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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 soars to fly the semiconductor industry! Bank of America Forecasts Top Trillion Dollar Scale in 2027

2025-10-21

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Huang Renxun's "throwing money" set a record! Nvidia's rise of super AI empire

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2024-12-09

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2024-12-08

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2024-12-01

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2024-11-16

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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: U.S. Department of Justice Considers Proposing to Spin-off Part of Google's Business

2024-10-09

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

2024-09-28

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2024-09-20

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Bank of America Forecasts Top Trillion Dollar Scale in 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>Global semiconductor sales are expected to reach about $1 trillion in 2027, driven by surging demand in artificial intelligence (AI) -related fields, Bank of America said, Zhitong Finance APP has learned. This forecast is significantly higher than the $860 billion previously given by the bank.</p><p>The bank's analysts pointed out in a report to customers: \"We believe that the growth prospects of memory chips (covering high-bandwidth memory HBM, general-purpose DRAM and NAND flash memory) and data center/AI-related components will be significantly better, and the performance of consumer electronics/automotive will slightly offset the overall growth.\"</p><p>The analyst further added: \"... We still believe that the structural resilience of the current AI infrastructure construction will be stronger than any previous large-scale industry cycle, so we remain optimistic about AI-related capital expenditure.\"</p><p>Specifically, Bank of America forecasts industry sales to reach US$745 billion, US$870 billion and US$971 billion in 2025, 2026 and 2027, respectively, an increase of about 3% to 6% from previous expectations. Excluding the memory chip segment, sales in 2025-2027 are expected to reach 538 billion, 621 billion and 706 billion USD respectively.</p><p>The bank also reiterated its top five stock picks in the space:<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\">Ke Lei</a>(KLAC.US), arguing that these companies would most benefit from the \"strong outlook for data center and storage spending.\"</p><p>In addition to chip sales, Bank of America analysts also updated their forecasts for semiconductor equipment spending, which is expected to reach $118 billion, $128 billion and $138 billion from 2025 to 2027, respectively. While the strength of growth is likely to slow in 2026 and 2027, this is in line with the bank's view that spending on chip devices will grow \"sustainably\" in the coming years.</p><p>The analyst added: \"In the long run, we believe that the capital intensity of the semiconductor industry may stabilize in the range of 14%-17%, which is 100-400 basis points higher than the historical average of 13%. The core reason for this change is that the complexity of the semiconductor manufacturing process has been significantly improved. Compared with the previous forecast, the expenditure in the data center/AI field will rise, while the expenditure in the consumer electronics/automotive field will decline.\"</p><p>Finally, the analyst emphasized: \"Our new industry model shows that the fields of memory chips and data centers/AI will achieve faster growth, while the recovery of consumer electronics, personal computers, smartphones and automotive terminal markets will slightly offset the 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 (only chips) and wired infrastructure will reach 55% and 28% respectively in 2025; As the industry enters a broader cyclical recovery in 2026-2027, year-over-year growth in all end markets will pick up further. \"</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 soars to fly the semiconductor industry! Bank of America Forecasts Top Trillion Dollar Scale in 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 soars to fly the semiconductor industry! Bank of America Forecasts Top Trillion Dollar Scale in 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>Global semiconductor sales are expected to reach about $1 trillion in 2027, driven by surging demand in artificial intelligence (AI) -related fields, Bank of America said, Zhitong Finance APP has learned. This forecast is significantly higher than the $860 billion previously given by the bank.</p><p>The bank's analysts pointed out in a report to customers: \"We believe that the growth prospects of memory chips (covering high-bandwidth memory HBM, general-purpose DRAM and NAND flash memory) and data center/AI-related components will be significantly better, and the performance of consumer electronics/automotive will slightly offset the overall growth.\"</p><p>The analyst further added: \"... We still believe that the structural resilience of the current AI infrastructure construction will be stronger than any previous large-scale industry cycle, so we remain optimistic about AI-related capital expenditure.\"</p><p>Specifically, Bank of America forecasts industry sales to reach US$745 billion, US$870 billion and US$971 billion in 2025, 2026 and 2027, respectively, an increase of about 3% to 6% from previous expectations. Excluding the memory chip segment, sales in 2025-2027 are expected to reach 538 billion, 621 billion and 706 billion USD respectively.</p><p>The bank also reiterated its top five stock picks in the space:<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\">Ke Lei</a>(KLAC.US), arguing that these companies would most benefit from the \"strong outlook for data center and storage spending.\"</p><p>In addition to chip sales, Bank of America analysts also updated their forecasts for semiconductor equipment spending, which is expected to reach $118 billion, $128 billion and $138 billion from 2025 to 2027, respectively. While the strength of growth is likely to slow in 2026 and 2027, this is in line with the bank's view that spending on chip devices will grow \"sustainably\" in the coming years.</p><p>The analyst added: \"In the long run, we believe that the capital intensity of the semiconductor industry may stabilize in the range of 14%-17%, which is 100-400 basis points higher than the historical average of 13%. The core reason for this change is that the complexity of the semiconductor manufacturing process has been significantly improved. Compared with the previous forecast, the expenditure in the data center/AI field will rise, while the expenditure in the consumer electronics/automotive field will decline.\"</p><p>Finally, the analyst emphasized: \"Our new industry model shows that the fields of memory chips and data centers/AI will achieve faster growth, while the recovery of consumer electronics, personal computers, smartphones and automotive terminal markets will slightly offset the 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 (only chips) and wired infrastructure will reach 55% and 28% respectively in 2025; As the industry enters a broader cyclical recovery in 2026-2027, year-over-year growth in all end markets will pick up further. \"</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":{"SMH":"半导体指数ETF-HOLDRs","BK4588":"碎股","SOXX":"iShares费城交易所半导体ETF","BK4585":"ETF&股票定投概念"},"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":1544,"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":11,"crmLevelSwitch":1,"followedFlag":false,"idStr":"4141087974150782","authorIdStr":"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":"Huang Renxun's \"throwing money\" set a record! Nvidia's rise of 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>From the bottom of Nvidia's top AI empire.</strong></p><p>On October 21st, October 13th, a report released by PitchBook, a world-renowned investment tracking organization, showed that as of October 9th, Nvidia's AI-related financing this year has reached<strong>50 strokes</strong>，<strong>More than the total of 48 transactions in 2024</strong>。</p><p>In 2023, Nvidia participated in 34 financing, compared with a total of 38 in the four years before 2023. It should be noted that these investments do not include investments from its corporate venture capital fund, NVentures, which has participated so far this year<strong>21 transactions</strong>, 24 transactions throughout last year, and only participated in 2 transactions in 2022.</p><p>Specifically, since 2023, Nvidia has participated in financing companies with a single financing of over US$100 million<strong>31</strong>。 Among the enterprises invested in 2025, the total number of enterprises with a single financing of more than US$1 billion (equivalent to approximately RMB 7.1 billion)<strong>7</strong>Received hundreds of millions of dollars in total<strong>8</strong>With a financing of just over $100 million, there are<strong>5</strong>。 Among them,<strong>OpenAI, xAI, Mistral AI, and Figure AI, which have received investment from Nvidia, have all been valued at more than $10 billion</strong>。</p><p>According to the statistics of Zhidongxi, among the fields to which these enterprises belong,<strong>Large model related up to 14 companies in total</strong>, followed by<strong>AI infrastructure related 7 companies in total</strong>，<strong>Autonomous driving and humanoid robots are related to 3 and 2, respectively</strong>There are 5 other related enterprises such as quantum computing and nuclear fusion.</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 fields (enterprises with a single financing of over US$100 million since 2023)</p><p>From a geographical perspective, Nvidia's investment in<strong>The vast majority are American businesses</strong>There are a few British, French and Japanese companies.</p><p>Here's what Nvidia has been involved in raising more than $100 million (equivalent to approximately RMB 700 million) since 2023<strong>31 startups</strong>Details, ranked by financing amount from high to low:</p><p><strong><em>01.</em></strong></p><p><strong>7 single financing exceeded $1 billion</strong></p><p><strong>4 companies received consecutive investment from Nvidia</strong></p><p>The single financing amount of seven companies invested by Nvidia exceeded US$1 billion (equivalent to about RMB 7.1 billion), among which the single financing amount of OpenAI, xAI and other large models has exceeded US$6 billion (equivalent to about RMB 42.9 billion).</p><p>This year, the three new startups invested by Nvidia are Reflection AI, an open source model research startup, Thinking Machines Lab, a multi-modal AI system startup, and Nscale, a British AI infrastructure company. The first two were founded by former DeepMind researcher and former OpenAI chief technology officer respectively. The third startup has signed large-scale AI infrastructure orders with OpenAI and Microsoft, and the remaining four have received many investments from Nvidia.</p><p>1、<strong>OpenAI</strong>: In October 2024, Nvidia made its first investment in OpenAI and provided US$100 million (equivalent to approximately RMB 700 million) for its massive financing of US$6.6 billion (equivalent to approximately RMB 47.1 billion), when OpenAI was valued at US$157 billion (equivalent to approximately RMB 7.14 trillion).</p><p>In September this year, Nvidia and OpenAI announced a strategic partnership: OpenAI will deploy at least 10GW (10 GW, or 10 million kilowatts) of Nvidia systems, including millions of GPUs, and Nvidia will continue to invest in OpenAI when these computing power gradually come online, with a total investment of up to<strong>US$100 billion (about 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: Sam Altman, co-founder and CEO of OpenAI, Jensen Huang, founder and CEO of Nvidia, and Greg Brockman, co-founder and president of OpenAI (source: X)</p><p>2、<strong>xAI</strong>: In December 2024, Nvidia participated in Elon Musk's xAI<strong>US$6 billion (equivalent to approximately RMB42.8 billion)</strong>Financing. At the beginning of this month, according to Bloomberg, xAI was exposed to $20 billion (equivalent to about RMB 142.8 billion) in financing, and Nvidia's equity investment in this round of financing was as high as $2 billion (equivalent to about RMB 14.3 billion). xAI will purchase Nvidia GPUs through special purpose entities 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: Huang Renxun, founder and CEO of Nvidia, and Musk, founder of xAI (source: X)</p><p>3、<strong>Mistral AI</strong>: In September this year, Mistral AI, a large model unicorn in France, announced the acquisition of<strong>1.7 billion euros (equivalent to approximately 14 billion yuan)</strong>Series C financing, with a post-investment valuation of 11.7 billion euros (equivalent to about 96.6 billion yuan), is 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 has participated in the seed round and Series B financing of Mistral AI, which completed a seed round of 105 million euros (equivalent to approximately RMB 870 million) in June 2023; Raised US$640 million (equivalent to approximately RMB 4.6 billion) in June 2024 at a valuation of US$6 billion (equivalent to 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, Timothée Lacroix (Source: Mistral AI official website)</p><p>4、<strong>Reflection AI</strong>: This month, Nvidia led an investment in AI startup Reflection AI's<strong>US$2 billion (equivalent to approximately RMB 14.3 billion)</strong>Financing, the latest valuation of this start-up reached USD 8 billion (equivalent to about RMB 57.1 billion), which jumped nearly 15 times compared with the last round of valuation of USD 545 million (about RMB 3.89 billion) seven months ago. Founded by two former DeepMind researchers, Reflection AI was founded in March 2024 and positioned itself to build \"America's open frontier AI lab\", which may compete with closed institutions such as OpenAI and Anthropic, as well as open source teams such as DeepSeek and Tongyi Qianwen in the future.</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 (Source: Reflection AI official website)</p><p>5、<strong>Thinking Machines Lab</strong>: In July this year, AI startup Thinking Machines Lab announced its completion<strong>US$2 billion (equivalent to approximately RMB 14.3 billion)</strong>Seed round financing, the latest valuation reached US$12 billion (equivalent to about RMB 85.7 billion).</p><p>The founder of Thinking Machines Lab is former OpenAI CTO Mira Murati. It was established in February 2025 and set a record for the largest seed round in history at that time 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, former OpenAI CTO Mira Murati (Source: The Wall Street Journal)</p><p>6、<strong>Nscal</strong>: On September 25 this year, Nscale, a British AI infrastructure company, announced that it had raised<strong>US$1.1 billion (equivalent to approximately RMB7.8 billion)</strong>It was announced completed on 1 October<strong>US$433 million (equivalent to approximately RMB3.1 billion)</strong>Nvidia participated in the Pre-C round of SAFE (Future Equity Simple Agreement) financing.</p><p>Spun off from Australian cryptocurrency mining company Arkon Energy in 2023, Nscale has now become a key partner for Microsoft, OpenAI.</p><p>In July this year, Nscale, OpenAI and other companies announced the launch of Stargate Norway (Stargate Norway project), which will be completely powered by renewable energy in Norway and deliver 100,000 Nvidia GPUs by the end of 2026. In September this year, Microsoft announced plans to invest $30 billion (equivalent to about 214.2 billion yuan) in the UK by 2028. This investment includes partnering 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>▲ Huang Renxun visits Nscale company (Source: Nscale official website)</p><p>7、<strong>Figure AI</strong>: In September, Nvidia participated in Figure AI over<strong>US$1 billion (equivalent to approximately RMB7.1 billion)</strong>The latest valuation of this humanoid robot startup reached US$39 billion (equivalent to about RMB 278.5 billion).</p><p>Founded in 2022, Figure AI focuses on research and development of universal humanoid robots. At the beginning of this month, it released the third generation humanoid robot Figure 03, which can perform a variety of home 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 (~4.8 billion yuan) at a valuation of $2.6 billion (~18.6 billion yuan).</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 (Source: Figure AI official website)</p><p><strong><em>02.</em></strong></p><p><strong>8 companies took hundreds of millions of dollars</strong></p><p><strong>Covering nuclear fusion, autonomous driving, humanoid robots</strong></p><p>Eight start-ups won hundreds of millions of dollars in financing, including Figure AI, the top-stream humanoid robot.</p><p>1、<strong>Commonwealth Fusion Systems (CFS)</strong>: In August 2025, Nvidia participated in fusion energy startup CFS<strong>US$863 million (equivalent to approximately RMB6.2 billion)</strong>Financing, with a post-investment valuation of USD 3 billion (equivalent to about RMB 21.4 billion).</p><p>Founded in 2018, CFS is an American fusion power generation company that was spun off from the Massachusetts Institute of Technology in 2018. The company is currently building a prototype reactor called Sparc on the outskirts of Boston and expects to start the equipment later next year and achieve scientific breakeven by 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's prototype reactor (Source: CFS official website)</p><p>2、<strong>Cohere</strong>: In August this year, Canadian AI unicorn Cohere officially announced that it was awarded<strong>US$500 million (equivalent to approximately RMB3.6 billion)</strong>New financing, the valuation increased from US$5.5 billion (equivalent to approximately RMB 39.3 billion) to US$6.8 billion (equivalent to approximately RMB 48.6 billion). Cohere was initiated by Aidan Gomez, co-author of the Transformer paper, and founded in 2019. Its main focus is to provide enterprises with AI applications that can be deployed privately and can solve practical problems in vertical scenarios.</p><p>Nvidia first invested in Cohere in 2023, and in June last year, it participated in the startup's $500 million (equivalent to about 3.6 billion yuan) financing.</p><p>Cohere was founded by three talented teenagers and initiated by Aidan Gomez, a co-author of the Transformer paper. CTO Ivan Zhang is a classmate of Gomez. In 2017, he founded the AI research institute FOR.ai, which is now renamed Cohere FOR AI; Chief scientist Nick Frosst graduated from the University of Toronto's Computer Science Department in 2015 and was a member of Geoffrey Hinton's team, \"one of the Big Three in Deep Learning,\" during his tenure 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, Nick Frosst (Source: Cohere official website)</p><p>3、<strong>Wayve</strong>: In September this year, Huang Renxun, founder and CEO of Nvidia, said that he would invest 2 billion pounds in the UK to enhance the country's AI entrepreneurial ecosystem. A spokesman for Wayve, a UK-based self-driving tech startup, confirmed that Nvidia has tentatively committed to investing in Wayve<strong>US$500 million (equivalent to approximately RMB3.6 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 testing its vehicles in the UK and the San Francisco Bay Area. In May 2024, Nvidia had participated in the U.K. startup's $1.05 billion (equivalent to about 7.5 billion yuan) financing.</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 with Wayve co-founder and CEO Alex Kendall (Source: TechCrunch)</p><p>4、<strong>Lambda</strong>: In February this year, AI infrastructure provider Lambda announced that it had completed a valuation of US$2.5 billion (equivalent to about RMB 17.9 billion)<strong>US$480 million (equivalent to approximately RMB3.4 billion)</strong>Series D financing. Founded in 2012, a large part of Lambda's business involves leasing servers powered by 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 (Source: Lambda official website)</p><p>5、<strong>Together AI</strong>: In February, Nvidia took part in the company<strong>US$305 million (equivalent to approximately RMB2.2 billion)</strong>Series B financing, which valued Together AI at US$3.3 billion (equivalent to about RMB 23.6 billion). Founded in 2022, Together AI provides cloud infrastructure for building AI models, and Nvidia first invested 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 (Source: YouTube)</p><p>6、<strong>Firmus Technologies</strong>: In September, Singaporean data center company Firmus Technologies acquired a valuation of A$1.85 billion (equivalent to about RMB 8.5 billion) from investors including Nvidia<strong>AUD 330 million (equivalent to approximately RMB1.5 billion)</strong>The financing of. The funds will accelerate the development of Project Southgate, Firmus's flagship initiative in partnership with the Tasmanian government, which is to build Australia's renewable energy-powered AI factory, which is expected to carry 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: Tim Rosenfield, Firmus Co-CEO, Oliver Curtis, Firmus Co-CEO</p><p>7、<strong>Nuro</strong>: In August, Nvidia took part in self-driving startup Nuro's<strong>US$203 million (equivalent to approximately RMB1.4 billion)</strong>financing, the transaction valued Nuro at US$6 billion (equivalent to approximately RMB 42.8 billion), a significant decrease of 30% from its peak valuation of US$8.6 billion (equivalent to approximately RMB 61.4 billion) in 2021.</p><p>Founded in 2016, Nuro mainly develops self-driving software for delivery and ride-hailing services. Its co-founder and CEO Jiajun Zhang was a former chief software engineer at Google and was 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 (Source: Nuro official website)</p><p>8、<strong>Perplexity</strong>: In September this year, according to The Information, Perplexity, a generative AI search startup, acquired a valuation of US$20 billion (equivalent to about RMB 142.8 billion)<strong>US$200 million (equivalent to approximately RMB1.4 billion)</strong>New financing to compete with Google by providing conversational answers to user queries,</p><p>Founded in 2022, Perplexity mainly develops conversational response engines and search engines based on large language models. Since its founding three years ago, the fast-growing AI company has raised a total of $1.5 billion (equivalent to about 10.7 billion yuan), according to PitchBook. Nvidia first invested in Perplexity in November 2023 and has participated in every subsequent funding round for the AI search engine startup, including a $500 million (equivalent to approximately RMB 3.6 billion) funding round last December that valued the company at $9 billion (equivalent to approximately RMB 64.3 billion).</p><p>In August this year, a spokesman for Perplexity mentioned in an interview with foreign media that its annual recurring income has exceeded USD 150 million (equivalent to about 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 (Source: Business Insider)</p><p><strong><em>03.</em></strong></p><p><strong>5 financing exceeds $100 million</strong></p><p><strong>Video generation top stream in column</strong></p><p>Five companies received more than US$100 million (equivalent to about RMB 700 million) in financing, covering quantum technology, large models in the medical field, video generation and other enterprises.</p><p>1、<strong>Runway</strong>: In April, Nvidia participated in Runway, an AI video-generating unicorn, according to PitchBook<strong>US$308 million (equivalent to approximately RMB2.2 billion)</strong>Series D financing.</p><p>Runway was founded in 2018, and in April this year, the company released the latest version of its video generation model Gen-4. The model can create consistent characters, positions, and objects in a scene, and regenerate elements from different perspectives and positions in the scene. With products like Gen-4 and its video model API, Runway hopes to reach $300 million in annualized revenue this year (equivalent to about 2.1 billion yuan).</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: The Iinformation)</p><p>2、<strong>Sandbox AQ</strong>: In April, Nvidia joined Google, BNP Paribas and others in investing in Sandbox AQ<strong>US$150 million (equivalent to approximately RMB1.1 billion)</strong>。 The investment increased Sandbox AQ's Series E financing to US$450 million (equivalent to approximately RMB 3.2 billion) and the company's valuation to US$5.75 billion (equivalent to approximately RMB 41.1 billion).</p><p>Founded in 2016, Sandbox AQ was spun off from Google's parent company Alphabet in 2022, focusing on the development of quantum computing software and quantum technology fusion solutions.</p><p>3、<strong>Hippocratic AI</strong>: In January this year, Hippocratic AI, a big language model developer for healthcare, announced the completion<strong>US$141 million (equivalent to approximately RMB1 billion)</strong>Series B financing, valued at US$1.64 billion (equivalent to about RMB 11.7 billion), led by Nvidia.</p><p>Founded in 2023, the startup's AI solutions can handle patient-oriented, 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 (Source: Hippocratic AI official website)</p><p>4、<strong>Weka</strong>: In May, Nvidia invested in Weka, an AI-native data management platform<strong>US$140 million (equivalent to approximately RMB1 billion)</strong>This round of financing valued the Silicon Valley company at $1.6 billion (equivalent to about RMB 11.4 billion). Weka was founded in 2014.</p><p>5、<strong>Reka AI</strong>: In July of this year, AI research lab Reka announced that it had raised<strong>US$110 million (equivalent to approximately RMB790 million)</strong>Nvidia participated in the investment. According to foreign media reports, the deal tripled the valuation of the startup to more than $1 billion (equivalent to about 7.1 billion yuan).</p><p>Reka AI, an AI startup founded in 2022 by former Google and Meta researchers, focuses on developing multimodal models. In 2024, it was revealed that the company was negotiating with Snowflake for an acquisition of more than US$1 billion (equivalent to 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), Chief Scientist Yi Tay (middle) (Source: Reka AI official website)</p><p><strong><em>04.</em></strong></p><p><strong>2023-Present</strong></p><p><strong>Nvidia participated in 31 enterprises with a single financing of over 100 million yuan</strong></p><p>In addition, in 2023 and 2024, Nvidia invested in the following 11 startups that raised more than $100 million in rounds, plus 20 that invested again this year. That is to say, since 2023, Nvidia has invested in 31 companies with a single financing of over $100 million.</p><p>1、<strong>Inflection</strong>: In June 2023, Nvidia became Inflection<strong>US$1.3 billion (equivalent to approximately RMB9.3 billion)</strong>One of several leading investors in the financing. At the same time, this is also one of Nvidia's first important AI investments.</p><p>Inflection was founded in March 2022 by Mustafa Suleyman, founder of Google DeepMind. But less than a year later, Microsoft hired two of the three founders of Inflection AI and spent $620 million (equivalent to about 4.4 billion yuan) to obtain Inflection's non-exclusive technology license, resulting in a significant reduction in the number of employees in the startup and more uncertain future prospects.</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 (Source: The Wall Street Journal)</p><p>2、<strong>Scale AI</strong>: In May 2024, Nvidia joined Accel and other tech giants Amazon and Meta in investing in Scale AI<strong>US$1 billion (equivalent to approximately RMB7.1 billion)</strong>, which provides data labeling services for companies to train AI models. The round of financing valued the San Francisco-based company at nearly $14 billion (equivalent to about 100 billion yuan). In June, Meta invested $14.3 billion to acquire a 49% stake in Scale and hired Alexandr Wang, the company's co-founder and CEO, 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>▲ Former Scale AI co-founder and CEO Alexandr Wang (Source: CNBC)</p><p>3、<strong>Crusoe</strong>: In November 2024, the company raised<strong>US$686 million (equivalent to approximately RMB4.9 billion)</strong>, led by Founders Fund, with other investors including Nvidia. Crusoe was founded in 2018 and was selected as the sole developer and operator of \"Stargate\" with a total investment of USD 500 billion (equivalent to about 3.6 trillion yuan).</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 directors of Crusoe (Source: Crusoe official website)</p><p>4、<strong>Poolside</strong>: In October 2024, Poolside, an AI coding assistant startup, announced the acquisition of<strong>US$500 million (equivalent to approximately RMB3.6 billion)</strong>) Financing, led by Bain Capital and followed by Nvidia, Poolside's valuation reached $3 billion (equivalent to about 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 AI cloud computing provider CoreWeave, when CoreWeave raised<strong>US$221 million (equivalent to approximately RMB1.6 billion)</strong>Of funds. Since then, CoreWeave's valuation has jumped from about $2 billion (equivalent to about RMB 14.3 billion) to $19 billion (equivalent to about RMB 135.7 billion). The company is currently listed on NASDAQ in the United States in March this year. Founded in 2017, CoreWeave allows its customers to rent Nvidia GPUs on an hourly basis.</p><p>In September this year, Nvidia signed a $6.3 billion (equivalent to about RMB 45 billion) cloud computing capacity order with CoreWeave. Nvidia will buy the unsold capacity of this startup 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, CoreWeave CEO Michael Intrator (Image: The Information)</p><p>6、<strong>Sakana AI:</strong>In September, Nvidia invested in the Japanese startup, which uses small datasets to train low-cost, large models. Founded in 2023, the company completed approx.<strong>US$214 million (equivalent to approximately RMB1.5 billion)</strong>Series A financing, valued at US$1.5 billion (equivalent to about RMB 10.7 billion).</p><p>7、<strong>Waabi</strong>: In June, the self-driving truck startup completed<strong>US$200 million (equivalent to approximately RMB1.4 billion)</strong>of Series B funding, co-led by existing investors Uber and Khosla Ventures, along with Nvidia, Volvo Group Ventures and Porsche Automotive Holding. Waabi was founded in 2021 by former Uber's self-driving division chief scientist Raquel Urtasun.</p><p>8、<strong>Ayar Labs</strong>: In December 2024, Nvidia invested in Ayar Labs<strong>US$155 million (equivalent to approximately RMB1.1 billion)</strong>, the company was founded in 2015 to develop optical interconnect technologies to improve AI computing and power efficiency. This is the third time Nvidia has invested in the startup.</p><p>9、<strong>Kore.ai</strong>: The startup developing enterprise-grade AI chatbots raised in December 2023<strong>US$150 million (equivalent to approximately RMB1.07 billion)</strong>。 In addition to Nvidia, investors participating in the funding include 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 intelligent robots and AI-powered software startup Bright Machines'<strong>US$126 million (equivalent to 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 (equivalent to 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 layout</strong></p><p><strong>Covering almost the entire AI industry chain</strong></p><p>Nvidia has previously revealed on its official website that the goal of its corporate investment is to expand the AI ecosystem by supporting startups it considers \"game changers and market creators\". It can also be seen from its investment that the geography, establishment time and field span of AI-related enterprises are extremely wide.</p><p>Since 2023, Nvidia's investment in the AI field has continued to accelerate, far exceeding previous years in terms of quantity and quality. Its investment layout not only includes the core track of large models, but also takes into account key areas such as AI infrastructure and autonomous driving, deeply connecting the upstream and downstream ecology 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>Huang Renxun's \"throwing money\" set a record! Nvidia's rise of 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\">\nHuang Renxun's \"throwing money\" set a record! Nvidia's rise of 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>From the bottom of Nvidia's top AI empire.</strong></p><p>On October 21st, October 13th, a report released by PitchBook, a world-renowned investment tracking organization, showed that as of October 9th, Nvidia's AI-related financing this year has reached<strong>50 strokes</strong>，<strong>More than the total of 48 transactions in 2024</strong>。</p><p>In 2023, Nvidia participated in 34 financing, compared with a total of 38 in the four years before 2023. It should be noted that these investments do not include investments from its corporate venture capital fund, NVentures, which has participated so far this year<strong>21 transactions</strong>, 24 transactions throughout last year, and only participated in 2 transactions in 2022.</p><p>Specifically, since 2023, Nvidia has participated in financing companies with a single financing of over US$100 million<strong>31</strong>。 Among the enterprises invested in 2025, the total number of enterprises with a single financing of more than US$1 billion (equivalent to approximately RMB 7.1 billion)<strong>7</strong>Received hundreds of millions of dollars in total<strong>8</strong>With a financing of just over $100 million, there are<strong>5</strong>。 Among them,<strong>OpenAI, xAI, Mistral AI, and Figure AI, which have received investment from Nvidia, have all been valued at more than $10 billion</strong>。</p><p>According to the statistics of Zhidongxi, among the fields to which these enterprises belong,<strong>Large model related up to 14 companies in total</strong>, followed by<strong>AI infrastructure related 7 companies in total</strong>，<strong>Autonomous driving and humanoid robots are related to 3 and 2, respectively</strong>There are 5 other related enterprises such as quantum computing and nuclear fusion.</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 fields (enterprises with a single financing of over US$100 million since 2023)</p><p>From a geographical perspective, Nvidia's investment in<strong>The vast majority are American businesses</strong>There are a few British, French and Japanese companies.</p><p>Here's what Nvidia has been involved in raising more than $100 million (equivalent to approximately RMB 700 million) since 2023<strong>31 startups</strong>Details, ranked by financing amount from high to low:</p><p><strong><em>01.</em></strong></p><p><strong>7 single financing exceeded $1 billion</strong></p><p><strong>4 companies received consecutive investment from Nvidia</strong></p><p>The single financing amount of seven companies invested by Nvidia exceeded US$1 billion (equivalent to about RMB 7.1 billion), among which the single financing amount of OpenAI, xAI and other large models has exceeded US$6 billion (equivalent to about RMB 42.9 billion).</p><p>This year, the three new startups invested by Nvidia are Reflection AI, an open source model research startup, Thinking Machines Lab, a multi-modal AI system startup, and Nscale, a British AI infrastructure company. The first two were founded by former DeepMind researcher and former OpenAI chief technology officer respectively. The third startup has signed large-scale AI infrastructure orders with OpenAI and Microsoft, and the remaining four have received many investments from Nvidia.</p><p>1、<strong>OpenAI</strong>: In October 2024, Nvidia made its first investment in OpenAI and provided US$100 million (equivalent to approximately RMB 700 million) for its massive financing of US$6.6 billion (equivalent to approximately RMB 47.1 billion), when OpenAI was valued at US$157 billion (equivalent to approximately RMB 7.14 trillion).</p><p>In September this year, Nvidia and OpenAI announced a strategic partnership: OpenAI will deploy at least 10GW (10 GW, or 10 million kilowatts) of Nvidia systems, including millions of GPUs, and Nvidia will continue to invest in OpenAI when these computing power gradually come online, with a total investment of up to<strong>US$100 billion (about 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: Sam Altman, co-founder and CEO of OpenAI, Jensen Huang, founder and CEO of Nvidia, and Greg Brockman, co-founder and president of OpenAI (source: X)</p><p>2、<strong>xAI</strong>: In December 2024, Nvidia participated in Elon Musk's xAI<strong>US$6 billion (equivalent to approximately RMB42.8 billion)</strong>Financing. At the beginning of this month, according to Bloomberg, xAI was exposed to $20 billion (equivalent to about RMB 142.8 billion) in financing, and Nvidia's equity investment in this round of financing was as high as $2 billion (equivalent to about RMB 14.3 billion). xAI will purchase Nvidia GPUs through special purpose entities 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: Huang Renxun, founder and CEO of Nvidia, and Musk, founder of xAI (source: X)</p><p>3、<strong>Mistral AI</strong>: In September this year, Mistral AI, a large model unicorn in France, announced the acquisition of<strong>1.7 billion euros (equivalent to approximately 14 billion yuan)</strong>Series C financing, with a post-investment valuation of 11.7 billion euros (equivalent to about 96.6 billion yuan), is 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 has participated in the seed round and Series B financing of Mistral AI, which completed a seed round of 105 million euros (equivalent to approximately RMB 870 million) in June 2023; Raised US$640 million (equivalent to approximately RMB 4.6 billion) in June 2024 at a valuation of US$6 billion (equivalent to 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, Timothée Lacroix (Source: Mistral AI official website)</p><p>4、<strong>Reflection AI</strong>: This month, Nvidia led an investment in AI startup Reflection AI's<strong>US$2 billion (equivalent to approximately RMB 14.3 billion)</strong>Financing, the latest valuation of this start-up reached USD 8 billion (equivalent to about RMB 57.1 billion), which jumped nearly 15 times compared with the last round of valuation of USD 545 million (about RMB 3.89 billion) seven months ago. Founded by two former DeepMind researchers, Reflection AI was founded in March 2024 and positioned itself to build \"America's open frontier AI lab\", which may compete with closed institutions such as OpenAI and Anthropic, as well as open source teams such as DeepSeek and Tongyi Qianwen in the future.</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 (Source: Reflection AI official website)</p><p>5、<strong>Thinking Machines Lab</strong>: In July this year, AI startup Thinking Machines Lab announced its completion<strong>US$2 billion (equivalent to approximately RMB 14.3 billion)</strong>Seed round financing, the latest valuation reached US$12 billion (equivalent to about RMB 85.7 billion).</p><p>The founder of Thinking Machines Lab is former OpenAI CTO Mira Murati. It was established in February 2025 and set a record for the largest seed round in history at that time 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, former OpenAI CTO Mira Murati (Source: The Wall Street Journal)</p><p>6、<strong>Nscal</strong>: On September 25 this year, Nscale, a British AI infrastructure company, announced that it had raised<strong>US$1.1 billion (equivalent to approximately RMB7.8 billion)</strong>It was announced completed on 1 October<strong>US$433 million (equivalent to approximately RMB3.1 billion)</strong>Nvidia participated in the Pre-C round of SAFE (Future Equity Simple Agreement) financing.</p><p>Spun off from Australian cryptocurrency mining company Arkon Energy in 2023, Nscale has now become a key partner for Microsoft, OpenAI.</p><p>In July this year, Nscale, OpenAI and other companies announced the launch of Stargate Norway (Stargate Norway project), which will be completely powered by renewable energy in Norway and deliver 100,000 Nvidia GPUs by the end of 2026. In September this year, Microsoft announced plans to invest $30 billion (equivalent to about 214.2 billion yuan) in the UK by 2028. This investment includes partnering 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>▲ Huang Renxun visits Nscale company (Source: Nscale official website)</p><p>7、<strong>Figure AI</strong>: In September, Nvidia participated in Figure AI over<strong>US$1 billion (equivalent to approximately RMB7.1 billion)</strong>The latest valuation of this humanoid robot startup reached US$39 billion (equivalent to about RMB 278.5 billion).</p><p>Founded in 2022, Figure AI focuses on research and development of universal humanoid robots. At the beginning of this month, it released the third generation humanoid robot Figure 03, which can perform a variety of home 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 (~4.8 billion yuan) at a valuation of $2.6 billion (~18.6 billion yuan).</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 (Source: Figure AI official website)</p><p><strong><em>02.</em></strong></p><p><strong>8 companies took hundreds of millions of dollars</strong></p><p><strong>Covering nuclear fusion, autonomous driving, humanoid robots</strong></p><p>Eight start-ups won hundreds of millions of dollars in financing, including Figure AI, the top-stream humanoid robot.</p><p>1、<strong>Commonwealth Fusion Systems (CFS)</strong>: In August 2025, Nvidia participated in fusion energy startup CFS<strong>US$863 million (equivalent to approximately RMB6.2 billion)</strong>Financing, with a post-investment valuation of USD 3 billion (equivalent to about RMB 21.4 billion).</p><p>Founded in 2018, CFS is an American fusion power generation company that was spun off from the Massachusetts Institute of Technology in 2018. The company is currently building a prototype reactor called Sparc on the outskirts of Boston and expects to start the equipment later next year and achieve scientific breakeven by 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's prototype reactor (Source: CFS official website)</p><p>2、<strong>Cohere</strong>: In August this year, Canadian AI unicorn Cohere officially announced that it was awarded<strong>US$500 million (equivalent to approximately RMB3.6 billion)</strong>New financing, the valuation increased from US$5.5 billion (equivalent to approximately RMB 39.3 billion) to US$6.8 billion (equivalent to approximately RMB 48.6 billion). Cohere was initiated by Aidan Gomez, co-author of the Transformer paper, and founded in 2019. Its main focus is to provide enterprises with AI applications that can be deployed privately and can solve practical problems in vertical scenarios.</p><p>Nvidia first invested in Cohere in 2023, and in June last year, it participated in the startup's $500 million (equivalent to about 3.6 billion yuan) financing.</p><p>Cohere was founded by three talented teenagers and initiated by Aidan Gomez, a co-author of the Transformer paper. CTO Ivan Zhang is a classmate of Gomez. In 2017, he founded the AI research institute FOR.ai, which is now renamed Cohere FOR AI; Chief scientist Nick Frosst graduated from the University of Toronto's Computer Science Department in 2015 and was a member of Geoffrey Hinton's team, \"one of the Big Three in Deep Learning,\" during his tenure 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, Nick Frosst (Source: Cohere official website)</p><p>3、<strong>Wayve</strong>: In September this year, Huang Renxun, founder and CEO of Nvidia, said that he would invest 2 billion pounds in the UK to enhance the country's AI entrepreneurial ecosystem. A spokesman for Wayve, a UK-based self-driving tech startup, confirmed that Nvidia has tentatively committed to investing in Wayve<strong>US$500 million (equivalent to approximately RMB3.6 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 testing its vehicles in the UK and the San Francisco Bay Area. In May 2024, Nvidia had participated in the U.K. startup's $1.05 billion (equivalent to about 7.5 billion yuan) financing.</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 with Wayve co-founder and CEO Alex Kendall (Source: TechCrunch)</p><p>4、<strong>Lambda</strong>: In February this year, AI infrastructure provider Lambda announced that it had completed a valuation of US$2.5 billion (equivalent to about RMB 17.9 billion)<strong>US$480 million (equivalent to approximately RMB3.4 billion)</strong>Series D financing. Founded in 2012, a large part of Lambda's business involves leasing servers powered by 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 (Source: Lambda official website)</p><p>5、<strong>Together AI</strong>: In February, Nvidia took part in the company<strong>US$305 million (equivalent to approximately RMB2.2 billion)</strong>Series B financing, which valued Together AI at US$3.3 billion (equivalent to about RMB 23.6 billion). Founded in 2022, Together AI provides cloud infrastructure for building AI models, and Nvidia first invested 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 (Source: YouTube)</p><p>6、<strong>Firmus Technologies</strong>: In September, Singaporean data center company Firmus Technologies acquired a valuation of A$1.85 billion (equivalent to about RMB 8.5 billion) from investors including Nvidia<strong>AUD 330 million (equivalent to approximately RMB1.5 billion)</strong>The financing of. The funds will accelerate the development of Project Southgate, Firmus's flagship initiative in partnership with the Tasmanian government, which is to build Australia's renewable energy-powered AI factory, which is expected to carry 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: Tim Rosenfield, Firmus Co-CEO, Oliver Curtis, Firmus Co-CEO</p><p>7、<strong>Nuro</strong>: In August, Nvidia took part in self-driving startup Nuro's<strong>US$203 million (equivalent to approximately RMB1.4 billion)</strong>financing, the transaction valued Nuro at US$6 billion (equivalent to approximately RMB 42.8 billion), a significant decrease of 30% from its peak valuation of US$8.6 billion (equivalent to approximately RMB 61.4 billion) in 2021.</p><p>Founded in 2016, Nuro mainly develops self-driving software for delivery and ride-hailing services. Its co-founder and CEO Jiajun Zhang was a former chief software engineer at Google and was 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 (Source: Nuro official website)</p><p>8、<strong>Perplexity</strong>: In September this year, according to The Information, Perplexity, a generative AI search startup, acquired a valuation of US$20 billion (equivalent to about RMB 142.8 billion)<strong>US$200 million (equivalent to approximately RMB1.4 billion)</strong>New financing to compete with Google by providing conversational answers to user queries,</p><p>Founded in 2022, Perplexity mainly develops conversational response engines and search engines based on large language models. Since its founding three years ago, the fast-growing AI company has raised a total of $1.5 billion (equivalent to about 10.7 billion yuan), according to PitchBook. Nvidia first invested in Perplexity in November 2023 and has participated in every subsequent funding round for the AI search engine startup, including a $500 million (equivalent to approximately RMB 3.6 billion) funding round last December that valued the company at $9 billion (equivalent to approximately RMB 64.3 billion).</p><p>In August this year, a spokesman for Perplexity mentioned in an interview with foreign media that its annual recurring income has exceeded USD 150 million (equivalent to about 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 (Source: Business Insider)</p><p><strong><em>03.</em></strong></p><p><strong>5 financing exceeds $100 million</strong></p><p><strong>Video generation top stream in column</strong></p><p>Five companies received more than US$100 million (equivalent to about RMB 700 million) in financing, covering quantum technology, large models in the medical field, video generation and other enterprises.</p><p>1、<strong>Runway</strong>: In April, Nvidia participated in Runway, an AI video-generating unicorn, according to PitchBook<strong>US$308 million (equivalent to approximately RMB2.2 billion)</strong>Series D financing.</p><p>Runway was founded in 2018, and in April this year, the company released the latest version of its video generation model Gen-4. The model can create consistent characters, positions, and objects in a scene, and regenerate elements from different perspectives and positions in the scene. With products like Gen-4 and its video model API, Runway hopes to reach $300 million in annualized revenue this year (equivalent to about 2.1 billion yuan).</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: The Iinformation)</p><p>2、<strong>Sandbox AQ</strong>: In April, Nvidia joined Google, BNP Paribas and others in investing in Sandbox AQ<strong>US$150 million (equivalent to approximately RMB1.1 billion)</strong>。 The investment increased Sandbox AQ's Series E financing to US$450 million (equivalent to approximately RMB 3.2 billion) and the company's valuation to US$5.75 billion (equivalent to approximately RMB 41.1 billion).</p><p>Founded in 2016, Sandbox AQ was spun off from Google's parent company Alphabet in 2022, focusing on the development of quantum computing software and quantum technology fusion solutions.</p><p>3、<strong>Hippocratic AI</strong>: In January this year, Hippocratic AI, a big language model developer for healthcare, announced the completion<strong>US$141 million (equivalent to approximately RMB1 billion)</strong>Series B financing, valued at US$1.64 billion (equivalent to about RMB 11.7 billion), led by Nvidia.</p><p>Founded in 2023, the startup's AI solutions can handle patient-oriented, 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 (Source: Hippocratic AI official website)</p><p>4、<strong>Weka</strong>: In May, Nvidia invested in Weka, an AI-native data management platform<strong>US$140 million (equivalent to approximately RMB1 billion)</strong>This round of financing valued the Silicon Valley company at $1.6 billion (equivalent to about RMB 11.4 billion). Weka was founded in 2014.</p><p>5、<strong>Reka AI</strong>: In July of this year, AI research lab Reka announced that it had raised<strong>US$110 million (equivalent to approximately RMB790 million)</strong>Nvidia participated in the investment. According to foreign media reports, the deal tripled the valuation of the startup to more than $1 billion (equivalent to about 7.1 billion yuan).</p><p>Reka AI, an AI startup founded in 2022 by former Google and Meta researchers, focuses on developing multimodal models. In 2024, it was revealed that the company was negotiating with Snowflake for an acquisition of more than US$1 billion (equivalent to 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), Chief Scientist Yi Tay (middle) (Source: Reka AI official website)</p><p><strong><em>04.</em></strong></p><p><strong>2023-Present</strong></p><p><strong>Nvidia participated in 31 enterprises with a single financing of over 100 million yuan</strong></p><p>In addition, in 2023 and 2024, Nvidia invested in the following 11 startups that raised more than $100 million in rounds, plus 20 that invested again this year. That is to say, since 2023, Nvidia has invested in 31 companies with a single financing of over $100 million.</p><p>1、<strong>Inflection</strong>: In June 2023, Nvidia became Inflection<strong>US$1.3 billion (equivalent to approximately RMB9.3 billion)</strong>One of several leading investors in the financing. At the same time, this is also one of Nvidia's first important AI investments.</p><p>Inflection was founded in March 2022 by Mustafa Suleyman, founder of Google DeepMind. But less than a year later, Microsoft hired two of the three founders of Inflection AI and spent $620 million (equivalent to about 4.4 billion yuan) to obtain Inflection's non-exclusive technology license, resulting in a significant reduction in the number of employees in the startup and more uncertain future prospects.</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 (Source: The Wall Street Journal)</p><p>2、<strong>Scale AI</strong>: In May 2024, Nvidia joined Accel and other tech giants Amazon and Meta in investing in Scale AI<strong>US$1 billion (equivalent to approximately RMB7.1 billion)</strong>, which provides data labeling services for companies to train AI models. The round of financing valued the San Francisco-based company at nearly $14 billion (equivalent to about 100 billion yuan). In June, Meta invested $14.3 billion to acquire a 49% stake in Scale and hired Alexandr Wang, the company's co-founder and CEO, 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>▲ Former Scale AI co-founder and CEO Alexandr Wang (Source: CNBC)</p><p>3、<strong>Crusoe</strong>: In November 2024, the company raised<strong>US$686 million (equivalent to approximately RMB4.9 billion)</strong>, led by Founders Fund, with other investors including Nvidia. Crusoe was founded in 2018 and was selected as the sole developer and operator of \"Stargate\" with a total investment of USD 500 billion (equivalent to about 3.6 trillion yuan).</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 directors of Crusoe (Source: Crusoe official website)</p><p>4、<strong>Poolside</strong>: In October 2024, Poolside, an AI coding assistant startup, announced the acquisition of<strong>US$500 million (equivalent to approximately RMB3.6 billion)</strong>) Financing, led by Bain Capital and followed by Nvidia, Poolside's valuation reached $3 billion (equivalent to about 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 AI cloud computing provider CoreWeave, when CoreWeave raised<strong>US$221 million (equivalent to approximately RMB1.6 billion)</strong>Of funds. Since then, CoreWeave's valuation has jumped from about $2 billion (equivalent to about RMB 14.3 billion) to $19 billion (equivalent to about RMB 135.7 billion). The company is currently listed on NASDAQ in the United States in March this year. Founded in 2017, CoreWeave allows its customers to rent Nvidia GPUs on an hourly basis.</p><p>In September this year, Nvidia signed a $6.3 billion (equivalent to about RMB 45 billion) cloud computing capacity order with CoreWeave. Nvidia will buy the unsold capacity of this startup 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, CoreWeave CEO Michael Intrator (Image: The Information)</p><p>6、<strong>Sakana AI:</strong>In September, Nvidia invested in the Japanese startup, which uses small datasets to train low-cost, large models. Founded in 2023, the company completed approx.<strong>US$214 million (equivalent to approximately RMB1.5 billion)</strong>Series A financing, valued at US$1.5 billion (equivalent to about RMB 10.7 billion).</p><p>7、<strong>Waabi</strong>: In June, the self-driving truck startup completed<strong>US$200 million (equivalent to approximately RMB1.4 billion)</strong>of Series B funding, co-led by existing investors Uber and Khosla Ventures, along with Nvidia, Volvo Group Ventures and Porsche Automotive Holding. Waabi was founded in 2021 by former Uber's self-driving division chief scientist Raquel Urtasun.</p><p>8、<strong>Ayar Labs</strong>: In December 2024, Nvidia invested in Ayar Labs<strong>US$155 million (equivalent to approximately RMB1.1 billion)</strong>, the company was founded in 2015 to develop optical interconnect technologies to improve AI computing and power efficiency. This is the third time Nvidia has invested in the startup.</p><p>9、<strong>Kore.ai</strong>: The startup developing enterprise-grade AI chatbots raised in December 2023<strong>US$150 million (equivalent to approximately RMB1.07 billion)</strong>。 In addition to Nvidia, investors participating in the funding include 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 intelligent robots and AI-powered software startup Bright Machines'<strong>US$126 million (equivalent to 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 (equivalent to 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 layout</strong></p><p><strong>Covering almost the entire AI industry chain</strong></p><p>Nvidia has previously revealed on its official website that the goal of its corporate investment is to expand the AI ecosystem by supporting startups it considers \"game changers and market creators\". It can also be seen from its investment that the geography, establishment time and field span of AI-related enterprises are extremely wide.</p><p>Since 2023, Nvidia's investment in the AI field has continued to accelerate, far exceeding previous years in terms of quantity and quality. Its investment layout not only includes the core track of large models, but also takes into account key areas such as AI infrastructure and autonomous driving, deeply connecting the upstream and downstream ecology 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":1584,"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":11,"crmLevelSwitch":1,"followedFlag":false,"idStr":"4141087974150782","authorIdStr":"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":1829,"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":11,"crmLevelSwitch":1,"followedFlag":false,"idStr":"4141087974150782","authorIdStr":"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,"idStr":"3570103090255456","authorIdStr":"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":1493,"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":11,"crmLevelSwitch":1,"followedFlag":false,"idStr":"4141087974150782","authorIdStr":"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: U.S. Department of Justice Considers Proposing to Spin-off Part of Google's Business","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 Oct. 9, the Justice Department told a federal judge that it was considering recommending that Google be forced to sell parts of its business 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 force Alphabet to provide underlying data used to build search results and AI products. \"Conduct and structural remedies are being considered to prevent Google from using products such as Chrome, Play and Android to build an advantage over competitors or new entrants in Google Search and Google Search-related products and features,\" the Justice Department said in the filing, and Google gained scale and data benefits by entering into illegal distribution agreements with other tech companies to make its search engine the default option for smartphones and web browsers. It is the first time authorities have split up a company on the grounds of illegal monopoly since an effort to break up Microsoft failed 20 years ago.</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: U.S. Department of Justice Considers Proposing to Spin-off Part of Google's Business</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: U.S. Department of Justice Considers Proposing to Spin-off Part of Google's Business\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 Oct. 9, the Justice Department told a federal judge that it was considering recommending that Google be forced to sell parts of its business 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 force Alphabet to provide underlying data used to build search results and AI products. \"Conduct and structural remedies are being considered to prevent Google from using products such as Chrome, Play and Android to build an advantage over competitors or new entrants in Google Search and Google Search-related products and features,\" the Justice Department said in the filing, and Google gained scale and data benefits by entering into illegal distribution agreements with other tech companies to make its search engine the default option for smartphones and web browsers. It is the first time authorities have split up a company on the grounds of illegal monopoly since an effort to break up Microsoft failed 20 years ago.</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）","GOOG":"谷歌","BK4553":"喜马拉雅资本持仓","BK4532":"文艺复兴科技持仓","LU0719512351.SGD":"JPMorgan Funds - US Technology A (acc) SGD","LU0052756011.USD":"TEMPLETON GLOBAL BALANCED \"A\" (USD) INC","LU0211328371.USD":"TEMPLETON GLOBAL EQUITY INCOME \"A\" (MDIS) (USD)   INC","GOOGL":"谷歌A","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","LU0187121727.USD":"FIDELITY SUSTAINABLE US EQUITY \"A\" (USD) INC","IE0004445239.USD":"JANUS HENDERSON US FORTY \"A2\" (USD) ACC","IE00BN29S564.USD":"JANUS HENDERSON BALANCED \"A3\" (USD) INC","LU0456855351.SGD":"JPMorgan Funds - Global Equity A (acc) SGD","LU0053666078.USD":"摩根大通基金-美国股票A（离岸）美元","LU0048573561.USD":"FIDELITY AMERICA \"A\" (USD) INC","BK4554":"元宇宙及AR概念","LU0642271901.SGD":"Janus Henderson Horizon Global Technology Leaders A2 SGD-H","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":{"GOOG":1,"GOOGL":1}},"isVote":1,"tweetType":1,"viewCount":1422,"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":11,"crmLevelSwitch":1,"followedFlag":false,"idStr":"4141087974150782","authorIdStr":"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 $251.87 billion, a year-on-year increase of 39.6%","url":"https://stock-news.laohu8.com/highlight/detail?id=1154163803","media":"老虎资讯综合","summary":"10月9日，$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>October 9th,<a href=\"https://laohu8.com/S/TSM\">TSMC</a>Announced net revenue for September, with sales in September of NT $251.87 billion, a year-on-year increase of 39.6% and a month-on-month increase of 0.4%; So far this year, TSMC's sales have totaled NT $2,025.85 billion, an increase of 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, a year-on-year increase of 39.6%</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, a year-on-year increase of 39.6%\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>October 9th,<a href=\"https://laohu8.com/S/TSM\">TSMC</a>Announced net revenue for September, with sales in September of NT $251.87 billion, a year-on-year increase of 39.6% and a month-on-month increase of 0.4%; So far this year, TSMC's sales have totaled NT $2,025.85 billion, an increase of 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":{"BK4141":"半导体产品","BK4534":"瑞士信贷持仓","LU1803068979.SGD":"FTIF - Franklin Technology A (acc) SGD-H1","BK4585":"ETF&股票定投概念","LU1989764664.SGD":"CPR Invest - Global Disruptive Opportunities A2 Acc SGD-H","BK4503":"景林资产持仓","BK4533":"AQR资本管理(全球第二大对冲基金)","LU2249611893.SGD":"BNP PARIBAS ENERGY TRANSITION \"CRH\" (SGD) ACC","LU1989764748.USD":"东方汇理环球颠覆性机遇A2 Acc","LU2357125470.USD":"BNP PARIBAS ENERGY TRANSITION \"CLASSIC RH\" (USDHDG) ACC","LU1868837565.USD":"CT (LUX) I GLOBAL EMERGING MARKET EQUITIES \"1\" (USD) ACC","LU0572939691.SGD":"Janus Henderson Horizon Asian Dividend Income A2 SGD","IE00BFXG0V08.USD":"BNY MELLON GLOBAL LEADERS \"B\" (USD) ACC","BK4505":"高瓴资本持仓","LU1267930813.SGD":"FRANKLIN TEMPLETON SHARIAH GLOBAL EQUITY \"AS\" (SGD) ACC","LU0488056044.USD":"Allianz Asian Multi Income Plus Cl AM DIS USD","LU0384037296.USD":"ALLIANZ ASIAN MULTI INCOME PLUS \"AT\" (USD) ACC","LU1282649810.SGD":"Allianz Asian Multi Income Plus Cl AMg DIS H2-SGD","LU1282649067.USD":"ALLIANZ ASIAN MULTI INCOME PLUS \"AMG\" (USD) INC A","LU2294711713.HKD":"BNP PARIBAS ENERGY TRANSITION \"C\" (HKD) ACC","LU0541501648.USD":"ALLSPRING  EMERGING MARKETS EQUITY \"A\" (USD) ACC","LU0572940350.SGD":"Janus Henderson Horizon Asian Dividend Income A3 SGD","TSM":"台积电","EWT":"台湾ETF-iShares MSCI","LU2237443978.SGD":"Aberdeen Standard SICAV I - Global Dynamic Dividend A Acc SGD-H","BK4554":"元宇宙及AR概念","LU0541502299.USD":"ALLSPRING  EMERGING MARKETS EQUITY \"I\" (USD) ACC","LU0792757196.USD":"TEMPLETON SHARIAH GLOBAL EQUITY FUND \"A\" (USD) ACC","BK4532":"文艺复兴科技持仓","LU2237443382.USD":"Aberdeen Standard SICAV I - Global Dynamic Dividend A MIncA USD","03145":"华夏亚洲高息股","LU0264606111.USD":"Janus Henderson Horizon Asian Dividend Income A2 USD","LU1868838027.USD":"CT (LUX) I GLOBAL EMERGING MARKET EQUITIES \"8\" (USD) ACC","LU2237443622.USD":"Aberdeen Standard SICAV I - Global Dynamic Dividend A Acc USD","LU2237443549.SGD":"Aberdeen Standard SICAV I - Global Dynamic Dividend A MIncA SGD-H","BK4526":"热门中概股"},"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,"TWmain":1,"TSM":1,"03145":0.6}},"isVote":1,"tweetType":1,"viewCount":1601,"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":11,"crmLevelSwitch":1,"followedFlag":false,"idStr":"4141087974150782","authorIdStr":"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":1824,"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":11,"crmLevelSwitch":1,"followedFlag":false,"idStr":"4141087974150782","authorIdStr":"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":1259,"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":11,"crmLevelSwitch":1,"followedFlag":false,"idStr":"4141087974150782","authorIdStr":"4141087974150782"},"themes":[],"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":1446,"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":11,"crmLevelSwitch":1,"followedFlag":false,"idStr":"4141087974150782","authorIdStr":"4141087974150782"},"themes":[],"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":1404,"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":11,"crmLevelSwitch":1,"followedFlag":false,"idStr":"4141087974150782","authorIdStr":"4141087974150782"},"themes":[],"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":1706,"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":11,"crmLevelSwitch":1,"followedFlag":false,"idStr":"4141087974150782","authorIdStr":"4141087974150782"},"themes":[],"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 an investment that Buffett called a \"financial disaster\" happened","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>In Buffett's investment career, there are countless successful cases.</p><p><p style=\"text-align: justify;\">But a wise man will inevitably make a mistake. In fact, Buffett has repeatedly reflected on the mistakes in his investment.</p><p><p style=\"text-align: justify;\">In 1993, Buffett acquired Dexter Shoe in a share exchange.</p><p><p style=\"text-align: justify;\">At that time, Buffett was full of confidence in the company, publicly praising it as a \"business pearl\" and one of the best-managed companies he had ever seen in his career.</p><p><p style=\"text-align: justify;\">However, in the following years, everything changed. Dexter faced competition from imported low-priced shoes, and profits declined, dragging down Berkshire's entire shoe industry.</p><p><p style=\"text-align: justify;\">Eventually, in 2001, it was merged into Berkshire's Brown Shoes.</p><p><p style=\"text-align: justify;\">To add insult to injury, when Buffett bought, he chose to pay 1.6% of Berkshire Hathaway's stock instead of cash, which is equivalent to spending the stock of one great business for the stock of another failed company.</p><p><p style=\"text-align: justify;\">In fact, when he first bought this company, Buffett was very confident, especially optimistic about its management. The founder, Harold Alfond, is also a legendary entrepreneur.</p><p><p style=\"text-align: justify;\">Even if the investment is ultimately considered a failure, Buffett doesn't think it's a management problem, but the business itself.</p><p><p style=\"text-align: justify;\">Buffett called it the worst deal he ever made, but never shied away from the fact that he might make more mistakes. He once jokingly quoted a Bob Dylan lyric in his shareholder letter to explain this kind of thing-\"<strong>I never wanted to sleep with an ugly woman, but when I was sure several times I woke up, I was lying beside me.</strong>”</p><p><p style=\"text-align: justify;\">Munger added lightly to this 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 ability, you will still make mistakes. I think I can confidently assure that this won't be the last time we make a mistake.</strong>”</p><p><h2 style=\"text-align: justify;\">1. Buffett's investment in the shoe industry</h2><p style=\"text-align: justify;\">Buffett's investment in the shoe industry began with the purchase of Brown Shoes in 1991. This is a brand that produces work shoes and boots in North America, with extraordinary gross sales profit and asset return.</p><p><p style=\"text-align: justify;\">The following year, Brown Shoes bought Lowell Shoes, a company specializing in nurses' shoes.</p><p><p style=\"text-align: justify;\">Because the performance of these two shoe companies in those years exceeded Buffett's expectations, in 1993, he decided to buy Dexter Shoes in Maine, a brand specializing in high-end men's and women's shoes.</p><p><p style=\"text-align: justify;\">Buffett's relationship 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 had tried to buy Dexter in 1978. At that time, Peter and his uncle, Dexter's chairman Harold Alfond, both attended the meeting, but after the exchange, they finally 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;\">In the end, they didn't agree to each other's acquisition proposal, but continued to remain independent.</p><p><p style=\"text-align: justify;\">However, the other party didn't give up. Since then, he has approached them many times to discuss the acquisition, including others who wanted to buy them, but every time the uncle and nephew were perfunctory and didn't sell it.</p><p><p style=\"text-align: justify;\">Until 1992, when Frank's father-in-law, Ray W. Heffernan, chairman of Brown Shoes, died, his family sold Brown Shoes to Berkshire, and Frank became attached to Buffett.</p><p><p style=\"text-align: justify;\">Since then, Buffett has contacted Dexter through Frank with a takeover 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. After a four-hour meeting, the two sides finally reached an agreement to exchange Berkshire stock for Dexter.</p><p><p style=\"text-align: justify;\">In 1993, at the age of 79, Harold Alfond sold Dexter to Warren Buffett in exchange for shares in Berkshire Hathaway.</p><p><p style=\"text-align: justify;\">In hindsight, the idea that they chose Berkshire stock was quite clever, and this deal also made Buffett become attached to them. Many years later, Buffett's inscription photo was still hanging 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, when Buffett bought Brown Shoes, he already knew that the competition in the shoe industry is quite fierce, and it is difficult for the domestic shoe industry in the United States to compete with low-priced products imported from abroad.</p><p><p style=\"text-align: justify;\">He said: \"About 85% of the 1 billion pairs purchased in the United States a year are imported from abroad, and most manufacturing plants in the industry are lackluster.\"</p><p><p style=\"text-align: justify;\">\"Due to the wide variety of styles and models, the inventory pressure is quite heavy, and the income is also a large amount of accounts receivable.\"</p><p><p style=\"text-align: justify;\">But Buffett has a fancy to the management of Brown Shoes 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 and a business like this established by Mr. Heffernan can survive.\"</p><p><p style=\"text-align: justify;\">After buying Brown Shoes, Buffett called Frank in to manage the company.</p><p><p style=\"text-align: justify;\">Similarly, buying Dexter is also Buffett's bet on Harold Alfond. He believed that both Brown shoes and Dexter were capable of fighting against foreign invaders.</p><p><p style=\"text-align: justify;\">In those years of his peak, Dexter did well, and founder Harold was also a legend.</p><p><p style=\"text-align: justify;\">Born in Massachusetts in 1914, he was just an adult during the Great Depression in the United States. Harold didn't go to college. After graduating from high school, he followed his father in 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. He founded Dexter in 1956 with $10,000. Two years later, his nephew, Peter Lunder, joined.</p><p><p style=\"text-align: justify;\">Since then, the two have established an enterprise with an annual output of 7.5 million pairs of shoes. Most of their shoes are manufactured in Maine, with the rest in Puerto Rico.</p><p><p style=\"text-align: justify;\">The company became one of the first manufacturers in the country to retail its own products when Dexter pioneered the opening of a factory outlet store at its plant in Skohigan, Maine, in 1971.</p><p><p style=\"text-align: justify;\">Eventually, Dexter expanded the model to more than 80 outlet stores nationwide. At their heyday, they employed more than 4,000 people and generated annual sales of over $250 million.</p><p><p style=\"text-align: justify;\">Buffel commented on Dexter, saying it has 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 shoe industry and shares our management philosophy of focusing on long-term goals,\" they said.</p><p><p style=\"text-align: justify;\">After buying Dexter, just like Buffett's previous operations, there was no change in management.</p><p><p style=\"text-align: justify;\">In the shareholder letter that year, Buffett gave high praise to Dexter-\"This time I can assure you that Dexter doesn't need to be transformed. Dexter is Charlie and I in my career. One of the best companies I have ever seen.\"</p><p><p style=\"text-align: justify;\">He also added that paying with Berkshire stock was a wise decision.</p><p><h2 style=\"text-align: justify;\">3. From \"best company\" to \"worst deal\"</h2><p style=\"text-align: justify;\">Buffett has high expectations for Dexter, but the follow-up of this investment is not good.</p><p><p style=\"text-align: justify;\">In the following years, according to Buffett's initial judgment, the American footwear industry was unsustainable due to competition from overseas imported low-priced products, and its performance declined continuously.</p><p><p style=\"text-align: justify;\">And management seems unable to reverse this trend. Buffett finally acknowledged this problem in his shareholder letter in 1999:</p><p><p style=\"text-align: justify;\">\"Our manufacturing, retail and services sectors are almost perfect, except Dexter Shoes, but the problem with this company is not management.</p><p><p style=\"text-align: justify;\">In terms of work experience, vitality and seriousness, Dexter is 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 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, and cheap labor costs were the main key factor. \"</p><p><p style=\"text-align: justify;\">Faced with this problem, Buffett's countermeasure was to look for potential OEMs from overseas, but this did not solve the problem.</p><p><p style=\"text-align: justify;\">\"It was a mistake for me to buy Dexter in 1993, and what's worse is that I bought it for Berkshire shares at that time,\" Buffett admitted in a letter in 2000.</p><p><p style=\"text-align: justify;\">Of course, Buffett still recognizes the company's management and praises them, saying, \"The managers of our shoemaking business, both public and private, are first-class. They work hard in a very difficult environment, even if they no longer have to bow down for five buckets of rice, for which I sincerely admire and thank them.\"</p><p><p style=\"text-align: justify;\">By 2001, Berkshire's shoe-making business had a pre-tax loss of $46.2 million. Although Brown Shoes still made a profit, it still couldn't 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>Charting: The Smart Investor</span></p><p>Charting: The Smart Investor</p><p><p style=\"text-align: justify;\">Buffett hoped that the managers of Brown Shoes would turn Dexter's predicament around and merge Dexter into Brown Shoes.</p><p><p style=\"text-align: justify;\">At this point, Harold Alfond also left the company he founded and devoted himself to charity.</p><p><p style=\"text-align: justify;\">The following year after the merger, it achieved certain results. Berkshire's footwear profit rebounded to $24 million, a substantial improvement of $70 million from the loss in 2001.</p><p><p style=\"text-align: justify;\">Buffett, on the other hand, said that Dexter's operations were back on track, although it cost a lot to solve the problem.</p><p><p style=\"text-align: justify;\">Unfortunately, this recovery didn't last.</p><p><p style=\"text-align: justify;\">At this point, Dexter's story is almost over, but Buffett has mentioned this company many times in his career.</p><p><p style=\"text-align: justify;\">In a 2007 letter to shareholders, he bemoaned his mistake again:</p><p><p style=\"text-align: justify;\"><strong>\"Dexter Company is a shoe company that I bought in 1993 with 25,203 Berkshire A shares worth $433 million. In the following years, not only did I think my sustained competitive advantage disappear without a trace. And this is just the beginning: because I used Berkshire stock, I amplified this mistake a lot.\"</strong></p><p><p style=\"text-align: justify;\">\"In the final analysis, I just gave up a share, which is now worth $220 billion, 1.6% of an excellent business, and bought back a worthless business. So far, Dexter is the worst deal I have ever made.\"</p><p><p style=\"text-align: justify;\">In 2014, Buffett called the investment a financial disaster and 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 this acquisition was called by Buffett himself the worst deal he has ever made, the Alfonds made a huge profit in this investment because they got Berkshire stock and became the biggest winner of this deal.</p><p><p style=\"text-align: justify;\">In fact, this has also become the choice of many companies that sell themselves to Berkshire, and they are more inclined to own Berkshire stocks.</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 has generously donated his wealth, and through his own private foundation, he has been supporting local charitable causes.</p><p><p style=\"text-align: justify;\">For a long time, the Alfonds have not sold a single share of Berkshire stock, and Berkshire's rising stock price has undoubtedly provided them with more wealth and their charity. More support.</p><p><p style=\"text-align: justify;\">During his lifetime, Harold contributed millions of dollars to charity and was still working at the age of 90.</p><p><p style=\"text-align: justify;\">Because Harold is an accomplished athlete, a sports fan, and a strong believer that sports provide valuable personal growth opportunities for young people.</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 athletic facilities and fields. Many academic, athletic, healthcare, and community buildings and facilities bear Alfond's name.</p><p><p style=\"text-align: justify;\">In 2007, Harold Alfond died.</p><p><p style=\"text-align: justify;\">He donated nearly all of his wealth to his foundation, which still supports philanthropy in Maine today.</p><p><p style=\"text-align: justify;\">To some extent, this can be regarded as Buffett, who also loves philanthropy, and ultimately leads to the same goal.</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 an investment that Buffett called a \"financial disaster\" happened</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 an investment that Buffett called a \"financial disaster\" happened\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>In Buffett's investment career, there are countless successful cases.</p><p><p style=\"text-align: justify;\">But a wise man will inevitably make a mistake. In fact, Buffett has repeatedly reflected on the mistakes in his investment.</p><p><p style=\"text-align: justify;\">In 1993, Buffett acquired Dexter Shoe in a share exchange.</p><p><p style=\"text-align: justify;\">At that time, Buffett was full of confidence in the company, publicly praising it as a \"business pearl\" and one of the best-managed companies he had ever seen in his career.</p><p><p style=\"text-align: justify;\">However, in the following years, everything changed. Dexter faced competition from imported low-priced shoes, and profits declined, dragging down Berkshire's entire shoe industry.</p><p><p style=\"text-align: justify;\">Eventually, in 2001, it was merged into Berkshire's Brown Shoes.</p><p><p style=\"text-align: justify;\">To add insult to injury, when Buffett bought, he chose to pay 1.6% of Berkshire Hathaway's stock instead of cash, which is equivalent to spending the stock of one great business for the stock of another failed company.</p><p><p style=\"text-align: justify;\">In fact, when he first bought this company, Buffett was very confident, especially optimistic about its management. The founder, Harold Alfond, is also a legendary entrepreneur.</p><p><p style=\"text-align: justify;\">Even if the investment is ultimately considered a failure, Buffett doesn't think it's a management problem, but the business itself.</p><p><p style=\"text-align: justify;\">Buffett called it the worst deal he ever made, but never shied away from the fact that he might make more mistakes. He once jokingly quoted a Bob Dylan lyric in his shareholder letter to explain this kind of thing-\"<strong>I never wanted to sleep with an ugly woman, but when I was sure several times I woke up, I was lying beside me.</strong>”</p><p><p style=\"text-align: justify;\">Munger added lightly to this 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 ability, you will still make mistakes. I think I can confidently assure that this won't be the last time we make a mistake.</strong>”</p><p><h2 style=\"text-align: justify;\">1. Buffett's investment in the shoe industry</h2><p style=\"text-align: justify;\">Buffett's investment in the shoe industry began with the purchase of Brown Shoes in 1991. This is a brand that produces work shoes and boots in North America, with extraordinary gross sales profit and asset return.</p><p><p style=\"text-align: justify;\">The following year, Brown Shoes bought Lowell Shoes, a company specializing in nurses' shoes.</p><p><p style=\"text-align: justify;\">Because the performance of these two shoe companies in those years exceeded Buffett's expectations, in 1993, he decided to buy Dexter Shoes in Maine, a brand specializing in high-end men's and women's shoes.</p><p><p style=\"text-align: justify;\">Buffett's relationship 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 had tried to buy Dexter in 1978. At that time, Peter and his uncle, Dexter's chairman Harold Alfond, both attended the meeting, but after the exchange, they finally 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;\">In the end, they didn't agree to each other's acquisition proposal, but continued to remain independent.</p><p><p style=\"text-align: justify;\">However, the other party didn't give up. Since then, he has approached them many times to discuss the acquisition, including others who wanted to buy them, but every time the uncle and nephew were perfunctory and didn't sell it.</p><p><p style=\"text-align: justify;\">Until 1992, when Frank's father-in-law, Ray W. Heffernan, chairman of Brown Shoes, died, his family sold Brown Shoes to Berkshire, and Frank became attached to Buffett.</p><p><p style=\"text-align: justify;\">Since then, Buffett has contacted Dexter through Frank with a takeover 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. After a four-hour meeting, the two sides finally reached an agreement to exchange Berkshire stock for Dexter.</p><p><p style=\"text-align: justify;\">In 1993, at the age of 79, Harold Alfond sold Dexter to Warren Buffett in exchange for shares in Berkshire Hathaway.</p><p><p style=\"text-align: justify;\">In hindsight, the idea that they chose Berkshire stock was quite clever, and this deal also made Buffett become attached to them. Many years later, Buffett's inscription photo was still hanging 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, when Buffett bought Brown Shoes, he already knew that the competition in the shoe industry is quite fierce, and it is difficult for the domestic shoe industry in the United States to compete with low-priced products imported from abroad.</p><p><p style=\"text-align: justify;\">He said: \"About 85% of the 1 billion pairs purchased in the United States a year are imported from abroad, and most manufacturing plants in the industry are lackluster.\"</p><p><p style=\"text-align: justify;\">\"Due to the wide variety of styles and models, the inventory pressure is quite heavy, and the income is also a large amount of accounts receivable.\"</p><p><p style=\"text-align: justify;\">But Buffett has a fancy to the management of Brown Shoes 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 and a business like this established by Mr. Heffernan can survive.\"</p><p><p style=\"text-align: justify;\">After buying Brown Shoes, Buffett called Frank in to manage the company.</p><p><p style=\"text-align: justify;\">Similarly, buying Dexter is also Buffett's bet on Harold Alfond. He believed that both Brown shoes and Dexter were capable of fighting against foreign invaders.</p><p><p style=\"text-align: justify;\">In those years of his peak, Dexter did well, and founder Harold was also a legend.</p><p><p style=\"text-align: justify;\">Born in Massachusetts in 1914, he was just an adult during the Great Depression in the United States. Harold didn't go to college. After graduating from high school, he followed his father in 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. He founded Dexter in 1956 with $10,000. Two years later, his nephew, Peter Lunder, joined.</p><p><p style=\"text-align: justify;\">Since then, the two have established an enterprise with an annual output of 7.5 million pairs of shoes. Most of their shoes are manufactured in Maine, with the rest in Puerto Rico.</p><p><p style=\"text-align: justify;\">The company became one of the first manufacturers in the country to retail its own products when Dexter pioneered the opening of a factory outlet store at its plant in Skohigan, Maine, in 1971.</p><p><p style=\"text-align: justify;\">Eventually, Dexter expanded the model to more than 80 outlet stores nationwide. At their heyday, they employed more than 4,000 people and generated annual sales of over $250 million.</p><p><p style=\"text-align: justify;\">Buffel commented on Dexter, saying it has 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 shoe industry and shares our management philosophy of focusing on long-term goals,\" they said.</p><p><p style=\"text-align: justify;\">After buying Dexter, just like Buffett's previous operations, there was no change in management.</p><p><p style=\"text-align: justify;\">In the shareholder letter that year, Buffett gave high praise to Dexter-\"This time I can assure you that Dexter doesn't need to be transformed. Dexter is Charlie and I in my career. One of the best companies I have ever seen.\"</p><p><p style=\"text-align: justify;\">He also added that paying with Berkshire stock was a wise decision.</p><p><h2 style=\"text-align: justify;\">3. From \"best company\" to \"worst deal\"</h2><p style=\"text-align: justify;\">Buffett has high expectations for Dexter, but the follow-up of this investment is not good.</p><p><p style=\"text-align: justify;\">In the following years, according to Buffett's initial judgment, the American footwear industry was unsustainable due to competition from overseas imported low-priced products, and its performance declined continuously.</p><p><p style=\"text-align: justify;\">And management seems unable to reverse this trend. Buffett finally acknowledged this problem in his shareholder letter in 1999:</p><p><p style=\"text-align: justify;\">\"Our manufacturing, retail and services sectors are almost perfect, except Dexter Shoes, but the problem with this company is not management.</p><p><p style=\"text-align: justify;\">In terms of work experience, vitality and seriousness, Dexter is 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 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, and cheap labor costs were the main key factor. \"</p><p><p style=\"text-align: justify;\">Faced with this problem, Buffett's countermeasure was to look for potential OEMs from overseas, but this did not solve the problem.</p><p><p style=\"text-align: justify;\">\"It was a mistake for me to buy Dexter in 1993, and what's worse is that I bought it for Berkshire shares at that time,\" Buffett admitted in a letter in 2000.</p><p><p style=\"text-align: justify;\">Of course, Buffett still recognizes the company's management and praises them, saying, \"The managers of our shoemaking business, both public and private, are first-class. They work hard in a very difficult environment, even if they no longer have to bow down for five buckets of rice, for which I sincerely admire and thank them.\"</p><p><p style=\"text-align: justify;\">By 2001, Berkshire's shoe-making business had a pre-tax loss of $46.2 million. Although Brown Shoes still made a profit, it still couldn't 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>Charting: The Smart Investor</span></p><p>Charting: The Smart Investor</p><p><p style=\"text-align: justify;\">Buffett hoped that the managers of Brown Shoes would turn Dexter's predicament around and merge Dexter into Brown Shoes.</p><p><p style=\"text-align: justify;\">At this point, Harold Alfond also left the company he founded and devoted himself to charity.</p><p><p style=\"text-align: justify;\">The following year after the merger, it achieved certain results. Berkshire's footwear profit rebounded to $24 million, a substantial improvement of $70 million from the loss in 2001.</p><p><p style=\"text-align: justify;\">Buffett, on the other hand, said that Dexter's operations were back on track, although it cost a lot to solve the problem.</p><p><p style=\"text-align: justify;\">Unfortunately, this recovery didn't last.</p><p><p style=\"text-align: justify;\">At this point, Dexter's story is almost over, but Buffett has mentioned this company many times in his career.</p><p><p style=\"text-align: justify;\">In a 2007 letter to shareholders, he bemoaned his mistake again:</p><p><p style=\"text-align: justify;\"><strong>\"Dexter Company is a shoe company that I bought in 1993 with 25,203 Berkshire A shares worth $433 million. In the following years, not only did I think my sustained competitive advantage disappear without a trace. And this is just the beginning: because I used Berkshire stock, I amplified this mistake a lot.\"</strong></p><p><p style=\"text-align: justify;\">\"In the final analysis, I just gave up a share, which is now worth $220 billion, 1.6% of an excellent business, and bought back a worthless business. So far, Dexter is the worst deal I have ever made.\"</p><p><p style=\"text-align: justify;\">In 2014, Buffett called the investment a financial disaster and 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 this acquisition was called by Buffett himself the worst deal he has ever made, the Alfonds made a huge profit in this investment because they got Berkshire stock and became the biggest winner of this deal.</p><p><p style=\"text-align: justify;\">In fact, this has also become the choice of many companies that sell themselves to Berkshire, and they are more inclined to own Berkshire stocks.</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 has generously donated his wealth, and through his own private foundation, he has been supporting local charitable causes.</p><p><p style=\"text-align: justify;\">For a long time, the Alfonds have not sold a single share of Berkshire stock, and Berkshire's rising stock price has undoubtedly provided them with more wealth and their charity. More support.</p><p><p style=\"text-align: justify;\">During his lifetime, Harold contributed millions of dollars to charity and was still working at the age of 90.</p><p><p style=\"text-align: justify;\">Because Harold is an accomplished athlete, a sports fan, and a strong believer that sports provide valuable personal growth opportunities for young people.</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 athletic facilities and fields. Many academic, athletic, healthcare, and community buildings and facilities bear Alfond's name.</p><p><p style=\"text-align: justify;\">In 2007, Harold Alfond died.</p><p><p style=\"text-align: justify;\">He donated nearly all of his wealth to his foundation, which still supports philanthropy in Maine today.</p><p><p style=\"text-align: justify;\">To some extent, this can be regarded as Buffett, who also loves philanthropy, and ultimately leads to the same goal.</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.B":"伯克希尔B","BRK.A":"伯克希尔"},"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.A":1.1,"BRK.B":1.1}},"isVote":1,"tweetType":1,"viewCount":1725,"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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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":1233,"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":11,"crmLevelSwitch":1,"followedFlag":false,"idStr":"4141087974150782","authorIdStr":"4141087974150782"},"themes":[],"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":1190,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"lives":[]}