Photo illustration by Cheng Xin/Getty ImagesGetty ImagesAstera Labs (NASDAQ:ALAB), a firm specializing in semiconductor-based connectivity solutions for cloud and AI infrastructure, experienced a stock increase of nearly 8% on Wednesday. Although there wasn’t significant stock-specific news to justify such a substantial change, there are several compelling reasons for investors to show growing interest in the stock. Despite a solid recent financial performance, ALAB stock is down approximately 25% year-to-d ...

Key Takeaways NVTS and BrightLoop will pair SiC tech with fuel-cell systems for heavy-duty transport applications. NVTS joined NVIDIA to boost power efficiency in AI data centers with GaNFast and GeneSiC technologies. NVTS partnered with GigaDevice and Great Wall Power to develop smart, high-density power solutions.Navitas Semiconductor (NVTS) is actively forging strategic collaborations and partnerships across the power electronics ecosystem, accelerating the adoption of its gallium nitride (GaN) and sil ...

CHONGQING, CHINA - MAY 04: In this photo illustration, the logo of Astera Labs, Inc. is displayed on ... More a smartphone screen, with the company's triangular emblem visible in the background, on May 04, 2025, in Chongqing, China. (Photo illustration by Cheng Xin/Getty Images)Getty ImagesAstera Labs (NASDAQ:ALAB), a firm specializing in semiconductor-based connectivity solutions for cloud and AI infrastructure, has experienced a nearly 36% decline year-to-date. The recent sell-off has occurred despite str ...

Key Takeaways Astera Labs leads with PCIe Gen 6 and Leo CXL tech tailored for next-gen AI and cloud infrastructure. ALAB eyes major growth via UALink and NVLink Fusion integration, deepening ties with NVIDIA. ALAB's shares surged 26.2% in 3 months, outpacing industry and sector gains amid strong valuation momentum.Astera Labs (ALAB) has positioned itself in the field of next-generation AI and cloud infrastructure with a robust start to 2025. The company recently outlined a compelling roadmap powered by te ...

公众号记得加星标⭐️，第一时间看推送不会错过。 来源：内容来自 野村 。 据报道，追随谷歌的脚步，Meta 正在全面进入 ASIC（专用集成电路）竞赛。根据野村证券分析师 Anne Lee 及其团队的最新研究报告，Meta 在 AI 服务器领域的雄心正在迅速升级。他们专有的 ASIC 服务器项目 MTIA 预计将在 2026 年实现重大突破，这可能会挑战 Nvidia 长期以来的市场主 导地位。 报 告 援 引 最 新 的 供 应 链 信 息 称 ， Meta 计 划 在 2025 年 底 至 2026 年 期 间 推 出 数 百 万 颗 高 性 能 AI ASIC 芯片（100 万至 150 万颗）。与此同时，Google 和 AWS 等云服务巨头也在加速部署其自研 ASIC。这表明 AI 服务器市场的竞争格局正在悄然转变。 ASIC 芯片热潮：明年出货量可能超过英伟达 报告显示，英伟达目前持有 AI 服务器市场价值的 80% 以上，而 ASIC AI 服务器仅占 8-11%。 然而，从出货量的角度来看，情况正在发生变化。到 2025 年，谷歌的 TPU 出货量预计将达到 15- 200 万台，亚马逊 AW ...

Core Insights - The article discusses the competitive landscape of AI networking, highlighting the advantages of InfiniBand over Ethernet in large data centers, particularly in the context of NVIDIA's dominance in the GPU market [1][6][13]. Broadcom Tomahawk 6 - Broadcom announced the shipment of the Tomahawk 6 (TH6) switch chip, which utilizes 3nm technology and supports up to 102.4Tbps switching capacity, doubling the capacity of current mainstream Ethernet switch chips [2][4]. - The TH6 chip is priced at under $20,000, nearly double that of its predecessor, but offers significant performance improvements that justify the cost [2][4]. AI Network Optimization - TH6 excels in both scale-out and scale-up architectures, allowing connections to up to 100,000 XPUs and supporting 512 XPU single-hop connections, significantly reducing latency and power consumption [3][9]. - The chip features Cognitive Routing 2.0 technology, optimized for modern AI workloads, enhancing global load balancing and dynamic congestion control [3][9]. Market Trends - The introduction of TH6 is expected to drive rapid growth in the demand for 1.6T optical modules and data center interconnects, marking a new technology upgrade cycle in the global AI infrastructure market [4][10]. - The global optical circuit switch hardware sales are projected to grow at a CAGR of 32% from 2023 to 2028, outpacing Ethernet and InfiniBand switches [10]. Ethernet vs InfiniBand - Approximately 78% of top supercomputers use Ethernet solutions based on RoCE, while 65% utilize InfiniBand, indicating a competitive dynamic between the two technologies [13][16]. - InfiniBand has gained traction in the early stages of generative AI infrastructure deployment due to NVIDIA's market position, although Ethernet is expected to regain momentum as cloud service providers invest in self-developed ASIC projects [16]

Core Insights - Marvell Technology (MRVL) is enhancing its position in AI infrastructure by expanding its custom chip capabilities, integrating new components to improve performance and scalability across large-scale systems [1][6] Financial Performance - In Q1 FY26, Marvell reported record Data Center revenues of $1.44 billion, representing a 76% increase year over year, driven by the rapid scaling of custom AI silicon [2][10] - Marvell's forward price-to-sales ratio is 7.36X, which is lower than the industry average of 8.15X [13] Strategic Developments - Marvell partnered with NVIDIA in May 2025 to offer NVLink Fusion technology, enhancing the flexibility of its custom cloud platform silicon for next-generation AI infrastructure [3] - The introduction of a new multi-die packaging solution based on proprietary interposer technology aims to improve die-to-die interconnect efficiency, reduce power consumption, and lower product costs [4] - Marvell launched the Ultra Accelerator Link (UALink) scale-up solution, providing an open-standards-based interconnect platform that enhances compute utilization and reduces latency [5] Competitive Landscape - Advanced Micro Devices (AMD) is advancing its AI solutions through the acquisition of ZT Systems, which will reduce deployment time for hyperscalers [7] - Broadcom (AVGO) reported a 170% year-over-year increase in AI networking revenues, now comprising 40% of its total AI semiconductor revenues, and introduced the Tomahawk 6 switch to enhance AI cluster performance [8] Market Outlook - The Zacks Consensus Estimate for Marvell's fiscal 2026 and fiscal 2027 earnings indicates year-over-year growth of 77.71% and 27.73%, respectively, with recent upward revisions in earnings estimates [16]

Asia AI Server Global Markets Research EQUITY: TECHNOLOGY Meta's ambition on ASIC AI server Meta's MTIA AI servers could mark a milestone in 2026F AI ASIC is booming; a potential cross over in units from 2H26-2027 In the world of AI servers, nVidia (NVDA US, Not rated) has been dominating 80%+ market "value" so far, vs. ASIC AI servers that have roughly 8-11% in value share (based on Bloomberg consensus estimates). However, if we just compare the number of units for AI ASICs vs. nVidia's AI GPUs (which can ...

NVIDIA NVLink Fusion is a new silicon technology that enables hyperscalers to build ASIC hybrid AI infrastructures with unprecedented scale-up performance using NVIDIA's industry-proven NVLink and rack-scale architecture. Learn more about this new path for #AI factory architectures. #COMPUTEX2025 ...

今日早参 2025 年 6 月 13 日 易峘 首席宏观经济学家 邮箱：evayi@htsc.com 何康 策略首席研究员兼金融工程联席首席 研究员 座机：021-28972202 邮箱：hekang@htsc.com 今日热点 宏观：关税"脉冲"引起贸易量波动｜关税影响高频跟踪（6 月 12 日） 概览：5 月以来关税"脉冲"轨迹初步显现，贸易量上，高频数据显示 5 月 美国进口偏弱，预计 6 月有所修复，但或难回到一季度的较高水平；通胀 上，微观数据显示 5 月底以来价格小幅上行，关税的价格压力仍在传导；企 业信心上，5 月有所修复但仍处低位，后续修复速率或相对缓慢。总体来 看，虽然"美丽大法案"或于 7 月通过，带来新一轮财政扩张，美国经济大 概率避免陷入衰退，但 7 月 9 日后的贸易走势值得观察。 风险提示：特朗普关税政策再度反复，美国就业数据走弱节奏快于预期。 研报发布日期：2025-06-12 研究员 易峘 SAC:S0570520100005 SFC:AMH263 胡李鹏 SAC:S0570525010001 SFC:BWA860 策略：TMT 和先进制造景气回升 我们的中观景气模型显示，5 ...