SemiAnalysis

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PCB, substrate, and materials content (key system boards, ABF substrates, laminate and glass fiber content) Power delivery and supply (power shelves, busbars, connectors, VRMs, power delivery modules) Filter Manage Consent To provide the best experience, we use cookies to store and/or access device information. Functional Always active The technical storage or access is strictly necessary for the…

PCB, substrate, and materials content (key system boards, ABF substrates, laminate and glass fiber content) Power delivery and supply (power shelves, busbars, connectors, VRMs, power delivery modules) Filter Manage Consent To provide the best experience, we use cookies to store and/or access device information. Functional Always active The technical storage or access is strictly necessary for the…

Nigel Chiang Analyst Nigel is an Analyst on the Core Research team based in New York City, producing equity-focused research for institutional clients. He distills technical insights from across the firm’s verticals into differentiated, timely and actionable conclusions. Before SemiAnalysis, Nigel worked in investment banking at Barclays in New York City; earlier, he worked in macro research in S…

Matt Bebb Freelance Analyst Matt Bebb is Head of Market Analysis in the defense industry. His background includes roles in business development, strategy, and market research for defense, technology, and forecasting companies. Matt holds a degree in International Security and Russian from the David Boren School for International Relations at the University of Oklahoma and a Master’s in Internatio…

Ray Wang Analyst Ray Wang is a Seoul-based analyst at SemiAnalysis covering AI accelerators and memory (DRAM/HBM and NAND). At SemiAnalysis, he focuses on investment research and modeling across AI accelerators, memory, WFE, and broader AI supply chain dynamics. He holds a master’s degree from Georgetown University and a bachelor’s degree from Tamkang University. Ray Wang Analyst Ray Wang is a Se…

Nick Doyle Analyst Nick is a NYC-based analyst on the Core Research team, synthesizing the firm’s full stack insights into equity-focused research for institutional investors. Nick regularly engages with management teams, engineers, and investors, acting as the connective layer between SemiAnalysis’ deep technical research and actionable investment insight. Before SemiAnalysis, Nick worked in Sem…

The SemiAnalysis Memory Model provides a comprehensive, bottoms-up analysis of the global DRAM and NAND flash markets. It tracks the industry from the fab floor to the spot market, enabling clients to gauge historical trends and future supply-demand dynamics. This tool is essential for hyperscalers, semiconductor companies, consumer OEMs/ODMs for supply chain planning and competitive analysis, as…

xAI's Colossus 2 - First Gigawatt Datacenter In The World, Unique RL Methodology, Capital Raise On Site Turbines, Mississippi Expansion, Solaris Energy, Can xAI afford it?, Middle East Funding, Tesla, Talent Exodus, API revenue, Consumer Growth, RL Environment Much has been written about xAI’s Colossus 1. The Memphis build belongs in the history books: the largest AI training cluster, erected fro…

Bridging the gap between the world’s most important industry, semiconductors and business. Over 180,000+ Subscribers. Join 200,000+ AI and Semiconductor industry professionals, researchers, investors and enthusiasts in receiving the best industry research directly to your inbox.

Huawei Ascend Production Ramp: Die Banks, TSMC Continued Production, HBM is The Bottleneck H20 Shipments, Blackwell B30A, Bottlenecks to Chinese Chip Production, Export Controls, CXMT, SMIC, Cambricon Compute is the lifeblood of AI. He who controls the spice controls the universe the compute will control the production of tokens and reap the benefits of AI. Without compute you do not have a seat …

Amazon’s AI Resurgence: AWS & Anthropic's Multi-Gigawatt Trainium Expansion Anthropic multi-gigawatt clusters, Trainium ramp, best TCO per memory bandwidth, system-level roadmap, Bedrock and internal models Two-and-a-half years ago, we flagged a looming “cloud crisis” at AWS. Today, the evidence has mounted. AWS is the crown jewel of the Amazon empire, generating ~60% of group profits, and domina…

H100 vs GB200 NVL72 Training Benchmarks - Power, TCO, and Reliability Analysis, Software Improvement Over Time Joules per Token, TCO Per Million Tokens, MFU, Tokens Per US Annual Household Energy Usage, DeepSeek 670B, GB200 Unreliability, Backplane Downtime Frontier model training has pushed GPUs and AI systems to their absolute limits, making cost, efficiency, power, performance per TCO, and rel…

GPT-5 Set the Stage for Ad Monetization and the SuperApp How ChatGPT will monetize free users, Router is the Release, AIs will serve Ads, Google's moat eroded?, The shift of purchasing intent queries To many power users (Pro and Plus), GPT5 was a disappointing release. But with closer inspection, the real release is focused on the vast majority of ChatGPT’s users, which is the 700m+ free userbase…

Scaling the Memory Wall: The Rise and Roadmap of HBM HBM4, Custom Base Die, Shoreline Expansion, Process Flow, China Domestic Production, Samsung Qualification The first portion of this report will explain HBM, the manufacturing process, dynamics between vendors, KVCache offload, disaggregated prefill decode, and wide / high-rank EP. The rest of the report will dive deeply into the future of HBM.…

Robotics Levels of Autonomy Single-Purpose Robots Automating Hundreds Of Jobs, Pick And Place With Low Autonomy Is Expensive, General-Purpose Autonomy Navigating And Inspecting Large Sites, Targeting Low-Skill Labor In Early Pilots With Promise, Autonomy Capable Of Any Task In Resea Robots have powered manufacturing for decades, yet they stayed single-purpose and thrived only in perfect settings.…

Intel 18A Details & Cost, Future of DRAM 4F2 vs 3D, Backside Power Adoption (or Not), China's FlipFET, Digital Twins from Atoms to Fabs, and More VLSI 2025 Roundup Long time readers will recall that SemiAnalysis covers more than just datacenters and AMD. Today we’re back to semiconductors with a tech-focused roundup of the best from this year’s VLSI conference, the premiere design and integration…

Meta Superintelligence - Leadership Compute, Talent, and Data AI Datacenter Titanomachy, "The Tent", AI Data and Talent Wars, Zuck Founder Mode, Behemoth 4 Post-Mortem, OBBB Tax Windfall, AI and Reality Labs Meta’s shocking purchase of 49% of Scale AI at a ~$30B valuation shows that money is of no concern for the $100B annual cashflow ad machine. Despite seemingly unlimited resources, Meta has be…

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