2024-05-14 13:27:30
NVIDIA’s GB200 tremendous chip has lately attracted growing international consideration. Morgan Stanley Securities identified within the newest “AI Provide Chain Business” report that shipments of GB200 tremendous chips will attain 900,000 in 2025. In Taiwan’s provide chain, we’re optimistic regarding Taiwan’s eight main producers, together with TSMC (2330 ), KYEC, Xinhua, Hon Hai, Quanta, Wistron, Delta Electronics and Chuanhu, and all give them an “outperform” score.
The report highlights that the GB200 DGX/MGX server system is presently present process growth and numerous exams. It’s estimated that it’s going to take a number of months to find out order and provide chain allocation for 2025. Morgan Stanley estimates that, based mostly on CoWoS’s superior packaging manufacturing capability, 420,000 GB200 models will likely be despatched to the downstream market within the second half of this yr, and that the manufacturing degree will likely be round 1.5 to 2 million models subsequent yr. There’s a hole of a couple of quarter between upstream delivery and downstream meeting. It’s estimated that the overall cargo quantity of GB200 superchips in 2025 will attain 900,000 items.
Morgan Stanley estimates that 400 racks of the GB200 DGX NVL72 rack system will start delivery within the fourth quarter of this yr and can first be operated by hyperscale cloud operators. By 2025, the DGX NVL72 server rack will start delivery within the first half of the yr, with an estimated mass manufacturing of 20,000 models all year long; The MGX NVL36 server rack will start delivery mid-year, with estimated delivery. of 10,000 models all year long.
Morgan Stanley estimates that in Taiwan’s semiconductor provide chain, the primary beneficiaries of GB200 are TSMC wafer foundry (goal worth 928 yuan), KYEC take a look at manufacturing facility (110 yuan) and chip manufacturing facility Distant Server Administration (BMC) Hua (3,800 yuan). .
As for Taiwanese producers associated to AI server {hardware}, Morgan Stanley likes Wistron probably the most and maintains its worth goal of 158 yuan. It’s estimated that Wistron’s market share in GB200 capability will likely be 30% increased than that of B100. Wistron is without doubt one of the two main suppliers of GB200 pc playing cards. Morgan Stanley presently estimates that Wistron’s market share can attain round 35%, with a median promoting worth of round US$2,300.
Moreover, Hon Hai and Quanta are ODM producers of GB200 DGX/MGX server methods. The goal costs given by Morgan Stanley are 210 yuan and 305 yuan respectively. Delta Electronics gives energy provide and liquid cooling options, with a goal worth of 355 yuan; Chuanhu is a number one server sliding rail producer, with a goal worth of 1,650 yuan.
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