Group 1 - The core concern for Marvell Technology (MRVL.O) is the sluggish growth of its Amazon business, primarily due to the slow rollout of Amazon's Trainium chips, which may lead to potential order losses to Taiwan's Alchip [1][2] - The downgrade of the analyst day from an in-person event to an online seminar has raised concerns about the company's visibility in its custom chip business, which is critical for growth from 2026 to 2028 [2] - Long-term risks associated with Marvell's technology roadmap include the potential marginalization of its digital signal processing technology and structural challenges in transitioning to co-packaged optics (CPO), which may limit the valuation premium of its AI business [3] Group 2 - The optical interconnect business, which accounts for 20% of revenue, is expected to benefit from AI demand growth, potentially offsetting issues in the custom accelerator segment [3][4] - There are uncertainties regarding the collaboration with Microsoft's accelerator product line, leaving investors to rely on "perfect execution" for positive outcomes [4] - Melius maintains a target price of $66 for Marvell, but emphasizes that the stock may continue to linger in its current low range [4]

Core Viewpoint - Intel aims to control capital expenditures at $18 billion for Q1 2025, adopting aggressive strategies to enhance returns on invested capital while reducing spending [1][11]. Group 1: Capital Expenditure and Financial Strategy - The company plans to maintain capital expenditures at $18 billion for 2025, with a focus on improving returns on invested capital [1][11]. - Long-term capital intensity under the Integrated Device Manufacturer (IDM) model is estimated at around 25% [1]. - The company is optimistic about the data center business for the remainder of the year, driven by product launches like Granite Rapids and Xeon 6 series [1][10]. Group 2: Product Development and Market Position - The transition to Lunar Lake in the client product portfolio may pressure profit margins due to memory and packaging issues [3]. - The Panther Lake product is expected to have a competitive market presence, with initial products launching by the end of the year [6][13]. - The company is focusing on enhancing internal production capabilities, aiming for a 70% internal production ratio for Panther Lake [16]. Group 3: Market Dynamics and Customer Demand - There is strong demand for older generation products like Raptor Lake, driven by macroeconomic factors and customer risk management strategies [12]. - The data center business has shown higher-than-expected growth, primarily from large-scale customers, with a focus on stabilizing market share and increasing average selling prices [10][14]. - The company is exploring new architectures and disruptive platforms in the AI space, emphasizing workload understanding and collaboration with industry leaders [9][18]. Group 4: Operational Efficiency and Cost Management - The company is working to balance internal and external manufacturing to optimize capital intensity and avoid over-investment [20]. - Operational expenses for 2025 and 2026 include costs related to Altera, which will be adjusted upon the completion of its divestiture [21]. - The company is committed to improving yield efficiency in advanced packaging and testing operations [20].

天孚通信：目前未发现因为关税政策导致客户需求的明显调整 智通财经4月8日电，天孚通信(300394.SZ)发布投资者关系活动记录表公告称，截至目前，公司订单业 务保持稳定，新产品持续上量，目前未发现因为关税政策导致客户需求的明显调整。公司泰国工厂一期 厂房在去年已经建成并投入生产，目前几个主要大客户的认证已经通过。预计近期将进一步增加产能。 二期厂房预计将于近日完成装修并投入使用，产线陆续开始设备安装和调试。公司参展OFC2025，重点 展示了面向共封装光学（CPO）和高速光模块应用的FAU（光纤阵列单元）、POSA（无源光子组件） 等产品及相关封装方案。这些产品作为光通信系统的核心部件，支持400G、800G和1.6T及以上的传输 速率，满足AI和数据中心等场景的大带宽需求。 ...