Group 1 - Siemens EDA announced on July 2, 2025, that the U.S. government has lifted export restrictions on chip EDA design software to China, allowing full access for its Chinese customers [1] - Synopsys also received a notification from the U.S. Department of Commerce that the export restrictions to China have been revoked and is working to restore sales of recently restricted products in China [1][2] - The EDA supply restoration is viewed as a bargaining chip in the ongoing U.S.-China trade negotiations during a 90-day ceasefire [2] Group 2 - On May 28, 2025, Siemens EDA announced a suspension of support and services to mainland China based on a notification from the U.S. Department of Commerce, which required Siemens to sever ties with its customers in China [3] - Cadence and Synopsys also suspended product support and upgrade services for semiconductor companies in mainland China [4] - Cadence disclosed in a filing to the SEC that it received a notification from the U.S. Department of Commerce requiring special licenses for EDA software sales to mainland China due to military-related risks [5] Group 3 - In mid-June, EDA companies began to restore some services, including non-core hardware and IP sales, to continue serving existing customers, although EDA tool sales remained suspended [6][7] - China implemented export controls on rare earth metals and other critical materials in response to U.S. tariffs, significantly impacting the global supply chain [8][9] - The automotive industry expressed concerns over potential production halts due to rare earth shortages, with major manufacturers warning of severe consequences if supply issues persist [9][10][11][12][13] Group 4 - The restoration of EDA supplies indicates an acceleration in the negotiation process between the U.S. and China, reflecting China's determination to defend its development rights amid external pressures [15][16] - The current supply restoration is seen as a temporary balance resulting from negotiations across multiple dimensions, including technology, industry, and resources [17]

Core Viewpoint - The recent lifting of restrictions on Siemens' sale of chip design software to China highlights the fragility of the global semiconductor supply chain and opens a strategic window for Chinese chip companies [1][6]. Event Recap: From Ban to Lifting - On May 28, 2025, the U.S. Department of Commerce issued a ban on three major EDA companies, including Siemens, Cadence, and Synopsys, which collectively hold 74% of the global EDA market share, due to escalating tensions over rare earth trade [5]. - A turning point occurred during talks in London in June, where the U.S. agreed to lift restrictions on chip design software in exchange for China accelerating rare earth export approvals [6]. Strategic Decoding: The 90-Day Window - The policy relaxation is framed as a "technical assessment period," indicating a tactical concession by the U.S. under pressure from rare earth supply issues [10]. - The 90-day window is seen as a critical period for urgent procurement, with 67% of IC design companies planning to maintain a dual-track strategy of using both international EDA tools and domestic alternatives [10]. - Domestic EDA companies like Geke Electronics and Huada Jiutian have some replacement capabilities, but there remains a generational gap in high-end chip design processes compared to international giants [10]. Historical Reflection: Survival Rules for Chinese Enterprises - Huawei's significant R&D investment post-entity list inclusion serves as a model for resilience, with over 400 billion yuan invested over five years, leading to a transformation of its semiconductor arm [11]. - Longsys has successfully reduced its reliance on U.S. technology in its NAND flash production line to below 15% by diversifying its supply chain [11]. Action Guidelines for the Window Period - Chip companies are advised to establish structured response strategies, prioritizing the procurement of essential high-end tools while planning for a phased approach to technology transition [12]. - A three-stage plan is recommended: 90 days for urgent procurement, 180 days for technology transition, and 365 days for self-replacement [12]. - Most companies prefer a dual-track strategy, balancing short-term survival with long-term development, as full EDA autonomy is projected to take 3-5 years [12]. Long-Term Considerations: Reflections Post-Lifting - The limitations of the current lifting of restrictions are notable, as the U.S. retains the right to adjust policies, and the positions of Cadence and Synopsys remain unclear [13]. - The experience underscores the need for the Chinese semiconductor industry to build a resilient innovation system, leveraging the current window of opportunity while maintaining a commitment to independent R&D [13].

In the latest trading session, Cadence Design Systems (CDNS) closed at $296.80, marking a +1.1% move from the previous day. This move lagged the S&P 500's daily gain of 1.11%. Elsewhere, the Dow saw an upswing of 1.19%, while the tech-heavy Nasdaq appreciated by 1.43%. The stock of maker of hardware and software products for validating chip designs has fallen by 6.96% in the past month, lagging the Computer and Technology sector's gain of 5.67% and the S&P 500's gain of 3.92%.Market participants will be clo ...

Core Viewpoint - Cadence has welcomed VLAB Works, a division of Australian Semiconductor Technology Company (ASTC), enhancing its capabilities in virtual platform development and system verification [1][3]. Group 1: Partnership and Integration - The integration of VLAB with Cadence's Helium Virtual and Hybrid Studio, Xcelium, Palladium, and Protium platforms strengthens the long-standing partnership between Cadence and ASTC [3]. - VLAB's advanced multi-threaded virtual models will significantly assist OEMs and Tier 1 software teams in accelerating the development of next-generation automotive software stacks [3]. Group 2: VLAB Works and Its Capabilities - VLAB Works has been dedicated to improving embedded software development for OEMs and Tier 1 companies for 15 years, and its addition to Cadence will enhance the development and deployment of VLAB tools [4]. - VLAB's virtual development environment (VDE) supports various embedded architectures and is already deployed among leading automotive OEMs and Tier 1 suppliers [3][4]. Group 3: Historical Context and Expertise - ASTC, originally part of Motorola, has evolved into a global company with expertise in virtual platform modeling and tools, particularly in automotive-grade MCU and ECU virtual platforms [6][8]. - The company has a strong focus on mobile platforms, having completed complex operating system porting for mobile/multimedia applications [9]. Group 4: Impact on Automotive Industry - The deployment of VLAB MCU virtual prototypes allows automotive companies to prepare their ECU software six months in advance, ensuring timely readiness for winter testing and avoiding delays in market launch [10].

Core Insights - Cadence Design Systems, Inc. (CDNS) has expanded its partnership with Samsung Foundry through a new multi-year IP agreement aimed at enhancing its memory and interface IP solutions across Samsung's advanced process technologies [1][10] Group 1: Partnership and Collaboration - The collaboration combines Cadence's AI-driven design platforms with Samsung's fabrication technologies to deliver high-performance, low-power solutions for AI data centers, automotive applications like ADAS, and next-generation RF connectivity [2] - The renewed IP agreement reinforces Cadence's commitment to accelerating innovation, allowing mutual customers to develop next-generation products faster and more efficiently [3] Group 2: Advanced IP Offerings - Under the expanded IP agreement, Cadence will provide a robust suite of advanced IP targeting AI, HPC, and automotive markets, including memory and interface IP such as LPDDR6/5x-14.4G, GDDR7-36G, DDR5-9600, and PCIe 6.0/5.0/CXL 3.2 [4] - Tailored IP offerings include LPDDR5X-8533 PHY for automotive and a 32G PCIe 5.0 PHY for SF2P, further enhancing their joint IP portfolio [4] Group 3: Digital and Verification Solutions - Cadence's digital full flow has been certified for Samsung's SF2P node, developed through extensive design-technology co-optimization, including Hyper Cell methodology and Local Layout Effect support [5] - The Pegasus Verification System and broader physical verification flow have been certified for SF2P and other nodes, ensuring signoff-grade accuracy and scalability, thus reducing time-to-market [6] Group 4: RF and 3D-IC Innovations - Cadence and Samsung have demonstrated an advanced co-design flow for Front-End Module (FEM) and Antenna-in-Package (AiP) designs targeting mmWave applications, improving design data management and enabling quicker development cycles [7] - In the 3D-IC space, a comprehensive power integrity flow has been developed, resolving 80–90% of IR-drop issues with minimal performance impact, showcasing the effectiveness of Cadence's AI-driven analysis [8] Group 5: Market Performance - CDNS currently holds a Zacks Rank 3 (Hold), with shares increasing by 18.5% over the past three months, compared to the Zacks Computer-Software industry's growth of 21.3% [9]

Core Insights - Regentis Group is a student-run equity research firm that emphasizes fresh perspectives to unlock insights in investment analysis [1] - The firm is founded and operated by high-performing university students passionate about finance, aiming to redefine the future of investment analysis [1] - Regentis specializes in fundamentals-driven equity research across various sectors, combining academic excellence with practical application [1] Unique Attributes - The firm distinguishes itself through its youthful edge, intellectual curiosity, and commitment to quality [1] - Analysts at Regentis are trained to think independently and challenge conventional narratives, delivering high-conviction ideas supported by rigorous models and data [1] - Regentis aims to build a new approach to equity research grounded in integrity, precision, and a long-term perspective [1] Target Audience - Regentis caters to both seasoned investors and learners, providing a bold and thoughtful voice in the investment community [1] - The firm positions itself as a movement of next-generation thinkers in the field of investment analysis [1]

I give a buy rating for Cadence Design Systems (NASDAQ: CDNS ) as I see CDNS benefiting from multiple secular tailwinds, and its moat is getting stronger. Execution has been strong, and demand is showing no signs of slowingI’m a fundamental, valuation-driven investor with a strong focus on identifying businesses that have the potential to scale over time and unlock massive terminal value. My investment approach centers around understanding the core economics of a business—its competitive moat, unit economic ...

Core Insights - Xiaomi has launched its first 3nm SoC, the玄戒O1, utilizing semiconductor IP from Arm for CPU and GPU architecture, marking a significant development in the semiconductor industry [1][2] - The semiconductor IP industry is experiencing a shift, with the market concentration of the top four firms increasing from 72% to 75% in 2024, driven by varying growth rates among these companies [1][2] Industry Overview - The semiconductor IP sector, while relatively small, is crucial for unlocking a multi-billion dollar chip market, with a projected market size of $8.49 billion in 2024, reflecting a 20% year-over-year growth [2][3] - The top four semiconductor IP companies, Arm, Synopsys, Cadence, and Alphawave, are expected to maintain significant market shares, with Arm leading at 43.5% and Synopsys at 22.5% in 2024 [3][4] Company Performance - Arm's revenue is projected to grow from $2.94 billion in 2023 to $3.69 billion in 2024, a growth rate of 25.7%, while Synopsys and Cadence are expected to grow by 23.6% and 27.2%, respectively [3][4] - Synopsys is anticipated to surpass Arm in licensing revenue in 2024, with a market share of 32% compared to Arm's 30%, although Arm leads in royalty revenue with a 66.7% share [4][5] Market Trends - The demand for high-speed IP interfaces is surging due to the rise of AI applications, with the wired interface design IP segment expected to grow by 23.5% in 2024 [5][6] - Companies like Synopsys have pursued aggressive acquisition strategies, completing 74 acquisitions since 2016, which has significantly contributed to their growth [6][7] Competitive Landscape - Arm is exploring new opportunities in the PC and data center markets, while also increasing licensing fees and offering standardized solutions to enhance revenue [7][8] - The IP market is characterized by both consolidation and fragmentation, with companies seeking differentiated business models to capture growth [8][9] Future Outlook - The semiconductor IP market is projected to remain below $10 billion, with potential growth through the sale of chiplets or integrated circuits, which could push the market beyond $100 billion [12]

其实，老美拿着EDA搞事情，已经很多年了，之前是点对点，针对特定的国内单位和公司。 比如说，2018年， 美国 禁止 中兴 使用EDA工具。再比如， 2019年，华为海思 被列入实 体清单后，被迫切断与美国EDA公司的合作。这次就明确了针对全部中国客户。 以下文章来源于龙科多 ，作者龙科多 龙科多 . 深度科技观察，聚焦半导体、操作系统等底层技术。内容全平台发布。 今天聊聊最新的美国EDA禁令。龙科多认为，美国此举基本无法起到多少制裁作用， 利好国 产EDA发展 。但这个事，还是值得具体说道说道。 最近，《纽约时报》 等多个外媒称，美国商务部已向包括Cadence、新思科技和西门子等全 球领先的EDA公司发出通知，要求停止向中国供应EDA技术。 Cadence、新思科技 都是美国公司，西门子是德国公司。消息一出，国内还是非常关注。有 一些人士认为不大可能，认为报道不准确。 不过，外媒陆续报道 ，上述三家EDA公司都对外发布公告，表示收到了美方的通知。这下， 基本做实了。 EAD工具，主要是用于 半导体制造测试的设计和验证，以及监控性能和质量。 如果再细分， 包括 模拟IC设计与验证、数字IC设计与验证，晶圆制 ...

以下文章来源于梓豪谈芯 ，作者Leslie wu 不过现在还没有 BIS 的具体规则，只有 BIS 对 EDA 企业的通知邮件，三大也正在积极了解中， 所以具体的真实影响与应对之策必须等规则公布之后才能分析了。 即便号称全球三大，新思，西门子， cadence 营收也就几十亿美元，整个市场规模天花板不高， 三大以外几乎都是非常细分领域。但是关老师统计的我们中国的 EDA 企业已经超过 60 家，数量 上令人震惊 ，几乎超过了全球 EDA 企业的总和。 设计一款芯片需要的工具 非常多 ，全球 EDA 企业每一家都有他的强项，新思跟 cadence 两家几 乎垄断全球 TCAD ，新思的先进封装， cadence 的模拟跟射频，西门子的物理验证 sign-off 跟 OPC ，这些工具都是他们具备全球 高度 统治力的产品。 梓豪谈芯 . 来，看点有营养又不一样的半导体讯息。作者吴梓豪，蓉合半导体CEO，前台积电fab3工程师， Arcotech创始人。 这次 BIS 要求 EDA 企业先全面暂停所有中国客户的业务，这是很大的动静，影响可能会比大家 认为的更大 ，但实际操作上可能影响是有限的，这到底是怎么一回事呢 ...