核聚变系列（01） 核聚变商业化落地提速，CFS 与谷歌达成协议 2025 年 07 月 01 日 ➢ 事件：6 月 30 日，美国 Commonwealth Fusion Systems（CFS）宣布已 与谷歌达成创纪录协议，将在 2030 年代初从首座商业聚变电厂 ARC 向谷歌供 应 200MW 电力。此次签约标志着核聚变能源首次实现商业化电力采购。核聚变 作为太阳与恒星的能源机制，目前尚未在地球上实现商业化应用。此次签约的 CFS 公司是麻省理工学院 2018 年分拆出的初创企业，其正在弗吉尼亚州建设的 ARC 示范项目，毗邻全球最大的数据中心集群。 ➢ CFS 是目前国际上受关注的核聚变公司之一。 据 Axios 消息， Commonwealth Fusion Systems（CFS）正在推进 B2 轮融资，目前已获得超 过 10 亿美元资金的认购。2018 年衍生自麻省理工学院 (MIT) 的 CFS 迄今已融 资逾 20 亿美元，是目前融资金额最高、最受关注的核聚变公司之一，其投资者 包括老虎环球资本、比尔·盖茨、谷歌和能源巨头埃尼等。目前代表项目是 SPARC， 规划 2026 年达到首次等离 ...

Fusion power got another boost on Monday as Google announced it will buy half the output of Commonwealth Fusion System's first commercial power plant. Commonwealth Fusion Systems (CFS) will send Google 200 megawatts of electricity from its Arc power plant, which is expected to come online in the early 2030s. Meanwhile, Google is sending CFS a check as part of a new, unannounced funding round. The new round will be "comparable" to the previous one, CFS co-founder and CEO Bob Mumgaard said. CFS's most recent ...

Key Takeaways Lam Research's (LRCX) memory segment, accounting for both Dynamic Random Access Memory (DRAM) and Non-Volatile Memory (NVM) divisions, is gaining traction among its customers. In the third quarter of fiscal 2025, the company's memory segment revenues jumped nearly 24% year over year to $1.31 billion. In its NVM division, LRCX is experiencing strong demand driven by technology conversions as its customers transition from low-layer to 256-layer class NAND devices. NAND revenues are further drive ...

Core Insights - Lam Research Corporation (LRCX) is focusing on atomic layer deposition (ALD) and dry EUV (Extreme Ultraviolet) resist processing technologies as chips become smaller and more complex [1][9] - The company reported strong demand for its Striker SPARC ALD and ALTUS Halo systems in Q3 of fiscal 2025, particularly in NAND for AI and high-speed memory applications [1][9] - Lam Research is making progress in dry EUV technology, which is gaining traction among DRAM and foundry customers [2] Company Performance - LRCX is experiencing strong growth in foundry and NAND markets, driven by advanced tools [3][9] - The company is facing macroeconomic challenges, including customer spending slowdowns and global trade issues, which may impact its near-term prospects [3] - Despite challenges, Lam Research's margin improvements and strong product wins indicate that its strategies are effective [4] Competitive Landscape - Lam Research faces competition from Applied Materials (AMAT) and KLA Corporation (KLAC) in advanced chipmaking tools [5][9] - Applied Materials is a strong competitor in ALD with its Olympus and Endura platforms and is exploring dry resist solutions for EUV lithography [6] - KLA is increasingly involved in enabling EUV lithography, focusing on process control systems essential for defect identification [7] Market Valuation - LRCX shares have increased by 25.9% year-to-date, outperforming the Zacks Electronics – Semiconductors industry, which rose by 6% [8] - The company trades at a forward price-to-earnings ratio of 22.94, below the industry average of 31.33 [10] - The Zacks Consensus Estimate for fiscal 2025 indicates a year-over-year increase of 33.8%, while a slight decline of 0.5% is expected for fiscal 2026 [11]