SemiAnalysis

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…

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…

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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 …

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…

Check out this short webinar where Dan and Patrick — the minds behind it — introduce our new AI Networking Model.

Our industry models consist of deep supply chain research for the rapidly moving semiconductor industry. SemiAnalysis Core Research is the consolidation of all our analysis into weekly and ad hoc reports on global industry shifts and forecasts. If you appreciate our public-facing newsletter and participate in the stock market in any capacity, our Core Research is a signal-rich dive into how Publi…

SemiAnalysis is hiring an analyst in New York City for Core Research, our world class research product for the finance industry. Please apply here It’s been a bit over 150 days since the launch of the Chinese LLM DeepSeek R1 shook stock markets and the Western AI world. R1 was the first model to be publicly […]

Oracle’s Cloud Infrastructure business is firing on all cylinders and is greatly outpacing expectations. All eyes are on the high-profile Stargate JV and the massive Abilene, Texas datacenter, which our September 2024 Multi-Datacenter Training report called out as a GW-scale training hub for OpenAI. But Oracle has many additional growth engines beyond this massive campus. […]

The SemiAnalysis AI Networking Model is built to decode the increasingly critical networking layer of Al and cloud infrastructure. This model completes our suite by providing granular visibility into Switches, Transceivers, Cables, AEC/DACs for scale up, scale-out backend, front end, and out of band networks for Al, offering a deeper understanding of scaling limits, design architectures, and vend…

The largest AI labs are racing to build multi-gigawatt-scale datacenters, and stressing our century-old power grid to an unprecedented extent. Not only is the scale massive, but AI training workloads have a very unique load profile, unexpectedly rising and falling from full load to nearly idle in fractions of a second. Our power grids were never designed […]

Ivan Chiam Analyst Ivan Chiam is an analyst at SemiAnalysis focused on the economics of AI accelerators, HBM, and GPU infrastructure. With a strong background in financial modeling and semiconductor markets, he brings a data-driven perspective to cost structures, supply-demand dynamics, and the business impact of next-gen compute. Ivan holds a Bachelor of Business Administration from the Singapor…

Kimbo Chen Analyst Kimbo Chen is an analyst and member of Technical Staff at SemiAnalysis, focusing on machine learning, LLMs, and the evolving GPU hardware stack. With a background as a technical staff engineer in AI systems, he brings hands-on insight into model training, deployment, and the infrastructure powering frontier ML applications. Kimbo holds a Bachelor’s in computer science from Nati…

Reyk Knuhtsen Analyst Reyk Knuhtsen is an analyst at SemiAnalysis specializing in robotics and the intersection of AI with real-world automation. Covering emerging trends in compute for embodied AI, sensor integration, and the shifting hardware stacks powering next-gen robotics across industries. Reyk holds a Bachelor of Arts degree in Economics from the University of Arizona, Eller College of Ma…

In our AI Scaling Laws article from late last year, we discussed how multiple stacks of AI scaling laws have continued to drive the AI industry forward, enabling greater than Moore’s Law growth in model capabilities as well as a commensurately rapid reduction in unit token costs. These scaling laws are driven by training and […]