Core Viewpoint - Major US semiconductor companies, including Micron, Qualcomm, and Texas Instruments, are seeking relief from anticipated semiconductor import tariffs through comments submitted to the US Department of Commerce, highlighting the complexity of the semiconductor supply chain and the potential negative impact of poorly designed tariffs on US interests [1][2][3]. Group 1: Micron Technology's Position - Micron emphasizes its role as the only large-scale memory component manufacturer in the US and plans to invest $140 billion over the next 20 years to support US national and economic security [5][9]. - The company argues that tariffs on semiconductor manufacturing equipment (SME) could disadvantage US manufacturers by increasing costs and harming competitiveness [17][19]. - Micron's investment is expected to create 80,000 jobs and contribute $1.4 trillion to the US economy over 20 years, while also addressing national security risks associated with memory chip production concentrated in Asia [12][14]. Group 2: Qualcomm's Position - Qualcomm highlights its leadership in semiconductor design and its critical role in 5G and 6G technology, advocating for reduced regulatory burdens to facilitate expansion and investment in the US [28][30]. - The company stresses the importance of maintaining a strong domestic supply chain to support its operations and the broader semiconductor industry, while also emphasizing the need for government policies that stimulate domestic demand for semiconductors [29][39]. - Qualcomm warns that tariffs could jeopardize its global market access and the US's position as a technology leader, urging careful consideration of the implications of any tariff actions [38][40]. Group 3: Industry Implications - The semiconductor industry is characterized by a complex, interdependent global supply chain, where even minor disruptions can lead to significant competitive disadvantages for US companies [39]. - The industry is facing challenges related to high manufacturing costs in the US compared to Asia, necessitating supportive government policies to enhance competitiveness and attract investment [13][24]. - The need for a coordinated trade policy that supports US semiconductor manufacturing growth is critical, as tariffs could inadvertently harm domestic manufacturers and hinder the goal of increasing US semiconductor production [16][22].

Investment Rating - The industry rating is "Recommended" [5] Core Insights & Investment Recommendations - Trade uncertainties have resurfaced, with President Trump threatening a 50% tariff on EU imports, which may disrupt market risk appetite temporarily. However, China's core assets still hold low-positioning value due to domestic demand resilience, industrial chain upgrades, and policy support [2][24] - OpenAI's acquisition of the AI hardware startup io for $6.5 billion marks its entry into the hardware sector, indicating a strategic shift from a "pure software ecosystem" to an "end-side closed-loop" strategy. This move is expected to lower the technical usage threshold and accelerate the commercialization of AI applications in consumer scenarios [2][43] - Investment opportunities include: 1) Hong Kong internet leaders benefiting from consumption promotion and employment stability; 2) The gaming industry, which is expected to see growth due to policy incentives and technological empowerment; 3) The film and cultural tourism industry, which will benefit from consumption policies promoting cinema recovery [3][25] Industry Data - The top three films at the box office are "Dumpling Queen" with a revenue of 31.83 million yuan (21.10% market share), "Hunting Gold: Game" with 29.16 million yuan (19.40%), and "Life Opens the Door" with 25.13 million yuan (16.70%) [4][58]

Investment Rating - The report maintains a "Recommendation" rating for the computer industry, expecting the industry index to rise more than 5% over the next 3-6 months compared to the benchmark index [45]. Core Insights - The penetration rate of advanced driving assistance systems (ADAS) is expected to accelerate, enhancing the competitiveness of automotive manufacturers. By 2025, the penetration rate of L2 and above intelligent driving functions in China is projected to reach 62%, with highway NOA at 10.8% and city NOA at 9.9% [8][20]. - The global layout of Robotaxi is accelerating, with significant progress in commercialization. Baidu's Robotaxi service, "萝卜快跑," achieved 1.4 million rides in Q1 2025, a 75% year-on-year increase, and plans to expand internationally [9][23]. - Automotive manufacturers are focusing on the iterative upgrade of intelligent driving assistance technologies, with several companies launching new models equipped with advanced sensors and computing platforms [10][29]. Summary by Sections Industry Weekly Viewpoint - The computer sector index decreased by 3.00% from May 19 to May 23, underperforming the ChiNext index by 2.12 percentage points [13]. Market Performance Review - The overall A-share market experienced a net outflow of 276.38 billion yuan, with the computer sector seeing a net outflow of 30.70 billion yuan during the same period [15]. Advanced Driving Assistance Systems (ADAS) - The competition in the ADAS market is intensifying, with a shift from price competition to enhancing product value and technological content. The focus is on rapid product launches and widespread coverage across different vehicle brands and models [19]. Robotaxi Commercialization - The report highlights the rapid expansion of Robotaxi services, with major players like Waymo and Tesla also advancing their commercial operations. The global market for Robotaxi is expected to grow significantly, driven by technological advancements and market openness [27]. Investment Recommendations - The report suggests focusing on companies benefiting from the acceleration of intelligent driving penetration, including Horizon Robotics, SUTENG, Desay SV, and others [11][34].

Investment Rating - The industry rating is "Recommended" [5] Core Insights & Investment Recommendations - Trade uncertainties have resurfaced, with President Trump threatening a 50% tariff on EU imports, which may disrupt market risk appetite temporarily. However, China's core assets still hold low-positioning value due to domestic demand resilience, industrial chain upgrades, and policy support [2][25] - OpenAI's acquisition of the AI hardware startup io for $6.5 billion marks its entry into the hardware sector, indicating a strategic shift from a "pure software ecosystem" to an "end-side closed-loop" strategy. This move is expected to lower the technical usage threshold and accelerate the commercialization of AI applications in consumer scenarios [2][25] - Investment opportunities include: 1) Hong Kong internet leaders benefiting from consumption promotion and employment stability; 2) The gaming industry, which is expected to see growth due to policy incentives and technological empowerment; 3) The film and cultural tourism industry, which will benefit from consumption policies promoting cinema recovery [3][26] Industry Data - The top three films at the box office are "Dumpling Queen" with 31.83 million yuan (21.10% market share), "Hunting Gold: Game" with 29.16 million yuan (19.40% market share), and "Life Opens the Door" with 25.13 million yuan (16.70% market share) [4][63]

Core Viewpoint - Qualcomm is making significant strides in the PC market with its Snapdragon X series processors, supported by major OEMs like Dell, HP, and Lenovo, and has secured over 85 design orders, expecting to exceed 100 by next year [1][2]. Group 1: Qualcomm's PC Market Strategy - Qualcomm's acquisition of Nuvia aims to enhance CPU performance and power efficiency in personal computers [1]. - The introduction of the Dell Pro Max Plus laptop featuring Qualcomm's AI 100 PC inference card marks a notable advancement, being the first workstation with an enterprise-level independent NPU [1][2]. Group 2: Technical Specifications and Innovations - The Dell Pro Max Plus utilizes two Cloud AI 100 processors, providing a total of 32 AI cores and 64 GB of LPDDR4x memory, capable of performing over 450 8-bit integer operations per second within a thermal range of 75 watts [2]. - This setup allows for rapid and secure device inference for large AI models, including those with up to 109 billion parameters, indicating a shift towards alternatives to traditional power-hungry GPUs [2]. Group 3: Competitive Landscape - The PC market has evolved significantly over the past decade, with increased competition from AMD, Nvidia, Qualcomm, and Apple, moving away from Intel's dominance [3]. - Dell's leadership emphasizes the benefits of competition in the semiconductor market, aiming to provide customers with the best components available [3].

Core Viewpoint - Nvidia has experienced remarkable growth of 1,321% over five years, establishing itself as a leader in the AI sector, but Qualcomm is emerging as a potential rival due to its focus on Edge AI and cost-effective chip solutions [1][2][3]. Group 1: Nvidia's Market Position - Nvidia continues to dominate the AI and semiconductor sectors despite a -13.04% year-to-date performance dip, benefiting from data centers and enterprise software solutions [2]. - The company has a market cap that surpasses most tech giants, solidifying its position in the AI race [1]. Group 2: Qualcomm's Strategic Shift - Qualcomm is reinventing itself by focusing on Edge AI, aiming to bring artificial intelligence closer to users through smartphones, PCs, and electric vehicles [3]. - The company's expertise in low-power, high-efficiency chips positions it well for the anticipated shift towards more hands-on AI systems [3]. Group 3: Growth Predictions for Qualcomm - Predictions indicate Qualcomm stock could see a maximum increase of +48.70% over the next 12 months, with an average projected growth of +13.23% [4]. - Recent advancements by DeepSeek in developing affordable AI models could enhance Qualcomm's market position, as the company reported a 17% year-over-year revenue growth and a 21% earnings per share increase in Q2 FY2025 [7]. Group 4: Electric Vehicle Market Potential - The electric vehicle industry is projected to grow at a steady annual rate of 6.01% by 2029, reaching a market volume of approximately US$990.4 billion [8]. - Lower-cost AI solutions are expected to be favored by automakers for scaling smart car features, aligning with Qualcomm's focus on cost-effective chip solutions [9]. Group 5: Partnerships and Future Outlook - Qualcomm has previously collaborated with major automakers like BMW and Mercedes-Benz, indicating potential for future high-profile partnerships in the automotive sector [9]. - With a strong foothold in the automotive industry and a focus on affordable chip solutions, Qualcomm may capitalize on the next wave of AI adoption, similar to Nvidia's trajectory [10].

Core Insights - The global computing landscape is undergoing a transformation, with NVIDIA collaborating with hyperscale cloud service providers, Qualcomm re-entering the data center market, and Arm solidifying its position in AI [1] Group 1: NVIDIA's Developments - NVIDIA announced the opening of its NVLink Fusion platform, allowing hyperscale cloud service providers to integrate their semi-custom chips into NVIDIA's ecosystem [2] - This initiative addresses the core challenge faced by hyperscale cloud providers in achieving vertical and horizontal scaling on NVIDIA systems, while also enabling NVIDIA to commercialize its NVLink technology [4] - NVIDIA is establishing a larger "NVIDIA Constellation" campus in Taiwan, positioning it as a second headquarters to strengthen partnerships with TSMC, Foxconn, and others, reflecting its strategy to build a robust commercial ecosystem [4] - The company launched the RTX Pro 6000 Blackwell server GPU, which supports diverse workloads and aims to transform enterprise IT architecture for the AI era [5] Group 2: Qualcomm's Strategy - Qualcomm showcased its Snapdragon X series processors, which have driven over 85 PC devices and are expected to exceed 100 designs by 2026, emphasizing efficiency and battery life [9] - The company is reinforcing its "end-cloud collaboration" AI strategy, focusing on the application of Agentic AI in productivity and creative scenarios [9] - Qualcomm plans to release the Snapdragon X2 platform in September, featuring 18 third-generation Oryon V3 cores and targeting a 12% market share in the Copilot PC segment by 2027 [10] Group 3: Arm's Position - Arm is enhancing its role in AI development through deep collaboration with Taiwan's industry ecosystem, launching the new Travis CPU with scalable matrix extension technology for improved performance [13] - The company has established strong partnerships with major hyperscale cloud providers like AWS, Google, and Microsoft, with 50% of new server chips for hyperscale data centers based on Arm architecture [13] - Arm predicts that over 40% of PCs and tablets will adopt Arm architecture by 2025, driven by the growth of Windows on Arm ecosystem [14]

Summary of Conference Call Notes Industry Overview - The conference call focuses on the ASIC (Application-Specific Integrated Circuit) market dynamics, particularly involving major players like AWS, Google, Microsoft, and META, with projections extending into 2026 and beyond [1][2][5]. Key Company Insights AWS - AWS has resolved issues with Trainium 3 and continues to secure orders from downstream suppliers. The development of Trainium 4 has commenced, with expectations for a contract signing soon [2][5]. - The specifications for AWS's TPU chips are significantly higher than competitors, with TPU v6p and TPU v7p expected to have ASPs of US$8,000 and higher, respectively [2]. Google - Google is progressing steadily with its TPU series, with TPU v6p featuring advanced specifications including multiple compute and I/O dies. The company is anticipated to become a top customer for GUC due to its rapid ramp-up in CPU development [2][10]. - The revenue from Google's 3nm server CPU is expected to contribute to GUC's revenue sooner than previously anticipated, moving from Q4 2025 to Q3 2025 [10]. Microsoft - Microsoft is working on its Maia v2 ASIC, with a target of ramping 500,000 chips in 2026. However, the project has faced delays, pushing the tape-out timeline from Q1 2025 to Q2 2025 [3][4]. - The allocation of chips has shifted, with expectations of 40-60k chips for MSFT/GUC and 400k chips for Marvell in 2026 [3]. META - META is transitioning from MTIA v2 to MTIA v3, with expectations of ramping 100-200k chips for MTIA v2 and 200-300k chips for MTIA v3 in 2026 [2]. Non-CSPs - Companies like Apple, OpenAI, and xAI are entering the ASIC server market, with many expected to tape out in 2H25 and ramp in 2H26. These companies are likely to collaborate with Broadcom for high-end ASIC specifications [7][8][9]. Financial Projections - GUC's FY25 revenue is expected to exceed previous forecasts, driven by contributions from Google and crypto projects. However, concerns remain about FY26 growth without crypto revenue, with a projected 50% YoY growth in MP revenue [10][11]. - The revenue contribution from various ASIC projects in 2026 includes significant figures such as US$16,756 million from TPU v6p and US$2,616 million from Trainium 3 [18]. Additional Insights - The competitive landscape for ASIC design services is intensifying, with Broadcom and MediaTek entering the fray alongside existing players like Marvell and GUC [4][15]. - The potential impact of geopolitical factors on HBM2E clients was discussed, highlighting the resilience of Faraday in the face of possible restrictions [14]. Conclusion - The ASIC market is poised for significant growth, driven by advancements in technology and increasing demand from both CSPs and non-CSPs. Key players are adapting their strategies to navigate challenges and capitalize on emerging opportunities in the sector [1][5][7].

Core Viewpoint - The competition in the smartphone chip market is intensifying, with Qualcomm and MediaTek dominating the landscape, while domestic smartphone manufacturers face challenges in adopting self-developed chips for overseas markets [1][3][5]. Group 1: Market Dynamics - The smartphone chip market is primarily controlled by Qualcomm and MediaTek, with both companies emphasizing differentiation to maintain their market share [3]. - Qualcomm's self-developed GPU gives it an edge in the high-end smartphone chip market, allowing it to outperform MediaTek despite both using ARM's public core [3]. - Samsung has reduced its reliance on self-developed chips and increased its procurement of Qualcomm chips, contributing over 40% of Qualcomm's revenue [3]. Group 2: Challenges for Domestic Manufacturers - Domestic smartphone manufacturers struggle to compete with Qualcomm in overseas markets due to the performance limitations of their self-developed chips, which mostly use ARM's public core [5]. - Patent issues pose significant challenges for domestic brands, as they have faced multiple lawsuits to establish their patent positions, making them cautious in overseas markets [5][6]. - The strict intellectual property management in Europe further complicates the situation for domestic manufacturers, leading them to prefer Qualcomm chips for their European sales [6][8]. Group 3: Strategic Decisions - Domestic smartphone brands often use both Qualcomm and MediaTek chips, but prioritize Qualcomm for European markets while using MediaTek for emerging markets [6]. - The choice of chip is influenced by various factors beyond technology, including legal and market considerations, which companies must carefully evaluate [8].

Group 1: Company Performance - Amer Sports reported Q1 2025 revenue of $1.473 billion, a 23% year-over-year increase [1] - Revenue from Greater China reached $446 million, up 43%, while the Asia-Pacific region saw a 49% increase to $157 million [1] - Operating profit surged 97% to $214 million, with adjusted operating profit growing 79% to $232 million [1] Group 2: Industry Trends - The launch of "Laughing New Life" program aims to provide a platform for emerging comedians, enhancing cultural confidence and local content [2] - Airbnb's summer product launch reflects a shift towards personalized travel experiences, integrating accommodation with dining and cultural activities [3] - The introduction of Project Aura AR glasses signifies a pivotal moment for the AR industry, marking the entry into the "Android era" [4][5]