Core Viewpoint - The opportunity window for Intel Corporation (INTC) has passed, leading to a reiterated hold rating on the stock [1]. Company Analysis - Intel Corporation is currently viewed as having missed a critical opportunity in the market, which affects its investment attractiveness [1]. Analyst Background - The analyst has a strong focus on the tech sector and holds a Bachelor of Commerce Degree with Distinction, majoring in Finance [1]. - The analyst is a lifetime member of the Beta Gamma Sigma International Business Honor Society, emphasizing values such as Excellence, Integrity, Transparency, and Respect [1].

Group 1 - Intel has appointed a new Chief Architect to lead its GPU business, amidst a significant shortage of memory chips expected to last at least two more years [1][2] - The demand for GPUs, essential for large language models, has surged as companies invest in AI infrastructure and data centers [1] - Intel has lagged behind major semiconductor firms like TSMC, but has seen a stock price rebound due to significant investments from the U.S. government, SoftBank, and Nvidia [1] Group 2 - CEO Chen stated that there are no signs of relief from the ongoing memory chip shortage, with expectations that it will not ease until at least 2028 [2] - UBS analysts noted a structural differentiation in the global memory industry, predicting meaningful supply relief will not occur until around 2028 [2] - The expansion of AI infrastructure is driving up demand for memory chips, which is constraining supply for traditional computers and smartphones, potentially affecting consumer purchasing behavior [2] Group 3 - Nvidia's latest Rubin platform and next-generation products are expected to further increase demand for memory chips, with AI anticipated to "consume" vast amounts of storage resources [3]

Summary of Conference Call on Global Semiconductors Industry Overview - The focus is on the semiconductor industry, specifically the competition between Intel and TSMC regarding advanced packaging technologies for AI chips, particularly the Embedded Multi-die Interconnect Bridge-T (EMIB-T) technology offered by Intel as an alternative to TSMC's CoWoS packaging method [2][12]. Core Points and Arguments 1. **EMIB-T Technology**: - EMIB-T is an enhanced version of Intel's existing EMIB technology, designed to support larger reticle sizes and provide a more cost-effective solution for AI chip packaging compared to TSMC's CoWoS [3][34]. - Intel claims EMIB-T can support reticle sizes of 8-12x by 2026-2027, compared to TSMC's current capabilities of 3.3x and future plans for 5.5x and 9.5x [3][34]. 2. **Financial Impact**: - If 1 million chips shift from CoWoS to EMIB-T, TSMC could face a revenue loss of approximately $1 billion, which is about 5-10% of its advanced packaging revenue in 2027, but only 0.5% of its total revenue [4][52]. - Conversely, Intel could see a revenue increase of high triple-digit millions, representing 1-2% of its revenue [4][51]. 3. **Market Positioning**: - Ibiden is highlighted as a strong player in the EMIB-T market, with expectations of increased revenue and margins due to the complexity of EMIB-T substrates [5][54]. - The substrate value for EMIB-T is projected to rise to approximately $300, significantly higher than previous generations [5][49]. 4. **Geopolitical Considerations**: - Intel's existing advanced packaging capacity in the U.S. provides a competitive edge, especially as TSMC plans to build new packaging fabs in Arizona, which may not be operational until 2028 [13][35]. 5. **Challenges for EMIB-T**: - The main challenges for EMIB-T include a lack of proven track record and potential lower production yields due to the complexity of embedding silicon bridges in the substrate [3][34]. Additional Important Content - **Customer Engagement**: Intel has indicated potential early customer engagements worth "north of a billion dollars" each, although this remains uncertain [4][51]. - **Future Developments**: Intel is also exploring advancements in 3.5D packaging, which combines EMIB with Foveros Direct technology, aiming to compete more effectively with TSMC's offerings [42][43]. - **Investment Ratings**: - Ibiden, TSMC, and MediaTek are rated as "Outperform," while Intel is rated as "Market-Perform" [8][9][10][11]. Conclusion - The semiconductor industry is witnessing a significant shift with Intel's EMIB-T technology potentially challenging TSMC's dominance in advanced packaging for AI chips. The financial implications for both companies are substantial, with Ibiden positioned to benefit from this transition. However, challenges remain regarding production yields and the need for proven technology.

公众号记得加星标⭐️，第一时间看推送不会错过。 英特尔首席执行官陈立武周二表示，该公司计划生产图形处理器（GPU），这是英伟达推广的一种芯 片类别。 本月初，生产中断和供应问题掩盖了这家芯片制造商好于预期的季度业绩。投资者也一直希望该公司 能更明确其代工业务的核心客户。 "我刚刚聘请了首席GPU架构师，他非常优秀。我很高兴他能加入我的团队，"陈说道，并声称这费了 他一番功夫才说服他。 高通高管埃里克·德默斯上个月跳槽去了英特尔，这一消息最初由行业出版物 CRN 报道，后来德默斯 本人也在 LinkedIn 上证实了此事。 在思科人工智能峰会期间接受路透社采访时，陈立武表示，GPU 计划将瞄准数据中心，英伟达近年 来在该领域建立了庞大的业务，而德默斯将向英特尔数据中心芯片负责人凯沃尔克·凯奇奇安汇报工 作。 "这与数据中心息息相关，"陈立武告诉路透社。"我们正在与客户合作，然后确定客户的需求。" 陈立武在台上表示，"有几家客户正在积极与英特尔的芯片代工业务部门——英特尔晶圆代工（Intel Foundry）——开展合作"。在接受路透社采访时，他表示，这些客户对英特尔的14A制造技术很感兴 趣，预计今年晚些时候将 ...

另一方面，ZAM 的命名源于 Z 轴，这意味着芯片是垂直堆叠的。与传统 DRAM 相比，这种设计可 以实现更低的功耗、更大的容量和更宽的带宽。通过垂直堆叠芯片，每个芯片产生的热量可以均匀地 向上扩散，从而有望解决传统平面堆叠方式中存在的散热问题。 公众号记得加星标⭐️，第一时间看推送不会错过。 日本内存制造商 SAIMEMORY 于 2 月 3 日在英特尔举办的"Intel Connection Japan 2026"活动上 首次公开亮相，介绍了其业务详情以及目前正在开发的新内存结构"ZAM"的概述。 SAIMEMORY 是 一 家 由 软 银 、 英 特 尔 和 东 京 大 学 共 同 成 立 的 存 储 器 制 造 商 ， 成 立 于 2024 年 12 月，并于 2025 年 6 月开始全面运营。其主要业务是存储器及相关产品的研发、制造和销售。 然而，此前从未公开宣布过此事，相关业务细节也一直不为人知。在本次英特尔活动上，一种面向人 工智能市场的新型内存结构——ZAM（Z字形内存）——正式亮相。 到目前为止，存储器的结构都是堆叠在平面上的，但由于功率和散热的限制，目前这种结构的 16 层 已经接近其极限 ...

Group 1 - The core issue revolves around the quality concerns of Chow Sang Sang's gold pendants, which were found to have varying gold content levels, with the highest at 99.99% and the lowest at 64.37%, showing a difference of 35.62% [3][5] - Chow Sang Sang's official response emphasized that all their gold products meet national standards, with a gold content of no less than 990‰, and they are taking the matter seriously by conducting further tests [5][3] - The company has sent the same batch of products for testing to the National Gemstone and Jewelry Testing Center, which confirmed the gold content as 99.99% in multiple tests [5][3] Group 2 - The market is experiencing significant volatility, with various sectors, including precious metals, facing sharp declines due to panic selling and high leverage [17][12] - The domestic automotive market is showing a clear divide, with traditional brands like SAIC and Geely seeing over 20% growth, while new energy vehicle startups are facing collective declines [17] - The gaming industry is under scrutiny for potential tax adjustments, with rumors causing stock price drops among major companies like Tencent, although these rumors have been deemed unreliable [14][12]

他表示，人工智能算力需求激增，正显著推高对GPU和存储芯片的依赖，而当前席卷行业的存储芯片短 缺已成为AI发展面临的"最大挑战"，相关供需失衡预计要到2028年才可能缓解。 编辑：七三 陈立武还透露，多家客户正与英特尔晶圆代工业务展开深入接洽，兴趣集中在14A制程技术，相关量产 有望在今年晚些时候加速。 英特尔首席执行官陈立武周二在思科人工智能峰会上表示，公司已任命新的首席架构师全面推进图形处 理器（GPU）研发，以把握人工智能数据中心需求快速增长带来的机遇。 ...

责任编辑：宋雅芳 他表示，人工智能算力需求激增，正显著推高对GPU和存储芯片的依赖，而当前席卷行业的存储芯片短 缺已成为AI发展面临的"最大挑战"，相关供需失衡预计要到2028年才可能缓解。 陈立武还透露，多家客户正与英特尔晶圆代工业务展开深入接洽，兴趣集中在14A制程技术，相关量产 有望在今年晚些时候加速。（第一财经记者 胡弋杰） 英特尔首席执行官陈立武周二在思科人工智能峰会上表示，公司已任命新的首席架构师全面推进图形处 理器（GPU）研发，以把握人工智能数据中心需求快速增长带来的机遇。 ...

英特尔首席执行官陈立武周二在思科 人工智能峰会上表示，公司已任命新的首席架构师全面推进图形 处理器研发，以把握人工智能 数据中心需求快速增长带来的机遇。 他表示，人工智能 算力需求激增， 正显著推高对GPU和 存储芯片的依赖，而当前席卷行业的存储芯片短缺已成为AI发展面临的"最大挑 战"，相关供需失衡预计要到2028年才可能缓解。 陈立武还透露，多家客户正与英特尔晶圆代工业务展 开深入接洽，兴趣集中在14A制程技术，相关量产有望在今年晚些时候加速。 ...

他表示，人工智能算力需求激增，正显著推高对GPU和存储芯片的依赖，而当前席卷行业的存储芯片短 缺已成为AI发展面临的"最大挑战"，相关供需失衡预计要到2028年才可能缓解。 陈立武还透露，多家客户正与英特尔晶圆代工业务展开深入接洽，兴趣集中在14A制程技术，相关量产 有望在今年晚些时候加速。 英特尔首席执行官陈立武周二在思科人工智能峰会上表示，公司已任命新的首席架构师全面推进图形处 理器（GPU）研发，以把握人工智能数据中心需求快速增长带来的机遇。 （文章来源：第一财经） ...