行情速递 ① 主 板 领 涨 ， 延 华 智 能 (+10.03%)/ 恒 为 科 技 (+10.02%)/ 直 真 科 技 (+10.00%)/ 力 鼎 光 电 (+10.00%)/淳中科技(+6.92%)/ ② 创业板领涨，熙菱信息(+20.01%)/世纪天鸿(+13.75%)/天禄科技(+8.75%)/ ③科创板领涨，中润光学(+9.67%)/青云科技-U (+7.90%)/罗普特(+7.37%)/ ④活跃子行业，SW半导体设备(+1.60%)/SW横向通用软件(+1.31%)/ 国内新闻 ①艾邦半导体网，尊恒半导体自主研发的 "玻璃基大板级智能封装 TGV 电镀 设备" 成功入围 2025 年省级首台（套）重大技术装备名单/这款设备在先进 封装效能上较传统设备提升了 50%/能够满足当前半导体行业对高密度/高精 度封装的迫切需求/ ②半导体材料与工艺设备，芯联集成计划以58.97亿元拿下芯联越州72.33% 股权/这步棋是芯联集成在高端半导体制造领域的关键布局/旨在整合资源/进 一步提升在功率半导体/SiC及高压模拟IC等高端领域的核心实力/ ③ 半导纵横，仕佳光子近期调研纪要显示/福可喜玛目前的产能 ...

【行情起爆点：三大引擎共振】 海外链当下与复盘：英伟达等巨头股价点燃市场信心，Capex 验证算力需求， token 正反馈支撑长期发展底层逻辑。本周国内海外算力产业链迎来爆发时 刻，截至周五收盘中际旭创市值突破 2000 亿大关，周涨幅达 24%；新易盛市 值突破 1800 亿，并实现 39%的周涨幅。我们认为，此次行情是多因素共振的 结果：（1）英伟达市值站稳四万亿美元，截至周五收盘已达到 4.2 万亿美元， 进一步提振市场信心。（2）海外四大 CSP 巨头 25 年 Capex 超 3000 亿美元， 且结构性向 AI 倾斜从需求侧印证算力硬件仍保持高景气。（3）token 激增并 提供正反馈为 AI 产业技术提供底层支撑逻辑，至此 AI 叙事逐步得到印证，市 场主线已较为明确。 【关键里程碑：四大认知拐点】 证券研究报告 | 行业周报 gszqdatemark 2025 07 20 年 月 日 通信 海外算力复盘与展望：投资升维 AI 技术迈入爆发节奏，四大拐点重塑市场认知。回顾近期进展可以看出，AI 正逐步向多模态迈进，渗透率逐步提升，同时配套硬件设备升级同步加速中。 （1）部分 CSP 厂商在 2 ...

公众号记得加星标⭐️，第一时间看推送不会错过。 来源：内容 编译自 nextplatform 。 InfiniBand 一直被认为是跨 PC、服务器、存储和网络使用的主流结构，但这一努力失败了，InfiniBand 的剩余努力在千 禧年之交获得了第二次生命，成为运行模拟和模型的超级计算机的高性能、低延迟互连。 几十年来，得益于远程直接内存访问 (RDMA) 带来的低延迟，InfiniBand 找到了一个利基市场。RDMA 允许 CPU、 GPU 以及其他类型的 XPU 直接访问彼此的主内存，而无需经过整个网络软件堆栈。这也是Nvidia 五年多前斥资 69 亿美 元收购 Mellanox Technologies 的原因之一。Nvidia 无疑预见到了 GenAI 的蓬勃发展，并知道它需要 InfiniBand 作为 连接 GPU 服务器节点的后端网络，以便它们能够协作训练 AI 模型。 与此同时，在 GPU 服务器内部，Nvidia 需要一种方法来集群 GPU 的内存，以便它们可以共享工作并运行 AI 训练和推 理例程以及 HPC 代码，就像 CPU 具有非统一内存访问 (NUMA) 技术一样，这使得多个计 ...

Core Insights - Broadcom's Tomahawk Ultra Ethernet switch is a significant driver for its AI revenue growth, with a reported 46% year-over-year increase in AI revenues for Q2 FY25 [1][10] Group 1: Product and Technology - The Tomahawk Ultra chip is designed to meet the increasing demand for high-bandwidth, low-latency interconnects necessary for scaling AI workloads [2] - It boasts impressive specifications, including a throughput of 51.2 terabits per second, the ability to handle 77 billion packets per second, and ultra-low latency of 250 nanoseconds, which are essential for connecting numerous GPUs and AI accelerators [3] - The chip supports up to 1,024 accelerator connections, providing a competitive advantage over Nvidia's NVLink [3] - Its pin compatibility with the previous generation (Tomahawk 5) facilitates easier upgrades for customers, promoting faster adoption among hyperscalers and OEMs [4] Group 2: Market Position and Competition - Broadcom is positioning itself as a major player in AI infrastructure by integrating Tomahawk Ultra with its broader portfolio, including Jericho routers and custom AI chips [5] - The company faces competition from NVIDIA, which leads the AI chip market with its GPU performance and CUDA-NVLink ecosystem, benefiting from strong demand from cloud and internet giants [6] - Advanced Micro Devices (AMD) is also a competitor, supplying high-performance EPYC CPUs and Instinct GPUs to major hyperscalers, with a reported 57% year-over-year increase in AI data center revenues [7] Group 3: Financial Performance and Valuation - Broadcom's shares have returned 20.9% year-to-date, outperforming the Zacks Electronics - Semiconductors industry, which grew by 15.6% [8] - The company is currently trading at a forward price-to-sales ratio of 18.41X, which is significantly higher than the industry average of 8.75X, indicating a potentially overvalued position [11] - The Zacks Consensus Estimate for Q3 FY25 earnings is $1.66 per share, reflecting a 33.87% year-over-year growth, while the estimate for fiscal 2025 earnings is $6.64 per share, suggesting a 36.34% growth compared to fiscal 2024 [14][15]

Summary of Key Points from Conference Call Records Industry or Company Involved - **Unity Technologies (U)** [2][3] - **Marvell Technology (MRVL)** [4][5] - **ASML** [7][8][10] - **Amazon (AMZN)** [12] - **Palantir Technologies (PLTR)** [13][14] - **Roblox (RBLX)** [15][16] - **Alphabet (GOOGL)** [17][18][19] - **Twilio (TWLO)** [21][22] - **Nvidia (NVDA)** [24][25] - **Advanced Micro Devices (AMD)** [26] - **Meta Platforms (META)** [27][28][29] - **Uber (UBER)** [30][31] - **Booking Holdings (BKNG) and Expedia (EXPE)** [32] - **IBM** [32] Core Points and Arguments Unity Technologies - Jefferies raised Unity's price target to $35 due to positive feedback on its Vector ad product, with ROAS gains now in the 10-20% range, up from 5-7% last quarter [2][3] - Unity's 2025 ad share intent increased by 119 basis points year-over-year [2] Marvell Technology - Fubon Jefferies stated that Alchip is extending its lead over Marvell, with expectations for Alchip to ramp production to 2 million units compared to Marvell's 300,000 [4][5] ASML - ASML's Q2 revenue was €7.69 billion, up 23% year-over-year, with a gross margin of 53.7% [8] - The company provided a Q3 revenue guidance of €7.4-7.9 billion, which was below market expectations [8][10] - Management expressed uncertainty about 2026 growth due to macroeconomic factors [9] Amazon - Bank of America removed Amazon from its US 1 list, citing weaker-than-expected performance during Prime Day [12] Palantir Technologies - Mizuho upgraded Palantir to Neutral, raising the price target to $135, citing strong momentum in AI-driven segments [13][14] Roblox - JPMorgan raised Roblox's price target to $125, highlighting record engagement and bookings growth [15][16] Alphabet - Needham raised Alphabet's price target to $210, citing strength in digital ads and YouTube [17][18] - Cantor Fitzgerald also raised its price target to $196, anticipating strong Q2 results driven by Search and YouTube [19] Twilio - Mizuho noted Twilio's upcoming price hikes in voice and email services, which could add 1-2 percentage points to growth in 2025/2026 [21][22] Nvidia - Goldman Sachs reiterated a Buy rating on Nvidia, projecting potential EPS upside from the resumption of H20 GPU shipments to China [24][25] Advanced Micro Devices - Wells Fargo raised AMD's price target to $185, citing strong data center performance and inventory signals [26] Meta Platforms - Canaccord raised Meta's price target to $850, highlighting strong performance across ad products and AI tools [27][28] - Cantor Fitzgerald also raised its price target to $828 based on solid Q2 ad trends [29] Uber - TD Cowen expects Uber to report Q2 gross bookings of $46 billion, driven by strong performance in Mobility and Delivery [30][31] Booking Holdings and Expedia - Barclays warned of soft U.S. travel trends, expressing caution about rebound expectations for travel stocks [32] IBM - Stifel raised IBM's price target to $310, citing a strong setup for Q2 and a stable defensive profile [32] Other Important but Possibly Overlooked Content - The overall sentiment in the tech sector appears mixed, with some companies experiencing strong growth while others face challenges due to macroeconomic uncertainties [9][12][32] - The focus on AI and digital transformation continues to drive investment and growth expectations across multiple sectors, particularly for companies like Palantir and Nvidia [13][24] - The competitive landscape in the semiconductor industry is intensifying, with companies like Alchip gaining significant advantages over established players like Marvell [4][5]

Group 1 - Broadcom has begun mass production of its groundbreaking network processor "Tomahawk Ultra," designed for high-performance computing (HPC) and artificial intelligence applications [1] - The Tomahawk Ultra series is optimized for tightly coupled, low-latency communication patterns in HPC systems and AI clusters, providing predictable and efficient performance for large-scale simulations and AI model training [1] - The chip aims to compete with NVIDIA's NVLink switch chip, offering four times the chip count and utilizing an enhanced Ethernet version instead of a proprietary data transfer protocol [1] Group 2 - As part of its Ethernet advancement strategy for AI scaling, Broadcom has launched SUE-Lite, an optimized version of the SUE specification for power and area-sensitive accelerator applications [2] - The Tomahawk Ultra series is fully compatible with the Tomahawk 5 series, ensuring rapid product deployment [2] - The series has already started shipping and will be used in rack-based AI training clusters and supercomputing environments [2]

Core Viewpoint - The article discusses the competitive landscape in the GPU and high-performance computing (HPC) market, focusing on the advancements of Broadcom's Tomahawk Ultra technology compared to Nvidia's NVLink and the emerging UALink protocol [3][4][5]. Group 1: Technology Comparison - AMD and other chip suppliers are narrowing the performance gap with Nvidia in terms of GPU FLOPS, memory bandwidth, and HBM capacity, but lack high-speed interconnects like NVLink and NVSwitch, limiting their scalability [3]. - Broadcom is promoting its Scale-up Ethernet (SUE) technology, claiming it can support systems with at least 1024 accelerators on any Ethernet platform, while Nvidia's NVLink can support up to 576 accelerators [4][5]. - The Tomahawk Ultra switch from Broadcom offers a bandwidth of 51.2 Tbps, which is higher than Nvidia's 28.8 Tbps for its fifth-generation NVLink switch, allowing for a vertical scaling architecture with 128 accelerators [7]. Group 2: Performance and Features - Tomahawk Ultra is designed for low latency, achieving as low as 250 nanoseconds, and is optimized for handling smaller data packets common in HPC systems [6]. - The switch includes congestion control mechanisms and supports collective operations, enhancing network efficiency compared to Nvidia's NVLink [6][7]. - Broadcom's Tomahawk Ultra ASIC has begun shipping to customers, and its compatibility with existing switch chassis is expected to facilitate adoption [7]. Group 3: Market Dynamics - The UALink protocol, while still in development, is being integrated into AMD's Helios rack systems, which will utilize both UALink and Ethernet for their expansion architecture [9]. - There are concerns regarding the feasibility of achieving UALink's target latency of 100-150 nanoseconds when transmitted over Ethernet, which may hinder AMD's competitive position against Nvidia's advanced systems [10].

PALO ALTO, Calif., July 15, 2025 (GLOBE NEWSWIRE) -- Broadcom Inc. (NASDAQ:AVGO), a global leader in semiconductor and infrastructure software solutions, today announced the shipment of its breakthrough Ethernet switch — the Tomahawk Ultra. Engineered to transform the Ethernet switch for high- performance computing (HPC) and AI workloads, Tomahawk Ultra delivers industry-leading ultra-low latency, massive throughput, and lossless networking. "Tomahawk Ultra is a testament to innovation, involving a multi-ye ...