科技日报 -美股盘前-20260512

TMT BREAKOUTMAY 12, 2026∙PAID Good morning. Futures -90bps this morning as concerns around the collapse of theceasefire has Oil +3%/Yields +3bps as Trump said that ceasefire is on “life support”and “more seriously considering a resumption of major combat operations than he hasin recent weeks.” Fun. 早上好。今早期货下跌90个基点，由于对停⽕协议崩溃的担忧，原油上涨3%，收益率上升3个基点。特朗普表示停⽕协议正处于“维持⽣命”状态，并且“⽐最近⼏周更严肃地考虑恢复重⼤军事⾏动”。真有意思。 Asia was mixed with Korea leading the way lower -2% for its biggest loss in over amonth as a top policymaker said the nation should pay citizens a “dividend” usingtaxes on AI profits 亚洲市场涨跌互现，韩国股市领跌，跌幅达2%，创下⽉内最⼤单⽇跌幅，此前⼀名⾼级决策者表示，国家应利⽤⼈⼯智能利润税向公⺠发放“红利”。 Samsung/SK Hynix -5%.三星/SK海⼒⼠-5%。 In Tech semis -2% following Korea weaker early in the pre market while sw the mainoutperformer. Recent AI leaders all down early :SNDK/MU -3%,INTC -5%,STX/WDC -3%, QCOM -3%. 科技股⽅⾯，半导体板块跟随韩国股市⾛弱，盘前下跌2%，⽽软件板块表现领先。近期的⼈⼯智能领涨股盘初全线下跌：SNDK/MU下跌3%，INTC下跌5%，STX/WDC下跌3%，QCOM下跌3%。 Let’s get to it…直⼊正题…… NVDA: Jensen to Miss China Trip After Year of TravelsWith Trump NVDA：⻩仁勋在与特朗普同⾏⼀年后将缺席中国之⾏ Bloomberg: Keeping Huang off the official delegation list sends a strong signal to thegovernment in Beijing that Chinese AI labs won’t have much success in obtainingtop-performing chips like those made by Nvidia, according to Ryan Fedasiuk, afellow at the American Enterprise Institute. 美国企业研究所（American Enterprise Institute）研究员Ryan Fedasiuk表示，将⻩仁勋排除在官⽅代表团名单之外，向北京政府发出了⼀个强烈信号，即中国⼈⼯智能实验室在获取像NVIDIA制造的⾼性能芯⽚⽅⾯不会取得太⼤成功。 “The Trump administration understands how important computing power is towinning the AI race with China,” Fedasiuk said. “There just isn’t much for American chip companies to talk about with the Chinese government.” “特朗普政府深知计算能⼒对于赢得与中国的⼈⼯智能竞赛有多么重要，”Fedasiuk说道。“美国芯⽚公司与中国政府之间实在没有什么可谈的。” MDB: Citi Opens Positive Catalyst Watch on AI-DrivenAtlas Consumption Upside MDB：花旗开启正⾯催化剂观察，看好AI驱动的Atlas消费增⻓潜⼒ Citi reiterates Buy/High Risk, raises estimates/PT to$450, and opens a positiveCatalyst Watch, arguing MongoDB is emerging as a key beneficiary of exploding AI-native workloads and “vibe-coded” applications. 花旗银⾏重申“买⼊/⾼⻛险”评级，上调盈利预测并将⽬标价调⾄450美元，同时开启积极的催化剂观察（Catalyst Watch）。花旗认为MongoDB正脱颖⽽出，成为AI原⽣⼯作负载和“氛围感（vibe-coded）”应⽤爆发式增⻓的核⼼受益者。 Citi’s checks suggest significant Atlas consumption ramps underway across marqueeAI customers (Anthropic, Cursor, ElevenLabs, Mercor), with AI momentum potentiallyadding ~2pts to Q1 Atlas growth and driving 30%+ Atlas growth through FY27. 花旗的渠道调研显示，顶级AI客户（如Anthropic、Cursor、ElevenLabs、Mercor）对Atlas的消耗量正在显著攀升。AI势头可能为第⼀季度Atlas的增⻓贡献约2个百分点，并推动Atlas在2027财年之前保持30%以上的增⻓。 The firm also argues MongoDB’s write-optimized architecture is increasinglyadvantaged for AI/agentic workloads relative to traditional relational databases likePostgres, supporting a more durable long-term AI consumption thesis. 该机构还指出，相较于Postgres等传统关系型数据库，MongoDB的写优化架构在处理AI/智能体（agentic）⼯作负载时⽇益显现出优势，这为其⻓期AI消耗增⻓的论点提供了有⼒⽀撑。 GTLB: Announces RIF to be finalized on June 1st and reaffirmed guide GTLB：宣布裁员计划（RIF）将于6⽉1⽇完成，并重申了业绩指引。 According to CEO Bill Staples’ letter, GTLB outlined a broad restructuring aimed atbecoming leaner and more agile in the agentic AI era. 根据⾸席执⾏官Bill Staples的信函，GTLB概述了⼀项⼴泛的重组计划，旨在Agentic AI（智能体AI）时代变得更加精简和敏捷。 Changes: 1) reducing exposure in smaller international markets by up to 30%,flattening parts of the org by removing three layers of management 2) doubling thenumber of smaller independent R&D teams to ~60 3) rebuilding internal workflowsaround AI agents. 具体变化包括：1)将较⼩的国际市场业务缩减⾼达30%，通过移除三层管理层级来扁平化部分组织架构；2)将⼩型独⽴研发团队的数量翻倍⾄约60个；3)围绕AI Agent（AI智能体）重建内部⼯作流。 Mgmt said 1Q27 results remain on track with guidance and reaffirmed FY27 guidance,with most cost savings expected to be reinvested into accelerating agentic AIinitiatives. 管理层表示，第⼀季度业绩仍符合预期指引，并重申了2027财年的业绩指引，预计⼤部分节省的成本将重新投⼊到加速Agentic AI项⽬中。 GTLB: Raymond James Downgrades to Market Performon Restructuring Risk GTLB：因重组⻛险，Raymond James将其评级下调⾄“与⼤盘持平”（Market Perform）。 Raymond James downgrades GTLB to Market Perform following management’srestructuring announcement, arguing the magnitude of organizational change createselevated execution risk despite FY27 guidance reaffirmation. Raymond James在管理层宣布重组后将GTLB的评级下调⾄“符合市场表现”（Market Perform），理由是尽管公司重申了2027财年的业绩指引，但组织变⾰的幅度带来了更⾼的执⾏⻛险。 The firm worries internal disruption could hurt innovation, sales productivity, andcustomer expansion at a time when GTLB is already seeing weaker base customeradds, lower DBNRR, and slowing growth (~31% in FY25 to ~16% FY27E). While near-term relief is possible after guidance was maintained, Raymond James believesinvestors will likely wait for proof the restructuring improves execution before turningmore constructive. 该机构担⼼，在GTLB已经⾯临基础客户增⻓放缓、净⾦额留存率（DBNRR）下降以及增速放缓（从2025财年的约31%降⾄2027财年预期的约16%）之际，内部动荡可能会损害创新、销售效率和客户扩张。虽然指引的维持可能带来短期缓解，但Raymond James认为，投资者在转为更积极的态度之前，可能会等待重组能够改善执⾏⼒的证据。 Memory: MS Raises Long-Term DRAM TAM on AgenticAI-Driven CPU Scaling 存储器：摩根⼠丹利（MS）因智能体AI驱动的CPU扩展上调⻓期DRAM市场总量（TAM） MS say