AMD和英伟达均表示，美国各地的电力供应正变得紧张。不过，这两家公司均认为美国政府正在采取 措施缓解电力约束，这更多是一个短期性问题。 "各方一致认为，电力是人工智能军备竞赛的主要瓶颈，"奥康纳称。"尽管英伟达承认用电紧张，但他 们并不认为存在能源壁垒，且预计建设速度将加快。鉴于美国在电力容量方面最受限，外国投资可能会 增加。为适应超大规模企业的多年路线图及英伟达9至12个月的交货周期，数据中心生态系统的可见性 已延长至多个季度，这提升了供应链效率和价格动态。" 另一个被讨论的潜在担忧是定制芯片的引入，例如谷歌(GOOGL.US)采用专用集成电路(ASIC)技术打造 的张量处理单元(TPU)。 "在近期TPU发布消息之后，ASIC竞争成为关注焦点，"奥康纳指出。"计算领域相关企业强调，TPU针 对特定云服务商/工作负载(如Anthropic、GCP)进行了优化，并非面向所有云服务(不像GPU)，因此不应 将其市场份额增长外推至现有TPU采用者之外的厂商。" 智通财经APP获悉，法国巴黎银行研究部指出，众多半导体企业对迈向2026年的供需形势仍持积极态 度。 这家全球性金融公司上周举办了硅谷巴士之旅，与AMD( ...

Group 1 - Morgan Stanley anticipates that Marvell Technology (MRVL.US) may provide better-than-expected earnings guidance in light of the recent divestiture of its Automotive Ethernet business and market concerns regarding Amazon's Trainium chips [1] - Marvell is set to announce its Q2 FY2026 financial results on August 28, with market expectations of adjusted earnings per share at $0.67 and revenue at $2.01 billion [1] - The Automotive Ethernet business was sold to Infineon for $2.5 billion, which is expected to contribute $225 million to $250 million in revenue for FY2026 [1] Group 2 - Analyst Joseph Moore from Morgan Stanley expects the optical business to show upward potential this quarter, and despite slightly lowering expectations post-divestiture, anticipates a positive earnings outlook excluding that impact [1] - AI business revenue is projected to be $876 million for the July quarter (up 6.6% quarter-over-quarter) and $955 million for the October quarter (up 9.0% quarter-over-quarter), with dedicated integrated circuits (ASICs) showing rapid growth [1] - Moore believes that the optical business may outperform expectations due to strong AI growth momentum, and it is viewed as more robust and sustainable than ASIC business, which is expected to steadily reach $2 billion in revenue this year [1] Group 3 - Regarding Micron Technology (MU.US), Morgan Stanley predicts negative sentiment in the coming quarters, particularly concerning HBM 3e high-bandwidth memory pricing, which is expected to reset with at least one customer, NVIDIA (NVDA.US), committing to pricing for the entire year of 2025 [2] - Despite the negative market sentiment, HBM is expected to maintain a meaningful premium over DDR5, although the premium is anticipated to narrow [2]