周末盘点：光进内存、燃机、存储

Group 1: Optical Memory - The concept of optical memory is introduced, where Google attempts to remove HBM due to limited production capacity and set up a DRAM memory cabinet with pooling technology for dynamic memory allocation [2] - The advantages of this solution include releasing physical space and capacity limitations of TPU CoWoS, increasing the flexibility of DRAM allocation per TPU chip, and potentially doubling the allocation from 192GB to 1TB [3] - This approach challenges the long-standing "near-memory computing" principle in the semiconductor industry, which could lead to issues like memory walls and idle computing units if latency is too high [3][4] Group 2: Gas Turbines - GEV's financial report indicates strong demand in the gas turbine sector, with 41 new heavy-duty gas turbine orders, including 15 HA units, leading to a backlog increase of 7GW to 40GW [6] - The current booking prices for slot agreements are 10-20% higher than existing backlog orders, providing certainty for profit margin expansion in 2026 [6] - The industry logic for gas turbines and HRSG remains positive, indicating continued growth potential [8] Group 3: Memory Market - JP Morgan's analysis has raised expectations for Hynix and Samsung, noting that the demand for server memory driven by AI workloads is surging, offsetting weak demand from PCs and smartphones [9] - The memory price is entering a stronger and longer upward cycle, with HBM becoming a growth highlight, and HBM4 production is on track, capturing a significant share of orders from key clients like Nvidia [9][11] - Hynix plans to significantly increase capital expenditure in 2026 to address current memory supply shortages and lay the groundwork for long-term growth, while maintaining disciplined spending [9][11]