GOLDEN SUN SECURITIES·2025-06-08 13:30Investment Rating - The report maintains an "Increase" rating for the industry, emphasizing the explosive demand for ASICs and the investment opportunities in self-developed chip industries by CSPs like Amazon and Google [5][7][31]. Core Insights - The demand for custom ASICs is experiencing a comprehensive explosion, with significant growth expected in the custom acceleration computing chip market, projected to reach $42.9 billion by 2028, growing at a CAGR of 45% from 2023 to 2028 [14][31]. - Major North American CSPs are accelerating their self-developed ASIC layouts, with Google and Amazon leading the progress in custom chip development [14][19]. - Broadcom's guidance indicates that XPU deployments will exceed expectations in 2026, driven by strong demand for customized AI accelerators [20][22]. - Marvell is set to start 3nm chip production in 2026, with significant progress in custom AI XPU projects for large-scale data center clients [3][26]. - Wistron reported a significant revenue increase in May 2025, indicating a robust growth phase for ASIC demand, with AI inference servers expected to account for nearly 50% of the market [30][31]. Summary by Sections ASIC Demand and CSP Developments - The custom acceleration computing chip market is projected to grow from $6.6 billion in 2023 to $42.9 billion by 2028, with a CAGR of 45% [14]. - Google has launched the TPU v6 Trillium chip, expected to replace the TPU v5 by 2025, while Amazon is focusing on the Trainium v2 chip for generative AI applications [15][19]. - Meta is developing the MTIA v2 chip in collaboration with Broadcom, focusing on energy efficiency and low-latency architecture [18]. - Microsoft is enhancing its Maia series chips for Azure cloud applications, with the next generation being developed in partnership with GUC and Marvell [18][19]. Broadcom's Performance and Projections - Broadcom reported AI semiconductor revenue exceeding $4.4 billion in Q2 2025, a 46% year-over-year increase, with expectations for continued growth into 2026 [20][22]. - The company is collaborating with three clients and four potential clients for custom AI accelerator deployments, anticipating significant demand for XPUs in the second half of 2026 [20][22]. Marvell's Innovations and Collaborations - Marvell is set to initiate 3nm chip production in 2026, with strong demand from large-scale data center clients driving revenue growth [3][26]. - The partnership with NVIDIA to incorporate NVLink Fusion technology into custom platforms enhances Marvell's capabilities in the custom chip market [26]. Wistron's Revenue Growth - Wistron reported a revenue of 208.4 billion New Taiwan Dollars in May 2025, reflecting a 162% year-over-year increase, driven by the explosive demand for ASICs [30][31].