Guoxin Securities·2025-07-15 08:12Group 1: AI ASIC Market Insights - The AI ASIC market is experiencing rapid growth, with significant price and power consumption advantages over GPUs. The average price of GPUs is projected to be $8001 in 2024, while AI ASICs are expected to average $5236, highlighting a clear price advantage for AI ASICs [1][14][17] - The market size for AI ASICs is expected to grow from $14.8 billion in 2024 to $83.8 billion by 2030, with a CAGR of 33.5% from 2024 to 2030. In comparison, the GPU market is projected to grow from $70.1 billion to $326.3 billion during the same period, with a CAGR of 29.2% [1][20][18] - AI ASICs are anticipated to capture a larger market share in the training and inference sectors, with their growth rates outpacing those of GPUs [1][20] Group 2: Google TPU Development Trends - The development of Google's TPU has revealed three major trends: increasing specialization, enhanced computational power, and improved energy efficiency. The TPU v5 series includes TPU v5e for cost-effective training and inference, and TPU v5p focused on large model training [2][26][81] - The TPU architecture has evolved to support more complex tasks, with TPU v4 and v5 series demonstrating significant improvements in performance and energy efficiency, with TPU v5e achieving a 2.5 times increase in cost-effectiveness for inference tasks [2][57][76] - The latest TPU v7 (Ironwood) has shown a peak performance increase of 10 times compared to TPU v5p, with significant enhancements in HBM capacity and inter-chip bandwidth [2][76][78] Group 3: Stablecoin Regulatory Developments - The introduction of the Stablecoin Ordinance in Hong Kong aims to enhance transparency and reduce redemption risks in the stablecoin industry, providing a clear regulatory framework for compliant institutions [3][84] - Stablecoins are expected to improve cross-border payment efficiency, offering advantages over traditional systems by bypassing the inefficiencies of SWIFT [3][84] - The regulatory framework is anticipated to activate digital financial innovation, paving the way for the integration of stablecoins in various financial applications, including RWA (Real World Assets) [3][84]