点击蓝字，关注我们 b. 非AI业务 （企业级、服务器/存储、宽带），收入为40亿美元，同比下降5%，非AI半导体收入已接近底部，但复苏相对缓慢。 （2）基础设施软件： 收入为66亿美元，占总收入的44%，同比增长25%，反映了公司在将企业客户从永久许可证转换到订阅方式的成功，该部 分毛利率本季为93%。 | (Dollars in millions) | Q2 25 | | | Q2 24 | | Change | | --- | --- | --- | --- | --- | --- | --- | | Semiconductor solutions | | ಕೆ 8.408 | 56 % | $ 7,202 | 58 % | +17 % | | Infrastructure software | | 6.596 | 44 | 5,285 | 42 | +25 % | | Total net revenue | | ಕೆ 15,004 | 100 % | $ 12,487 | 100 % | | 由于非AI芯片的销售形成拖累，公司二季度业绩后股价盘后一度跌超5%。 前次业绩 博通2025财年二季度创纪录营 ...

我是芯片超人花姐，入行20年，有50W+芯片行业粉丝。 有很多不方便公开发公众号的， 关于芯片买卖、关于资 源链接等， 我会分享在朋友圈 。 扫码加我本人微信 8月， 半导体 现货市场 整体 仍然 较为 平淡 ， 但也有 部分 芯片 近期 热度 升高 ， 甚至有 缺 货 迹象 。我们整理了近期询价增多、热度较高的几款芯片型号，供大家参考 （不作 为 交易推荐） ： 1、持续升温的 NOR Flash「W25Q128JVSIQ」 NO.1 持续升 温的NOR Flash 2、去年火过的加速度计「ADXL355BEZ」 3、关税期间涨价的 TI 芯片「TPS5430DDAR」 4、好用但贵的稳压器「LTM4644IY#PBF」 5、从 Marvell 变成英飞凌旗下「88EA1512B2-NNP2A000」 6、近期价格暴涨「BCM84891LB0KFEBG」 7、热度突增的 TI 芯片「THS6222IRHFR」 8、紧俏的 MCU「EFM8BB51F16G-C-QFN20R」 W25Q128JVSIQ :价格小幅上 涨 除了W25Q128JVSIQ，华邦 64 Mbit 容量的 NOR Flash 芯片 W2 ...

Summary of the Conference Call on Switch Industry and AI Computing Power Industry Overview - The report focuses on the **switch industry**, highlighting its critical role in network interconnection and the growing demand driven by data center construction [4][20]. - The global switch market is projected to grow significantly, with the top five manufacturers holding a substantial market share [4][68]. Key Points and Arguments Market Growth and Demand - The global switch market is expected to grow from **$61.9 billion in 2020** to **$96.8 billion by 2025**, with a **CAGR of 9.4%** [24]. - In China, the market is projected to increase from **¥116.8 billion in 2020** to **¥318 billion by 2025**, with a **CAGR of 22.2%** [24]. - The demand for switches is driven by the increasing data center construction and the need for higher data transfer rates [20][30]. Market Concentration - The top five global switch manufacturers, including **Cisco, Arista, Huawei, HPE, and Xinhua San**, hold **69.6%** of the market share, with Cisco leading at **35.9%** [4][68]. - In China, the top five manufacturers account for **89.7%** of the market, with Huawei at **32.4%** [4][68]. Technological Trends - **White-box technology** is emerging, allowing for hardware-software decoupling, which reduces acquisition and operational costs [31][35]. - The **CPO (Chip-Package-Optical)** switch technology is gaining traction, promising lower power consumption and higher efficiency [36][41]. Chip Market Dynamics - The global Ethernet switch chip market is expected to grow, with commercial vendors driving the majority of the growth [81][86]. - The market is currently dominated by overseas giants, indicating significant room for domestic alternatives [87]. Important but Overlooked Content - The report highlights the **risk factors** including the potential underdevelopment of AI applications, escalating US-China trade tensions, intensified market competition, and the risk of failure in new technology and product development [7]. - The **data center switch market** in China is expected to account for **51.7%** of the total switch market by 2026, indicating a growing reliance on data center infrastructure [30]. Recommendations - The report suggests monitoring companies such as **Sengke Communication, Yutai Micro, Ruijie Networks, Unisplendour, ZTE, and Feiling Kesi** for potential investment opportunities [6]. This summary encapsulates the essential insights from the conference call regarding the switch industry and its intersection with AI computing power, providing a comprehensive overview of market dynamics, technological advancements, and investment opportunities.