Core Viewpoint - Altera is entering a new development phase following its acquisition by Silver Lake, positioning itself as the world's largest independent FPGA solution provider, focusing on agility and innovation in the FPGA market [1][3]. Group 1: Strategic Shift and Independence - Altera's independence from Intel allows it to redefine its operational pace, emphasizing "focus on FPGA, accelerate decision-making, and agile innovation" as core principles for its new phase [3][5]. - The company aims to create a comprehensive FPGA product portfolio that spans high-end, mid-range, and low-end segments, as articulated by Venkat Yadavalli [3][5]. Group 2: Market Drivers for FPGA Growth - Three key drivers for FPGA market resurgence are identified: the need for flexible computing architectures due to AI model uncertainty, rising costs and risks associated with ASICs, and the demand for real-time control capabilities in edge computing and security standards [6][12]. - Altera's Agilex 5D series is designed to enhance programmability, AI optimization, and memory bandwidth, addressing these market needs [6][12]. Group 3: Product Innovations and Tools - The Agilex product line includes various series tailored for different applications: Agilex 7 for high-performance computing, Agilex 5 for balanced performance and power, and Agilex 3 for low-cost, low-power devices [7][9]. - New tools like Quartus Prime 25.3 and Visual Designer Studio (VDS) represent a generational shift in FPGA development, significantly reducing development time and enhancing user experience [9][11]. Group 4: Real-time Intelligence and AI Integration - FPGA's unique capabilities in real-time processing and safety make it indispensable in robotics and AI applications, where it can manage multiple data streams with low latency [12][13]. - Altera's philosophy focuses on meeting real computational needs rather than merely competing on performance, with the Agilex 5D series designed for optimal power and latency balance [13][14]. Group 5: FPGA's Role in AI Infrastructure - The relationship between FPGA, GPU, and ASIC is evolving, with FPGA becoming a crucial component in AI infrastructure, complementing GPU capabilities by managing real-time data flows and interfaces [14][16]. - This collaborative dynamic enhances the overall efficiency of AI systems, particularly in edge computing and industrial automation scenarios [14][16]. Conclusion - Altera is poised to redefine programmable computing in the AI era, leveraging its independence and innovative product offerings to become a core player in flexible computing solutions [16].

公众号记得加星标⭐️，第一时间看推送不会错过。 来源 ： 内容 编译自 morethanmoore 。 每当我们谈论计算领域时，我们都会把它想象成一条从 CPU 到 GPU，再到 FPGA，最后到 ASIC 的 线路。但如果要谈论人工智能，中间的某个环节就会变得很混乱！但我认为人们忘记的一个关键点是 FPGA 的存在。 几十年来，FPGA 一直是该行业的命脉。它们是一种可重构计算，使得其他芯片的设计和构建成为可 能。FPGA 也广泛应用于各种系统，这些系统的可重构性使其能够添加新的安全性，或在生命周期内 添加新功能。这些部件通常在环境中存在 10 到 15 年甚至更长时间，从而确保可重构硬件能够持续 升级。 在FPGA行业，最大的参与者之一就是Altera。2015/2016年，Altera被英特尔以约150亿美元收购。 如今，10年过去了，英特尔正在剥离对Altera的所有权。一家名为Silver Lake的投资基金正在收购该 公司51%的股份，而英特尔将保留49%的股份。这种地位让Altera拥有了灵活性，说起来也挺有意思 的。这意味着他们掌控着自己的命运。 但FPGA至关重要的另一个因素是工具、EDA工 ...

如果您希望可以时常见面，欢迎标星收藏哦~ 来源：内容来自半导体芯闻综合 。 近日，英特尔宣布已完成向私募股权公司银湖资本出售其可编程芯片部门Altera 51%的股份，交 易价格约为33亿美元。据报道，该交易于4月首次披露，并于上周五正式完成。据Investopedia报 道，英特尔将保留Altera剩余49%的股份。 实际上，Altera 首席执行官 Raghib Hussain早在 2025 年 5 月上任以来接受媒体采访时，就讨论 了公司作为独立 FPGA 制造商的战略重点。 "我们需要专注于执行，"Hussain在接受采访时表示。"Altera在过去十年里在卓越性、质量和规划 方面失去了信誉。我在执行方面经验丰富，我的团队也有处理这方面的经验，但我们需要一些时间 来证明我们能够做到。" Hussain表示，独立后的 Altera 的首要任务之一是重新掌控一些关键的战略决策："在英特尔时 期 ， Altera 主 要 专 注 于 电 信 / 数据中心市场，使用 IFS 进行代工，并 且 必 须 依 赖 一 个 试 图 销 售 CPU 而非 FPGA 的综合销售团队。现在，独立后的 Altera 将掌控这 ...

1/GPU & FPGA Acceleration for ExpanderFPGA Progress:Designing and implemented a specialized GF2-128 carry-less multiplier on FPGA, extending hardware arithmetic support . ...

来源：内容来自SEMI。 9月24日上午，2025北京微电子国际研讨会暨IC WORLD大会在北京经济技术开发区（简称"北京经 开区"，也称"北京亦庄"）开幕。工业和信息化部电子信息司副司长王世江，北京市政府副秘书长许 心超，北京市发展和改革委员会党组书记、主任杨秀玲，北京市经济和信息化局党组书记、局长姜 广智，北京经济技术开发区工委书记孔磊，工委副书记、管委会主任王磊，管委会副主任、市集成 电路重大办主任历彦涛，SEMI中国总裁冯莉，中国半导体行业协会副理事长楼宇光等出席开幕式。 SEMI China 是此次活动的主办方之一， SEMI 中国总裁冯莉受邀发表主题演讲。 全球半导体市场的发展趋势 如果您希望可以时常见面，欢迎标星收藏哦~ 从应用划分来看， 2025 年设备投资金额预计将达到 1,080 亿美元， 2026 年将进一步加速增长 14% ，达到 1,226 亿美元。在前沿投资的推动下，预计 2025 年 Foundry 和 Logic 的支出将 增长 3% ，预计 2026 年将进一步增长 15% 。 2025 年， DRAM 支出将增长 10% ，达到 210 亿美元。特别值得一提的是，过去十年 ...

22 September 2025 U.S. Semiconductors and Semiconductor Capital Equipment Stacy A. Rasgon, Ph.D. +1 213 559 5917 stacy.rasgon@bernsteinsg.com U.S. Semiconductors and Semicap Equipment: Notes from the road - takeaways from management meetings in Silicon Valley | | | | 19 Sep | | TTM | | | Adjusted EPS | | | Adjusted P/E (x) | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | 2025 | | | | | | | | | | | | | | Closing | Price | Rel. | | | | | | | | | Ticker | Rating | Cur ...

Group 1 - The core viewpoint of the news highlights a significant surge in the computing power sector, driven by overseas news and strategic partnerships, particularly between Nvidia and OpenAI [1][3] - Nvidia and OpenAI have announced a strategic collaboration to build and deploy at least 10 gigawatts of AI data centers, utilizing millions of Nvidia GPUs, with Nvidia potentially investing up to $100 billion [3] - The cloud computing ETF, Huatai-PineBridge (159273), has seen a net inflow of over 700 million yuan in the past 20 days, indicating strong investor interest [1] Group 2 - The optical module sector is experiencing a boom due to rapid iterations of Nvidia GPUs and self-developed ASICs, leading to a doubling of bandwidth capacity with each generation [5] - The market recognizes a conversion ratio of GPU to optical modules at 1:2.5, with potential future ratios reaching 1:11.5 in certain applications [5] - The demand for computing power is driving significant capital expenditures among global cloud providers, with a projected 50% increase in capital spending to $333.8 billion by 2025 [6] Group 3 - The expansion of computing clusters, referred to as "ten thousand card clusters," is seen as a ticket to participate in the current model competition, with major operators and internet companies increasing their investments [7] - The cloud computing ETF Huatai-PineBridge (159273) aims to capture the growth opportunities in AI-driven cloud computing, covering a wide range of sectors including hardware, cloud services, and data center operations [7]

Market Overview - On September 17, the Shanghai Composite Index rose by 0.37%, the CSI 300 increased by 0.61%, the STAR 50 gained 0.91%, the CSI 1000 was up by 0.95%, the ChiNext Index climbed 1.95%, and the Hang Seng Index increased by 1.78% [4][5] - The best-performing sectors on September 17 were power equipment (+2.55%), automotive (+2.05%), home appliances (+1.64%), coal (+1.62%), and comprehensive sector (+1.38%). The worst-performing sectors included agriculture, forestry, animal husbandry, and fishery (-1.02%), retail (-0.98%), social services (-0.86%), food and beverage (-0.5%), and textiles and apparel (-0.41%) [4][5] - The total trading volume for the A-share market on September 17 was 24,029.24 billion yuan, with a net inflow of 9.44 billion HKD from southbound funds [4][5] Important Recommendations - The report highlights Fudan Microelectronics (688385) as a leading domestic integrated circuit company, with expectations for FPGA and MCU products to drive performance beyond expectations. The recommendation is based on the significant market potential in emerging applications such as AI, 5G, data centers, and national defense [6] - The target price for Fudan Microelectronics is set at 83.79 yuan, indicating a potential upside of 39.65% from the current price [6] - Revenue projections for Fudan Microelectronics from 2025 to 2027 are 4,046.51 million yuan, 4,840.94 million yuan, and 5,825.18 million yuan, with growth rates of 12.71%, 19.63%, and 20.33% respectively. Net profit estimates are 657.26 million yuan, 983.28 million yuan, and 1,296.78 million yuan, with growth rates of 14.79%, 49.60%, and 31.88% respectively [6] Important Commentary - The coal industry is facing supply constraints due to capacity replacement policies, which may lead to a tighter supply-demand balance. If capacity indicators for coal mines are not met, there is a risk of capacity revocation [7] - Investment opportunities in the coal sector are expected to gradually balance supply and demand, with coal prices projected to rise steadily. Key companies to watch include China Shenhua, Shaanxi Coal and Chemical Industry, and Yanzhou Coal Mining [8] - Catalysts for the coal industry include potential revocation of capacity increases, while risks include a slowdown in overseas economic growth, significant capacity releases, and safety incidents in coal mines [8]

Core Insights - The company reported a revenue of 355 million yuan for the first half of 2025, representing a year-on-year increase of 26.93%, while the net profit attributable to shareholders decreased by 51.26% to 35.72 million yuan [1] - The increase in revenue was driven by a recovery in demand within the domestic special integrated circuit industry, although profit margins were pressured by declining product prices and rising costs [1][2] Financial Performance - The gross margin for the first half of 2025 was 72.25%, a decrease of 4.69 percentage points year-on-year, while the net profit margin fell to 10.73%, down 16.23 percentage points [2] - Total expenses accounted for 26.41% of revenue, a slight decrease of 0.27 percentage points compared to the same period last year [2] - Financial expenses increased to 2.17 million yuan from a negative 0.77 million yuan in the previous year, primarily due to reduced interest income from raised funds [2] - Management expenses rose by 26.28% to 73.40 million yuan, and sales expenses increased by 10.58% to 18.17 million yuan, attributed to higher sample testing costs [2] Research and Development - The company has significantly increased its R&D investment, spending 100 million yuan in the first half of 2025, a 36.67% increase year-on-year, which constitutes 28.27% of total revenue, up 2.02 percentage points [3] - The company holds 123 invention patents, 238 integrated circuit layout design rights, and 44 software copyrights, indicating a strong technical foundation [3] - The R&D workforce comprises 401 employees, representing 41% of the total staff, with six core technical personnel specializing in high-performance FPGA, high-speed ADC/DAC, and intelligent SoC [3] Strategic Initiatives - The company is set to complete its high-end integrated circuit R&D and industrial base project by February 2027, which will enhance its core advantages in the special integrated circuit sector [4] - The focus areas for chip R&D include high-performance FPGA, high-speed ADC, and adaptive intelligent SoC, with applications in generative AI, automotive intelligence, low-altitude economy, and data centers [4] - The projected revenue for 2025-2027 is estimated at 902 million, 1.168 billion, and 1.467 billion yuan, with net profits of 243 million, 329 million, and 402 million yuan respectively, indicating a strong growth trajectory [4]

Core Viewpoint - The U.S. Department of Commerce's Bureau of Industry and Security (BIS) has added 23 Chinese entities, including Fudan Microelectronics, to its Entity List, impacting the semiconductor sector [3] Company Summary - Fudan Microelectronics has increased its strategic reserves of wafers and key raw materials, with inventory growing from approximately 600 million yuan at the end of 2020 to about 3.1 billion yuan by mid-2025, enhancing supply chain stability and risk resilience [3] - The company has begun wafer production at local fabs since 2023 and is gradually shifting FPGA production to mainland China, indicating preparedness for supply chain disruptions [3] - Morgan Stanley's report suggests limited impact on demand, as overseas sales accounted for only 6% of the company's total revenue last year, although short-term selling pressure may arise [3]