reports
- Pierre FerraguÊ
- Gary Brode
- Pierre FerraguÊ
- Pierre FerraguÊ
- Gary Brode
- Pierre FerraguÊ
- Gary Brode
- Gary Brode
- Pierre FerraguÊ
Gen AI Big Idea Series – The Broadcom Platform – Hock Tan, CEO
We hosted another session of the 5th annual BCG × NSR Gen-AI Big Idea Series this week. We will host a slate of exceptional speakers through Feb-26 (full line-up here). This session was a conversation with Hock Tan, CEO of Broadcom, along with Kirsten Spears, CFO, and Charlie Kawwas, President of the Semiconductor Solutions Group. Please see the link below for our takes.
- Pierre FerraguÊ
- Pierre FerraguÊ
- Pierre FerraguÊ
Gen AI Big Idea Series – Ayar Labs CEO, Mark Wade Co-packaged optics u...
We kicked off the 5th annual BCG × NSR Gen-AI Big Idea Series this month. We will host a slate of exceptional speakers through Feb-26 (full line-up on website). Our first session, a conversation with Mark Wade, CEO of Ayar Labs, went deep on optical I/O: progress in bringing optical I/O to market, the roadblocks to scaling co-packaged optics, and how optical interconnects could redefine the architecture and economics of datacentres. Please see the link below for our takes.
- Pierre FerraguÊ
OpenAI buildout plans – what do they tell us about best 5-year investm...
OpenAI announced a series of major contracts and partnerships in recent weeks, suggesting ambitions to deploy anywhere between 10 and 30GW of compute, with rich information about potential vendor positioning. We investigate in this research what can be inferred from these contracts and partnerships, and draw implications for the main names we cover, involved in the supply chain: Nvidia, Broadcom, AMD, TSMC, Micron, and semicap manufacturers.
- Pierre FerraguÊ
Semicon West: 2026 outlook? Does AI drive growth? DRAM architectures? ...
Last week we attended the 2025 edition of the Semicon West conference, the key event for investors focused on the semiconductor equipment market. Over two days we hosted more than a dozen meetings with companies across the semiconductor value chain. Here are our key takeaways.
TSFA TAIWAN SEMICONDUCTOR MANUFACTURING CO. LTD. SPONSORED ADR
NVDA NVIDIA CORPORATION
MU MICRON TECHNOLOGY INC.
LRCX LAM RESEARCH CORPORATION
AMAT APPLIED MATERIALS INC.
BSI BE SEMICONDUCTOR INDUSTRIES N.V.
2330 TSMC
SOI SOITEC SA
ASM ASM INTERNATIONAL N.V.
8035 TOKYO ELECTRON LTD.
KLAC KLA CORPORATION
AMD ASML HOLDING N.V.
ASML ASML HOLDING NV
AVGO ADVANCED MICRO DEVICES INC.
SOH1 ASML
BESI BROADCOM INC.
SOITEC
- Pierre FerraguÊ
OpenAI should account for 17% of expectations for Nvidia 2027 datacent...
Total capex required to meet OpenAI’s needs could reach ~$130bn by 2027, roughly equal to what consensus forecasts, on average, for each of the top four hyperscalers over the same horizon. In this note, we estimate how much of Nvidia’s datacenter revenue expectations this represents.
- Pierre FerraguÊ
- Pierre FerraguÊ
XPUs: Sizing the upside for Broadcom and the downside for Nvidia
Broadcom disclosed last week a $10bn AI rack order for 2H26 (widely linked to OpenAI) and signaled growth in their AI division could accelerate further in 2027. In this note, we break down what this could mean for the ASIC vs. GPU battle and the future structure of the AI compute market, looking in particular at the addressable market of in-house ASICs.
- Pelham Smithers
PSA Technology: Semiconductor Industry 2025 Outlook
Following the recent results season where several leading semiconductor and SPE companies globally produced either disappointing results or guidance, we look at where the semiconductor industry is at present, where it looks to be headed in 2025 and identify opportunities in the Japanese IC / SPE space.
005930 SAMSUNG ELECTRONICS CO. LTD.
TSFA TAIWAN SEMICONDUCTOR MANUFACTURING CO. LTD. SPONSORED ADR
WDC WESTERN DIGITAL CORPORATION
TER TERADYNE INC.
ORCL ORACLE CORPORATION
ON ON SEMICONDUCTOR CORPORATION
NVDA NVIDIA CORPORATION
MU MICRON TECHNOLOGY INC.
LRCX LAM RESEARCH CORPORATION
INTC INTEL CORPORATION
GOOGL ALPHABET INC. CLASS A
COHR COHERENT INC.
AMAT APPLIED MATERIALS INC.
NFLX NETFLIX INC.
MRVL MARVELL TECHNOLOGY GROUP LTD.
7751 CANON INC.
9697 CAPCOM CO. LTD.
6383 DAIFUKU CO. LTD.
7735 SCREEN HOLDINGS CO. LTD
5803 FUJIKURA LTD
6861 KEYENCE CORPORATION
6501 HITACHI LTD.
000660 SK HYNIX INC
6920 LASERTEC CORP.
6728 ULVAC INC.
6723 RENESAS ELECTRONICS CORPORATION
6902 DENSO CORPORATION
6701 NEC CORP.
7731 NIKON CORP.
7201 NISSAN MOTOR CO. LTD.
7105 MITSUBISHI NICHIYU FORKLIFT
6963 ROHM CO. LTD.
9984 SOFTBANK GROUP CORP.
6758 SONY CORPORATION
6857 ADVANTEST CORP.
8035 TOKYO ELECTRON LTD.
7203 TOYOTA MOTOR CORP.
AIR AIR PARTNER PLC
5930 SAMSUNG ELECTRONICS CO LTD
AMZN AMAZON.COM INC.
AMD ADVANCED MICRO DEVICES INC.
AAPL APPLE INC.
MSFT MICROSOFT CORPORATION
STM STMICROELECTRONICS NV
00981 SEMICONDUCTOR MANUFACTURING INTERNATIONAL CORP.
AVGO BROADCOM INC.
3993 PKSHA TECHNOLOGY INC.
6600 JT KIOXIA HOLDINGS (6600 JT)
ASO ACADEMY SPORTS AND OUTDOORS
CRSR CORSAIR GAMING
WOLF WOLFSPEED INC
TSE: 2980 SRE HOLDINGS CORP
688728 GALAXYCORE INC
688234 SICC CO LTD
6526 SOCIONEXT INC
6526 JT SOCIONEXT (6526 JT)
ARM ARM HOLDINGS PLC
ACCL DOLOMITE HOLDINGS LTD
- Pelham Smithers
PSA Technology / Semiconductors: Ishiba Unveils ¥10tril (US$65bil) Chi...
Prime Minister Shigeru Ishiba set out the first plan of his administration, which is to spend ¥10tril through FY30 further revitalizing Japan’s one-time globally dominant chip industry. The move comes after a ¥2tril package was announced last year and is seen as party of a ¥50tril private-public investment in Japanese chipmaking over the next decade. Pelham Smithers discusses beneficiaries.
TSFA TAIWAN SEMICONDUCTOR MANUFACTURING CO. LTD. SPONSORED ADR
MU MICRON TECHNOLOGY INC.
INTC INTEL CORPORATION
6146 DISCO CORPORATION
5425 TAIWAN SEMICONDUCTOR CO. LTD.
6723 RENESAS ELECTRONICS CORPORATION
4063 SHIN-ETSU CHEMICAL CO LTD
6758 SONY CORPORATION
4186 TOKYO OHKA KOGYO CO. LTD.
8035 TOKYO ELECTRON LTD.
IBM INTERNATIONAL BUSINESS MACHINES CORPORATION
6526 SOCIONEXT INC
6526 JT SOCIONEXT (6526 JT)
- Gary Brode
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