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Taurus Pink

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2025-10-21

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2025-10-21

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AI is taking the semiconductor industry by storm! Bank of America predicts it will reach the trillion-dollar mark by 2027.

2025-10-21

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Jensen Huang's "spending money" sets a record! The Rise of Nvidia's Super AI Empire

2024-12-18

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@JC888:RGTI zooms to $11 as FOMC meeting Kicks Off?

2024-12-09

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2024-12-08

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2024-12-01

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2024-12-01

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2024-11-16

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2024-10-28

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2024-10-25

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2024-10-25

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2024-10-19

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2024-10-12

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2024-10-09

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@JC888:US Stocks Surge/Crash as Earnings Kick Off ?

2024-10-09

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Market news: The US Department of Justice is considering a proposal to spin off some of Google's businesses.

2024-10-09

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TSMC's September sales were NT$251.87 billion, up 39.6% year-on-year

2024-09-28

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2024-09-20

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Bank of America predicts it will reach the trillion-dollar mark by 2027.","url":"https://stock-news.laohu8.com/highlight/detail?id=2577528811","media":"智通财经","summary":"智通财经APP获悉，美国银行表示，受人工智能相关领域需求激增推动，2027年全球半导体销售额有望达到约1万亿美元。这一预测较该行此前给出的8600亿美元可谓显著上调。具体来看，美国银行预测2025、2026及2027年行业销售额将分别达到7450亿、8700亿和9710亿美元，较此前预期上调约3%至6%。除芯片销售额外，美国银行分析师还更新了对半导体设备支出的预测，预计2025至2027年支出规模将分别达到1180亿、1280亿和1380亿美元。","content":"<p><html><head></head><body>According to Zhitong Finance APP, Bank of America stated that global semiconductor sales are expected to reach approximately $1 trillion by 2027, driven by surging demand in artificial intelligence (AI)-related fields. This forecast is a significant increase from the bank's previous estimate of $860 billion.</p><p>In a report to clients, the bank's analysts noted: \"We believe that the growth prospects for memory chips (including high-bandwidth memory HBM, general-purpose DRAM and NAND flash) and data center/AI-related components will be significantly positive, while the performance of the consumer electronics/automotive sector will slightly offset the overall growth.\"</p><p>The analyst further added: \"...We still believe that the structural resilience of current AI infrastructure construction will be stronger than in any previous large-scale industry cycle, and therefore remain optimistic about AI-related capital expenditures.\"</p><p>Specifically, Bank of America predicts that industry sales will reach $745 billion, $870 billion, and $971 billion in 2025, 2026, and 2027, respectively, an increase of about 3% to 6% from previous forecasts. Excluding the memory chip sector, sales are projected to reach $538 billion, $621 billion, and $706 billion in 2025, 2027, and 2027, respectively.</p><p>The bank also reiterated its top five picks in the sector:<a href=\"https://laohu8.com/S/NVDA\">NVIDIA</a>(NVDA.US),<a href=\"https://laohu8.com/S/AVGO\">Broadcom</a>(AVGO.US),<a href=\"https://laohu8.com/S/AMD\">AMD</a>(AMD.US), Panlin Group (LRCX.US), and<a href=\"https://laohu8.com/S/KLAC\">Kolei</a>(KLAC.US) believes these companies will benefit most from “strong prospects for data center and storage spending.”</p><p>In addition to chip sales, Bank of America analysts have updated their forecasts for semiconductor equipment spending, predicting that spending will reach $118 billion, $128 billion, and $138 billion in 2025, 2027, and 2027, respectively. Although growth may slow in 2026 and 2027, this aligns with the bank's view that chip equipment spending will achieve \"sustainable\" growth in the coming years.</p><p>The analyst added, \"In the long run, we believe the capital intensity of the semiconductor industry is likely to stabilize at 14%-17%, 100-400 basis points higher than the historical average of 13%. The core reason for this change is that the complexity of semiconductor manufacturing processes has increased significantly. Compared to previous forecasts, spending in the data center/AI sector will increase, while spending in the consumer electronics/automotive sector will decrease.\"</p><p>The analyst concluded by emphasizing: \"Our new industry model shows that the memory chip and data center/AI sectors will achieve faster growth, while the slowing recovery of the consumer electronics, personal computers, smartphones, and automotive terminal markets will slightly offset overall growth. It is worth noting that we currently predict that the year-on-year growth rates of data center-related components such as servers (including chips only) and wired infrastructure will reach 55% and 28% respectively in 2025.\" As the industry enters a broader cyclical recovery in 2026-2027, the year-on-year growth rate of all end markets will further rebound.</p><p></body></html></p>","source":"stock_zhitongcaijing","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>AI is taking the semiconductor industry by storm! Bank of America predicts it will reach the trillion-dollar mark by 2027.</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nAI is taking the semiconductor industry by storm! Bank of America predicts it will reach the trillion-dollar mark by 2027.\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">智通财经</strong><span class=\"h-time small\">2025-10-21 11:44</span>\n</p>\n</h4>\n</header>\n<article>\n<p><html><head></head><body>According to Zhitong Finance APP, Bank of America stated that global semiconductor sales are expected to reach approximately $1 trillion by 2027, driven by surging demand in artificial intelligence (AI)-related fields. This forecast is a significant increase from the bank's previous estimate of $860 billion.</p><p>In a report to clients, the bank's analysts noted: \"We believe that the growth prospects for memory chips (including high-bandwidth memory HBM, general-purpose DRAM and NAND flash) and data center/AI-related components will be significantly positive, while the performance of the consumer electronics/automotive sector will slightly offset the overall growth.\"</p><p>The analyst further added: \"...We still believe that the structural resilience of current AI infrastructure construction will be stronger than in any previous large-scale industry cycle, and therefore remain optimistic about AI-related capital expenditures.\"</p><p>Specifically, Bank of America predicts that industry sales will reach $745 billion, $870 billion, and $971 billion in 2025, 2026, and 2027, respectively, an increase of about 3% to 6% from previous forecasts. Excluding the memory chip sector, sales are projected to reach $538 billion, $621 billion, and $706 billion in 2025, 2027, and 2027, respectively.</p><p>The bank also reiterated its top five picks in the sector:<a href=\"https://laohu8.com/S/NVDA\">NVIDIA</a>(NVDA.US),<a href=\"https://laohu8.com/S/AVGO\">Broadcom</a>(AVGO.US),<a href=\"https://laohu8.com/S/AMD\">AMD</a>(AMD.US), Panlin Group (LRCX.US), and<a href=\"https://laohu8.com/S/KLAC\">Kolei</a>(KLAC.US) believes these companies will benefit most from “strong prospects for data center and storage spending.”</p><p>In addition to chip sales, Bank of America analysts have updated their forecasts for semiconductor equipment spending, predicting that spending will reach $118 billion, $128 billion, and $138 billion in 2025, 2027, and 2027, respectively. Although growth may slow in 2026 and 2027, this aligns with the bank's view that chip equipment spending will achieve \"sustainable\" growth in the coming years.</p><p>The analyst added, \"In the long run, we believe the capital intensity of the semiconductor industry is likely to stabilize at 14%-17%, 100-400 basis points higher than the historical average of 13%. The core reason for this change is that the complexity of semiconductor manufacturing processes has increased significantly. Compared to previous forecasts, spending in the data center/AI sector will increase, while spending in the consumer electronics/automotive sector will decrease.\"</p><p>The analyst concluded by emphasizing: \"Our new industry model shows that the memory chip and data center/AI sectors will achieve faster growth, while the slowing recovery of the consumer electronics, personal computers, smartphones, and automotive terminal markets will slightly offset overall growth. It is worth noting that we currently predict that the year-on-year growth rates of data center-related components such as servers (including chips only) and wired infrastructure will reach 55% and 28% respectively in 2025.\" As the industry enters a broader cyclical recovery in 2026-2027, the year-on-year growth rate of all end markets will further rebound.</p><p></body></html></p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"http://www.zhitongcaijing.com/content/detail/1357411.html\">智通财经</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/036b31d2930c33ad5b8d67f38195f24f","relate_stocks":{"BK4588":"碎股","BK4585":"ETF&股票定投概念","SOXX":"iShares费城交易所半导体ETF","SMH":"半导体指数ETF-HOLDRs"},"source_url":"http://www.zhitongcaijing.com/content/detail/1357411.html","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2577528811","content_text":"智通财经APP获悉，美国银行表示，受人工智能(AI)相关领域需求激增推动，2027年全球半导体销售额有望达到约1万亿美元。这一预测较该行此前给出的8600亿美元可谓显著上调。该行分析师在致客户报告中指出：“我们认为，存储芯片(涵盖高带宽内存HBM、通用型DRAM及NAND闪存)以及数据中心/AI相关组件的增长前景将显著向好，消费电子/汽车领域的表现则会对整体增长形成小幅抵消。”分析师进一步补充称：“……我们仍认为，当前AI基础设施建设的结构性韧性，将强于以往任何一轮大型行业周期，因此对AI相关资本支出保持乐观态度。”具体来看，美国银行预测2025、2026及2027年行业销售额将分别达到7450亿、8700亿和9710亿美元，较此前预期上调约3%至6%。若剔除存储芯片板块，2025-2027年的销售额预计将分别达到5380亿、6210亿和7060亿美元。该行还重申了在该领域的五大首选股：英伟达(NVDA.US)、博通(AVGO.US)、AMD(AMD.US)、泛林集团(LRCX.US)和科磊(KLAC.US)，认为这些公司最能受益于“数据中心和存储支出的强劲前景”。除芯片销售额外，美国银行分析师还更新了对半导体设备支出的预测，预计2025至2027年支出规模将分别达到1180亿、1280亿和1380亿美元。尽管2026和2027年的增长强度可能放缓，但这符合该行关于未来几年芯片设备支出将实现“可持续”增长的观点。分析师补充道：“长期来看，我们认为半导体行业的资本密集度或将稳定在14%-17%区间，较13%的历史平均水平高出100-400个基点。这一变化的核心原因是，半导体制造工艺的复杂性已显著提升。与此前预测相比，数据中心/AI领域支出将上升，消费电子/汽车领域支出则会下降。”分析师最后强调：“我们的新行业模型显示，存储芯片与数据中心/AI领域将实现更快增长，而消费电子、个人电脑、智能手机及汽车终端市场的复苏放缓，将对整体增长形成小幅抵消。值得注意的是，我们目前预测2025年服务器(仅含芯片)、有线基础设施等数据中心相关组件的同比增速，将分别达到55%和28%;随着2026-2027年行业进入更广泛的周期性复苏，所有终端市场的同比增速都将进一步回升。”","news_type":1,"symbols_score_info":{"SMH":0.6,"SOXX":0.6}},"isVote":1,"tweetType":1,"viewCount":3348,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":491606446014856,"gmtCreate":1761043765452,"gmtModify":1761043769201,"author":{"id":"4141087974150782","authorId":"4141087974150782","name":"Taurus Pink","avatar":"https://community-static.tradeup.com/news/39e934cbdc05761469dbe8569c8d86af","crmLevel":12,"crmLevelSwitch":1,"followedFlag":false,"authorIdStr":"4141087974150782","idStr":"4141087974150782"},"themes":[],"htmlText":"[得意]&nbsp;&nbsp;[得意]&nbsp;&nbsp;[得意]&nbsp;&nbsp;","listText":"[得意]&nbsp;&nbsp;[得意]&nbsp;&nbsp;[得意]&nbsp;&nbsp;","text":"[得意] [得意] [得意]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/491606446014856","repostId":"1194080234","repostType":4,"repost":{"id":"1194080234","kind":"news","pubTimestamp":1761041383,"share":"https://ttm.financial/m/news/1194080234?lang=en_US&edition=fundamental","pubTime":"2025-10-21 18:09","market":"us","language":"zh","title":"Jensen Huang's \"spending money\" sets a record! The Rise of Nvidia's Super AI Empire","url":"https://stock-news.laohu8.com/highlight/detail?id=1194080234","media":"智东西","summary":"起底英伟达的顶级AI帝国。智东西10月21日消息，10月13日，全球知名投资追踪机构PitchBook发布的报告显示，截至10月9日，英伟达今年参与的AI相关融资已经达到50笔，超过2024年全年48笔总和。具体来看，2023年以来，英伟达参与的融资中单笔融资过亿美元的企业共31家。其中，获英伟达投资的OpenAI、xAI、Mistral AI、Figure AI的估值均已超过百亿美元。本月初其发布第三代人形机器人Figure 03，能执行多种家庭任务，","content":"<p><html><head></head><body><strong>Unveiling Nvidia's top-tier AI empire.</strong></p><p>According to a report released by PitchBook, a globally renowned investment tracking firm, on October 13, as of October 9, Nvidia's AI-related financing rounds this year had reached [number missing].<strong>50 entries</strong>，<strong>More than the total of 48 transactions in 2024</strong>。</p><p>In 2023, Nvidia participated in 34 financing rounds, bringing its total to 38 in the four years prior to 2023. It should be noted that these investments do not include those from its corporate venture capital fund NVentures, which has already participated in this year.<strong>21 transactions</strong>There were 24 transactions last year, but only 2 were involved in 2022.</p><p>Specifically, since 2023, Nvidia has participated in a total of $100 million in financing rounds.<strong>31 companies</strong>。 Among the companies invested in by 2025, those with a single financing round exceeding US$1 billion (approximately RMB 7.1 billion) totaled...<strong>7 companies</strong>Received hundreds of millions of dollars in total<strong>8 companies</strong>Those that have just raised over $100 million include:<strong>5 companies</strong>。 Among them,<strong>OpenAI, xAI, Mistral AI, and Figure AI, which have received investment from Nvidia, are all valued at over $10 billion.</strong>。</p><p>According to statistics from Zhidongxi, among the fields in which these companies belong,<strong>There are at most 14 companies related to large models.</strong>Secondly,<strong>There are 7 companies related to AI infrastructure.</strong>，<strong>There are 3 companies related to autonomous driving and 2 companies related to humanoid robots.</strong>The remaining five companies are related to quantum computing, nuclear fusion, and other fields.</p><p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/96ebeaaae272c5f38167620c9c960ddd\" alt=\"\" title=\"\" tg-width=\"880\" tg-height=\"836\"/></p><p>▲ Breakdown of NVIDIA's AI investment areas (companies with single financing exceeding $100 million since 2023)</p><p>Geographically, Nvidia's investments...<strong>The vast majority are American companies</strong>There are a few British, French, and Japanese companies.</p><p>The following are the financing rounds that Nvidia has participated in since 2023, exceeding $100 million (approximately RMB 700 million).<strong>31 startups</strong>Details are listed in descending order of financing amount:</p><p><strong><em>01.</em></strong></p><p><strong>Seven companies have raised over $1 billion in single financing.</strong></p><p><strong>Four companies received consecutive investments from Nvidia.</strong></p><p>The seven companies that received investment from Nvidia all raised more than $1 billion (equivalent to approximately RMB 7.1 billion) in single rounds. Among them, top companies with large-scale models such as OpenAI and xAI have raised more than $6 billion (equivalent to approximately RMB 42.9 billion) in single rounds.</p><p>This year, NVIDIA has newly invested in three startups: Reflection AI, an open-source model research startup; Thinking Machines Lab, a multimodal AI system startup; and Nscale, a British AI infrastructure company. The first two were founded by former DeepMind researchers and former OpenAI CTOs, respectively. The third startup has already signed large AI infrastructure orders with OpenAI and Microsoft, while the other four have received multiple investments from NVIDIA.</p><p>1、<strong>OpenAI</strong>In October 2024, Nvidia made its first investment in OpenAI, providing $100 million (approximately RMB 700 million) for its massive $6.6 billion (approximately RMB 47.1 billion) funding round. At that time, OpenAI's valuation reached $157 billion (approximately RMB 7.14 trillion).</p><p>In September of this year, Nvidia and OpenAI announced a strategic partnership: OpenAI will deploy at least 10GW (10 gigawatts, or 10 million kilowatts) of Nvidia systems, including millions of GPUs. Nvidia will continue to invest in OpenAI as this computing power is gradually rolled out, with a total investment of up to [amount missing].<strong>$100 billion (approximately RMB 7.12 trillion)</strong>。</p><p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/3b27a949ca7424e9790e857dcead9441\" alt=\"\" title=\"\" tg-width=\"1080\" tg-height=\"599\"/></p><p>▲ From left to right: OpenAI co-founder and CEO Sam Altman, Nvidia founder and CEO Jensen Huang, and OpenAI co-founder and president Greg Brockman (Image source: X)</p><p>2、<strong>xAI</strong>In December 2024, Nvidia participated in Elon Musk's xAI.<strong>US$6 billion (approximately RMB 42.8 billion)</strong>financing. Earlier this month, Bloomberg reported that xAI was reportedly raising $20 billion (approximately RMB 142.8 billion). Nvidia's equity investment in this round amounted to $2 billion (approximately RMB 14.3 billion). xAI will purchase Nvidia GPUs through a special purpose vehicle and then lease these chips for five years.</p><p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/48a0de63f8ae97275498f5232639f729\" alt=\"\" title=\"\" tg-width=\"1080\" tg-height=\"569\"/></p><p>▲ From left to right: Nvidia founder and CEO Jensen Huang, and xAI founder Elon Musk (Image source: X)</p><p>3、<strong>Mistral AI</strong>In September of this year, French large-scale model unicorn Mistral AI announced that it had won...<strong>1.7 billion euros (equivalent to approximately 14 billion yuan)</strong>With a post-investment valuation of €11.7 billion (approximately RMB 96.6 billion) in its Series C funding round, this marks Nvidia's third investment in Mistral AI.</p><p>Mistral AI is a French startup founded in 2023 by former DeepMind and Meta researchers, focusing on open-source model development. NVIDIA participated in Mistral AI's seed and Series B funding rounds. Mistral AI completed a €105 million (approximately RMB 870 million) seed funding round in June 2023. In June 2024, it raised $640 million (approximately RMB 4.6 billion) at a valuation of $6 billion (approximately RMB 42.9 billion).</p><p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/35d5454bfaaf042b2ac40ca869af4ea7\" alt=\"\" title=\"\" tg-width=\"1080\" tg-height=\"697\"/></p><p>▲ From left to right: Mistral AI co-founders Guillaume Lample, Arthur Mensch, and Timothée Lacroix (Image source: Mistral AI official website)</p><p>4、<strong>Reflection AI</strong>This month, Nvidia led an investment in AI startup Reflection AI.<strong>US$2 billion (approximately RMB 14.3 billion)</strong>After raising funds, the startup's latest valuation has reached $8 billion (approximately RMB 57.1 billion), a nearly 15-fold increase compared to its previous valuation of $545 million (approximately RMB 3.89 billion) seven months ago. Founded in March 2024 by two former DeepMind researchers, Reflection AI positions itself as an \"open frontier AI lab in the United States.\" In the future, it may compete with closed institutions such as OpenAI and Anthropic, as well as open-source teams such as DeepSeek and Tongyi Qianwen.</p><p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/cd22bc9825568e401853ea29e214a6ad\" alt=\"\" title=\"\" tg-width=\"1080\" tg-height=\"710\"/></p><p>▲ From left to right: Reflection AI co-founders Misha Laskin and loannis Antonoglou (Image source: Reflection AI website)</p><p>5、<strong>Thinking Machines Lab</strong>In July of this year, AI startup Thinking Machines Lab announced the completion of its project.<strong>US$2 billion (approximately RMB 14.3 billion)</strong>The seed round of financing has reached a latest valuation of $12 billion (approximately RMB 85.7 billion).</p><p>The founder of Thinking Machines Lab is Mira Murati, the former CTO of OpenAI. It was established in February 2025 and set a record for the largest seed round of funding in history in less than five months. The company focuses on enterprise AI customization.</p><p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/58d3e448e789cded7270f36c72ac75e5\" alt=\"\" title=\"\" tg-width=\"1080\" tg-height=\"685\"/></p><p>▲ From left to right: OpenAI co-founder and CEO Sam Altman and former OpenAI Chief Technology Officer Mira Murati (Image source: The Wall Street Journal)</p><p>6、<strong>Nscal</strong>On September 25th of this year, British AI infrastructure company Nscale announced that it had raised [amount missing] in its Series B funding round.<strong>US$1.1 billion (approximately RMB7.8 billion)</strong>The completion was announced on October 1st.<strong>US$433 million (approximately RMB3.1 billion)</strong>Nvidia participated in the Pre-C Series SAFE (Simple Future Equity Agreement) financing.</p><p>Nscale was spun off from Australian cryptocurrency mining company Arkon Energy in 2023 and has now become an important partner of Microsoft and OpenAI.</p><p>In July of this year, companies such as Nscale and OpenAI announced the launch of Stargate Norway, aiming to build a project in Norway that is entirely powered by renewable energy and deliver 100,000 NVIDIA GPUs by the end of 2026. In September of this year, Microsoft announced plans to invest $30 billion (approximately RMB 214.2 billion) in the UK by 2028. This investment includes a partnership with Nscale to build the UK's \"largest supercomputer,\" with more than 23,000 GPUs.</p><p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/fe7119e6dc37c83cc915722ea5d83a20\" alt=\"\" title=\"\" tg-width=\"1080\" tg-height=\"696\"/></p><p>▲ Jensen Huang visits Nscale (Image source: Nscale official website)</p><p>7、<strong>Figure AI</strong>In September of this year, Nvidia participated in Figure AI, which exceeded<strong>US$1 billion (approximately RMB7.1 billion)</strong>With its Series C funding round, the humanoid robotics startup's latest valuation has reached $39 billion (approximately RMB 278.5 billion).</p><p>Founded in 2022, Figure AI focuses on the development of general-purpose humanoid robots. Earlier this month, it released its third-generation humanoid robot, Figure 03, which can perform a variety of household tasks, such as watering flowers, washing dishes, delivering food, wiping tables, and playing games with pet dogs. Nvidia's first investment in Figure AI was in February 2024, when the company raised $675 million (approximately RMB 4.8 billion) at a valuation of $2.6 billion (approximately RMB 18.6 billion).</p><p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/8b99dfce1c4a0cad47ecc2101cbbd9b5\" alt=\"\" title=\"\" tg-width=\"1080\" tg-height=\"622\"/></p><p>▲ Figure AI's latest humanoid robot, Figure 03 (Image source: Figure AI official website)</p><p><strong><em>02.</em></strong></p><p><strong>Eight companies won hundreds of millions of dollars</strong></p><p><strong>Covering nuclear fusion, autonomous driving, and humanoid robots</strong></p><p>Eight startups have secured hundreds of millions of dollars in funding, including Figure AI, a top humanoid robot company.</p><p>1、<strong>Commonwealth Fusion Systems (CFS)</strong>In August 2025, NVIDIA participated in the nuclear fusion energy startup CFS.<strong>US$863 million (approximately RMB6.2 billion)</strong>The post-investment valuation reached US$3 billion (equivalent to approximately RMB 21.4 billion).</p><p>Founded in 2018, CFS is an American fusion power company that was spun off from MIT in 2018. The company is currently building a prototype reactor called Sparc in the suburbs of Boston, and expects to start the equipment later next year and achieve scientific break-even in 2027.</p><p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/0c52e6e196817059765fa581a27c0081\" alt=\"\" title=\"\" tg-width=\"1080\" tg-height=\"603\"/></p><p>▲ Sparc prototype reactor (Image source: CFS official website)</p><p>2、<strong>Cohere</strong>In August of this year, Canadian AI unicorn Cohere officially announced that it had won...<strong>$500 million (equivalent to approximately RMB 3.6 billion)</strong>The new financing increased the valuation from $5.5 billion (approximately RMB 39.3 billion) to $6.8 billion (approximately RMB 48.6 billion). Founded in 2019 by Aidan Gomez, co-author of the Transformer paper, Cohere focuses on providing enterprises with privately deployable AI applications that can solve practical problems in vertical scenarios.</p><p>Nvidia made its first investment in Cohere in 2023, and participated in the startup's $500 million (approximately RMB 3.6 billion) financing round last June.</p><p>Cohere was founded by three teenage geniuses and initiated by Aidan Gomez, co-author of the Transformer paper. CTO Ivan Zhang is a classmate of Gomez and founded the AI research institution FOR.ai in 2017, which has now been renamed Cohere FOR AI. Chief scientist Nick Frosst graduated from the Department of Computer Science at the University of Toronto in 2015 and was a member of Geoffrey Hinton's team, one of the \"Big Three\" in deep learning, during his time at Google Brain.</p><p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/58a8b142000841d764023ddf89bf057c\" alt=\"\" title=\"\" tg-width=\"1080\" tg-height=\"712\"/></p><p>▲ From left to right: Cohere's three co-founders Ivan Zhang, Aidan Gomez, and Nick Frosst (Image source: Cohere's official website)</p><p>3、<strong>waves</strong>In September of this year, Nvidia founder and CEO Jensen Huang announced plans to invest £2 billion in the UK to strengthen the country's AI startup ecosystem. A spokesperson for Wayve, a UK-based autonomous driving technology startup, confirmed that Nvidia has tentatively committed to investing in Wayve.<strong>$500 million (equivalent to approximately RMB 3.6 billion)</strong>As part of the total investment.</p><p>Founded in 2017, Wayve focuses on the research and development of autonomous driving technology and is currently testing its vehicles in the UK and the San Francisco Bay Area. In May 2024, Nvidia participated in a $1.05 billion (approximately RMB 7.5 billion) financing round for the British startup.</p><p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/f206c8474f460d06362a5c4ace62a2bd\" alt=\"\" title=\"\" tg-width=\"1080\" tg-height=\"926\"/></p><p>▲ Jensen Huang and Alex Kendall, co-founder and CEO of Wayve (Image source: TechCrunch)</p><p>4、<strong>Lambda</strong>In February of this year, AI infrastructure provider Lambda announced the completion of a $2.5 billion (approximately RMB 17.9 billion) acquisition.<strong>US$480 million (approximately RMB 3.4 billion)</strong>Series D financing. Founded in 2012, a large part of Lambda's business involves leasing servers equipped with NVIDIA GPUs.</p><p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/2693de1a027cb80082e9e38777e46fc7\" alt=\"\" title=\"\" tg-width=\"992\" tg-height=\"618\"/></p><p>▲ Lambda CEO Stephen Balaban (Image source: Lambda official website)</p><p>5、<strong>Together AI</strong>In February of this year, Nvidia became involved in the company.<strong>US$305 million (approximately RMB2.2 billion)</strong>In its Series B funding round, Together AI was valued at $3.3 billion (approximately RMB 23.6 billion). Together AI was founded in 2022 and provides cloud infrastructure for building AI models. Nvidia made its first investment in the company in 2023.</p><p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/15928eccb2e88b3035c3db5f743742c3\" alt=\"\" title=\"\" tg-width=\"1080\" tg-height=\"508\"/></p><p>▲ Vipul Ved Prakash, founder and CEO of Together AI (Image source: YouTube)</p><p>6、<strong>Firmus Technologies</strong>In September of this year, Singapore-based data center company Firmus Technologies acquired funds from investors including Nvidia at a valuation of AU$1.85 billion (approximately RMB 8.5 billion).<strong>AUD 330 million (equivalent to approximately RMB 1.5 billion)</strong>The financing. These funds will accelerate the development of Project Southgate, a flagship Project between Firmus and the Tasmanian government, which aims to build a renewable energy-powered AI factory in Australia, expected to be equipped with 36,000 NVIDIA GPUs.</p><p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/e33dbeb125233ffe3d601dc406fd9dd6\" alt=\"\" title=\"\" tg-width=\"1080\" tg-height=\"605\"/></p><p>▲ From left to right: Firmus Co-CEO Tim Rosenfield, Firmus Co-CEO Oliver Curtis</p><p>7、<strong>only</strong>In August of this year, Nvidia participated in the autonomous driving startup Nuro.<strong>US$203 million (approximately RMB1.4 billion)</strong>The deal valued Nuro at $6 billion (approximately RMB 42.8 billion), a significant 30% decrease from its peak valuation of $8.6 billion (approximately RMB 61.4 billion) in 2021.</p><p>Founded in 2016, Nuro primarily develops self-driving software for delivery and ride-hailing services. Its co-founder and CEO, Jiajun Zhang, was formerly Google's chief software engineer and one of the founding team members of its self-driving project (now known as Waymo).</p><p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/bcf13678d10a1ca666e1e65d0bed9342\" alt=\"\" title=\"\" tg-width=\"1080\" tg-height=\"658\"/></p><p>▲ Jiajun Zhang, co-founder and CEO of Nuro (Image source: Nuro official website)</p><p>8、<strong>Perplexity</strong>In September of this year, according to The Information, generative AI search startup Perplexity was valued at $20 billion (approximately RMB 142.8 billion).<strong>$200 million (equivalent to approximately RMB 1.4 billion)</strong>The new funding campaign aims to compete with Google by providing conversational answers to user queries.</p><p>Founded in 2022, Perplexity primarily develops conversational response engines and search engines based on large language models. According to PitchBook, the rapidly growing artificial intelligence company has raised a total of $1.5 billion (approximately RMB 10.7 billion) since its founding three years ago. Nvidia first invested in Perplexity in November 2023 and has participated in every subsequent round of financing for the AI search engine startup, including a $500 million (approximately RMB 3.6 billion) round last December that valued the company at $9 billion (approximately RMB 64.3 billion).</p><p>In August of this year, a spokesperson for Perplexity mentioned in an interview with foreign media that its annual recurring revenue had exceeded US$150 million (equivalent to approximately RMB 1.1 billion).</p><p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/725d9cb4010cfc94b950e7207b9d3e30\" alt=\"\" title=\"\" tg-width=\"990\" tg-height=\"548\"/></p><p>▲ Aravind Srinivas, founder and CEO of Perplexity (Image source: Business Insider)</p><p><strong><em>03.</em></strong></p><p><strong>5 financing rounds exceeding $100 million</strong></p><p><strong>Video generation top stream in the column</strong></p><p>Five companies received more than US$100 million (equivalent to approximately RMB 700 million) in financing, covering companies in quantum technology, large-scale models in the medical field, and video generation.</p><p>1、<strong>Runway</strong>According to PitchBook data, in April of this year, Nvidia participated in Runway, an AI video generation unicorn.<strong>US$308 million (approximately RMB2.2 billion)</strong>Series D financing.</p><p>Founded in 2018, Runway released its latest video generation model, Gen-4, in April of this year. The model can create consistent characters, locations, and objects in a scene and regenerate elements from different perspectives and locations in the scene. With products such as Gen-4 and their video model APIs, Runway hopes to achieve annualized revenue of $300 million (approximately RMB 2.1 billion) this year.</p><p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/21fbcc5f5e70eb7fcac8381c1bc4c43c\" alt=\"\" title=\"\" tg-width=\"1080\" tg-height=\"607\"/></p><p>▲ Runway CEO Cristóbal Valenzuela (Image source: The Iinformation)</p><p>2、<strong>Sandbox AQ</strong>In April of this year, Nvidia, along with companies such as Google and BNP Paribas, invested in Sandbox AQ.<strong>US$150 million (approximately RMB1.1 billion)</strong>。 This investment brings Sandbox AQ's Series E funding to $450 million (approximately RMB 3.2 billion), increasing the company's valuation to $5.75 billion (approximately RMB 41.1 billion).</p><p>Sandbox AQ was founded in 2016 and spun off from Google's parent company Alphabet in 2022, focusing on developing quantum computing software and quantum technology convergence solutions.</p><p>3、<strong>Hippocratic AI</strong>In January of this year, Hippocratic AI, a developer of large language models for healthcare, announced the completion of...<strong>US$141 million (approximately RMB 1 billion)</strong>The company raised $1.64 billion (approximately RMB 11.7 billion) in its Series B funding round, with Nvidia as the lead investor.</p><p>Founded in 2023, this startup's AI solutions can handle patient-facing non-diagnostic tasks such as preoperative procedures, remote patient monitoring, and appointment preparation.</p><p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/d864d7180e110edc5e34eaafa7438569\" alt=\"\" title=\"\" tg-width=\"1080\" tg-height=\"1161\"/></p><p>▲ Munjal Shah, co-founder and CEO of Hippocratic AI (Image source: Hippocratic AI website)</p><p>4、<strong>put</strong>In May of this year, Nvidia invested in Weka, an AI-native data management platform.<strong>US$140 million (approximately RMB 1 billion)</strong>This round of financing brings the Silicon Valley company's valuation to $1.6 billion (approximately RMB 11.4 billion). Weka was founded in 2014.</p><p>5、<strong>he said</strong>In July of this year, AI research lab Reka announced that it had raised funds in a round of financing.<strong>US$110 million (approximately RMB790 million)</strong>Nvidia participated in the investment. According to foreign media reports, the deal tripled the startup's valuation to more than $1 billion (approximately 7.1 billion yuan).</p><p>Reka AI is an AI startup founded in 2022 by former Google and Meta researchers that focuses on developing multimodal models. In 2024, it was reported that the company was in talks with Snowflake for an acquisition of over $1 billion (approximately RMB 7.1 billion) due to financial pressure.</p><p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/fa68d80e79816bf63fbb84d9cb61a73f\" alt=\"\" title=\"\" tg-width=\"1080\" tg-height=\"807\"/></p><p>▲ Reka AI CEO Dani Yogatama (far right) and Chief Scientist Yi Tay (center) (Image source: Reka AI official website)</p><p><strong><em>04.</em></strong></p><p><strong>2023 to present</strong></p><p><strong>Nvidia has invested in a total of 31 companies with single financing rounds exceeding 100 million yuan.</strong></p><p>In addition, Nvidia invested in 11 startups that raised more than $100 million in rounds in 2023 and 2024. With the 20 companies it invested in again this year, it means that since 2023, Nvidia has invested in 31 companies with a single financing round exceeding $100 million.</p><p>1、<strong>Inflection</strong>In June 2023, Nvidia became Inflection.<strong>US$1.3 billion (approximately RMB9.3 billion)</strong>One of several lead investors in the financing. This is also one of Nvidia's first major AI investments.</p><p>Inflection was founded in March 2022 by Mustafa Suleyman, the founder of Google DeepMind. However, less than a year later, Microsoft hired two of the three founders of Inflection AI and spent $620 million (approximately RMB 4.4 billion) to obtain a non-exclusive technology license from Inflection, which led to a significant reduction in the number of employees at the startup and made its future prospects more uncertain.</p><p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/3a8b8b7e02f32673031efcac0d54b29e\" alt=\"\" title=\"\" tg-width=\"1080\" tg-height=\"715\"/></p><p>▲ Mustafa Suleyman, founder and CEO of Inflection (Image source: Wall Street Journal)</p><p>2、<strong>Scale AI</strong>In May 2024, Nvidia, along with Accel and other tech giants Amazon and Meta, invested in Scale AI.<strong>US$1 billion (approximately RMB7.1 billion)</strong>The company provides data labeling services for companies to train AI models. This round of financing values the San Francisco-based company at nearly $14 billion (approximately RMB 100 billion). In June, Meta invested $14.3 billion to acquire a 49% stake in Scale and hired the company's co-founder and CEO Alexandr Wang, as well as several other key Scale employees.</p><p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/da5efd44f519a1410b99fdb7e7a54a60\" alt=\"\" title=\"\" tg-width=\"1080\" tg-height=\"603\"/></p><p>▲ Alexandr Wang, former co-founder and CEO of Scale AI (Image source: CNBC)</p><p>3、<strong>Crusoe</strong>In November 2024, the company raised...<strong>US$686 million (approximately RMB 4.9 billion)</strong>The investment was led by Founders Fund, with other investors including Nvidia. Crusoe was founded in 2018 and was selected as the sole developer and operator of the \"Stargate\" project, which has a total investment of US$500 billion (approximately RMB 3.6 trillion).</p><p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/b182fb1a12e9718f3ab94436a1d0765e\" alt=\"\" title=\"\" tg-width=\"1080\" tg-height=\"1063\"/></p><p>▲ Chase Lochmiller, co-founder, CEO, and chairman of the board of Crusoe (Image source: Crusoe website)</p><p>4、<strong>half side</strong>In October 2024, AI coding assistant startup Poolside announced that it had received...<strong>US$500 million (approximately RMB3.6 billion)</strong>The funding round, led by Bain Capital and followed by Nvidia, valued Poolside at $3 billion (approximately RMB 21.6 billion). Poolside was founded in early 2023 and is headquartered in Paris, France.</p><p>5、<strong>CoreWeave</strong>In April 2023, Nvidia invested in CoreWeave, an AI cloud computing provider, which raised funds at the time.<strong>US$221 million (approximately RMB 1.6 billion)</strong>The funds. Since then, CoreWeave's valuation has jumped from approximately $2 billion (equivalent to approximately RMB 14.3 billion) to $19 billion (equivalent to approximately RMB 135.7 billion), and the company went public on Nasdaq in the United States in March of this year. Founded in 2017, CoreWeave allows its customers to rent NVIDIA GPUs by the hour.</p><p>In September of this year, Nvidia signed a $6.3 billion (approximately RMB 45 billion) cloud computing capacity order with CoreWeave. Nvidia will purchase the startup's unsold capacity before April 13, 2032.</p><p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/3f69dd064734d6dd805d657c65320440\" alt=\"\" title=\"\" tg-width=\"1080\" tg-height=\"606\"/></p><p>▲ From left to right: Jensen Huang and CoreWeave CEO Michael Intrator (Image source: The Information)</p><p>6、<strong>Sakana AI:</strong>In September of this year, Nvidia invested in this Japanese startup that uses small datasets to train low-cost large models. The company was founded in 2023 and has completed approximately...<strong>US$214 million (approximately RMB 1.5 billion)</strong>Its Series A funding round valued it at $1.5 billion (approximately RMB 10.7 billion).</p><p>7、<strong>Waabi</strong>In June of this year, this self-driving truck startup completed...<strong>$200 million (equivalent to approximately RMB 1.4 billion)</strong>The Series B funding round was co-led by existing investors Uber and Khosla Ventures, with other investors including Nvidia, Volvo Group Ventures, and Porsche Automotive Holdings. Waabi was founded in 2021 by Raquel Urtasun, former chief scientist of Uber's autonomous driving division.</p><p>8、<strong>Settings Labs</strong>In December 2024, Nvidia invested in Ayar Labs.<strong>US$155 million (approximately RMB1.1 billion)</strong>Founded in 2015, the company is dedicated to developing optical interconnect technologies to improve AI computing and power efficiency. This is Nvidia's third investment in this startup.</p><p>9、<strong>Korea.ai</strong>This startup developing enterprise-grade AI chatbots raised funds in December 2023.<strong>US$150 million (approximately RMB1.07 billion)</strong>。 In addition to Nvidia, other investors participating in this financing round included FTV Capital, Vistara Growth, and Sweetwater Private Equity. Kore.ai was founded in 2014.</p><p>10、<strong>Bright Machines</strong>In June 2024, NVIDIA participated in Bright Machines, an intelligent robotics and AI-driven software startup.<strong>US$126 million (approximately RMB 900 million) Series C financing</strong>。 Bright Machines Established in 2018.</p><p>11、<strong>Enfabrica</strong>In September 2023, NVIDIA participated in the network chip design company Enfabrica.<strong>US$125 million (approximately RMB890 million)</strong>Series B financing. Enfabrica was founded in 2019.</p><p><strong><em>05.</em></strong></p><p><strong>Conclusion: NVIDIA's AI investment strategy</strong></p><p><strong>Covering almost the entire AI industry chain</strong></p><p>Nvidia previously revealed on its official website that its corporate investment aims to expand the AI ecosystem by supporting startups it considers \"game changers and market creators.\" Their investments also demonstrate that AI-related companies span an extremely wide range of geographies, establishment dates, and fields.</p><p>Since 2023, NVIDIA has been accelerating its investment in the field of AI, far exceeding previous years in both quantity and quality. Its investment layout includes not only the core track of large models, but also key areas such as AI infrastructure and autonomous driving, deeply connecting the upstream and downstream ecosystems of the AI industry.</p><p></body></html></p>","source":"zhidxcom","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Jensen Huang's \"spending money\" sets a record! The Rise of Nvidia's Super AI Empire</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nJensen Huang's \"spending money\" sets a record! The Rise of Nvidia's Super AI Empire\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">智东西</strong><span class=\"h-time small\">2025-10-21 18:09</span>\n</p>\n</h4>\n</header>\n<article>\n<p><html><head></head><body><strong>Unveiling Nvidia's top-tier AI empire.</strong></p><p>According to a report released by PitchBook, a globally renowned investment tracking firm, on October 13, as of October 9, Nvidia's AI-related financing rounds this year had reached [number missing].<strong>50 entries</strong>，<strong>More than the total of 48 transactions in 2024</strong>。</p><p>In 2023, Nvidia participated in 34 financing rounds, bringing its total to 38 in the four years prior to 2023. It should be noted that these investments do not include those from its corporate venture capital fund NVentures, which has already participated in this year.<strong>21 transactions</strong>There were 24 transactions last year, but only 2 were involved in 2022.</p><p>Specifically, since 2023, Nvidia has participated in a total of $100 million in financing rounds.<strong>31 companies</strong>。 Among the companies invested in by 2025, those with a single financing round exceeding US$1 billion (approximately RMB 7.1 billion) totaled...<strong>7 companies</strong>Received hundreds of millions of dollars in total<strong>8 companies</strong>Those that have just raised over $100 million include:<strong>5 companies</strong>。 Among them,<strong>OpenAI, xAI, Mistral AI, and Figure AI, which have received investment from Nvidia, are all valued at over $10 billion.</strong>。</p><p>According to statistics from Zhidongxi, among the fields in which these companies belong,<strong>There are at most 14 companies related to large models.</strong>Secondly,<strong>There are 7 companies related to AI infrastructure.</strong>，<strong>There are 3 companies related to autonomous driving and 2 companies related to humanoid robots.</strong>The remaining five companies are related to quantum computing, nuclear fusion, and other fields.</p><p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/96ebeaaae272c5f38167620c9c960ddd\" alt=\"\" title=\"\" tg-width=\"880\" tg-height=\"836\"/></p><p>▲ Breakdown of NVIDIA's AI investment areas (companies with single financing exceeding $100 million since 2023)</p><p>Geographically, Nvidia's investments...<strong>The vast majority are American companies</strong>There are a few British, French, and Japanese companies.</p><p>The following are the financing rounds that Nvidia has participated in since 2023, exceeding $100 million (approximately RMB 700 million).<strong>31 startups</strong>Details are listed in descending order of financing amount:</p><p><strong><em>01.</em></strong></p><p><strong>Seven companies have raised over $1 billion in single financing.</strong></p><p><strong>Four companies received consecutive investments from Nvidia.</strong></p><p>The seven companies that received investment from Nvidia all raised more than $1 billion (equivalent to approximately RMB 7.1 billion) in single rounds. Among them, top companies with large-scale models such as OpenAI and xAI have raised more than $6 billion (equivalent to approximately RMB 42.9 billion) in single rounds.</p><p>This year, NVIDIA has newly invested in three startups: Reflection AI, an open-source model research startup; Thinking Machines Lab, a multimodal AI system startup; and Nscale, a British AI infrastructure company. The first two were founded by former DeepMind researchers and former OpenAI CTOs, respectively. The third startup has already signed large AI infrastructure orders with OpenAI and Microsoft, while the other four have received multiple investments from NVIDIA.</p><p>1、<strong>OpenAI</strong>In October 2024, Nvidia made its first investment in OpenAI, providing $100 million (approximately RMB 700 million) for its massive $6.6 billion (approximately RMB 47.1 billion) funding round. At that time, OpenAI's valuation reached $157 billion (approximately RMB 7.14 trillion).</p><p>In September of this year, Nvidia and OpenAI announced a strategic partnership: OpenAI will deploy at least 10GW (10 gigawatts, or 10 million kilowatts) of Nvidia systems, including millions of GPUs. Nvidia will continue to invest in OpenAI as this computing power is gradually rolled out, with a total investment of up to [amount missing].<strong>$100 billion (approximately RMB 7.12 trillion)</strong>。</p><p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/3b27a949ca7424e9790e857dcead9441\" alt=\"\" title=\"\" tg-width=\"1080\" tg-height=\"599\"/></p><p>▲ From left to right: OpenAI co-founder and CEO Sam Altman, Nvidia founder and CEO Jensen Huang, and OpenAI co-founder and president Greg Brockman (Image source: X)</p><p>2、<strong>xAI</strong>In December 2024, Nvidia participated in Elon Musk's xAI.<strong>US$6 billion (approximately RMB 42.8 billion)</strong>financing. Earlier this month, Bloomberg reported that xAI was reportedly raising $20 billion (approximately RMB 142.8 billion). Nvidia's equity investment in this round amounted to $2 billion (approximately RMB 14.3 billion). xAI will purchase Nvidia GPUs through a special purpose vehicle and then lease these chips for five years.</p><p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/48a0de63f8ae97275498f5232639f729\" alt=\"\" title=\"\" tg-width=\"1080\" tg-height=\"569\"/></p><p>▲ From left to right: Nvidia founder and CEO Jensen Huang, and xAI founder Elon Musk (Image source: X)</p><p>3、<strong>Mistral AI</strong>In September of this year, French large-scale model unicorn Mistral AI announced that it had won...<strong>1.7 billion euros (equivalent to approximately 14 billion yuan)</strong>With a post-investment valuation of €11.7 billion (approximately RMB 96.6 billion) in its Series C funding round, this marks Nvidia's third investment in Mistral AI.</p><p>Mistral AI is a French startup founded in 2023 by former DeepMind and Meta researchers, focusing on open-source model development. NVIDIA participated in Mistral AI's seed and Series B funding rounds. Mistral AI completed a €105 million (approximately RMB 870 million) seed funding round in June 2023. In June 2024, it raised $640 million (approximately RMB 4.6 billion) at a valuation of $6 billion (approximately RMB 42.9 billion).</p><p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/35d5454bfaaf042b2ac40ca869af4ea7\" alt=\"\" title=\"\" tg-width=\"1080\" tg-height=\"697\"/></p><p>▲ From left to right: Mistral AI co-founders Guillaume Lample, Arthur Mensch, and Timothée Lacroix (Image source: Mistral AI official website)</p><p>4、<strong>Reflection AI</strong>This month, Nvidia led an investment in AI startup Reflection AI.<strong>US$2 billion (approximately RMB 14.3 billion)</strong>After raising funds, the startup's latest valuation has reached $8 billion (approximately RMB 57.1 billion), a nearly 15-fold increase compared to its previous valuation of $545 million (approximately RMB 3.89 billion) seven months ago. Founded in March 2024 by two former DeepMind researchers, Reflection AI positions itself as an \"open frontier AI lab in the United States.\" In the future, it may compete with closed institutions such as OpenAI and Anthropic, as well as open-source teams such as DeepSeek and Tongyi Qianwen.</p><p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/cd22bc9825568e401853ea29e214a6ad\" alt=\"\" title=\"\" tg-width=\"1080\" tg-height=\"710\"/></p><p>▲ From left to right: Reflection AI co-founders Misha Laskin and loannis Antonoglou (Image source: Reflection AI website)</p><p>5、<strong>Thinking Machines Lab</strong>In July of this year, AI startup Thinking Machines Lab announced the completion of its project.<strong>US$2 billion (approximately RMB 14.3 billion)</strong>The seed round of financing has reached a latest valuation of $12 billion (approximately RMB 85.7 billion).</p><p>The founder of Thinking Machines Lab is Mira Murati, the former CTO of OpenAI. It was established in February 2025 and set a record for the largest seed round of funding in history in less than five months. The company focuses on enterprise AI customization.</p><p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/58d3e448e789cded7270f36c72ac75e5\" alt=\"\" title=\"\" tg-width=\"1080\" tg-height=\"685\"/></p><p>▲ From left to right: OpenAI co-founder and CEO Sam Altman and former OpenAI Chief Technology Officer Mira Murati (Image source: The Wall Street Journal)</p><p>6、<strong>Nscal</strong>On September 25th of this year, British AI infrastructure company Nscale announced that it had raised [amount missing] in its Series B funding round.<strong>US$1.1 billion (approximately RMB7.8 billion)</strong>The completion was announced on October 1st.<strong>US$433 million (approximately RMB3.1 billion)</strong>Nvidia participated in the Pre-C Series SAFE (Simple Future Equity Agreement) financing.</p><p>Nscale was spun off from Australian cryptocurrency mining company Arkon Energy in 2023 and has now become an important partner of Microsoft and OpenAI.</p><p>In July of this year, companies such as Nscale and OpenAI announced the launch of Stargate Norway, aiming to build a project in Norway that is entirely powered by renewable energy and deliver 100,000 NVIDIA GPUs by the end of 2026. In September of this year, Microsoft announced plans to invest $30 billion (approximately RMB 214.2 billion) in the UK by 2028. This investment includes a partnership with Nscale to build the UK's \"largest supercomputer,\" with more than 23,000 GPUs.</p><p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/fe7119e6dc37c83cc915722ea5d83a20\" alt=\"\" title=\"\" tg-width=\"1080\" tg-height=\"696\"/></p><p>▲ Jensen Huang visits Nscale (Image source: Nscale official website)</p><p>7、<strong>Figure AI</strong>In September of this year, Nvidia participated in Figure AI, which exceeded<strong>US$1 billion (approximately RMB7.1 billion)</strong>With its Series C funding round, the humanoid robotics startup's latest valuation has reached $39 billion (approximately RMB 278.5 billion).</p><p>Founded in 2022, Figure AI focuses on the development of general-purpose humanoid robots. Earlier this month, it released its third-generation humanoid robot, Figure 03, which can perform a variety of household tasks, such as watering flowers, washing dishes, delivering food, wiping tables, and playing games with pet dogs. Nvidia's first investment in Figure AI was in February 2024, when the company raised $675 million (approximately RMB 4.8 billion) at a valuation of $2.6 billion (approximately RMB 18.6 billion).</p><p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/8b99dfce1c4a0cad47ecc2101cbbd9b5\" alt=\"\" title=\"\" tg-width=\"1080\" tg-height=\"622\"/></p><p>▲ Figure AI's latest humanoid robot, Figure 03 (Image source: Figure AI official website)</p><p><strong><em>02.</em></strong></p><p><strong>Eight companies won hundreds of millions of dollars</strong></p><p><strong>Covering nuclear fusion, autonomous driving, and humanoid robots</strong></p><p>Eight startups have secured hundreds of millions of dollars in funding, including Figure AI, a top humanoid robot company.</p><p>1、<strong>Commonwealth Fusion Systems (CFS)</strong>In August 2025, NVIDIA participated in the nuclear fusion energy startup CFS.<strong>US$863 million (approximately RMB6.2 billion)</strong>The post-investment valuation reached US$3 billion (equivalent to approximately RMB 21.4 billion).</p><p>Founded in 2018, CFS is an American fusion power company that was spun off from MIT in 2018. The company is currently building a prototype reactor called Sparc in the suburbs of Boston, and expects to start the equipment later next year and achieve scientific break-even in 2027.</p><p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/0c52e6e196817059765fa581a27c0081\" alt=\"\" title=\"\" tg-width=\"1080\" tg-height=\"603\"/></p><p>▲ Sparc prototype reactor (Image source: CFS official website)</p><p>2、<strong>Cohere</strong>In August of this year, Canadian AI unicorn Cohere officially announced that it had won...<strong>$500 million (equivalent to approximately RMB 3.6 billion)</strong>The new financing increased the valuation from $5.5 billion (approximately RMB 39.3 billion) to $6.8 billion (approximately RMB 48.6 billion). Founded in 2019 by Aidan Gomez, co-author of the Transformer paper, Cohere focuses on providing enterprises with privately deployable AI applications that can solve practical problems in vertical scenarios.</p><p>Nvidia made its first investment in Cohere in 2023, and participated in the startup's $500 million (approximately RMB 3.6 billion) financing round last June.</p><p>Cohere was founded by three teenage geniuses and initiated by Aidan Gomez, co-author of the Transformer paper. CTO Ivan Zhang is a classmate of Gomez and founded the AI research institution FOR.ai in 2017, which has now been renamed Cohere FOR AI. Chief scientist Nick Frosst graduated from the Department of Computer Science at the University of Toronto in 2015 and was a member of Geoffrey Hinton's team, one of the \"Big Three\" in deep learning, during his time at Google Brain.</p><p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/58a8b142000841d764023ddf89bf057c\" alt=\"\" title=\"\" tg-width=\"1080\" tg-height=\"712\"/></p><p>▲ From left to right: Cohere's three co-founders Ivan Zhang, Aidan Gomez, and Nick Frosst (Image source: Cohere's official website)</p><p>3、<strong>waves</strong>In September of this year, Nvidia founder and CEO Jensen Huang announced plans to invest £2 billion in the UK to strengthen the country's AI startup ecosystem. A spokesperson for Wayve, a UK-based autonomous driving technology startup, confirmed that Nvidia has tentatively committed to investing in Wayve.<strong>$500 million (equivalent to approximately RMB 3.6 billion)</strong>As part of the total investment.</p><p>Founded in 2017, Wayve focuses on the research and development of autonomous driving technology and is currently testing its vehicles in the UK and the San Francisco Bay Area. In May 2024, Nvidia participated in a $1.05 billion (approximately RMB 7.5 billion) financing round for the British startup.</p><p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/f206c8474f460d06362a5c4ace62a2bd\" alt=\"\" title=\"\" tg-width=\"1080\" tg-height=\"926\"/></p><p>▲ Jensen Huang and Alex Kendall, co-founder and CEO of Wayve (Image source: TechCrunch)</p><p>4、<strong>Lambda</strong>In February of this year, AI infrastructure provider Lambda announced the completion of a $2.5 billion (approximately RMB 17.9 billion) acquisition.<strong>US$480 million (approximately RMB 3.4 billion)</strong>Series D financing. Founded in 2012, a large part of Lambda's business involves leasing servers equipped with NVIDIA GPUs.</p><p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/2693de1a027cb80082e9e38777e46fc7\" alt=\"\" title=\"\" tg-width=\"992\" tg-height=\"618\"/></p><p>▲ Lambda CEO Stephen Balaban (Image source: Lambda official website)</p><p>5、<strong>Together AI</strong>In February of this year, Nvidia became involved in the company.<strong>US$305 million (approximately RMB2.2 billion)</strong>In its Series B funding round, Together AI was valued at $3.3 billion (approximately RMB 23.6 billion). Together AI was founded in 2022 and provides cloud infrastructure for building AI models. Nvidia made its first investment in the company in 2023.</p><p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/15928eccb2e88b3035c3db5f743742c3\" alt=\"\" title=\"\" tg-width=\"1080\" tg-height=\"508\"/></p><p>▲ Vipul Ved Prakash, founder and CEO of Together AI (Image source: YouTube)</p><p>6、<strong>Firmus Technologies</strong>In September of this year, Singapore-based data center company Firmus Technologies acquired funds from investors including Nvidia at a valuation of AU$1.85 billion (approximately RMB 8.5 billion).<strong>AUD 330 million (equivalent to approximately RMB 1.5 billion)</strong>The financing. These funds will accelerate the development of Project Southgate, a flagship Project between Firmus and the Tasmanian government, which aims to build a renewable energy-powered AI factory in Australia, expected to be equipped with 36,000 NVIDIA GPUs.</p><p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/e33dbeb125233ffe3d601dc406fd9dd6\" alt=\"\" title=\"\" tg-width=\"1080\" tg-height=\"605\"/></p><p>▲ From left to right: Firmus Co-CEO Tim Rosenfield, Firmus Co-CEO Oliver Curtis</p><p>7、<strong>only</strong>In August of this year, Nvidia participated in the autonomous driving startup Nuro.<strong>US$203 million (approximately RMB1.4 billion)</strong>The deal valued Nuro at $6 billion (approximately RMB 42.8 billion), a significant 30% decrease from its peak valuation of $8.6 billion (approximately RMB 61.4 billion) in 2021.</p><p>Founded in 2016, Nuro primarily develops self-driving software for delivery and ride-hailing services. Its co-founder and CEO, Jiajun Zhang, was formerly Google's chief software engineer and one of the founding team members of its self-driving project (now known as Waymo).</p><p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/bcf13678d10a1ca666e1e65d0bed9342\" alt=\"\" title=\"\" tg-width=\"1080\" tg-height=\"658\"/></p><p>▲ Jiajun Zhang, co-founder and CEO of Nuro (Image source: Nuro official website)</p><p>8、<strong>Perplexity</strong>In September of this year, according to The Information, generative AI search startup Perplexity was valued at $20 billion (approximately RMB 142.8 billion).<strong>$200 million (equivalent to approximately RMB 1.4 billion)</strong>The new funding campaign aims to compete with Google by providing conversational answers to user queries.</p><p>Founded in 2022, Perplexity primarily develops conversational response engines and search engines based on large language models. According to PitchBook, the rapidly growing artificial intelligence company has raised a total of $1.5 billion (approximately RMB 10.7 billion) since its founding three years ago. Nvidia first invested in Perplexity in November 2023 and has participated in every subsequent round of financing for the AI search engine startup, including a $500 million (approximately RMB 3.6 billion) round last December that valued the company at $9 billion (approximately RMB 64.3 billion).</p><p>In August of this year, a spokesperson for Perplexity mentioned in an interview with foreign media that its annual recurring revenue had exceeded US$150 million (equivalent to approximately RMB 1.1 billion).</p><p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/725d9cb4010cfc94b950e7207b9d3e30\" alt=\"\" title=\"\" tg-width=\"990\" tg-height=\"548\"/></p><p>▲ Aravind Srinivas, founder and CEO of Perplexity (Image source: Business Insider)</p><p><strong><em>03.</em></strong></p><p><strong>5 financing rounds exceeding $100 million</strong></p><p><strong>Video generation top stream in the column</strong></p><p>Five companies received more than US$100 million (equivalent to approximately RMB 700 million) in financing, covering companies in quantum technology, large-scale models in the medical field, and video generation.</p><p>1、<strong>Runway</strong>According to PitchBook data, in April of this year, Nvidia participated in Runway, an AI video generation unicorn.<strong>US$308 million (approximately RMB2.2 billion)</strong>Series D financing.</p><p>Founded in 2018, Runway released its latest video generation model, Gen-4, in April of this year. The model can create consistent characters, locations, and objects in a scene and regenerate elements from different perspectives and locations in the scene. With products such as Gen-4 and their video model APIs, Runway hopes to achieve annualized revenue of $300 million (approximately RMB 2.1 billion) this year.</p><p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/21fbcc5f5e70eb7fcac8381c1bc4c43c\" alt=\"\" title=\"\" tg-width=\"1080\" tg-height=\"607\"/></p><p>▲ Runway CEO Cristóbal Valenzuela (Image source: The Iinformation)</p><p>2、<strong>Sandbox AQ</strong>In April of this year, Nvidia, along with companies such as Google and BNP Paribas, invested in Sandbox AQ.<strong>US$150 million (approximately RMB1.1 billion)</strong>。 This investment brings Sandbox AQ's Series E funding to $450 million (approximately RMB 3.2 billion), increasing the company's valuation to $5.75 billion (approximately RMB 41.1 billion).</p><p>Sandbox AQ was founded in 2016 and spun off from Google's parent company Alphabet in 2022, focusing on developing quantum computing software and quantum technology convergence solutions.</p><p>3、<strong>Hippocratic AI</strong>In January of this year, Hippocratic AI, a developer of large language models for healthcare, announced the completion of...<strong>US$141 million (approximately RMB 1 billion)</strong>The company raised $1.64 billion (approximately RMB 11.7 billion) in its Series B funding round, with Nvidia as the lead investor.</p><p>Founded in 2023, this startup's AI solutions can handle patient-facing non-diagnostic tasks such as preoperative procedures, remote patient monitoring, and appointment preparation.</p><p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/d864d7180e110edc5e34eaafa7438569\" alt=\"\" title=\"\" tg-width=\"1080\" tg-height=\"1161\"/></p><p>▲ Munjal Shah, co-founder and CEO of Hippocratic AI (Image source: Hippocratic AI website)</p><p>4、<strong>put</strong>In May of this year, Nvidia invested in Weka, an AI-native data management platform.<strong>US$140 million (approximately RMB 1 billion)</strong>This round of financing brings the Silicon Valley company's valuation to $1.6 billion (approximately RMB 11.4 billion). Weka was founded in 2014.</p><p>5、<strong>he said</strong>In July of this year, AI research lab Reka announced that it had raised funds in a round of financing.<strong>US$110 million (approximately RMB790 million)</strong>Nvidia participated in the investment. According to foreign media reports, the deal tripled the startup's valuation to more than $1 billion (approximately 7.1 billion yuan).</p><p>Reka AI is an AI startup founded in 2022 by former Google and Meta researchers that focuses on developing multimodal models. In 2024, it was reported that the company was in talks with Snowflake for an acquisition of over $1 billion (approximately RMB 7.1 billion) due to financial pressure.</p><p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/fa68d80e79816bf63fbb84d9cb61a73f\" alt=\"\" title=\"\" tg-width=\"1080\" tg-height=\"807\"/></p><p>▲ Reka AI CEO Dani Yogatama (far right) and Chief Scientist Yi Tay (center) (Image source: Reka AI official website)</p><p><strong><em>04.</em></strong></p><p><strong>2023 to present</strong></p><p><strong>Nvidia has invested in a total of 31 companies with single financing rounds exceeding 100 million yuan.</strong></p><p>In addition, Nvidia invested in 11 startups that raised more than $100 million in rounds in 2023 and 2024. With the 20 companies it invested in again this year, it means that since 2023, Nvidia has invested in 31 companies with a single financing round exceeding $100 million.</p><p>1、<strong>Inflection</strong>In June 2023, Nvidia became Inflection.<strong>US$1.3 billion (approximately RMB9.3 billion)</strong>One of several lead investors in the financing. This is also one of Nvidia's first major AI investments.</p><p>Inflection was founded in March 2022 by Mustafa Suleyman, the founder of Google DeepMind. However, less than a year later, Microsoft hired two of the three founders of Inflection AI and spent $620 million (approximately RMB 4.4 billion) to obtain a non-exclusive technology license from Inflection, which led to a significant reduction in the number of employees at the startup and made its future prospects more uncertain.</p><p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/3a8b8b7e02f32673031efcac0d54b29e\" alt=\"\" title=\"\" tg-width=\"1080\" tg-height=\"715\"/></p><p>▲ Mustafa Suleyman, founder and CEO of Inflection (Image source: Wall Street Journal)</p><p>2、<strong>Scale AI</strong>In May 2024, Nvidia, along with Accel and other tech giants Amazon and Meta, invested in Scale AI.<strong>US$1 billion (approximately RMB7.1 billion)</strong>The company provides data labeling services for companies to train AI models. This round of financing values the San Francisco-based company at nearly $14 billion (approximately RMB 100 billion). In June, Meta invested $14.3 billion to acquire a 49% stake in Scale and hired the company's co-founder and CEO Alexandr Wang, as well as several other key Scale employees.</p><p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/da5efd44f519a1410b99fdb7e7a54a60\" alt=\"\" title=\"\" tg-width=\"1080\" tg-height=\"603\"/></p><p>▲ Alexandr Wang, former co-founder and CEO of Scale AI (Image source: CNBC)</p><p>3、<strong>Crusoe</strong>In November 2024, the company raised...<strong>US$686 million (approximately RMB 4.9 billion)</strong>The investment was led by Founders Fund, with other investors including Nvidia. Crusoe was founded in 2018 and was selected as the sole developer and operator of the \"Stargate\" project, which has a total investment of US$500 billion (approximately RMB 3.6 trillion).</p><p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/b182fb1a12e9718f3ab94436a1d0765e\" alt=\"\" title=\"\" tg-width=\"1080\" tg-height=\"1063\"/></p><p>▲ Chase Lochmiller, co-founder, CEO, and chairman of the board of Crusoe (Image source: Crusoe website)</p><p>4、<strong>half side</strong>In October 2024, AI coding assistant startup Poolside announced that it had received...<strong>US$500 million (approximately RMB3.6 billion)</strong>The funding round, led by Bain Capital and followed by Nvidia, valued Poolside at $3 billion (approximately RMB 21.6 billion). Poolside was founded in early 2023 and is headquartered in Paris, France.</p><p>5、<strong>CoreWeave</strong>In April 2023, Nvidia invested in CoreWeave, an AI cloud computing provider, which raised funds at the time.<strong>US$221 million (approximately RMB 1.6 billion)</strong>The funds. Since then, CoreWeave's valuation has jumped from approximately $2 billion (equivalent to approximately RMB 14.3 billion) to $19 billion (equivalent to approximately RMB 135.7 billion), and the company went public on Nasdaq in the United States in March of this year. Founded in 2017, CoreWeave allows its customers to rent NVIDIA GPUs by the hour.</p><p>In September of this year, Nvidia signed a $6.3 billion (approximately RMB 45 billion) cloud computing capacity order with CoreWeave. Nvidia will purchase the startup's unsold capacity before April 13, 2032.</p><p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/3f69dd064734d6dd805d657c65320440\" alt=\"\" title=\"\" tg-width=\"1080\" tg-height=\"606\"/></p><p>▲ From left to right: Jensen Huang and CoreWeave CEO Michael Intrator (Image source: The Information)</p><p>6、<strong>Sakana AI:</strong>In September of this year, Nvidia invested in this Japanese startup that uses small datasets to train low-cost large models. The company was founded in 2023 and has completed approximately...<strong>US$214 million (approximately RMB 1.5 billion)</strong>Its Series A funding round valued it at $1.5 billion (approximately RMB 10.7 billion).</p><p>7、<strong>Waabi</strong>In June of this year, this self-driving truck startup completed...<strong>$200 million (equivalent to approximately RMB 1.4 billion)</strong>The Series B funding round was co-led by existing investors Uber and Khosla Ventures, with other investors including Nvidia, Volvo Group Ventures, and Porsche Automotive Holdings. Waabi was founded in 2021 by Raquel Urtasun, former chief scientist of Uber's autonomous driving division.</p><p>8、<strong>Settings Labs</strong>In December 2024, Nvidia invested in Ayar Labs.<strong>US$155 million (approximately RMB1.1 billion)</strong>Founded in 2015, the company is dedicated to developing optical interconnect technologies to improve AI computing and power efficiency. This is Nvidia's third investment in this startup.</p><p>9、<strong>Korea.ai</strong>This startup developing enterprise-grade AI chatbots raised funds in December 2023.<strong>US$150 million (approximately RMB1.07 billion)</strong>。 In addition to Nvidia, other investors participating in this financing round included FTV Capital, Vistara Growth, and Sweetwater Private Equity. Kore.ai was founded in 2014.</p><p>10、<strong>Bright Machines</strong>In June 2024, NVIDIA participated in Bright Machines, an intelligent robotics and AI-driven software startup.<strong>US$126 million (approximately RMB 900 million) Series C financing</strong>。 Bright Machines Established in 2018.</p><p>11、<strong>Enfabrica</strong>In September 2023, NVIDIA participated in the network chip design company Enfabrica.<strong>US$125 million (approximately RMB890 million)</strong>Series B financing. Enfabrica was founded in 2019.</p><p><strong><em>05.</em></strong></p><p><strong>Conclusion: NVIDIA's AI investment strategy</strong></p><p><strong>Covering almost the entire AI industry chain</strong></p><p>Nvidia previously revealed on its official website that its corporate investment aims to expand the AI ecosystem by supporting startups it considers \"game changers and market creators.\" Their investments also demonstrate that AI-related companies span an extremely wide range of geographies, establishment dates, and fields.</p><p>Since 2023, NVIDIA has been accelerating its investment in the field of AI, far exceeding previous years in both quantity and quality. Its investment layout includes not only the core track of large models, but also key areas such as AI infrastructure and autonomous driving, deeply connecting the upstream and downstream ecosystems of the AI industry.</p><p></body></html></p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://mp.weixin.qq.com/s/lc1qUplLOFpu0K4dZUq6rQ\">智东西</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/8df715b20d69472cd962f923683b8859","relate_stocks":{"NVDS":"1.5倍做空NVDA ETF-Tradr","NVDA":"英伟达"},"source_url":"https://mp.weixin.qq.com/s/lc1qUplLOFpu0K4dZUq6rQ","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1194080234","content_text":"起底英伟达的顶级AI帝国。智东西10月21日消息，10月13日，全球知名投资追踪机构PitchBook发布的报告显示，截至10月9日，英伟达今年参与的AI相关融资已经达到50笔，超过2024年全年48笔总和。2023年英伟达参与的融资为34笔，2023年之前的四年其共计参与了38笔。需要注意的是，这些投资还不包括其旗下企业风险投资基金NVentures的投资，NVentures今年目前已参与了21笔交易，去年全年24笔，2022年仅参与2笔。具体来看，2023年以来，英伟达参与的融资中单笔融资过亿美元的企业共31家。2025年投资的企业中，单笔融资超过10亿美元（折合人民币约71亿元）的企业共7家、获得数亿美元的共8家、融资刚超过1亿美元的有5家。其中，获英伟达投资的OpenAI、xAI、Mistral AI、Figure AI的估值均已超过百亿美元。据智东西统计，这些企业所属的领域中，大模型相关最多共14家，其次为AI基础设施相关共7家，自动驾驶和人形机器人相关分别为3家和2家，其余量子计算、核聚变等相关企业共5家。▲英伟达AI投资领域细分情况（2023年至今单笔融资过亿美元企业）从地域来看，英伟达投资的绝大多数都为美国企业，有少数几家英国、法国、日本企业。以下是自2023年以来英伟达参与融资超过1亿美元（折合人民币约7亿元）的31家初创公司详情，按融资金额从高到低排列：01.7家单笔融资过10亿美元4家获英伟达连投7家获英伟达投资的企业，单笔融资额均超过10亿美元（折合人民币约71亿元），其中OpenAI、xAI等大模型顶流单笔融资金额已超过60亿美元（折合人民币约429亿元）。今年英伟达新投资的三家创企为开源模型研究创企Reflection AI、多模态AI系统创企Thinking Machines Lab、英国AI基础设施公司Nscale，前两家分别由前DeepMind研究员、前OpenAI首席技术官创立，第三家创企已经与OpenAI、微软签订大型AI基建订单，其余四家均获得英伟达多次投资。1、OpenAI：2024年10月，英伟达首次投资OpenAI，并为其66亿美元（折合人民币约471亿元）的巨额融资提供了1亿美元（折合人民币约7亿元），当时OpenAI的估值达到1570亿美元（折合人民币约7.14万亿元）。今年9月，英伟达与OpenAI宣布双方达成一项战略合作伙伴关系：OpenAI将部署至少10GW（10吉瓦，即1000万千瓦）的英伟达系统，包含数百万颗GPU，而英伟达将在这些算力逐步上线时，向OpenAI持续投资，投资总额最高达1000亿美元（约合人民币7.12万亿元）。▲从左至右：OpenAI联合创始人兼CEO萨姆·阿尔特曼（Sam Altman）、英伟达创始人兼CEO黄仁勋、OpenAI联合创始人兼总裁格雷格·布罗克曼（Greg Brockman）（图源：X）2、xAI：2024年12月，英伟达参与了埃隆·马斯克旗下xAI的60亿美元（折合人民币约428亿元）融资。本月初，据彭博社报道，xAI被曝正进行200亿美元（折合人民币约1428亿元）融资，英伟达在这轮融资中的股权投资部分高达20亿美元（折合人民币约143亿元），xAI会通过特殊目的实体采购英伟达GPU，然后出租这些芯片五年。▲从左至右：英伟达创始人兼CEO黄仁勋、xAI创始人马斯克（图源：X）3、Mistral AI：今年9月，法国大模型独角兽Mistral AI宣布获得17亿欧元（折合人民币约140亿元）C轮融资，投后估值达到117亿欧元（折合人民币约966亿元），这是英伟达第三次投资Mistral AI。Mistral AI是一家法国创企，成立于2023年，由前DeepMind和Meta研究人员成立，专注于开源模型开发。英伟达曾参与Mistral AI的种子轮和B轮融资，Mistral AI在2023年6月完成了1.05亿欧元（折合人民币约8.7亿元）种子轮融资；2024年6月以60亿美元（折合人民币约429亿元）的估值筹集了6.4亿美元（折合人民币约46亿元）。▲从左至右：Mistral AI联合创始人Guillaume Lample（纪尧姆·兰普尔）、Arthur Mensch（亚瑟·门施）、Timothée Lacroix蒂莫泰·拉克鲁瓦（图源：Mistral AI官网）4、Reflection AI：本月，英伟达领投了AI创企Reflection AI的20亿美元（折合人民币约143亿元）融资，这家创企最新估值达到80亿美元（折合人民币约571亿元），相较7个月前上一轮估值5.45亿美元（约合人民币38.9亿元），估值跃升近15倍。Reflection AI由两位前DeepMind研究员创办，成立于2024年3月，将自己定位为打造“美国的开放前沿AI实验室”，未来可能会与OpenAI、Anthropic等封闭机构，以及DeepSeek、通义千问等开源团队展开竞争。▲从左至右：Reflection AI联合创始人Misha Laskin（米沙·拉斯金）‌和loannis Antonoglou（伊奥尼斯·安东诺格鲁）（图源：Reflection AI官网）5、Thinking Machines Lab：今年7月，AI创企Thinking Machines Lab宣布完成20亿美元（折合人民币约143亿元）种子轮融资，最新估值达到120亿美元（折合人民币约857亿元）。Thinking Machines Lab的创始人是前OpenAI首席技术官Mira Murati，其于2025年2月成立，不到5个月就创下彼时史上最大规模种子轮融资的记录。该公司主攻企业AI定制。▲从左至右：OpenAI联合创始人兼CEO萨姆·阿尔特曼（Sam Altman）、前OpenAI首席技术官米拉·穆拉蒂（Mira Murati）（图源：《华尔街日报》）6、Nscal：今年9月25日，英国AI基础设施公司Nscale宣布在B轮融资中筹集了11亿美元（折合人民币约78亿元），10月1日又宣布完成4.33亿美元（折合人民币约31亿元）的Pre-C轮SAFE（未来股权简单协议）融资，英伟达均参投。Nscale于2023年从澳大利亚加密货币挖矿公司Arkon Energy分拆出来，现在已经成为微软、OpenAI的重要合作伙伴。今年7月，Nscale、OpenAI等企业宣布启动Stargate Norway（星际之门挪威项目），要在挪威构建完全由可再生能源供电，到2026年底交付10万颗英伟达GPU。今年9月，微软宣布计划到2028年在英国投资300亿美元（折合人民币约2142亿元），这项投资包括与Nscale合作建造英国“最大的超级计算机”，拥有超过2.3万颗GPU。▲黄仁勋参观Nscale公司（图源：Nscale官网）7、Figure AI：今年9月，英伟达参与了Figure AI超过10亿美元（折合人民币约71亿元）的C轮融资，这家人形机器人初创公司的最新估值达到390亿美元（折合人民币约2785亿元）。Figure AI成立于2022年，专注于研发通用人形机器人。本月初其发布第三代人形机器人Figure 03，能执行多种家庭任务，如浇花、洗碗、送餐、擦桌子、陪宠物狗玩游戏等。英伟达首次投资Figure AI是在2024年2月，这家公司以26亿美元（折合人民币约186亿元）的估值筹集了6.75亿美元（折合人民币约48亿元）。▲Figure AI最新发布的人形机器人Figure 03（图源：Figure AI官网）02.8家拿下数亿美元涵盖核聚变、自动驾驶、人形机器人8家创企拿下数亿美元融资，包含人形机器人顶流Figure AI。1、Commonwealth Fusion Systems（CFS）：2025年8月，英伟达参与了核聚变能源初创公司CFS 8.63亿美元（折合人民币约62亿元）的融资，投后估值达到30亿美元（折合人民币约214亿元）。CFS成立于2018年，其是一家美国聚变发电公司，于2018年从麻省理工学院分拆出来。该公司目前正在波士顿郊区建造一座名为Sparc的原型反应堆，预计将在明年晚些时候启动该设备，并在2027年实现科学盈亏平衡。▲Sparc的原型反应堆（图源：CFS官网）2、Cohere：今年8月，加拿大AI独角兽Cohere官宣获得5亿美元（折合人民币约36亿元）新融资，估值从55亿美元（折合人民币约为393亿元）增长到68亿美元（折合人民币约486亿元）。Cohere由Transformer论文合著者艾丹·戈麦斯（Aidan Gomez）发起，创立于2019年，其主攻为企业提供可私有化部署、能解决垂直场景实际问题的AI应用。2023年英伟达首次投资Cohere，去年6月又参与了该创企的5亿美元（折合人民币约36亿元）融资。Cohere由三位天才少年创办，由Transformer论文合著者艾丹·戈麦斯（Aidan Gomez）发起，CTO Ivan Zhang是戈麦斯的同系同学，2017年曾创办AI研究机构FOR.ai，现在更名为Cohere For AI；首席科学家尼克·弗罗斯特（Nick Frosst）在2015年毕业于多伦多大学计算机科学系，在谷歌大脑任职期间是“深度学习三巨头之一”Geoffrey Hinton团队的成员。▲从左至右：Cohere的三位联合创始人Ivan Zhang、Aidan Gomez、Nick Frosst（图源：Cohere官网）3、Wayve：今年9月，英伟达创始人、CEO黄仁勋称要在英国投资20亿英镑来增强该国的AI创业生态系统。英国的自动驾驶科技初创公司Wayve的发言人证实，英伟达暂定承诺将向Wayve投资5亿美元（折合人民币约36亿元）作为总投资的一部分。Wayve成立于2017年，专注于自动驾驶技术的研究与开发，正在英国和旧金山湾区测试其车辆。2024年5月，英伟达曾参与这家英国初创公司10.5亿美元（折合人民币约75亿元）的融资 。▲黄仁勋与Wayve联合创始人兼首席执行官Alex Kendall（图源：TechCrunch）4、Lambda：今年2月，AI基础设施提供商Lambda宣布以25亿美元（折合人民币约179亿元）的估值完成了4.8亿美元（折合人民币约34亿元）的D轮融资。Lambda成立于2012年，其业务很大一部分涉及租赁搭载英伟达GPU的服务器。▲Lambda CEO史蒂芬·巴拉班（Stephen Balaban）（图源：Lambda官网）5、Together AI：今年2月，英伟达参与了该公司3.05亿美元（折合人民币约22亿元）的B轮融资，此轮融资对Together AI的估值为33亿美元（折合人民币约236亿元）。Together AI成立于2022年，提供用于构建AI模型的云端基础设施，2023年英伟达首次投资了该公司。▲Together AI创始人兼CEO维普尔·维德·普拉卡什（Vipul Ved Prakash）（图源：YouTube）6、Firmus Technologies：今年9月，新加坡数据中心公司Firmus Technologies以18.5亿澳元（折合人民币约85亿元）的估值从包括英伟达在内的投资者那里获得了3.3亿澳元（折合人民币约15亿元）的融资。这些资金将加速Firmus与塔斯马尼亚政府合作的旗舰计划Project Southgate开发，也就是打造澳大利亚可再生能源驱动的AI工厂，预计将搭载3.6万颗英伟达GPU。▲从左至右：Firmus联合首席执行官蒂姆·罗森菲尔德（Tim Rosenfield）、Firmus联合首席执行官奥利弗·柯蒂斯（Oliver Curtis）7、Nuro：今年8月，英伟达参与了自动驾驶初创公司Nuro的2.03亿美元（折合人民币约14亿元）融资，该交易对Nuro的估值为60亿美元（折合人民币约428亿元），较2021年86亿美元（折合人民币约614亿元）的峰值估值大幅下降30%。Nuro成立于2016年，主要开发用于送货和叫车服务的自动驾驶软件，其联合创始人兼CEO Jiajun Zhang曾是谷歌首席软件工程师，是其自动驾驶项目（现称为Waymo）的创始团队成员之一。▲Nuro联合创始人兼CEO Jiajun Zhang（图源：Nuro官网）8、Perplexity：今年9月，据The Information报道 ，生成式AI搜索创企Perplexity以200亿美元（折合人民币约1428亿元）的估值获得了2亿美元（折合人民币约14亿元）的新融资，通过为用户查询提供对话式答案来与谷歌竞争，Perplexity成立于2022年，其主要开发基于大语言模型的对话式应答引擎和搜索引擎。根据PitchBook的数据，自三年前成立以来，这家快速发展的人工智能公司已筹集了15亿美元（折合人民币约107亿元）的总资金。英伟达于2023年11月首次投资Perplexity，并参与了这家AI搜索引擎初创公司的后续每一轮融资，包括去年12月份的5亿美元（折合人民币约36亿元）融资，该轮融资对该公司的估值为90亿美元（折合人民币约643亿元）。今年8月，Perplexity相关发言人在接受外媒采访时提到，其年度经常性收入已经超过1.5亿美元（折合人民币约11亿元）。▲Perplexity创始人兼CEO阿拉温德·斯里尼瓦斯（Aravind Srinivas）（图源：Business Insider）03.5笔融资超过1亿美元视频生成顶流在列5家企业获得超过1亿美元（折合人民币约7亿元）融资，涵盖量子技术、医疗领域大模型、视频生成等企业。1、Runway：根据PitchBook的数据，今年4月，英伟达参与了AI视频生成独角兽Runway 3.08亿美元（折合人民币约22亿元）的D轮融资。Runway成立于2018年，今年4月，该公司发布了最新版视频生成模型Gen-4，模型可以在场景中创建一致的角色、位置和对象，并从场景中的不同视角和位置重新生成元素。凭借Gen-4等产品及其视频模型API，Runway希望今年的年化收入达到3亿美元（折合人民币约21亿元）。▲Runway首席执行官克里斯托瓦尔·巴伦苏埃拉（Cristóbal Valenzuela）（图源：The Iinformation）2、Sandbox AQ：今年4月，英伟达与谷歌、法国巴黎银行等公司一起向Sandbox AQ投资了1.5亿美元（折合人民币约11亿元）。此次投资使Sandbox AQ的E轮融资增加到4.5亿美元（折合人民币约32亿元），公司估值增加到57.5亿美元（折合人民币约411亿元）。Sandbox AQ成立于2016年，2022年从谷歌母公司Alphabet分拆出来，专注于开发量子计算软件及量子技术融合解决方案。3、Hippocratic AI：今年1月，医疗保健的大语言模型开发商Hippocratic AI，宣布完成1.41亿美元（折合人民币约10亿元）的B轮融资，估值达16.4亿美元（折合人民币约117亿元），领投方为英伟达。这家初创公司成立于2023年，其AI解决方案可以处理面向患者的非诊断性任务，例如术前程序、远程患者监护和预约准备。▲Hippocratic AI联合创始人兼首席执行官孟贾·沙赫（Munjal Shah）（图源：Hippocratic AI官网）4、Weka：今年5月，英伟达向AI原生数据管理平台Weka投资了1.4亿美元（折合人民币约10亿元）， 此轮融资使这家硅谷公司的估值达到16亿美元（折合人民币约114亿元）。Weka成立于2014年。5、Reka AI：今年7月，AI研究实验室Reka宣布在一轮融资中筹集了1.1亿美元（折合人民币约7.9亿元），英伟达参投。据外媒报道，这笔交易使这家初创公司的估值增加了两倍，达到10亿美元（折合人民币约71亿元）以上。Reka AI是一家由前谷歌和Meta研究人员于2022年创立的AI初创公司，专注于开发多模态模型。2024年该公司被曝因资金压力正与Snowflake洽谈超10亿美元（折合人民币约71亿元）收购。▲Reka AI首席执行官Dani Yogatama（最右）、首席科学家Yi Tay（中间）（图源：Reka AI官网）04.2023年至今英伟达参投单笔融资过亿企业共计31家此外，2023年、2024年英伟达投资的筹集超过1亿美元轮次的初创公司还有下面11家，加上今年再次投资的20家，也就是说自2023年至今，英伟达参投的单笔融资达过亿美元企业已有31家。1、Inflection：2023年6月，英伟达成为Inflection 13亿美元（折合人民币约93亿元）融资的几位领投者之一。同时，这笔也是英伟达首批重要的AI投资之一。Inflection由谷歌DeepMind创始人Mustafa Suleyman于2022年3月创立。但不到一年后，微软聘请了Inflection AI三位创始人中的两位，并斥资6.2亿美元（折合人民币约44亿元）获得Inflection的非独家技术授权，导致这家创企员工数量大幅减少，未来前景也更加不明朗。▲Inflection创始人、CEO穆斯塔法·苏莱曼（Mustafa Suleyman）（图源：《华尔街日报》）2、Scale AI：2024年5月，英伟达与Accel和其他科技巨头亚马逊和Meta一起向Scale AI投资10亿美元（折合人民币约71亿元），该公司为公司提供用于训练AI模型的数据标记服务。本轮融资对这家总部位于旧金山的公司估值接近140亿美元（折合人民币约1000亿元）。 6月，Meta投资143亿美元收购了Scale 49%的股份，并聘请了该公司的联合创始人兼首席执行官Alexandr Wang以及其他几名Scale关键员工。▲前Scale AI联合创始人兼首席执行官Alexandr Wang（图源：CNBC）3、Crusoe：2024年11月，该公司筹集了6.86亿美元（折合人民币约49亿元），由Founders Fund领投，其他投资者包括英伟达。Crusoe成立于2018年，并被选定为总投资5000亿美元（折合人民币约3.6万亿元）的“星际之门”唯一开发商和运营商。▲Crusoe联合创始人、首席执行官兼董事会主席蔡斯·洛赫米勒（Chase Lochmiller）（图源：Crusoe官网）4、Poolside：2024年10月，AI编码助手初创公司Poolside宣布获得5亿美元（折合人民币约36亿元）融资，由贝恩资本领投，英伟达跟投，Poolside的估值达到30亿美元（折合人民币约216亿元）。Poolside成立于2023年初，总部在法国巴黎。5、CoreWeave：2023年4月，英伟达投资了AI云计算提供商CoreWeave，当时CoreWeave筹集了2.21亿美元（折合人民币约16亿元）的资金。此后，CoreWeave的估值已从约20亿美元（折合人民币约143亿元）跃升至190亿美元（折合人民币约1357亿元） ，目前该公司于今年3月在美国纳斯达克上市。CoreWeave成立于2017年，允许其客户按小时租用英伟达GPU。今年9月，英伟达与CoreWeave签订63亿美元（折合人民币约450亿元）云计算产能订单，英伟达会在2032年4月13日之前购买这家创企未售出的产能。▲从左至右：黄仁勋、CoreWeave首席执行官迈克尔·因特罗托（Michael Intrator）（图源：The Information）6、Sakana AI： 今年9月，英伟达投资了这家日本初创公司，该公司利用小型数据集训练低成本的大模型。该公司成立于2023年，完成了约2.14亿美元（折合人民币约15亿元）的A轮融资 ，估值达15亿美元（折合人民币约107亿元）。7、Waabi：今年6月，这家自动驾驶卡车初创公司完成了2亿美元（折合人民币约14亿元）的B轮融资，由现有投资者Uber和Khosla Ventures共同领投，其他投资者包括英伟达、沃尔沃集团风险投资公司和保时捷汽车控股公司。Waabi是2021年由前优步自动驾驶部门首席科学家Raquel Urtasun创立。8、Ayar Labs：2024年12月，Nvidia向Ayar Labs投资了1.55亿美元（折合人民币约11亿元），该公司成立于2015年，致力于开发光学互连技术，以提高AI计算和电源效率。这是英伟达第三次投资这家初创公司。9、Kore.ai：这家开发企业级AI聊天机器人的初创公司于2023年12月筹集了1.5亿美元（折合人民币约10.7亿元）。 除了英伟达，参与此次融资的投资者还包括FTV Capital、Vistara Growth和Sweetwater Private Equity。Kore.ai成立于2014年。10、Bright Machines： 2024年6月，英伟达参与了智能机器人和AI驱动的软件初创公司Bright Machines的1.26亿美元（折合人民币约9亿元）C轮融资。Bright 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Nasdaq: +1.24% (247.17 to 20,173.89). Tech index crossed its first 20,000 points record high. Magnificent Seven performances on 16 Dec 2024 Although Nasdaq had a new ‘peak’, only two sectors and two particular stocks “helped” push Nasdaq its finishing close; not all Magnificent Seven stocks. (see above) It was sector “Communications services” and","text":"On Mon, 16 Dec 2024, US market still exhibited a nervous stance, despite CME Fedwatch tool still registers an elevated 97% probability of a -0.25% interest cut, while bitcoin surged to a record high of $107,800 intraday. When US market called it a day: DJIA: -0.25% (-110.58 to 43,717.48). Closed lower for 8th straight day. S&P 500: +0.38% (+22.99 to 6,074.08). Coming off its first losing week in the past month. Nasdaq: +1.24% (247.17 to 20,173.89). Tech index crossed its first 20,000 points record high. 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[龇牙]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/361628461322336","isVote":1,"tweetType":1,"viewCount":2344,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":359320759947464,"gmtCreate":1728732699185,"gmtModify":1728732701820,"author":{"id":"4141087974150782","authorId":"4141087974150782","name":"Taurus Pink","avatar":"https://community-static.tradeup.com/news/39e934cbdc05761469dbe8569c8d86af","crmLevel":12,"crmLevelSwitch":1,"followedFlag":false,"authorIdStr":"4141087974150782","idStr":"4141087974150782"},"themes":[],"htmlText":"[龇牙] [龇牙] [龇牙]","listText":"[龇牙] [龇牙] [龇牙]","text":"[龇牙] [龇牙] [龇牙]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/359320759947464","isVote":1,"tweetType":1,"viewCount":2505,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":358136508195120,"gmtCreate":1728455992661,"gmtModify":1728455996260,"author":{"id":"4141087974150782","authorId":"4141087974150782","name":"Taurus Pink","avatar":"https://community-static.tradeup.com/news/39e934cbdc05761469dbe8569c8d86af","crmLevel":12,"crmLevelSwitch":1,"followedFlag":false,"authorIdStr":"4141087974150782","idStr":"4141087974150782"},"themes":[],"htmlText":"[龇牙]&nbsp;&nbsp;[龇牙]&nbsp;&nbsp;[龇牙]&nbsp;&nbsp;[龇牙]&nbsp;&nbsp;","listText":"[龇牙]&nbsp;&nbsp;[龇牙]&nbsp;&nbsp;[龇牙]&nbsp;&nbsp;[龇牙]&nbsp;&nbsp;","text":"[龇牙] [龇牙] [龇牙] [龇牙]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/358136508195120","repostId":"357907856326976","repostType":1,"repost":{"id":357907856326976,"gmtCreate":1728400169512,"gmtModify":1728459077529,"author":{"id":"3570103090255456","authorId":"3570103090255456","name":"JC888","avatar":"https://community-static.tradeup.com/news/1f15eae4f682dc4cb91bfca455452752","crmLevel":12,"crmLevelSwitch":1,"followedFlag":false,"authorIdStr":"3570103090255456","idStr":"3570103090255456"},"themes":[],"title":"US Stocks  Surge/Crash  as Earnings Kick Off ?","htmlText":"Last week was an “interesting” way to kickstart Q4 2024 and the first week of October. 3 main events influenced and presided over the US market: Tue, 01 Oct 2024. Iran missiles attack. Status - “opened”. Tue, 01 Oct 2024. US Port strike. Status - “pend until 15 Jan 2024”. Fri, 04 Oct 2024. US Non-farm payroll report. Status - “completed”. Coupled with the 4 jobs related reports released between Tue, 01 Oct to Fri, 04 Oct, the US market edged marginally higher by the end of the week. (see below) Despite a (a) fluctuating rate cut bets, (b) geopolitical tensions, and (3) supply chain concerns: DJIA: +0.15% (+63.0 to 42,352.75). S&amp;P 500: +0.43% (+24.55 to 5,715.07). Nasdaq: +0.38% (+68.02 to 18,137.85). As we head into a new week, I will be curious if residual effect from last week’s even","listText":"Last week was an “interesting” way to kickstart Q4 2024 and the first week of October. 3 main events influenced and presided over the US market: Tue, 01 Oct 2024. Iran missiles attack. Status - “opened”. Tue, 01 Oct 2024. US Port strike. Status - “pend until 15 Jan 2024”. Fri, 04 Oct 2024. US Non-farm payroll report. Status - “completed”. Coupled with the 4 jobs related reports released between Tue, 01 Oct to Fri, 04 Oct, the US market edged marginally higher by the end of the week. (see below) Despite a (a) fluctuating rate cut bets, (b) geopolitical tensions, and (3) supply chain concerns: DJIA: +0.15% (+63.0 to 42,352.75). S&amp;P 500: +0.43% (+24.55 to 5,715.07). Nasdaq: +0.38% (+68.02 to 18,137.85). As we head into a new week, I will be curious if residual effect from last week’s even","text":"Last week was an “interesting” way to kickstart Q4 2024 and the first week of October. 3 main events influenced and presided over the US market: Tue, 01 Oct 2024. Iran missiles attack. Status - “opened”. Tue, 01 Oct 2024. US Port strike. Status - “pend until 15 Jan 2024”. Fri, 04 Oct 2024. US Non-farm payroll report. Status - “completed”. Coupled with the 4 jobs related reports released between Tue, 01 Oct to Fri, 04 Oct, the US market edged marginally higher by the end of the week. (see below) Despite a (a) fluctuating rate cut bets, (b) geopolitical tensions, and (3) supply chain concerns: DJIA: +0.15% (+63.0 to 42,352.75). S&P 500: +0.43% (+24.55 to 5,715.07). Nasdaq: +0.38% (+68.02 to 18,137.85). As we head into a new week, I will be curious if residual effect from last week’s even","images":[{"img":"https://community-static.tradeup.com/news/29988d4c42c11039659e58be73bd3288","width":"380","height":"148"},{"img":"https://community-static.tradeup.com/news/9b3c9267d4065c7795acbba91d5e4fa2","width":"1466","height":"916"},{"img":"https://community-static.tradeup.com/news/e2eda332cfd9c1e55fb23f14c0f08f47","width":"868","height":"223"}],"top":1,"highlighted":1,"essential":2,"paper":2,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/357907856326976","isVote":1,"tweetType":1,"viewCount":0,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":15,"langContent":"EN","totalScore":0},"isVote":1,"tweetType":1,"viewCount":2179,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":358062199619968,"gmtCreate":1728454314643,"gmtModify":1728454317338,"author":{"id":"4141087974150782","authorId":"4141087974150782","name":"Taurus Pink","avatar":"https://community-static.tradeup.com/news/39e934cbdc05761469dbe8569c8d86af","crmLevel":12,"crmLevelSwitch":1,"followedFlag":false,"authorIdStr":"4141087974150782","idStr":"4141087974150782"},"themes":[],"htmlText":"[龇牙]&nbsp;&nbsp;[龇牙]&nbsp;&nbsp;[龇牙]&nbsp;&nbsp;","listText":"[龇牙]&nbsp;&nbsp;[龇牙]&nbsp;&nbsp;[龇牙]&nbsp;&nbsp;","text":"[龇牙] [龇牙] [龇牙]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/358062199619968","repostId":"1151646934","repostType":4,"repost":{"id":"1151646934","kind":"news","weMediaInfo":{"introduction":"为用户提供金融资讯、行情、数据，旨在帮助投资者理解世界，做投资决策。","home_visible":1,"media_name":"老虎资讯综合","id":"102","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1728438828,"share":"https://ttm.financial/m/news/1151646934?lang=en_US&edition=fundamental","pubTime":"2024-10-09 09:53","market":"us","language":"zh","title":"Market news: The US Department of Justice is considering a proposal to spin off some of Google's businesses.","url":"https://stock-news.laohu8.com/highlight/detail?id=1151646934","media":"老虎资讯综合","summary":"10月9日，美国称正在考虑分拆$谷歌(GOOG)$，以作为垄断案的补救措施。（彭博）","content":"<p><html><head></head><body>On October 9, the U.S. Department of Justice told a federal judge that it is considering recommending that Google be forced to sell part of its business in order to mitigate the damage caused by its monopoly on the online search market.</p><p>In a court filing Tuesday, the Justice Department said Judge Amit Mehta could also compel Alphabet to provide the underlying data used to build search results and artificial intelligence products. The Justice Department stated in its filing that it is \"considering behavioral and structural remedies to prevent Google from using products such as Chrome, Play, and Android to gain an advantage over competitors or new entrants in Google Search and related Google Search products and features.\" Google has gained economies of scale and data by entering into illegal distribution agreements with other technology companies to make its search engine the default option on smartphones and web browsers. This is the first time since the failed attempt to break up Microsoft 20 years ago that authorities have broken up a company on the grounds of illegal monopoly.</p><p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/0d85ad46bcf54fbb7874e571b13bc2db\" title=\"\" tg-width=\"560\" tg-height=\"240\"/></p><p></body></html></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Market news: The US Department of Justice is considering a proposal to spin off some of Google's businesses.</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nMarket news: The US Department of Justice is considering a proposal to spin off some of Google's businesses.\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/102\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">老虎资讯综合 </p>\n<p class=\"h-time smaller\">2024-10-09 09:53</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p><html><head></head><body>On October 9, the U.S. Department of Justice told a federal judge that it is considering recommending that Google be forced to sell part of its business in order to mitigate the damage caused by its monopoly on the online search market.</p><p>In a court filing Tuesday, the Justice Department said Judge Amit Mehta could also compel Alphabet to provide the underlying data used to build search results and artificial intelligence products. The Justice Department stated in its filing that it is \"considering behavioral and structural remedies to prevent Google from using products such as Chrome, Play, and Android to gain an advantage over competitors or new entrants in Google Search and related Google Search products and features.\" Google has gained economies of scale and data by entering into illegal distribution agreements with other technology companies to make its search engine the default option on smartphones and web browsers. This is the first time since the failed attempt to break up Microsoft 20 years ago that authorities have broken up a company on the grounds of illegal monopoly.</p><p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/0d85ad46bcf54fbb7874e571b13bc2db\" title=\"\" tg-width=\"560\" tg-height=\"240\"/></p><p></body></html></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/f348812ea39b45cad3d64af127992eb9","relate_stocks":{"LU0082616367.USD":"摩根大通美国科技A（dist）","LU0052756011.USD":"TEMPLETON GLOBAL BALANCED \"A\" (USD) INC","LU0642271901.SGD":"Janus Henderson Horizon Global Technology Leaders A2 SGD-H","BK4553":"喜马拉雅资本持仓","LU0053666078.USD":"摩根大通基金-美国股票A（离岸）美元","LU0719512351.SGD":"JPMorgan Funds - US Technology A (acc) SGD","LU0048573561.USD":"FIDELITY AMERICA \"A\" (USD) INC","GOOG":"谷歌","GOOGL":"谷歌A","IE0004445239.USD":"JANUS HENDERSON US FORTY \"A2\" (USD) ACC","LU0211328371.USD":"TEMPLETON GLOBAL EQUITY INCOME \"A\" (MDIS) (USD)   INC","IE00B775SV38.USD":"NEUBERGER BERMAN US MULTICAP OPPORTUNITIES \"A\" (USD) ACC","IE00BFSS7M15.SGD":"Janus Henderson Balanced A Acc SGD-H","LU0128525929.USD":"TEMPLETON GLOBAL \"A\" (USD) ACC","BK4532":"文艺复兴科技持仓","BK4554":"元宇宙及AR概念","LU0187121727.USD":"FIDELITY SUSTAINABLE US EQUITY \"A\" (USD) INC","IE00BN29S564.USD":"JANUS HENDERSON BALANCED \"A3\" (USD) INC","LU0456855351.SGD":"JPMorgan Funds - Global Equity A (acc) SGD","IE00BJTD4V19.USD":"NEUBERGER BERMAN US LONG SHORT EQUITY \"A1\" (USD) ACC"},"source_url":"","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1151646934","content_text":"10月9日，美国司法部对一名联邦法官表示，司法部正在考虑建议强制谷歌出售其部分业务，以减轻其对在线搜索市场的垄断所造成的损害。在周二提交的一份法庭文件中，司法部称，法官Amit Mehta还可以强制要求Alphabet提供用于构建搜索结果和人工智能产品的基础数据。司法部在文件中称，“正在考虑采取行为和结构性补救措施，防止谷歌利用Chrome、Play和Android等产品在谷歌搜索以及谷歌搜索相关产品和功能方面对竞争对手或新进入者形成优势”，谷歌通过与其他科技公司签订非法分销协议，使其搜索引擎成为智能手机和网络浏览器的默认选项，从而获得了规模和数据上的利益。这是自20年前拆分微软的努力失败以来，当局首次以非法垄断为由拆分一家公司。","news_type":1,"symbols_score_info":{"GOOGL":1,"GOOG":1}},"isVote":1,"tweetType":1,"viewCount":2320,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":358129489928304,"gmtCreate":1728454278694,"gmtModify":1728454282812,"author":{"id":"4141087974150782","authorId":"4141087974150782","name":"Taurus Pink","avatar":"https://community-static.tradeup.com/news/39e934cbdc05761469dbe8569c8d86af","crmLevel":12,"crmLevelSwitch":1,"followedFlag":false,"authorIdStr":"4141087974150782","idStr":"4141087974150782"},"themes":[],"htmlText":"[龇牙]&nbsp;&nbsp;[龇牙]&nbsp;&nbsp;[龇牙]&nbsp;&nbsp;","listText":"[龇牙]&nbsp;&nbsp;[龇牙]&nbsp;&nbsp;[龇牙]&nbsp;&nbsp;","text":"[龇牙] [龇牙] [龇牙]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/358129489928304","repostId":"1154163803","repostType":4,"repost":{"id":"1154163803","kind":"news","weMediaInfo":{"introduction":"为用户提供金融资讯、行情、数据，旨在帮助投资者理解世界，做投资决策。","home_visible":1,"media_name":"老虎资讯综合","id":"102","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1728452032,"share":"https://ttm.financial/m/news/1154163803?lang=en_US&edition=fundamental","pubTime":"2024-10-09 13:33","market":"us","language":"zh","title":"TSMC's September sales were NT$251.87 billion, up 39.6% year-on-year","url":"https://stock-news.laohu8.com/highlight/detail?id=1154163803","media":"老虎资讯综合","summary":"10月9日，$台积电(TSM)$：9月销售额2518.7亿元台币，同比增长39.6％。","content":"<p><html><head></head><body>On October 9,<a href=\"https://laohu8.com/S/TSM\">TSMC</a>Announced the net revenue in September, with sales of NT$251.87 billion in September, a year-on-year increase of 39.6% and a month-on-month increase of 0.4%; Year-to-date, TSMC's sales totaled NT$2025.85 billion, up 31.9% from the same period last year.</p><p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/d0b8c7dbc320403a5a245ce3b66ba43d\" title=\"\" tg-width=\"1081\" tg-height=\"273\"/></p><p></body></html></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>TSMC's September sales were NT$251.87 billion, up 39.6% year-on-year</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nTSMC's September sales were NT$251.87 billion, up 39.6% year-on-year\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/102\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">老虎资讯综合 </p>\n<p class=\"h-time smaller\">2024-10-09 13:33</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p><html><head></head><body>On October 9,<a href=\"https://laohu8.com/S/TSM\">TSMC</a>Announced the net revenue in September, with sales of NT$251.87 billion in September, a year-on-year increase of 39.6% and a month-on-month increase of 0.4%; Year-to-date, TSMC's sales totaled NT$2025.85 billion, up 31.9% from the same period last year.</p><p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/d0b8c7dbc320403a5a245ce3b66ba43d\" title=\"\" tg-width=\"1081\" tg-height=\"273\"/></p><p></body></html></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/8ab46ee73bd1bbc4ed7da6a69f14e5d5","relate_stocks":{"LU2237443382.USD":"Aberdeen Standard SICAV I - Global Dynamic Dividend A MIncA USD","LU0264606111.USD":"Janus Henderson Horizon Asian Dividend Income A2 USD","BK4503":"景林资产持仓","LU1868838027.USD":"CT (LUX) I GLOBAL EMERGING MARKET EQUITIES \"8\" (USD) ACC","BK4533":"AQR资本管理(全球第二大对冲基金)","EWT":"台湾ETF-iShares MSCI","03145":"华夏亚洲高息股","LU2237443549.SGD":"Aberdeen Standard SICAV I - Global Dynamic Dividend A MIncA SGD-H","LU1803068979.SGD":"FTIF - Franklin Technology A (acc) SGD-H1","LU2237443622.USD":"Aberdeen Standard SICAV I - Global Dynamic Dividend A Acc USD","LU0541502299.USD":"ALLSPRING  EMERGING MARKETS EQUITY \"I\" (USD) ACC","LU1989764664.SGD":"CPR Invest - Global Disruptive Opportunities A2 Acc SGD-H","BK4505":"高瓴资本持仓","LU2237443978.SGD":"Aberdeen Standard SICAV I - Global Dynamic Dividend A Acc SGD-H","LU1989764748.USD":"东方汇理环球颠覆性机遇A2 Acc","LU2249611893.SGD":"BNP PARIBAS ENERGY TRANSITION \"CRH\" (SGD) ACC","LU0572939691.SGD":"Janus Henderson Horizon Asian Dividend Income A2 SGD","LU2357125470.USD":"BNP PARIBAS ENERGY TRANSITION \"CLASSIC RH\" (USDHDG) ACC","LU1868837565.USD":"CT (LUX) I GLOBAL EMERGING MARKET EQUITIES \"1\" (USD) ACC","TSM":"台积电","IE00BFXG0V08.USD":"BNY MELLON GLOBAL LEADERS \"B\" (USD) ACC","LU0792757196.USD":"TEMPLETON SHARIAH GLOBAL EQUITY FUND \"A\" (USD) ACC","LU1267930813.SGD":"FRANKLIN TEMPLETON SHARIAH GLOBAL EQUITY \"AS\" (SGD) ACC","LU0384037296.USD":"ALLIANZ ASIAN MULTI INCOME PLUS \"AT\" (USD) ACC","LU0488056044.USD":"Allianz Asian Multi Income Plus Cl AM DIS USD","LU1282649067.USD":"ALLIANZ ASIAN MULTI INCOME PLUS \"AMG\" (USD) INC A","LU2294711713.HKD":"BNP PARIBAS ENERGY TRANSITION \"C\" (HKD) ACC","LU1282649810.SGD":"Allianz Asian Multi Income Plus Cl AMg DIS H2-SGD","BK4141":"半导体产品","LU0572940350.SGD":"Janus Henderson Horizon Asian Dividend Income A3 SGD","LU0541501648.USD":"ALLSPRING  EMERGING MARKETS EQUITY \"A\" (USD) ACC","BK4554":"元宇宙及AR概念","BK4526":"热门中概股","BK4532":"文艺复兴科技持仓","BK4585":"ETF&股票定投概念","BK4534":"瑞士信贷持仓"},"source_url":"","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1154163803","content_text":"10月9日，台积电公布了9月的净营收，9月销售额2518.7亿元台币，同比增长39.6％，环比增长0.4%；今年迄今，台积电销售额总计新台币20258.5亿元台币，较去年同期增长31.9%。","news_type":1,"symbols_score_info":{"EWT":0.6,"03145":0.6,"TSM":1,"TWmain":1}},"isVote":1,"tweetType":1,"viewCount":2400,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":354325302329488,"gmtCreate":1727513387837,"gmtModify":1727513391682,"author":{"id":"4141087974150782","authorId":"4141087974150782","name":"Taurus Pink","avatar":"https://community-static.tradeup.com/news/39e934cbdc05761469dbe8569c8d86af","crmLevel":12,"crmLevelSwitch":1,"followedFlag":false,"authorIdStr":"4141087974150782","idStr":"4141087974150782"},"themes":[],"htmlText":"[龇牙] [龇牙] [龇牙] [龇牙] [龇牙]","listText":"[龇牙] [龇牙] [龇牙] [龇牙] [龇牙]","text":"[龇牙] [龇牙] [龇牙] [龇牙] [龇牙]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/354325302329488","isVote":1,"tweetType":1,"viewCount":2522,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":351433602662504,"gmtCreate":1726837878357,"gmtModify":1726837881056,"author":{"id":"4141087974150782","authorId":"4141087974150782","name":"Taurus Pink","avatar":"https://community-static.tradeup.com/news/39e934cbdc05761469dbe8569c8d86af","crmLevel":12,"crmLevelSwitch":1,"followedFlag":false,"authorIdStr":"4141087974150782","idStr":"4141087974150782"},"themes":[],"htmlText":"[龇牙] [龇牙] [龇牙]","listText":"[龇牙] [龇牙] [龇牙]","text":"[龇牙] [龇牙] [龇牙]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/351433602662504","isVote":1,"tweetType":1,"viewCount":1915,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"hots":[{"id":9979330609,"gmtCreate":1686779523901,"gmtModify":1686779530154,"author":{"id":"4141087974150782","authorId":"4141087974150782","name":"Taurus Pink","avatar":"https://community-static.tradeup.com/news/39e934cbdc05761469dbe8569c8d86af","crmLevel":12,"crmLevelSwitch":1,"followedFlag":false,"idStr":"4141087974150782","authorIdStr":"4141087974150782"},"themes":[],"title":"","htmlText":"Answer : D.Around 5%&nbsp; [开心] [开心]<a href=\"https://ttm.financial/U/4102123614530830\"> @nerdbull1669 </a><a href=\"https://ttm.financial/U/4113904591642392\"> @LMSunshine </a>","listText":"Answer : D.Around 5%&nbsp; [开心] [开心]<a href=\"https://ttm.financial/U/4102123614530830\"> @nerdbull1669 </a><a href=\"https://ttm.financial/U/4113904591642392\"> @LMSunshine </a>","text":"Answer : D.Around 5% [开心] [开心] @nerdbull1669 @LMSunshine","images":[],"top":1,"highlighted":2,"essential":1,"paper":1,"likeSize":15,"commentSize":10,"repostSize":0,"link":"https://ttm.financial/post/9979330609","repostId":"187275402805248","repostType":1,"repost":{"id":187275402805248,"gmtCreate":1686729677152,"gmtModify":1686746354239,"author":{"id":"3501196737273098","authorId":"3501196737273098","name":"Tiger_comments","avatar":"https://community-static.tradeup.com/news/227887b200e9925968650d5db4a8bfb3","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3501196737273098","authorIdStr":"3501196737273098"},"themes":[],"title":"[9th Anniv. Quiz] With Fed \"June Pause” Strengthened, Be Fear or Greed?","htmlText":"Topic for tigers: In today's market, do you see more greed or fear?May CPI data on Tuesday shows US inflation continued to cool down, and expectations for the Fed to pause(Probabilities of no change is 95.34% )interest rate hikes in June were strengthened.Even most Economists expect Fed to pause in June as follows:After the CPI data, all the three major U.S. stock indexes closed up collectively. The <a href=\"https://ttm.financial/S/.DJI\">$道琼斯(.DJI)$</a> rose for six consecutive days, hitting a four-month high. .On the disk, technology stocks continued to lead. <a href=\"https://ttm.financial/S/TSLA\">$特斯拉(TSLA)$</a> rose 3.55%, rising for 13 consecutive trading days, setting a new record for the company's longest winning streak in history; <a href=\"https://ttm.financial/S/NVDA\">$英伟达(NVDA)$&lt;/</a>","listText":"Topic for tigers: In today's market, do you see more greed or fear?May CPI data on Tuesday shows US inflation continued to cool down, and expectations for the Fed to pause(Probabilities of no change is 95.34% )interest rate hikes in June were strengthened.Even most Economists expect Fed to pause in June as follows:After the CPI data, all the three major U.S. stock indexes closed up collectively. The <a href=\"https://ttm.financial/S/.DJI\">$道琼斯(.DJI)$</a> rose for six consecutive days, hitting a four-month high. .On the disk, technology stocks continued to lead. <a href=\"https://ttm.financial/S/TSLA\">$特斯拉(TSLA)$</a> rose 3.55%, rising for 13 consecutive trading days, setting a new record for the company's longest winning streak in history; <a href=\"https://ttm.financial/S/NVDA\">$英伟达(NVDA)$&lt;/</a>","text":"Topic for tigers: In today's market, do you see more greed or fear?May CPI data on Tuesday shows US inflation continued to cool down, and expectations for the Fed to pause(Probabilities of no change is 95.34% )interest rate hikes in June were strengthened.Even most Economists expect Fed to pause in June as follows:After the CPI data, all the three major U.S. stock indexes closed up collectively. The $道琼斯(.DJI)$ rose for six consecutive days, hitting a four-month high. .On the disk, technology stocks continued to lead. $特斯拉(TSLA)$ rose 3.55%, rising for 13 consecutive trading days, setting a new record for the company's longest winning streak in history; $英伟达(NVDA)$</","images":[{"img":"https://community-static.tradeup.com/news/87f39fdb5501cfe8909fecf0784e873d","width":"404","height":"143"},{"img":"https://community-static.tradeup.com/news/3ce79cf03fe87ac4ef323ae0e1fc68e2"},{"img":"https://community-static.tradeup.com/news/7c7d83901db86398bce2c3f5916fc5a1","width":"1080","height":"1132"}],"top":1,"highlighted":2,"essential":2,"paper":2,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/187275402805248","isVote":1,"tweetType":1,"viewCount":0,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":9,"langContent":"EN","totalScore":0},"isVote":1,"tweetType":1,"viewCount":1853,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9979321876,"gmtCreate":1687216944195,"gmtModify":1687216949182,"author":{"id":"4141087974150782","authorId":"4141087974150782","name":"Taurus Pink","avatar":"https://community-static.tradeup.com/news/39e934cbdc05761469dbe8569c8d86af","crmLevel":12,"crmLevelSwitch":1,"followedFlag":false,"idStr":"4141087974150782","authorIdStr":"4141087974150782"},"themes":[],"title":"","htmlText":"Answer&nbsp; D. 95% [害羞] [害羞] [害羞]<a href=\"https://ttm.financial/U/4105792568509970\"> @titajack </a><a href=\"https://ttm.financial/U/3559581955535845\"> @koolgal </a><a href=\"https://ttm.financial/U/4110175785559852\"> @BenjiFuji </a><a href=\"https://ttm.financial/U/3527667621665671\"> @Daily_Discussion </a><a href=\"https://ttm.financial/U/3570103090255456\"> @JC888 </a><a href=\"https://ttm.financial/U/4102123614530830\"> @nerdbull1669 </a>","listText":"Answer&nbsp; D. 95% [害羞] [害羞] [害羞]<a href=\"https://ttm.financial/U/4105792568509970\"> @titajack </a><a href=\"https://ttm.financial/U/3559581955535845\"> @koolgal </a><a href=\"https://ttm.financial/U/4110175785559852\"> @BenjiFuji </a><a href=\"https://ttm.financial/U/3527667621665671\"> @Daily_Discussion </a><a href=\"https://ttm.financial/U/3570103090255456\"> @JC888 </a><a href=\"https://ttm.financial/U/4102123614530830\"> @nerdbull1669 </a>","text":"Answer D. 95% [害羞] [害羞] [害羞] @titajack @koolgal @BenjiFuji @Daily_Discussion @JC888 @nerdbull1669","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":14,"commentSize":9,"repostSize":0,"link":"https://ttm.financial/post/9979321876","repostId":"189132762316896","repostType":1,"repost":{"id":189132762316896,"gmtCreate":1687180347895,"gmtModify":1687180379337,"author":{"id":"3501196737273098","authorId":"3501196737273098","name":"Tiger_comments","avatar":"https://community-static.tradeup.com/news/227887b200e9925968650d5db4a8bfb3","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3501196737273098","authorIdStr":"3501196737273098"},"themes":[],"title":"9th Anniversary Quiz: Investing & Tiger (8)","htmlText":"Hello, everyone! It’s time for quiz!!!!!!!Our eighth question is: What percentage of Tiger's US equities is self-clearing?Remember to write your answer in the comment section and repost!Don’t forget to follow me and join the quiz!","listText":"Hello, everyone! It’s time for quiz!!!!!!!Our eighth question is: What percentage of Tiger's US equities is self-clearing?Remember to write your answer in the comment section and repost!Don’t forget to follow me and join the quiz!","text":"Hello, everyone! It’s time for quiz!!!!!!!Our eighth question is: What percentage of Tiger's US equities is self-clearing?Remember to write your answer in the comment section and repost!Don’t forget to follow me and join the quiz!","images":[{"img":"https://community-static.tradeup.com/news/acbfdb5f93c82462ad3a5ca017e00efc","width":"1000","height":"1000"}],"top":1,"highlighted":2,"essential":2,"paper":2,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/189132762316896","isVote":1,"tweetType":1,"viewCount":0,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},"isVote":1,"tweetType":1,"viewCount":2018,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9979952993,"gmtCreate":1686353238313,"gmtModify":1686353262839,"author":{"id":"4141087974150782","authorId":"4141087974150782","name":"Taurus Pink","avatar":"https://community-static.tradeup.com/news/39e934cbdc05761469dbe8569c8d86af","crmLevel":12,"crmLevelSwitch":1,"followedFlag":false,"idStr":"4141087974150782","authorIdStr":"4141087974150782"},"themes":[],"title":"","htmlText":"Answer B.not allowed [爱心] [爱心] [爱心] <a href=\"https://ttm.financial/U/4113904591642392\"> @LMSunshine </a><a href=\"https://ttm.financial/U/4113904591642392\"> @LMSunshine </a>","listText":"Answer B.not allowed [爱心] [爱心] [爱心] <a href=\"https://ttm.financial/U/4113904591642392\"> @LMSunshine </a><a href=\"https://ttm.financial/U/4113904591642392\"> @LMSunshine </a>","text":"Answer B.not allowed [爱心] [爱心] [爱心] @LMSunshine @LMSunshine","images":[],"top":1,"highlighted":2,"essential":1,"paper":1,"likeSize":12,"commentSize":10,"repostSize":0,"link":"https://ttm.financial/post/9979952993","repostId":"185597897265152","repostType":1,"repost":{"id":185597897265152,"gmtCreate":1686320129902,"gmtModify":1686563137787,"author":{"id":"3501196737273098","authorId":"3501196737273098","name":"Tiger_comments","avatar":"https://community-static.tradeup.com/news/227887b200e9925968650d5db4a8bfb3","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3501196737273098","authorIdStr":"3501196737273098"},"themes":[],"title":"[9th Anniv. Quiz] Analysts Suggest Cautious As SPX. Entered Technical Bull Market","htmlText":"On Thursday, three major US stock indexes collectively closed higher. At the close, <a href=\"https://ttm.financial/S/.SPX\">$S&amp;P 500(.SPX)$</a> settled at 4293.93, rebounding 20% from its low point in October 2022, entering a technical bull market. It also signalled the ending of the longest <a href=\"https://ttm.financial/S/.SPX\">$S&amp;P 500(.SPX)$</a> bear market since the 1940s. Tech sector rally end the second longest bear marketThe S&amp;P 500 index has been in bear market territory for 244 trading days, marking the longest duration since May 15, 1948. That year, the bear market lasted for 484 trading days. Historically, bear markets have an average duration of 142 trading days.S&amp;P 500 index has risen 11.5% year-to-date, but a large portion of the gains are attributed to surges","listText":"On Thursday, three major US stock indexes collectively closed higher. At the close, <a href=\"https://ttm.financial/S/.SPX\">$S&amp;P 500(.SPX)$</a> settled at 4293.93, rebounding 20% from its low point in October 2022, entering a technical bull market. It also signalled the ending of the longest <a href=\"https://ttm.financial/S/.SPX\">$S&amp;P 500(.SPX)$</a> bear market since the 1940s. Tech sector rally end the second longest bear marketThe S&amp;P 500 index has been in bear market territory for 244 trading days, marking the longest duration since May 15, 1948. That year, the bear market lasted for 484 trading days. Historically, bear markets have an average duration of 142 trading days.S&amp;P 500 index has risen 11.5% year-to-date, but a large portion of the gains are attributed to surges","text":"On Thursday, three major US stock indexes collectively closed higher. At the close, $S&P 500(.SPX)$ settled at 4293.93, rebounding 20% from its low point in October 2022, entering a technical bull market. It also signalled the ending of the longest $S&P 500(.SPX)$ bear market since the 1940s. Tech sector rally end the second longest bear marketThe S&P 500 index has been in bear market territory for 244 trading days, marking the longest duration since May 15, 1948. That year, the bear market lasted for 484 trading days. Historically, bear markets have an average duration of 142 trading days.S&P 500 index has risen 11.5% year-to-date, but a large portion of the gains are attributed to surges","images":[{"img":"https://community-static.tradeup.com/news/e5b60827ac5865da6b69db1de4f9474e","width":"950","height":"1580"},{"img":"https://community-static.tradeup.com/news/8c908266987fc98b3287b8e6362b0624","width":"560","height":"240"},{"img":"https://community-static.tradeup.com/news/f09a0c82d8d8204398d3f2ef2be5092d","width":"1000","height":"836"}],"top":1,"highlighted":2,"essential":2,"paper":2,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/185597897265152","isVote":1,"tweetType":1,"viewCount":0,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":3,"langContent":"EN","totalScore":0},"isVote":1,"tweetType":1,"viewCount":2168,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":194112009691344,"gmtCreate":1688430396698,"gmtModify":1688430403332,"author":{"id":"4141087974150782","authorId":"4141087974150782","name":"Taurus Pink","avatar":"https://community-static.tradeup.com/news/39e934cbdc05761469dbe8569c8d86af","crmLevel":12,"crmLevelSwitch":1,"followedFlag":false,"idStr":"4141087974150782","authorIdStr":"4141087974150782"},"themes":[],"title":"","htmlText":"[微笑]&nbsp;[微笑]&nbsp;[微笑]&nbsp;","listText":"[微笑]&nbsp;[微笑]&nbsp;[微笑]&nbsp;","text":"[微笑] [微笑] [微笑]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/194112009691344","repostId":"1131220953","repostType":4,"repost":{"id":"1131220953","kind":"news","pubTimestamp":1688396881,"share":"https://ttm.financial/m/news/1131220953?lang=en_US&edition=fundamental","pubTime":"2023-07-03 23:08","market":"us","language":"zh","title":"How did an investment that Buffett called a \"financial disaster\" happen?","url":"https://stock-news.laohu8.com/highlight/detail?id=1131220953","media":"聪明投资者","summary":"我从不想跟一个丑女人上床，但当我确信好几次醒来，身边躺的就是。","content":"<p><html><head></head><body>Throughout Buffett's investment career, there have been countless successful cases.</p><p><p style=\"text-align: justify;\">However, even the wisest person can make mistakes. In fact, Buffett has repeatedly reflected on the errors in his investments.</p><p><p style=\"text-align: justify;\">In 1993, Buffett acquired Dexter Shoe in a share swap.</p><p><p style=\"text-align: justify;\">At the time, Buffett was full of confidence in the company, publicly praising it as a \"business gem\" and one of the best-managed companies he had ever seen in his career.</p><p><p style=\"text-align: justify;\">However, everything changed in the years that followed. Dexter faced competition from imported low-priced shoes, and its profits declined, dragging down Berkshire's entire footwear business.</p><p><p style=\"text-align: justify;\">Eventually, in 2001, it was incorporated into Berkshire's Brown Shoes.</p><p><p style=\"text-align: justify;\">To make matters worse, Buffett chose to pay with 1.6% of Berkshire Hathaway's stock instead of cash when he made the purchase, which was equivalent to trading stock in one outstanding company for stock in another failing company.</p><p><p style=\"text-align: justify;\">In fact, when Buffett bought the company, he was very confident, especially optimistic about its management. Founder Harold Alfond is also a legendary entrepreneur.</p><p><p style=\"text-align: justify;\">Even if the investment was ultimately deemed a failure, Buffett did not believe it was a problem with management, but rather with the business itself.</p><p><p style=\"text-align: justify;\">Buffett called it the worst trade he'd ever made, but he never shied away from the fact that he could make more mistakes. He once jokingly quoted a Bob Dylan lyric in a shareholder letter to explain this—<strong>I never want to sleep with an ugly woman, but when I'm sure I wake up several times, that's who I'm lying next to.</strong>”</p><p><p style=\"text-align: justify;\">Munger, however, offered a calm addition to the matter at the shareholders' meeting:<strong>This shows that no matter how hard you try to build a system to avoid mistakes, even if you try hard to stay within your capabilities, you will still make mistakes. I think I can confidently assure you that this will not be the last time we make a mistake.</strong>”</p><p><h2 style=\"text-align: justify;\">1. Buffett's investments in the footwear industry</h2><p style=\"text-align: justify;\">Buffett's investment in the footwear industry began with his purchase of Brown's Shoes in 1991. This is a North American brand that produces work shoes and boots, with exceptional gross sales profit and return on assets.</p><p><p style=\"text-align: justify;\">The following year, Brown Shoes bought Lowell Shoes, a company that specialized in making shoes for nurses.</p><p><p style=\"text-align: justify;\">Because these two shoe companies performed better than Buffett expected in those years, in 1993 he decided to buy Dexter Shoes in Maine, a brand that specializes in manufacturing high-end men's and women's shoes.</p><p><p style=\"text-align: justify;\">Buffett's connection with Dexter is also related to Brown Shoes.</p><p><p style=\"text-align: justify;\">Peter Lunder, Dexter's president at the time, recalled that he met Buffett through Frank Rooney, chairman and president of Melville Shoes.</p><p><p style=\"text-align: justify;\">Frank tried to buy Dexter in 1978. Peter and his uncle, Dexter's chairman, Harold Alfond, both attended the meeting, but after exchanging ideas, they ultimately felt that their company was still young and had a lot of unfinished business to do, so they could not sell it.</p><p><p style=\"text-align: justify;\">Ultimately, they did not agree to the other party's acquisition proposal and instead remained independent.</p><p><p style=\"text-align: justify;\">However, the other party did not give up and approached them multiple times to discuss the acquisition. Other people also wanted to acquire them, but each time the uncle and nephew were perfunctory and did not sell.</p><p><p style=\"text-align: justify;\">It wasn't until 1992, when Frank's father-in-law, Ray W. Heffernan, chairman of Brown Shoes, died, and his family sold Brown Shoes to Berkshire Hathaway, that Frank became connected to Buffett.</p><p><p style=\"text-align: justify;\">After that, Buffett contacted Dexter through Frank and made an acquisition request.</p><p><p style=\"text-align: justify;\">The initial negotiations were not very successful, because neither Peter nor Harold wanted cash; they were only interested in stocks.</p><p><p style=\"text-align: justify;\">It wasn't until 1993 that Buffett and Frank approached them again, and after a four-hour meeting, the two sides finally agreed to exchange Berkshire Hathaway shares for Dexter.</p><p><p style=\"text-align: justify;\">In 1993, 79-year-old Harold Alfond sold Dexter to Warren Buffett in exchange for shares in Berkshire Hathaway.</p><p><p style=\"text-align: justify;\">In hindsight, their decision to acquire Berkshire Hathaway stock was quite clever, and this deal also brought Buffett closer to them. Many years later, a photo of Buffett with an inscription still hangs on the wall of Peter's office.</p><p><h2 style=\"text-align: justify;\">2. Dexter's management</h2><p style=\"text-align: justify;\">In fact, Buffett already knew when he bought Brown's Shoes that the shoe industry was extremely competitive and that it would be difficult for the domestic shoe industry in the United States to compete with low-priced imported products.</p><p><p style=\"text-align: justify;\">He said, \"Of the 1 billion pairs purchased annually in the United States, about 85% are imported from abroad, and most manufacturing plants in the industry are performing poorly.\"</p><p><p style=\"text-align: justify;\">\"Due to the large number of styles and models, inventory pressure is quite heavy, and the revenue is also large amounts of accounts receivable.\"</p><p><p style=\"text-align: justify;\">But Buffett took a liking to Brown's management and its founder.</p><p><p style=\"text-align: justify;\">Regarding Brown Shoes, he said, \"In such an environment, only an excellent manager like Frank, coupled with the business that Mr. Heffernan has built, can survive.\"</p><p><p style=\"text-align: justify;\">After buying Brown Shoes, Buffett called Frank to manage the company.</p><p><p style=\"text-align: justify;\">Similarly, buying Dexter was also Buffett's bet on Harold Alfond. He believed that both Brown Shoes and Dexter were capable of fighting off foreign invaders.</p><p><p style=\"text-align: justify;\">During his peak years, Dexter did indeed perform exceptionally well, and its founder, Harold, was a legendary figure.</p><p><p style=\"text-align: justify;\">Born in Massachusetts in 1914, he came of age during the Great Depression. Harold never went to college. After graduating from high school, he followed his father into the shoemaking business in Maine.</p><p><p style=\"text-align: justify;\">At first, he worked in a shoe factory, earning 25 cents an hour. In 1956, he founded Dexter with $10,000. Two years later, his nephew Peter Lunder joined.</p><p><p style=\"text-align: justify;\">From then on, the two established a company that produces 7.5 million pairs of shoes annually. Most of their shoes are made in Maine, the rest in Puerto Rico.</p><p><p style=\"text-align: justify;\">In 1971, Dexter became one of the first manufacturers in the country to retail its own products when it pioneered factory outlets at its Skoshigan, Maine, plant.</p><p><p style=\"text-align: justify;\">Ultimately, Dexter expanded this model to more than 80 direct sales stores nationwide. At its peak, they employed more than 4,000 people and generated more than $250 million in annual sales.</p><p><p style=\"text-align: justify;\">Baffel described Dexter as having a long history of profitability, enduring franchises, and excellent management.</p><p><p style=\"text-align: justify;\">Harold and Peter also said at the time that the merger would be good for both companies.</p><p><p style=\"text-align: justify;\">“Berkshire Hathaway is familiar with the footwear industry and shares our management philosophy of focusing on long-term goals,” they said.</p><p><p style=\"text-align: justify;\">After buying Dexter, as Buffett has done in the past, there was no change in management.</p><p><p style=\"text-align: justify;\">In his shareholder letter that year, Buffett gave Dexter high praise: \"This time I can assure you that Dexter does not need to be reformed. Dexter is one of the best companies Charlie and I have ever seen in our careers.\"</p><p><p style=\"text-align: justify;\">He added that paying with Berkshire Hathaway stock was a wise decision.</p><p><h2 style=\"text-align: justify;\">3. From \"the best company\" to \"the worst deal\"</h2><p style=\"text-align: justify;\">Buffett had high expectations for Dexter, but the investment did not proceed well.</p><p><p style=\"text-align: justify;\">In the following years, as Buffett initially predicted, the American footwear industry was struggling to survive due to competition from low-priced imported products, and its performance declined repeatedly.</p><p><p style=\"text-align: justify;\">Management seemed unable to reverse this trend, and Buffett finally acknowledged the problem in his 1999 shareholder letter:</p><p><p style=\"text-align: justify;\">\"Our manufacturing, retail and service businesses are performing almost perfectly, with the exception of Dexter Shoes, but the company's problem is not in management.\"</p><p><p style=\"text-align: justify;\">In terms of experience, energy, and dedication to his work, Dexter was no different from the excellent managers of other subsidiaries. The main reason is that our manufacturing base is located in the United States, which lacks a competitive advantage.</p><p><p style=\"text-align: justify;\">In total, 93% of the 1.3 billion pairs of shoes consumed in the United States in 1999 came from imports, with low labor costs being the main key factor.</p><p><p style=\"text-align: justify;\">Faced with this problem, Buffett's strategy was to find potential contract manufacturers overseas, but this did not solve the problem.</p><p><p style=\"text-align: justify;\">“It was a complete mistake for me to spend money to buy Dexter in 1993, and what’s worse is that I acquired it with Berkshire Hathaway shares at the time,” Buffett admitted in a 2000 letter.</p><p><p style=\"text-align: justify;\">Of course, Buffett still recognized the company's management, praising them, saying, \"The managers in our shoe business, both publicly and privately, are top-notch. They work hard in very difficult environments, even though they no longer have to bend over backwards for a pittance. For that, I sincerely admire and thank them.\"</p><p><p style=\"text-align: justify;\">By 2001, Berkshire's footwear business had suffered a pre-tax operating loss of $46.2 million, and although Brown Shoes was still profitable, it was still unable to reverse the overall loss.</p><p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/32d33adf34253dc54e1ea2ff8b901d5f\" title=\"制图：聪明投资者\" tg-width=\"1080\" tg-height=\"608\"/><span>Chart by: Smart Investors</span></p><p>Chart by: Smart Investors</p><p><p style=\"text-align: justify;\">Buffett placed his hopes on Brown's management to turn Dexter's predicament around and incorporated Dexter into Brown's.</p><p><p style=\"text-align: justify;\">At this point, Harold Alfond left the company he had founded and devoted himself to philanthropy.</p><p><p style=\"text-align: justify;\">The year after the merger achieved some results, with Berkshire Hathaway's footwear profits rebounding to $24 million, a significant improvement of $70 million compared to the losses in 2001.</p><p><p style=\"text-align: justify;\">Buffett, however, stated that Dexter's operations are back on track, despite the significant costs involved in resolving the issues.</p><p><p style=\"text-align: justify;\">Unfortunately, this recovery did not last.</p><p><p style=\"text-align: justify;\">That was almost the end of Dexter's story, but Buffett mentioned the company many times in his subsequent career.</p><p><p style=\"text-align: justify;\">In a 2007 letter to shareholders, he again lamented his mistakes:</p><p><p style=\"text-align: justify;\"><strong>“Dexter was a shoe company that I bought in 1993 with 25,203 shares of Berkshire Hathaway A-shares worth $433 million. In the years that followed, not only did what I considered a sustainable competitive advantage disappear without a trace. And that was just the beginning: by using Berkshire Hathaway stock, I amplified that mistake considerably.”</strong></p><p><p style=\"text-align: justify;\">“Ultimately, I’m giving up a deal that’s now worth $220 billion, 1.6% of a great deal, and buying back a worthless deal. Dexter is the worst deal I’ve ever made.”</p><p><p style=\"text-align: justify;\">In a 2014 letter, Buffett called the investment a financial disaster that deserved a place in the Guinness Book of World Records.</p><p><h2 style=\"text-align: justify;\">4. The biggest winner – the Alfond family</h2><p style=\"text-align: justify;\">Although Buffett himself called the acquisition the worst deal he had ever made, the Alfond family made a fortune from the investment because they acquired Berkshire Hathaway stock, making them the biggest winners of the deal.</p><p><p style=\"text-align: justify;\">In fact, this has become an option for many companies that sell to Berkshire Hathaway, as they prefer to own Berkshire Hathaway stock.</p><p><p style=\"text-align: justify;\">After the Berkshire acquisition, Harold Alfond managed Dexter until it was merged into Brown Shoes in 2001.</p><p><p style=\"text-align: justify;\">Harold Alfond generously donated his wealth, and through his own private foundation, he has been supporting local charities.</p><p><p style=\"text-align: justify;\">For a long time, the Alfond family did not sell a single share of Berkshire Hathaway stock, and Berkshire's ever-rising stock price undoubtedly provided them with more wealth and more support for their philanthropic causes.</p><p><p style=\"text-align: justify;\">During his lifetime, Harold contributed millions of dollars to charity and was still working at the ripe old age of 90.</p><p><p style=\"text-align: justify;\">Because Harold is a multi-talented athlete and sports fan, and firmly believes that sports provide young people with valuable opportunities for personal growth.</p><p><p style=\"text-align: justify;\">Many of his donations went to public and private colleges and universities, as well as private secondary schools, for the construction of sports facilities and playgrounds. Many academic, sports, healthcare, and community buildings and facilities are named after Alfond.</p><p><p style=\"text-align: justify;\">In 2007, Harold Alfond died.</p><p><p style=\"text-align: justify;\">He donated almost all of his wealth to his foundation, which continues to support charitable causes in Maine to this day.</p><p><p style=\"text-align: justify;\">To some extent, this can be considered as Buffett, who is also passionate about philanthropy, ultimately leading to the same destination.</p><p></body></html></p>","source":"Capital-nature","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>How did an investment that Buffett called a \"financial disaster\" happen?</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nHow did an investment that Buffett called a \"financial disaster\" happen?\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">聪明投资者</strong><span class=\"h-time small\">2023-07-03 23:08</span>\n</p>\n</h4>\n</header>\n<article>\n<p><html><head></head><body>Throughout Buffett's investment career, there have been countless successful cases.</p><p><p style=\"text-align: justify;\">However, even the wisest person can make mistakes. In fact, Buffett has repeatedly reflected on the errors in his investments.</p><p><p style=\"text-align: justify;\">In 1993, Buffett acquired Dexter Shoe in a share swap.</p><p><p style=\"text-align: justify;\">At the time, Buffett was full of confidence in the company, publicly praising it as a \"business gem\" and one of the best-managed companies he had ever seen in his career.</p><p><p style=\"text-align: justify;\">However, everything changed in the years that followed. Dexter faced competition from imported low-priced shoes, and its profits declined, dragging down Berkshire's entire footwear business.</p><p><p style=\"text-align: justify;\">Eventually, in 2001, it was incorporated into Berkshire's Brown Shoes.</p><p><p style=\"text-align: justify;\">To make matters worse, Buffett chose to pay with 1.6% of Berkshire Hathaway's stock instead of cash when he made the purchase, which was equivalent to trading stock in one outstanding company for stock in another failing company.</p><p><p style=\"text-align: justify;\">In fact, when Buffett bought the company, he was very confident, especially optimistic about its management. Founder Harold Alfond is also a legendary entrepreneur.</p><p><p style=\"text-align: justify;\">Even if the investment was ultimately deemed a failure, Buffett did not believe it was a problem with management, but rather with the business itself.</p><p><p style=\"text-align: justify;\">Buffett called it the worst trade he'd ever made, but he never shied away from the fact that he could make more mistakes. He once jokingly quoted a Bob Dylan lyric in a shareholder letter to explain this—<strong>I never want to sleep with an ugly woman, but when I'm sure I wake up several times, that's who I'm lying next to.</strong>”</p><p><p style=\"text-align: justify;\">Munger, however, offered a calm addition to the matter at the shareholders' meeting:<strong>This shows that no matter how hard you try to build a system to avoid mistakes, even if you try hard to stay within your capabilities, you will still make mistakes. I think I can confidently assure you that this will not be the last time we make a mistake.</strong>”</p><p><h2 style=\"text-align: justify;\">1. Buffett's investments in the footwear industry</h2><p style=\"text-align: justify;\">Buffett's investment in the footwear industry began with his purchase of Brown's Shoes in 1991. This is a North American brand that produces work shoes and boots, with exceptional gross sales profit and return on assets.</p><p><p style=\"text-align: justify;\">The following year, Brown Shoes bought Lowell Shoes, a company that specialized in making shoes for nurses.</p><p><p style=\"text-align: justify;\">Because these two shoe companies performed better than Buffett expected in those years, in 1993 he decided to buy Dexter Shoes in Maine, a brand that specializes in manufacturing high-end men's and women's shoes.</p><p><p style=\"text-align: justify;\">Buffett's connection with Dexter is also related to Brown Shoes.</p><p><p style=\"text-align: justify;\">Peter Lunder, Dexter's president at the time, recalled that he met Buffett through Frank Rooney, chairman and president of Melville Shoes.</p><p><p style=\"text-align: justify;\">Frank tried to buy Dexter in 1978. Peter and his uncle, Dexter's chairman, Harold Alfond, both attended the meeting, but after exchanging ideas, they ultimately felt that their company was still young and had a lot of unfinished business to do, so they could not sell it.</p><p><p style=\"text-align: justify;\">Ultimately, they did not agree to the other party's acquisition proposal and instead remained independent.</p><p><p style=\"text-align: justify;\">However, the other party did not give up and approached them multiple times to discuss the acquisition. Other people also wanted to acquire them, but each time the uncle and nephew were perfunctory and did not sell.</p><p><p style=\"text-align: justify;\">It wasn't until 1992, when Frank's father-in-law, Ray W. Heffernan, chairman of Brown Shoes, died, and his family sold Brown Shoes to Berkshire Hathaway, that Frank became connected to Buffett.</p><p><p style=\"text-align: justify;\">After that, Buffett contacted Dexter through Frank and made an acquisition request.</p><p><p style=\"text-align: justify;\">The initial negotiations were not very successful, because neither Peter nor Harold wanted cash; they were only interested in stocks.</p><p><p style=\"text-align: justify;\">It wasn't until 1993 that Buffett and Frank approached them again, and after a four-hour meeting, the two sides finally agreed to exchange Berkshire Hathaway shares for Dexter.</p><p><p style=\"text-align: justify;\">In 1993, 79-year-old Harold Alfond sold Dexter to Warren Buffett in exchange for shares in Berkshire Hathaway.</p><p><p style=\"text-align: justify;\">In hindsight, their decision to acquire Berkshire Hathaway stock was quite clever, and this deal also brought Buffett closer to them. Many years later, a photo of Buffett with an inscription still hangs on the wall of Peter's office.</p><p><h2 style=\"text-align: justify;\">2. Dexter's management</h2><p style=\"text-align: justify;\">In fact, Buffett already knew when he bought Brown's Shoes that the shoe industry was extremely competitive and that it would be difficult for the domestic shoe industry in the United States to compete with low-priced imported products.</p><p><p style=\"text-align: justify;\">He said, \"Of the 1 billion pairs purchased annually in the United States, about 85% are imported from abroad, and most manufacturing plants in the industry are performing poorly.\"</p><p><p style=\"text-align: justify;\">\"Due to the large number of styles and models, inventory pressure is quite heavy, and the revenue is also large amounts of accounts receivable.\"</p><p><p style=\"text-align: justify;\">But Buffett took a liking to Brown's management and its founder.</p><p><p style=\"text-align: justify;\">Regarding Brown Shoes, he said, \"In such an environment, only an excellent manager like Frank, coupled with the business that Mr. Heffernan has built, can survive.\"</p><p><p style=\"text-align: justify;\">After buying Brown Shoes, Buffett called Frank to manage the company.</p><p><p style=\"text-align: justify;\">Similarly, buying Dexter was also Buffett's bet on Harold Alfond. He believed that both Brown Shoes and Dexter were capable of fighting off foreign invaders.</p><p><p style=\"text-align: justify;\">During his peak years, Dexter did indeed perform exceptionally well, and its founder, Harold, was a legendary figure.</p><p><p style=\"text-align: justify;\">Born in Massachusetts in 1914, he came of age during the Great Depression. Harold never went to college. After graduating from high school, he followed his father into the shoemaking business in Maine.</p><p><p style=\"text-align: justify;\">At first, he worked in a shoe factory, earning 25 cents an hour. In 1956, he founded Dexter with $10,000. Two years later, his nephew Peter Lunder joined.</p><p><p style=\"text-align: justify;\">From then on, the two established a company that produces 7.5 million pairs of shoes annually. Most of their shoes are made in Maine, the rest in Puerto Rico.</p><p><p style=\"text-align: justify;\">In 1971, Dexter became one of the first manufacturers in the country to retail its own products when it pioneered factory outlets at its Skoshigan, Maine, plant.</p><p><p style=\"text-align: justify;\">Ultimately, Dexter expanded this model to more than 80 direct sales stores nationwide. At its peak, they employed more than 4,000 people and generated more than $250 million in annual sales.</p><p><p style=\"text-align: justify;\">Baffel described Dexter as having a long history of profitability, enduring franchises, and excellent management.</p><p><p style=\"text-align: justify;\">Harold and Peter also said at the time that the merger would be good for both companies.</p><p><p style=\"text-align: justify;\">“Berkshire Hathaway is familiar with the footwear industry and shares our management philosophy of focusing on long-term goals,” they said.</p><p><p style=\"text-align: justify;\">After buying Dexter, as Buffett has done in the past, there was no change in management.</p><p><p style=\"text-align: justify;\">In his shareholder letter that year, Buffett gave Dexter high praise: \"This time I can assure you that Dexter does not need to be reformed. Dexter is one of the best companies Charlie and I have ever seen in our careers.\"</p><p><p style=\"text-align: justify;\">He added that paying with Berkshire Hathaway stock was a wise decision.</p><p><h2 style=\"text-align: justify;\">3. From \"the best company\" to \"the worst deal\"</h2><p style=\"text-align: justify;\">Buffett had high expectations for Dexter, but the investment did not proceed well.</p><p><p style=\"text-align: justify;\">In the following years, as Buffett initially predicted, the American footwear industry was struggling to survive due to competition from low-priced imported products, and its performance declined repeatedly.</p><p><p style=\"text-align: justify;\">Management seemed unable to reverse this trend, and Buffett finally acknowledged the problem in his 1999 shareholder letter:</p><p><p style=\"text-align: justify;\">\"Our manufacturing, retail and service businesses are performing almost perfectly, with the exception of Dexter Shoes, but the company's problem is not in management.\"</p><p><p style=\"text-align: justify;\">In terms of experience, energy, and dedication to his work, Dexter was no different from the excellent managers of other subsidiaries. The main reason is that our manufacturing base is located in the United States, which lacks a competitive advantage.</p><p><p style=\"text-align: justify;\">In total, 93% of the 1.3 billion pairs of shoes consumed in the United States in 1999 came from imports, with low labor costs being the main key factor.</p><p><p style=\"text-align: justify;\">Faced with this problem, Buffett's strategy was to find potential contract manufacturers overseas, but this did not solve the problem.</p><p><p style=\"text-align: justify;\">“It was a complete mistake for me to spend money to buy Dexter in 1993, and what’s worse is that I acquired it with Berkshire Hathaway shares at the time,” Buffett admitted in a 2000 letter.</p><p><p style=\"text-align: justify;\">Of course, Buffett still recognized the company's management, praising them, saying, \"The managers in our shoe business, both publicly and privately, are top-notch. They work hard in very difficult environments, even though they no longer have to bend over backwards for a pittance. For that, I sincerely admire and thank them.\"</p><p><p style=\"text-align: justify;\">By 2001, Berkshire's footwear business had suffered a pre-tax operating loss of $46.2 million, and although Brown Shoes was still profitable, it was still unable to reverse the overall loss.</p><p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/32d33adf34253dc54e1ea2ff8b901d5f\" title=\"制图：聪明投资者\" tg-width=\"1080\" tg-height=\"608\"/><span>Chart by: Smart Investors</span></p><p>Chart by: Smart Investors</p><p><p style=\"text-align: justify;\">Buffett placed his hopes on Brown's management to turn Dexter's predicament around and incorporated Dexter into Brown's.</p><p><p style=\"text-align: justify;\">At this point, Harold Alfond left the company he had founded and devoted himself to philanthropy.</p><p><p style=\"text-align: justify;\">The year after the merger achieved some results, with Berkshire Hathaway's footwear profits rebounding to $24 million, a significant improvement of $70 million compared to the losses in 2001.</p><p><p style=\"text-align: justify;\">Buffett, however, stated that Dexter's operations are back on track, despite the significant costs involved in resolving the issues.</p><p><p style=\"text-align: justify;\">Unfortunately, this recovery did not last.</p><p><p style=\"text-align: justify;\">That was almost the end of Dexter's story, but Buffett mentioned the company many times in his subsequent career.</p><p><p style=\"text-align: justify;\">In a 2007 letter to shareholders, he again lamented his mistakes:</p><p><p style=\"text-align: justify;\"><strong>“Dexter was a shoe company that I bought in 1993 with 25,203 shares of Berkshire Hathaway A-shares worth $433 million. In the years that followed, not only did what I considered a sustainable competitive advantage disappear without a trace. And that was just the beginning: by using Berkshire Hathaway stock, I amplified that mistake considerably.”</strong></p><p><p style=\"text-align: justify;\">“Ultimately, I’m giving up a deal that’s now worth $220 billion, 1.6% of a great deal, and buying back a worthless deal. Dexter is the worst deal I’ve ever made.”</p><p><p style=\"text-align: justify;\">In a 2014 letter, Buffett called the investment a financial disaster that deserved a place in the Guinness Book of World Records.</p><p><h2 style=\"text-align: justify;\">4. The biggest winner – the Alfond family</h2><p style=\"text-align: justify;\">Although Buffett himself called the acquisition the worst deal he had ever made, the Alfond family made a fortune from the investment because they acquired Berkshire Hathaway stock, making them the biggest winners of the deal.</p><p><p style=\"text-align: justify;\">In fact, this has become an option for many companies that sell to Berkshire Hathaway, as they prefer to own Berkshire Hathaway stock.</p><p><p style=\"text-align: justify;\">After the Berkshire acquisition, Harold Alfond managed Dexter until it was merged into Brown Shoes in 2001.</p><p><p style=\"text-align: justify;\">Harold Alfond generously donated his wealth, and through his own private foundation, he has been supporting local charities.</p><p><p style=\"text-align: justify;\">For a long time, the Alfond family did not sell a single share of Berkshire Hathaway stock, and Berkshire's ever-rising stock price undoubtedly provided them with more wealth and more support for their philanthropic causes.</p><p><p style=\"text-align: justify;\">During his lifetime, Harold contributed millions of dollars to charity and was still working at the ripe old age of 90.</p><p><p style=\"text-align: justify;\">Because Harold is a multi-talented athlete and sports fan, and firmly believes that sports provide young people with valuable opportunities for personal growth.</p><p><p style=\"text-align: justify;\">Many of his donations went to public and private colleges and universities, as well as private secondary schools, for the construction of sports facilities and playgrounds. Many academic, sports, healthcare, and community buildings and facilities are named after Alfond.</p><p><p style=\"text-align: justify;\">In 2007, Harold Alfond died.</p><p><p style=\"text-align: justify;\">He donated almost all of his wealth to his foundation, which continues to support charitable causes in Maine to this day.</p><p><p style=\"text-align: justify;\">To some extent, this can be considered as Buffett, who is also passionate about philanthropy, ultimately leading to the same destination.</p><p></body></html></p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://mp.weixin.qq.com/s/O0HdWcmiN2fviXGW0PaOVw?global_content=%7B%22promote_id%22%3A13766%2C%22sub_promote_id%22%3A4%7D\">聪明投资者</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/ee8356647b06585ac937a0f45e6aeb17","relate_stocks":{"BRK.A":"伯克希尔","BRK.B":"伯克希尔B"},"source_url":"https://mp.weixin.qq.com/s/O0HdWcmiN2fviXGW0PaOVw?global_content=%7B%22promote_id%22%3A13766%2C%22sub_promote_id%22%3A4%7D","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1131220953","content_text":"在巴菲特的投资生涯中，成功的案例数不胜数。但智者千虑，难免有一失，实际上，巴菲特就曾多次反省自己投资中的那些的错误。1993年，巴菲特以换股方式收购德克斯特鞋业（Dexter Shoe）。当时巴菲特对这家公司充满信心，公开赞誉它是一颗“商业明珠”，是他职业生涯中见过的管理得最好的公司之一。然而，在此后的几年间，一切都发生了变化，德克斯特面临进口低价鞋的竞争，利润下滑，拖累了伯克希尔的整个鞋业。最终，2001年，它被并入伯克希尔的布朗鞋业。雪上加霜的是，巴菲特在买入时，选择用伯克希尔哈撒韦公司1.6%的股票支付而非现金，相当于花费一家出色企业的股票换取了另一家失败公司的股票。其实当初买入这家公司时，巴菲特很有信心，尤其看好其管理层。创始人哈罗德·阿尔方德也是一个传奇企业家。即便最终这笔投资被认为失败，巴菲特也不认为是管理层的问题，而是生意本身。巴菲特将其称为自己做的最糟糕的交易，但从不回避自己可能犯更多错误的事实，他曾在股东信中开玩笑地引用一段鲍勃·迪伦歌词，来解释这种事情——“我从不想跟一个丑女人上床，但当我确信好几次醒来，身边躺的就是。” 而芒格则对此事在股东会上淡淡补充：“这表明，无论你多么努力地建立避免错误的系统，即使你很努力的保持在你的能力范围内，你仍然会犯错误。我想我可以自信地保证，这不会是我们最后一次犯错。”1、巴菲特对于鞋业的投资巴菲特对于鞋业的投资，始于1991年买下布朗鞋业。这是北美地区一个生产工作鞋与工作靴的品牌，拥有非凡的销售毛利与资产报酬。次年，布朗鞋业买下 Lowell 鞋业，一家专门制造护士专用鞋的公司。因为这两家鞋业公司那几年的表现超出了巴菲特的预期，1993年，他决定买下缅因州的德克斯特鞋业，一家专门制造高级男女鞋的品牌。而巴菲特与德克斯特的结缘，也与布朗鞋业有关。德克斯特当时的总裁彼得·伦德（Peter Lunder）回忆称，自己正是通过梅尔维尔鞋业的董事长兼总裁弗兰克·鲁尼（Frank Rooney）认识巴菲特的。弗兰克在 1978 年曾试图收购德克斯特。当时彼得和他的叔叔，也就是德克斯特董事长哈罗德·阿尔方德（Harold Alfond）都参加了会议，但交流后两人最终觉得，自己的公司还很年轻，还有很多未完的事情要去做，所以不能卖出去。最终他们没有同意对方的收购建议，而是继续保持独立。然而对方并没有放弃，此后多次找他们洽谈收购的事情，包括也有其他人想收购他们，但每次叔侄两人都敷衍了过去，并没有卖出。一直到1992年，弗兰克的岳父，也就是布朗鞋业的董事长——雷·W·赫弗南 (Ray W. Heffernan)去世，他的家人把布朗鞋业卖给了伯克希尔，弗兰克由此与巴菲特结缘。此后，巴菲特通过弗兰克联系了德克斯特，提出了收购要求。最初的洽谈不是很成功，因为彼得和哈罗德都不想要现金，他们只对股票感兴趣。直到1993年，巴菲特和弗兰克再次找到他们，双方经过了四个小时的会议，最终达成一致，用伯克希尔的股票来换取德克斯特。1993 年，79 岁的哈罗德·阿尔方德将德克斯特卖给了沃伦·巴菲特，换取了伯克希尔哈撒韦公司的股票。事后来看，他们选择要伯克希尔股票的这一想法，相当聪明，而这笔交易也让巴菲特和他们结缘，很多年后，在彼得办公室的墙上，都还一直挂着巴菲特的题字照片。2、德克斯特的管理层实际上，巴菲特在买入布朗鞋业时就已经知道，鞋子这个行业竞争相当激烈，美国本土制鞋业难以与国外进口的低价产品竞争。他说：“在全美一年 10 亿双的采购量中，大约有 85%是从国外进口，而产业中大部分的制造工厂表现都乏善可陈。”“由于款式与型号繁多导致库存压力相当重，同时收入还都是大笔的应收账款。”但巴菲特看中了布朗鞋业的管理层和它的创始人。针对布朗鞋业，他说：“在这样的环境底下，只有像弗兰克这样优秀的经理人再加上赫弗南先生所建立这样的事业才有可能生存。”在买入布朗鞋业后，巴菲特把弗兰克叫来管理公司。同样的，买入德克斯特，同样是巴菲特对于哈罗德·阿尔方德的押注。他认为布朗鞋业与德克斯特都有能力对抗外来入侵者。而在巅峰时期的那几年，德克斯特确实表现出色，创始人哈罗德也是一个传奇人物。1914 年出生于马萨诸塞州，美国经济大萧条期间，他刚好成年。哈罗德没有上过大学，高中毕业的他，就跟随父亲在缅因州从事制鞋业务。最开始，他在制鞋工厂做工，时薪25美分。1956年，他用一万美元创立了德克斯特。两年后，他的侄子彼得·伦德（Peter Lunder）加入。从此两人建立起了年产 750 万双鞋子的企业。他们的大部分鞋子都在缅因州生产，其余的则在波多黎各。1971 年，德克斯特在缅因州斯科希甘的工厂率先开设工厂直销店，该公司成为全国首批零售自己产品的制造商之一。最终，德克斯特将这种模式扩展到全国 80 多家直销店。在鼎盛时期，他们雇佣了 4,000 多名员工，年销售额超过 2.5 亿美元。巴菲尔评价德克斯特，说它拥有悠久的盈利历史、经久不衰的特许经营权和卓越的管理。哈罗德和彼得当时也表示，合并对两家公司都有好处。“伯克希尔哈撒韦公司熟悉制鞋业，并认同我们专注于长期目标的管理理念，”他们说。在买入德克斯特后，一如巴菲特以往的操作，没有更换管理层。在那年的股东信中，巴菲特对德克斯特给予了极高的赞赏——“这次我可以向大家保证德克斯特并不需要改造，德克斯特是查理跟我在职业生涯中，所见过最好的公司之一。”他还补充道，用伯克希尔股票来支付是一个明智的决定。3、从“最好的公司”到“最糟糕的交易”巴菲特对于德克斯特给予了很高的期望，但这笔投资的后续并不美好。此后几年，果然按照巴菲特一开始的判断，美国制鞋业受到海外进口低价产品的竞争，难以为继，业绩也连连下滑。而管理层似乎也不能扭转这种趋势，巴菲特在1999年的股东信中终于承认了这一问题：“我们旗下的制造、零售与服务业的表现几乎接近完美，德克斯特鞋业除外，不过该公司的问题不在于经营管理。就工作上的经验、活力与认真而言，德克斯特与其它子公司优秀的经理人毫无二致。主要原因还在于我们的制造据点位于美国本土，缺乏竞争优势。总计 1999 年，在美国 13 亿双的鞋子消耗量中，93%来自于进口，廉价的劳工成本是主要的关键因素。”面对这一问题，巴菲特的对策是从海外寻找潜在的代工，但这并未解决问题。“我在 1993 年斥资买下德克斯特根本是个错误，更惨的是当时我还是用伯克希尔股份换来的。”巴菲特在 2000 年的信中承认。当然，巴菲特依然认可公司的管理层，赞赏他们称：“于公于私我们制鞋事业的经理人都称得上是一流的，他们在非常艰苦的环境下努力工作，即便他们早已不必为了五斗米而折腰，为此我衷心地佩服并感谢他们。”到了2001年，伯克希尔的制鞋事业营运税前损失高达 4,620 万美元，尽管布朗鞋业仍有获利，依然无法扭转整体的亏损。制图：聪明投资者制图：聪明投资者巴菲特寄希望于布朗鞋业的管理者来扭转德克斯特的困局，将德克斯特并入了布朗鞋业。至此，哈罗德·阿尔方德也离开了他一手创立的公司，专心致力于慈善事业了。并入后的次年取得了一定的效果，伯克希尔鞋类利润回升至 2,400 万美元，较 2001 年的亏损，大幅改善了 7,000 万美元。而巴菲特则表示德克斯特的营运已回归正轨，尽管解决问题耗费了不少成本。可惜这种复苏却没能持续。至此，德克斯特的故事已经结束得差不多了，但巴菲特在此后的生涯里多次提及这家公司。在 2007 年致股东的信中，他再次哀叹自己的错误：“德克斯特公司是 1993 年我用价值 4.33 亿美元的 25203 股伯克希尔的 A 股股票，买下的制鞋公司。在随后几年里，不但我自认为的持续竞争优势消失得无影无踪。而且这只是个开始：由于用的是伯克希尔的股票，我将这个错误放大很多。”“说到底，我就是放弃一份，现在的价值是 2200 亿美元，出色的生意的 1.6％，买回了一项毫无价值的生意。到此为止，德克斯特是我做的最糟糕的交易。”2014年，巴菲特在信中称这笔投资是一场金融灾难，应该在吉尼斯世界纪录中占有一席之地。4、最大的赢家——阿尔方德家族虽然这笔收购被巴菲特本人称为他做过的最糟糕的交易，但阿尔方德家族却在这笔投资中大赚特赚，因为他们拿到了伯克希尔的股票，成为了这笔交易的最大赢家。实际上，这也成为很多卖身给伯克希尔企业的选择，他们更倾向于拥有伯克希尔的股票。在伯克希尔收购后，哈罗德·阿尔方德一直管理德克斯特，直到它在2001 年被并入布朗鞋业。哈罗德·阿尔方德慷慨地捐出了他的财富，通过他自己的私人基金会，他一直在支持当地的慈善事业。很长一段时间内，阿尔方德家族都没有卖出一股伯克希尔的股票，而伯克希尔不断上涨的股价，无疑为他们提供了更多财富，也为他们的慈善事业提供了更多支持。在他的一生中，哈罗德为慈善事业贡献了数百万美元，90岁高龄时依然在工作。因为哈罗德是一位多才多艺的运动员、体育迷，并且坚信体育为年轻人提供了宝贵的个人成长机会。他的许多捐赠都捐给了公立私立的学院和大学，以及私立中学，用于建造运动设施和运动场。很多学术、体育、医疗保健和社区建筑和设施都冠以 Alfond 的名字。2007 年，哈罗德·阿尔方德去世。他将几乎所有财富都捐给了自己的基金会，该基金会至今仍在支持缅因州的慈善事业。某种程度上，这也算和同样热爱慈善事业的巴菲特，最终殊途同归吧。","news_type":1,"symbols_score_info":{"BRK.B":1.1,"BRK.A":1.1}},"isVote":1,"tweetType":1,"viewCount":2142,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":191773492486424,"gmtCreate":1687828356049,"gmtModify":1687828361335,"author":{"id":"4141087974150782","authorId":"4141087974150782","name":"Taurus 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Not just&nbsp; invest only. Also include other one. Like can watch video, getting any news,get some rewards,can share your article.pretty good.","listText":"So good app. Not just&nbsp; invest only. Also include other one. Like can watch video, getting any news,get some rewards,can share your article.pretty good.","text":"So good app. Not just invest only. Also include other one. Like can watch video, getting any news,get some rewards,can share your article.pretty good.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":4,"repostSize":0,"link":"https://ttm.financial/post/9949377816","isVote":1,"tweetType":1,"viewCount":1650,"authorTweetTopStatus":1,"verified":2,"comments":[{"author":{"id":"9000000000000487","authorId":"9000000000000487","name":"MaudNelly","avatar":"https://static.tigerbbs.com/1e0fafb6a0868fdff5a6626301b88f7c","crmLevel":1,"crmLevelSwitch":0,"idStr":"9000000000000487","authorIdStr":"9000000000000487"},"content":"Looks like we can do everything related to investment at here.","text":"Looks like we can do everything related to investment at here.","html":"Looks like we can do everything related to investment at here."},{"author":{"id":"9000000000000712","authorId":"9000000000000712","name":"AndreaClarissa","avatar":"https://static.tigerbbs.com/9cf11fbf7e9cf7863269c430ae07d7c9","crmLevel":1,"crmLevelSwitch":0,"idStr":"9000000000000712","authorIdStr":"9000000000000712"},"content":"We can post our idea about market on here.","text":"We can post our idea about market on here.","html":"We can post our idea about market on here."}],"imageCount":0,"langContent":"EN","totalScore":0},{"id":279935473525024,"gmtCreate":1709365088076,"gmtModify":1709365091333,"author":{"id":"4141087974150782","authorId":"4141087974150782","name":"Taurus Pink","avatar":"https://community-static.tradeup.com/news/39e934cbdc05761469dbe8569c8d86af","crmLevel":12,"crmLevelSwitch":1,"followedFlag":false,"idStr":"4141087974150782","authorIdStr":"4141087974150782"},"themes":[],"title":"","htmlText":"[得意] [得意] [得意] [得意]","listText":"[得意] [得意] [得意] [得意]","text":"[得意] [得意] [得意] [得意]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/279935473525024","isVote":1,"tweetType":1,"viewCount":1809,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"lives":[]}