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Broadcom Announces Tomahawk® 6 – Davisson, the Industry's First 102.4-Tbps Ethernet Switch with Co-Packaged Optics
Globenewswire· 2025-10-08 13:01
PALO ALTO, Calif., Oct. 08, 2025 (GLOBE NEWSWIRE) -- Broadcom Inc. (NASDAQ: AVGO) today announced that it is now shipping Tomahawk® 6 – Davisson (TH6-Davisson), the company’s third-generation Co-Packaged Optics (CPO) Ethernet switch. Designed specifically for the accelerating demands of AI networking, TH6-Davisson is the industry’s first to deliver an unprecedented 102.4 terabits per second of optically enabled switching capacity. Doubling the bandwidth of any CPO switch available today, TH6-Davisson sets a ...
Broadcom Announces Tomahawk® 6 – Davisson, the Industry’s First 102.4-Tbps Ethernet Switch with Co-Packaged Optics
Globenewswire· 2025-10-08 13:01
Breakthrough 102.4-Tbps CPO Ethernet Switch Delivers Unmatched Power Efficiency and Link Stability to Enable Cluster Scale-Up and Scale-OutPALO ALTO, Calif., Oct. 08, 2025 (GLOBE NEWSWIRE) -- Broadcom Inc. (NASDAQ: AVGO) today announced that it is now shipping Tomahawk® 6 – Davisson (TH6-Davisson), the company’s third-generation Co-Packaged Optics (CPO) Ethernet switch. Designed specifically for the accelerating demands of AI networking, TH6-Davisson is the industry’s first to deliver an unprecedented 102.4 ...
亚洲科技硬件行业:中国下一批赢家:科技硬件_立讯精密的人工智能布局与中国-Asia Tech Hardware:China Next Winners: Tech Hardware_Luxshare's AI play and China
2025-09-22 02:01
Summary of Key Points from the Conference Call Industry Overview - The report focuses on the **AI datacenter connectivity sectors** in China, specifically highlighting **copper connectors**, **optical transceivers**, and **PCBs** [1][13] - The analysis identifies **Luxshare**, **Innolight**, **Eoptolink**, **TFC**, **Victory Giant**, and **Sinoma** as key players in their respective segments [1][4] Copper Connectivity - **Copper solutions** are expected to dominate in-rack connectivity due to their cost-effectiveness and low latency for short-reach applications [2][15] - **Luxshare** has experienced a **50% YoY growth** in its communication segment in 1H25, contributing **9%** to corporate revenue [2][22] - The company is projected to gain market share from **Amphenol** for the **GB300 backplane copper connector**, which could positively impact EPS estimates for 2026 [2][23] - **Co-Packed Copper (CPC)** technology is being developed to enhance performance and reduce costs in copper connectivity [24] Optical Transceivers - The demand for **optical transceivers** is driven by the broader adoption of **ASIC chips** and the need for high-speed communication in AI datacenters [3][38] - The market for **Ethernet optical transceivers** is projected to grow at **30-35% annually** in 2025 and 2026, with AI applications increasing from **55% to 65%** of the market by 2030 [38][42] - **Silicon photonics (SiPh)** technology is expected to capture **40% market share by 2025** and **60% by 2030**, contributing to margin improvements for companies like **Innolight** [39][41] - Risks include geopolitical tensions and lower-than-expected ASIC adoptions, which could impact stock performance [3][64] PCB and HDI Market - The **PCB market** is expected to grow at **5% CAGR** over the next two years, with the server/storage sector outpacing this growth at **11% CAGR** [84][88] - The **HDI market** is projected to reach **US$14B** in 2025, with server demand increasing from **5% to 18%** of the market [85][90] - **Victory Giant Technology** is expanding capacity to meet rising demand for HDI, while **Sinoma** benefits from the booming AI demand for PCB materials [4][84] Investment Implications - **Luxshare** is rated **Outperform** with a target price of **RMB 59**, reflecting its strong growth potential in the AI connectivity market [10][31] - **Chroma ATE**, **Unimicron Technology**, and **Delta Electronics** are also rated **Outperform**, indicating positive outlooks for these companies [6][7][8] Additional Insights - The **global connector market** is valued at approximately **US$85B**, with **Luxshare** holding a **4% market share** as of 2022 [21][25] - The transition to **hybrid solutions** combining copper and optical technologies is anticipated to become the norm in the mid-term [16] - The **PCB market** is capital-intensive and cyclical, posing long-term risks despite current growth trends [4][84] This summary encapsulates the key insights and projections regarding the AI datacenter connectivity sectors, highlighting the competitive landscape and potential investment opportunities.
Asia Technology_ ABF oversupply to continue till 2H26E, with key impact to tier-2 suppliers; d_g Unimicron_Kinsus to Neutral_Sell
2025-05-06 02:30
Summary of Conference Call on ABF Substrate Industry Industry Overview - The ABF (Ajinomoto Build-up Film) substrate market is expected to experience oversupply conditions until the second half of 2026, with a projected 7% oversupply in 2025 [1][11][25]. - The total addressable market (TAM) for ABF substrates has been revised down by 12% and 10% for 2025 and 2026, respectively, due to lower-than-expected AI server GPU substrate shipments and increased pricing pressure [2][22]. Key Insights - **Demand Dynamics**: The demand for AI server substrates has been cut by approximately 50% for 2025, reflecting a significant decrease in AI server rack shipments, which are expected to decline by 35% [2][60]. - **Pricing Pressure**: The average selling price (ASP) for AI GPU substrates has decreased from over US$120 earlier in the year to US$100, indicating a challenging pricing environment [2][60]. - **Impact on Suppliers**: Tier-2 suppliers like Unimicron and Kinsus are expected to face significant challenges due to their exposure to legacy ABF products and weaker-than-expected spillover orders from tier-1 suppliers [2][9][24]. Supplier Performance - **Unimicron**: Downgraded to Neutral from Buy due to weaker AI spillover orders and a slow PC demand outlook. Target price revised from NT$170 to NT$90 [9][10]. - **Kinsus**: Downgraded to Sell from Neutral, with a new target price of NT$63, reflecting less favorable growth in the mid-to-low-end ABF substrate market [9][10]. - **Ibiden**: Maintained Buy rating with a target price of ¥6200, benefiting from its leading position in the high-end substrate market [10][22]. - **Zhen Ding Technology (ZDT)**: Initiated with a Buy rating, expected to benefit from ABF demand expansion from Chinese IC design houses [8]. Future Catalysts - The mid-to-long-term outlook for Taiwan ABF suppliers is expected to improve with the localization of AI IC production in China, projected to grow at a CAGR of 53% from 2025 to 2027 [3][4]. - Adoption of CPO (Chip-on-Package) technology is anticipated to double the consumption of switch IC ABF substrates compared to general 2.5D packaging substrates [3]. Capacity and Utilization - The overall industry capacity is expected to increase by approximately 40% from 2024 to 2027, with a significant portion of new capacity planned before 2024 [29][53]. - Utilization rates for ABF substrate suppliers are projected to improve in 2025, but overall industry utilization will remain below 80% [27][24]. Risks and Challenges - Potential risks include higher electricity costs in Taiwan and the impact of tariffs, which could increase costs as a percentage of revenue significantly [46][45]. - The overall cash margins for ABF substrate suppliers are expected to remain under pressure until at least the second half of 2025, with a potential recovery starting in 2026 [44][59]. Conclusion - The ABF substrate industry is currently facing a challenging environment with oversupply and pricing pressures, particularly affecting tier-2 suppliers. However, long-term growth opportunities exist through technological advancements and increased demand from AI-related applications. The market is expected to stabilize post-2026, with significant growth driven by AI and server upgrades.