21世纪经济报道记者 林典驰 深圳报道 当全球AI算力重心从训练加速转向推理，一场围绕性价比与能效的芯片战争正悄然爆发。 2025年以来，谷歌TPU v7高调锚定推理时代，英伟达重金整合Groq核心资产，行业共识已然形成：未 来五到十年，推理芯片将主导AI的演进方向。在这场历史性窗口期中，中国企业能否凭借场景优势、 工程创新与供应链韧性实现弯道超车？ 2月3日，云天励飞（688343.SH）举办"大算力芯片战略前瞻会"，首次对外公布未来三年的大算力 AI推 理芯片战略布局。 云天励飞董事长兼CEO陈宁表示，公司将核心研发资源集中于攻克大模型落地的"成本壁垒"，致力于 通过底层架构创新，力争实现百万 Tokens 推理成本降低 100 倍以上的目标，推动 AI 从技术尝鲜走向 普惠生产力。 过去一年，全球算力产业风向标已发生显著偏转，重心正加速向推理侧倾斜。谷歌在2025年4月发布第 七代TPU"Ironwood"时，明确将其定位为"面向推理时代"的基石，强调在大规模推理与能效上的系统化 优化。 这一阶段的核心需求，已不再是依赖GPU、CUDA生态以及由数十万乃至百万张高性能计算卡互联所构 建的"绝对算力"，而 ...

He also emphasized security and domestic supply chain considerations, arguing that quantum technologies are increasingly viewed as “critical strategic infrastructure” for commercial enterprises and nation-states, and that the next phase of growth requires rapid innovation “at the highest levels of security.”IonQ positioned the acquisition as a way to secure manufacturing capacity and accelerate the company’s roadmap toward fault-tolerant quantum computing. De Masi said IonQ’s business has expanded from quan ...

Core Viewpoint - IonQ has announced a definitive agreement to acquire SkyWater Technology for approximately $1.8 billion, with a share price of $35, aligning with analyst price targets and indicating strategic benefits for both companies [2][5][6] Group 1: Acquisition Details - The acquisition will be executed through a cash-and-stock transaction, with SkyWater shareholders receiving $15 in cash and $20 in IonQ stock per share [5] - The deal values SkyWater at approximately $1.8 billion, which aligns with the price target set by Stifel Nicolaus [2][6] Group 2: Strategic Implications - The acquisition is strategic for IonQ as it aims to integrate semiconductor manufacturing into its operations, supporting the development of next-generation quantum processors [3] - By acquiring SkyWater, IonQ enhances its position as a technology partner for the U.S. government and allied nations [3] Group 3: Future Developments - IonQ plans to begin functional testing in 2028 for a 200,000-qubit quantum processing unit, enabling around 8,000 high-fidelity logical qubits [4] - The acquisition is expected to streamline production timelines and reduce costs, creating a vertically integrated quantum platform [4][6] Group 4: Company Structure Post-Acquisition - SkyWater will operate as a wholly owned subsidiary of IonQ, retaining its name and leadership under CEO Thomas Sonderman [5]

Financial Data and Key Metrics Changes - First quarter sales were $686 million, towards the high end of guidance, with non-GAAP EPS of $0.75 above the high end guide of $0.68 [17] - Non-GAAP gross margins were 60.6%, exceeding expectations due to product mix [17] - Non-GAAP operating expenses were $275 million, up year-over-year but down sequentially due to spending controls [18] Business Line Data and Key Metrics Changes - Semi Test revenue was $543 million, with SOC revenue contributing $406 million and memory revenue at $109 million [19] - Product Test revenue was $74 million, down 4% year-over-year, while wireless test revenue was $29 million, up 20% year-over-year [20] - Robotics revenue was $69 million, declining both sequentially and year-over-year, with UR contributing $49 million and MiR $20 million [20] Market Data and Key Metrics Changes - 19% of revenue was shipped to China, with 12% supporting multinational customers and 7% for indigenous Chinese customers [23] - The company expects a significant sequential decline in memory revenue in Q2 as the market digests installed HBM test capacity [27] Company Strategy and Development Direction - The company is focusing on AI, verticalization, and electrification as primary industry drivers for future growth [5] - A strategic partnership with ADI was announced to deploy UR cobots in AMRs to support collaborative automation initiatives [13] - The company is on track to close the acquisition of Quantify Photonics to enhance its position in silicon photonics testing [10] Management's Comments on Operating Environment and Future Outlook - Management expressed concerns about the impact of trade policy on end market demand, leading to order pushouts [6] - Despite current uncertainties, management remains confident in long-term growth drivers such as AI and electrification [29] - The company is managing expenses prudently while continuing critical investments to drive growth [12] Other Important Information - The company has increased its share buyback target from $400 million in 2025 to up to $1 billion through the end of 2026 [28] - The restructuring in the robotics division has reduced the operating breakeven revenue from $440 million to $365 million [21] Q&A Session Summary Question: Dynamics of tariff-related pushouts and pull-ins - Management noted that pushouts are primarily from customers in the auto and industrial sectors, with no significant pull-ins observed [33] Question: Clarification on HBM win - The HBM four performance test win is with a new customer, not an existing one, and involves a post-stack test at higher speed [38] Question: Gross margin and OpEx outlook - Management indicated that gross margin guidance for the full year is not provided due to uncertainty, but the first half is expected to align with prior expectations [41] Question: SLT wins and AI accelerators - Management clarified that SLT is expected to be a significant revenue driver in 2026, with current implementations addressing high failure rates in AI accelerator devices [50] Question: Impact of tariffs on competitive positioning - No significant competitive impact has been observed due to tariffs, and the company remains competitive in the market [62] Question: Memory market dynamics - Demand for NAND is expected to increase with mobile phone unit volume and AI-enabled smartphones requiring more local storage [75] Question: Robotics segment growth expectations - The company expects to significantly outgrow traditional industrial automation peers, despite current sluggish end market conditions [92]