一家还没大规模出货芯片的公司，正在试图改写 AI 算力的性价比公式。 近日，由哈佛大学辍学生创立的 AI 芯片公司 Etched 拿到了近 5 亿美元的新一轮融资。这家初 创公司估值据称达 50 亿美元，总融资接近 10 亿美元。 该轮融资由 Stripes 领投，Peter Thiel、Positive Sum 和 Ribbit Capital 也参与了投资。此前的 支持者还包括 Primary Venture Partners，以及前 GitHub 的 CEO 托马斯·多姆克（Thomas Dohmke）和前 Coinbase 高管巴拉吉·斯里尼瓦桑（Balaji Srinivasan）等知名天使投资人。 有意思的是，这家公司既不做通用 GPU，也不是要完全取代英伟达。而是想把一件事做到极 致：让 Transformer 跑得更便宜。 图丨Sohu 芯片（来源：Etched） 从 GPU 市场来看，英伟达占主导地位。 据市场预测，到 2026 年底，英伟达数据中心累计销 售额将超过 5,000 亿美元。 Etched 对市场的判断是： 过去几年，计算密度（TFLOPS/mm²） 仅 提 升 了 约 15% ...

Investment Rating - The industry investment rating is classified as In-Line [8]. Core Insights - The report addresses the mismatch in AWS Trainium2/2.5 chip shipments attributed to unstable PCB yield rates, with an expectation of approximately 1.1 million chip shipments in 2025 [1][3]. - Supply chain checks estimate total shipments for the Trainium2/2.5 life cycle (2H24 to 1H26) at 1.9 million units, with a focus on production and consumption in 2025 [2][11]. - The report highlights a significant gap between upstream chip production and downstream consumption, suggesting improvements in yield rates may reduce this gap by 2H25 [6][11]. Upstream - Chip Output Perspective - As of late 2024, 0.3 million units of Trainium2 chips were produced, with a projected total of 1.1 million shipments in 2025, primarily packaged by TSMC (70%) and ASE (30%) [3][11]. - An additional 0.5 million Trainium2.5 chips are expected to be produced in 1H26, bringing the total life cycle shipments to 1.9 million units [3]. Midstream - PCB Perspective - Downstream checks indicate potential shipments exceeding 1.8 million units of Trainium chips, averaging around 200K per month since April [4][11]. - Key suppliers for PCB boards include Gold Circuit and King Slide, which provide essential components for Trainium computing trays [4]. Downstream - Server Rack System Perspective - Wiwynn is identified as a key supplier for server rack assembly, with revenue from AWS Trainium2 servers increasing in 1Q25, aligning with the upstream chip production estimates [5][11]. - The report notes that each server rack can accommodate 32 chips, supporting the projected consumption figures [5]. Component Suppliers - Major suppliers for Trainium2 AI ASIC servers include AVC for thermal solutions, Lite-On Tech for power supply, and Samsung for memory components [10][18]. - Other notable suppliers include King Slide for rail kits and Bizlink for interconnect solutions [10][18]. Future Projections - For Trainium3, shipments are estimated at 650K for 2026, with production managed by Alchip [12][13]. - The report anticipates that Trainium4 will enter small production by late 2027, with a rapid ramp-up expected in 2028 [14].