Core Viewpoint - The article emphasizes the importance of interconnect architecture in AI infrastructure, highlighting that while GPUs are crucial, the ability to train and run large models relies heavily on effective interconnect systems [1]. Group 1: Interconnect Architecture - Interconnect architecture encompasses various levels, including chip-to-chip communication within packages and system-level networks that support thousands of accelerators [1]. - Nvidia's dominance in the industry is attributed to its expertise in developing and integrating these interconnect architectures [1]. - Broadcom has been quietly advancing various technologies related to interconnect architecture, including Ethernet architectures for large-scale expansion and internal chip interconnect technologies [1][3]. Group 2: Ethernet Switch Technology - Broadcom has introduced high-capacity switches, such as the 51.2Tbps Tomahawk 5 and the recently launched 102.4Tbps Tomahawk 6, which can significantly reduce the number of switches needed for large GPU clusters [3]. - The number of switches required decreases as the switch's port count increases, allowing for more efficient connections among GPUs [3]. - Nvidia has also announced its own 102.4Tbps Ethernet switch, indicating a competitive landscape in high-capacity switch technology [4]. Group 3: Scalable Ethernet Solutions - Broadcom's Tomahawk 6 switches are positioned as a shortcut for rack-level architectures, supporting between 8 to 72 GPUs, with future designs expected to support up to 576 GPUs by 2027 [6]. - Ethernet technology is being utilized for both scalable and large-scale networks, with Intel and AMD also planning to implement Ethernet for their systems [7]. Group 4: Co-Packaged Optics (CPO) Technology - Broadcom has invested in co-packaged optics (CPO) technology, which integrates components typically found in pluggable transceivers into the same package as the switch ASIC, significantly reducing power consumption [9][10]. - The efficiency of Broadcom's CPO technology is reported to be over 3.5 times that of traditional pluggable devices [10]. - The third generation of CPO technology is expected to support up to 512 200Gbps optical ports, with future developments aiming for 400Gbps channels by 2028 [11]. Group 5: Multi-Chip Architecture - As Moore's Law slows, the industry is shifting towards multi-chip architectures, allowing for higher yields and optimized costs by using smaller chips [14]. - Broadcom has developed a 3.5D eXtreme Dimension System in Package (3.5D XDSiP) technology to facilitate the design of multi-chip processors, which is open for licensing to other companies [15]. - The first products based on this design are expected to enter production by 2026, although the specific applications of Broadcom's technology in AI chips may remain undisclosed [15].

Core Viewpoint - The automotive industry is transitioning from distributed to domain-centralized architectures, with Ethernet becoming the backbone for in-vehicle communication, leading to a surge in demand for automotive Ethernet chips [2][3]. Group 1: Market Demand and Product Development - The market for automotive Ethernet chips is expected to explode in the next one to two years due to the increasing consensus on building domestic supply chains and enhancing product competitiveness [3]. - The latest automotive Ethernet TSN switch chips, YT9908 and YT9911, support multiple TSN protocols and include advanced security features, indicating a focus on high-performance communication solutions [3]. - Currently, the usage of Ethernet chips in vehicles is limited, with approximately 10 PHY chips and 1 to 4 switch chips per vehicle, but this is projected to increase significantly as smart vehicle technology evolves [3][4]. Group 2: Technological Evolution and R&D Investment - The evolution of automotive electronic architectures is driven by the demand for high bandwidth, low latency, and reliable communication, particularly for advanced driving assistance systems and smart cabins [4]. - The company plans to accelerate the development of next-generation automotive chips by 2025 to support higher bandwidth and multi-domain integration, with R&D expenses projected to reach 294 million yuan in 2024, accounting for 74.1% of revenue [4][5]. Group 3: International Expansion and Market Trends - The company began its international expansion in 2023, achieving overseas revenue of 73.76 million yuan in 2024, a growth of 157.84% compared to 2023, with a focus on major automotive manufacturers in Europe [5]. - The domestic market for automotive communication chips, particularly Ethernet chips, has a low localization rate of about 5%, attributed to the recent standardization of Ethernet technology and the high safety requirements for automotive applications [6][7]. Group 4: Industry Collaboration and Integration - The relationship between automotive manufacturers and chip companies is evolving from a supply-demand dynamic to deeper collaboration, particularly in the development of automotive Ethernet chips [7][8]. - The changing perceptions of domestic chip manufacturers among automotive OEMs have improved, with increased acceptance of new products over recent years [8]. - The international landscape presents opportunities for domestic chip manufacturers to enhance self-sufficiency in the supply chain, although the core focus remains on technology, product quality, and service to capture market share [9].