Investment Rating - The report maintains a "Recommended" investment rating for the industry [1] Core Insights - The collaboration between NVIDIA and Intel aims to develop advanced data center and PC products, leveraging NVIDIA's NVLink technology to integrate AI and accelerated computing capabilities with Intel's leading CPU technology [5][6] - NVIDIA's investment of $5 billion in Intel at a price of $23.28 per share signifies a strong commitment to enhancing AI computing solutions [5][6] - The partnership is expected to create a more powerful computing ecosystem by combining GPU and CPU technologies, which will enhance the performance and utilization of AI computing resources [6][7] - The focus on AIPC (AI Personal Computing) business is crucial, as the integration of NVIDIA's RTX GPUs with Intel's x86 systems is anticipated to drive the development of powerful edge AI solutions [8] - NVIDIA's extensive investments in the AI computing ecosystem are aimed at solidifying its core position in the market and promoting the growth of AI technology [9] Summary by Sections Industry Performance - The computer industry has shown a performance of -2.7% over the last month, 17.9% over the last three months, and 78.5% over the last year, compared to the CSI 300 index which has performed at 2.2%, 15.3%, and 34.2% respectively [2] Investment Highlights - The collaboration between NVIDIA and Intel is expected to yield stronger AI computing solutions, enhancing the overall computing ecosystem [6] - The integration of Intel's x86 architecture with NVIDIA's AI capabilities is projected to provide significant advantages in high-performance computing [7] - The partnership is set to address the limitations of edge AI deployment by providing robust computing solutions [8] - NVIDIA's strategy includes broad investments to strengthen its position in the AI computing landscape [9] Company Focus and Earnings Forecast - NVIDIA's stock price is currently at $176.97, with earnings per share (EPS) estimates of $12.05 for 2024, $2.97 for 2025E, and $4.46 for 2026E [11]

Core Viewpoint - The U.S. stock market indices reached historical highs, driven by the impact of the Federal Reserve's 25 basis point rate cut and significant gains in the semiconductor sector, particularly Intel's remarkable rise following a partnership announcement with Nvidia [1] Group 1: Market Performance - The Dow Jones Industrial Average rose by 124.1 points, closing at 46,142.42, an increase of 0.27% [1] - The S&P 500 index increased by 31.61 points, closing at 6,631.96, a rise of 0.48% [1] - The Nasdaq Composite gained 209.4 points, ending at 22,470.73, reflecting a 0.94% increase [1] Group 2: Sector Highlights - Semiconductor stocks led the market rally, with Intel surging by 22.8%, marking its largest single-day gain since October 1987 [1] - Nvidia announced a $5 billion investment in Intel, establishing a partnership for joint development in AI infrastructure and personal computing products [1] - Intel will customize x86 CPUs for Nvidia in the data center sector and produce x86 system-on-chip (SoC) solutions integrated with Nvidia's RTX GPUs for personal computing [1]

Market Performance - Major U.S. stock indices reached new highs, with the Dow Jones Industrial Average up 124.1 points to 46142.42, a 0.27% increase; the S&P 500 rose 31.61 points to 6631.96, a 0.48% increase; and the Nasdaq Composite increased by 209.4 points to 22470.73, a 0.94% increase [3][4] Technology Sector - Chip stocks led the market, with Intel surging 22.8%, marking its largest single-day gain since October 1987, following Nvidia's announcement of a $5 billion investment in Intel and a partnership for AI infrastructure and personal computing products [3][4] - The Philadelphia Semiconductor Index rose 3.6%, while the S&P 500 Technology sector increased by 1.36% and the Nasdaq Technology sector rose by 0.94% [4] Economic Indicators - Initial jobless claims in the U.S. fell to 231,000, below the market expectation of 240,000, and down from the previous 263,000, indicating a cooling labor market [4][5] - The Federal Reserve Chairman Jerome Powell emphasized the focus on the weak job market and hinted at potential future rate cuts, with expectations of a further reduction of approximately 44.2 basis points by the end of 2025 [5] Commodity Market - International oil prices declined, with WTI crude oil down 0.69% to $63.26 per barrel and Brent crude down 0.80% to $66.92 per barrel; gold futures also fell by 1.06% to $3678.3 per ounce [5]

Core Viewpoint - The article discusses the recent performance of the US stock market, highlighting the impact of the Federal Reserve's interest rate cut and the significant rise in semiconductor stocks, particularly Intel, following a partnership announcement with Nvidia [3][4]. Group 1: Stock Market Performance - Major US stock indices reached new highs, with the Dow Jones Industrial Average up 124.1 points to 46142.42, a 0.27% increase; the S&P 500 rose 31.61 points to 6631.96, a 0.48% increase; and the Nasdaq Composite gained 209.4 points to 22470.73, a 0.94% increase [3]. - The Philadelphia Semiconductor Index increased by 3.6%, and the S&P 500 Technology sector rose by 1.36% [5]. Group 2: Semiconductor Sector - Intel's stock surged by 22.8%, marking its largest single-day gain since October 1987, following Nvidia's announcement of a $5 billion investment in Intel and a collaboration on AI infrastructure and personal computing products [4]. - The partnership involves Intel customizing x86 CPUs for Nvidia in data centers and producing integrated x86 SoCs for Nvidia's RTX GPUs in personal computing [4]. Group 3: Economic Indicators - Initial jobless claims in the US fell to 231,000, below the expected 240,000, indicating a cooling labor market [6]. - Federal Reserve Chairman Jerome Powell emphasized the focus on the weak job market, suggesting potential further interest rate cuts [6]. - Investors anticipate an additional interest rate cut of approximately 44.2 basis points by the end of 2025 [6]. Group 4: Commodity Market - International oil prices declined, with WTI crude oil down 0.69% to $63.26 per barrel and Brent crude oil down 0.80% to $66.92 per barrel [7]. - Gold prices also retreated, with COMEX gold futures falling by 1.06% to $3678.3 per ounce [7].

芯片股领涨。英特尔大涨22.8%，创1987年10月以来最大单日涨幅。此前，英伟达宣布将向这家芯片制 造商投资50亿美元，并披露双方已达成合作协议，计划在人工智能基础设施和个人计算产品上展开联合 开发。根据协议，英特尔将在数据中心领域为英伟达定制x86 CPU，由后者集成至AI基础设施平台；在 个人计算领域，英特尔将生产并供应集成英伟达RTX GPU的x86系统级芯片（SoC）。目前双方尚未披 露首批产品的上市时间表，并强调此次合作不影响各自既定的发展规划。 在英特尔带动下，费城半导体指数上涨3.6%，标普500科技板块涨1.36%，纳斯达克科技板块涨0.94%。 标普500指数11个板块中有7个收高，必需消费品和非必需消费品板块跌幅居前。 小型股同样受益，罗素2000指数收于2466点，为去年11月以来首次创收盘新高。分析人士认为，在低利 率环境下，小型企业盈利前景相对改善。 中概股走势分化，金龙指数下跌1.79%。个股方面，网易跌超4%，哔哩哔哩跌超3%，微博、理想汽 车、阿里巴巴跌超2%。 *三大指数齐创历史新高 *英伟达入股英特尔，后者飙升22.8% *美国上周首申失业金人数大幅回落至23.1万 美国 ...

Group 1 - Nvidia announced a $5 billion investment in Intel and a collaboration agreement to jointly develop artificial intelligence infrastructure and personal computing products [1][2] - Intel's stock surged by 22.8%, marking its largest single-day gain since October 1987, following Nvidia's investment announcement [2] - The collaboration includes Intel customizing x86 CPUs for Nvidia in the data center sector and producing SoCs integrated with Nvidia's RTX GPUs for personal computing [2] Group 2 - The Philadelphia Semiconductor Index rose by 3.6%, with the S&P 500 Technology sector increasing by 1.36% and the Nasdaq Technology sector up by 0.94% [3] - Seven out of eleven sectors in the S&P 500 closed higher, with consumer staples and discretionary sectors experiencing the largest declines [4] - The Russell 2000 Index reached a closing high of 2466 points, the first since November of the previous year, benefiting from a low interest rate environment [4] Group 3 - Initial jobless claims in the U.S. fell significantly to 231,000, below market expectations of 240,000, indicating a cooling labor market [4] - Federal Reserve Chairman Jerome Powell emphasized the focus on the weak job market and hinted at potential future rate cuts [4] - The 10-year U.S. Treasury yield rose by 3.2 basis points to 4.108%, while the 2-year yield increased by 2.5 basis points to 3.572%, with a yield spread of 53.4 basis points [4]