Nuremberg Airport says flight operations have returned to normal.

G24 chair Taiwo Oyedele said on Tuesday at the IMF and World Bank annual meetings in Bangkok that debt vulnerabilities in many developing economies—notably in Africa—have become a major barrier to achieving inclusive growth, with governments facing mounting debt burdens. He estimated developing countries pay about $500bn more in debt servicing than advanced economies, while widening fiscal deficits and sharply higher borrowing costs are adding pressure. Ongoing Middle East conflict-related supply shocks and a “super” El Niño driving up food prices are compounding strains and, Oyedele said, are hindering emerging markets’ economic transformation and large-scale job creation.

1. AI推理的瓶颈正在从单纯计算能力扩展至“内存带宽+容量”。HBM容量有限导致部分数据中心不得不额外购买GPU来获得更多内存。 2. HBF试图用高密度NAND补充HBM。它的容量远高于HBM、顺序读取速度接近HBM，同时每GB成本预计明显更低；高盛模型显示，HBM+HBF混合架构可使示例推理成本降低约33%。 3. 风险在于HBF并非成熟技术。延迟、写入寿命、功耗、散热以及3—4倍于普通NAND的制造资源消耗，都是大规模商业化障碍。 4. 如果HBF快速普及，对NAND供需可能影响很大。牛市情景下，到2028年末HBF只占约4%的NAND bit，却可能消耗约9%的NAND晶圆产能，因此可能延长NAND当前偏紧周期。 5. 高盛最看好SanDisk和SK海力士，也认为三星、铠侠具备较好位置；半导体设备温和受益；对GPU/XPU厂商则存在潜在压力，因为更高的内存利用率可能减少完成相同推理任务所需的加速器数量。（详细个股和目标价表格见图）