Core Viewpoint - Astera Labs has become a focal point on Wall Street due to its latest earnings report, guidance, and collaboration with Amazon, leading to a stock price drop of over 21% due to related uncertainties [1]. Group 1: Earnings Performance - Morgan Stanley analyst Joseph Moore noted that Astera's revenue growth is strong but is partially offset by aggressive expansion plans; the first half of the year is seen as a transition period, with expectations for Scorpio X related to Amazon's Trainium 3 [3]. - Morgan Chase analyst Harlan Sur highlighted that the latest quarterly performance was strong, with continued growth in Scorpio "P" series, PCIe Gen6 retimers, and Taurus networking products, along with better-than-expected guidance [3]. Group 2: Future Outlook and Risks - Harlan Sur pointed out potential risks to future gross margins due to Amazon's acquisition of warrants, unfavorable SKU structure, and an increase in hardware sales proportion; he maintained an "Overweight" rating but lowered the target price to $205 [3]. - Needham analyst N. Quinn Bolton mentioned that the Amazon warrant transaction could bring up to $6.5 billion in potential new revenue; despite high valuations, Astera's focus on cloud and AI infrastructure connectivity shows significant growth potential, maintaining a "Buy" rating with a target price of $220 [3].

6 February 2026 | 12:52AM EST Equity Research Amazon.com Inc. (AMZN) Q4'25 Review: Investments Aimed at Compounded Platform Growth Aligned with Long-Term Strategic Initiatives Around AI & Commerce BUY Eric Sheridan +1(917)343-8683 | eric.sheridan@gs.com Goldman Sachs & Co. LLC Alex Vegliante, CFA +1(212)934-1878 | alex.vegliante@gs.com Goldman Sachs & Co. LLC Emma Huang +1(212)902-7229 | emma.huang@gs.com Goldman Sachs & Co. LLC | AMZN | | --- | | 12m Price Target: $280.00 | | Price: $222.69 | | Upside: 25. ...

Core Viewpoint - Intel is undergoing significant restructuring under CEO Pat Gelsinger, focusing on cost-cutting, strategic partnerships, and technological advancements to regain competitiveness in the semiconductor industry, particularly in the AI sector [5][6][7]. Group 1: Cost-Cutting and Restructuring - Since taking office, CEO Pat Gelsinger has implemented aggressive cost-cutting measures, including laying off approximately 20,000 employees, which is over 200 per day, to streamline operations and improve efficiency [10][11]. - By the end of September 2025, Intel's workforce was reduced to 88,400 from 124,100 in December 2024, reflecting a significant downsizing effort [10]. - The company recorded over $1 billion in restructuring and severance costs in Q2 2025, with ongoing costs impacting financials [11]. - Intel's operational expenses decreased to $4.4 billion in Q3 2025, down from $5.4 billion in the same period the previous year, indicating improved financial discipline [13]. Group 2: Strategic Partnerships and Investments - Intel secured $8.9 billion in government investment, becoming a strategic asset for the U.S., which enhances its market position and access to resources [16][17]. - Notable investments include $5 billion from NVIDIA for collaboration on integrated GPU technology and $2 billion from SoftBank, which may leverage Intel's foundry services for AI infrastructure [18][19]. - As of Q3 2025, Intel's cash and short-term investments totaled $30.9 billion, providing substantial operational flexibility [19]. Group 3: Technological Advancements - Intel is focusing on the 18A process technology, which is critical for its future competitiveness, marking a significant step towards closing the gap with competitors like TSMC and Samsung [27][30]. - The 18A process is expected to support two key products: Panther Lake for consumer PCs and Clearwater Forest for data centers, both aimed at enhancing AI capabilities [35][38]. - Initial production yields for the 18A process are estimated between 55% and 65%, which is sufficient for internal use but not competitive for external orders, highlighting a critical challenge for Intel's foundry business [32][34]. Group 4: Ongoing Challenges - Despite restructuring and investment, Intel's foundry services continue to face significant losses, with Q3 2025 revenues of $4.2 billion but operating losses of $2.3 billion, indicating ongoing operational difficulties [20][23]. - The company has yet to secure major external clients for its foundry services, which is essential for achieving profitability by 2027 [23][24]. - The dual role of CEO Gelsinger as an investor raises potential conflicts of interest, complicating governance and strategic decision-making [40][41].

黄仁勋终于得到了他最想要的东西。 本周美国政府正式批准英伟达向中国以及其他"经批准的客户"出售高端的H200 GPU芯片，但需要向美国政府缴纳25%的销售提成。这一提成 比例同样适用于AMD、英特尔等其他美国芯片巨头。不过，英伟达最新的Blackwell和未来的Rubin系列GPU仍然禁止出口。 这标志着黄仁勋长达数月的游说取得成功。过去半年时间，他不断造访佛罗里达与华盛顿，随着特朗普总统一道出访和出席国宴，向白宫宴会厅建设工程 捐款，就是为了这一刻。就在上周，他再一次来到白宫会见总统，终于如愿以偿得到了解锁禁运令。 受这一利好消息推动，英伟达股价盘后应声上涨。受美国政府连续多道芯片加码禁运令限制，过去两年时间，英伟达一步步失去迅猛增长的中国市场，丢 掉了在AI GPU市场原先高达95%的份额。在英伟达最核心的数据中心业务，中国市场的营收占比也从原先的四分之一急剧下滑。 虽然英伟达数据中心业务营收高达1300亿美元(最近财年)，但却存在一个巨大隐患：客户集中度过高，过度依赖于几大AI巨头。其中，前两大客户营收占 比39%，前三大客户营收占比高达53%。 据媒体猜测，黄仁勋的前五大客户正是：微软、谷歌、亚马逊、 ...

黄仁勋终于得到了他最想要的东西。 本周美国政府正式批准英伟达向中国以及其他"经批准的客户"出售高端的H200 GPU芯片，但需要向美国政府缴纳25%的销售提成。这一提成比 例同样适用于AMD、英特尔等其他美国芯片巨头。不过，英伟达最新的Blackwell和未来的Rubin系列GPU仍然禁止出口。 这标志着黄仁勋长达数月的游说取得成功。过去半年时间，他不断造访佛罗里达与华盛顿，随着特朗普总统一道出访和出席国宴，向白宫宴会厅 建设工程捐款，就是为了这一刻。就在上周，他再一次来到白宫会见总统，终于如愿以偿得到了解锁禁运令。 受这一利好消息推动，英伟达股价盘后应声上涨。受美国政府连续多道芯片加码禁运令限制，过去两年时间，英伟达一步步失去迅猛增长的中国 市场，丢掉了在AI GPU市场原先高达95%的份额。在英伟达最核心的数据中心业务，中国市场的营收占比也从原先的四分之一急剧下滑。 心急如焚的黄仁勋在两个月前公开抱怨， "我们已经失去了全球最大的市场之一，在中国市场完全出局，市场份额已经归零。 "即便是向美国政府 缴纳四分之一的提成，对英伟达的业绩营收也意义重大，因为中国AI GPU今年规模估计高达200亿-300亿美元 ...

Core Insights - The U.S. government has officially approved NVIDIA to sell high-end H200 GPU chips to China and other "approved customers," requiring a 25% sales commission to the U.S. government, which also applies to other U.S. chip giants like AMD and Intel [2][24] - This approval marks a significant victory for NVIDIA CEO Jensen Huang, who has lobbied for months to lift the export ban, which had severely impacted NVIDIA's market share in China [2][24] - NVIDIA's stock price rose following this news, as the company had lost a substantial portion of its market share in the AI GPU market, dropping from 95% to nearly zero in the past two years due to U.S. export restrictions [2][24] Group 1: NVIDIA's Market Position - NVIDIA is a leading company in the generative AI era, dominating the AI chip market with over 80% market share due to its performance advantages and the CUDA platform [3][25] - The company's data center business generated $130 billion in revenue in the most recent fiscal year, but it faces risks due to high customer concentration, with the top two customers accounting for 39% of revenue [3][25] - Huang has expressed concerns about losing the Chinese market, which is estimated to be worth $20 billion to $30 billion in AI GPUs this year [3][24] Group 2: Competition from Major Tech Giants - Major cloud service providers like Google, Amazon, and Microsoft are accelerating the development of their own chips, posing a significant threat to NVIDIA's market position [3][24] - Amazon's new AI chip, Trainium 3, is designed to be a low-cost alternative to NVIDIA's GPUs, claiming to reduce training costs by 50% compared to similar GPU systems [6][27] - Google has released its seventh-generation TPU, Ironwood, which boasts a performance increase of 10 times over its predecessor and is optimized for high-throughput, low-latency inference tasks [10][31] Group 3: Future Market Dynamics - The competition is expected to intensify in 2026, with a focus on a "performance vs. cost" showdown as Google, Amazon, and Microsoft release their latest self-developed chips [38] - Amazon aims to increase its self-developed chip share to 50% and grow its AI cloud market share from 31% to 35% [40] - Google's TPU market share has reportedly climbed to 8%, with plans to sell its previously internal-use TPUs to external customers, further diversifying the chip supply landscape [41][40]

Core Viewpoint - Amazon.com, Inc. (NASDAQ:AMZN) is gaining attention as a significant player in the AI market, with Evercore ISI maintaining an "Outperform" rating and a price target of $335.00 following insights from the AWS re:Invent conference, indicating strong growth potential for AWS [1]. Group 1: AWS Growth Potential - The AWS Unlock has shown sustainability, with an expected growth inflection of up to 20%, which is considered a genuine trend rather than a temporary spike [1]. - Channel checks suggest that AWS is projected to grow by 20% or more by 2026, reflecting robust demand in the cloud sector [1]. Group 2: Supply Constraints and Technology Advancements - Previous supply constraints that limited AWS growth have been largely resolved, allowing for improved scalability [2]. - The introduction of Trainium 3, which is now generally available, is expected to enhance technology capabilities and meet the accelerating demand in the cloud industry [2]. Group 3: Investment Considerations - While Amazon is recognized for its potential as an investment, there are other AI stocks that may present greater upside potential with lower downside risk [3].

Core Viewpoint - The article highlights the explosive growth of the AI computing power sector, particularly focusing on the CPO (Co-Packaged Optics) industry chain, which has seen significant stock price increases due to various positive developments in both domestic and international markets [3][6][22]. Market Performance - On December 9, the A-share market saw the Shanghai Composite Index decline by 0.37% and the Shenzhen Component Index by 0.39%, while the ChiNext Index rose by 0.61%. The total market turnover was 1.92 trillion yuan, with over 4,000 stocks declining. However, the CPO industry chain and electronic components performed exceptionally well, with key players like Industrial Fulian and Zhongji Xuchuang experiencing significant gains [3][4]. CPO Industry Surge - The CPO sector experienced a 1.64% increase on the day, with a year-to-date rise of 91.25% and a net inflow of 2.55 billion yuan. Notable stocks in this sector, such as Dekeli and Shaanxi Huada, saw strong trading activity, with Dekeli achieving a 20% limit-up [4][12][16]. Positive Developments in AI Computing - Recent advancements in AI computing, including the release of Deep Seek V3.2 and the collaboration between ByteDance's Doubao team and ZTE, have generated market interest. Additionally, OpenAI's upcoming release of GPT-5.2, which boasts an 18% improvement in reasoning efficiency and a 23% increase in multi-modal response speed, is expected to drive demand for AI chips and related hardware [6][7][8]. U.S. Policy Changes - A significant development occurred when former U.S. President Trump announced that NVIDIA would be allowed to sell its H200 AI chips to China, albeit with a 25% revenue share. This news positively impacted U.S. chip giants like NVIDIA and AMD, leading to a surge in related A-share stocks [9][11]. Market Insights - According to Guosheng Securities, the adjustment in U.S. chip export policies is a major boon for domestic capital expenditure in related fields, potentially increasing overall spending on computing power [11]. Trend Force's report indicates a projected 2.6-fold increase in the shipment of 800G optical transceiver modules by 2026, highlighting the growing demand in this sector [11]. CPO Market Leaders - Companies like Zhongji Xuchuang, Xinyi Sheng, and Tianfu Communication have been recognized as leaders in the CPO industry due to their technological advantages and market share. The market potential for CPO is vast, with significant orders flowing to both leading and smaller players in the industry [14][15][22]. Future Investment Opportunities - The article suggests that the explosive growth of the computing power industry is just beginning, with ongoing advancements in AI technology and expanding application scenarios. Investors are encouraged to focus on companies with core technologies, sustainable profitability, and long-term growth potential to capitalize on emerging opportunities in the computing power sector [28].

Core Viewpoint - Marvell Technology's competitive position has become a focal point of discussion on Wall Street, with investors showing increasing pessimism regarding the company's collaboration with Amazon and Microsoft [2][3]. Group 1: Stock Performance and Analyst Ratings - Marvell's stock price fell by 6.99% on Monday, reflecting market concerns about its business with Amazon and Microsoft [2]. - Benchmark analyst Cody Acree downgraded Marvell's stock rating from "Buy" to "Hold," citing a high level of confidence that the company has lost design contracts for Amazon's Trainium 3 and Trainium 4, which may shift to Alchip [2][3]. - Acree suggested that investors should take profits, as the market may have been overly optimistic about recent signals from Amazon regarding stability [2]. Group 2: Revenue Outlook and Client Relationships - Acree acknowledged that the downgrade is controversial, especially since Marvell emphasized during its earnings call that it does not expect a revenue "cliff" from Amazon next year [3]. - Amazon is Marvell's largest customer for XPU (custom chips), and Marvell previously indicated high visibility for future orders, which could drive annual revenue [3]. - Acree believes that Marvell's revenue growth guidance from Amazon is sincere but primarily relies on continued shipments of Trainium 2 and the Kuiper low-orbit satellite project, rather than a successful transition to Trainium 3 [3]. Group 3: Future Prospects and New Clients - Marvell anticipates that its XPU business will see a resurgence in fiscal year 2028, driven by a new large-scale cloud customer, with incremental growth expected in subsequent years [4]. - Marvell's CEO, Matt Murphy, stated that data center revenue for fiscal year 2028 could accelerate significantly compared to the previous year [4]. - TD Cowen analyst Joshua Buchalter noted that Marvell's outlook for 2028, along with the acquisition of Celestial AI, provides bullish arguments, with speculation that the new customer could be Microsoft for its Maia AI accelerator [4].

Group 1: Company Research - The company, CSPC Pharmaceutical Group (01093), is rated as "Buy" with a target price of HKD 10.03, representing a potential upside of 31.3% from the current price of HKD 7.64[5][6]. - The market capitalization of CSPC Pharmaceutical Group is HKD 880.32 billion, with 11.522 billion shares issued[5]. - The adjusted net profit for the first three quarters of 2025 decreased by 15.2%, with revenue at HKD 19.89 billion, down 12.3% year-on-year[6]. Group 2: Financial Performance - The gross profit margin for the company is 65.6%, with a decrease in sales and administrative expense ratios by 4.4 and 0.8 percentage points to 31.1% and 3.1%, respectively[6]. - R&D expenses as a percentage of revenue increased by 6.3 percentage points to 27.1%[6]. - The net profit attributable to shareholders was HKD 3.51 billion, down 7.1%, with a net profit margin of 15.5%, a decrease of 2.1 percentage points[6]. Group 3: Segment Performance - The revenue from the finished drug segment was HKD 15.45 billion, down 17.2%, with a 25.5% decline in drug revenue to HKD 13.91 billion[6][7]. - The raw material drug segment saw revenue of HKD 1.79 billion, up 22.3%, while the functional food segment reported revenue of HKD 1.43 billion, up 11.2%[6][7]. - The profit margin for the finished drug segment was 20.9%, down 1.8 percentage points, while the vitamin C segment's profit margin increased by 3.6 percentage points to 11.0%[6][7]. Group 4: Future Outlook - The company plans to maintain dividends in the second half of the year at least at the same level as the first half, which was HKD 0.14 per share[6]. - The target market value for CSPC Pharmaceutical Group is estimated at HKD 116.5 billion, with a corresponding price-to-earnings ratio of 25.2 times for 2025 and 29.4 times for 2026[9].