全球AI算力芯片行业再回顾：生成式AI开启科技行业超级成长周期

Investment Rating - The report maintains an "overweight" rating for the global AI computing chip industry, with specific buy ratings for AMD and MediaTek, and a sell rating for Intel [15][20]. Core Insights - The global AI industry is experiencing explosive growth, with the generative AI market expected to reach nearly $1 trillion by 2030, driven by a compound annual growth rate (CAGR) of 40% from 2024 to 2030 [15][52]. - AI computing chips are essential for the development of AI models, benefiting significantly from the industry's high growth [15][20]. - The report emphasizes the importance of AI computing chips in both cloud and edge applications, highlighting the increasing demand for these chips across various sectors, including smartphones and electric vehicles [17][20]. Summary by Sections Global AI Computing Chip Industry Investment Highlights - The AI industry is in a rapid growth phase, with significant capital expenditure from cloud service providers on AI computing chips [20]. - The demand for AI computing chips is expected to grow as AI models penetrate consumer devices, enhancing user experience [20][28]. Overview of the Global AI Industry: Explosive Growth - The generative AI market has seen a sixfold increase from 2020 to 2023, with substantial growth expected to continue [52]. - The report notes that the AI industry is still in its early stages, with ongoing advancements in AI model performance and capabilities [21][23]. AI Computing Chip Development Trends - GPUs are identified as the most critical computing foundation for generative AI, with CPUs and SoCs also benefiting from increased demand [20]. - The report highlights the rapid expansion of AI computing chip production capacity, leading to a more balanced supply-demand dynamic [20]. Review and Outlook for US Tech Stocks - The report suggests that the current economic environment, including a potential interest rate decrease, could support the valuation of growth tech stocks [20]. - The Nasdaq and M7 indices are expected to show long-term growth potential driven by fundamental factors [20]. Company-Specific Coverage - AMD is positioned to benefit from multiple AI computing chip layouts, receiving a buy rating with a target price of$ 168.7 [11]. - MediaTek is also rated as a buy, with a target price of NT $1,468.5, benefiting from AI penetration in consumer electronics [13]. - Intel, while benefiting from AI demand, is rated as a sell due to delayed financial performance, with a target price of$ 20.4 [15].