国芯网[原:中国半导体论坛] 振兴国产半导体产业！ ***************END*************** 不拘中国、 放眼世界 ！ 关注 世界半导体论坛 ↓ ↓ ↓ 12月15日消息，据外媒报道，数十名乌克兰平民在美国德克萨斯州法院提起了针对英特尔、AMD和德 州仪器的一系列诉讼，指控他们未能避免受限芯片转售给俄罗斯，以驱动无人机和导弹杀伤了乌克兰平 民，违反了美国制裁！ 报道称，该其诉讼指控2023年至2025年间发生的五起袭击，造成数十人死亡。其中一次袭击据称涉及伊 朗制造的无人机，组件与英特尔和AMD有关，其他则涉及俄罗斯制造的KH-101巡航导弹和伊斯坎德尔 弹道导弹。 诉状指控这些公司存在疏忽，任由其技术为Kh-101巡航导弹、 伊斯坎德尔-M弹道导弹。 在给彭博社的评论中 ，英特尔公司表示其"不在俄罗斯开展业务"，并补充说其运营"严格遵守美国及运 营所在每个市场的出口法律、制裁和法规，我们要求供应商、客户和分销商遵守同样的标准。"德州仪 器和AMD未回应彭博社的置评请求。 沃茨目前代表15个乌克兰家庭提起了初步诉讼，他拥有处理大规模集体诉讼的经验，乌克兰的法律和人 权组织也参与其中。 ...

交银国际研究 行业剖析 科技行业 2026 年展望：人工智能超级周期或继续，"十五五"科技国产替代或加速 | 估值概要 | | | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 公司名称 | 股票代码 | 评级 | 目标价 | 收盘价 | | -----每股盈利----- | ----市盈率---- | | | ----市账率---- 股息率 | | | | | | | | FY25E | | | FY26E FY25E FY26E FY25E FY26E | | | FY25E | | | | | | (当地货币) (当地货币) (报表货币) (报表货币) | | | (倍) | (倍) | (倍) | (倍) | (%) | | 英伟达 | NVDA US | 买入 | 245.00 | 179.59 | 2.938 | 4.631 | 61.1 | 38.8 | 56.15 | 31.43 | 0.0 | | 台积电 | TSM US | 买入 | 360.00 ...

Core Insights - The article discusses the significant restructuring of the semiconductor industry in the United States over the past three years, driven by initiatives like the CHIPS Act and state-level competition to attract wafer fabs and R&D centers [2][11]. Group 1: California Semiconductor Ecosystem - California is home to the largest integrated cluster of design, software, IP, and equipment, primarily located in the San Jose-Santa Clara-San Diego corridor, which focuses on GPU, AI, mobile communications, and server SoCs [5][9]. - Major companies in California include NVIDIA, AMD, Broadcom, Qualcomm, and many others, making it a vital hub for chip innovation [9]. - California also leads in semiconductor equipment and materials, with companies like ASML, Lam Research, and Applied Materials contributing to a comprehensive advanced manufacturing ecosystem [10]. Group 2: Arizona as a New Wafer Manufacturing Center - Arizona has become a focal point for wafer manufacturing, with TSMC and Intel establishing significant operations, supported by favorable environmental policies and infrastructure [11][13]. - The state boasts a complete semiconductor ecosystem, including advanced processes, OSAT capabilities, and a robust materials supply chain [14]. - Arizona is positioned to become a major player in U.S. wafer manufacturing, akin to Taiwan's Hsinchu Science Park, aiming to mitigate geopolitical risks in global supply chains [14]. Group 3: Texas as a Center for IDM and Automotive Electronics - Texas is recognized as the largest center for Integrated Device Manufacturers (IDM), microcontroller units (MCU), and automotive electronics in the U.S. [15]. - Key players include Texas Instruments, Samsung, and NXP, with a strong focus on automotive and power semiconductor applications [17]. - The state is evolving into a new growth hub for semiconductors, driven by the convergence of automotive, power, and AI technologies [18]. Group 4: Northeast Research Corridor - The Northeast region, encompassing New York, Massachusetts, and New Jersey, is a leading area for semiconductor research, hosting prestigious institutions like MIT and Harvard [19][20]. - Companies such as IBM and GlobalFoundries are pivotal in advancing semiconductor technology and manufacturing capabilities in this corridor [20]. - The region's ecosystem is further strengthened by a network of universities and research institutions, fostering innovation in materials, EDA, and photonics [24][27].

AMD和英伟达均表示，美国各地的电力供应正变得紧张。不过，这两家公司均认为美国政府正在采取 措施缓解电力约束，这更多是一个短期性问题。 "各方一致认为，电力是人工智能军备竞赛的主要瓶颈，"奥康纳称。"尽管英伟达承认用电紧张，但他 们并不认为存在能源壁垒，且预计建设速度将加快。鉴于美国在电力容量方面最受限，外国投资可能会 增加。为适应超大规模企业的多年路线图及英伟达9至12个月的交货周期，数据中心生态系统的可见性 已延长至多个季度，这提升了供应链效率和价格动态。" 另一个被讨论的潜在担忧是定制芯片的引入，例如谷歌(GOOGL.US)采用专用集成电路(ASIC)技术打造 的张量处理单元(TPU)。 "在近期TPU发布消息之后，ASIC竞争成为关注焦点，"奥康纳指出。"计算领域相关企业强调，TPU针 对特定云服务商/工作负载(如Anthropic、GCP)进行了优化，并非面向所有云服务(不像GPU)，因此不应 将其市场份额增长外推至现有TPU采用者之外的厂商。" 智通财经APP获悉，法国巴黎银行研究部指出，众多半导体企业对迈向2026年的供需形势仍持积极态 度。 这家全球性金融公司上周举办了硅谷巴士之旅，与AMD( ...

the fastest growing tokenized assets on @solana are:stockslike @Tesla @AMD @coinbase @Appleinteresting https://t.co/MBl0UZNct0 ...

Core Insights - The AI infrastructure buildout is accelerating across semiconductors, cloud computing, and software applications, leading to increased competition and concentration risk for investors [2] Group 1: Fund Overview - The Global X Artificial Intelligence & Technology ETF (NASDAQ:AIQ) provides broad exposure to 86 AI companies, holding $7.0 billion in assets with a 0.68% expense ratio [3][8] - AIQ aims to offer comprehensive AI participation without concentrating capital in a few companies, combining investments in AI infrastructure and applications [4] Group 2: Portfolio Composition - No single position in the AIQ portfolio exceeds 4.5%, with Alphabet (NASDAQ:GOOGL) at 4.44%, Samsung Electronics at 3.92%, and Advanced Micro Devices (NASDAQ:AMD) at 3.63% [5] - Information technology constitutes 52.3% of holdings, while communication services and consumer discretionary sectors add another 16% [5] Group 3: Performance Metrics - AIQ has achieved a return of 26.29% over the past year and 30.89% year-to-date through December 12, 2025, with an annualized return of 17.91% since inception in May 2018 [6][8] - The fund has experienced recent volatility, with a drawdown of 12% from $53.76 to $47.33 before recovering to $50.52 [6] Group 4: Cost Considerations - The 0.68% expense ratio is higher than broad market index funds by approximately 0.65 percentage points annually, leading to significantly higher fees over long-term investments [7]

On this week’s episode of Everybody’s Business, @reckless joins @chafkin and @svaneksmith to unpack President Donald Trump’s decision to lift export restrictions on AI chips made by Nvidia, AMD and Intel and why it may not be enough to stop the AI bubble from bursting https://t.co/qSwm0RcP17 ...

Core Insights - The S&P 500 bull market, which turned three years old in October 2025, has a higher likelihood of extending to an average of eight years, supported by strong earnings growth in tech companies and expected index levels of 7,500 driven by AI infrastructure spending [2][3] Group 1: Advanced Micro Devices (AMD) - AMD has achieved an impressive 81% gain in 2025, significantly outperforming the PHLX Semiconductor Sector index's 46% gain, driven by its strong position in the AI data center market [5] - The company anticipates an acceleration in data center revenue growth, projecting an annual growth rate exceeding 60% over the next three to five years, up from 52% in the past five years [7] - AMD's client processor revenue rose by 46% year-over-year in Q3 to a record $2.8 billion, benefiting from AI PC proliferation and market share gains against Intel [8] - Analysts expect AMD's earnings growth rate to triple to over 62% in 2026, with a potential stock price increase of 34% if it aligns with industry averages [9][10] Group 2: Alphabet - Alphabet has recorded a 67% gain in 2025, supported by its investments in AI, with revenue increasing by 16% year-over-year to $102.3 billion and earnings growing by 35% [11][13] - The Google Cloud business reported a 34% year-over-year revenue increase, with expectations for accelerated growth as the cloud AI market is projected to quadruple in size over the next five years [15] - Alphabet's cloud business has a $155 billion backlog, which increased by 46% sequentially, indicating strong future growth potential in cloud-based AI services [17] - The company's strategy to become a full-stack AI provider is expected to yield robust long-term growth, despite short-term impacts on revenue from heavy AI infrastructure investments [18][20]

Core Viewpoint - Concerns about a potential AI sector bubble are rising, with Advanced Micro Devices (AMD) showing early warning signs similar to its performance during the Dot-com era [1][4] AMD Stock Outlook - AMD's stock is approaching a multi-decade higher-highs trend line, historically indicating major market tops, with a recent higher high in its six-year uptrend viewed as a technical peak [2] - A bearish leg is anticipated, potentially driving the stock down to around $110 [2] - The current price structure is compared to the Dot-com era, suggesting a corrective phase may pull the stock toward its 100-month moving average, a significant long-term support level [4] Historical Context - Previous technology sector corrections were followed by a final parabolic surge, which could indicate that the AI cycle may still experience a strong upside phase after the current correction [5] Long-term Projections - For long-term investors, there is a potential for AMD to reach approximately $435 by around 2030 if historical patterns hold [6] AMD Stock Fundamentals - Despite recent stock pressure, AMD's fundamentals remain strong, with year-over-year revenue growth exceeding 30%, driven by data-center sales and a recovery in client computing [8] - Operating margins have improved due to a larger share of revenue from higher-value AI and server products [8] - Risks include U.S. export restrictions to China and increasing competition from Nvidia in AI accelerators and Intel in CPUs [8][9]

Core Viewpoint - The AI computing market is projected to experience significant growth leading into 2026, with several key companies positioned to benefit from this trend. Group 1: Nvidia - Nvidia is expected to continue its impressive growth, with Wall Street analysts estimating a revenue increase of 63% for fiscal year 2026 and 48% for fiscal year 2027, driven by AI spending [4][6] - The company’s market cap is currently $4.3 trillion, and it has a gross margin of 70.05% [5][6] - Nvidia anticipates global data center capital expenditures to rise from $600 billion in 2025 to between $3 trillion and $4 trillion by 2030, indicating strong future demand [6] Group 2: Advanced Micro Devices (AMD) - AMD reported data center revenue of $4.3 billion, a 22% year-over-year increase, but remains significantly smaller than Nvidia's $51.2 billion in the same segment [7] - The company aims to capture market share from Nvidia by focusing on AI inference, projecting a 60% compound annual growth rate (CAGR) in its data center business over the next five years [8] Group 3: Broadcom - Broadcom produces custom AI accelerators that can outperform GPUs in specific workloads at a lower price point, making them attractive to AI hyperscalers [9][11] - The company has established partnerships with several AI hyperscalers to produce these chips, indicating a positive outlook for growth through 2026 [11] Group 4: Alphabet - Alphabet has developed Tensor Processing Units (TPUs) for AI applications, which are available through its Google Cloud service and may soon be sold to other companies like Meta Platforms [12] - The company is recognized as a leader in generative AI technology, with a promising outlook for 2026 as it continues to innovate and expand its revenue streams [13]