野村 2025 年投资论坛：AI 相关主题 -与 Sakana AI 及 Ibiden 的对话-Nomura Investment Forum 2025_ AI-related themes_ Conversation with Sakana AI and Ibiden

Investment Rating - The report assigns a "Buy" rating to Ibiden, indicating a positive outlook for the company's performance in the market [1]. Core Insights - The AI industry is expected to see sustainable growth through application-specific custom AI and packaging technologies that lower inference costs [1]. - Sakana AI focuses on developing innovative algorithms and application-specific AI models, aiming for sustainable growth by specializing in niche areas [2]. - Ibiden is increasing its market share in the custom ASIC packaging sector, with manufacturing difficulties for ASICs approaching those of GPUs, which may lead to a broader customer base for AI accelerator packages [3][5]. Summary by Sections Sakana AI - Sakana AI, founded by notable figures from Google Brain and Mercari Europe, specializes in advanced algorithms and application-specific AI models [2]. - The company aims to improve algorithms efficiently through an evolutionary process rather than relying on large-scale computing resources [2]. - Concerns about sustainability in ultra-large model learning persist, as only a few companies can maintain the necessary infrastructure [2]. Ibiden - Ibiden has refined its manufacturing technologies for large packages since the mid-2010s, with expectations of increased manufacturing difficulty for custom ASICs and GPUs [3]. - The company is likely to expand its customer base for AI accelerator packages due to its capability to stably mass produce EMIB-T, a technology that may see wider adoption by 2027-28 [3]. - Technological advancements in providing LLM inference with stable quality at lower prices are expected to enhance Ibiden's competitive advantage in the market [3][5].