[Zhongtai Electronics]
Google’s supply chain continues to thrive, with Broadcom’s stock soaring 12%, approaching a new high market value.
# Commentary
⏩ Google’s Gemini 3 capabilities exceeded expectations, showcasing impressive training capabilities with in-house TPUs. The customizable network topology of OCS significantly enhances cluster cost and efficiency. We believe the success of in-house ASICs is likely to accelerate the pace of chip development among other major internet companies, and we are optimistic about the trend in the ASIC supply chain.
⏩ The global AI industry trend is becoming clear, with AI being a crucial area of competition between China and the United States. CSPs are gradually increasing their capital expenditures. Previously, NVIDIA held over 90% of the hardware computing power market in mainland China, but now there is a top-down push for alternatives, which will release significant elasticity. The domestic supply chain has undergone 25 years of adjustments and is expected to enter a phase of rapid growth from 1 to 10.
Key domestic ASIC players include: [Canxin Co.], [Chipone Technology], [Aojie Technology], [SMIC], [Huahong Semiconductor], etc.
Risk Warning: Demand may fall short of expectations, and industry competition is intensifying.
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