内存价格的暴涨正在颠覆所有 GPU 制造商及数据中心 GPU 部署商的采购成本结构。 DRAM 作为高带宽内存（HBM）的核心组件，需直接集成于 GPU 芯片之上，其现货价格在去年 8 月 至 11 月期间暴涨至少 4 倍，这给包括超大规模云服务商在内的所有 AI 产业链企业带来了巨大的销货 成本（COGS）压力。 为应对内存成本激增的挑战，超大规模云服务商正加速寻求降本方案，一种名为内存控制器的新型技术 方案由此快速崛起。 Astera Labs（ALAB）与 Marvell Technology（MRVL）是该领域的两大核心玩家，二者均已推出成熟 的商业化解决方案，无疑将成为内存价格上涨周期的核心受益者。 此外，得益于 AI 行业的长期发展红利，Astera Labs 与 Marvell 仍将持续深度受益，基于此，分析师重 申对这两家公司的看多评级。 上月，分析师曾解读 Marvell 2025 财年第三季度财报，数据显示，在 XPU 业务与网络板块的双重驱动 下，其数据中心业务终于迎来了期待已久的显著拐点。 而对于 Astera Labs，分析师在去年 11 月就指出，市场过度聚焦于该公司的重定时器业务 ...

内存价格的暴涨正在颠覆所有 GPU 制造商及数据中心 GPU 部署商的采购成本结构。 DRAM 作为高带宽内存（HBM）的核心组件，需直接集成于 GPU 芯片之上，其现货价格在 去年 8 月至 11 月期间暴涨 至少 4 倍 ，这给包括超大规模云服务商在内的所有 AI 产业链企 业带来了巨大的销货成本（COGS）压力。 为应对内存成本激增的挑战，超大规模云服务商正加速寻求降本方案，一种名为 内存控制器 的新型技术方案由此快速崛起。 Astera Labs（ALAB）与 Marvell Technology（MRVL）是该领域的两大核心玩家，二者均 已推出成熟的商业化解决方案，无疑将成为内存价格上涨周期的核心受益者。 此外，得益于 AI 行业的长期发展红利，Astera Labs 与 Marvell 仍将持续深度受益，基于 此，分析师重申对这两家公司的 看多评级 。 【如需和我们交流可扫码添加进社群】 上月，分析师曾解读 Marvell 2025 财年第三季度财报，数据显示，在 XPU 业务与网络板块 的双重驱动下，其数据中心业务终于迎来了期待已久的 显著拐点 。 而对于 Astera Labs，分析师在去年 ...

Core Insights - Nvidia holds a significant share in AI training and inference markets, but competition from hyperscale computing companies developing their own XPU raises questions about sustainability [1] - Broadcom and Marvell are positioned to benefit from the demand for custom CPUs and XPUs, collaborating with major cloud providers like AWS, Google, Meta, and Microsoft [2][3] - The cost-effectiveness of these custom solutions must be significantly lower than existing offerings from Intel, AMD, Nvidia, and AMD to be viable [3] Financial Performance - Broadcom reported Q1 FY2025 sales of $14.92 billion, a 24.7% increase year-over-year, with profits reaching $5.5 billion, up 4.2 times from the previous year [5] - Marvell's Q4 FY2025 sales were $1.82 billion, a 19.9% quarter-over-quarter increase, with a net income of $200 million, marking a significant turnaround from previous losses [16] AI Revenue Growth - Broadcom's AI chip sales reached $4.12 billion in Q1 FY2025, a 77% year-over-year increase, while other semiconductor sales declined by 19.2% [11] - Marvell's AI revenue for FY2025 is projected to be around $1.85 billion, with expectations to exceed $3 billion in FY2026, driven by custom AI XPU and optical products [18][20] Market Dynamics - The IT industry is characterized by demanding clients seeking high service levels at low costs, which influences the pricing and development of custom CPUs and XPUs [3] - Broadcom's AI business is comparable in scale to Marvell's entire business, but Marvell's data center segment is rapidly growing [3][5] Future Outlook - Broadcom anticipates stable revenue of $14.9 billion for Q2 FY2025, with a projected 19.3% year-over-year growth [14] - Marvell's success in securing new hyperscale clients and developing shared AI XPU designs will be crucial for future revenue growth [20]