公众号记得加星标⭐️，第一时间看推送不会错过。 微软不仅是OpenAI模型的全球最大用户，也是OpenAI构建最新GPT模型时为其提供计算、网络和存储支持的最大合作伙伴。这给了微软两个理由 去打造更强大的Maia AI加速器，而微软也刚刚宣布他们已经完成了这项工作。 所有的大型云服务和超大规模云服务商，以及四大GenAI模型开发商中的三家——OpenAI、Anthropic和Meta Platforms——都在竭力打造各自的 定制AI XPU，以降低GenAI推理工作负载的单代币成本。第四家独立模型开发商xAI似乎准备采用特斯拉与Dojo合作开发的任何产品（如果其可扩 展性足够强，并能适应GenAI的训练和推理任务），但目前看来，xAI对Nvidia的GPU感到满意。 虽然仍有一些玩家对人工智能训练感兴趣，但实际上，英伟达几乎垄断了这个市场。随着全球企业和政府直接或间接通过云技术将人工智能推理投 入生产，预计人工智能推理所需的计算能力将比人工智能训练高出一个数量级，因此，一百多家人工智能计算引擎初创公司有机会开辟一片新天 地，并从中获利。 与所有超大规模数据中心运营商一样，微软希望在部署人工智能驱动的自动驾驶 ...

Core Viewpoint - Marvell Technology's competitive position has become a focal point of discussion on Wall Street, with investors showing increasing pessimism regarding the company's collaboration with Amazon and Microsoft [2][3]. Group 1: Stock Performance and Analyst Ratings - Marvell's stock price fell by 6.99% on Monday, reflecting market concerns about its business with Amazon and Microsoft [2]. - Benchmark analyst Cody Acree downgraded Marvell's stock rating from "Buy" to "Hold," citing a high level of confidence that the company has lost design contracts for Amazon's Trainium 3 and Trainium 4, which may shift to Alchip [2][3]. - Acree suggested that investors should take profits, as the market may have been overly optimistic about recent signals from Amazon regarding stability [2]. Group 2: Revenue Outlook and Client Relationships - Acree acknowledged that the downgrade is controversial, especially since Marvell emphasized during its earnings call that it does not expect a revenue "cliff" from Amazon next year [3]. - Amazon is Marvell's largest customer for XPU (custom chips), and Marvell previously indicated high visibility for future orders, which could drive annual revenue [3]. - Acree believes that Marvell's revenue growth guidance from Amazon is sincere but primarily relies on continued shipments of Trainium 2 and the Kuiper low-orbit satellite project, rather than a successful transition to Trainium 3 [3]. Group 3: Future Prospects and New Clients - Marvell anticipates that its XPU business will see a resurgence in fiscal year 2028, driven by a new large-scale cloud customer, with incremental growth expected in subsequent years [4]. - Marvell's CEO, Matt Murphy, stated that data center revenue for fiscal year 2028 could accelerate significantly compared to the previous year [4]. - TD Cowen analyst Joshua Buchalter noted that Marvell's outlook for 2028, along with the acquisition of Celestial AI, provides bullish arguments, with speculation that the new customer could be Microsoft for its Maia AI accelerator [4].