根据 Counterpoint Research《内存市场追踪报告》 ，SK Hynix 以36%的市场份额首次超越Samsung 电 子，领跑全球DRAM 收入领域。 2025年Q1 DRAM市场营收份额 数据来源：Counterpoint Research 《内存市场追踪》 SK Hynix 首次在DRAM领域取得领先地位，2025年Q1收入份额达到36%。 该公司尤其在高带宽内存(HBM)这一关键领域占据主导地位，市场份额高达70%。 我们预计，至少到下一季度，该公司的营收和市场份额都将继续保持增长。 分析师观点 Counterpoint 高级分析师Jeongku Choi 表示 ："这对SK Hynix 具有里程碑意义，在市场需求持续高涨 的HBM 内存领域，该公司成功得向市场交付DRAM 产品。专业HBM DRAM 芯片的制造工艺素以复杂 著称，而提前布局的企业如今正收获成果。" Counterpoint Research 预计 ，2025年Q2 DRAM 市场在各细分领域增长和厂商份额方面将保持稳定态 势。 分析师观点 Counterpoint 研究总监MS Hwang 指出 ：" 当前全球焦点集 ...

Summary of US Semiconductors Conference Call Industry Overview - The conference call focused on the US semiconductor industry, particularly the implications of Nvidia's recent announcements on various companies within the sector. Key Companies Discussed - **Nvidia (NVDA)** - **Micron Technology Inc (MU)** - **Broadcom Inc (AVGO)** - **Advanced Micro Devices (AMD)** - **Intel Corp (INTC)** Core Insights and Arguments 1. **Nvidia's Product Launches** - Nvidia's new GPU, the Rubin, will feature 288GB of HBM4 DRAM, which is a 50% increase in HBM content compared to the previous Blackwell generation. This is seen as beneficial for Micron, which has a gross margin of approximately 70% on HBM products [2][8]. 2. **DRAM Price Forecast** - TrendForce has raised its 2Q25 DRAM price forecast from 0% quarter-over-quarter to an increase of 3%-8% sequentially, indicating improved inventory dynamics. This supports the expectation of a pricing rebound for Micron starting in 2Q25 [3][8]. 3. **Co-Packaged Optics (CPO) Impact** - Nvidia announced co-packaged optics (CPO) technology, but it is viewed as having no impact on Broadcom since Broadcom has been shipping similar technology since March 2024. Nvidia's CPO solution will not be available until the second half of 2026 [4][8]. 4. **Broadcom's Custom ASIC Business** - Broadcom is expected to benefit from a diversification strategy away from Nvidia, as hyperscalers are increasingly building custom accelerator chips to optimize costs. Custom ASICs are reported to be at least double-digit percentage cheaper per application compared to Nvidia's offerings [5][8]. 5. **Market Share Shift Towards Nvidia** - It is anticipated that a larger share of the data center market, which constitutes 26% of semiconductor demand, will shift towards Nvidia and accelerated computing. This trend is considered mildly negative for traditional server providers like AMD and Intel [6][8]. 6. **Investment Ratings** - Micron and Broadcom are rated as "Buy" due to ongoing strength in AI, while AMD and Intel are rated as "Neutral" due to competitive pressures and market dynamics [8]. Additional Important Points 1. **Risks for AMD** - AMD faces competition risks from both Intel in the microprocessor market and Nvidia in the graphics and AI GPU market. Fluctuations in market share could significantly impact AMD's estimates [11][12]. 2. **Risks for Intel** - Intel's revenue is heavily reliant on the PC and server segments, which account for approximately 80% of sales. Any significant changes in IT spending could affect Intel's performance [22][24]. 3. **Risks for Broadcom** - Broadcom derives about 20% of its sales from Apple, making it vulnerable to demand fluctuations for Apple's products. Additionally, Broadcom's long-term SG&A target is less than 3% of revenue, which is one of the lowest among semiconductor peers [16][17]. 4. **Micron's Competitive Landscape** - Micron competes with major players like Samsung and SK Hynix in the memory market. Any changes in market share among these competitors could pose risks to Micron's estimates [29][26]. This summary encapsulates the key takeaways from the conference call, highlighting the implications of Nvidia's announcements on the semiconductor industry and the respective companies involved.