Supply Chain Dynamics - Foxconn is favored as a supplier for the foldable iPhone hinge [1] - Luxshare is identified as a potential supplier [1] - Supplier shifts are occurring [1] Financial Implications - Lower-than-expected ASP (Average Selling Price) favors Apple [1] - Reassessing the contribution to SZS (likely referring to a specific company or sector) [1] - Reassessing the contribution to Amphenol (a company in the interconnect systems industry) [1]

Industry Trend - The foldable iPhone's hinge component's unit price is significantly lower than expected, which is beneficial for Apple [1] - Changes in suppliers are beneficial for Foxconn (鴻海) [1] - Luxshare (立訊) is a potential supplier [1] Company Impact - The contribution of Shin Zu Shing (新日興) and Amphenol needs to be re-evaluated [1]

Market Position & Competition - Oracle accounted for roughly 12% of global GB200 NVL72 shipments in 2025, trailing Microsoft (~30%), Google (~16%), and Dell (~14%) [1] - Oracle's GB200 NVL72 deliveries arrived later, around late second quarter 2025, compared to initial small-batch shipments starting in first quarter 2025 [1] GPU Rental Business Analysis (June-August 2025) - Oracle generated approximately $900 million from Nvidia chip rentals, with a gross profit of $125 million [1] - Oracle experienced losses on rentals of small quantities of both newer and older Nvidia GPUs [1] - During June-August 2025, Oracle was in the early stages of receiving and deploying GB200 NVL72 systems, resulting in limited Blackwell compute capacity and a focus on prior-generation Hopper rentals [2] Profitability Factors - Early GB200 NVL72 deployments are unlikely to be profitable due to increased AI server costs, front-loaded infrastructure retrofit expenses, and limited initial compute/service scale [3] - Losses largely reflect the early-phase costs of the Hopper-to-Blackwell transition, particularly when considering "small quantities of both newer and older Nvidia chips" [5] Key Takeaways from The Information Report - The "small quantities" mentioned in the report are attributed to the recent arrival and preparation of Blackwell/GB200 NVL72 for service, limiting available compute capacity [4]

Business Overview - The report analyzes an article by The Information regarding Oracle's Nvidia GPU rental business, focusing on the period of June-August 2025 [1] - The analysis aims to clarify the logic behind the report, without commenting on the motives or Oracle's stock price [1] Financial Performance - In June-August 2025, Oracle generated approximately $900 million from Nvidia chip server rentals, with a gross profit of $125 million [1] - Oracle experienced losses in some cases when renting out small quantities of both newer and older Nvidia chips [1] Industry Dynamics - Oracle's procurement of GB200 NVL72 accounted for approximately 12% of global shipments in 2025, ranking lower than Microsoft (~30%), Google (~16%), and Dell (~14%) [2] - Oracle's GB200 NVL72 acquisition occurred later, around the end of 2Q25, compared to the small-scale shipments that began in 1Q25 [2] - During June-August 2025, Oracle was in the process of acquiring and deploying GB200 NVL72, primarily offering Hopper GPU compute power for rental services [2] Cost Analysis - Initial deployment of GB200 NVL72 was not profitable due to increased AI server costs, infrastructure upgrades, and limited scale of compute power/services [2] - Losses were attributed to the high initial costs of transitioning from Hopper to Blackwell, specifically when considering "small quantities of both newer and older versions of Nvidia chips" [3]

Supply Chain Analysis - OpenAI plans to deploy 1 GW of AMD MI450 systems in the second half of 2026 [1] - AMD's current CoWoS order plan, estimated at 60K-80K wafers in 2026 (80-90% for MI400 series), is sufficient to support the 1 GW build-out [2] - 1 GW MI450 deployment translates to roughly 50K CoWoS-L wafers [2] Beneficiaries and Suppliers - Suppliers tied to HBM and UALink are the main beneficiaries of OpenAI's AMD order [3] - Samsung is the primary supplier of HBM4 for the MI450 [3] - Strong order visibility should positively impact the stock prices of related suppliers like Astera Labs [3] Competitive Landscape - Rolling out 1 GW of MI450 systems is unlikely to be without challenges, based on Nvidia's experience [4] - Nvidia is actively increasing competition before AMD's rack-level servers start shipping in volume [4] - OpenAI's partnership with AMD should have a limited impact on Nvidia, provided the overall AI compute market continues to expand [4]

從供應鏈角度，快速看一下OpenAI預計要自2H26開始部署1 GW的AMD MI450這件事，以及對Nvidia的影響：1. 過去兩週AMD的2026年的CoWoS訂單無顯著變化。2. 部署1 GW的AMD MI450約等於5萬片CoWoS-L。目前AMD的2026年的CoWoS訂單推估6-8萬片 (約80-90%用於MI400系列)，故無論是樂觀或謹慎版本都可滿足佈建1 GW MI450需求。3. 受惠AMD的OpenAI訂單，初步看比較明顯的是HBM與UALink供應鏈。MI450 HBM4主要供應商是Samsung；完整的UALink規格雖要到2027年的MI500系列才能量產，但高訂單能見度會讓相關供應商股價先反應 (如Astera Labs)。4. 從Nvidia做機櫃等級伺服器的痛苦經驗看，部署1 GW的MI450過程應該也不會太輕鬆。Nvidia能做的就是在AMD的機櫃等級伺服器順利出貨前，盡可能把競爭格局提升到另一個層次，確保接下來的優勢，而很明顯的，Nvidia也早就在做了，只要AI算力市場整體是成長的，OpenAI與AMD合作這件事，對Nvidia影響應該有限。 ...

An Analysis of U.S. Commerce Secretary Lutnick’s Call for a “50–50” Semiconductor Commitment from TaiwanFull storyhttps://t.co/ad62vebh5C https://t.co/tTa1htrY4C ...

針對美國商務部長Lutnick對台灣呼籲半導體承諾「50–50」之評估與分析閱讀全文https://t.co/6GEalNUgML https://t.co/XzMBWdMZXk ...

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站在提升美國半導體產出的角度，台積電入股或合資的效率，遠遠不及其直接投入在美產能擴張。這是顯而易見的事實，這是台積電至今沒有跟任何公司有入股或合資相關討論、並持續否認多次市場相關傳言的原因。https://t.co/bFsku1XCIU https://t.co/ck8uRGriJ6 ...