15]. - The report also discusses the recent approval of large-scale fundraising by domestic AI companies, which is expected to enhance their competitive edge [6][16]. Key Companies and Earnings Forecast - The report provides a detailed earnings forecast for several companies in the power equipment sector, including: - KOTAI Power (Buy) - Yingweike (Buy) - Macromit (Buy) - Shunling Environment (Buy) - Hewei Electric (Buy) [10][20][19].

Core Viewpoint - Nvidia's Q2 FY2026 earnings report shows strong revenue growth but raises concerns about future growth potential due to lower-than-expected data center revenue [1][3]. Financial Performance - Nvidia reported Q2 revenue of $46.743 billion, a 56% year-over-year increase, slightly exceeding market expectations [1]. - Net profit for the second quarter was $26.422 billion, up 59% year-over-year, with a gross margin of 72.4% [1]. - Data center revenue reached $41.1 billion, also a 56% year-over-year increase, but fell short of market expectations [3]. Business Segments - Gaming and AI PC revenue was $4.3 billion, a 49% year-over-year increase [3]. - Professional visualization revenue was $601 million, up 32% year-over-year [3]. - Automotive and robotics revenue was $586 million, showing a 69% year-over-year growth [3]. Product Development - The Blackwell architecture chips are in full production, with significant demand noted by the CEO [3][4]. - The RTX Pro server is also in full production, with nearly 90 companies adopting it for real-time simulation and digital twin applications [4]. - Nvidia anticipates over $20 billion in sovereign AI revenue this year, more than doubling from the previous year [4]. Market Outlook - Nvidia's CFO indicated that AI infrastructure investments will continue to grow, driven by the need for more training and inference computing [4]. - Capital expenditures in data center infrastructure are expected to reach $600 billion this year, nearly doubling over two years [4]. - Nvidia aims to capture a $3 trillion to $4 trillion opportunity in AI infrastructure over the next five years [5]. Networking Solutions - Nvidia's networking business generated $730 million in revenue, with significant growth in InfiniBand revenue [6]. - The company emphasizes the importance of network connectivity for enhancing performance and throughput [6]. Future Guidance - For Q3, Nvidia projects revenue of $54 billion, with a gross margin of 73.3% [6].

Core Insights - Nvidia reported Q2 FY2026 revenue of $46.743 billion, a 56% increase from $30.040 billion year-over-year, and net profit of $26.422 billion, up 59% from $16.599 billion [1] - The company did not sell any H20 chips to Chinese customers in Q2 but sold approximately $650 million worth of H20 chips to a non-restricted customer outside China [1] - Nvidia announced an additional $60 billion stock buyback [1] - Nvidia's CFO projected potential H20 chip sales to China in Q3 could reach between $2 billion to $5 billion if geopolitical issues are resolved, but these sales were not included in the Q3 outlook due to uncertainty [1] - Nvidia expects global spending on AI infrastructure to reach $3 trillion to $4 trillion by the end of the decade [1] Additional Insights - The Rubin architecture chip is on track for mass production next year, despite previous reports of delays [2] - Nvidia's quarterly report indicated that the chip revenue-sharing agreement with the U.S. government is not yet finalized, with expectations of a 15% revenue share from H20 sales [2] - Nvidia's CEO highlighted a potential $50 billion market opportunity in China this year, with an annual growth rate of 50% anticipated [2] - Discussions with the U.S. government regarding the importance of U.S. companies entering the Chinese market are ongoing, with future potential for Blackwell architecture chips in China [2] - The CEO emphasized the significance of U.S. technology companies leading the AI race and establishing a global benchmark [2] - Despite uncertainties regarding the timing of realizing the potential market opportunities in China, the CEO remains optimistic about the significant opportunities ahead [2] - Following the earnings report, Nvidia's stock price fell approximately 3% in after-hours trading [2]