黄仁勋还希望接触中国本土的顶尖人工智能人才。目前，英伟达正在招聘上海的职位，包括帮助 "指导 下一代深度学习硬件和软件研发" 的工程师，以及 "开发和优化具有全球竞争力的 ASIC 设计" 的岗位。 其中一位知情人士称，上海市政府已对该计划表示初步支持，而英伟达正在游说美国政府批准。这家硅 谷公司在上海约有 2000 名员工，主要从事销售和相关支持职能。 英伟达正在扩大其在中国的研究布局，以试图在其最大的海外市场之一保持领先地位。该公司担心，以 华为为首的中国本土竞争对手可能通过提供 rival AI 生态系统占据市场。 根据Financial Time的消息，英伟达计划在上海设立研究中心，以示对中国的新承诺。 英伟达（Nvidia）正寻求在上海建立一个研发中心，以帮助这家全球领先的人工智能处理器制造商在中 国保持竞争力。由于美国出口管制收紧，该公司在华销售额已大幅下滑。 据两位知情人士透露，英伟达首席执行官黄仁勋（Jensen Huang）上个月在上海会见上海市市长龚正 时，讨论了这一计划。目前，英伟达正在上海租赁新办公空间，以容纳现有员工并为潜在的扩张做准 备。 知情人士称，该研发中心将研究中国客户的特定 ...

Core Viewpoint - The recent $200 billion agreements between the U.S. and the UAE may not be as beneficial as anticipated, reflecting a disparity between idealistic expectations and practical realities [2][3]. Group 1: Agreements and Impacts - The U.S. has signed two significant agreements with the UAE and Saudi Arabia, which are expected to reshape the power dynamics in AI, with implications for economic, geopolitical, and national security [5][6]. - The agreements are projected to unlock a trillion-dollar capital influx, benefiting both the Gulf region and the U.S. by enhancing AI infrastructure and alleviating power bottlenecks [6][18]. - The UAE's G42 is set to lead a 5GW data center project, with the first phase of 1GW already underway, indicating a strong commitment to AI infrastructure development [10][12]. Group 2: Geopolitical and Economic Considerations - The agreements deepen the technological ties between the UAE, Saudi Arabia, and the U.S., potentially increasing the region's dependency on American hardware and software [6][10]. - The Gulf region is expected to emerge as a new AI hub, with predictions indicating that by 2030, the Middle East's operational data center capacity will exceed 6GW [6][40]. - The capital from the Gulf is anticipated to flow into U.S. AI infrastructure, with significant investments from companies like Datavolt and HUMAIN, totaling hundreds of billions [16][20]. Group 3: Risks and Challenges - Concerns exist regarding the reliability of past commitments from Gulf states, with previous projects often failing to materialize as planned due to political and economic fluctuations [3][27]. - There are significant security risks associated with the transfer of GPUs to the UAE, including potential unauthorized use and the risk of technology transfer to China [27][28]. - The agreements necessitate stringent security measures to ensure that GPU resources are not misappropriated, with proposals for physical inspections and robust KYC protocols [28][29][30]. Group 4: Infrastructure and Capacity - The Middle East's data center market is currently dominated by G42, which is expected to expand rapidly due to the new agreements, with U.S. hyperscale companies increasing their investments [13][15]. - The region's energy resources, including solar, natural gas, and nuclear, will support the development of AI infrastructure, although challenges related to cooling costs and skilled labor shortages remain [14][42][44]. - The U.S. is facing a data center capacity shortage, with predictions of over 1GW of power shortfall by 2026, creating opportunities for Middle Eastern investments to fill this gap [38][40].

关于GB300，尽管市场信息显示其将沿用GB200的Bianca主板而非新型Codelia主板，但根据 Jefferies 与供应链的沟通，这一计划尚未最终确定。目前仍存在多种并行解决方案。预计GB300的时间表保 持不变，即2025年第四季度小批量生产，2026年第一季度进入量产阶段。 根据Jefferies的一份研报，GB200在2025年第一季度的总出货量仅为约1,500台，远低于最初预测的 3,800台。对于2025年第二季度，Jefferies已将预估出货量从之前的7,200台下调至6,000台。同时，将 2025年GB200的出货量预测调整为：NVL72机型24,000台，NVL36机型12,000台。 GPU+FPGA 我们这有H200/B200/RTX5090/FPGA不错的资源，有兴趣的朋友可以加微信或者进小程 序商城选购： 知识星球 Jefferies预计，良率将从4月开始提升，关键组件短缺问题也将自4月起逐步缓解。2025年第二季度 GB200的出货量将显著高于第一季度。广达（Quanta）公布的4月销售额为新台币1,540亿元，环比下 降20%，但同比增长58%，占富邦证券（Fubon ...

今年受美国的各种不确定政策，导致很多科技企业都开始回调。今天看到一篇The Information的文章， 认为台积电目前虽然还面临些地缘政治风险，但长期看还是具有投资价值，这篇文章我们来看下The Information给的观点。 原文的链接如下：https://www.theinformation.com/articles/tsmc-critical-ai-shares-sale?rc=lr2ufv 人工智能的发展高度仰仗英伟达的芯片技术，而英伟达的芯片制造又离不开台积电的支持。从长期投资 视角来看，台积电当前展现出比英伟达更具吸引力的布局价值。 这两家科技巨头在产业链与资本市场形成紧密联动。受人工智能浪潮推动，双方股价曾同步飙升，但今 年均遭遇回调——部分源于特朗普政府关税政策的不确定性。随着本周特朗普宣布暂停贸易争端，市场 情绪回暖带动芯片股回升，台积电单周涨幅近9%，但两家公司年内累计跌幅仍超过标普500指数基准， 反映出市场对半导体板块的集体估值修正。 由于业务的高度关联性，投资者可能低估了台积电的结构性优势。当前估值水平、关税政策影响有限以 及行业竞争格局演变，共同构成了其利好因素。桑伯格投资管 ...

Core Insights - Siemens EDA is a global leader in Electronic Design Automation software, enabling faster and more cost-effective development of innovative electronic products [1] - The company emphasizes the importance of diversity and equality in its workforce, with over 377,000 employees across more than 200 countries [4] - Siemens Software offers flexible working arrangements and a comprehensive benefits package, including competitive salaries and private healthcare [5] Responsibilities - Conduct FPGA-based ASIC prototype bringup by porting ASIC RTL code to proFPGA platforms, collaborating with hardware and software teams for system integration [6] - Optimize FPGA resource utilization and timing performance to resolve technical bottlenecks, integrating high-speed interface modules [6] - Explore FPGA applications in AI acceleration, 5G communication, and autonomous driving while innovating prototyping methodologies [6] Qualifications - A Bachelor's or Master's degree in electrical engineering, Computer Science, or related fields is required, along with 3+ years of FPGA experience [6] - Proficiency in Verilog/VHDL and familiarity with complex logic design, as well as experience with tools like Vivado or Quartus [6] - Strong analytical problem-solving abilities and customer-oriented skills are essential, with limited business travel expected [6]

Core Viewpoint - Goldman Sachs and JP Morgan have released contrasting analyses on SMIC, highlighting differing perspectives on the company's future performance and market conditions [1]. Group 1: Goldman Sachs Analysis - Goldman Sachs maintains a positive outlook on SMIC, citing strong customer demand and the benefits of local production trends and diversified partnerships [2][4]. - The management of SMIC is optimistic about maintaining high capacity utilization rates through 2025, with a stable capital expenditure plan to support expansion [2][3]. - Despite short-term pressures on average selling prices (ASP) and rising depreciation costs, SMIC's long-term gross margin target remains at 20%, supported by operational efficiency and product upgrades [3][4]. Group 2: JP Morgan Analysis - JP Morgan reports that SMIC's first-quarter revenue fell short of market expectations by 5%, primarily due to ASP declines caused by factory yield fluctuations [5][6]. - The second-quarter revenue guidance indicates a projected decline of 4-6%, reflecting ongoing ASP weakness and cautious outlook on technology demand due to tariff concerns [6][7]. - JP Morgan has lowered its revenue growth expectations for 2025 to 10-11%, down from 16%, due to a weak outlook for the second half of the year [6][7]. Group 3: Comparative Insights - Both firms predict similar gross margin ranges for SMIC, with Goldman Sachs focusing on industry recovery and domestic substitution benefits, while JP Morgan is more sensitive to supply-demand imbalances and cost pressures [8].

Core Viewpoint - The article discusses the evolving landscape of global wafer fabrication plants, highlighting China's increasing market share in the 12-inch mature process wafer foundry sector, projected to reach 47% by 2027 from 29% in 2023 [1]. Group 1: Market Share and Growth Projections - China's share of the global 12-inch mature process wafer foundry market is expected to grow from 29% in 2023 to 47% by 2027, with an annual capacity growth rate of 27% from 2024 to 2027 [1]. - The global wafer fabrication industry is projected to see a total of 128 new fabs built from 2019 to 2024, with China accounting for 30% of these [2][3]. - The global pure wafer foundry market is expected to grow from $32.257 billion in 2023 to $47.271 billion by 2027, with a CAGR of 10% [12]. Group 2: Capacity Utilization and Competitive Landscape - In Q3 2024, SMIC and Hua Hong's capacity utilization rates were 90% and 105%, respectively, while UMC's was only 71%, indicating a competitive edge for Chinese foundries [7]. - The global 12-inch mature process capacity utilization is expected to remain between 73% and 75% from 2024 to 2027, with specific nodes like 28nm maintaining high utilization due to limited competition [13]. Group 3: Cost Analysis and Competitive Advantages - Chinese wafer foundry companies have a significant cost advantage in labor, with average salaries in mainland China at 240,900 RMB compared to 435,800 RMB in Taiwan, representing a 80.9% difference [8]. - The cost structure of wafer foundry companies shows that labor costs account for approximately 15.7% of total costs, allowing Chinese firms to maintain a competitive edge [8]. Group 4: Supply Chain and Material Localization - The domestic semiconductor materials sector is still in its early stages of localization, with 12-inch silicon wafer localization at only 10% as of 2022 [10]. - The logistics and energy supply systems in mainland China are mature, leading to lower operational costs compared to some overseas regions, although fixed facility costs have a limited impact on overall product costs [10].

星球中每日还会更新Seeking Alpha、Substack、 stratechery的精选付费文章， 现在星球中领券后只需要 390元，即可每天都能看到上百篇外资顶尖投行科技行业的分析报告和每天的精选报告，无论是我们自 己做投资，还是对行业有更深入的研究，都是非常值得的。 还有专注于半导体行业分析的SemiAnalysis的全部分析报告： 想要看外资研报的同学，给大家推荐一个星球，在星球中每天都会上传几百篇外资顶尖投行的原文研 报：大摩、小摩、UBS、高盛、Jefferies、HSBC、花旗、BARCLAYS 等。 ...

下面这个图是2024年的出货统计，其中英伟达以70%的市场份额，占据这绝对的第一；第二名是华 为的昇腾，占了23%，其他的总共只占了7%。 在这7%里面，百度又是出货最多的，其次是天数、寒武纪、沐曦、燧原、太初和摩尔线程。AMD和 Intel的AI芯片看来在国内基本上是没有什么市场的。 没有出现在做这个榜单里的国产GPU公司，也可能是因为他们的保密工作做的比较好，IDC无法获取 到他们的出货数据。当然也有可能确实卖的不太好。 在AI芯片的应用场景中，推理的应用已经占据了大头，占了58%，而训练只占33%，大家都说2025年 是AI应用的元年，今年将会是AI应用大爆发的一年，其实在笔者看来，这种势头在去年就已经开始 了。AI的博主们在去年就可以接到很多AI应用公司的广告了，而且给的广告费也都不低。 很多FPGA从业者还在幻想着FPGA能在这波AI的浪潮中有一席之地，但起码在中国的市场中，FPGA 可以说是被GPU和ASIC打的毫无还手之力，无论是市场占有率还是供应商们的营收，都趋近于0. end 我们前几天写过一篇国产GPU性能PK的文章，很多同学都说里面有些数据统计的并不是很准确。 国产GPU的性能PK 今天 ...

Global Data Center Landscape - The global data center construction is expected to enter a sustained growth cycle, with an estimated additional capacity of 47GW from 2023 to 2026, increasing from a base of 49GW in 2023 to over 96GW by 2026. Approximately 85% of this new capacity (40GW) will be directed towards intelligent computing centers (IDC), indicating a surge in demand for AI computing power [1] - North America will dominate the market, expected to absorb 65%-70% of the new capacity (approximately 30.55-32.9GW), establishing itself as the core hub for global computing infrastructure. China's market share is about 15% (7.05GW), with Europe and Southeast Asia contributing around 10% (4.7GW) [1] Chinese Market - In China's data center market, the compound annual growth rates for traditional general computing (通算) and artificial intelligence computing (智算) are 3%-4% and over 20%, respectively. The current market shows an oversupply in general computing facilities, with core node cabinet utilization rates between 40%-50% [2] - The majority of China's intelligent computing centers are located in the central and western regions, with significant hubs in Ningxia, Inner Mongolia, Gansu, Chongqing, and Guizhou, each hosting large-scale computing networks exceeding 30,000 PF. The largest center in the eastern coastal region is in the Beijing-Tianjin-Hebei area, with a capacity of 22,800 PF [2] Investment Landscape - The investment landscape is characterized by several key players: 1. Government and urban investment platforms account for about 35%, primarily responsible for land supply, energy support, and project coordination, typically using a "design-procurement-construction" model [4] 2. Telecom operators (China Telecom, China Mobile, China Unicom) represent about 20%, leveraging collective procurement systems to reduce costs, separating equipment procurement from construction [4] 3. Internet cloud vendors, including major players like BAT, make up approximately 40%, possessing significant influence over equipment selection and employing a mixed model of "general contracting + specialized subcontracting" [4] 4. Other entities, including research institutions and self-built enterprises, account for about 5% [4]