电子海外科技周跟踪：Arista Q3营收毛利超指引，高通骁龙8 Elite端侧AI能力提升显著

Investment Rating - The industry investment rating is "Outperform the Market" [2][15] Core Viewpoints - The report highlights significant growth in the semiconductor sector, with companies like Qualcomm and Arista exceeding revenue expectations and showing strong year-on-year growth [4][7] - The AI segment is projected to be a major growth driver, with Arista targeting $1.5 billion in revenue from AI-centric networks by 2025 [5] - The overall market sentiment is positive, driven by strong performances in technology stocks, particularly in the semiconductor and AI sectors [3][4] Summary by Sections Semiconductor Sector - Qualcomm reported a non-GAAP adjusted revenue of $10.244 billion for Q4 2024, a 19% year-on-year increase, surpassing expectations [6] - The semiconductor business (QCT) generated $8.678 billion, up 18% year-on-year, while the technology licensing business (QTL) saw revenues of $1.521 billion, a 21% increase [6][7] - Arista achieved $1.81 billion in revenue for Q3 2024, a 20% year-on-year growth, exceeding guidance [4] AI Business - Arista's AI center network revenue target for 2025 is set at $1.5 billion, with significant progress in AI cluster trials [5] - The company is seeing a shift towards AI among large cloud customers, which is reflected in its strategic initiatives [6] Market Performance - The Nasdaq Composite Index rose by 5.74% and the Philadelphia Semiconductor Index increased by 5.78% during the week, indicating strong market performance [3] - Major tech stocks, including Nvidia and Intel, experienced significant weekly gains, contributing to the overall positive market sentiment [10]