公众号记得加星标⭐️，第一时间看推送不会错过。 来源：内容来自半导体行业观察综合。 台湾台积电继续保持其在全球晶圆代工（半导体代工）市场的压倒性优势，市场份额不断扩大。三星 电子保持第二的位置，但市场份额下降了1个百分点。 据市场研究公司Counterpoint Research 10月10日公布的数据，今年第二季度，台积电占据纯晶圆代 工市场71%的份额，位居第一。台积电的市场份额较上一季度（68%）上升了3个百分点，与去年同 期（65%）相比，一年内上升了6个百分点。 今年第二季度，纯晶圆代工市场整体市场销售额较去年同期增长33%，这得益于人工智能（AI）产业 扩张带来的半导体需求增长，以及中国的补贴政策。据解读，台积电吸收了大部分新增的市场销售 额。 Counterpoint Research 解释说："台积电在 2025 年第二季度的纯晶圆代工市场中占据了 71% 的市 场份额"，并补充说，这"得益于 3 纳米（纳米，十亿分之一米）工艺的量产扩展、满足 AI 图形处理 器 (GPU) 需求的 4 纳米和 5 纳米工艺的高利用率，以及 CoWoS 的扩展。"CoWoS 是晶圆上芯片 (chip-on-w ...

双方计划在2030年前，将各自的半导体连接在同一块基板上。利用英伟达的技术，实现GPU、CPU等多 颗芯片像一颗芯片一样的超高速互联。海外科技企业普遍看好日本企业的节能技术…… 日本的富士通10月3日宣布，将与美国英伟达（NVIDIA）共同开发一款把双方芯片连接起来、面向人 工智能（AI）用途的半导体。富士通的半导体此前主要用于国家级超级计算机"富岳"等。 该合作将高速连接英伟达的半导体以提高运算效率，同时大幅提升节能水平，目标是开拓数据中心、机 器人等新需求市场。 英伟达是擅长AI计算处理的图形处理半导体（GPU）领域的全球龙头企业。富士通则从事作为计算"指 挥中枢"的中央处理器（CPU）开发。双方计划在2030年前，将各自的半导体连接在同一块基板上。利 用英伟达的技术，实现GPU、CPU等多颗芯片像一颗芯片一样的超高速互联。 英伟达首席执行官黄仁勋当日在记者会上强调，通过与富士通CPU的连接，"能够实现全新层级的节能 与高效"。 电力效率提高2倍 富士通社长时田隆仁表示："这标志着向AI驱动型社会迈出了重要一步"。双方将共同开发的半导体不仅 将用于AI数据中心，还将拓展至机器人、汽车等"物理AI（Phys ...

Group 1 - The core viewpoint is that the AI-ASIC market is experiencing high growth, with continuous increases in CAPEX, and ASICs are becoming a key incremental component in the AI-PCB segment, with total shipments expected to surpass NVIDIA's GPUs by 2026 [1][2][3] - Broadcom reported its Q3 FY2025 results with AI semiconductor revenue reaching $5.2 billion, a 63% year-over-year increase, and projected Q4 revenue of $6.2 billion, a 19% quarter-over-quarter increase [1] - Meta plans to invest at least $600 billion in data centers and infrastructure in the U.S. by 2028, with AI capital expenditures expected to reach $66-72 billion in 2025, reflecting a minimum growth of 68% year-over-year [2] Group 2 - By 2025, Google is expected to ship 1.5-2 million TPU units, while Amazon's AWS T2 is projected to reach 1.4-1.5 million units, and NVIDIA's AIGPU supply is expected to exceed 5-6 million units [2] - The total shipment of ASICs is anticipated to exceed NVIDIA's GPU shipments in 2026, driven by Meta's large-scale deployment of its self-developed ASIC solutions starting in 2026 and Microsoft's deployment in 2027 [2][3] - Leading companies in the AI electronic fabric and copper foil sectors have reported profits from AI, with significant expansions and price increases validating the industry's prosperity [3] Group 3 - The year 2025 is expected to mark the beginning of widespread adoption of liquid cooling, initially penetrating AI servers, with ASICs contributing significant growth in 2026-2027 [4] - Companies are focusing on liquid cooling technologies, including liquid cooling plates and new materials such as cooling liquids and aluminum/copper materials [4] - There are also upgrade opportunities in AIPCB equipment, such as exposure machines and laser drilling [4]

美国就业市场意外大幅降温。 今晚，美国劳动力市场发出了最明确的降温信号。美国劳工统计局最新公布的数据显示，美国8月非农就业人口仅增加2.2 人，大幅低于预期，失业率升至2021年以来新高。 分析指出 ，这加剧了市场对于 美国 就业市场可能 大幅 恶化的担忧。 数据公布 后，交易员们进一步加大了对美联 储降息的押注，芝商所 "美联储观察"工具显示，美联储9月降息50个基点的概率从0升至16%。到今年年底，美联 储降息3次的可能性 升至 71%。 受此影响，美元指数直线跳水，大跌0.87%；现货黄金直线拉升，一度大涨1.48%，再度创出历史新高；美国10年期国债 收益率跌至4月以来的最低水平。美股盘初，三大指数一度创出历史新高，随后全线跳水，由涨转跌，截至北京时间 22:30，道指跌0.52%，纳指跌0.3%，标普500指数跌0.43%。有分析指出，最新的就业数据引发了市场对美国经济健康状 况的担忧。 就业数据公布后，美国短期利率期货大幅上涨，交易员们进一步加大了对美联储在9月16日至17日议息会议上降息的押 注。 芝加哥商品交易所的美联储观察（FedWatch）工具显示，美联储9月维持利率不变的概率为0，降息2 ...

Core Viewpoint - Broadcom (AVGO.US) shares surged over 16% to a record high of $356.24, with a market capitalization exceeding $2.3 trillion at one point, reaching $1.67 trillion [1] Financial Performance - Broadcom reported third-quarter earnings that exceeded expectations, with revenue of $15.96 billion, a year-over-year increase of 22%, marking a record high [1] - The AI semiconductor business showed particularly strong performance, generating $5.2 billion in revenue, surpassing market expectations of $5.1 billion [1] - For the fourth quarter, Broadcom anticipates AI semiconductor revenue of $6.2 billion, compared to market expectations of $5.84 billion [1] Strategic Developments - OpenAI plans to collaborate with Broadcom next year to jointly produce proprietary AI chips, reducing reliance on NVIDIA. The new chips are expected to be delivered next year [1] Analyst Ratings - International investment banks have raised their price targets for Broadcom, with Melius Research setting the highest target at $415. Other firms have adjusted their targets as follows: Bernstein and JPMorgan to $400, Morgan Stanley to $382, Piper Sandler to $375, Oppenheimer to $360, and Jefferies to $350 [1]

Group 1 - The article highlights the rapid development of artificial intelligence (AI) technology, presenting significant opportunities in the market [3] - Broadcom's Q3 adjusted net revenue reached $15.95 billion, exceeding analyst expectations of $15.84 billion, with AI semiconductor revenue at $5.2 billion, surpassing the forecast of $5.11 billion [5] - Broadcom's CEO announced a significant production order exceeding $10 billion from a new AI accelerator customer, contributing to a record backlog of $110 billion [6] Group 2 - Alphabet's Waymo plans to launch autonomous vehicle testing at San Jose International Airport in Fall 2025 [7] - Amazon's stock rose by 3% due to its partnership with AI startup Anthropic, which is aiding in the construction of data centers utilizing Amazon's Trainium chips [11] - Anthropic's revenue is primarily driven by high-value enterprise transactions, contrasting with OpenAI's consumer-focused subscription model [12]

晕了晕了。预计博通会beat的那篇，设置错了推送时间。 今天博通出来了，果然略超。 • 业绩指引乐观：博通预计第四财季营收约为174亿美元，同比增长23.8%，高于分析师预期的170.5亿美元。EBITDA利润率预计约67%，也高于分析师预 期的66%。 | 以直力USDH | 2023 OB | 2023 04 | 2024 01 | 2024.02 | 2024 OF | 2024 04 | 2025 O | 2025 02 | 2075 OB EST | 2025 Q4 Est | 3个月结束 | 07/30/2023 | 10/29/2023 | 02/04/2024 | 05/05/2024 | 08/04/2024 | 11/03/2024 | 02/02/2025 | 05/04/2025 | 08/03/2025 | 11/02/2025 | Highlights | | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | -- ...

AI半导体业务营收尤为亮眼，达到52亿美元，超出市场预期的51亿美元。细分来看，半导体解决方案 部门营收为92亿美元;基础设施软件部门营收达68亿美元，同样高于67亿美元的市场预期。 在博通(AVGO.US)发布超预期的季度财报后，高盛维持对该公司的"买入"评级，并将目标价定为340美 元。 财报显示，博通该季度营收为160亿美元，略高于分析师普遍预期的159亿美元。毛利率方面，公司录得 78.4%的成绩，小幅超过市场预期的78.2%;营业利润率则达到65.5%，与市场预测持平。 对于第四季度，博通给出的业绩指引优于市场共识：预计营收将达174亿美元，高于分析师预期的170亿 美元;AI半导体业务营收预计为62亿美元，显著超出57亿美元的市场预测值。 另外，基于上述业绩表现，Evercore ISI将博通目标价上调至342美元，同时维持"跑赢大盘"评级，其核 心依据是数据中心互联及网络芯片需求旺盛。Cantor Fitzgerald同样上调博通目标价至350美元，并重申 半导体解决方案部门的增长潜力——尤其是来自谷歌(GOOGL.US)TPU芯片的业务贡献。 高盛表示，其340美元的目标价基于其标准化每股收益 ...

博通第三财季调整后净营收159.5亿美元，分析师预期158.4亿美元。 预计第四财季AI半导体营收62亿美 元，分析师预期58.2亿美元。 风险提示及免责条款 市场有风险，投资需谨慎。本文不构成个人投资建议，也未考虑到个别用户特殊的投资目标、财务状况或需要。用户应考虑本文中的任何 意见、观点或结论是否符合其特定状况。据此投资，责任自负。 ...

Core Viewpoint - The U.S. government is implementing a mechanism requiring semiconductor companies like NVIDIA and AMD to pay 15% of their sales revenue from exports to China, which may soon extend to other industries reliant on exports to China [2][4]. Group 1: Export Mechanism - The new mechanism currently applies only to semiconductor companies but is seen as a potential model for other industries in the future [4]. - The mechanism could impose significant financial burdens on industries that depend on exports to China, as it may lead to substantial fees [4][5]. Group 2: Legislative and Regulatory Context - The bipartisan U.S. Congressional "China Economic and Security Review Commission" report highlights that areas of U.S.-China technological competition include not only advanced semiconductors but also artificial intelligence, quantum computing, and biotechnology [5]. - The White House spokesperson indicated that the payment mechanism is currently limited to NVIDIA and AMD, with ongoing adjustments by the Department of Commerce regarding legal consistency [5][6]. Group 3: Security Concerns and Criticism - There are significant concerns regarding the legality and implications of the payment mechanism, with critics arguing it essentially prices national security [6]. - The Trump administration's Export Control Reform Act (ECRA) prohibits charging fees for export licenses, raising questions about the legality of the new payment requirement [6].