Amazon.com, Inc. (NASDAQ:AMZN) is one of the must-buy AI stocks to invest in. On December 22, Amazon Web Services (AWS), a subsidiary of Amazon.com, Inc. (NASDAQ:AMZN), announced that the Options Clearing Corporation (OCC) had successfully completed a comprehensive security assessment of its AWS cloud environment. OCC is the world’s largest equity derivatives clearing organization. AWS stated that the assessment was an OCC-AWS partnership, and that it evaluated OCC’s cloud security controls against key reg ...

摩根大通将2026年和2027年的CoWoS产能预测分别上调8%和13%，其中，台积电的CoWoS产能预计将在2026年底达到11.5万片晶圆/月，产能的持 续扩张将为TPU出货增长提供坚实支撑。 该行的Gokul Hariharan分析师团队发布最新研报， 将2026年和2027年的CoWoS产能预测分别上调8%和13%，以反映台积电在2026年下半年和2027 年的新增产能建设。台积电的CoWoS产能预计将在2026年底达到11.5万片晶圆/月，外部供应商（主要是日月光和Amkor）将额外提供1.2万至1.5万片 晶圆/月的产能。这是该行三个月内第二次上调CoWoS产能预测。 摩根大通指出， 产能增量主要来自ASIC供应链的需求上升。 台积电的扩产重点集中在CoWoS-L技术，部分65纳米前端产能（Fab 14和Fab12）开始 用于LSI/中介层制造，而CoWoS-S供应将基本保持平稳，CoWoS-R则更多外包给日月光等封测厂。 TPU需求强劲推动产能预测上调 摩根大通基于后端和前端供应链的强劲需求信号，再次上调谷歌TPU出货预期。分析师预计2026年和2027年TPU出货量将分别达到370万颗和500 ...

Core Insights - The global AI infrastructure market is facing a severe supply shortage, particularly for GPUs, with an expected order volume of 2 million units this year against only 700,000 available units [1] - The demand for self-developed ASICs by cloud service companies is projected to grow at a rate of 44.6%, surpassing the 16.1% growth rate for GPUs, indicating a structural shift towards ASIC adoption due to GPU supply constraints [1] - The supply chain risks for GPUs are expected to peak this year, with production processes and high bandwidth memory (HBM) being interlinked, meaning any bottleneck could disrupt overall supply [1] Group 1 - TSMC is expanding its advanced packaging production lines, crucial for AI accelerators, but the gap between rapidly growing order volumes and actual shipments will persist due to the time required for capacity expansion [2] - ASIC chips, initially led by Google's TPU, are gaining attention as they are designed for specific AI workloads, offering advantages in energy efficiency, performance, and total cost of ownership (TCO) in the long run [2] - The AI accelerator market for ASIC users is expected to maintain a compound annual growth rate (CAGR) of approximately 28% until 2030, with the generative AI ASIC market projected to grow from about $24.9 billion in 2024 to approximately $186.7 billion by 2032, reflecting an annual growth rate of around 28.6% [2] Group 2 - This year is viewed as a critical turning point for the ASIC market, with industry executives noting that the current GPU supply shortage is a short-term issue but will have long-term implications on decision-making [3] - Major tech companies are increasingly viewing GPUs as strategic assets rather than stable commodities, leading to a shift towards reducing GPU dependency and increasing the share of ASICs in new data center investment plans [3]

文 |无言 2025年圣诞前夜，英伟达扔出个重磅消息：花200亿获取AI芯片初创公司Groq的技术授权，还把对方首 席执行官在内的核心高管全挖了过来。 这可是英伟达史上最大一笔交易，金额差不多抵得上过去所有并购案的总和。 本来想觉得这钱花得冤，毕竟Groq成立才9年，算个行业小字辈，但后来发现里面全是门道。 200亿交易不简单：非收购是巧招 这笔交易的模式挺耐人寻味。它不是完全收购，而是非排他性技术授权加人才挖角。 有媒体说这是资产收购，但更多报道都谨慎强调了"技术授权"这个核心。 为啥要这么操作？很显然，是为了避开反垄断审查。 英伟达现在市值快摸到3.5万亿美元，体量摆在这，监管机构盯着它的每一个大动作。 要是直接全收购，大概率会触发审查红线，反而耽误事。 200亿买的不只是技术，还有整个团队的经验和专利。 尤其是Groq的创始人，他可是谷歌TPU的创始人之一。 这人对AI芯片架构的理解，怕是硅谷没几个工程师能比。 把他挖过来，相当于从谷歌阵营撬走了关键人物。 这种操作既拿到了核心技术，又网罗了顶尖人才，还规避了风险，不得不说想得挺周全。 LPU凭啥值天价？技术卡准关键点 Groq的核心产品是LPU，也就是 ...

Core Insights - The report highlights the ongoing iteration of large model technology, leading to a wave of innovation in AI-enabled consumer electronics, particularly in edge AI deployment, which offers low cost, high performance, and enhanced privacy security [4][20][26]. Group 1: Industry Performance - The electronic industry has shown a relative return of 30.2% over the past 12 months, outperforming the CSI 300 index, with an absolute return of 47.9% [3]. - Traditional consumer electronics have entered a phase of low growth, with smartphone and PC sales stabilizing, while TWS (True Wireless Stereo) devices are also experiencing slow growth [15]. Group 2: Edge AI Development - The development of model compression technology has laid the groundwork for deploying large models on edge devices, enhancing the capabilities of edge AI [21][26]. - Companies like Huawei and ByteDance are showcasing significant applications of edge AI in smartphones, with products like the Doubao mobile assistant demonstrating the potential for complex operations and cross-application functionality [30][32]. Group 3: ASIC Demand - The demand for ASIC (Application-Specific Integrated Circuit) is surging due to its cost-effectiveness and customization advantages over GPUs, with the market expected to grow from $6.6 billion in 2023 to $55 billion by 2028, reflecting a compound annual growth rate (CAGR) of 53% [5][71]. - Major tech companies are increasingly developing their own ASICs, with Google and Amazon leading the way in supplying these chips, further validating their performance and commercial value [9][71]. Group 4: PCB Market Growth - The demand for PCBs (Printed Circuit Boards) is expected to rise as AI companies and global internet giants invest heavily in data center expansions, with a projected CAGR of 21% in global data center capital expenditures by 2029 [6]. - The increasing complexity of AI servers and high-speed switches is driving up the value of individual PCBs, leading to a simultaneous increase in both volume and price [6][68]. Group 5: Investment Recommendations - The report suggests focusing on companies within the edge AI, ASIC, and PCB supply chains, maintaining a bullish outlook on the electronic industry [8][9]. - Specific companies to watch include Rockchip, Hengxuan Technology, and Horizon Robotics in the edge AI sector, and Chipone and Cambrian in the ASIC sector [9].

Core Viewpoint - The AI chip industry is poised for significant growth in 2026, driven by the explosive demand for computing power, despite facing challenges such as component shortages and increasing competition from major tech companies [3][9]. Group 1: Market Dynamics - Nvidia is currently the market leader, with its revenue more than doubling year-over-year, but it faces intense competition from companies like Google and Amazon [3][4]. - The global semiconductor sales are projected to exceed $400 billion in 2025, marking the highest sales record in the chip industry [3]. - Nvidia is expected to sell $383 billion worth of GPUs and other hardware in 2026, representing a 78% increase from the previous year [9]. Group 2: Competitive Landscape - Companies like AMD are entering the AI chip market, with AMD set to launch a significant GPU in 2026 to challenge Nvidia's dominance [4]. - Google and Amazon are developing their own custom chips (TPU and Trainium, respectively) to compete with Nvidia's offerings [4][9]. - The AI race is shifting focus from training to providing the fastest and most cost-effective inference solutions, creating new competitive arenas [4]. Group 3: Supply Chain Challenges - There are significant shortages of critical components, such as ultra-thin silicon substrates and memory chips, which are essential for AI processors [9][10]. - The construction of data centers is hindered by shortages of power transformers and gas turbines, affecting the ability to meet the growing demand for computing clusters [9][10]. - Micron Technology, a major manufacturer of high-bandwidth memory chips, has indicated that they are unable to meet customer demand, which is expected to persist for some time [10]. Group 4: Financial Sustainability and Investor Sentiment - Concerns exist regarding the financial sustainability of large clients like OpenAI, which are rapidly scaling their chip procurement [12][14]. - Investor sentiment has turned cautious, with a sell-off of AI stocks due to fears that the financing behind AI infrastructure may not be as robust as previously thought [12][14]. - Analysts predict that 2026 could be a peak year for data center construction, with potential slowdowns in 2027 if significant funding announcements do not materialize [14].

Aside from AWS, Amazon's retail division continues to scale smoothly. Revenue in North America increased by 11% YoY, while overseas revenue increased by 10%, and paid unit growth reached 11%. Faster delivery, same-day grocery growth, and AI-powered shopping tools are all driving more engagement and conversion. Meanwhile, advertising income increased by 22% YoY to $17.7 billion, benefiting from Amazon's full-funnel ad ecosystem and new partnerships.Amazon is making substantial investments to meet AI-driven c ...

Key Points Although nine publicly traded American companies have achieved a valuation of $1 trillion or more, only four have graduated into the $3 trillion club. Amazon is an incredibly diverse technology company, with a dominant market position in industries like e-commerce, cloud computing, and more. The tech titan could join the $3 trillion club in 2026 thanks to a combination of its attractive valuation and its strong earnings growth. 10 stocks we like better than Amazon › Nine publicly trad ...

Amazon - Amazon has deployed over 1 million robots in its warehouses, projected to save up to $4 billion annually in fulfillment costs, with expectations of significantly lifting operating margins for the retail segment by 2030 [1] - The company is investing heavily in AI, with planned capital expenditures projected at $125 billion in 2025, focusing on custom silicon chips to enhance performance and reduce costs compared to competitors [2] - Amazon's advertising segment is the fastest-growing, with annualized revenue expected to exceed $60 billion in 2025, potentially approaching $100 billion annually in the coming years [3] - Amazon Web Services (AWS) remains the primary profit engine, accounting for approximately 30% of the global cloud infrastructure market [4] - In Q3 2025, Amazon reported revenue of $180.2 billion, a 13% year-over-year increase, with net income rising 38% to $21.2 billion [7] Vertex Pharmaceuticals - Vertex Pharmaceuticals has a trailing-10-year return of around 90%, driven by its cystic fibrosis drug franchise and expansion into the rare disease market [8] - The company is diversifying its portfolio with late-stage clinical programs targeting kidney disease, pain management, and type 1 diabetes, supported by a solid balance sheet and substantial free cash flow [9] - Vertex is launching Casgevy, a gene-editing therapy for sickle cell disease, and Journavx, a non-opioid medicine for pain management, with significant market interest and regulatory approvals [10][11] - The company reported revenue of over $3 billion in Q3 2025, an 11% increase from the previous year, and is positioned for significant growth through innovation and diversification [14] TJX Companies - TJX Companies has seen a nearly 150% increase in stock value over the last five years, attributed to its effective off-price retail model [15] - The company plans to expand its store footprint to 7,000 globally, enhancing its physical presence in existing and new markets [16] - TJX's business model encourages frequent shopper visits due to its ever-changing inventory and unique product offerings, appealing to cost-conscious consumers [17] - In Q3 2026, TJX reported earnings per share of $1.28 on $15.1 billion in revenue, reflecting year-over-year increases of 12% and 7% respectively [19]

Core Insights - Oracle's positioning in the AI infrastructure market presents both opportunities and challenges as it faces unprecedented demand and rising capital requirements [1] Financial Performance - Cloud infrastructure revenues increased by 68% year over year, reaching $4.1 billion, with GPU-related revenues soaring by 177% due to AI workload demands [2] - Total remaining performance obligations surged by 438% to $523 billion, primarily driven by commitments from major tech companies like Meta and NVIDIA [2] - Oracle's projected capital expenditures for fiscal 2026 are approximately $50 billion, up from a previous estimate of $35 billion and significantly higher than the prior year's $21.2 billion [3] - Free cash flow turned negative by around $10 billion in the November quarter, exceeding analyst expectations [3] Strategic Initiatives - Oracle's collaboration with the Department of Energy and the Stargate supercluster project with OpenAI highlight its ambitions in AI infrastructure [4] - The newly introduced Zettascale10 system aims to provide multi-gigawatt AI capacity by connecting hundreds of thousands of GPUs across distributed data centers [4] Competitive Landscape - Microsoft and Amazon are also heavily investing in AI infrastructure, with Microsoft projecting $120 billion in capital expenditures for 2026 and Amazon planning $125 billion for 2025 [6] - Both companies have stronger balance sheets compared to Oracle, which is currently in a leveraged position [6] Stock Performance and Valuation - Oracle's shares have declined by 6.1% over the past six months, underperforming the Zacks Computer and Technology sector's growth of 20.4% [7] - The Zacks Consensus Estimate for Oracle's fiscal 2026 earnings is $7.33 per share, indicating a 21.56% growth compared to fiscal 2025 [12] - Oracle's stock is trading at a trailing 12-month Price/Earnings ratio of 34.77x, which is above the industry average of 34.19x [13]