美国半导体：瑞银全球科技与 AI 大会 -首日亮点-US Semiconductors_ UBS Global Technology & AI Conference - Highlights From Day 1

Investment Rating - The report does not explicitly state an investment rating for the semiconductor industry or specific companies within it [12]. Core Insights - The semiconductor industry is experiencing a significant increase in demand, particularly in data centers focused on AI, with project requests growing 10-100 times over the past year [2][6]. - Seagate Technology (STX) has a positive outlook on demand, with order visibility extending through at least the end of 2026, and emphasizes that hard disk drives (HDD) will not be the primary bottleneck in data center construction as long as the industry maintains a 25% compound annual growth rate (CAGR) in bit shipments [4][7]. - The quantum computing sector faces substantial engineering challenges, with commercialization expected to be 4-5 years away, and differing opinions on the integration of classical computing with quantum technologies [3]. Summary by Sections Data Center Insights - T5 Data Centers reported a notable increase in project requests, with a focus on power availability and proximity to natural gas pipelines, particularly in Texas [2][6]. - The demand for power supply for data centers is strong, with customers looking to secure availability for 2027 [6]. Seagate Technology (STX) Insights - STX management indicated that they do not plan to increase unit capacity unless HDD becomes the tightest constraint, and they are currently focused on improving drive density [4][7]. - The company has qualified five public cloud customers for HAMR technology, with expectations for significant volume growth in the coming years [7]. Quantum Computing Insights - The quantum panel highlighted that while there is consensus on the significant engineering challenges, financing remains a bottleneck for progress [3]. - Participants noted that the path to commercialization and early applications remains unclear, with expectations for changes in post-quantum security as technology matures [3].