美银：谷歌与微软等科技巨头需求强劲 ASIC供应链迎来超级周期

Group 1: ASIC Chip Market Outlook - Bank of America reports strong and sustained growth in the ASIC chip supply chain due to widespread adoption of AI ASICs by CSPs [1] - Despite extended project cycles, the demand for current generation products has created a historical super demand cycle for the global ASIC supply chain [1] - Google and Amazon are expected to maintain annual ASIC chip production above 1 million units, with Meta and Microsoft gradually catching up [1] Group 2: MPl's Growth and Market Position - MPl, a key supplier of probe cards for ASIC chips, is benefiting from strong customer demand, with MEMS probe card capacity expected to expand from 600,000 units per month to nearly 1 million by Q3 2025 [1][2] - The target price for MPl has been raised to NT$1050 based on a projected P/E ratio of 28 times for 2026 [2] Group 3: Aspeed's Business Performance - Aspeed is showing strong performance in its BMC business, with the AST2700 expected to be adopted by the Rubin platform, leading to reduced competitive pressure [2] - Earnings per share estimates for 2026 and 2027 have been raised by 5% and 12% respectively, with the target price increased to NT$6250 [2][3] - Aspeed's revenue is projected to reach NT$2.2 billion in Q3 2025, with a gross margin of 66% [3] Group 4: Alchip's Opportunities and Risks - Alchip is seeing increased collaboration opportunities with key customers as CSP projects advance, with a higher likelihood of mass production for Trainium 3 [4] - The target price for Alchip has been raised to NT$3900 based on a rolling valuation period extending to mid-2027 [4] - Upward risks for Alchip include faster mass production of non-AWS projects and improved profit margins due to relaxed restrictions on China [4]