【Morningstar, Inc】科技股震荡：英伟达及半导体板块迎来“捡钱”机会？

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今年人工智能交易的开局可谓一波三折

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随着人们对巨额人工智能投资能否真正获利的担忧

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持续笼罩市场并拖累该领域最热门的股票

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我们邀请了晨星资深股票分析师布莱恩·科尔洛

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他负责半导体行业分析，将为我们解析

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这一切意味着什么

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非常感谢您加入我们

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布莱恩，你好莎拉

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很高兴来到这里

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我想对许多投资者而言

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这种科技股的持续回调始终在脑海中

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今天是周四

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二月五日

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过去几天我们看到各板块出现大幅下跌

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从半导体到软件及其他人工智能相关股票

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嗯

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是什么在推动市场动向

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能否为我们分析原因

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是的

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这是个好问题

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可以说抛售潮正蔓延至经济其他领域

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可以说现在所有领域都在抛售

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充满恐惧和谨慎情绪

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就半导体行业而言

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我们认为最令失望的财报是

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英特尔和AMD

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不过我们需指出两家公司此前涨幅巨大

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我列出的最大问题在于

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投资者预期服务器CPU需求强劲

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过去几年这些公司已大量采购AI GPU以构建

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AI工作负载

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将传统服务器的CPU更新搁置

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对于传统服务器

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对于传统数据中心

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相关领域曾出现一波上涨

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随着AI世界中各代理开始互相交流

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数据仍存于传统服务器

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英特尔和AMD均暗示近期需求强劲

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实际情况确实如此

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投资者押注强劲需求将带来巨额营收增长和潜力

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以及巨额盈利超出

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两家公司均未达到预期

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英特尔实际面临产能问题

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因其部分部件需自产导致产能不足

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AMD

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采取外包模式

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并看到增长

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但仍未达到预期高度

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与当前形势相比

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你知道的

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目前半导体行业面临的最大问题可能是内存短缺

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因此内存和硬盘驱动器

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无论是闪存盘

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西数

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西部数据镁光

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你知道的

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在美国品牌中正受益于巨大的价格优势和严重短缺

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而这个瓶颈将持续存在

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可能还要持续两

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甚至三年以上

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似乎投资者可能押注英特尔和AMD会处于相同困境

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但事实并非如此

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我不认为这是正确的投资选择

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但这两家公司股价都下跌了

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嗯

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我认为

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在更大程度上

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出现了一些担忧

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甚至可以看看谷歌

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嗯

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今天早上

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讨论了1800亿美元的资本支出

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这几乎是他们2025年支出的近两倍

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投资者可能再次对这笔投资的回报率感到担忧

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如果回报率不佳

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可能导致整个生态系统未来芯片销售下降

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英伟达、博通今日表现强劲

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因为谷歌将大幅增加支出

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但这也引发了一个问题

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2026年后支出会如何变化

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好的

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现在回到财报分析

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但我也想稍微宏观一点思考过去几个月

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而不仅仅是过去一周

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嗯

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我们看到半导体和AI股票近期回调

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去年年底

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2025年底也是如此

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是否相同压力

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为何发生这种情况

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投资者确实有理由担忧

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没错

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存在相同压力

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现在更担心AI泡沫

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可能比六个月前听到的更严重

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或许再次

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这与大型超大规模数据中心的巨额支出计划相关

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比如Meta或谷歌

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例如

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仍存在关于

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嗯

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人工智能的优势

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以及企业将如何部署它

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以及普通企业能否获得良好的投资回报

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因此所有这些问题依然有效

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这些问题正在浮现

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我认为在过去的两个月里

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另一个问题

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我想应该说

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因此，人工智能泡沫的担忧对我们来说并不重大

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我们认为这并不成立

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如果看看英伟达

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再者

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这些公司刚刚宣布的支出将非常巨大

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在这里进行支出

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所以嗯

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我认为人工智能泡沫的担忧被夸大了

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我们看到的另一类担忧围绕着OpenAI

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特别是谷歌推出了其Gemini系列模型

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获得了极强的评价

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如果存在谷歌成为人工智能赢家的世界

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这对OpenAI及其供应商不利

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其中包括英伟达

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微软

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甲骨文及其他公司

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因此存在OpenAI能否获得足够资金的风险

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以购买所有承诺的芯片

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或实现既定目标

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我们仍认为OpenAI会达成目标

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但仍有足够合作伙伴愿意投资

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支持OpenAI构建生态系统

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今天仍有数亿用户在使用ChatGPT

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所以嗯

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你知道的

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OpenAI

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我们认为它不会消失

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即使谷歌

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嗯你知道的

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上次表现不错

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我们预计OpenAI会反击

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这将支持英伟达等企业的业务

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微软及其他公司的利益合理

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一条主线

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我正听到

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你知道的

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我们对话的第一部分没错

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现在

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这是

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这种类似结尾的

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 rising tide will lift all boats

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AI时代

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感觉投资者现在更聚焦于

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你知道的

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具体公司

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具体交易

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具体业务线

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这符合你的预期吗

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这是否是对当前形势的客观评估

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是的

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我觉得这个观点很合理

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嗯

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我认为投资者一直在寻找

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AI领域的赢家和输家

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而所有公司的前景都可能迅速变化

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你知道的

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谷歌目前使用的自研芯片比其他公司更多

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所以你知道的

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这对英伟达来说是相对负面因素

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嗯

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其他公司也会开始使用他们的芯片

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我们预计英伟达将失去市场份额

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但整个市场将大幅扩张

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英伟达仍将保持增长

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我们看到的一切仍符合我们的分析框架

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嗯

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如果你认为英伟达会主导全球

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并在2030年前实现千亿美元营收

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现在看来可能过于乐观

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而股价显然不支持这种预期

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AMD你可能会失望

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是的

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没错AMD也会面临波动

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他们高度依赖OpenAI

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OpenAI的发展是AMD展示实力的试金石

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当他们公布财报时会提到

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预计2026年第四季度GPU销量将增长

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他们之前说下半年

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现在是第四季度

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部分投资者对此表示担忧

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但你知道的

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我们认为AMD会履行承诺并成为OpenAI供应商

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并接近他们宣称的目标

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但再次强调

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如果你对OpenAI前景持怀疑态度

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前景

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你知道AMD也会陷入困境

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这可能反映在近期抛售中

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需要关注的关键差异点

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嗯

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好的

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我们走吧

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让我们回到财报季吧嗯

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你已经提到我们似乎看到了市场

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惩罚未能达到极高预期的公司

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你知道的

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即使财报结果已经出炉

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你知道的超出预期且稳健

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即使我们的分析师也满意

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嗯

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但就市场反应背后的情况而言

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从本轮财报中我们学到了什么

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投资者最需要记住的是什么

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是的

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好问题

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嗯

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我认为首先要关注超大规模企业

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以及他们的支出计划

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因为这驱动着AI需求

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谷歌再次宣布

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将资本开支翻倍意义重大

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表明AI不会放缓

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Meta已经暗示

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未来三年将投入6000亿美元

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这个数字令人震惊

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他们预计将达到

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今年预计达1350亿美元

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正按计划推进

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今年不仅大额支出

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还在加速增长

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超大规模企业资本开支传来利好

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2026年计划

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所以你知道的

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AI泡沫的担忧至少还早

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甚至可能不成立

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目前资金仍在流动

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资金将被投入

237
00:08:37,230 --> 00:08:38,490
资金将被投入

238
00:08:38,490 --> 00:08:39,038
嗯

239
00:08:39,038 --> 00:08:40,278
这让我想到英伟达

240
00:08:40,278 --> 00:08:44,058
英伟达预计2026财年营收达3000亿美元

241
00:08:44,058 --> 00:08:44,759
2026年

242
00:08:44,759 --> 00:08:46,720
可能更高

243
00:08:46,720 --> 00:08:47,120
嗯

244
00:08:47,120 --> 00:08:50,899
他们需要快速扩展供应链

245
00:08:50,899 --> 00:08:52,850
我们将看到能否获得足够供应

246
00:08:52,850 --> 00:08:53,409
我说

247
00:08:53,409 --> 00:08:56,289
英伟达自2023年起已满产销售

248
00:08:56,289 --> 00:08:57,359
所以嗯

249
00:08:57,359 --> 00:09:00,499
2026年仍有望表现良好

250
00:09:00,499 --> 00:09:02,639
我认为这仍有支撑

251
00:09:02,639 --> 00:09:05,299
英伟达对我们来说是一只被低估的股票

252
00:09:05,299 --> 00:09:07,679
又是服务器CPU相关

253
00:09:07,679 --> 00:09:09,259
那里需求非常强劲

254
00:09:09,259 --> 00:09:10,349
价格表现良好

255
00:09:10,349 --> 00:09:10,828
嗯

256
00:09:10,828 --> 00:09:13,188
AMD和英特尔很难跟上步伐

257
00:09:13,188 --> 00:09:15,068
这并非那种爆发式增长

258
00:09:15,068 --> 00:09:16,068
我们已经预期到了

259
00:09:16,068 --> 00:09:21,950
或者有些投资者预期内存现在存在显著短缺

260
00:09:21,950 --> 00:09:25,269
价格大幅上涨，这在内存领域极为罕见

261
00:09:25,269 --> 00:09:28,190
因此那里将带来巨大利润

262
00:09:28,190 --> 00:09:31,948
内存可能是影响其他领域的主要问题

263
00:09:31,948 --> 00:09:33,509
高通昨晚发布了财报

264
00:09:33,509 --> 00:09:37,548
他们提到基于中国的安卓客户

265
00:09:37,548 --> 00:09:39,100
可能集中在低端市场

266
00:09:39,100 --> 00:09:41,019
将减少手机生产

267
00:09:41,019 --> 00:09:43,710
由于内存价格上涨

268
00:09:43,710 --> 00:09:45,309
变得不经济

269
00:09:45,309 --> 00:09:46,730
因此会更加谨慎

270
00:09:46,730 --> 00:09:48,830
这将拖累高通的芯片营收

271
00:09:48,830 --> 00:09:50,149
这是一个负面因素

272
00:09:50,149 --> 00:09:52,330
PC市场同样面临困境

273
00:09:52,330 --> 00:09:57,139
英特尔和AMD预计今年PC出货量增长有限

274
00:09:57,139 --> 00:09:58,379
可能再次持平

275
00:09:58,379 --> 00:10:02,828
低端PC可能会涨价

276
00:10:02,828 --> 00:10:04,708
因为内存成本上升

277
00:10:04,708 --> 00:10:09,860
预计未来12个月PC和智能手机会更贵

278
00:10:09,860 --> 00:10:10,799
比如说十二个月后

279
00:10:10,799 --> 00:10:13,899
这对消费者和销量都是不利的

280
00:10:13,899 --> 00:10:15,740
也对相关芯片不利

281
00:10:15,740 --> 00:10:17,299
我认为这就是主要教训

282
00:10:17,299 --> 00:10:20,019
可能最后一个关于半导体行业的普遍情况

283
00:10:20,019 --> 00:10:21,019
比如模拟芯片

284
00:10:21,019 --> 00:10:22,980
汽车用的微控制器

285
00:10:22,980 --> 00:10:25,489
工业设备等全面复苏

286
00:10:25,489 --> 00:10:26,649
经历了

287
00:10:26,649 --> 00:10:31,230
2024年和2025年初的大幅周期性下滑

288
00:10:31,230 --> 00:10:32,750
企业现在普遍乐观

289
00:10:32,750 --> 00:10:36,200
认为已回归正常商业环境

290
00:10:36,200 --> 00:10:39,220
我们对此同样感到鼓舞

291
00:10:39,220 --> 00:10:41,789
那些未能超出预期

292
00:10:41,789 --> 00:10:44,190
超出市场预期并给出指引的公司受到重创

293
00:10:44,190 --> 00:10:46,379
我们看到明显抛售

294
00:10:46,379 --> 00:10:46,960
嗯

295
00:10:46,960 --> 00:10:50,000
但基本面依然稳健

296
00:10:50,000 --> 00:10:50,700
好的

297
00:10:50,700 --> 00:10:53,179
投资者仍然紧张

298
00:10:53,179 --> 00:10:55,600
尽管基本面表现正常

299
00:10:55,600 --> 00:10:56,759
这似乎确实

300
00:10:56,759 --> 00:10:58,799
这确实是一个普遍现象

301
00:10:58,799 --> 00:11:00,240
今年听起来就是这样

302
00:11:00,240 --> 00:11:00,740
是的

303
00:11:00,740 --> 00:11:01,360
确实如此

304
00:11:01,360 --> 00:11:01,990
嗯

305
00:11:01,990 --> 00:11:04,470
嗯，有一件事我想确认是否问过你

306
00:11:04,470 --> 00:11:05,909
所以你的团队最近发布了

307
00:11:05,909 --> 00:11:06,370
嗯

308
00:11:06,370 --> 00:11:10,200
你知道你们第四季度的半导体行业脉冲报告

309
00:11:10,200 --> 00:11:10,679
嗯

310
00:11:10,679 --> 00:11:11,120
你知道的

311
00:11:11,120 --> 00:11:12,299
主要结论是什么

312
00:11:12,299 --> 00:11:14,889
2026年半导体行业前景如何

313
00:11:14,889 --> 00:11:16,049
你知道我

314
00:11:16,049 --> 00:11:17,690
听起来你之前已经提到过这个

315
00:11:17,690 --> 00:11:20,879
但你是否看到需求增长势头放缓的迹象

316
00:11:20,879 --> 00:11:23,159
或用于驱动

317
00:11:23,159 --> 00:11:23,519
人工智能

318
00:11:23,519 --> 00:11:23,919
你知道的

319
00:11:23,919 --> 00:11:25,879
前景如何

320
00:11:25,879 --> 00:11:26,279
是的

321
00:11:26,279 --> 00:11:28,039
当然，关于2026年，再次

322
00:11:28,039 --> 00:11:29,480
那些呃

323
00:11:29,480 --> 00:11:31,679
最近的财报基本确认了我们

324
00:11:31,679 --> 00:11:34,830
之前就认为仍将是一个好年份

325
00:11:34,830 --> 00:11:38,669
人工智能支出推动大量GPU营收增长

326
00:11:38,669 --> 00:11:40,470
博通仍将大幅增长

327
00:11:40,470 --> 00:11:45,330
而AMD将从开放AI中获得显著营收增长

328
00:11:45,330 --> 00:11:47,169
在人工智能处理器领域

329
00:11:47,169 --> 00:11:49,769
GPU表现非常强劲

330
00:11:49,769 --> 00:11:52,629
服务器CPU同样前景良好

331
00:11:52,629 --> 00:11:55,549
此前经历了几年疲软期

332
00:11:55,549 --> 00:11:59,039
内存今年仍将迎来巨大增长

333
00:11:59,039 --> 00:12:01,019
因价格提升和供应限制

334
00:12:01,019 --> 00:12:03,820
随着大量数据在

335
00:12:03,820 --> 00:12:05,990
人工智能中生成

336
00:12:05,990 --> 00:12:06,509
你知道的

337
00:12:06,509 --> 00:12:09,259
全球存储芯片厂商将表现极佳

338
00:12:09,259 --> 00:12:11,279
然后模拟工业

339
00:12:11,279 --> 00:12:12,360
这类公司

340
00:12:12,360 --> 00:12:13,149
嗯

341
00:12:13,149 --> 00:12:13,929
你知道的

342
00:12:13,929 --> 00:12:14,769
它们正在复苏

343
00:12:14,769 --> 00:12:19,620
我们认为第四季度财报与预期一致

344
00:12:19,620 --> 00:12:22,679
但宏观经济仍存在担忧

345
00:12:22,679 --> 00:12:25,730
你知道电动汽车领域缺乏动力

346
00:12:25,730 --> 00:12:29,490
电动车每辆车芯片含量高于燃油车

347
00:12:29,490 --> 00:12:31,610
这可能成为一定阻力

348
00:12:31,610 --> 00:12:35,309
但长期趋势依然存在

349
00:12:35,309 --> 00:12:37,129
如果你销售广泛覆盖的半导体

350
00:12:37,129 --> 00:12:38,210
如模拟芯片

351
00:12:38,210 --> 00:12:39,110
微控制器

352
00:12:39,110 --> 00:12:42,059
每个碳基部件中的芯片含量更多了

353
00:12:42,059 --> 00:12:44,000
所有这些附加在汽车上的功能

354
00:12:44,000 --> 00:12:45,340
这一切都由电子技术完成

355
00:12:45,340 --> 00:12:46,799
这一切都依赖半导体

356
00:12:46,799 --> 00:12:48,340
这就是上升趋势

357
00:12:48,340 --> 00:12:51,190
我们可能已经持续了十年

358
00:12:51,190 --> 00:12:52,750
我认为这仍在继续

359
00:12:52,750 --> 00:12:53,370
呃

360
00:12:53,370 --> 00:12:54,429
工业设备相同

361
00:12:54,429 --> 00:12:55,929
物联网智能设备

362
00:12:55,929 --> 00:12:56,590
工厂

363
00:12:56,590 --> 00:12:57,230
这类事物

364
00:12:57,230 --> 00:12:58,860
如果放眼三到五年后

365
00:12:58,860 --> 00:13:00,179
当实现自动驾驶时

366
00:13:00,179 --> 00:13:01,139
你就会进入机器人领域

367
00:13:01,139 --> 00:13:01,620
这些都是利好

368
00:13:01,620 --> 00:13:03,629
长期机会也存在

369
00:13:03,629 --> 00:13:07,870
未来需求增长势头强劲

370
00:13:07,870 --> 00:13:08,470
我们认为如此

371
00:13:08,470 --> 00:13:09,850
是的很好

372
00:13:09,850 --> 00:13:12,570
所以当我听到这些

373
00:13:12,570 --> 00:13:13,730
基本面表现良好

374
00:13:13,730 --> 00:13:15,210
需求增长动力充足

375
00:13:15,210 --> 00:13:17,568
股价却在下跌

376
00:13:17,568 --> 00:13:20,469
我的大脑会想

377
00:13:20,469 --> 00:13:21,509
这是不是物美价廉

378
00:13:21,509 --> 00:13:23,109
这是不是折扣价

379
00:13:23,109 --> 00:13:23,928
你知道的

380
00:13:23,928 --> 00:13:25,649
考虑到当前形势

381
00:13:25,649 --> 00:13:29,370
现在是否适合投资者买入半导体股票

382
00:13:29,370 --> 00:13:30,549
这是否是入场良机

383
00:13:30,549 --> 00:13:32,620
如果是的话，你的首选推荐是什么

384
00:13:32,620 --> 00:13:33,299
是的

385
00:13:33,299 --> 00:13:36,299
我们认为现在半导体存在买入机会

386
00:13:36,299 --> 00:13:38,299
当然任何时候市场波动加剧

387
00:13:38,299 --> 00:13:39,100
且有趋势支撑

388
00:13:39,100 --> 00:13:41,078
我们甚至还没谈到

389
00:13:41,078 --> 00:13:45,750
软件危机以及股票抛售情况

390
00:13:45,750 --> 00:13:47,289
显然科技股正在回调

391
00:13:47,289 --> 00:13:50,789
但如果你愿意长期持有

392
00:13:50,789 --> 00:13:53,759
甚至逆势操作

393
00:13:53,759 --> 00:13:55,559
我们认为存在买入机会

394
00:13:55,559 --> 00:13:57,740
因此我们认为英伟达是首选拉货目标

395
00:13:57,740 --> 00:14:00,889
我们估值240美元，现价170美元

396
00:14:00,889 --> 00:14:02,610
抱歉打断你

397
00:14:02,610 --> 00:14:04,009
这非常反常

398
00:14:04,009 --> 00:14:07,500
现在从未听说英伟达被称作廉价股

399
00:14:08,059 --> 00:14:11,820
确实，英伟达在大幅上涨期间从未被我们视为廉价

400
00:14:11,820 --> 00:14:12,759
但再次强调

401
00:14:12,759 --> 00:14:17,450
我们并未完全意识到超大规模公司即将投入的巨额开支

402
00:14:17,450 --> 00:14:18,490
超大规模公司将会投入的金额

403
00:14:18,490 --> 00:14:19,610
说实话

404
00:14:19,610 --> 00:14:22,470
如果现在看看超大规模公司的支出情况

405
00:14:22,470 --> 00:14:25,639
如果他们十二到十八个月前告诉投资者

406
00:14:25,639 --> 00:14:27,200
他们计划的支出规模

407
00:14:27,200 --> 00:14:28,899
投资者当时可能会惊慌失措

408
00:14:28,899 --> 00:14:31,000
现在看起来投资者正在惊慌

409
00:14:31,000 --> 00:14:32,970
关于他们计划在2026年投入的开支

410
00:14:32,970 --> 00:14:35,809
尽管我们知道AI技术已取得进展

411
00:14:35,809 --> 00:14:38,049
因此在cap x方面仍存担忧

412
00:14:38,049 --> 00:14:39,330
但总之

413
00:14:39,330 --> 00:14:41,009
英伟达当前估值偏低

414
00:14:41,009 --> 00:14:44,289
存在谷歌可能成为主导AI供应商的担忧

415
00:14:44,289 --> 00:14:45,549
并使用自家芯片

416
00:14:45,549 --> 00:14:49,049
对英伟达与OpenAI的合作存疑

417
00:14:49,049 --> 00:14:55,100
担心英伟达可能无法按预期向OpenAI销售全部产品

418
00:14:55,100 --> 00:14:56,419
这些担忧依然存在

419
00:14:56,419 --> 00:14:58,799
但我们关注2026年时间表

420
00:14:58,799 --> 00:14:59,779
前景依然稳固

421
00:14:59,779 --> 00:15:01,690
英伟达与OpenAI的关系

422
00:15:01,690 --> 00:15:04,950
目前OpenAI并无更好替代方案

423
00:15:04,950 --> 00:15:08,110
我认为英伟达的合作会顺利推进

424
00:15:08,110 --> 00:15:08,830
英伟达

425
00:15:08,830 --> 00:15:11,669
仍是当下AI的核心

426
00:15:11,669 --> 00:15:15,730
大多数模型基于英伟达CUDA生态系统构建

427
00:15:15,730 --> 00:15:18,700
仅能在英伟达平台上运行的库

428
00:15:18,700 --> 00:15:23,419
英伟达全系列GPU系统仍最佳集成

429
00:15:23,419 --> 00:15:26,399
我们仍认为2026年对英伟达是利好年份

430
00:15:26,399 --> 00:15:29,210
因此我们认为该股被低估

431
00:15:29,210 --> 00:15:30,909
我知道我的同事会说

432
00:15:30,909 --> 00:15:32,799
博通同样被低估

433
00:15:32,799 --> 00:15:34,019
如果你看好谷歌

434
00:15:34,019 --> 00:15:36,179
也应该看好博通

435
00:15:36,179 --> 00:15:36,759
他们

436
00:15:36,759 --> 00:15:40,320
正是为谷歌构建TPU的公司

437
00:15:40,320 --> 00:15:43,958
现在存在谷歌将增加更多

438
00:15:43,958 --> 00:15:46,198
这些工作负载和自有知识产权的担忧

439
00:15:46,198 --> 00:15:53,019
这可能影响博通未来的盈利能力或生产

440
00:15:53,019 --> 00:15:56,159
但我们仍对该机会持乐观态度

441
00:15:56,159 --> 00:16:02,450
暂且不论博通其他业务在抛售后的表现

442
00:16:02,450 --> 00:16:04,950
我们认为当前估值同样偏低

443
00:16:04,950 --> 00:16:05,250
嗯

444
00:16:05,250 --> 00:16:05,529
训练成本约200左右

445
00:16:05,529 --> 00:16:09,809
与我们270的合理估值相比

446
00:16:09,809 --> 00:16:12,538
我认为该股的抛售

447
00:16:12,538 --> 00:16:13,038
是的

448
00:16:13,038 --> 00:16:15,599
我认为该股的抛售严重过度

449
00:16:15,599 --> 00:16:16,038
嗯

450
00:16:16,038 --> 00:16:19,639
从周二晚的财报中我并未看到太多异常

451
00:16:19,639 --> 00:16:21,239
在这份报告中我最不喜欢的部分

452
00:16:21,239 --> 00:16:24,409
我认为他们被不公平地批评了

453
00:16:24,409 --> 00:16:27,909
接下来是我的最后一个主题是恩智浦半导体

454
00:16:27,909 --> 00:16:30,078
他们更紧密关联汽车市场

455
00:16:30,078 --> 00:16:31,479
收入超过50%

456
00:16:31,479 --> 00:16:34,049
当我们谈论电动汽车时

457
00:16:34,049 --> 00:16:35,690
软件定义的车辆

458
00:16:35,690 --> 00:16:36,750
雷达系统

459
00:16:36,750 --> 00:16:37,629
电池管理系统

460
00:16:37,629 --> 00:16:40,970
当进入完全自动驾驶的世界

461
00:16:40,970 --> 00:16:47,690
汽车制造商需要来自可靠供应商的更多芯片，要求零缺陷

462
00:16:47,690 --> 00:16:49,210
零百万分之一缺陷

463
00:16:49,210 --> 00:16:50,850
这就是恩智浦能提供的

464
00:16:50,850 --> 00:16:53,129
恩智浦并非典型的AI概念股

465
00:16:53,129 --> 00:16:56,389
或许因此他们曾被市场冷落

466
00:16:56,389 --> 00:16:58,610
或不如其他公司受青睐

467
00:16:58,610 --> 00:16:59,639
但

468
00:16:59,639 --> 00:17:01,779
我们依然看好汽车领域的机会

469
00:17:01,779 --> 00:17:04,529
我认为恩智浦是个优质选择

470
00:17:04,529 --> 00:17:05,069
也许

471
00:17:05,069 --> 00:17:09,089
对于担心AI的人而言是个稳妥选择

472
00:17:09,089 --> 00:17:12,400
关于我们讨论的AI相关内容

473
00:17:12,400 --> 00:17:12,920
你知道的

474
00:17:12,920 --> 00:17:14,500
留在半导体领域

475
00:17:14,500 --> 00:17:15,690
但

476
00:17:15,690 --> 00:17:17,410
超越短期趋势

477
00:17:17,410 --> 00:17:20,138
最热门的头条趋势合理

478
00:17:20,138 --> 00:17:20,618
确实合理

479
00:17:20,618 --> 00:17:20,898
好的

480
00:17:20,898 --> 00:17:21,058
嗯

481
00:17:21,058 --> 00:17:21,378
布莱恩

482
00:17:21,378 --> 00:17:23,538
非常感谢你详细讲解

483
00:17:23,538 --> 00:17:24,319
嗯

484
00:17:24,319 --> 00:17:27,740
接下来几个月这个领域将非常精彩

485
00:17:27,740 --> 00:17:28,200
我

486
00:17:28,200 --> 00:17:28,819
你知道的

487
00:17:28,819 --> 00:17:30,019
期待再次跟进

488
00:17:30,019 --> 00:17:31,519
很快乐意继续

489
00:17:31,519 --> 00:17:31,680
是的

490
00:17:31,680 --> 00:17:33,259
这是一个激动人心的时期

491
00:17:33,259 --> 00:17:34,680
保持关注

492
00:17:34,680 --> 00:17:35,339
很棒

493
00:17:35,339 --> 00:17:35,619
谢谢

494
00:17:35,619 --> 00:17:36,900
布莱恩，干杯

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