Nvidia(US:NVDA) Zhong Guo Neng Yuan Wang·2025-11-10 00:59Core Viewpoint - The report from Guojin Securities highlights optimism towards AI-PCB, core computing hardware, the Apple supply chain, and self-controllable beneficiary industries, driven by increased demand for CoWoS and strong orders in the AI-PCB sector [1][3][4] Industry Insights - The demand for ASICs is expected to surge due to a significant increase in downstream inference demand, with NVIDIA's technology upgrades contributing to rising PCB prices and volumes [1][4] - NVIDIA's CEO Jensen Huang indicated strong business momentum, with the production of the next-generation Rubin chips already underway, supported by major memory suppliers expanding their capacities [2][4] - SanDisk reported a revenue of $2.31 billion for FY26Q1, reflecting a quarter-over-quarter increase of 23% and a year-over-year increase of 21%, with guidance for the next quarter set between $2.55 billion and $2.65 billion [2] Market Trends - The NAND flash market is experiencing tight supply conditions, with prices for DDR5 chips rising from approximately $22.0 to $28.0, indicating a nearly 30% increase [2] - The data center market is projected to become the largest market for NAND flash by 2026, with ongoing supply shortages expected to persist until the end of 2026 [2] - The overall sentiment in the semiconductor industry remains positive, with various segments such as consumer electronics, PCB, and semiconductor manufacturing showing stable to upward trends [4]