Key Takeaways Google Cloud drove 28.1% revenue growth, now 13.6% of Alphabet's total Q1 2025 revenues. AI tools and GPU partnerships are boosting Google Cloud's appeal to enterprise clients. New deals with BBVA and Ecobank expand Google Cloud's reach across global banking and Africa.Alphabet (GOOGL) has been benefiting from a growing Google Cloud business that accounted for 13.6% of total revenues in the first quarter of 2025. Google Cloud revenues jumped 28.1% year over year to $12.26 billion, driven by ...

Core Viewpoint - The HBM (High Bandwidth Memory) market is expected to experience tight supply and demand until 2027, driven by technological iterations and AI demand, with SK Hynix and Micron leading the market due to their technological and capacity advantages [1][2]. Supply and Demand Trends - HBM supply tightness is projected to persist through 2027, with a gradual easing of oversupply expected in 2026-2027. Channel inventory is anticipated to increase by 1-2 weeks, reaching a healthy level [2]. - The delay in Samsung's HBM certification and the strong demand growth from NVIDIA's Rubin GPU are the main factors contributing to the current supply-demand tension [2]. - HBM4 supply is expected to significantly increase by 2026, accounting for 30% of total bit supply, with HBM4 and HBM4E combined expected to exceed 70% by 2027 [2]. Demand Drivers - HBM bit demand is forecasted to accelerate again in 2027, primarily driven by the Vera Rubin GPU and AMD MI400 [3]. - From 2024 to 2027, the CAGR for bit demand from ASICs, NVIDIA, and AMD is projected to exceed 50%, with NVIDIA expected to dominate demand growth [3]. - Sovereign AI demand is emerging as a key structural driver, with various countries investing heavily in national AI infrastructure to ensure data sovereignty and security [3]. Pricing and Cost Structure - Recent discussions around HBM pricing are influenced by Samsung's aggressive pricing strategy to capture market share in HBM3E and HBM4 [4]. - HBM4 is expected to have a price premium of 30-40% over HBM3E12Hi to compensate for higher costs, with logic chip costs being a significant factor [4]. Market Landscape - SK Hynix is expected to lead the HBM market, while Micron is likely to gain market share due to its capacity expansion efforts in Taiwan and Singapore [5]. - Micron's HBM revenue grew by 50% quarter-over-quarter, with a revenue run rate of $1.5 billion, indicating a stronger revenue-capacity conversion trend compared to Samsung [6]. Industry Impact - HBM is driving the DRAM industry into a five-year upcycle, with HBM expected to account for 19% of DRAM revenue in 2024 and 56% by 2030 [7]. - The average selling price (ASP) of DRAM is projected to grow at a CAGR of 3% from 2025 to 2030, primarily driven by the increasing sales proportion of HBM [7]. - Capital expenditures for HBM are expected to continue growing, as memory manufacturers focus on expanding capacity to meet rising HBM demand [7].

Core Viewpoint - Nvidia's stock has historically presented buying opportunities after significant declines, and the current situation appears to be similar, with a potential rebound expected before the earnings announcement on May 28 [1]. Group 1: Earnings Performance - Nvidia has a strong track record of exceeding earnings expectations, having beaten consensus estimates by at least 5% in each of the last four quarters [3]. - The upcoming earnings report on May 28 is anticipated to act as a catalyst for the stock, as quarterly updates often influence share prices positively [2]. Group 2: Customer Insights - Major customers like Amazon, Microsoft, and Google have expressed positive sentiments regarding Nvidia's products, indicating strong demand for its AI chips and GPUs [6][7][9][10]. - Amazon's CEO noted aggressive installations of Nvidia AI chips, while Microsoft highlighted demand outpacing capacity for AI services, suggesting a favorable outlook for Nvidia [7][9]. Group 3: Product Demand - Nvidia's new Blackwell GPUs are experiencing "extraordinary" demand, with $11 billion in revenue reported, marking the fastest product ramp in the company's history [11]. - The company plans to launch the Blackwell Ultra GPU in the second half of the year, with expectations for a positive outlook regarding next-generation chips in the upcoming earnings report [12].

年度科技盛宴GTC昨晚正式拉开帷幕。 会上，黄仁勋透露，美国四大云端龙头今年已购360 万个 Blackwell 芯片，预计2028 年资料中 心资本支出规模突破1万亿美元。他同时透露，透露，Blackwell 架构的芯片，已经全面投产， 客户的需求令人难以置信。 黄仁勋甚至开玩笑说他是"主要营收破坏者"，因为他贬低了英伟达的旧款Hopper 系列，展示了 Blackwell 如何提供比旧款Hopper 系列更好的推理性能。 黄仁勋说，由于这些优势，当Blackwell 开始批量发货时，公司甚至无法免费赠送Hopper 产 品，但他表示"当科技发展如此之快"且"工作量如此之大"时，最新一代芯片将带来巨大的好处。 于是，在大会上，黄仁勋正式揭开了英伟达新GPU路线图。 Blackwell Ultra，今年重点 本届GTC上，NVIDIA 首先通过其 Blackwell Ultra 平台升级 Blackwell，提供高达 288 GB 的 HBM3e 内存。不过，Nvidia 并未我们期望那样，透露 Blackwell Ultra 比原版 Blackwell 有多好的 数据。 如果您希望可以时常见面，欢迎标星收藏 ...

如果您希望可以时常见面，欢迎标星收藏哦~ 来源：内容 来自半导体行业观察综合 ，谢谢。 华尔街对 Nvidia持悲观看法。 周四，投资者发布季度预测，导致该股下跌逾 8%，给过去三个月中受到市场质疑的"七巨头"股票带 来更大压力。 该股收盘下跌至 120.15 美元，而该集团的其他成员如微软以及亚马逊也由于英伟达的盈利未能激发 出 2023 年和 2024 年人工智能涨势标志性的那种涨幅，该股也以疲软收盘。 可以肯定的是，Nvidia 第一季度的营收预测好于市场预期，首席执行官黄仁勋也指出，公司新款 Blackwell 芯片的需求"惊人"。但增长正在放缓。Nvidia 预计营收增幅约为 65%，远低于投资者过 去一年习惯的三位数增幅，同时该公司还预计毛利率将降至 71%，为至少一年以来的最低水平。 Nvidia 被视为 AI 支出健康状况的晴雨表，两年的繁荣使其估值超过 3 万亿美元。投资者希望其业 绩能够重启在 2024 年底"七巨头"股票达到峰值后陷入低迷的反弹。 最近几周，中国初创公司 DeepSeek 的低成本人工智能模型引发了投资者对大型科技公司为人工智 能基础设施投入的数十亿美元的怀疑，许多股票仍 ...