Hybrid bonding will not replace TCB, but will complement each other. After the failure of Moore's Law, advanced packaging technology has become the main way to improve chip performance. NVIDIA adopts Chiplet design on B200, relying on TSMC's advanced CoWoS packaging technology. The continuous advancement of advanced packaging technology has driven the development of TCB and hybrid bonding. Advanced packaging is defined as packaging with die size smaller than 100 microns, with widespread application of fan-out packaging

Will hybrid bonds replace TCB?

港股科网股触底反弹，阿里巴巴涨超 4%，京东、美团涨超 3%，微博、汽车之家、东方甄选均涨超 2.5%，腾讯控股、百度均涨近 2%。

马云判断 “三、五年的时间跨度对于互联网领域而言，犹如一个世纪之久，足以发生翻天覆地的变化，AI 时代刚刚到来，一切才刚开始，我们正当其时！”

马云内部发声：AI 时代刚刚到来，我们正当其时（全文）

Yesterday, individual stocks experienced a violent rebound in the morning session after a flash crash. Haosen Financial Technology surged by 730% at one point, while Shengneng Group rose by over 80%. China Tianrun Cement announced a trading halt, while Haosen Financial Technology and Shengneng Group experienced a violent rebound during trading hours. Haosen Financial Technology surged by 541.51% to HKD 3.4, while Shengneng Group rose by 35.71% to HKD 2.85. Shengneng Group stated that they were not aware of the reason behind the volatility, and there were no significant changes in their business operations. Tianrui Cement saw its stock price plummet by 99% due to disappearing buying interest and supply chain issues

Hong Kong stock market anomaly | Yesterday's flash crash individual stocks violently rebounded in the morning, Haosen Financial Technology surged by 730% at one point, and Ascendas Group rose by over 80%

恒指涨幅达 1%，舜宇光学科技涨超 4%，新奥能源、阿里巴巴、药明生物均涨超 3%。

Xiaomi's SU7 listing has become a hot seller, triggering a price war and a wave of price cuts in the automotive industry. The year 2024 is full of competition and changes in the automotive industry. Based on annual performance, SAIC Group, BYD, and Li Auto have become industry leaders. The prices of traditional car manufacturers have risen, while the prices of new car-making forces have fallen. BYD's new energy brand leads in sales, while Geely and Great Wall's new energy vehicle penetration rates are also increasing. The automotive industry is facing a survival of the fittest scenario where the strong maintain their competitive advantage

Xiaomi SU7 enters the market with a surge in orders, reshaping the automotive industry: Can the leader maintain its strength?

港股浩森金融科技一度涨超 700%，前一交易日收跌超 90%。

Elon Musk expects that the next generation large-scale model Grok 3 will require 100,000 NVIDIA H100 GPUs, with potential power consumption equivalent to that of a small city. Musk pointed out that the current development of AI technology faces two major challenges: a shortage of high-end GPUs and enormous power demand. Nevertheless, advancements in computing and storage technology will make it possible to train even larger language models in the coming years. Musk predicts that an artificial intelligence smarter than the most intelligent human will be born in the next one to two years

Musk: The next-generation large model Grok 3 will require 100,000 NVIDIA H100 chips

网易公司首席执行官兼董事丁磊表示，很高兴能够在信任和相互尊重的基础上开启下一个篇章，为用户提供更刺激、更有创意的娱乐体验。暴雪宣布旗下游戏将重返中国大陆市场，双方将积极协同，为广大社区带来游戏的快乐。

网易丁磊：很高兴能够在信任和相互尊重的基础上开启下一个篇章

美国经济表现强劲，非农就业人数和 ISM 制造业 PMI 超过预期。然而，中金认为中期内美国不会出现二次通胀压力，因为供给相对需求增长更快，降低了物价。数据季节性扰动意味着未来增长将进入下行通道，也不会推高通胀。此外，科技革命提高生产效率，也有降低通胀的效果。目前，美联储尚未开启降息周期，市场预期 2024 年降息次数由 7 次下降到 3 次，6 月降息概率降至 45% 左右。

美国通胀又要起来了？中金：可能性不大

网易游戏官宣：将暴雪游戏重新带回国服。

Google has launched the data center chip Axion based on the Arm architecture, which has a 30% higher performance than general Arm chips and a 50% higher performance than the current generation x86 chips produced by Intel. Axion is suitable for Google's search engine and AI-related work, helping to process large amounts of data and deploy services for billions of users, playing an important role in the field of AI. Google plans to expand such usage and make it available to the public later this year. This move signifies Google's efforts to catch up with competitors in the cloud field such as Amazon and Microsoft

Following Microsoft and Amazon in reducing reliance on NVIDIA, Google launches data center chip

Wall Street investment banks have adjusted their expectations for the Fed's interest rate cuts this year. Bridgewater's CIO stated that US inflation and strong economic growth have caused the rate cut expectations to "derail", with Morgan Stanley's chairman predicting that rates may rise to 8%. Vanguard Group believes that the Fed will not cut interest rates this year, which could have an impact on global central banks and markets. Investors have seen a shift in expectations for Fed rate cuts, with futures traders betting on the smallest rate cut since last year. Currently, Fed fund futures are pricing in a 60 basis point cut for this year

Wall Street takes turns pouring cold water! Bridgewater CIO: Fed rate cut expectations have "gone off track"

车市价格战升级，多家车企降价竞争激烈。小米 SU7、极氪 007、问界新 M7 等车型纷纷降价，引发了热销车型碾压小米的局面。奇瑞、蔚来、小鹏等新造车企业也纷纷推出补贴政策。新能源车企受益于碳酸锂价格下跌和电池成本降低，造车成本有所下降，价格战空间增加。然而，燃油车厂商面临着新能源车带来的巨大压力。车市竞争白热化，汽车厂家雪上加霜。

车市恶战已突破底线，谁不降谁先死？

The Dow Jones Industrial Average fell for the second consecutive day, while the S&P 500 and Nasdaq barely closed higher. Gold mining stocks collectively strengthened, with NVIDIA falling nearly 5% at one point. Goldman Sachs lowered Tesla's target price for the third time this year. Intel released the Gaudi 3 chip. Google unveiled data center processors and new AI chips based on ARM architecture. Boeing engineers exposed aircraft defects. The non-founder edition of Xiaomi's SU7 is expected to start delivery in late April

Breakfast | "Smart Money" continues to short US stocks, Intel launches chip with performance exceeding H100

The "halving" of Bitcoin has already been partially priced in, according to the CEO of Marathon Digital. Bitcoin has risen by over 60% so far this year. The halving plan will cut miners' income in half by the end of April. Although the halving may have some impact on the price, miners are satisfied with it. The price of Bitcoin has recently experienced a slight decline, but there is still market demand

MarathonCEO: Bitcoin "halving" benefits have been partially priced in

Goldman Sachs and American Express lowering high-yield savings account interest rates show a clear dovish trend. This may be because they realize that the Federal Reserve is about to cut interest rates. The rate cuts by Goldman Sachs and American Express indicate that the market's expectations for Fed rate cuts this year are overly pessimistic

Expected Fed rate cut coming soon? Goldman Sachs and American Express leading the way with rate cuts

Analog Devices(ADI) rose 3.78%, with a trading turnover 931.1 Million USD, and a year-to-date rose 3.3%. Cisco(CSCO) rose 3.67%, with a trading turnover 1.3 Billion USD, and a year-to-date rose 0.6%. Eaton Corp.(ETN) fell 3.7%, with a trading turnover 1.3 Billion USD, and a year-to-date rose 30.8%. Progressive(PGR) fell 2.65%, with a trading turnover 547.6 Million USD, and a year-to-date rose 29.4%.

Top 5 US Stock Gainers/Losers (>100B) (4.9)

Destiny Tech100(DXYZ) fell 35.87%, with a trading turnover 659.6 Million USD, and a year-to-date rose 675.8%. Tilray Brands(TLRY) fell 20.66%, with a trading turnover 167.5 Million USD, and a year-to-date fell 10.7%. Harmonic(HLIT) fell 14.61%, with a trading turnover 73.9 Million USD, and a year-to-date fell 14%.

Top 10 US Stock Losers (4.9)

Iczoom(IZM) rose 43.45%, with a trading turnover 39.4 Million USD, and a year-to-date rose 219.1%. Niu Tech (NIU) rose 26.11%, with a trading turnover 3.9 Million USD, and a year-to-date rose 3.7%. GigaCloud Tech(GCT) fell 5.67%, with a trading turnover 65.6 Million USD, and a year-to-date rose 72.7%. ACM Research(ACMR) fell 4.58%, with a trading turnover 38.4 Million USD, and a year-to-date rose 52.3%.

Top 5 CDRs Gainers/Losers (>100M) (4.9)

Sunnova Energy(NOVA) rose 17.65%, with a trading turnover 65.6 Million USD, and a year-to-date fell 64.6%. Sunrun(RUN) rose 9.6%, with a trading turnover 182.9 Million USD, and a year-to-date fell 33.7%. XPeng(XPEV) rose 9.35%, with a trading turnover 178.7 Million USD, and a year-to-date fell 44.7%.

Top 10 US Stock Gainers (4.9)

Boeing engineer reported potential safety hazards in the 787 Dreamliner, causing Boeing's stock price to drop by over 2%. The report pointed out that improper aircraft connections could weaken structural integrity, and there were errors in maintenance and testing methods. In addition, over 1000 aircraft have missing parts, facing the risk of premature end of service life. Boeing responded by stating that a thorough analysis is underway, and engineers are addressing maintenance requirements, with FAA supervision. This news further intensified market concerns about the quality of Boeing products

Boeing engineer reports safety concerns with 787 Dreamliner, stock price drops over 2%

Hedge funds have been net selling global stocks for two consecutive weeks, mainly driven by short selling. The non-essential consumer goods sector is the most affected. According to customer data from Bank of America, hedge funds have been selling stocks for five consecutive weeks. Investors are reassessing the Fed's interest rate cut path. Market expectations for the number of interest rate cuts this year have decreased, leading investors to reassess the stock market outlook. The Dow Jones Industrial Average and the S&P 500 Index fell last week. The upward momentum of US stocks this week will face a key test, including inflation data and corporate earnings reports

The expectation of a Fed rate cut collapsed, "smart money" continues to short the stock market

Wall Street warns that Tesla's second-quarter delivery volume may once again decline year-on-year, with analysts believing that Tesla is facing a deteriorating demand environment. Despite this, Tesla announced plans to launch a self-driving ride-hailing service, which could have a positive impact on Tesla's stock price. While the market is pessimistic about Tesla's sales prospects, analysts at Fuguo Bank believe that Tesla is a growth company without growth. In conclusion, Tesla faces some challenges but also some opportunities

Wall Street warning: Tesla's second-quarter delivery volume may once again decline year-on-year

Google announced a series of artificial intelligence product updates for enterprise customers at the cloud computing conference, including Gemini Code Assistant, Google Vids, Vertex AI Agent Builder, and other new products. Gemini Code Assistant will compete with GitHub's Copilot Enterprise Edition, Google Vids is an AI-driven video creation tool, and Vertex AI Agent Builder can help enterprises build AI agents. In addition, other new products were also launched. Google emphasized the security and usability of its AI products for enterprises

Focus on enterprise AI applications, Google Cloud Computing Conference releases new products such as Google Vids and Gemini Code Assistant

Intel has released the new generation AI chip Gaudi 3, which is said to outperform Nvidia's competitor H100. Gaudi can reduce the training time of Llama2 and GPT-3 models by 50%, and increase the inference throughput of Llama and Falcon models by 50%. Intel will also collaborate with multiple enterprises to build an open platform for enterprise AI

Surpassing NVIDIA's H100! Intel launches the new generation AI chip Gaudi 3, enhancing large model training and inference capabilities by 50%

On Tuesday, stocks related to Bitcoin fell. As of the time of writing, MicroStrategy dropped more than 7%, Coinbase dropped more than 4%, Canaan Technology and Riot Blockchain dropped more than 1%. Ethereum fell by 5% intraday, now trading at $3,505 per coin; Bitcoin is currently down by 3.7%

U.S. Stock Market News | Bitcoin-related stocks decline, MicroStrategy drops more than 7%

以太坊日内跌幅达 5%，现报 3505 美元/枚；比特币现跌 3.7%。

以太坊日内跌幅达 5%

In the final trading session, three stocks in the Hong Kong stock market experienced simultaneous sharp declines, with China Tianrui Cement plunging the most by as much as 99.04%. The reason for the sharp drop may be the disappearance of buying interest and a significant return of supply. Trading volume data indicates that selling pressure mainly came from Zhongwei Financial, while buying interest mainly came from Futu, with retail investors possibly bottom fishing. After the stock plummeted by 99%, retail investors are anticipating a rebound tomorrow

Understanding the Market | Hong Kong Stocks Plunge to Zero at the Close, What Happened to China Tianrui Cement?

美股盘前小幅攀升，华尔街紧张等待美国 3 月份通胀报告。美国小企业信心下降至 11 年来最低水平。欧洲股市表现不一，WTI 原油和布伦特原油涨幅微弱。Coinbase 遭股东减仓，比特币跌破 70000 美元。丰田即将宣布与国内大厂的重要合作。台积电获得美商务部 116 亿美元资金支持。

美股盘前消息速递

Silver, as a substitute for gold, is favored by investors, and UBS expects that the performance of silver relative to gold will further improve. The tight supply and demand situation of silver is favorable for the upward trend of silver prices, but this alone is not enough to drive a significant increase in silver prices. UBS believes that the net long positions and ETFs of silver have started to rise, and the silver market may continue to experience a physical deficit. In addition, silver also plays an important role in the transition to green technology and renewable energy

Gold soared, how about silver?

当前，SEC 正就富达以太坊基金、灰度以太坊信托基金和 Bitwise 以太坊信托基金等拟发行的 ETF 征求公众意见。而业内对 SEC 批准这些产品的乐观情绪有所下降。贝莱德、富达和 Vaneck 等公司已在今年发行了现货比特币 ETF，目前这些公司正在等待以太坊现货 ETF 的批准。但一些发行人已经不确信能获得 SEC 的批准。

业内人士称 SEC 或拒绝批准以太坊 ETF

In March this year, there was a turnaround in the production and sales of new energy vehicles. The production and sales of passenger vehicles increased by 5.3% year-on-year and 77.5% month-on-month; the production and sales of new energy vehicles increased by 25.2% year-on-year and 84.9% month-on-month. In March, many new energy vehicle companies carried out price promotions and launched new models, including Li Auto MEGA, Xiaomi SU7, Leapmotor C10, Geely Galaxy L6, and Deep Blue G318, which received much attention. Several car companies announced price reductions or limited-time offers, with Tesla offering car insurance subsidies and paint reduction policies. The price reduction trend in March extended to April. The subsidy policies for new energy vehicles in some cities expired, while in other areas, the subsidy policies for new energy vehicles continued or new policies were introduced

Second-tier new forces collectively counterattack Nio, XPeng, and Li Auto | Insight Research

Energy stock ALCC, blessed by OpenAI founder, surged 22.5% overnight, rising for 11 consecutive trading days

WSB Hot Discussion | This new stock soared 11 times, is a shareholder of SpaceX

公募基金香港子公司加速布局比特币 ETF。香港证监会已发布通函，准备接受虚拟资产现货 ETF 的认可申请。嘉实国际和南方基金香港子公司已递交申请，华夏基金香港子公司与 HashKey Exchange 达成战略合作。预计最早于 2024 年二季度落地。

公募基金香港子公司加速布局比特币 ETF

Best SPAC "shell"! "AI New Noble" Vertiv has risen by 555% in four years. Vertiv is an AI infrastructure company that went public through a SPAC merger. Its return rate has exceeded eight times that of the S&P 500 index during the same period. Analysts have given positive ratings to Vertiv and set a target stock price of $96. However, the average analyst forecast from media surveys predicts that the stock's growth in the next year will be less than 1%. For Vertiv investors, the development prospects of the data center market are crucial. Evercore ISI analysts believe that Vertiv "may be the company that benefits the most from AI development." Trump's media company is also one of the SPAC merger companies that are highly anticipated

Best SPAC "shell"! "AI New Noble" Vertiv has risen 555% in four years

NetEase rose more than 4% in pre-market trading, confirming earlier that Blizzard's mainland China server will be officially announced on April 10th; XPeng rose more than 3%, Bilibili rose more than 2%, Nio rose more than 1%; TSMC rose more than 3%, receiving $11.6 billion in funding support from the US Department of Commerce; BlackBerry rose more than 5% at one point, partnering with AMD in the robotics field

Pre-market trading in US stocks | Gold stocks surge, while cryptocurrency concept stocks plummet! NetEase briefly rose 4%, leading Chinese concept stocks

Learning from the experiences of big shots' mistakes is also worth referencing to avoid pitfalls

The "Mistakes" Warren Buffett Made Over the Years

The Indian Sensex index was around 20,000 points at the peak of the global bull market in 2007, and now it is over 74,000 points, an increase of more than 270%. In contrast, the Shanghai Composite Index has fallen by 50%

Indian stocks have risen for 9 consecutive years! These are the popular Indian ETFs

中金看好淘宝内容电商设立的高增长目标，这一战略目标 “再次反映阿里巴巴以用户为中心的转变”，并预测阿里股价在新财年将有 54% 的上涨空间。

解读公司 | 阿里股价还能上涨 50% 以上？

Roth Capital is skeptical about Tesla's upcoming Robotaxi launch, believing that the stock's overnight increase of about 5% was driven by technical rather than fundamental factors. The firm stated that the harvest period for Tesla's autonomous driving technology is still far away. In terms of power consumption, autonomous driving is as demanding as the current electric vehicle transmission system. Technically, this is imaginable and feasible, but it is not applicable to Tesla vehicles already sold, nor is it a standard that anyone can adopt today

Rating Quick Look | NVIDIA, Micron Technology Target Prices Raised! Tesla's Robotaxi Faces Doubt

In March, the Chinese auto market saw growth both on a year-on-year and month-on-month basis, driven by post-holiday consumption recovery from the Spring Festival. However, the industry's profit margin remains relatively low

China Passenger Car Association: The March auto market started slowly, and the Beijing Auto Show will be the indicator for the subsequent market trends

UBS believes that the current strong demand for gold is coming from a diverse range of sources, including hedge funds and central banks. The motivations for buying gold include: 1. Federal Reserve monetary policy and inflation risks; 2. Geopolitical tensions; 3. Concerns about the US fiscal situation. In the long term, the correlation between gold and real interest rates, as well as the US dollar, still holds true

Gold's Triple Questions: Who is buying, why buy, will the "derailment" continue?

Based on the information provided, this falls under the category of stock price movement information. The latest consumer survey by Deutsche Bank shows that consumers have divergent views on the long-term trend of Bitcoin, with about one-third of people expecting Bitcoin to fall below $20,000 by the end of this year. This suggests that Bitcoin may experience a significant decline and return to levels seen during the deep bear market of 2022. Around 10% of people believe that the price of Bitcoin will exceed $75,000 by the end of the year. Looking ahead in the coming years, approximately 40% of respondents are confident in the prosperity of Bitcoin, but 38% expect it to disappear

After the sharp rise, differences are emerging! Deutsche Bank's latest consumer survey: Bitcoin may fall below $20,000 by the end of the year

Overnight hottest contract: Verizon call with an expiration date of April 19 and a strike price of $40, with a trading volume of over 110,000 contracts, even hotter than Tesla! Trump concept stock DJT options surged to 170,000 contracts, with a put option ratio of 51.2%; Cannabis stock Tilray options surged to 150,000 contracts, with a call option ratio of 71%

US Stock Options | Market cools down across the board, Tesla, Nvidia, AMD trading volume plunges!

NTES-S(09999) rose 4.1%, with a trading turnover 1.1 Billion HKD, and a year-to-date rose 13.4%. CPIC(02601) rose 3.5%, with a trading turnover 416.3 Million HKD, and a year-to-date fell 6.1%. CRRC(01766) fell 3.94%, with a trading turnover 103.6 Million HKD, and a year-to-date rose 20.3%. BIDU-SW(09888) fell 3.29%, with a trading turnover 1.0 Billion HKD, and a year-to-date fell 13.8%.

Top 5 HK Stock Gainers/Losers (>100B) (4.9)

CHINFMINING(01258) fell 8.36%, with a trading turnover 1.8 Billion HKD, and a year-to-date rose 24%. RUSAL(00486) fell 6.83%, with a trading turnover 3.6 Million HKD, and a year-to-date rose 1.1%. COSCO SHIP ENGY(01138) fell 5.36%, with a trading turnover 159.9 Million HKD, and a year-to-date rose 12.6%.

Top 10 HK Stock Losers (4.9)

ZX INC(09890) rose 27.39%, with a trading turnover 107.1 Million HKD, and a year-to-date fell 35.5%. CANSINOBIO(06185) rose 16.71%, with a trading turnover 83.3 Million HKD, and a year-to-date fell 18.7%. JUNSHI BIO(01877) rose 13.31%, with a trading turnover 40.8 Million HKD, and a year-to-date fell 42.2%.

Top 10 HK Stock Gainers (4.9)

The Hong Kong stock market's CXO sector collectively declined, possibly affected by the US Biosecurity Act. Kanglong Huacheng is the only company to achieve double-digit growth in revenue and profit in 2023. Other companies such as Taige Pharma, Zhaoyan Pharma, and Kailaiying have seen a significant decline in performance