the demand for computing power upgrade brought about by the AI big model will continue to benefit the data center industry chain and the user experience of AI applications will continue to improve: TSMC expects its demand for AI chips (including CPU, GPU and AI accelerator cards) to grow by nearly 50% CAGR in the next five years. Nvidia demand continues to be strong, CoWoS packaging process may be introduced to the second supplier, expand the supply of 3,000 pieces of monthly capacity. HBM's current exclusive supplier SK Hynix plans to double its sales in 24 years, and Nvidia will also introduce a new HBM supplier Samsung. Tesla expects to spend more than $1 billion on DOJO in 24 years, which is a necessary investment for autonomous driving and video training.

The mobile phone industry chain, passive components, etc. are expected to usher in recovery. The overall prosperity of semiconductors is ushering in an upward turning point. It is expected that the localization rate of new bids for fabs will be greatly improved: Seven national departments jointly issued "Several Measures to Promote Consumption of Electronic Products" to promote industry demand in four aspects: 1) Accelerate the upgrading of electronic products, including accelerating technological innovation of electronic products and creating new consumption scenes of electronic products, efforts to eliminate barriers to the use of electronic products. 2) Strong support for electronic products to the countryside, 3) to create electronic product recycling channels, 4) optimize the electronic product consumption environment. Encourage scientific research institutes and market players to actively apply domestic artificial intelligence (AI) technology to enhance the intelligent level of electronic products and enhance the convenience of human-computer interaction. Relying on virtual reality, ultra-high-definition video and other new-generation information technologies, we will enhance the innovation capabilities of electronic products and cultivate new growth points for electronic product consumption. It requires efforts to eliminate barriers to the use of electronic products. We will increase investment in speech recognition technology for dialects and specific accents in the field of scientific research, optimize the function of "voice control + semantic recognition", expand the coverage and convenience of speech recognition technology, and lower the threshold for rural residents and middle-aged and elderly residents to use it. We will implement the relevant measures of the special action plan for aging and barrier-free transformation of Internet applications to ensure that software with large installed capacity will be released in a timely manner.

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risk tips

downstream demand is less than expected; industry competition intensifies.