电子行业海外科技周跟踪：NV链观点，放下供应链短期博弈，拥抱需求端大海星辰，享受景气度向上趋势

Investment Rating - The industry investment rating is "Outperform the Market" [5][17]. Core Viewpoints - The report emphasizes the importance of focusing on demand rather than short-term supply chain fluctuations, highlighting a positive trend in the industry [3][4]. - The demand for computing power is expected to grow significantly, driven by new AI models and strong capital expenditure from cloud service providers [4]. - The report suggests that the current phase of the computing hardware sector is characterized by accelerated growth due to GPU iterations, recommending a focus on high-performance segments [4]. Summary by Sections Market Performance - The Nasdaq Composite Index rose by 1.13%, while the Philadelphia Semiconductor Index fell by 0.59% during the last week of November [2]. - Notable stock movements included a 9.88% increase for Western Digital and a 5.46% increase for Amazon, while Nvidia saw a decline of 2.61% [2][11]. Company Insights - Dell Technologies reported a 10% revenue increase to $24.37 billion, with its ISG business, which includes AI servers, growing by 34% to $11.37 billion [5][8]. - Dell's AI server orders reached $3.6 billion, indicating strong demand despite some customers delaying purchases due to waiting for Nvidia's Blackwell chips [8]. Supply Chain Developments - Foxconn is expanding its production capabilities for Blackwell chips in the U.S., Mexico, and Taiwan, with new factories set to begin operations soon [4]. - The report notes stable supply and increasing demand for high-speed copper cables and optical modules, indicating a robust supply chain environment [4]. Future Outlook - The report anticipates that Blackwell chips will start shipping this quarter, potentially exceeding previous revenue guidance of several billion dollars [4]. - The overall sentiment in the AI and computing hardware sectors remains optimistic, with no signs of demand slowing down [8].