【(?)讯(Xun)石(Shi)观(Guan)察(Cha)】(?)半(Ban)导(Dao)体(Ti)行(Xing)业(Ye)季(Ji)报(Bao)：(?)AI驱(Qu)动(Dong)增(Zeng)长(Chang) 地(Di)缘(Yuan)风(Feng)险(Xian)犹(You)存(Cun)

  ICC讯(Xun)  随(Sui)着(Zhuo)博(Bo)通(Tong)公(Gong)司(Si)公(Gong)布(Bu)财(Cai)报(Bao)，(?)全(Quan)球(Qiu)半(Ban)导(Dao)体(Ti)行(Xing)业(Ye)的(De)财(Cai)报(Bao)季(Ji)终(Zhong)于(Yu)告(Gao)一(Yi)段(Duan)落(Luo)。(?)从(Cong)整(Zheng)体(Ti)表(Biao)现(Xian)来(Lai)看(Kan)，(?)人(Ren)工(Gong)智(Zhi)能(Neng)和(He)数(Shu)据(Ju)中(Zhong)心(Xin)业(Ye)务(Wu)成(Cheng)为(Wei)推(Tui)动(Dong)行(Xing)业(Ye)增(Zeng)长(Chang)的(De)主(Zhu)要(Yao)动(Dong)力(Li)，(?)但(Dan)地(Di)缘(Yuan)政(Zheng)治(Zhi)风(Feng)险(Xian)和(He)供(Gong)应(Ying)链(Lian)问(Wen)题(Ti)仍(Reng)是(Shi)普(Pu)遍(Bian)面(Mian)临(Lin)的(De)挑(Tiao)战(Zhan)。(?)

  据(Ju)ICC统(Tong)计(Ji)，(?)9家(Jia)半(Ban)导(Dao)体(Ti)公(Gong)司(Si)在(Zai)截(Jie)至(Zhi)2025年(Nian)3月(Yue)末(Mo)/4月(Yue)末(Mo)的(De)财(Cai)季(Ji)总(Zong)营(Ying)收(Shou)为(Wei)613.74亿(Yi)美(Mei)元(Yuan)，(?)同(Tong)比(Bi)增(Zeng)长(Chang)47.49%。(?)不(Bu)包(Bao)含(Han)英(Ying)伟(Wei)达(Da)的(De)8家(Jia)总(Zong)营(Ying)收(Shou)为(Wei)173.12亿(Yi)美(Mei)元(Yuan)（(?)其(Qi)中(Zhong)博(Bo)通(Tong)只(Zhi)计(Ji)入(Ru)其(Qi)半(Ban)导(Dao)体(Ti)营(Ying)收(Shou)）(?)，(?)同(Tong)比(Bi)增(Zeng)长(Chang)12.00%。(?)

  从(Cong)上(Shang)图(Tu)可(Ke)以(Yi)看(Kan)出(Chu)，(?)从(Cong)2023年(Nian)第(Di)三(San)季(Ji)度(Du)以(Yi)来(Lai)的(De)连(Lian)续(Xu)五(Wu)个(Ge)季(Ji)度(Du)，(?)这(Zhe)8家(Jia)半(Ban)导(Dao)体(Ti)企(Qi)业(Ye)的(De)总(Zong)营(Ying)收(Shou)同(Tong)比(Bi)持(Chi)续(Xu)下(Xia)滑(Hua)，(?)一(Yi)直(Zhi)到(Dao)去(Qu)年(Nian)第(Di)四(Si)季(Ji)度(Du)重(Zhong)回(Hui)增(Zeng)长(Chang)轨(Gui)道(Dao)。(?)从(Cong)各(Ge)家(Jia)芯(Xin)片(Pian)商(Shang)的(De)财(Cai)测(Ce)来(Lai)看(Kan)，(?)今(Jin)年(Nian)第(Di)二(?)季(Ji)度(Du)业(Ye)绩(Ji)将(Jiang)进(Jin)一(Yi)步(Bu)好(Hao)转(Zhuan)。(?)

  各(Ge)家(Jia)半(Ban)导(Dao)体(Ti)企(Qi)业(Ye)的(De)具(Ju)体(Ti)表(Biao)现(Xian)如(Ru)下(Xia)：(?)

  英(Ying)伟(Wei)达(Da)继(Ji)续(Xu)领(Ling)跑(Pao)AI芯(Xin)片(Pian)市(Shi)场(Chang)，(?)2025财(Cai)年(Nian)第(Di)一(Yi)季(Ji)度(Du)营(Ying)收(Shou)达(Da)441亿(Yi)美(Mei)元(Yuan)，(?)同(Tong)比(Bi)增(Zeng)长(Chang)69%。(?)其(Qi)中(Zhong)数(Shu)据(Ju)中(Zhong)心(Xin)业(Ye)务(Wu)营(Ying)收(Shou)391亿(Yi)美(Mei)元(Yuan)，(?)同(Tong)比(Bi)增(Zeng)长(Chang)73%。(?)尽(Jin)管(Guan)受(Shou)到(Dao)美(Mei)国(Guo)政(Zheng)府(Fu)出(Chu)口(Kou)限(Xian)制(Zhi)的(De)影(Ying)响(Xiang)，(?)公(Gong)司(Si)仍(Reng)对(Dui)未(Wei)来(Lai)持(Chi)乐(Le)观(Guan)态(Tai)度(Du)。(?)首(Shou)席(Xi)执(Zhi)行(Xing)官(Guan)黄(Huang)仁(Ren)勋(Xun)表(Biao)示(Shi)：(?)"全(Quan)球(Qiu)对(Dui)英(Ying)伟(Wei)达(Da)AI基(Ji)础(Chu)设(She)施(Shi)的(De)需(Xu)求(Qiu)异(Yi)常(Chang)强(Qiang)劲(Jin)。(?)"公(Gong)司(Si)预(Yu)计(Ji)第(Di)二(?)季(Ji)度(Du)营(Ying)收(Shou)约(Yue)为(Wei)450亿(Yi)美(Mei)元(Yuan)，(?)同(Tong)时(Shi)宣(Xuan)布(Bu)在(Zai)美(Mei)国(Guo)德(De)克(Ke)萨(Sa)斯(Si)州(Zhou)建(Jian)设(She)AI超(Chao)级(Ji)计(Ji)算(Suan)机(Ji)工(Gong)厂(Chang)的(De)计(Ji)划(Hua)。(?)

  博(Bo)通(Tong)公(Gong)司(Si)同(Tong)样(Yang)表(Biao)现(Xian)亮(Liang)眼(Yan)，(?)第(Di)二(?)财(Cai)季(Ji)营(Ying)收(Shou)创(Chuang)纪(Ji)录(Lu)达(Da)到(Dao)150亿(Yi)美(Mei)元(Yuan)，(?)同(Tong)比(Bi)增(Zeng)长(Chang)20%。(?)其(Qi)中(Zhong)AI相(Xiang)关(Guan)收(Shou)入(Ru)同(Tong)比(Bi)增(Zeng)长(Chang)46%至(Zhi)44亿(Yi)美(Mei)元(Yuan)。(?)公(Gong)司(Si)预(Yu)计(Ji)第(Di)三(San)季(Ji)度(Du)AI半(Ban)导(Dao)体(Ti)收(Shou)入(Ru)将(Jiang)增(Zeng)至(Zhi)51亿(Yi)美(Mei)元(Yuan)。(?)首(Shou)席(Xi)执(Zhi)行(Xing)官(Guan)Hock Tan强(Qiang)调(Diao)：(?)"受(Shou)AI网(Wang)络(Luo)强(Qiang)劲(Jin)需(Xu)求(Qiu)推(Tui)动(Dong)，(?)我(Wo)们(Men)已(Yi)实(Shi)现(Xian)连(Lian)续(Xu)多(Duo)个(Ge)季(Ji)度(Du)的(De)增(Zeng)长(Chang)。(?)"博(Bo)通(Tong)在(Zai)财(Cai)报(Bao)中(Zhong)还(Huan)宣(Xuan)布(Bu)每(Mei)股(Gu)0.59美(Mei)元(Yuan)的(De)季(Ji)度(Du)股(Gu)息(Xi)，(?)以(Yi)及(Ji)总(Zong)额(E)达(Da)70亿(Yi)美(Mei)元(Yuan)的(De)股(Gu)东(Dong)回(Hui)报(Bao)计(Ji)划(Hua)。(?)

  Marvell Technology在(Zai)2026财(Cai)年(Nian)第(Di)一(Yi)季(Ji)度(Du)实(Shi)现(Xian)营(Ying)收(Shou)19亿(Yi)美(Mei)元(Yuan)，(?)同(Tong)比(Bi)增(Zeng)长(Chang)63%，(?)主(Zhu)要(Yao)得(De)益(Yi)于(Yu)数(Shu)据(Ju)中(Zhong)心(Xin)市(Shi)场(Chang)76%的(De)增(Zeng)长(Chang)。(?)首(Shou)席(Xi)执(Zhi)行(Xing)官(Guan)Matt Murphy表(Biao)示(Shi)：(?)"人(Ren)工(Gong)智(Zhi)能(Neng)现(Xian)在(Zai)占(Zhan)我(Wo)们(Men)数(Shu)据(Ju)中(Zhong)心(Xin)收(Shou)入(Ru)的(De)大(Da)部(Bu)分(Fen)。(?)"公(Gong)司(Si)预(Yu)计(Ji)第(Di)二(?)季(Ji)度(Du)营(Ying)收(Shou)将(Jiang)达(Da)到(Dao)20亿(Yi)美(Mei)元(Yuan)，(?)并(Bing)计(Ji)划(Hua)于(Yu)6月(Yue)17日(Ri)举(Ju)办(Ban)定(Ding)制(Zhi)AI投(Tou)资(Zi)者(Zhe)活(Huo)动(Dong)，(?)展(Zhan)示(Shi)最(Zui)新(Xin)进(Jin)展(Zhan)。(?)

  相(Xiang)比(Bi)之(Zhi)下(Xia)，(?)ADI（(?)亚(Ya)德(De)诺(Nuo)半(Ban)导(Dao)体(Ti)）(?)虽(Sui)然(Ran)业(Ye)绩(Ji)超(Chao)预(Yu)期(Qi)却(Que)遭(Zao)遇(Yu)股(Gu)价(Jia)下(Xia)跌(Die)。(?)公(Gong)司(Si)第(Di)二(?)季(Ji)度(Du)营(Ying)收(Shou)26.4亿(Yi)美(Mei)元(Yuan)，(?)同(Tong)比(Bi)增(Zeng)长(Chang)22%，(?)所(Suo)有(You)终(Zhong)端(Duan)市(Shi)场(Chang)均(Jun)实(Shi)现(Xian)两(Liang)位(Wei)数(Shu)增(Zeng)长(Chang)。(?)但(Dan)盘(Pan)前(Qian)交(Jiao)易(Yi)中(Zhong)股(Gu)价(Jia)下(Xia)跌(Die)3.77%，(?)收(Shou)于(Yu)222.22美(Mei)元(Yuan)。(?)首(Shou)席(Xi)执(Zhi)行(Xing)官(Guan)Vincent Rhoef表(Biao)示(Shi)：(?)"我(Wo)们(Men)成(Cheng)功(Gong)预(Yu)见(Jian)了(Liao)ICT行(Xing)业(Ye)的(De)转(Zhuan)型(Xing)，(?)并(Bing)提(Ti)前(Qian)进(Jin)行(Xing)了(Liao)投(Tou)资(Zi)。(?)"公(Gong)司(Si)预(Yu)计(Ji)第(Di)三(San)季(Ji)度(Du)收(Shou)入(Ru)约(Yue)为(Wei)27.5亿(Yi)美(Mei)元(Yuan)。(?)

  在(Zai)中(Zhong)小(Xiao)型(Xing)半(Ban)导(Dao)体(Ti)企(Qi)业(Ye)中(Zhong)，(?)MACOM表(Biao)现(Xian)突(Tu)出(Chu)，(?)2025财(Cai)年(Nian)第(Di)二(?)季(Ji)度(Du)营(Ying)收(Shou)2.359亿(Yi)美(Mei)元(Yuan)，(?)同(Tong)比(Bi)增(Zeng)长(Chang)30.2%。(?)数(Shu)据(Ju)中(Zhong)心(Xin)业(Ye)务(Wu)同(Tong)比(Bi)激(Ji)增(Zeng)67.3%，(?)推(Tui)动(Dong)股(Gu)价(Jia)上(Shang)涨(Zhang)5.41%。(?)总(Zong)裁(Cai)兼(Jian)首(Shou)席(Xi)执(Zhi)行(Xing)官(Guan)Steve Daley表(Biao)示(Shi)：(?)"我(Wo)们(Men)的(De)战(Zhan)略(Lue)是(Shi)支(Zhi)持(Chi)最(Zui)高(Gao)功(Gong)率(Lu)、(?)最(Zui)高(Gao)频(Pin)率(Lu)和(He)最(Zui)高(Gao)数(Shu)据(Ju)速(Su)率(Lu)的(De)应(Ying)用(Yong)。(?)"公(Gong)司(Si)预(Yu)计(Ji)第(Di)三(San)季(Ji)度(Du)营(Ying)收(Shou)将(Jiang)在(Zai)2.46亿(Yi)至(Zhi)2.54亿(Yi)美(Mei)元(Yuan)之(Zhi)间(Jian)。(?)

  Semtech公(Gong)司(Si)2026财(Cai)年(Nian)第(Di)一(Yi)季(Ji)度(Du)销(Xiao)售(Shou)额(E)达(Da)2.51亿(Yi)美(Mei)元(Yuan)，(?)同(Tong)比(Bi)增(Zeng)长(Chang)22%。(?)数(Shu)据(Ju)中(Zhong)心(Xin)业(Ye)务(Wu)表(Biao)现(Xian)尤(You)为(Wei)亮(Liang)眼(Yan)，(?)销(Xiao)售(Shou)额(E)同(Tong)比(Bi)增(Zeng)长(Chang)143%。(?)首(Shou)席(Xi)执(Zhi)行(Xing)官(Guan)Hong Ho表(Biao)示(Shi)：(?)"我(Wo)们(Men)在(Zai)高(Gao)性(Xing)能(Neng)半(Ban)导(Dao)体(Ti)和(He)连(Lian)接(Jie)技(Ji)术(Shu)领(Ling)域(Yu)保(Bao)持(Chi)领(Ling)先(Xian)地(Di)位(Wei)。(?)"公(Gong)司(Si)预(Yu)计(Ji)第(Di)二(?)季(Ji)度(Du)销(Xiao)售(Shou)额(E)为(Wei)2.56亿(Yi)美(Mei)元(Yuan)，(?)并(Bing)持(Chi)续(Xu)投(Tou)资(Zi)AI连(Lian)接(Jie)解(Jie)决(Jue)方(Fang)案(An)。(?)

  Microchip Technology虽(Sui)然(Ran)仍(Reng)处(Chu)调(Diao)整(Zheng)期(Qi)，(?)但(Dan)管(Guan)理(Li)层(Ceng)认(Ren)为(Wei)已(Yi)触(Chu)底(Di)反(Fan)弹(Dan)。(?)第(Di)四(Si)财(Cai)季(Ji)营(Ying)收(Shou)9.705亿(Yi)美(Mei)元(Yuan)，(?)超(Chao)过(Guo)预(Yu)期(Qi)。(?)首(Shou)席(Xi)执(Zhi)行(Xing)官(Guan)Steve Sanghi表(Biao)示(Shi)：(?)"我(Wo)们(Men)认(Ren)为(Wei)这(Zhe)标(Biao)志(Zhi)着(Zhuo)Microchip漫(Man)长(Chang)的(De)行(Xing)业(Ye)下(Xia)行(Xing)周(Zhou)期(Qi)已(Yi)经(Jing)触(Chu)底(Di)。(?)"公(Gong)司(Si)预(Yu)计(Ji)2026财(Cai)年(Nian)第(Di)一(Yi)季(Ji)度(Du)营(Ying)收(Shou)将(Jiang)在(Zai)10.2亿(Yi)至(Zhi)10.7亿(Yi)美(Mei)元(Yuan)之(Zhi)间(Jian)。(?)

  恩(En)智(Zhi)浦(Pu)半(Ban)导(Dao)体(Ti)在(Zai)摩(Mo)根(Gen)大(Da)通(Tong)会(Hui)议(Yi)上(Shang)透(Tou)露(Lu)了(Liao)长(Chang)期(Qi)规(Gui)划(Hua)，(?)目(Mu)标(Biao)是(Shi)到(Dao)2029/2030年(Nian)将(Jiang)每(Mei)股(Gu)收(Shou)益(Yi)翻(Fan)一(Yi)番(Fan)。(?)公(Gong)司(Si)约(Yue)17%-18%的(De)收(Shou)入(Ru)来(Lai)自(Zi)"中(Zhong)国(Guo)为(Wei)中(Zhong)国(Guo)"战(Zhan)略(Lue)，(?)其(Qi)中(Zhong)三(San)分(Fen)之(Zhi)一(Yi)已(Yi)在(Zai)本(Ben)地(Di)生(Sheng)产(Chan)。(?)即(Ji)将(Jiang)退(Tui)休(Xiu)的(De)首(Shou)席(Xi)执(Zhi)行(Xing)官(Guan)Kurt Sievers表(Biao)示(Shi)，(?)虽(Sui)然(Ran)关(Guan)税(Shui)带(Dai)来(Lai)不(Bu)确(Que)定(Ding)性(Xing)，(?)但(Dan)业(Ye)务(Wu)尚(Shang)未(Wei)受(Shou)到(Dao)实(Shi)质(Zhi)性(Xing)影(Ying)响(Xiang)。(?)

  MaxLinear仍(Reng)处(Chu)于(Yu)转(Zhuan)型(Xing)阶(Jie)段(Duan)，(?)2025年(Nian)第(Di)一(Yi)季(Ji)度(Du)收(Shou)入(Ru)9590万(Wan)美(Mei)元(Yuan)，(?)环(Huan)比(Bi)增(Zeng)长(Chang)4%。(?)董(Dong)事(Shi)长(Chang)兼(Jian)CEO Kishore Seendripu表(Biao)示(Shi)：(?)"我(Wo)们(Men)预(Yu)计(Ji)将(Jiang)在(Zai)2025年(Nian)第(Di)二(?)季(Ji)度(Du)实(Shi)现(Xian)扭(Niu)亏(Kui)为(Wei)盈(Ying)和(He)现(Xian)金(Jin)流(Liu)转(Zhuan)正(Zheng)。(?)"公(Gong)司(Si)重(Zhong)点(Dian)布(Bu)局(Ju)数(Shu)据(Ju)中(Zhong)心(Xin)高(Gao)速(Su)互(Hu)联(Lian)、(?)多(Duo)千(Qian)兆(Zhao)PON接(Jie)入(Ru)等(Deng)战(Zhan)略(Lue)领(Ling)域(Yu)。(?)

  纵(Zong)观(Guan)各(Ge)企(Qi)业(Ye)财(Cai)报(Bao)，(?)AI和(He)数(Shu)据(Ju)中(Zhong)心(Xin)业(Ye)务(Wu)成(Cheng)为(Wei)共(Gong)同(Tong)亮(Liang)点(Dian)，(?)但(Dan)面(Mian)临(Lin)的(De)挑(Tiao)战(Zhan)也(Ye)高(Gao)度(Du)相(Xiang)似(Si)。(?)供(Gong)应(Ying)链(Lian)问(Wen)题(Ti)、(?)地(Di)缘(Yuan)政(Zheng)治(Zhi)风(Feng)险(Xian)、(?)关(Guan)税(Shui)政(Zheng)策(Ce)等(Deng)被(Bei)普(Pu)遍(Bian)列(Lie)为(Wei)潜(Qian)在(Zai)风(Feng)险(Xian)因(Yin)素(Su)。(?)多(Duo)数(Shu)企(Qi)业(Ye)对(Dui)未(Wei)来(Lai)持(Chi)谨(Jin)慎(Shen)乐(Le)观(Guan)态(Tai)度(Du)，(?)继(Ji)续(Xu)加(Jia)大(Da)在(Zai)AI等(Deng)战(Zhan)略(Lue)领(Ling)域(Yu)的(De)投(Tou)入(Ru)，(?)同(Tong)时(Shi)采(Cai)取(Qu)措(Cuo)施(Shi)应(Ying)对(Dui)不(Bu)确(Que)定(Ding)因(Yin)素(Su)。(?)

  行(Xing)业(Ye)分(Fen)析(Xi)师(Shi)指(Zhi)出(Chu)，(?)半(Ban)导(Dao)体(Ti)行(Xing)业(Ye)正(Zheng)处(Chu)于(Yu)关(Guan)键(Jian)转(Zhuan)型(Xing)期(Qi)，(?)AI应(Ying)用(Yong)的(De)爆(Bao)发(Fa)式(Shi)增(Zeng)长(Chang)为(Wei)企(Qi)业(Ye)带(Dai)来(Lai)新(Xin)机(Ji)遇(Yu)，(?)但(Dan)地(Di)缘(Yuan)政(Zheng)治(Zhi)因(Yin)素(Su)导(Dao)致(Zhi)的(De)供(Gong)应(Ying)链(Lian)重(Zhong)组(Zu)和(He)市(Shi)场(Chang)分(Fen)割(Ge)也(Ye)将(Jiang)持(Chi)续(Xu)影(Ying)响(Xiang)行(Xing)业(Ye)发(Fa)展(Zhan)轨(Gui)迹(Ji)。(?)各(Ge)企(Qi)业(Ye)如(Ru)何(He)在(Zai)把(Ba)握(Wo)技(Ji)术(Shu)趋(Qu)势(Shi)的(De)同(Tong)时(Shi)应(Ying)对(Dui)复(Fu)杂(Za)的(De)经(Jing)营(Ying)环(Huan)境(Jing)，(?)将(Jiang)成(Cheng)为(Wei)未(Wei)来(Lai)业(Ye)绩(Ji)分(Fen)化(Hua)的(De)关(Guan)键(Jian)因(Yin)素(Su)。(?)