Investment Rating - The investment rating for Alchip Technologies Ltd is Overweight (OW) with a price target of NT2,605.00 on May 19, 2025 [5][67]. Core Insights - Alchip Technologies Ltd is positioned as a key partner in NVIDIA's NVLink Fusion initiative, which allows hyperscalers to create custom computing systems [2][7]. - The report emphasizes the importance of ASIC design in enhancing efficiency for internal workloads and reducing total cost of ownership (TCO) [7]. - Alchip is reaffirmed as the sole supplier for AWS's 3nm AL accelerator, with no other design service providers currently involved in the same project [7]. Summary by Sections Investment Rating - Alchip Technologies Ltd is rated Overweight with a price target of NT212,060 million, with an average daily trading value of NT43.27, NT81.56, and NT$147.34 respectively [5]. Market Position - Alchip is highlighted as one of the first adopters of NVLink Fusion, alongside other notable companies such as Astera Labs and MediaTek [2]. - The report notes that while NVLink Fusion is a significant development, concerns about lock-in risks with NVIDIA may affect the pace of concrete project developments [7]. Future Outlook - The report suggests accumulating Alchip stock, given its strong position in the semiconductor market and the anticipated growth from its partnerships and technology advancements [7].
Alchip Technologies Ltd：关于NVLink Fusion合作关系及3nm状况的思考-20250520
2025-05-20 07:50