reports
- 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
Broadcom Introduces Industry’s First 800G AI Ethernet NIC
Broadcom Introduces Industry’s First 800G AI Ethernet NIC Thor Ultra is Fully Compliant with Ultra Ethernet Consortium; Delivers Cutting-Edge Performance, Scalability, and Reliability for AI Scale-Out Networking PALO ALTO, Calif., Oct. 14, 2025 (GLOBE NEWSWIRE) -- (NASDAQ:AVGO), a global leader in semiconductor and infrastructure software solutions, today announced Thor Ultra, the industry’s first 800G AI Ethernet Network Interface Card (NIC), capable of interconnecting hundreds of thousands of XPUs to drive trillion-parameter AI workloads. By adopting the open Ultra Ethernet Consortiu...
- 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
Broadcom Introduces Industry’s First Wi-Fi 8 Silicon Ecosystem Powerin...
Broadcom Introduces Industry’s First Wi-Fi 8 Silicon Ecosystem Powering the AI Era New license option to help scale vibrant edge of smartphones, PCs, automotives and IoT devices in support of AI-first access devices PARIS, Oct. 14, 2025 (GLOBE NEWSWIRE) -- Broadcom Inc. (NASDAQ: AVGO) today announced the industry’s first Wi-Fi 8 silicon solutions for the broadband wireless edge ecosystem including residential gateways, enterprise access points, and smart mobile clients. Broadcom’s Wi-Fi 8 solutions are purpose-built to address the stringent performance, reliability, intelligence, and ef...
OpenAI and Broadcom announce strategic collaboration to deploy 10 giga...
OpenAI and Broadcom announce strategic collaboration to deploy 10 gigawatts of OpenAI-designed AI accelerators Multi-year partnership enables OpenAI and Broadcom to deliver accelerator and network systems for next-generation AI clusters News: OpenAI and Broadcom will co-develop systems that include accelerators and Ethernet solutions from Broadcom for scale-up and scale-outBroadcom to deploy racks of AI accelerator and network systems targeted to start in the second half of 2026, to complete by end of 2029 SAN FRANCISCO and PALO ALTO, Calif., Oct. 13, 2025 (GLOBE NEWSWIRE) -- OpenAI an...
- Pierre FerraguÊ
Oracle AI cloud margins: Much ado about nothing
The Information reported yesterday that Oracle’s AI cloud margins are in the high teens. Accounting for typical start-up costs, this aligns well with our analysis of the $300bn OpenAI contract. Please see the link for our analysis of Oracle's AI cloud economics over the next 10 years and the implications for overall gross margins.
Broadcom Announces Tomahawk® 6 – Davisson, the Industry’s First 102.4-...
Broadcom Announces Tomahawk® 6 – Davisson, the Industry’s First 102.4-Tbps Ethernet Switch with Co-Packaged Optics Breakthrough 102.4-Tbps CPO Ethernet Switch Delivers Unmatched Power Efficiency and Link Stability to Enable Cluster Scale-Up and Scale-Out PALO ALTO, Calif., Oct. 08, 2025 (GLOBE NEWSWIRE) -- Broadcom Inc. (NASDAQ: AVGO) today announced that it is now shipping Tomahawk® 6 – Davisson (TH6-Davisson), the company’s third-generation Co-Packaged Optics (CPO) Ethernet switch. Designed specifically for the accelerating demands of AI networking, TH6-Davisson is the industry’s firs...
Broadcom Delivers the Future of AI Infrastructure with End-to-End AI N...
Broadcom Delivers the Future of AI Infrastructure with End-to-End AI Networking Solutions at 2025 OCP Global Summit Company to Feature Industry’s Leading Open, Scalable and Power Efficient Solutions for Scale-up and Scale-out AI Networks PALO ALTO, Calif., Oct. 08, 2025 (GLOBE NEWSWIRE) -- (NASDAQ: AVGO) today announced it will showcase major advancements in its scale-up and scale-out AI networking solutions at the . Featuring innovations such as the Tomahawk® 6, Tomahawk Ultra, Jericho4 Ethernet switches, and its third-generation TH6-Davisson Co-packaged Optics (CPO), Broadcom will pr...
Broadcom Showcases Industry-Leading Quality and Reliability of Co-Pack...
Broadcom Showcases Industry-Leading Quality and Reliability of Co-Packaged Optics Meta Test Results Confirm One Million Link Flap-Free CPO 400G Port Device Hours PALO ALTO, Calif., Oct. 01, 2025 (GLOBE NEWSWIRE) -- Broadcom Inc. (NASDAQ: AVGO), a global leader in semiconductor and infrastructure software solutions, today announced a significant milestone in the deployment of Co-Packaged Optics (CPO) technology, highlighting one million cumulative 400G equivalent port device hours of flap-free This achievement underscores the maturity, robustness, and production-readiness of Broadcom’s ...
- 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
The NSR AI datacenter economics cheat sheet
As we spend our days and many of our nights helping you understand what is going on in the world of AI infrastructure, we refine continuously our understanding of the cost of AI, combining our understanding of the economics of every step of the supply chain. We crystalized that in a digestible format today. Everything you need to know about a 1GW datacenter on a single slide.
- Pierre FerraguÊ
Oracle: What will life after giant RPOs look like?
Oracle entered a 4.5GW, $300bn, 5-year contract with OpenAI, starting 2027. In our note yesterday, we showed what we know of the deal suggests balanced and straightforward economics, over the life of the contract. Today we extend the analysis: GPUs aren’t scrapped after 5 years, and Oracle may in reality, after these contracts, boost profitability, monetizing fully depreciated assets, much like TSMC at the lagging edge.
- Pierre FerraguÊ
- Pierre FerraguÊ
Oracle & OpenAI: All the economics of the $300bn deal, on a single sli...
Over the weekend we worked through the numbers to estimate the economics of Oracle’s $300bn contract with OpenAI. We have strong visibility on costs, supported by our long-standing work on AI datacenter economics, refined with players in every part of the supply chain, and on the ramp trajectory, informed by RPO maturity and OpenAI’s business plan. This allows us to estimate gross margins, FCF and IRR with a high degree of confidence.
Lloyds Banking Group weitet strategische Partnerschaft mit Broadcom zu...
Lloyds Banking Group weitet strategische Partnerschaft mit Broadcom zur Beschleunigung der digitalen Transformation aus Neue langfristige Vereinbarung wird die Infrastruktur der Lloyds Banking Group mit einer neuen Private-Cloud-Umgebung und Mainframe-Lösungen für digitales Banking transformieren LONDON, Sept. 17, 2025 (GLOBE NEWSWIRE) -- VMware Explore on Tour – Die Lloyds Banking Group und Broadcom Inc. (NASDAQ: AVGO) haben heute eine bedeutende Ausweitung ihrer langjährigen Partnerschaft mit einem neuen Mehrjahresvertrag bekanntgegeben, der die Umsetzung der ehrgeizigen strategischen...
Lloyds Banking Group amplía su alianza estratégica con Broadcom para a...
Lloyds Banking Group amplía su alianza estratégica con Broadcom para acelerar la transformación digital El nuevo acuerdo de larga duración transformará la infraestructura de Lloyds Banking Group con un nuevo entorno de nube privada y soluciones de servidor para la banca digital LONDRES, Sept. 17, 2025 (GLOBE NEWSWIRE) -- VMware Explore on Tour – Lloyds Banking Group y Broadcom Inc. (NASDAQ: AVGO) han anunciado hoy una importante ampliación de su alianza de larga trayectoria, respaldada por un nuevo acuerdo plurianual para respaldar la ambiciosa transformación estratégica del grupo. En ...
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