HL谈币

核聚变来了。。。特朗普媒体科技集团延续涨势，盘前涨幅一度扩大至37.5%。此前报道，特朗普媒体科技集团与核聚变公司TAE将于2026年开始选址并建造聚变电站。

NVIDIA 'AI Power Crisis' Closed-Door Summit Summary
Date: December 17, 2025
Location: NVIDIA Headquarters in Santa Clara, California, USA
Conference Theme: Solutions for AI Data Center Power Shortages
Host: Jensen Huang
Attendees: Approximately 25 top-tier startups in the power sector (most from NVIDIA's investment portfolio), covering areas such as liquid cooling, solid-state transformers, fuel cells, on-site hydrogen production, microgrids, and energy storage, strictly closed-door, no media, no recordings
1. Core Highlights (Selected Quotes from Jensen Huang)
1. By 2027, the GPU clusters supplied solely by NVIDIA will consume 150-200GW of power globally, equivalent to 1.5-2 times the total electricity consumption of France—this is just the tip of the iceberg for computing power demand, and the power gap has become the ultimate bottleneck for AI development.
2. If the power issue cannot be resolved, all advanced chips and powerful models are merely 'non-starting shells'; the AI revolution will be directly stunted at the energy level.
3. China's installed power capacity is twice that of the United States, which is their key advantage in AI infrastructure; while the power gap for data centers in the U.S. will reach 47GW by 2028, equivalent to the output of 44 standard nuclear power plants, and if action is not taken, they will lose the computing power dominance.
4. We cannot just be a chip supplier; we must become a 'computing power + energy' full-stack solution provider—800VHV-DC is not a choice, but a survival issue for AI data centers.
5. Nuclear energy, green electricity, and energy storage are not alternatives but rather a 'trinity': AI needs stable, carbon-free, scalable energy, which is the core logic of our investment in T-e-r-r-a-P-o-w-er.
2. Crisis Consensus and Key Data
Single Cluster Power Consumption Peak: Currently, a million-card GPU cluster consumes 300 million kWh annually, equivalent to a small city; by 2027, the power of a Ky-b-er rack will exceed 1MW, more than five times that of traditional racks.
Global Gap Warning: From 2025 to 2028, the global power gap for AI data centers will soar from 47GW to over 100GW; even if the U.S. puts all under-construction projects into production, there will still be a 5-15GW gap that cannot be filled.
Traditional Architecture Failure: The traditional 54V power supply architecture requires over 18kA current to support 1MW power, with copper cable usage exceeding 1 ton per rack, and efficiency only at 90%, completely unable to meet the megawatt-level computing power demand.
3. Core Solutions (Path to Implementation)
(1) Power Supply Architecture Revolution: Comprehensive Promotion of 800VHV-DC
Goal: Complete the transition to 400V by 2026, and achieve large-scale mass production of 800VHV-DC in sync with the Ky-b-er rack by 2027, with end-to-end efficiency improved to over 98%.
Core Advantages: By '13.8kV power grid → 800VDC direct supply' single-step conversion, intermediate links are reduced, power loss is reduced by 40%, and copper cable demand is reduced by 45%.
Standard Release: The white paper '800VDC Architecture for Next-Generation AI Infrastructure' has been launched, unifying industry technical interface specifications.
(2) Key Technological Breakthroughs: Hardware and Energy Synergy
1. Solid-State Transformers (SST): 10kV/800VSST conversion efficiency reaches 98.5%, with volume reduced by 60%-90%, the Kaohsiung K-1 data center being the first demonstration project.
2. Liquid Cooling Standard Configuration: By 2025, the penetration rate of liquid cooling will reach 40%; in synergy with the 800V architecture, cooling energy consumption will further decrease by 25%, with a PUE target locked below 1.1.
3. Chip-Level Power Management: The Bl-a-c-k-w-e-ll series GPUs will feature Max-Q (high energy efficiency) / Max-P (high performance) intelligent modes, saving 15% energy while maintaining over 97% performance.
(3) Energy Supply Combination: Phased Energy Supplement
Short Term (0-2 years): Gas turbines + lithium iron phosphate energy storage for emergencies, transforming Bitcoin mining farms (power-on cycle reduced to 6-12 months) to quickly fill gaps.
Mid Term (2-5 years): Promote 'photovoltaics + energy storage + computing power' integration, sodium-ion batteries entering edge scenarios, with cost per kWh 30% lower than lithium batteries.
Long Term (5 years+): Betting on small modular nuclear reactors (SMR), through NV-e-n-t-u-r-es investing in T-e-r-r-a-P-o-w-er, promoting the simplification of commercial approval for sodium-cooled reactors.
(4) Ecosystem and Investment Layout
NV-e-n-t-u-r-es Focus: Key investments in solid-state transformers, high-voltage IG-BT/SiC chips, long-duration energy storage, on-site hydrogen production, having participated in T-e-r-r-a-P-o-w-er's $650 million financing.
Partner Empowerment: Opening the 800V architecture specifications to startups, collaborating with TSMC to develop power management chips, and pushing for solutions with K-ua data, Sungrow, and others.
4. Commercial Value and Risk Mitigation
Market Space: From 2025 to 2027, the compound annual growth rate of the AI server power module scale will reach 110%, with the market scale expected to reach $32.5 billion by 2027, and the power value of a single rack increasing from $15,000 to $52,000.
Risk Mitigation: Addressing SST capacity shortages by promoting TSMC/Infineon expansion; addressing long SMR approval cycles by collaborating with the U.S. Department of Energy to simplify processes, aiming for the first batch of commercial use by 2027.
5. Conference Conclusion
AI competition has shifted from chip production capacity to power supply capability; NVIDIA will build a 'computing power-energy' closed-loop based on '800V architecture as the core, multi-energy synergy as support, and ecosystem investment as the link.' Jensen Huang emphasized: 'In the next decade, only those companies that can solve the power issue will grasp the future of AI—this is not a technical choice, but a survival rule.'
$BNB $BTC $ETH

Guozheng Technology, I have always been here, the logic has been popularized nearly, what's left is for everyone to have a bit more patience, 30 billion next year, see you then
$BNB $BTC $ETH

The essence of wealth is energy. The value of wealth is flow, transferring from one pair of hands to another, moving from one scene to another, nourishing all things through exchange, giving, and creation.
If you cannot see clearly, you will be bound by the illusion of scarcity; even if you have a lot of money, you will still feel anxious, thinking it is not enough. You have never truly lacked anything; you have only set limits on yourself mentally, and you do not dare to accept the truth that is inherently complete. When the soul transcends the obsession with material things, you will have everything; inclusiveness, abundance, and freedom will all blossom within your true nature.
$BNB $BTC $ETH

Commercial aerospace concept stocks are strengthening, with Shunhao Co., Tianjian Technology, Western Materials, Beimo Gaoke, and Shengyang Technology hitting the daily limit. Tianyin Electromechanical, China Satellite, Shanghai Hugong, and Shanghai Hanxun have the highest gains.
In terms of news, the Long March 12A rocket is scheduled for its first launch in December 2025.
Dongwu Securities stated that breakthroughs in reusable rocket technology are beneficial for the industry chain, but after a short-term surge, divergences may intensify, concentrating the profit effect among front-line stocks.
The commercial aerospace sector has surged short-term; how do you view its subsequent trend?
1. Continue to be optimistic and buy on dips: clear technical breakthroughs are beneficial for the industry chain in the long term.
2. Short-term overheating, be aware of risks: be cautious of differentiation and wait for pullback opportunities.
3. Focus on core targets: only pay attention to opportunities in leading stocks at the front.
4. Pay attention to the expansion of the industry chain: more optimistic about new materials, satellite applications, and other extended fields.
$BNB $BTC $ETH

学习时报新名词：犒赏经济
所谓“犒赏经济”，是指消费者在面对工作生活压力或特定的心理需求时，通过购买价格在承受范围内的非必需品或体验服务，以获取即时性愉悦感、自我确认感和心理疗愈的一种经济活动。例如，上班族在回家路上购买一份精致的甜点、大学生考试结束后抢购一张演唱会门票，这种消费行为越来越成为时下年轻人的选择，也是观察当前我国消费市场活力与韧性的一个重要窗口。以“犒赏经济”中备受欢迎的潮玩商品为例，据《中国潮玩与动漫产业发展报告（2024）》预测，中国潮玩产业的市场规模将保持较快的增长，在2026年达到1101亿元，展现出巨大的市场潜力。

Western Machinery | Liquid Cooling Series Research Feedback
Yidong Electronics
Starting from May 2025, began to undertake OEM for liquid cooling plates and ship in bulk, with an average monthly revenue of 10 million, mainly focusing on AVC and Pinda, primarily supplying components for liquid cooling plates while simultaneously setting up module production lines. In addition, both co-o-l-e-r-m-a-s-t-er/ywk have new collaboration projects expanding, with a target revenue of 10e from liquid cooling in 2026.
The optical module ca-ge is expected to achieve a doubling growth in 2026.
The robotics business supplies FPC to major customers in North America, directly supplying to North America, with an ASP of several thousand yuan.

In December 2025, Google has completed the audit of Jinpan Technology's factory in China (according to industry sources), and is expected to sign a large order for 2 years, totaling approximately 1.2 billion yuan.
Jinpan Technology's Solid State Transformer (SST) technology is its core competitiveness in collaboration with Google. This technology addresses the pain points of low power conversion efficiency and large space occupation under high power density in AI data centers, and has been listed as the ultimate solution in NVIDIA's 800V DC architecture white paper. Google chose to jointly develop SST with Jinpan Technology precisely because of its leading advantage in this technological field (1-2 years ahead of competitors), to cope with the increase in power demand brought by the explosion of AI computing power. Berkshire Hathaway has invested in Google (3.05 billion USD), and some analysts believe this move indirectly recognizes Jinpan Technology's value in the AI power infrastructure field, as Google's AI ecosystem expansion relies on such core suppliers.
Both parties are building the next-generation AI-DC power supply architecture, with the Jinpan technology team directly interfacing with Google's power management system development. Revenue expectations: A year-on-year growth of over 30% for Google's orders in 2025, accounting for 15%-20% of overseas AI-DC business; it is expected that SST-related revenue will exceed 500 million yuan in 2026. Long-term collaboration: The partnership extends to the construction of Google's global AI computing power centers, including projects in Shanghai Lingang and other Asia-Pacific locations. Jinpan Technology's data center business (including Google orders) achieved sales revenue of 974 million yuan in the first three quarters of 2025, a year-on-year increase of 337.47%, becoming the core driving force for the company's performance growth. Revenue from overseas markets (including Google) accounts for 31%, and the acceleration of order delivery further consolidates its position in Google's industrial ecosystem.
> Note: Progress in cooperation involves commercial secrets, and some details have not been publicly disclosed. Investors should pay attention to the company's regular reports and official announcements for the latest information.

Bought some of this, the company's big rise is because of Google's factory audit.

美股大跌。
1达链
看不清了。
2商业航天
已经调整两天，看能否回流，盯住情绪和逻辑核心。
3消费
走得不流畅，看个别股比如百大表演。
4无人驾驶
今天再不强就没了。
整体判断就是达链调整不充分，但机构有钱任性，商业航天休整期。

On Wednesday, the three major U.S. stock indices collectively fell, with the Nasdaq index, which is heavily weighted towards technology stocks, experiencing the most significant decline, down 1.81% to 22693.32 points. The S&P 500 index dropped 1.16%, while the Dow Jones Industrial Average fell 0.47%.
The primary pressure on the market came from a significant correction in artificial intelligence (AI)-related tech stocks. In terms of individual stocks, Oracle plummeted over 5%, AMD dropped 5.3%, Broadcom fell 4.5%, and Nvidia declined 3.8%. Reports indicated that Oracle's $10 billion data center project faced financing setbacks, and although the company later denied this, its stock price was still significantly impacted. This reflects that after a substantial prior increase, investors are reassessing the actual profit potential of large investments in the AI sector and questioning whether current stock prices are too high.
This concern has prompted a rotation of funds from overvalued growth stocks to more reasonably valued value stocks. Comments from Zacks Investment Management pointed out that investors are taking a more defensive stance in anticipation of possible developments next year, a trend expected to continue until 2026. Correspondingly, the energy sector saw a rebound, with ConocoPhillips and Occidental Petroleum both rising over 4%.

Good days for stockholders have arrived, Huijin announced today the purchase of various ETFs to stabilize the stock market, encouraging long-term value investment, and will continue to maintain healthy market development.

Envic AI-DC Liquid Cooling Progress Update-1215
———————————
New Changes: Google Order Implementation. Recently, Google and the company’s cooperation order for 2026 has been implemented, with an expected shipment volume of over 40,000 TPU cabinets in 2026, of which the company has obtained approximately 25% of the CDU supply share, corresponding to 2-3 billion yuan.
So far, the company has overseas orders exceeding 4 billion yuan:
1. Direct orders from NV: totaling approximately 1.7 billion yuan. UQD 1-2 million pairs, 50-60 USD/pair, approximately 500 million yuan; 1,000-2,000 CDU units, 120,000 USD/unit, approximately 1.2 billion yuan.
2. Google: CDU share is approximately 25%, corresponding to 2-3 billion yuan.
Potential High Certainty Orders:
1. Me-ta: Small batch shipments have already been made, and a framework order for 2026 is expected to be placed within the year, with a projected volume of several hundred million yuan.
2. CLS: Switch cold plates are expected to reach 500 million to 1 billion yuan; Google TPU cabinet quick connectors, cold plates, etc. are expected to be ordered through CLS to the company, with an estimated order volume of over 3 billion yuan if estimated with a 25% share.
Total overseas AI-DC liquid cooling orders for 2026: over 4 billion yuan, with potential high certainty orders expected to reach 4-5 billion yuan. Optimistically, the company’s overseas income for 2026 is expected to reach 9 billion yuan, with a profit of 2 billion yuan. Adding the company’s existing business profit of about 1 billion yuan for 2026, the overall expectation is likely to reach 3 billion yuan, with a current valuation of 27X.
In the future, the company's NV share is expected to further increase, and Google TPU shipment volume is expected to exceed expectations.

翘板了这个，用的资金不多，一点点

拍大腿，本来想翘班这个的，地天板了

Waymo, the autonomous driving division under Google, is negotiating financing, planning to raise more than $15 billion, with a valuation close to $100 billion. This round of financing is led by its parent company.

【Guolian Minsheng Communication | Commercial Aerospace】Two major patents disclosed, current price continues to strongly call 【Shunhao Co., Ltd.】 (002565)!!
On the evening of December 16, 2025, Orbit Chuangguang announced two major patents: 【A dawn-dusk orbital computing satellite】 + 【An energy system for a dawn-dusk orbital computing satellite】. Orbit Chuangguang is not only the builder and subsequent operator of Beijing's 16GW giant space data center, but also a leading enterprise mastering core technologies such as energy & heat dissipation!
[Gift] Again reminding that pricing for Orbit Chuangguang is essentially pricing the 16GW space data center for 10 years from now
[Coffee] Today's market disturbance shows the resilience of the commercial aerospace sector in the afternoon counterattack, with continuous significant catalysts to come. While recommending 【Shunhao Co., Ltd.】, it is also suggested to continue focusing on Aerospace Power, Electric Science Digital, Aerospace Electronics, Zhenlei Technology, Xinke Mobile, Shanghai Huanxun, Yinbang Co., Ltd., Tianli Composite, Zhenyou Technology, Tongyu Communication.

1、平潭发展和赛微电子，延长重点监控，再加上指数回踩的需要，开盘情绪要承压。两个观察点吧，触底反弹什么板块来带队、谁扛压力示强。指数回踩直接到位还好说，比较担心抢修复然后互相拉扯。
2、商业航天，航天发展应该是绕异动的走势，龙虎榜加持的航天电子估计要带一下强度。
3、消费消息不断，还能继续做，东百空间不太够看来要也要绕异动。永辉超市有龙虎榜加持，赚够了眼球，也算一种抱团吧。

帝王运
帝王运一词诞生于陈小群席位，对自身的点评，玄学算命，表达自己拥有帝王运势，而股票妖股情绪的炒作，非常吃玄学，因此，目前整个盘面的情绪都是围绕帝王运的席位效应开展，整个盘面开启了帝王运带来的暴力投机性机会，同时帝王运席位不断大手笔出手核心个股，整个盘面围绕帝王席位开展，高溢价，暴力拉升，高度主导，这种帝王运，是A股投机的需要，也是风格主导的需要。

Space X has begun actively laying out its space solar energy technology—recently hiring positions include solar array manufacturing engineers, photovoltaic system designers, and the job requirements specifically mentioned perovskite batteries. Guosheng Technology's logic is very solid.