需求远超供应!法巴银行：半导体业集体看多2026，电力与ASIC风险被高估

智通财经2025-12-15

智通财经APP获悉，法国巴黎银行研究部指出，众多半导体企业对迈向2026年的供需形势仍持积极态度。这家全球性金融公司上周举办了硅谷巴士之旅，与AMD(AMD.US)、英伟达(NVDA.US)、英特尔(INTC.US)、应用材料(AMAT.US)、Astera Labs(ALAB.US)、Credo Technology(CRDO.US)、Lumentum Holdings(LITE.US)、...

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BNP Paribas: The semiconductor industry is collectively bullish on 2026, and power and ASIC risks are overestimated","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"161121":1.5,"ASIC":1.5,"ON":1.5},"content_text":"智通财经APP获悉，法国巴黎银行研究部指出，众多半导体企业对迈向2026年的供需形势仍持积极态度。这家全球性金融公司上周举办了硅谷巴士之旅，与AMD(AMD.US)、英伟达(NVDA.US)、英特尔(INTC.US)、应用材料(AMAT.US)、Astera Labs(ALAB.US)、Credo Technology(CRDO.US)、Lumentum Holdings(LITE.US)、希捷科技(STX.US)、迈威尔科技(MRVL.US)和西部数据(WDC.US)的高管进行了会面。\"在人工智能计算领域，我们接触的所有企业对2026年的市场表现及后续产能爬坡都非常看好，需求远超供应，\"法国巴黎银行分析师大卫·奥康纳和卡尔·阿克曼在投资者报告中表示。\"投资者的主要担忧在于电力供应、ASIC竞争以及供应商融资能力。\"AMD和英伟达均表示，美国各地的电力供应正变得紧张。不过，这两家公司均认为美国政府正在采取措施缓解电力约束，这更多是一个短期性问题。\"各方一致认为，电力是人工智能军备竞赛的主要瓶颈，\"奥康纳称。\"尽管英伟达承认用电紧张，但他们并不认为存在能源壁垒，且预计建设速度将加快。鉴于美国在电力容量方面最受限，外国投资可能会增加。为适应超大规模企业的多年路线图及英伟达9至12个月的交货周期，数据中心生态系统的可见性已延长至多个季度，这提升了供应链效率和价格动态。\"另一个被讨论的潜在担忧是定制芯片的引入，例如谷歌(GOOGL.US)采用专用集成电路(ASIC)技术打造的张量处理单元(TPU)。\"在近期TPU发布消息之后，ASIC竞争成为关注焦点，\"奥康纳指出。\"计算领域相关企业强调，TPU针对特定云服务商/工作负载(如Anthropic、GCP)进行了优化，并非面向所有云服务(不像GPU)，因此不应将其市场份额增长外推至现有TPU采用者之外的厂商。\"","kind":"news","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"1","news_tag":"economic","news_rank":0,"isVideo":false,"video":null,"symbols":[],"gpt_button":1,"need_auth":false,"need_login_tip":false,"code":"91000000","status":"200"},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":false,"tenantId":"TBCN","deviceId":"web-server-community-laohu8-v3","version":"4.42.0","shortVersion":"4.42.0","platform":"web","vendor":"web","appName":"laohu8","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2591169369","isCrawlerRequest":true}