<p>Investing.com - 本周在人工智能（AI）领域最大的分析师动态。</p>
<p>[[pro_promotion |</p>
<p>探索分析师认为的投资 Pro 上的顶级 AI 股票</p>
<p>]]</p>
<p>KeyBanc 指出苹果估值 “过高”</p>
<p>KeyBanc Capital Markets 对苹果的估值表示越来越担忧，警告称专有支出数据指向 “多年来牛市增长观点的初步裂痕”，因为美国硬件需求回归正常季节性。</p>
<p>分析师 Brandon Nispel 维持该股的行业权重评级，引用现场数据表明 4 月份的支出指数环比下降 16%，低于三年平均下降 12%，而同比增长则从 3 月份的正增长 10% 急剧放缓至负增长 6%。</p>
<p>KeyBanc 认为这对苹果的多头构成挑战，因为未来的增长越来越需要来自国际市场——特别是中国和亚太地区——该公司承认在这些市场的数据可见性较低。</p>
<p>在短期内，KeyBanc 预计财政第三季度硬件收入同比增长 18.2%，高于 15.4% 的市场共识，iPhone 预计增长 24.6%，而市场共识为 19.4%。</p>
<p>尽管这些估计高于市场共识，Nispel 表示他 “很难找到支持 AAPL 估值的理由”，该估值依赖于激进的多年增长率和溢价倍数。</p>
<p>其他担忧包括苹果历史上的业务周期性，美国运营商的信息显示设备补贴减少，以及最近 Verizon 的评论表明升级率已开始放缓。</p>
<p>随着苹果的交易价格约为 2027 财年 EV/EBITDA 的 23 倍和 32 倍的收益，KeyBanc 表示该股相对于其历史上对纳斯达克和其他大型科技公司的折扣来看，普遍显得被高估。</p>
<p>美银重申对台积电的买入评级，称竞争担忧被夸大</p>
<p>美国银行（BofA）在台积电的技术研讨会后重申了对台积电的买入评级，维持目标价为 2560 新台币，并认为 “近期的担忧被夸大”，因为台积电的规模和技术领先优势持续扩大。</p>
<p>在 3nm 和 5nm 节点上，台积电目标在 2022 年至 2027 年间实现 25% 的复合年产能增长，预计到 2026 年第四季度 3nm 产能将达到每月 190,000 片，到 2027 年将增至 230,000 片。</p>
<p>美银将此与三星的 SF3 和英特尔的 18A 工艺进行对比，后者估计每月仅有 20,000 到 25,000 片的低产量，主要用于内部使用——这显著限制了苹果将其 M 系列芯片组转移出台积电的风险。</p>
<p>在下一代 N2 节点上，台积电目标在 2026 年至 2028 年间实现 70% 的复合年产能增长，同时同时推出五个制造设施，并将技术转移时间缩短 20%。值得注意的是，N2 在 3nm ramp 期间提前两个季度达到了目标缺陷密度水平。</p>
<p>在先进封装方面，台积电的 CoWoS 和 SoIC 产能分别以 80% 和 90% 的复合年率增长至 2027 年。美银强调，台积电的 CoWoS 良率已超过 98%，而英特尔的竞争 EMIB-T 工艺仍处于 80% 到 85% 的试生产良率，如果未能在 2027 年中期达到 95% 的量产良率，将给这家美国芯片制造商带来执行风险。</p>
<p>KB 证券上调 SK 海力士和三星的目标价，因 AI 驱动的内存短缺</p>
<p>KB 证券上调了 SK 海力士和三星电子的目标价，称由于 AI 基础设施投资激增导致结构性供应短缺。该券商将 SK 海力士的目标价从 280 万韩元上调至 300 万韩元，维持买入评级，并将三星的评级上调至买入，目标价为 45 万韩元。</p>
<p>“对于超大规模云计算商而言，AI 投资不再是资本支出竞赛；而是争夺 AI 基础设施领导地位的竞赛，这可能重塑全球经济，重新定义行业领导地位，并决定平台主导权，” 分析师 Jeff Kim 写道，并补充说投资将持续 “直到足够的内存容量和数据中心基础设施得到保障。”</p>
<p>Kim 预计主要云平台的 AI 令牌使用量在未来六个月内将增长约三倍，同比将增长七倍，使内存容量对超大规模云计算商 “愈发紧迫”。AI 数据中心运营商目前吸收了约 70% 的总内存出货量，随着自主 AI 扩展到设备和物理 AI 应用，需求将进一步扩大。</p>
<p>在供应方面，他警告称新的内存生产线计划在 2027 年之后才会开始大规模生产。“行业似乎正进入一个事实上的零供应时代，” 他写道。KB 预计 SK 海力士 2026 年 DRAM 和 NAND 的 ASP 将分别同比飙升 194% 和 244%，而三星面临的涨幅也同样剧烈，分别为 297% 和 256%。</p>
<p>对于 SK 海力士，KB 预计 2026 年营业利润为 277 万亿韩元——这将使该公司在全球排名第四——营业利润率为 78.1%，为全球最高。预计第二季度营业利润将同比增长超过八倍，达到 70 万亿韩元。</p>
<p>Kim 还指出，SK 海力士向 2028 年至 2030 年长期供应合同的转变 “越来越像是提前订单后再生产的代工模式，减少了收益波动并改善了收益可见性——这是重新评级的关键驱动因素。”</p>
<p>支持这一前景的还有超大规模云计算商资本支出的急剧加速。KB 预计包括 Alphabet 和亚马逊在内的四大美国云计算运营商的合计支出将在 2026 年达到 7250 亿美元，同比增长 77%，并将在 2027 年突破 1 万亿美元。</p>
<p>“对于大型科技公司而言，AI 资本支出不再是成本，而是生存的障碍，” Kim 写道。</p>
<p>大和因估值下调 AMD 评级，因股价近 150% 飙升</p>
<p>本周，大和资本市场将 AMD 的评级从买入下调至跑赢大盘，理由是该股在过去 60 天内上涨近 150%，尽管其将目标价从 250 美元上调至 500 美元，因第一季度业绩强劲超出预期。</p>
<p>分析师 Louis Miscioscia 称 AMD 2026 年第一季度的业绩 “非常好”，收入为 103 亿美元，同比增长 38%，超出华尔街预期的 99 亿美元，超出 361 百万美元。毛利率为 55.4%，略高于指导范围，而第二季度的收入指导为 112 亿美元，比市场共识高出 682 百万美元，意味着同比增长 46%。</p>
<p>AMD 还提升了其长期展望，将 2030 年 x86 可寻址市场的预估翻倍至超过 1200 亿美元，并将其复合年增长率预期从 18% 提高至 35%。管理层预计在未来三到五年内每股收益将超过 20 美元。</p>
<p>尽管运营前景乐观，但下调反映的是估值，而不是大和对 AMD 增长轨迹的积极看法的变化。Miscioscia 写道：“考虑到过去 60 天股价上涨近 150%，短期内可能会有所回落。”</p>
<p>大和将 2026 年的收入和每股收益预估分别提高至 490 亿美元和 7.25 美元，并将 2027 年的预估提高至 727 亿美元和 12.85 美元。</p>
<p>汇丰将思科评级上调至买入，因人工智能基础设施需求重塑增长前景。</p>
<p>在另一项升级中，汇丰将思科评级上调至买入，并将其目标价从 77 美元提高至 137 美元，认为激增的人工智能基础设施需求从根本上重塑了这家网络巨头的增长前景。</p>
<p>该银行指出思科最新业绩中出现了明显的结构性变化。人工智能基础设施订单在本季度达到 19 亿美元，较去年同期的 6 亿美元增长，使得年初至今的总额达到 53 亿美元。</p>
<p>管理层将 2026 财年的人工智能基础设施订单目标从 50 亿美元提高至约 90 亿美元，并将全年人工智能收入指导从 30 亿美元提高至约 40 亿美元。对于 2027 财年，管理层预计人工智能收入至少为 60 亿美元，意味着同比增长约 50%，公司总收入增长约 9%。</p>
<p>汇丰将超出预期的表现归因于思科的 Silicon One 芯片和 Acacia 光学，得益于多个超大规模客户的设计胜利。总收入同比增长 12%，达到 158.4 亿美元，约高于市场共识的 2%，调整后的每股收益为 1.06 美元，超出预期 2.5%。</p>
<p>该银行表示，现在认为 “人工智能收入的财务影响比我们预期的要大”，并确定了三个结构性增长驱动因素：超大规模人工智能建设、企业人工智能网络升级，以及因流量和安全需求上升而推动的校园现代化。</p>
<p>汇丰将 2026 年至 2029 财年的非公认会计原则每股收益复合年增长率预估从 9.8% 提高至 13.6%，应用更高的 29 倍市盈率，以反映思科从 “低增长网络公司” 向结构性人工智能基础设施理论的转变。</p>

三星电子

南方两倍做多三星

<p>分析师本周在与人工智能相关的股票上进行了重大调整。KeyBanc 对苹果的估值表示担忧，维持行业中性评级，原因是硬件需求下降。美银重申对台积电的买入评级，指出其技术领先。KB 证券因人工智能驱动的内存短缺上调了对 SK 海力士和三星的目标价，预计到 2026 年两家公司内存价格和营业利润将大幅增长</p>

<p>Investing.com - Here are the biggest analyst moves in the area of artificial intelligence (AI) for this week.</p>
<div class="lb-trans"><p>Investing.com - 本周在人工智能（AI）领域最大的分析师动态。</p>
</div><p>[[pro_promotion |</p>
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</div><p>KeyBanc flags &#34;stretched&#34; Apple valuation</p>
<div class="lb-trans"><p>KeyBanc 指出苹果估值 “过高”</p>
</div><p>KeyBanc Capital Markets has flagged growing concerns over Apple’s valuation, warning that proprietary spending data points to &#34;initial cracks in the bulls’ multi-year compounding growth view&#34; as U.S. hardware demand reverts toward normal seasonality.</p>
<div class="lb-trans"><p>KeyBanc Capital Markets 对苹果的估值表示越来越担忧，警告称专有支出数据指向 “多年来牛市增长观点的初步裂痕”，因为美国硬件需求回归正常季节性。</p>
</div><p>Analyst Brandon Nispel maintained a Sector Weight rating on the stock, citing field-level data showing indexed spending fell 16% month-over-month in April, below the three-year average decline of 12%, while year-over-year growth decelerated sharply to negative 6% from positive 10% in March.</p>
<div class="lb-trans"><p>分析师 Brandon Nispel 维持该股的行业权重评级，引用现场数据表明 4 月份的支出指数环比下降 16%，低于三年平均下降 12%，而同比增长则从 3 月份的正增长 10% 急剧放缓至负增长 6%。</p>
</div><p>KeyBanc sees this as a challenge for Apple bulls, as future growth increasingly needs to come from international markets — particularly China and Asia-Pacific — where the firm acknowledges it has less data visibility.</p>
<div class="lb-trans"><p>KeyBanc 认为这对苹果的多头构成挑战，因为未来的增长越来越需要来自国际市场——特别是中国和亚太地区——该公司承认在这些市场的数据可见性较低。</p>
</div><p>On the near term, KeyBanc is modeling fiscal third-quarter hardware revenue growth of 18.2% year-over-year, above the 15.4% consensus, with iPhone at 24.6% versus consensus of 19.4%.</p>
<div class="lb-trans"><p>在短期内，KeyBanc 预计财政第三季度硬件收入同比增长 18.2%，高于 15.4% 的市场共识，iPhone 预计增长 24.6%，而市场共识为 19.4%。</p>
</div><p>Despite these above-consensus estimates, Nispel said he is &#34;struggling to find a case that warrants AAPL’s valuation,&#34; which relies on an aggressive multi-year growth rate and a premium multiple.</p>
<div class="lb-trans"><p>尽管这些估计高于市场共识，Nispel 表示他 “很难找到支持 AAPL 估值的理由”，该估值依赖于激进的多年增长率和溢价倍数。</p>
</div><p>Additional concerns include Apple’s historical business cyclicality, U.S. carrier messaging pointing to fewer device subsidies, and recent Verizon commentary indicating upgrade rates have begun to moderate.</p>
<div class="lb-trans"><p>其他担忧包括苹果历史上的业务周期性，美国运营商的信息显示设备补贴减少，以及最近 Verizon 的评论表明升级率已开始放缓。</p>
</div><p>With Apple trading at approximately 23 times fiscal 2027 EV/EBITDA and 32 times earnings, KeyBanc said the stock looks generally overvalued relative to its historical discount to the Nasdaq and other large-cap technology peers.</p>
<div class="lb-trans"><p>随着苹果的交易价格约为 2027 财年 EV/EBITDA 的 23 倍和 32 倍的收益，KeyBanc 表示该股相对于其历史上对纳斯达克和其他大型科技公司的折扣来看，普遍显得被高估。</p>
</div><p>BofA reiterates Buy on TSMC, says competitive fears are overblown</p>
<div class="lb-trans"><p>美银重申对台积电的买入评级，称竞争担忧被夸大</p>
</div><p>Bank of America (BofA) has reiterated its Buy rating on TSMC following the chipmaker’s technology symposium in Taiwan, maintaining a price target of NT$2,560 and arguing that &#34;recent concerns are overdone&#34; as TSMC’s scale and technological lead continue to widen.</p>
<div class="lb-trans"><p>美国银行（BofA）在台积电的技术研讨会后重申了对台积电的买入评级，维持目标价为 2560 新台币，并认为 “近期的担忧被夸大”，因为台积电的规模和技术领先优势持续扩大。</p>
</div><p>On 3nm and 5nm nodes, TSMC is targeting 25% compound annual capacity growth from 2022 to 2027, with 3nm capacity expected to reach 190,000 wafers per month by Q4 2026, rising to 230,000 by 2027.</p>
<div class="lb-trans"><p>在 3nm 和 5nm 节点上，台积电目标在 2022 年至 2027 年间实现 25% 的复合年产能增长，预计到 2026 年第四季度 3nm 产能将达到每月 190,000 片，到 2027 年将增至 230,000 片。</p>
</div><p>BofA contrasted this with Samsung’s SF3 and Intel’s 18A processes, which it estimates at just 20,000 to 25,000 wafers per month at low yields prioritized for internal use — significantly limiting the risk that Apple shifts its M-series chipsets away from TSMC.</p>
<div class="lb-trans"><p>美银将此与三星的 SF3 和英特尔的 18A 工艺进行对比，后者估计每月仅有 20,000 到 25,000 片的低产量，主要用于内部使用——这显著限制了苹果将其 M 系列芯片组转移出台积电的风险。</p>
</div><p>At the next-generation N2 node, TSMC is targeting 70% compound annual capacity growth from 2026 to 2028, rolling out five fabrication facilities simultaneously while cutting technology transfer times by 20%. Notably, N2 reached targeted defect density levels two quarters ahead of the schedule set during the 3nm ramp.</p>
<div class="lb-trans"><p>在下一代 N2 节点上，台积电目标在 2026 年至 2028 年间实现 70% 的复合年产能增长，同时同时推出五个制造设施，并将技术转移时间缩短 20%。值得注意的是，N2 在 3nm ramp 期间提前两个季度达到了目标缺陷密度水平。</p>
</div><p>On advanced packaging, TSMC is growing CoWoS and SoIC capacity at 80% and 90% compound annual rates respectively through 2027. BofA highlighted that TSMC’s CoWoS yield is already above 98%, compared to Intel’s competing EMIB-T process, which remains at 80% to 85% pilot yield, creating execution risk for the U.S. chipmaker if it fails to reach 95% mass production yield by mid-2027.</p>
<div class="lb-trans"><p>在先进封装方面，台积电的 CoWoS 和 SoIC 产能分别以 80% 和 90% 的复合年率增长至 2027 年。美银强调，台积电的 CoWoS 良率已超过 98%，而英特尔的竞争 EMIB-T 工艺仍处于 80% 到 85% 的试生产良率，如果未能在 2027 年中期达到 95% 的量产良率，将给这家美国芯片制造商带来执行风险。</p>
</div><p>KB Securities hikes SK Hynix, Samsung targets on AI-driven memory shortage</p>
<div class="lb-trans"><p>KB 证券上调 SK 海力士和三星的目标价，因 AI 驱动的内存短缺</p>
</div><p>KB Securities has raised price targets on SK Hynix and Samsung Electronics, citing a structural supply shortage driven by surging AI infrastructure investment. The brokerage lifted its SK Hynix target to 3,000,000 from 2,800,000 won, maintaining a Buy rating, and upgraded Samsung to Buy with a new target of 450,000 won.</p>
<div class="lb-trans"><p>KB 证券上调了 SK 海力士和三星电子的目标价，称由于 AI 基础设施投资激增导致结构性供应短缺。该券商将 SK 海力士的目标价从 280 万韩元上调至 300 万韩元，维持买入评级，并将三星的评级上调至买入，目标价为 45 万韩元。</p>
</div><p>&#34;For hyperscalers, AI investment is no longer a capex race; it is a race for AI infrastructure leadership, which could reshape the global economy, redefine industry leadership, and determine platform dominance,&#34; analyst Jeff Kim wrote, adding that investment will continue &#34;until sufficient memory capacity and data center infrastructure are secured.&#34;</p>
<div class="lb-trans"><p>“对于超大规模云计算商而言，AI 投资不再是资本支出竞赛；而是争夺 AI 基础设施领导地位的竞赛，这可能重塑全球经济，重新定义行业领导地位，并决定平台主导权，” 分析师 Jeff Kim 写道，并补充说投资将持续 “直到足够的内存容量和数据中心基础设施得到保障。”</p>
</div><p>Kim sees AI token usage at major cloud platforms rising roughly three times over the next six months and seven times year-on-year, making memory capacity &#34;increasingly urgent&#34; for hyperscalers. AI data center operators already absorb around 70% of total memory shipments, with demand set to broaden further as agentic AI expands into on-device and physical AI applications.</p>
<div class="lb-trans"><p>Kim 预计主要云平台的 AI 令牌使用量在未来六个月内将增长约三倍，同比将增长七倍，使内存容量对超大规模云计算商 “愈发紧迫”。AI 数据中心运营商目前吸收了约 70% 的总内存出货量，随着自主 AI 扩展到设备和物理 AI 应用，需求将进一步扩大。</p>
</div><p>On supply, he warned that new memory production lines are not scheduled for mass production until after 2027. &#34;The industry appears to be entering a de facto zero-supply era,&#34; he wrote. KB projects SK Hynix’s 2026 DRAM and NAND ASPs surging 194% and 244% year-on-year respectively, with Samsung facing similarly sharp moves at 297% and 256%.</p>
<div class="lb-trans"><p>在供应方面，他警告称新的内存生产线计划在 2027 年之后才会开始大规模生产。“行业似乎正进入一个事实上的零供应时代，” 他写道。KB 预计 SK 海力士 2026 年 DRAM 和 NAND 的 ASP 将分别同比飙升 194% 和 244%，而三星面临的涨幅也同样剧烈，分别为 297% 和 256%。</p>
</div><p>For SK Hynix, KB forecasts 2026 operating profit of 277 trillion won — which it says would rank the company fourth globally — at an operating margin of 78.1%, the highest in the world. Second-quarter operating profit is seen jumping more than eight times year-on-year to 70 trillion won.</p>
<div class="lb-trans"><p>对于 SK 海力士，KB 预计 2026 年营业利润为 277 万亿韩元——这将使该公司在全球排名第四——营业利润率为 78.1%，为全球最高。预计第二季度营业利润将同比增长超过八倍，达到 70 万亿韩元。</p>
</div><p>Kim also noted that SK Hynix’s shift toward long-term supply contracts through 2028–2030 &#34;increasingly resemble a foundry-like model of advance orders followed by production, reducing earnings volatility and improving earnings visibility — a key re-rating driver.&#34;</p>
<div class="lb-trans"><p>Kim 还指出，SK 海力士向 2028 年至 2030 年长期供应合同的转变 “越来越像是提前订单后再生产的代工模式，减少了收益波动并改善了收益可见性——这是重新评级的关键驱动因素。”</p>
</div><p>Also supporting the outlook is a sharp acceleration in hyperscaler capex. KB estimates combined spending from four major U.S. cloud operators — including Alphabet and Amazon — will reach $725 billion in 2026, up 77% year-on-year, before crossing $1 trillion in 2027.</p>
<div class="lb-trans"><p>支持这一前景的还有超大规模云计算商资本支出的急剧加速。KB 预计包括 Alphabet 和亚马逊在内的四大美国云计算运营商的合计支出将在 2026 年达到 7250 亿美元，同比增长 77%，并将在 2027 年突破 1 万亿美元。</p>
</div><p>&#34;For big tech, AI capex is no longer a cost, but a survival barrier,&#34; Kim wrote.</p>
<div class="lb-trans"><p>“对于大型科技公司而言，AI 资本支出不再是成本，而是生存的障碍，” Kim 写道。</p>
</div><p>Daiwa downgrades AMD on valuation after near-150% share price surge</p>
<div class="lb-trans"><p>大和因估值下调 AMD 评级，因股价近 150% 飙升</p>
</div><p>This week, Daiwa Capital Markets has downgraded AMD to Outperform from Buy, citing the stock’s near-150% gain over the past 60 days, even as it raised its price target to $500 from $250 following a strong first-quarter earnings beat.</p>
<div class="lb-trans"><p>本周，大和资本市场将 AMD 的评级从买入下调至跑赢大盘，理由是该股在过去 60 天内上涨近 150%，尽管其将目标价从 250 美元上调至 500 美元，因第一季度业绩强劲超出预期。</p>
</div><p>Analyst Louis Miscioscia called AMD’s first-quarter 2026 results &#34;very good,&#34; with revenue of $10.3 billion rising 38% year-over-year and beating the Street estimate of $9.9 billion by $361 million. Gross margins of 55.4% edged above guidance, while second-quarter revenue guidance of $11.2 billion came in $682 million ahead of consensus, implying 46% year-over-year growth.</p>
<div class="lb-trans"><p>分析师 Louis Miscioscia 称 AMD 2026 年第一季度的业绩 “非常好”，收入为 103 亿美元，同比增长 38%，超出华尔街预期的 99 亿美元，超出 361 百万美元。毛利率为 55.4%，略高于指导范围，而第二季度的收入指导为 112 亿美元，比市场共识高出 682 百万美元，意味着同比增长 46%。</p>
</div><p>AMD also upgraded its long-term outlook, doubling its 2030 estimate for the x86 total addressable market to more than $120 billion and raising its compound annual growth rate projection to 35% from 18%. Management expects to exceed $20 in earnings per share over the next three to five years.</p>
<div class="lb-trans"><p>AMD 还提升了其长期展望，将 2030 年 x86 可寻址市场的预估翻倍至超过 1200 亿美元，并将其复合年增长率预期从 18% 提高至 35%。管理层预计在未来三到五年内每股收益将超过 20 美元。</p>
</div><p>Despite the bullish operational picture, the downgrade reflects valuation rather than any change in Daiwa’s positive view on AMD’s growth trajectory. &#34;Given the appreciation of almost 150% over the past 60 days, near term it could moderate,&#34; Miscioscia wrote.</p>
<div class="lb-trans"><p>尽管运营前景乐观，但下调反映的是估值，而不是大和对 AMD 增长轨迹的积极看法的变化。Miscioscia 写道：“考虑到过去 60 天股价上涨近 150%，短期内可能会有所回落。”</p>
</div><p>Daiwa raised its 2026 revenue and EPS estimates to $49 billion and $7.25, respectively, and its 2027 estimates to $72.7 billion and $12.85.</p>
<div class="lb-trans"><p>大和将 2026 年的收入和每股收益预估分别提高至 490 亿美元和 7.25 美元，并将 2027 年的预估提高至 727 亿美元和 12.85 美元。</p>
</div><p>HSBC upgrades Cisco to Buy as AI infrastructure demand resets growth profile</p>
<div class="lb-trans"><p>汇丰将思科评级上调至买入，因人工智能基础设施需求重塑增长前景。</p>
</div><p>In another upgrade, HSBC has raised Cisco to Buy and lifted its price target to $137 from $77, arguing that surging AI infrastructure demand has fundamentally reset the networking giant’s growth outlook.</p>
<div class="lb-trans"><p>在另一项升级中，汇丰将思科评级上调至买入，并将其目标价从 77 美元提高至 137 美元，认为激增的人工智能基础设施需求从根本上重塑了这家网络巨头的增长前景。</p>
</div><p>The bank pointed to a clear structural shift in Cisco’s latest results. AI infrastructure orders reached $1.9 billion in the quarter, up from $600 million a year earlier, lifting the year-to-date total to $5.3 billion.</p>
<div class="lb-trans"><p>该银行指出思科最新业绩中出现了明显的结构性变化。人工智能基础设施订单在本季度达到 19 亿美元，较去年同期的 6 亿美元增长，使得年初至今的总额达到 53 亿美元。</p>
</div><p>Management raised its fiscal 2026 AI infrastructure orders target to approximately $9 billion from $5 billion and lifted full-year AI revenue guidance to approximately $4 billion from $3 billion. For fiscal 2027, management guided for AI revenue of at least $6 billion, implying roughly 50% year-over-year growth and total company revenue growth of around 9%.</p>
<div class="lb-trans"><p>管理层将 2026 财年的人工智能基础设施订单目标从 50 亿美元提高至约 90 亿美元，并将全年人工智能收入指导从 30 亿美元提高至约 40 亿美元。对于 2027 财年，管理层预计人工智能收入至少为 60 亿美元，意味着同比增长约 50%，公司总收入增长约 9%。</p>
</div><p>HSBC attributed the outperformance to Cisco’s Silicon One chips and Acacia optics, backed by multiple hyperscaler design wins. Total revenue grew 12% year-over-year to $15.84 billion, approximately 2% above consensus, while adjusted EPS of $1.06 beat estimates by 2.5%.</p>
<div class="lb-trans"><p>汇丰将超出预期的表现归因于思科的 Silicon One 芯片和 Acacia 光学，得益于多个超大规模客户的设计胜利。总收入同比增长 12%，达到 158.4 亿美元，约高于市场共识的 2%，调整后的每股收益为 1.06 美元，超出预期 2.5%。</p>
</div><p>The bank said it now believes &#34;AI revenue is having a larger financial impact than we had expected,&#34; identifying three structural growth drivers: hyperscaler AI buildouts, enterprise AI networking upgrades, and campus modernization driven by rising traffic and security demands.</p>
<div class="lb-trans"><p>该银行表示，现在认为 “人工智能收入的财务影响比我们预期的要大”，并确定了三个结构性增长驱动因素：超大规模人工智能建设、企业人工智能网络升级，以及因流量和安全需求上升而推动的校园现代化。</p>
</div><p>HSBC raised its fiscal 2026 to 2029 non-GAAP EPS compound annual growth rate estimate to 13.6% from 9.8%, applying a higher 29x price-to-earnings multiple to reflect Cisco’s transition from a &#34;low-growth networking company to a structural AI infrastructure thesis.&#34;</p>
<div class="lb-trans"><p>汇丰将 2026 年至 2029 财年的非公认会计原则每股收益复合年增长率预估从 9.8% 提高至 13.6%，应用更高的 29 倍市盈率，以反映思科从 “低增长网络公司” 向结构性人工智能基础设施理论的转变。</p>
</div>

5 big analyst AI moves: PT hikes for Samsung and SK Hynix, AMD downgraded

- KeyBanc 担忧苹果估值上升，称硬件需求回归正常季节性。  
- BofA 重申对台积电的买入评级，认为竞争担忧过度。  
- KB Securities 上调 SK 海力士和三星目标价，因 AI 基础设施投资带动需求。

英为财情

苹果

科凯国际

纳斯达克综合指数

美国银行

台积电

英特尔

威瑞森

韩国国民银行

Samsung Electronics Co., Ltd. Sponsored GDR

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Bank of America Corp

5 大分析师关于 AI 的动作：三星电子和 SK 海力士的目标价被上调，AMD 被降级