Accessible version Semiconductors - Asia-Pacific Reflecting the upside from ASICs; raise PO on Aspeed, MPI and WT Micro Price Objective Change AI ASIC benefits CCL and also some S/M-cap semis We published a (see report) CCL deep-dive to discuss the dynamics in high-end market, where we flag 1) the importance of integrating different materials from different suppliers; and 2) a significant demand boost, thanks to the rise of AI ASICs. In conjunction with the CCL sector report and our PO increases on EMC and ...

J P M O R G A N North America Equity Research 15 June 2025 Semiconductors AVGO and MRVL Continue to Dominate ASICs - Both Secure Next-Gen 2nm AI ASIC Programs; Overall Advanced Custom Chip (ASIC) Market Opportunity of $30B in CY25 and 30%+ Growth Outlook We are increasing our high-end custom ASIC chip market outlook to $30B (from our prior outlook of ~$25B ) growing at a 30% CAGR driven by the continued aggressive adoption of AI (training and inference), which is driving accelerating demand for custom chip ...