AI芯片厂商，集体被存储“卡住咽喉”

Core Insights - The rising prices of storage chips are significantly impacting the AI chip market, particularly affecting companies like Qualcomm and MediaTek, which are closely tied to the mobile sector [1][6] - Major AI chip manufacturers, including AMD and Arm, have reported record earnings, but concerns about storage chip prices and their effects on future performance remain prevalent [2][3][4] Group 1: AMD Performance - AMD reported record revenue of $10.3 billion for Q4 FY2025, a 34% year-over-year increase, driven by strong demand in data center, client, and gaming segments [2] - The data center segment achieved a record revenue of $5.4 billion, up 39% year-over-year, primarily due to the demand for AMD EPYC processors and increased shipments of Instinct GPUs [2] - AMD's CEO highlighted the importance of the Chinese market, noting revenue from the MI308 product and pending approval for the MI325 product [3] Group 2: Arm Performance - Arm achieved record revenue of $1.224 billion for Q3 FY2026, a 26% year-over-year increase, with royalty revenue rising 27% and license revenue increasing by 25% [4] - The growth in Arm's revenue is attributed to higher royalty rates for chips and increased usage of Arm architecture in data centers [4] - Arm is expanding its product line to increase revenue outside the mobile sector, focusing on cloud, automotive, and IoT markets [10] Group 3: Qualcomm Performance - Qualcomm reported revenue of $12.3 billion for Q1 FY2026, a 5% year-over-year increase, with semiconductor revenue reaching $10.6 billion [5] - The automotive segment achieved record revenue of $1.1 billion, up 15% year-over-year, while IoT revenue was $1.7 billion, up 9% [5] - Qualcomm's CEO acknowledged challenges in the mobile market due to storage supply constraints but remains optimistic about high-end smartphone demand [6][7] Group 4: MediaTek Insights - MediaTek's CEO indicated that rising memory and BOM costs are expected to negatively impact overall smartphone demand in 2026 [8] - The CFO noted that flagship models are seeing higher chip content, leading to increased average selling prices, but overall shipment volumes may face pressure [8] - MediaTek is also focusing on strengthening its non-smartphone business, with increasing revenue from data centers [9] Group 5: Industry Challenges - The ongoing shortage and rising prices of storage chips, particularly DRAM, are expected to affect the mobile industry significantly, with companies adjusting production plans accordingly [6][7] - OEMs, especially in China, are cautiously reducing chip inventory, which may reflect in future earnings guidance [7] - The mobile market is anticipated to prioritize high-end products due to lower price sensitivity among consumers in that segment [7]