以下文章来源于芯智讯 ，作者芯智讯浪客剑 芯智讯 . "芯智讯"——有料的科技新媒体！专注于半导体产业链、智能手机产业链、人工智能、AR/VR、智能硬件及汽车电子等相关领域。 作者 | 芯智迅浪客剑 来源 | 芯智迅 导语：高通宣布进军数据中心市场，并回应小米自研芯片。 5月19日，高通公司CEO Cristiano Amon在台北电脑展（Computex 2025）开幕主题演讲当中正式宣布，高通将进军数据中心市场。同时， Amon还 介绍了高通在PC市场的进展，与中国台湾产业链的合作，并回应了小米自研芯片对高通的影响。 进军数据中心 5月13日，高通公司宣布与沙特阿拉伯AI公司 Humain签署了一份谅解备忘录 （MOU），旨在达成战略合作，开发下一代人工智能数据中心、基础 设施和云到边缘服务，以满足包括沙特在内的全球市场对人工智能快速增长的需求。 2023年， 高通就推出了基于其收购的 Nuvia公司自研Oryon CPU内核的第一代AI PC芯片骁龙X系列，并希望在未来五年内拿下全球30%至50%的非 X86 Windows PC市场。但是随后，骁龙X系列的市场表现并不尽如人意。 根据该MOU，高通将需 ...

Investment Rating - The industry rating is maintained at "Outperform" [9] Core Insights - The upcoming Computex 2025 will focus on AI-driven industry catalysts, showcasing advancements in AI and robotics, next-gen technology, and future mobility [2][15] - The semiconductor industry is expected to continue its optimistic growth trajectory in 2025, driven by AI applications across various sectors, including consumer electronics, data centers, and industrial control [4][7][23] Summary by Sections Computex and AI Development - Computex 2025 will gather major tech companies to present the latest AI research and applications, emphasizing the integration of AI in various sectors [2][15] - Key presentations will include NVIDIA's breakthroughs in AI and accelerated computing, as well as insights from companies like Qualcomm and Arm on the transformative impact of AI on device experiences and ecosystems [3][19][21] 2025 Terminal Demand Forecast - Consumer electronics are expected to see stable growth, with AI innovations driving demand for products like AI PCs and smart devices [4][27] - The global AI server market is projected to experience strong demand, with significant orders for GPUs and related components from companies like NVIDIA and Broadcom [6][35] - Industrial markets are showing signs of recovery, particularly in China, with increasing demand for industrial chips and automation solutions [42] Key Developments in Semiconductor Sector - Xiaomi's launch of the self-developed SoC chip, "玄戒 O1," marks a significant step in China's semiconductor industry, aiming to enhance domestic high-end chip production and reduce reliance on foreign technology [5][31] - The AI data center segment is facing a supply-demand imbalance, with strong growth in orders for AI-related infrastructure and components [6][35] - The automotive sector is witnessing a robust demand for smart vehicles, with significant growth in the CIS market driven by the transition to electric and intelligent vehicles [44] Emerging Market Trends - New hardware driven by AI technology is expected to create additional market opportunities, particularly in smart glasses and home automation devices [29] - The renewable energy sector is anticipated to recover in the second half of 2025, with stable demand for solar and energy storage solutions [47]

Computex 2025 追踪： 高通 AIPC 生态加速 Computex 2025 Tracker: Qualcomm Accelerates AIPC Ecosystem 姚书桥 Barney Yao barney.sq.yao@htisec.com [Table_yemei1] 热点速评 Flash Analysis [(Table_summary] Please see APPENDIX 1 for English summary) 事件 [Table_Title] 研究报告 Research Report 20 May 2025 美国电子 US Technology 高通公司总裁兼 CEO 克里斯蒂亚诺·安蒙（Cristiano Amon）举行了一场主题演讲，重点展示了高通在 AI PC、边缘 AI 计算、游戏生态和全球市场布局等方面的最新进展与战略方向。 点评 AI PC 生态加速落地，Arm 架构挑战 x86 格局。高通基于骁龙 X Elite/Plus 平台（45 TOPS NPU 算力），已有超过 85 款 Windows 11 AI+ PC 量产或在开发中，覆盖宏碁、戴尔、联想等主流品 ...

2025年，高通迎来了公司成立40周年，同时也是高通进入中国30周年。在此过程中，高通也积极与各个地方的产业伙伴广泛合作，例如先后在杭州、苏州等 建立联合创新中心，涉及5G、智能网联汽车、VR、物联网等多个领域，共同为当地相关产业发展提供支持。 高通是连接与计算领域的领军企业。在移动通信领域，高通致力于发明突破性的基础科技，从3G、4G到5G，高通不断推动移动通信技术的进步及落地应 用。目前，5G正在向全新的5G-Advanced阶段迈进，高通也积极与产业伙伴一起推动5G-Advanced持续发展。例如在3月举行的世界一级方程式锦标赛（F1） 上海站正赛期间，高通与上海移动、诺基亚贝尔合作，在引入毫米波组网的5G-Advanced网络下，利用8K 3D VR直播系统和毫米波智能手机形态终端，为用 户带来超高清、多角度、低时延的赛事直播体验。 另一方面，高通在AI领域有着超过15年的研发经历，先后推出了一系列行业领先的硬件和软件解决方案，涵盖了数十亿台智能手机、汽车、XR头显和眼 镜、PC以及工业物联网终端等。例如在智能手机领域，高通推出的骁龙8至尊版采用了一系列领先技术，包括第二代定制的高通Oryon CPU ...

高通回应小米自研芯片：预计不会影响公司业务 金十数据5月20日讯，高通首席执行官克里斯蒂亚诺·阿蒙表示，小米自研芯片预计不会对高通业务造成 影响，"我们仍然是小米的芯片战略供应商，我认为高通骁龙芯片已经用于小米旗舰机，并将继续用于 小米旗舰机。" ...

1. 零跑汽车一季度营收超百亿 毛利率达14.9% 超出市场预期。 2. 鸿蒙电脑正式发布，国产操作系统在个人电脑领域实现重要突破。 3. 谷神星一号海射型遥五运载火箭发射成功。 4. 抖音开展"AI起号"专项治理行动，重点整治利用AI生成低俗猎奇视频等行为。 5. 据The Information：英伟达正洽谈投资量子技术初创公司PsiQuantum。 6. 小米战略新品发布会定档5月22日，将推出"玄戒O1"，"玄戒O1"采用第二代3nm工艺制程。 7. 高通将推出可与英伟达芯片连接的数据中心处理器。 金十数据整理：每日科技要闻速递（5月20日） 8. 黄仁勋：英伟达将于第三季度推出下一代GB300人工智能系统。将在中国台湾建AI超级计算机，英伟 达DGX Spark已经全面投产。 ...

Core Viewpoint - Qualcomm's stock has rebounded 25% from its multi-year low but is currently consolidating at the lower end of its trading range, indicating a lack of momentum despite being a prominent player in the semiconductor sector [1][2]. Group 1: Stock Performance and Valuation - Qualcomm closed at $153.62, with a P/E ratio of 16.42 and a dividend yield of 2.32% [1]. - The stock trades at a discount compared to major semiconductor peers, making it attractive to value-oriented investors, yet this has not translated into strong relative performance [2][3]. - Analysts have mixed sentiments, with some maintaining Buy ratings while others express caution, reflecting uncertainty in the stock's future performance [5][6]. Group 2: Market Sentiment and Analyst Ratings - Recent earnings reports were solid but did not exceed expectations, leading to a mixed reception from analysts [3][4]. - Morgan Stanley maintained an Equal-Weight rating with a price target of $163, acknowledging the company's fundamentals but noting the stock's unexpected weakness [7]. - Wells Fargo adopted a more cautious stance, lowering its price target from $175 to $140 due to concerns over Qualcomm's exposure to China and consumer markets [8]. Group 3: Future Outlook and Catalysts - The upcoming trading sessions are critical for Qualcomm, as reclaiming recent highs could restore investor confidence, while failure to do so may reinforce the perception of the stock as stagnant [9][10]. - The market is looking for more than stability; it seeks vision and compelling reasons for Qualcomm to rejoin elite semiconductor performers, which may require new product wins or strategic announcements [11][12].

Group 1: Strategic Collaboration - Qualcomm Technologies, Inc. has partnered with e& to enhance digital infrastructure in the UAE, focusing on industrial and enterprise 5G edge AI gateways [1] - The collaboration aims to develop advanced edge AI devices and support generative AI capabilities by integrating large language models [1] - Qualcomm will also work on smart mobility and safety solutions to improve the UAE's transportation infrastructure and support industrial IoT solution development across various sectors [1] Group 2: Engineering Center and Innovation - A global Engineering Center will be established in Abu Dhabi, collaborating with local and international companies to support regional strategic initiatives [2] - The center will align with national priorities and development goals, facilitating transformative technologies in critical sectors such as energy, manufacturing, logistics, retail, and smart mobility [2] Group 3: Market Position and Stock Performance - Qualcomm's establishment of the engineering center positions the company at the center of a region becoming a global hub for future-defining industries, enhancing its R&D capacity and market position [3] - Shares of Qualcomm have decreased by 22.9% over the past year, contrasting with the industry's growth of 18.1% [6] - Qualcomm currently holds a Zacks Rank of 3 (Hold), while other companies in the industry, such as Juniper Networks and InterDigital, have higher rankings [7][9]

Computex 现场连线#1：英伟达、高通主旨演讲 20250519 摘要 COMPUTEX 是全球最重要的 PC 和服务器产业链活动之一，今年展会包括英伟 达、高通、红海、联发科和 NXP 等公司的主旨演讲以及整个 PC 和服务器产业 链的展示。英伟达的演讲符合预期，重点在 AI 服务器产业链的发展，包括 AI 工厂、agentic AI、机器人以及企业 AI 系统转型。高通则宣布进入服务器 CPU 市场，这对 ARM 生态系统形成闭环有利，并打破 X86 生态。此外，中国 台湾的服务器产业链非常强大，从整机到各个零部件都非常完整，但应用端较 弱。 • AI Token 被视为未来重要工具，数据中心将成为 AI 工厂，以能源为输入 产出 AI Token，未来数据中心每月或每年生产多少 AI Token 将成为重要 指标，标志着 AI 应用落地。 • 中东市场出货量预计增加，可能取代新加坡，对英伟达和 AMD 均有影响， 值得关注。英伟达芯片已交付 OEM，收入已确认，但 OEM 后续工作进度 影响整体供应链。 • 英伟达第二季度财报指导可能在 45 至 47 亿美元之间，考虑了 5.5 亿美元 HRC ...

据披露，高通全新CPU将采用英伟达NVLink Fusion技术，实现与英伟达GPU的直接高速互联。高通技 术公司总裁兼首席执行官克里斯蒂亚诺·阿蒙(Cristiano Amon)表示："通过将我们的定制处理器接入英伟 达机架级系统架构，我们正在把高效能、低功耗计算的愿景延伸到数据中心领域。"这一技术整合将显 著优化AI工作负载下的芯片间通信效率，解决传统架构中CPU与GPU协同计算的瓶颈问题。 值得关注的是，高通近期与沙特人工智能公司Humain签署合作协议，共同建设数据中心。这一合作既 为高通新CPU提供了早期应用场景，也暗示其市场策略或聚焦特定区域和垂直领域，避开与英特尔、 AMD的正面交锋。 长期以来，英伟达GPU在数据中心主要与英特尔(INTC.US)、AMD(AMD.US)的CPU搭配使用。而随着 英伟达去年推出基于Arm架构的"Grace"CPU并进军CPU市场，数据中心算力生态竞争日趋激烈。高通此 次入局，不仅为英伟达提供了新的硬件合作伙伴选择，更可能重塑"CPU+GPU"的算力组合模式。 芯片巨头高通(QCOM.US)宣布将重返数据中心中央处理器(CPU)赛道，推出专为数据中心设计的定制化 ...