半导体行业 - 人工智能开始推高整体半导体产能需求，行业进入新阶段-Semiconductors-Entering a new phase as AI starts to strain overall semiconductor capacity

The explosive growth in AI so far happened at a low point cyclically for semis, enabling a smooth ramp to 12x+ revenue growth in the last 10 quarters - but the fabs are starting to become full, which shifts value add to commodities and semicaps. The strength in AI semis is starting to enter a phase that strains overall semiconductor capacity. In the last ten quarters, NVIDIA has grown its data center revenue from $3.6bn to $49bn, a remarkable ascent which has required unprecedented supply chain dynamism fro ...