Investment Rating - The report does not explicitly state an investment rating for the industry or specific companies. Core Insights - The demand for Backup Battery Units (BBUs) is experiencing a significant increase due to the rising power consumption of AI servers, with key Taiwanese companies expected to benefit from this trend [8][9][10]. - Huawei's Ascend CloudMatrix 384 SuperPod made its debut at the WAIC 2025, showcasing advancements in intelligent computing alongside other domestic competitors [11][12]. - The competition in the AI computing power sector is intensifying, with OpenAI planning to deploy 1 million GPUs by the end of the year, while Elon Musk's xAI aims for 50 million chips in five years [13][16]. Summary by Sections AI and BBU Demand - AI servers are rapidly increasing in power consumption, leading to a "straight-line upward" explosion in BBU demand. Companies like Simplo Technology, Delta Electronics, AES, and Lite-On Technology are positioned to benefit [8][9]. - The proportion of BBU modules used in ASIC racks is also increasing, and the trend towards High-Voltage DC (HVDC) technology is expected to further boost BBU demand [9][10]. Huawei and Domestic Competitors - At WAIC 2025, Huawei's Ascend CloudMatrix 384 was highlighted, achieving the largest scale of 384-card high-speed bus interconnection. Major clients include Baidu, Meituan, and JD.com [11][12]. AI Computing Power Arms Race - OpenAI is pursuing a strategy for computing independence through self-developed chips and partnerships, with a goal to shift 75% of its computing resources to its Stargate project by 2030. AI capital expenditures are projected to reach $360 billion in 2025 [13][16]. - Meta has been actively recruiting talent from DeepMind, indicating a competitive landscape for AI expertise [14].

台达电7月9日公布，6月合并营收为新台币422.08亿元，环比增加2.8%、同比增加21.2%；累计今年前6 月营收为新台币2429.54亿元，同比增加24.8%。(智通财经) ...

Group 1 - Dongshan Precision, a leading PCB company listed on the Shenzhen Stock Exchange, plans to acquire Sols Optical, a fiber optic communication manufacturer, for RMB 59.35 billion (approximately NT$ 240 billion) [1] - The acquisition raises concerns about technology outflow due to Sols Optical's advanced semiconductor design and silicon photonics technology [1] - Taiwan's Ministry of Economic Affairs has not yet received an application for changes to Sols Optical's investment plan and will review the acquisition for potential impacts on national security and industrial development [1] Group 2 - Sols Optical was originally established as a subsidiary of Delta Electronics in 1996 and has undergone several ownership changes, including a merger with MRV and another company [1] - The main products of Sols Optical include digital signal processing chips for transceiver modules, with Broadcom as a major supplier and Sols being one of the top three global suppliers [1] - The Bureau of Science Park Administration clarified that Sols Optical is registered in the British Virgin Islands and has investors from mainland China, which affects its eligibility for certain investment benefits [2]

Core Viewpoint - Delta Electronics announced an investment of NT$6.95 billion to acquire land and facilities from Taifeng Tire located in Guanyin District, Taoyuan City, aimed at expanding into new business areas such as hydrogen energy, energy storage, or data centers [1] Group 1 - Delta Electronics plans to invest NT$6.95 billion for the acquisition [1] - The acquired land and facilities will be utilized for new business ventures [1] - Potential new business areas include hydrogen energy, energy storage, and data centers [1]

报告预计，AI将成为本轮上涨周期的核心驱动力， 相关股票将在未来三个月内持续领涨，亚洲科技股今年 可能再上涨15%至20%。 摩根大通表示，在数据中心支出扩张、市场对AI中长期增长前景的信心增强的驱动下，AI股将成为本轮上涨周期的核心驱 动力，头部AI科技股有望在接下来12个月内保持上涨势头，亚洲科技股今年可能再上涨15%至20%。 硬·AI 作者 | 李笑寅 编辑 | 硬 AI 摩根大通认为，得益于AI领域的强劲势头，亚洲科技股今年或能再涨15-20%。 据追风交易台消息，摩根大通分析师Gokul Hariharan领衔的团队在最新研报中指出， 2025年数据中心资本 支出增长以及对2026年增长的更大信心，将为AI股票提供持续动力。 报告数据显示，彭博半导体指数今年以来已上涨超过12%，表现优于亚洲整体股市基准。 对于非AI领域，摩根大通保持谨慎态度，但看好折叠屏iPhone和智能眼镜等新兴主题在2025年底的投资机 会。 01 AI需求强劲， "供不应求"有望持续到2026年 报告指出，当前正处于AI硬件主导的科技上升周期的中后期，并出现了典型的周期性信号——AI需求驱动力 持续强劲，市场讨论转向更细分 ...

该投行预计这种"不安的缓慢上涨"模式将持续4-5个季度，关键驱动因素是AI算力需求仍远超供给能 力，至少要到2026年中期才可能缓解。到2027年，AI加速器供应最终追上需求后，前景可能开始走 弱。 摩根大通认为，得益于AI领域的强劲势头，亚洲科技股今年或能再涨15-20%。 据追风交易台消息，摩根大通分析师Gokul Hariharan领衔的团队在最新研报中指出，2025年数据中心资 本支出增长以及对2026年增长的更大信心，将为AI股票提供持续动力。 报告数据显示，彭博半导体指数今年以来已上涨超过12%，表现优于亚洲整体股市基准。 报告预计，AI将成为本轮上涨周期的核心驱动力，相关股票将在未来三个月内持续领涨，亚洲科技股 今年可能再上涨15%至20%。 对于非AI领域，摩根大通保持谨慎态度，但看好折叠屏iPhone和智能眼镜等新兴主题在2025年底的投资 机会。 AI需求强劲，"供不应求"有望持续到2026年 报告指出，当前正处于AI硬件主导的科技上升周期的中后期，并出现了典型的周期性信号——AI需求 驱动力持续强劲，市场讨论转向更细分的需求结构。 非AI领域保持谨慎，新兴主题值得关注 AI股估值回归均值 ...

Core Viewpoint - The article discusses the performance and strategies of six Taiwanese panel manufacturers in May 2025, highlighting revenue growth for some companies and the overall market dynamics affecting panel prices and demand [1]. Market Trends and Price Movements - In May, TV and laptop panel prices remained stable, while monitor panel prices experienced a slight increase [1]. - TrendForce indicated a weakening demand for TV panels, leading to increased inventory levels among brand manufacturers, which pressured panel manufacturers to stabilize prices through capacity adjustments [1]. - The monitor panel market saw increased demand due to tariff issues, with some brand clients ramping up inventory ahead of a three-month tariff exemption expiration [1]. - For June, TrendForce forecasts stable prices across TV, monitor, and laptop panels, with potential slight declines in specific TV panel sizes due to buyer pressure [2]. Panel Manufacturers' Dynamics and Strategies - In response to market fluctuations, several panel manufacturers took proactive measures in May [3]. - AUO Display Plus, a subsidiary of AUO, formed a strategic partnership with US-based Nanolumens to develop customized display systems leveraging Micro LED technology [4]. - AUO reported advancements in Micro LED applications for TVs and automotive displays, with products already adopted by companies like Samsung and Sony Honda Mobility [4]. - Innolux showcased innovative Micro LED products at the SID Display Week 2025 and expanded into non-display sectors by collaborating with Delta Electronics to establish a large-scale energy storage system [4]. - HannStar achieved a 14.3% month-over-month increase in shipments of small-sized panels (under 11 inches) and a 34.0% increase in large-sized and proprietary brand products [5].

Core Viewpoint - The article discusses the increasing involvement of panel manufacturers in the energy storage sector, highlighting their strategic partnerships and investments to enhance energy resilience and diversify revenue streams [1][4][7]. Group 1: Company Initiatives - Innolux has partnered with Delta Electronics to establish a large-scale energy storage system in Tainan Science Park, with a capacity of 40MW/70MWh, which can support the electricity needs of approximately 5,600 households for a day [1]. - Currently, Innolux has achieved a grid-connected solar power capacity of 46MW and aims to continue investing in energy generation to address power supply imbalances and enhance grid resilience [3]. - AU Optronics has been involved in the solar energy sector since 2008, with over 410 solar power plants completed, totaling a capacity of 515MW, positioning itself among the top five solar system builders in Taiwan [4]. - BOE Technology Group has established a subsidiary focused on energy technology, with a total renewable energy station capacity exceeding 1.5GW and a significant investment in R&D for perovskite solar cells [4]. - RiTdisplay has shifted its focus to energy, with its subsidiary RitWin Technology developing efficient lithium iron battery modules, contributing 60-70% of the group's revenue in 2024 [5][6]. Group 2: Industry Trends - The entry of panel manufacturers into the energy storage sector is driven by their existing technological advantages in semiconductor processes, materials science, and optical design, which can support innovations in energy technology [7]. - The experience in precision manufacturing and yield control from the display industry can be applied to energy storage product lines, addressing the urgent need for stable and cost-effective green energy [8]. - Expanding into the energy sector allows panel manufacturers to create new revenue sources, reduce dependence on a single industry, and mitigate operational risks, although they will face challenges in adapting to new technology standards and market competition [8].

Core Viewpoint - The article discusses the second power architecture revolution initiated by NVIDIA for data centers, focusing on the transition from 54V low-voltage direct current (DC) to 800V high-voltage direct current (HVDC) systems to improve energy efficiency and reduce power consumption in data centers [2][4][24]. Group 1: Power Architecture Revolution - NVIDIA is collaborating with Infineon and Navitas to develop an 800V HVDC system aimed at reducing energy consumption in data centers [2][5][6]. - The new architecture will require a significant number of silicon carbide (SiC) and gallium nitride (GaN) devices, including various voltage specifications [3][20]. - The shift to 800V HVDC is driven by the exponential growth of AI workloads, which increases the energy demands of data centers [13][24]. Group 2: Benefits of 800V HVDC - The 800V HVDC architecture is expected to reduce copper usage by 45%, improve efficiency by 5%, and lower maintenance costs by up to 70% compared to the existing 54V system [17][24][25]. - The new system allows for higher power capacity and better energy efficiency, while also reducing material costs due to lower copper requirements [22][24]. - By eliminating the need for AC/DC power supply units (PSUs) within IT racks, cooling costs can also be reduced [26]. Group 3: Industry Context and Future Outlook - The article highlights the significant energy consumption of data centers, with China's data centers consuming over 237.2 billion kilowatt-hours in 2021, equivalent to the output of two Three Gorges dams [7]. - The full-scale implementation of the 800V HVDC system is planned for 2027, coinciding with the launch of NVIDIA's Kyber rack-level systems [26].

Group 1 - The Taipei International Computer Show will take place on the 20th, focusing on "AI Next" with nearly 1,400 exhibitors, approximately 4,800 booths, and a display area of 80,000 square meters, highlighting themes such as "Smart Computing & Robotics," "Next-Generation Technology," and "Future Mobility" [1] - Notable speakers include NVIDIA founder and CEO Jensen Huang, Qualcomm President and CEO Cristiano Amon, MediaTek CEO Rick Tsai, Foxconn Chairman Liu Yangwei, and NXP Semiconductors Executive Vice President Jens Hinrichsen [1] - Liu Yangwei will discuss AI themes related to Foxconn's smart manufacturing, smart electric vehicles, and smart cities, sharing the vision of transforming from manufacturing services to platform solutions [1] Group 2 - The COMPUTEX 2025 forum will be held on the 21st, focusing on the latest developments in the AI ecosystem and applications, covering topics such as AI robotics and edge computing applications, practical experiences in implementing generative AI, and energy-efficient data center strategies [2] - The InnoVEX exhibition, celebrating its 10th anniversary, will showcase forward-looking technology and innovation, focusing on AI, green technology, smart mobility, semiconductor applications, and next-generation communications, with participation from nearly 450 startups from 24 countries [2] - Countries such as Belgium, Brazil, France, Australia, Japan, Thailand, the Philippines, Israel, Poland, and the Czech Republic will set up national pavilions, with Thailand's pavilion being established for the first time [2]