公众号记得加星标⭐️，第一时间看推送不会错过。 缓慢但稳步前进。 台积电在其欧洲OIP论坛上展示的一张幻灯片清晰地阐述了其将于2028年推出的A14（1.4nm级，正 面供电）制程工艺相比其前代产品N2（2nm级，正面供电）的优势。结果表明，A14在相同功耗和复 杂度下性能提升16%，在相同时钟频率和复杂度下功耗降低27%。然而，为了充分发挥下一代制造技 术的潜力，芯片设计人员可能需要使用更智能的电子设计自动化（EDA）工具。 当代工厂发布新的工艺技术时，通常会公布一系列特性，以展现不同代际工艺之间的相对差异。随着 生产节点的不断推进，芯片制造商往往会获得更多关于其性能的数据，并随着时间的推移逐步明确其 特性。台积电的A14工艺正是如此。此前，该公司表示，与N2工艺相比，在相同的功耗和晶体管数量 下，A14工艺的性能将提升10%至15%；在相同的时钟频率和复杂度下，功耗将降低25%至30%；混 合芯片的晶体管密度也将提升约20%。而从幻灯片来看，新节点的性能将略高于预期，但功耗方面则 保持在预期值的中等水平。 台积电展示这张幻灯片是为了说明其工艺技术的可扩展性，旨在表明尽管摩尔定律增速放缓并面临严 峻挑战，但 ...

Financial Data and Key Metrics Changes - Cadence reported total revenue of $1.339 billion for Q3 2025, with a GAAP operating margin of 31.8% and a non-GAAP operating margin of 47.6% [14] - GAAP EPS was $1.05, while non-GAAP EPS was $1.93 [14] - The company raised its full-year outlook to approximately 14% revenue growth and 18% EPS growth [6][14] Business Line Data and Key Metrics Changes - The IP business is tracking over 20% growth for the second consecutive year, driven by demand in AI and HPC at advanced nodes [19][21] - The core EDA business saw strong results, with significant adoption of AI-driven design and verification solutions [10] - Hardware had a record Q3, with notable expansions at AI and HPC customers [11] Market Data and Key Metrics Changes - Bookings exceeded expectations, resulting in a backlog of over $7 billion [5][14] - China experienced a year-on-year growth of approximately 53%, indicating a return to normal business activity post-regulations [39][41] - The company noted broad-based strength across all geographies, with strong design activity in China [41][82] Company Strategy and Development Direction - Cadence is focusing on the AI megatrend, positioning itself to capture opportunities in AI infrastructure, physical AI, and science's AI [6][7] - The company is expanding partnerships with major players like Samsung and TSMC to enhance its EDA and IP offerings [8][12] - Recent acquisitions, including Hexagon's D&E business, aim to strengthen Cadence's position in the system design and analysis market [12][46] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the ongoing strength of the business and the AI-driven market opportunities [5][13] - The company anticipates continued growth in its IP business, supported by strong customer demand and partnerships with foundries [21][23] - Management remains prudent in its outlook for 2026, emphasizing the importance of maintaining a disciplined approach to growth [36][64] Other Important Information - The company plans to use at least 50% of its annual free cash flow for share repurchases [16] - Operating cash flow for Q3 was reported at $311 million, with a cash balance of $2.753 billion at quarter-end [15] Q&A Session Summary Question: What is driving the growth in the IP business? - Management highlighted that the IP business is performing well due to its focus on AI, HPC, and chiplet-based architecture, with strong customer demand and partnerships with foundries [21][23] Question: Are there still renewals expected in Q4? - Management confirmed that strong demand for AI infrastructure is driving performance, and they expect continued strength in renewals [27][30] Question: What is the outlook for China? - Management noted that design activity in China is strong and returning to normal, with expectations for year-over-year growth [41][81] Question: How is the company positioning itself in the system design market? - Management discussed the strategic acquisitions aimed at enhancing capabilities in simulation and analysis, particularly in the context of physical AI [46][50] Question: What tailwinds are expected from AI features in EDA products? - Management indicated that AI integration is expected to significantly improve productivity metrics, with examples of substantial efficiency gains from AI-driven tools [55][58] Question: What is the demand outlook for hardware platforms? - Management expressed confidence in continued strong demand for hardware, particularly in AI and HPC markets, with expectations for growth in 2026 [62][66]