[Core Information] Two major analog OEMs have entered NVIDIA’s supply chain, and Jinghe Integrated 28nm has passed verification

1. TI and Infineon enter NVIDIA GB200 supply chain, diversifying power management suppliers

• voltage regulator: Added by exclusive MPSTexas Instruments (TI), InfineonTwo analog giants;
• base controller: New MPS added by exclusive TSMC;
• influence: Supply chain competition intensifies, power management IC shares are redistributed, while ensuring the flexibility of GB200 mass production delivery.

2. Jinghe Integrated 28nm logic process has passed verification, and the domestic mature process has made a breakthrough

• Process capability：Support TCON, ISP, SoC, WiFi, Codec and other chip development, digital/analog module simultaneous verification, stable performanceShanghai Stock Exchange；
• strategic significance: Filling the gap in mainland China's 28nm logic foundry, strengthening the competitiveness of mature processes, and supporting domestic substitution in display, IoT, consumer electronics, etc.Hefei Jinghe Integrated Circuit Co., Ltd.。
  

3. TrendForce: Q4 MLCC shipments - 3.6% month-on-month, AI servers hedge against weakness in consumer electronics

• consumer electronics: Notebook orders are -5%~-8% month-on-month, mobile phone demand is flat, and mid- and low-end MLCCs are under pressure;
• AI server: Orders +15% month-on-month, demand for high-end MLCCs (servers/vehicles) is solid, and Japanese and Korean manufacturers are prioritizing production capacity to prepare for the GB200 increase in 2025.

4. TSMC Arizona plant starts trial production of 5nm, AMD joins wafer production

• Process scope: Covers N4/N4P/N4X (4nm) and N5/N5P/N5X (5nm);
• AMD products: CDNA 3 series AI accelerator (such as MI300), fifth-generation EPYC processor;
• progress: Apple A16 has been produced using N4P, advanced process production capacity has been implemented in the United States, and geo-supply chain diversification has accelerated.

5. TSMC × Amkor deepens Arizona advanced packaging cooperation

• collaborative technology: focusCoWoS、InFOetc. AI chip core packaging;
• Capacity planning: Amkor has built a new packaging plant in Peoria, linking it with TSMC Fab 21 to alleviate advanced packaging bottlenecks and reduce dependence on Taiwan, China.

6. IDC: Q3 global PC shipments reached 68.8 million units, year-on-year - 2.4%

• Reason: Early inventory replenishment is completed and costs rise;
• Outlook: AI PC (Qualcomm Copilot+, Intel/AMD new products, Apple M4 Mac) will drive the recovery of the high-end market, and will gradually pick up from Q4.