美股重點新聞

GOOG 完全廢止 Chrome 瀏覽器上第三方 cookies 的時間延至 2025 年（原定於 2024 年第四季）。＋ve to TDD

Google Delays Cookie Phase-Out Following Regulatory Pushback

Hynix planning $15B DRAM expansion plan with about $4B for fab construction to start end of the month. Good for AMRT, LRCX. HBM prices likely to fall in 2H24 due to intensified market competition.

https://www.digitimes.com/news/a20240424PD207/hbm-price-market-competition-samsung-sk-hynix-tsmc.html?chid=10&utm_source=substack&utm_medium=email

Citi raises AMZN PT to $235 as it raises OI on dive into Ad and retail businesses

Micron to RECEIVE $6.1 billion from the Biden's CHIPS and Science Act to support building 3-new facilities in Idaho and New York.

The projects are expected to create 20,000 direct and 50,000 indirect jobs.

Note: This funding is part of efforts to reduce reliance on overseas production and strengthen domestic capabilities.

【蘋果開源大模型OpenELM來了，它可能用在下一代iPhone上】 根據VentureBeat報導，蘋果最近在AI代碼社群Hugging Face上發布了OpenELM大模型。這是一個由不同參數大小構成的一系列開源大型語言模型，可運行在端側裝置上。據了解，該系列模型包含2.7億、4.5億、11億和30億共4個不同參數版本。基於較小的參數量，這些模型可在端側裝置上獨立運行，而不必連接雲端伺服器。具體而言，其一共包含4個預訓練模型和4個指令調優模型。這些模型可運行在筆記型電腦甚至智慧型手機上，蘋果舉例稱，其中一台是配備M2 Max晶片、64GB RAM，運行macOS 14.4.1的MacBook Pro。

微軟稱其CEO下週將訪問東南亞，包括印尼、泰國和馬來西亞。 （道瓊）

Amazon UBS -Likely Accelerating Market Share Gains

UBS is a buyer of Amazon in front of Q1 earnings. after refreshing their model, it shows Amazon is accelerating market share gains and represent 75% of e-commerce dollar growth.

UBS model shows detailed gross merchandise value, fulfillment center square footage and shipping cost buildout.

For the quarter UBS sees revenues above the buyside consensus of $143.5 bn.

sell side report

NFLX: Yip said that April trends have seen a decel likely contributed to slowing momentum in paid sharing.

ABNB: Mizuho upgrades to Buy

The potential launch of sponsored listings could generate double digit EBITDA upside long-term (1% take rate = 15% upside to EBITDA)

Mizuho thinks FY24 room night growth numbers have been de-risked as street has lowered expects to 11% from 13%

Potential share gains given elevated hotel pricing. Given all these factors, Mizuho is 15% above the street for FY27 EBITDA.

UBS Prop Desk-US Retail Clients Buy Mag 7 Stocks, having on Wednesday, the largest inflows by UBS retail market making (RMM) clients since Feb. 23. Overall on Wednesday, there were $53 mn inflows from UBS RMM clients with volumes down -17.75% from the YTD average and down 7% from Tuesday, in what was the third-consecutive day of inflows from UBS RMM clients. There were inflows in both ETFs and single-stock names.

. Single-stock inflows were led by Information Technology and Communication Services.

. Nvidia was the most-bought stock Wednesday by UBS RMM clients

.Meta was the second-most bought stock by UBS RMM clients Wednesday heading into earnings after the market close

銅價不斷創新高，銅強勁的需求來自電動車、新能源及data centre的電力需求

Erste downgrades AAPL to Hold. Erste suggests that the company's new products do not currently have the potential to significantly improve sales momentum. Erste notes Apple's continuing declining sales in China is also having a particularly negative impact on sales development.

TSMC 台積電發A16技術（1.6nm製程），預計於2026年量產。

https://www.wealth.com.tw/articles/3e6a3978-5fbf-47aa-8dd5-ded0f7ce2a8d

高通推新處理器搶攻AI PC市場

https://www.chinatimes.com/newspapers/20240426000250-260204?utm_source=iii_news&utm_medium=rss

Erste Downgrades AMD to Hold.

AMD has made great progress in achieving important hardware and software milestones to meet growing customer demand for AI solutions for data centers. However, the valuation is much higher than NVDA

SPOT: Upgraded to Buy from accumulate at Phillip Securities as Philiip says Spotify continues solidifying its position as the industry leader in audio streaming with its growing subscriber base, lower cost structure, and pricing power.

Barclays says EPNH provides a "reasonable entry point" as de-stocking will be completed by the end of Q2 and demand is set to increase from trough levels throughout 2024. Barclays suspects ENPH is holding market share as it increasingly penetrates the tier one and two third-party owner market. Barclays also expects the company's product offering to hold up well against TSLA in California.

Musk's xAI Is Close to Raising $6 Billion from Sequoia, Others

Elon Musk's XAl is reportedly RAISING $6 Billion at a potential valuation of over $18 billion, with the deal expected to close within the next 2-weeks

GrokAl is currently being trained on 20,000 $NVDA H100 GPUs, & will require 100,000 GPUs to train its next iteration, Grok 3.0

https://www.theinformation.com/articles/musks-xai-is-close-to-raising-6-billion-from-sequoia-others

SNAP takeaway:

“In Q1, we launched a new and improved version of our privacy-centric first-party signal solution Conversions API (CAPI) which enables new identifiers and parameters for unlocking dynamic retail ads and improved support for ROAS optimizations. Our improvements to CAPI, improved collaboration with advertisers, and growth in partner integrations has resulted in CAPI integrations growing approximately 300% year-over-year in Q1. Advertisers that represent approximately half of all DR ad revenue have now completed CAPI integrations…“DR advertising revenue increased 17% year-over-year, improving 14 percentage points compared to the prior quarter, as we began to see improved ROAS for our advertising partners translate into accelerating demand on our ad platform, while also benefiting from the impact of an improved operating environment.”

Q1 results:

Revenue $1.19B, +21% y/y, EST $1.12B
North America revenue $743.1M, +16% y/y, EST $707.4M
Europe revenue $195.8M, +24% y/y, EST $179.6M
Rest of the world revenue $255.8M, +34% y/y, EST $223.3M
ADJ EPS $3.00 vs. $1.00 y/y, EST loss/shr $4.80
ADJ EBITDA $45.7M vs. $0.81M y/y, EST loss $67.6M
Daily active users 422M, +10% y/y, EST 419.83M
North America daily active users 100M vs. 100M y/y, EST 100.34M
Europe daily active users 96M, +3.2% y/y, EST 96.96M
Rest of world daily active users 226M, +19% y/y, EST 222.91M
Average rev. per user $2.83, +9.7% y/y, EST $2.66

Q2 guidance:

Guides revenue $1.23B to $1.26B, EST $1.21B
Guides ADJ EBITDA $15M to $45M, EST $10.6M
Guides daily active users about 431M, EST 429.06M

CIBC downgraded Celestica to Neutral from Outperformer with a price target of $49, up from $41. The company's Q1 results and outlook for Q2 and 2024 "were excellent" as it continues to benefit from compute capacity demand from hyperscalers related to generative artificial intelligence, the analyst tells investors in a research note. However, a deceleration in its enterprise segment due to customer demand shifting to its communications segment "raises a new risk factor," says CIBC. The firm believes it increases the possibility of slowing company growth in revenue and earnings. As a result, it expects lower growth in revenue and in earnings for the second half of 2024 and for 2025.

馬斯克突訪中國獲李強接見　晚上即獲當局撤銷「禁行禁停」限制

Tesla行政總裁馬斯克，周日突然抵達北京訪問，並獲中國總理李強接見，馬斯克試圖尋求中國允許Tesla在中國使用全自動駕駛（FSD）軟件。

Tesla在中國面對當地電動車產能過剩、價格競爭等因素，導致銷售量下降。公 司行政總裁馬斯克（Elon Musk），周日（28日）突然抵達北京訪問，並獲中 國總理李強接見。《路透社》報道指，馬斯克試圖尋求中國允許Tesla在中國使 用全自動駕駛（FSD）軟件。在會面後的晚上，中國當中隨時撤銷早前對 Tesla「禁行禁停」的限制。

馬斯克受中國國際貿易促進會邀請，乘搭私人飛機在周日抵達北京。中國官媒高調報道，據《央視》報道，馬斯克這次是應中國貿促會的邀請到訪北京，到達後隨即獲李強接見。李強表示，Tesla在中國的發展堪稱中美經貿合作的成功範例，中國的超大規模市場將始終向外資企業敞開。李強還安撫外商說：「讓各國企業安心、放心地投資中國。」

對於馬斯克此次突訪北京的目的，路透社引述一位匿名的知情人士稱，馬斯克尋求在北京會見中國高級官員，討論在中國推出全自動駕駛（FSD）軟件，並希望獲得批准將在中國收集的數據轉移到國外，以訓練其自動駕駛技術的算法。

而在會面的當晚，中國汽車工業協會發通報，公布Tesla上海超級工廠生產的車型全部符合4項合規要求，早前中國多地禁止Tesla行駛或停放。網民朱國祥接受本台訪問時表示：「他們肯定是希望留下馬斯克。因為，中國經濟肯定是在不斷下行，越來越差。我認為中國過往對特斯拉既打壓，又拉攏，之前我也了解有人炒作說他搜集數據，行駛在街道上都會搜集數據，包括停車禁令。」

另一網民邢鑒對本台說，中國今天解禁Tesla，不能保證未來因政治需要再度禁止其自由行駛：「過去有些停車場、機關單位，機場等地，均以涉及到國家安全的理由限制特斯拉，但是目前隨著大量外資的撤出，疫情後的經濟低迷，大量的失業人員，中國政府為了提高經濟和就業崗位，邀請馬斯克訪華是為了留住特斯拉。但是在以後一旦經濟發展起來，也不排除特斯拉會再次面臨被限制的處境。」

馬斯克X發帖：將繼續在中國深耕

馬斯克在其社交平台表示，榮幸與李強會面。Tesla在官方微博發布二人會面的片段，並指公司很榮幸能參與中國新能源汽車行業的快速發展，公司將繼續在中國深耕，在人工智能、電動車、儲能等領域與行業共同發展，加速清潔能源與自動駕駛技術落地，把美好願景變成現實。

記者：乾朗（普通話組）　編輯：李榮添　網編：程皓楠

大型妖股 180 賣哂無再睇