TMTB早间快报

TMT BREAKOUTTMT突破NOV 03, 20252025年11⽉3⽇∙PAID∙已付费 Good morning.Futures +60bpsto start what should be another fun week ofearnings. 早上好。期货上涨60个基点，本周财报季应该会很有趣。 We had a summary of the BG2 podcast w MSFT CEO Satya and OpenAI CEO Samhereand some good discussion around it in TMTB chathere. 我们在这⾥总结了BG2播客，其中有微软⾸席执⾏官萨蒂亚和OpenAI⾸席执⾏官萨姆的对话，TMTB聊天室⾥也有⼀些关于它的精彩讨论。 Asia saw gains on Monday: Hang Seng +0.97%, HSCEI +0.98%, SHCOMP +0.55%,Shenzhen +0.44%, Taiwan TAIEX +0.36%, Korea KOSPI +2.78%. Japan and Korea justhad monster October’s with the Nikkei and Kospi up 17%/20% respectively. Memorywas strong again overnight as DRAM/NAND prices continue to rise. 周⼀亚洲股市上涨：恒⽣指数上涨0.97%，国企指数上涨0.98%，上证指数上涨0.55%，深证成指上涨0.44%，台湾加权指数上涨0.36%，韩国KOSPI指数上涨2.78%。⽇本和韩国刚刚经历了强劲的⼗⽉，⽇经指数和KOSPI指数分别上涨了17%和20%。隔夜内存板块再次表现强劲，DRAM/NAND价格持续上涨。7 Another big earnings week awaits us: ⼜⼀个财报周即将到来： We’re finalizing our bogey matrix for the week… 我们正在敲定本周的“靶⼼矩阵”…… Let’s get to it…⾔归正传…… NVDA英伟达 NVDA: Trump says China, other countries can’t haveNvidia’s top AI chips 英伟达：特朗普称中国及其他国家不能拥有英伟达顶级AI芯⽚ Reuters:路透社： Artificial intelligence giant Nvidia’s(NVDA.O), opens new tabmost advanced chipswill be reserved for U.S. companies and kept out of China and other countries, U.S.President Donald Trump said. 美国总统唐纳德·特朗普表示，⼈⼯智能巨头英伟达（NVDA.O）最先进的芯⽚将保留给美国公司，并禁⽌出⼝到中国及其他国家。 During a taped interview that aired on Sunday on CBS’ “60 Minutes” program andin comments to reporters aboard Air Force One, Trump said only U.S. customersshould have access to the top-end Blackwell chips offered by Nvidia, the world’smost valuable company by market capitalization. 在周⽇哥伦⽐亚⼴播公司（CBS）“60分钟”节⽬播出的⼀段录⾳采访中，以及在空军⼀号上对记者发表的评论中，特朗普表示，只有美国客户才能获得英伟达（按市值计算，英伟达是全球最有价值的公司）提供的顶尖Blackwell芯⽚。 NVDA: US allows Microsoft to ship Nvidia AI chips to use inUAE for first time 英伟达：美国⾸次允许微软向阿联酋运送英伟达AI芯⽚ Financial Times英国《⾦融时报》 The US has allowed Microsoft to ship the latest Nvidia chips to the United ArabEmirates for the first time, paving the way for the Big Tech group to expand itsinvestment in the Gulf. US President Donald Trump struck a deal in May with UAEpresident Sheikh Mohamed bin Zayed al-Nahyan to build a vast AI data centrecampus in Abu Dhabi. The Middle East has become a key battleground inWashington’s struggle with Beijing for AI leadership. But Microsoft’s project hadbeen held back by the Department of Commerce’s export controls on the powerful Nvidia chips needed to run the latest AI systems. 美国⾸次允许微软向阿拉伯联合酋⻓国运送最新的英伟达芯⽚，这为这家⼤型科技集团扩⼤在海湾地区的投资铺平了道路。美国总统唐纳德·特朗普于五⽉与阿联酋总统谢赫·穆罕默德·本·扎耶德·阿勒纳哈扬达成协议，将在阿布扎⽐建设⼀个⼤型⼈⼯智能数据中⼼园区。中东已成为华盛顿与北京争夺⼈⼯智能领导地位的关键战场。但微软的项⽬⼀直受到商务部对运⾏最新⼈⼯智能系统所需强⼤英伟达芯⽚的出⼝管制限制。 NVDA: Nvidia to supply 260,000 Nvidia GPUs to SouthKorea 英伟达：英伟达将向韩国供应26万块英伟达GPU At the APEC Summit, Nvidia (NVDA) announced Samsung (SSNLF), SK Group,Hyundai (HYMLF), NAVER and Korea’s government will deploy 260,000 NvidiaBlackwell GPUs in order to power sovereign AI, robotics, manufacturing and digitaltransformation across industries. The announcement marks one of the largest nationalinvestments in agentic and physical AI to date, and it’s backed by a coalition of Korea’stop organizations 在APEC峰会上，英伟达（NVDA）宣布，三星（SSNLF）、SK集团、现代（HYMLF）、NAVER和韩国政府将部署26万块英伟达BlackwellGPU，以推动主权⼈⼯智能、机器⼈技术、制造业和各⾏业的数字化转型。这⼀声明标志着迄今为⽌在代理式和实体⼈⼯智能领域最⼤的国家投资之⼀，并得到了韩国顶级机构联盟的⽀持。 IREN/DELL/MSFT: Microsoft Signs$9.7 Billion AI Cloud DealWith IREN IREN/DELL/MSFT：微软与IREN签署97亿美元AI云协议 Bloomberg:彭博社： The five-year agreement will provide Microsoft access toNvidia Corp.acceleratorsystems in Texas built using theGB300architecture for AI workloads and includesa 20% prepayment, IREN said in astatementon Monday. Sydney-based IREN also said it’s agreed to purchase the requisite GPUs and related equipment for$5.8billion fromDell Technologies Inc. IREN周⼀在⼀份声明中表示，这项为期五年的协议将使微软能够使⽤在德克萨斯州建造的基于GB300架构的英伟达公司加速器系统，⽤于AI⼯作负载，并包括20%的预付款。总部位于悉尼的IREN还表示，已同意以58亿美元从戴尔科技公司购买所需的GPU及相关设备。 Once the deal is fully implemented, it’s expected to generate approximately$1.94billion in annualized revenue, IREN Chief Executive Officer Daniel Roberts said viaemail. It will use about 10% of IREN’s total capacity, leaving room for theinfrastructure provider to sign more contracts and generate additional revenue. IREN⾸席执⾏官丹尼尔·罗伯茨通过电⼦邮件表示，⼀旦协议全⾯实施，预计将产⽣约19.4亿美元的年化收⼊。这将占⽤IREN总容量的约10%，为基础设施提供商签署更多合同并产⽣额外收⼊留下了空间。 ForDELL, Wells thinks this deal would add 30-40c of incremental EPS through 2026(for reference, DELL’s CY26 street EPS is$11.20) 对于戴尔⽽⾔，富国银⾏认为这项交易将在2026年前为戴尔增加0.30-0.40美元的增量每股收益（作为参考，戴尔2026财年的市场每股收益为11.20美元）。 China to Suspend Some Rare-Earth Curbs and US Chip FirmProbes 中国暂停部分稀⼟出⼝限制并调查美国芯⽚公司 Bloomberg:彭博社： China will effectively suspend implementation of additional export controls on rare-earth metals and terminate investigations targeting US companies in thesemiconductor supply chain, the White House announced. 中国将有效暂停实施稀⼟⾦属出⼝管制，并终⽌针对美国半导体供应链公司的调查，⽩宫宣布。 Under the deal, China will issue “general licenses” valid for exports of rare earths,gallium, germanium, antim