Semiconductor Sector Deep Dive
The semiconductor industry has positioned itself as the core infrastructure of the AI revolution, demonstrating unprecedented growth. The AI accelerator market, led by NVIDIA, is recording over 40% annual growth rates alongside surging data center demand.
Key Trends
Surging AI Semiconductor Demand: The proliferation of large language models (LLMs) like ChatGPT and Claude has driven exponential growth in GPU/TPU demand. NVIDIA's H100/B100 series continues to face supply shortages, while AMD's MI300X is rapidly expanding its market share.
Memory Semiconductor Super Cycle: The HBM (High Bandwidth Memory) market, led by Samsung Electronics and SK Hynix, is experiencing explosive growth alongside AI server proliferation. As HBM3E technology competition intensifies, profitability has significantly improved.
Intensifying Foundry Competition: TSMC's 3nm/2nm process transitions are accelerating, with Samsung Foundry and Intel also pushing forward in advanced process competition. ARM-based chip design demand is expanding beyond mobile into servers, automotive, and IoT.
Investment Outlook
Despite short-term correction possibilities, the semiconductor sector maintains a bullish medium-to-long-term outlook as AI infrastructure investment expansion and memory upcycle converge. Selective investment in HBM-related companies and AI accelerator firms remains compelling. Broadcom's (AVGO) ASIC business expansion and ARM's licensing model transition are also noteworthy.
Risk Factors
Key risk factors include escalating US-China semiconductor disputes, oversupply concerns from excessive investment, and market skepticism about AI investment returns. However, structural demand growth is expected to offset these risks.