on 09-Jan-2026 U.S. Semiconductors Broadcom Inc Rating Outperform Price Target AVGO 475.00 USD 9 January 2026 Stacy A. Rasgon, Ph.D. +1 213 559 5917 stacy.rasgon@bernsteinsg.com Alrick Shaw +1 917 344 8454 alrick.shaw@bernsteinsg.com Arpad von Nemes +1 917 344 8461 arpad.vonnemes@bernsteinsg.com Broadcom (AVGO): Vegas baby...Takeaways from a CES investor meeting with the Semiconductor Solutions Group President On Thursday at the Consumer Electronics Show in Las Vegas we hosted a small investor meeting with ...

三星在第三季度财报电话会议上表示，目前正向主要客户交付 HBM4 样品。基于不断增长的需求， 公司将重点放在 2026 年实现 HBM4 产品的量产上。 今日早盘交易中，三星电子股价上涨 1.9%，表现优于韩国综合股价指数（KOSPI）0.5% 的涨幅。 公众号记得加星标⭐️，第一时间看推送不会错过。 三星电子（Samsung Electronics）共同执行长兼芯片业务负责人全永铉（Jun Young-hyun）在新年 致辞中表示，客户对其下一代高带宽内存（HBM）芯片（即 HBM4）的差异化竞争力表示赞赏，并 称"三星回来了"。 去年 10 月，三星表示正就向美国人工智能领军企业英伟达（Nvidia）供应 HBM4 进行"密切磋 商"。这家韩国芯片制造商正竭力赶超包括同胞对手 SK 海力士（SK Hynix）在内的竞争对手，以夺 回在 AI 芯片领域的地位。 根据 Counterpoint Research 的数据显示，在 2025 年第三季度，SK 海力士占据了 HBM 市场 53% 的份额，紧随其后的是三星（35%）和美光（Micron，11%）。 投资者正密切关注三星是否能通过其第四代芯片（译注：此 ...

一名业界高层表示，三星在博通测试中写下的创纪录速度，显示其整合晶圆代工服务与先进封装的 解决方案，如今已具备充分竞争力。这次评估让三星接下来一年在争取Google供应链订单时，处 于极为有利的位置。 Google母公司Alphabet Inc.最新「Gemini 3」聊天机器人大获好评，自家研发的TPU成为支持 其AI模型的重要资产。 Melius Research分析师Ben Reitzes 10月27日透过报告表示，Google及伙伴博通自2016年就 开始携手研发客制化ASIC，如今已来到第七代。对AI工作负载而言，除了英伟达(Nvidia Corp.) 绘图处理器(GPU)外，TPU可说是获得最多实证的ASIC，如今动能更是最强。 如果您希望可以时常见面，欢迎标星收藏哦~ 三星电子(Samsung Electronics)第六代高频宽记忆体「HBM4」，在博通(Broadcom)主持的技 术性测试中，运作速度写下历史新高纪录。据传，针对Google第八代AI加速器「TPU v8」进行性 能验证时，三星HBM4的表现优于竞争对手。 BusinessKorea 31日引述半导体业界消息报导，三星HBM4在 ...

Summary of Conference Call Notes Industry Overview - The conference call focuses on the ASIC (Application-Specific Integrated Circuit) market dynamics, particularly involving major players like AWS, Google, Microsoft, and META, with projections extending into 2026 and beyond [1][2][5]. Key Company Insights AWS - AWS has resolved issues with Trainium 3 and continues to secure orders from downstream suppliers. The development of Trainium 4 has commenced, with expectations for a contract signing soon [2][5]. - The specifications for AWS's TPU chips are significantly higher than competitors, with TPU v6p and TPU v7p expected to have ASPs of US$8,000 and higher, respectively [2]. Google - Google is progressing steadily with its TPU series, with TPU v6p featuring advanced specifications including multiple compute and I/O dies. The company is anticipated to become a top customer for GUC due to its rapid ramp-up in CPU development [2][10]. - The revenue from Google's 3nm server CPU is expected to contribute to GUC's revenue sooner than previously anticipated, moving from Q4 2025 to Q3 2025 [10]. Microsoft - Microsoft is working on its Maia v2 ASIC, with a target of ramping 500,000 chips in 2026. However, the project has faced delays, pushing the tape-out timeline from Q1 2025 to Q2 2025 [3][4]. - The allocation of chips has shifted, with expectations of 40-60k chips for MSFT/GUC and 400k chips for Marvell in 2026 [3]. META - META is transitioning from MTIA v2 to MTIA v3, with expectations of ramping 100-200k chips for MTIA v2 and 200-300k chips for MTIA v3 in 2026 [2]. Non-CSPs - Companies like Apple, OpenAI, and xAI are entering the ASIC server market, with many expected to tape out in 2H25 and ramp in 2H26. These companies are likely to collaborate with Broadcom for high-end ASIC specifications [7][8][9]. Financial Projections - GUC's FY25 revenue is expected to exceed previous forecasts, driven by contributions from Google and crypto projects. However, concerns remain about FY26 growth without crypto revenue, with a projected 50% YoY growth in MP revenue [10][11]. - The revenue contribution from various ASIC projects in 2026 includes significant figures such as US$16,756 million from TPU v6p and US$2,616 million from Trainium 3 [18]. Additional Insights - The competitive landscape for ASIC design services is intensifying, with Broadcom and MediaTek entering the fray alongside existing players like Marvell and GUC [4][15]. - The potential impact of geopolitical factors on HBM2E clients was discussed, highlighting the resilience of Faraday in the face of possible restrictions [14]. Conclusion - The ASIC market is poised for significant growth, driven by advancements in technology and increasing demand from both CSPs and non-CSPs. Key players are adapting their strategies to navigate challenges and capitalize on emerging opportunities in the sector [1][5][7].