SINOLINK SECURITIES·2025-06-22 13:52Investment Rating - The report does not explicitly state an investment rating for the industry Core Insights - The report highlights the significant growth potential in the custom chip market, with Marvell raising its Total Addressable Market (TAM) forecast to $94 billion by 2028, driven by increasing demand for high-performance, low-power custom chips in AI infrastructure [12][14] - Micron's strong performance in HBM and data center products is expected to continue, with HBM quarterly revenue surpassing $1 billion and a TAM projection exceeding $100 billion by 2030 [15][20] - Huawei's HarmonyOS ecosystem is anticipated to enhance consumer acceptance of high-end devices, aiding in the expansion of wearable and smart home products [26] Summary by Sections AI Applications - The active usage of AI chat applications continues to rise, with notable growth in overseas applications like Claude and domestic applications such as Tongyi and Doubao [11] - Alibaba has launched the Qwen3 MLX framework, which is tailored for Apple chips, indicating a strategic move towards enhancing AI development capabilities [11] Marvell - Marvell has significantly increased its TAM forecast for custom chips, projecting a market size of $94 billion by 2028, with a focus on achieving a 20% market share in the custom computing sector [12][14] - The company has established a strong competitive edge through advanced technology in 5nm and 3nm nodes, and has secured 18 custom chip business slots with a potential lifetime revenue of $75 billion [13][14] Micron - Micron's strong growth in HBM and data center products is expected to continue, with quarterly revenue for HBM surpassing $1 billion and a TAM projection exceeding $100 billion by 2030 [15][20] - The company is the only vendor to ship LPDRAM in volume and is set to be the first to mass-produce SOCAMM, indicating a strong position in the data center DRAM market [19] Huawei - Huawei's developer conference showcased advancements in HarmonyOS, with over 800,000 developers joining the ecosystem and more than 30,000 native applications launched [24] - The introduction of the HarmonyOS 6 Beta version emphasizes cross-device collaboration and AI integration, enhancing user experience across various devices [22][24]