国泰海通证券研究·2025-05-30 09:31Core Viewpoint - The AI ASIC industry is experiencing significant growth opportunities due to its advantages over general-purpose chips like GPUs and CPUs in terms of computing power, efficiency, and cost per unit of computing power, which are driving demand growth [1][2]. Group 1: Market Dynamics - The ASIC market is catalyzed by its ability to adapt to various business scenarios and customer needs, providing flexibility in business layout [1]. - Major overseas CSP companies are launching self-developed chips, with Google releasing its latest TPU chip, Trillium, which has more than doubled its computing power compared to the previous generation [2]. - AWS has introduced the Trainium series, with the latest Trainium2 chip's performance being four times that of its predecessor, showcasing advancements in AI chip technology [2]. Group 2: Company Performance - Leading AI ASIC design companies like Broadcom and Marvell are benefiting from the surge in AI demand, with Broadcom projecting a 220% year-on-year increase in AI business revenue to $12.2 billion for fiscal year 2024 [3]. - Broadcom anticipates that its AI business revenue will reach between $60 billion to $90 billion by 2027, indicating strong market confidence [3]. - Marvell expects its AI business revenue to grow from $550 million to $2.5 billion between fiscal years 2024 and 2026, reflecting accelerated growth [3].