Summary of Conference Call on NVIDIA and Intel Partnership Industry Overview - Industry: Greater China Technology Semiconductors - Region: Asia Pacific Key Company Insights - NVIDIA plans to invest US$5 billion in Intel common stock, indicating a strong partnership between the two companies [2][6] - Intel will continue its CPU foundry outsourcing to TSMC, which may negatively impact ARM-based AI PCs and AMD's laptop CPUs initially, with potential future effects on ASMedia in desktop PC chipsets [1][6] Core Partnership Developments 1. Product Development: The partnership aims to jointly develop multiple generations of custom data center and PC products, focusing on integrating NVIDIA and Intel architectures using NVIDIA NVLink [6][10] 2. Market Impact: - Intel will produce NVIDIA-custom x86 CPUs for data centers, which will be integrated into NVIDIA's AI infrastructure platforms [6][10] - Intel will also offer x86 SoCs that integrate NVIDIA RTX GPU chiplets, expanding their market reach [6][10] 3. Market Addressability: NVIDIA highlighted an addressable market of 150 million notebook units, indicating significant potential for the new x86 SoC that combines Intel CPU and NVIDIA GPU [6][10] Implications for Competitors - MediaTek: Slightly negative outlook for MediaTek's WoA in the gaming/AI PC market due to the new x86 SoC fusing Intel CPU and NVIDIA GPU [6][10] - ASMedia: The direct impact on AMD's desktop CPU share is expected to be limited, but overall sentiment may be negative for ASMedia due to potential future collaborations between Intel and NVIDIA [6][10] Strategic Insights - TSMC's Role: The partnership does not change NVIDIA's ARM roadmap, but emphasizes TSMC's strong foundry capabilities and Intel's advanced packaging capabilities, which could enhance the integration of NVIDIA GPU chiplets with Intel CPUs [6][10] - Market Expansion: The partnership is expected to expand the total addressable market (TAM) for both companies, with Intel gaining exposure to NVLink-based AI infrastructure and premium laptop CPUs, while NVIDIA gains access to the laptop graphics segment and x86 rack-scale solutions [6][10] Risks and Considerations - Market Dynamics: Potential risks include increased competition from AMD, supply chain diversification, and the impact of US-China tensions on semiconductor supply chains [15][19] - Financial Outlook: Intel's 2026 EPS is projected at ~29x with a focus on regaining market share in desktop and server segments following CPU shortages [17][19] Conclusion The partnership between NVIDIA and Intel represents a significant strategic move in the semiconductor industry, with implications for various players in the market. The collaboration aims to leverage both companies' strengths to create innovative products while navigating potential competitive and market risks.
英伟达与英特尔的合作及其对亚洲半导体供应链合作伙伴的影响-NVIDIA and Intel partnership, implication to Asia semi supply chain partners