Investment Rating - The industry investment rating is "Outperform the Market - A" [9] Core Insights - The overseas AI computing sector has experienced a significant rebound, driven by five key factors reflecting optimism in the industry, increasing downstream application demand, supply from upstream chip manufacturers, confidence from major players, and infrastructure investment [7][22] - Major cloud providers in North America reported a total capital expenditure (Capex) of $71.9 billion in Q1 2025, a 62% year-on-year increase, indicating a strong consensus on AI as a key industry trend [3][18] - The rapid growth in token usage, with Google's monthly average token calls projected to increase from 9.7 trillion in April 2024 to 480 trillion in April 2025, signifies a surge in demand for computing power, particularly in AI applications [4][19] - Broadcom, a leader in ASIC chips, reported quarterly revenue exceeding $15 billion, with AI business revenue surpassing $4.4 billion, reflecting a 46% year-on-year growth, as demand for low-cost ASIC chips rises [5][20] - NVIDIA's CEO emphasized the strong and sustained demand for AI, marking the beginning of a decade-long infrastructure buildout, with the company's stock reaching a historic high of $160.98 and a market cap exceeding $3.92 trillion [6][21] Summary by Sections Capex - North American cloud giants reported a total Capex of $71.9 billion in Q1 2025, up 62% year-on-year, with optimistic forecasts for continued investment in AI infrastructure [3][18] Token - Microsoft's Azure AI infrastructure processed over 100 trillion tokens in Q1 2025, a fivefold increase year-on-year, while Google's token usage is expected to grow 50 times within a year, indicating a rapid increase in demand for AI computing power [4][19] ASIC - Broadcom's ASIC chip revenue reached over $4.4 billion, a 46% increase year-on-year, as the demand for AI applications shifts towards more cost-effective ASIC solutions [5][20] NVIDIA - NVIDIA's stock hit a record high, with the CEO highlighting the ongoing strong demand for AI and the company's strategic roadmap for product updates, reinforcing its leadership in the AI computing sector [6][21] Stargate - OpenAI and Oracle announced a significant expansion of their Stargate AI computing infrastructure project, with an initial investment of $100 billion, aiming to enhance AI infrastructure in the U.S. [7][22]

出品丨虎嗅汽车组 作者丨李赓 头图丨视觉中国 从历史经验看，高通在特定赛道的表现，最终"决定权"往往不在自己手里：在智能手机的黄金十年，是三星、小米们的极致探索，成就了骁龙的霸主地 位；而在PC市场，微软与传统软件生态的步调迟疑，也让高通的Windows on ARM战略至今未能真正突破。 当战场转移至智能汽车，"决定者"的角色再次出现，顺势落在了中国汽车行业众多的智驾参与者头上。 中国智驾伙伴，推着高通往前走 6月底，高通再次在苏州举办了"汽车技术与合作峰会"。 在这场活动上，一幅完整的中国智能汽车产业图谱被精准地呈现出来。与会者名单本身就是一份宣言：从零跑、上汽通用、北汽等整车厂，到卓驭、 Momenta、元戎启行与博世这样的核心一级供应商 （Tier1） ，再到几乎覆盖所有细分领域的软件合作伙伴，高通的座上宾囊括了产业链的每一个关键 角色。 然而，与智能手机时代高通定义行业范式、引领技术演进的"固定模式"不同，进入智能驾驶时代：中国合作伙伴的力量变得更加强大，反倒成为了整个 生态的主要推动者。 一个最明显的迹象，在于一众中国合作伙伴在实际解决方案打造过程中的引领作用。 举一个核心例子。 此前，高通汽车业 ...

Core Insights - Qualcomm's historical performance in specific sectors often depends on external players, as seen in the smartphone era where companies like Samsung and Xiaomi propelled Snapdragon's dominance [1] - In the smart automotive sector, the decision-making power has shifted to numerous Chinese automotive participants, indicating a change in the ecosystem dynamics [2][8] Group 1: Qualcomm's Position in the Automotive Industry - Qualcomm hosted an "Automotive Technology and Cooperation Summit" in Suzhou, showcasing a comprehensive map of the Chinese smart automotive industry with key players from various segments [6][7] - Unlike the smartphone era where Qualcomm defined industry standards, in the smart driving era, Chinese partners have become the main drivers of the ecosystem, leading in the development of practical solutions [8] - The recent Snapdragon 8797 chip represents a shift from Qualcomm's previous product positioning, serving as a flexible "integrated central computing platform" rather than a purely smart driving chip [12] Group 2: Competitive Landscape and Market Dynamics - The Snapdragon 8797 chip boasts an estimated sparse equivalent computing power exceeding 700 TOPS, meeting the performance needs for both cockpit and smart driving applications [13] - Chinese partners are pushing for stronger AI performance, with some opting to use the more powerful 8797 chip for cockpit solutions instead of the newly released 8397 [14][15] - Xiaomi's approach is notably radical, integrating the consumer-grade Snapdragon 8 Gen 3 chip into the cockpit and deeply combining it with NVIDIA's Thor chip, highlighting a trend towards cross-brand chip integration [17][22] Group 3: Market Challenges and Opportunities - Qualcomm's product rollout speed is not industry-leading, with the Snapdragon 8797 expected to enter mass production in early 2026, lagging behind competitors [23] - Despite challenges in software support compared to NVIDIA, Qualcomm's partners can leverage their capabilities to fill gaps, allowing Qualcomm to focus on chip design and production [25] - The current market landscape shows that Qualcomm's mid-tier products, such as the 8620 and 8650, are gaining traction as mainstream options, driven by the cost-effectiveness of combining Qualcomm hardware with Chinese partners' software [26][28] Group 4: Innovation and Strategic Shifts - The intense competitive environment in China is fostering innovation, compelling all participants, including chip giants, to adopt more agile and market-responsive development models [34] - Major global players are increasingly focusing on the Chinese market, with strategies evolving to operate independently within China while developing competitive products for the global market [36] - The collaboration between companies like GAC Toyota and local partners such as Huawei and Xiaomi signifies a broader trend of integrating local resources to enhance competitiveness in the automotive sector [35]

芯片超人现有 1600平米 芯片智能仓储基地，现货库存型号 1000+ ，品牌高达 100种 ， 5000万颗 现 货库存芯片，总重量 10吨 ，库存价值高达 1亿+ 。同时，芯片超人在深圳设有独立实验室，每颗物料 均 安排QC质检 。 求购以下料号 | 品牌 | 型号 | 数量 | | --- | --- | --- | | TI | INA139NA/3K | 50K | | ON | NCP1096PAG | 9K | | IR | IRF7319TRPBF | 40K | | INF | DPS368XTSA1 | 20K | | Skyworks | CLA4603-085LF | 8000 | | QORVO | TQL9092 | 10000 | | Quectel/移远 | EG915UEUAC-N05-SNNSA | 2K | 优势物料，特价出售 | 品牌 | 型号 | 数量 | 年份 | | --- | --- | --- | --- | | TI | UCC28083DR | 15K | 21+ | | ADI | MAX96701AGTG/V+T | 20K | 2年内 | | AVA ...

Ecosystem’s camera module and development tools are based on Microchip’s VS700 family of serializers and deserializers and will help Japanese OEMs speed ASA-ML adoption in ADAS applicationsCHANDLER, Ariz., July 02, 2025 (GLOBE NEWSWIRE) -- An automotive industry transition is underway to replace proprietary camera connectivity with solutions based on the open and interoperable Automotive Serdes Alliance Motion Link (ASA-ML) standard driven by over 150 member companies worldwide. To simplify and accelerate t ...

随着新能源浪潮的向前推进，传统的消费电子零部件供应商，也越来越多地在汽车行业展露头角。 "近年来，全球汽车产业的智能化、网联化、电动化变革不断深入。高通以'连接+计算+AI'为核心，通 过骁龙数字底盘解决方案，推进汽车从'机械工程产品'向'智能移动终端'的跃迁。" 在日前举办的高通汽车技术与合作峰会上，高通中国区董事长孟樸表示，在过去两年多的时间里，骁龙 数字底盘已经支持众多中国汽车品牌推出了超过210款车型，覆盖从高端豪华到大众市场的多元需求。 孟樸认为，驾驶辅助、舱驾融合、AI赋能车内体验等，已成为车企赢得未来竞争的核心维度。 此外，Snapdragon Ride还利用生成式AI，根据驾驶员的行为和偏好实现个性化设置，从而提升驾驶体 验。它运用自然语言处理和语音生成技术，实现与驾驶员的动态互动，以对话的方式提供引导和预警。 生成式AI还可基于过往行为模式预测驾驶员操作，使系统能够预判并降低潜在风险。 其中，面向驾驶辅助和舱驾融合，高通推出了Snapdragon Ride平台——骁龙8650主要面向城区领航辅 助，骁龙8620主要面向高速领航辅助，骁龙8775专为舱驾融合打造。 高通方面的数据显示，目前超过 ...

高通SA8775P芯片集成Adreno 663 GPU，具备出色的超高清渲染能力，呈现精细的画面细节。结合先进的全3D HMI引擎，实时渲染车机控制界面和 高精度导航地图，显著提升仪表屏、中控屏和娱乐屏的视觉表现力，为用户带来身临其境的沉浸感受。 6月26日，上汽通用汽车宣布与高通、博世达成三方战略合作，共同庆祝基于高通SA8775P芯片开发的智能座舱域控制器样品成功下线。这一技术成 果将应用于别克逍遥超级融合整车架构，并计划下半年在别克高端新能源子品牌"至境"首款轿车上实现量产。 据介绍，高通SA8775P芯片是专为下一代智能汽车打造的全新一代计算平台，高达72 TOPS的神经网络算力，为别克逍遥架构全新一代智能座舱提供 了强大的算力基石，重新定义智能座舱的人机交互体验，为打造沉浸式、个性化智能服务奠定坚实的技术基础。 据悉，得益于SA8775P芯片V73架构的AI加速单元，别克逍遥架构的智能座舱系统能够在车端高效部署更大参数规模的多模态端侧模型，不仅能大幅 降低服务响应延迟，为用户提供更快速的体验，同时确保数据处理在本地完成，有效保障用户隐私安全。此外，强大的AI算力也能为智能座舱提供更强 大的多模态交互 ...

此前传闻一汽对卓驭的投资，还在推进，双方暂未达成控股方案。 文 丨 郭瑞婵 编辑 丨 龚方毅 一位熟悉卓驭的知情人士告诉我们，目前 32TOPS 算力方案被频繁用来与更高算力的方案做对比，产 品力已稍显不足，下半年会对该方案做更多优化，增强竞争力。 我们独家获悉，卓驭科技（原大疆车载）对外融资近期取得新进展，增加北汽产投与广汽资 本两大投资方，合计金额达数亿元。 同时，卓驭还在持续洽谈其他融资事项，此前曾传出一汽拟控股卓驭，据我们了解，双方仍在 接触，但目前并未就该方案达成一致，其投资事宜还在推进中，一汽的投资占比也尚未敲定。 作为头部智驾方案供应商，卓驭开放的投资机会颇受一级市场关注。卓驭于 2023 年从大疆创新分 拆，2024 年正式以 "卓驭" 为品牌命名独立运营，并引入外部资本。 截至今年早些时候，先后获得比亚迪、上汽恒旭资本、国投招商、基石资本、光远资本等车企与机构 的投资。据我们了解，加上近期引入的北汽产投，卓驭累计融资超 25 亿元。 针对以上信息，卓驭回复我们表示，一切以官方披露为准。 卓驭以低算力、双目视觉方案起家，借助软硬一体化布局的优势，卓驭在 32TOPS 算力芯片上实现了 高速领航 ...

Core Viewpoint - Black Sesame Technology is positioned as a leading domestic assisted driving SoC chipset designer in China, with strong revenue growth prospects driven by its C1200 and A2000 series chipsets [1][2] Revenue Forecast - Projected revenues for Black Sesame from 2025 to 2027 are RMB736.4 million, RMB1,611.2 million, and RMB2,035.5 million, reflecting year-on-year growth rates of 55.3%, 118.8%, and 26.3% respectively [1] Business Developments - Revenue growth is dependent on three key developments: 1) Success of the C1200 series in the integrated cockpit and ADAS market in the short term [2] 2) Rapid mass production and design wins for the A2000 series, enabling medium-term revenue growth [2] 3) Advancements in process technology to 5-3 nm for next-generation SoCs expected to be mass-produced by 2028 [2] Market Positioning - The C1200 series is expected to capture significant market share in the cockpit domain controller market, projected to grow to between RMB5.4 billion and RMB11.0 billion by 2026, with an 80% sales volume increase in 2025 [3] - Black Sesame is positioned as a geopolitically safe alternative to Qualcomm, which may enhance its market share if pricing strategies are effectively managed [3] Medium-Term Outlook - Achieving vehicle mode designations for the A2000 series in 2025 could lead to increased volume, average selling price (ASP), and gross margin (GM) in 2026 [3] - The company is actively engaging with various OEMs to secure vehicle designations, and the A2000 series boasts high raw INT8 TOPS compared to domestic competitors [3] Investment Catalysts - Key catalysts for investment include the announcement of design wins for the A2000 chipset and performance figures demonstrating the success of the C1200 series [4]

Summary of BioCryst Pharmaceuticals (BCRX) Conference Call Company Overview - **Company**: BioCryst Pharmaceuticals (BCRX) - **Event**: 2025 Conference on May 14, 2025 - **Speakers**: John Stonehouse (CEO), Charlie Geier (Chief Commercial Officer) Key Industry Insights - **Impact of Executive Orders**: The recent executive order regarding most favored nation status may affect BioCryst, but details are still unclear. The company is monitoring the situation closely [3][4][5] - **Tariff Position**: BioCryst feels well-positioned regarding tariffs due to low cost of goods for Orlodea and a redundant supply chain in both Europe and the US [8] Financial Performance - **Q1 Results**: BioCryst reported a 51% year-over-year growth in Q1, driven by strong demand and an increase in the paid rate for Orlodea [13][14] - **Paid Rate Increase**: The paid rate for patients has jumped to 84%, with Medicare segment reaching 89%, attributed to the IRA making drugs more affordable [15] - **Sales Guidance**: The company is confident in achieving at least $800 million in US sales, with a global sales target of $1 billion by 2029 [27][29] Product Insights - **Orlodea**: The product has shown strong market demand and patient retention due to its efficacy and convenience. Patients prefer Orlodea for its oral administration and low attack rates [18][19][20][22] - **Market Stickiness**: The stickiness of the market is attributed to patient satisfaction with Orlodea, making it difficult for new competitors to gain traction [20] Pipeline Developments - **BCX1775**: The company is advancing its first biologic for Netherton Syndrome, aiming to control KLK activity and improve skin turnover [36][38] - **Avorostat**: This drug is being explored for diabetic macular edema (DME), with a focus on its potential to address unmet needs in patients who do not respond to VEGF therapies [68][70] Clinical Trials and Future Outlook - **Clinical Trials**: BioCryst is conducting studies for both BCX1775 and Avorostat, with expectations for data by the end of the year. The company is optimistic about the potential for accelerated pathways to market if results are favorable [61][66][78] - **Market Potential**: The company believes that the market for Netherton Syndrome could grow significantly if a targeted therapy is introduced, similar to the growth seen in other rare diseases [56] Conclusion - BioCryst Pharmaceuticals is positioned for strong growth with its current product offerings and pipeline developments. The company is actively monitoring regulatory changes and market dynamics while focusing on delivering effective therapies for rare diseases.