高盛还未放弃AI硬件

AI Applications - The recent pullback in AI applications is seen as a positive development, providing an opportunity for investors to enter the market after a significant surge [2] - The current phase is identified as the early stage of a turning point in the AI application industry, with expectations for further strengthening of mainline scenarios, leading to a potential valuation increase [3] Electricity Sector - The electricity sector experienced a sudden surge, particularly in transformer companies, triggered by a recent announcement from Trump [4] - The transformer sector has been overlooked in the context of the Musk chain, with the U.S. facing a significant shortage of transformers, leading to increased global competition for Chinese transformers [5] - The long-term outlook for the U.S. electricity shortage remains, with transformers, gas turbines, and HRSG being key benefiting sectors [6] AI Hardware - Recent performance in AI hardware (optical modules, PCBs, liquid cooling) has been underwhelming despite optimistic analyses from Goldman Sachs [7] - Goldman Sachs has raised its outlook for Invec's core logic, citing a projected CAGR of over 60% for the global server cooling market from 2025 to 2027, driven by high-power AI server demand [9] - Invec's global market share in liquid cooling is expected to reach 7% by 2028, with revenue and net profit CAGR projected at 44% and 58% respectively from 2025 to 2030 [9] - Victory's advantages include early customer engagement in PCB for graphics cards and a strong production efficiency, with a projected CAGR of 140% for global AI PCB TAM from 2025 to 2027 [14] - Shengyi Technology is expected to continue raising CCL prices due to ongoing demand from AI infrastructure expansion, with a tight supply-demand balance anticipated [15][17] - Goldman Sachs has not provided a separate analysis for optical modules but has raised the overall market outlook, driven by increased AI server demand and a projected CAGR of 34% for shipments from 2025 to 2028 [19][20]