[Core Information] Broadcom Promotes Extensive AI Layout, Memory Chips Start To Be Fully Out Of Stock And Prices Increase

1. Broadcom: From network chips to AI full stack, jointly build 10 gigawatts of computing power with OpenAI

1. OpenAI × Broadcom: 10 GW customized AI accelerator strategic cooperation

• On October 13, the two parties announced the joint development and deployment of10 GW of custom AI accelerator, signed a long-term supply agreement.
• Division of labor: OpenAI leads the chip and system architecture design; Broadcom is responsible for development, manufacturing and deployment, using itsEthernet + CPOFull stack solution.
• Time: Deployment will start in the second half of 2026 and be completed by the end of 2029. The total investment will reachbillions of dollars。
• Strategic significance: OpenAI shifts from a computing power purchaserThe definer of computing power, reducing dependence on Nvidia; Broadcom upgraded from a network chip vendor toAI infrastructure core supplier。

2. Broadcom’s AI network technology is intensively implemented

• Thor Ultra (800G AI Ethernet Network Card): Industry’s first 800G NIC, interconnectableHundreds of thousands of XPUs, supports large models with trillions of parameters, and has been supplied to cloud vendors such as Google.
• Tomahawk 6-Davisson: The third generation CPO switching chip,102.4Tbps bandwidth, providing ultimate interconnection capabilities for AI clusters.
• Technical route: takeOpen EthernetReplace NVIDIA InfiniBand to build a scalable, low-cost AI computing network.

3. Microchip: 3nm PCIe Gen6 switch, consolidating AI high-speed interconnection

• launchThe world’s first 3nm process PCIe Gen6 switch, single chip support160 channels, the bandwidth reaches64GT/s/channel, providing a CPU/GPU/storage high-speed interconnection base for AI clusters.

2. Memory chips: A super cycle occurs once in 30 years, with full shortages and price increases

1. Industry status quo: four major storage categories are in short supply across the board

• Chen Libai, chairman of ADATA, said bluntly:DRAM, NAND, SSD, and HDD are all out of stock and prices are rising, which is unprecedented in 30 years of working in the industry.。
• Price surge: DDR5 increased by more than 10% in a single month100%; 512Gb NAND wafers increased by more than 1% in October20%;Original multiple timesSuspend quotation, the price is one price per day.
• Inventory is urgent: channel inventory is only1.2 months, the turnover days dropped from 82 days to 52 days, and the demand for inventory replenishment exploded.

2. Core driver: AI computing power reconstructs supply and demand pattern

• demand side: AI servers have the same requirements for HBM/DDR5 as traditional servers.5–20 times; AI server shipments are expected to increase in 202533%。
• Supply side: Samsung, SK Hynix, MicronDismantling the DDR4 production line, a comprehensive shift in production capacityHBM and DDR5;Samsung plans to compress30% DDR4 production capacity。
• structural mismatch:DDR4 Enter2 long tail shortage period, niche manufacturers such as Nanya and Winbond benefited; HBM’s yield rate was only65%, it is difficult to release short-term production capacity.

3. Impact on the industrial chain

• Terminal pressure: Mobile phone/PC BOM costs soar, Redmi K90 series prices increase100–400 yuan;Manufacturer accelerationDDR4 to DDR5, importQLC NANDCost reduction.
• Domestic opportunities: Changxin Storage, Longsys, etc. benefited fromPrice recovery + domestic substitution;Dike Co., Ltd. and Shengbang Co., Ltd. are accelerating the layout of storage packaging and testing/design.
• Industry pattern: Storage shifts from consumer electronics cycleAI-driven super cycle, the price increase is expected to continue to2026。

3. Other industry trends

1. Rockchip: AIoT surges, DDR5 transformation boosts performance

• Net profit for the first three quarters of 2025760–800 million yuan, year-on-year increase116%–127%, RK3588 drives penetration into the automotive/industrial/robot market.
• DDR4 shortage drives customers toDDR5 Transformation, has a short-term impact on the growth rate in the third quarter, and will continue to grow at a high rate in the medium and long term.

2. Accelerate domestic mergers and acquisitions and improve the storage/simulation ecosystem

• Dike shares:Acquired 62.5% equity of Jiangsu Jingkai for RMB 300 million, Layout DRAM advanced packaging and testing.
• Shengbang Shares: AcquisitionYicunxin 77.54% equity, entering the field of non-volatile storage and analog chips.

3. Smartphones: Q3 grew 3% year-on-year, storage costs squeezed profits

• Omdia: Global smartphone shipments in Q3 2025 will increase **+3%** year-on-year; Samsung (19%), Apple (18%), and Xiaomi (14%) lead the list.
• Hidden concerns: The increase in storage prices will lead to an increase in BOM costs.Profitability under pressure;Manufacturers compete for AI/data center production capacity, exacerbating the shortage of terminal storage.

4. Core conclusions and trends

1. AI computing infrastructure reconstruction: Broadcom + OpenAI leads the wayOpen Ethernet + Custom Acceleratorroute to challenge NVIDIA’s dominance; PCIe 6.0, CPO and other technologies accelerate the implementation of AI clusters.
2. Storage super cycle established：AI demand + production capacity mismatch driveTotal shortage and price increase, the shortage of DDR4 will continue until 2026, and HBM/DDR5 will become the core of growth.
3. Domestic substitution accelerates: Storage, simulation, isolation and other fieldsMergers and Acquisitions + Self-ResearchWith two-wheel drive, the penetration rate of high-end scenes is rapidly increasing.
4. Supply chain security first: Under the fluctuation of geopolitical relations and supply and demand,Diversified supply, local production capacity, long-term price lockBecome a core procurement strategy.