Tianfeng Securities·2025-06-09 05:41Investment Rating - Industry Rating: Outperform the Market (Maintained Rating) [1] Core Insights - The report highlights the upcoming WWDC 2025, emphasizing the integration of AI into system-level experiences and the expected innovations in hardware and software from Apple [12][15][17] - Recent financial performances from companies like Credo, Broadcom, and Nvidia indicate strong growth driven by AI-related demands, with significant revenue increases reported [20][24][29] - The report notes the resurgence of interest in AI glasses, with multiple new products launched, indicating a growing market for augmented reality applications [6][8] Summary by Sections 1. Weekly Perspective - WWDC 2025 is set to showcase AI software and hardware upgrades, with Apple expected to unveil significant updates across its operating systems [12][15] - Credo's stock has surged over 180% due to its focus on AI and high-speed interconnects, with Q4 revenue reaching $170 million, a 25.9% quarter-over-quarter increase [20][22] - Broadcom reported Q2 revenue of $15 billion, a 20% year-over-year increase, driven by strong demand for AI-related products [24][25] - Nvidia's Q1 revenue reached $44.06 billion, a 69% year-over-year increase, with significant contributions from data center and gaming sectors [29][30] 2. AI Glasses Market - The report discusses the launch of new AI glasses by companies like Raybird and Rokid, which are expected to enhance user experiences by integrating smartphone functionalities [6][8] - The AR glasses market is experiencing renewed interest, leading to increased investments in upstream near-eye display projects [6][8] 3. Panel and Display Innovations - The report notes a divergence in the panel market, with display panels maintaining an upward trend due to tariff exemptions and proactive inventory management by brands [7][8] - TCL and Alibaba Cloud have announced a strategic partnership to enhance AI capabilities in semiconductor displays and smart terminals [7][8]