chips

According to a report by IT Home on November 12, the South Korean Ministry of Trade, Industry and Energy announced the country's edge AI semiconductor technology development project roadmap on the same day. The total amount of the project is 800.2 billion Korean won, which is approximately 3.993 billion Chinese yuan based on the reported exchange rate. The goal is to complete the development and verification of 10 AI chips by 2030.The roadmap shows that among these 10 chips, 3 are aimed at smart home appliances, with 1 each for autonomous driving, collaborative robots, humanoid robots, agricultural robots, and drones, along with advanced processes and extreme scenario projects. Foundries such as Samsung Electronics will prioritize allocating resources for multi-purpose wafer testing and tape-out to domestic projects, while IP companies will reduce the IP usage costs for Korean chip designers through flexible methods. Chip customers will also participate in the R&D process.

According to The Information, the U.S. Department of Commerce plans to introduce new regulations to prevent Chinese artificial intelligence companies from renting NVIDIA Blackwell and next-generation chips through data centers in Singapore, Malaysia, Thailand, Indonesia, Brazil, Norway, and South Africa. Importing related chips from these countries will require an export license. Buyers must disclose the chip recipients and the content that the chips will run, and they will be subject to ongoing monitoring. These requirements also apply to remote access and smuggling.The Bureau of Industry and Security of the U.S. Department of Commerce intends to extend existing semiconductor export controls to the aforementioned seven countries, with the new regulations possibly being announced as early as this month. U.S. companies operating data centers in these countries may be exempt from licensing requirements if they restrict remote access from weapon embargo countries such as China and Russia, but they still need to report local customers and computing power scale.

According to Bloomberg, AI computing power cloud service provider CoreWeave is seeking to raise at least $4 billion through an investment-grade, asset-backed loan led by Morgan Stanley.The funds will be used to procure NVIDIA chips and other computing equipment for a contract with an investment-grade client, with an expected annual interest rate between 7% and 7.5%. CEO Michael Intrator previously stated that at current interest rates, the company would not finance through the unsecured bond market.

According to the Beijing Daily, on November 11, Foreign Ministry spokesperson Guo Jia Kun hosted a regular press conference. A Reuters reporter asked about the recent allegations involving Nvidia CEO Jensen Huang, noting that U.S. lawmakers on Tuesday again called for tightening restrictions on China's access to advanced artificial intelligence chips. Guo Jia Kun responded, "China's position on the issue of U.S. chip exports to China has been consistent."Previously, on November 8, Jensen Huang sent a letter to employees acknowledging personal matters, which were later implicated in a spy scandal. Both parties in the U.S. Congress used this opportunity to push for export restrictions on AI chips to China, with reports indicating that Republicans and Democrats are urgently promoting three related bills.

On November 10, it was reported that Rapidus, a chip manufacturer supported by the Japanese government, has fallen behind its original schedule and may not be able to achieve mass production of advanced chips by March 2028 as planned. The company has not yet successfully manufactured a functioning static random-access memory (SRAM) cell, which is a key step in producing 2-nanometer chips, originally scheduled for completion this summer, and is currently at least several months behind.The report stated that if there are significant delays in technological progress, it may affect the Japanese government's support for Rapidus and delay its plans to go public in 2032. A spokesperson for Rapidus stated that the company is still working hard to achieve its goal of starting mass production in the second half of fiscal year 2027, and the details of technological research and development are confidential.

According to The Verge, the U.S. government has approved the Chinese company New Matrix to purchase NVIDIA H200 AI chips, but the company's registered office location is vacant, raising concerns about whether the chip sales review is sufficient.The report cites The New York Times, stating that New Matrix was established about 17 months ago, and there is little public information available. The business directory for its registered address does not list the company, and property personnel in the park also indicated that there are no records of it. The company's owner is associated with a Chinese private equity firm that has been blacklisted by the U.S. since 2024.The report also mentions that it is not an isolated case for companies associated with entities subject to U.S. national security-related trade restrictions to be approved for purchasing NVIDIA chips.

According to Gate Market, the US stock AI hardware industry chain has encountered a collective sell-off, with chips, storage, semiconductor equipment, and optical communication sectors generally experiencing significant declines. The Philadelphia Semiconductor Index fell by 7.25%.In terms of chip stocks, AMD fell by 12.94%, NVIDIA fell by 5.33%, TSMC fell by 6.99%, Broadcom fell by 5.35%, Intel fell by 8.12%, Qualcomm fell by 9.00%, and Arm fell by 10.65%.In terms of storage and hard drive stocks, SanDisk fell by 13.77%, Western Digital fell by 12.78%, Seagate Technology fell by 12.74%, Micron Technology fell by 10.78%, and SK Hynix fell by 9.41%.In terms of semiconductor equipment and optical communication stocks, MKS Instruments fell by 10.03%, Lumentum fell by 12.21%, Coherent fell by 10.53%, Applied Materials fell by 7.15%, Lam Research fell by 8.66%, and ASML fell by 5.98%.

Despite the possibility that the Democratic Party may push for stricter restrictions on data center construction after winning the election, Nvidia's stock price still rose on Wednesday. This is because the positive performance reported by major companies in the chip industry indicates that market concerns about delays in data center construction have not immediately affected Nvidia and other hardware companies.Customers are still rushing to stockpile artificial intelligence hardware, even though it is currently uncertain whether there will be suitable locations to install these devices in the future. The defeat of Republican governors in Texas and Ohio in the election means that the construction of artificial intelligence infrastructure will face stricter scrutiny.Mark Haefele, Chief Investment Officer at UBS Global Wealth Management, wrote in a research report: "Increased oversight from Congress does not necessarily hinder the artificial intelligence investment cycle. Comprehensive federal-level restrictions will face legislative and presidential power constraints, while state and local regulations will still have a greater impact on the timing and location of data center construction." If Democratic politicians indeed push for stringent measures to limit the construction of artificial intelligence data centers, Nvidia will face greater challenges in the future.However, the market is currently more focused on signs that chip demand remains strong after the stock's recent weak performance.

According to Bloomberg Technology, Chinese artificial intelligence developers are expected to receive only a small portion of the advanced chips ordered from Nvidia in the coming months, as Nvidia is working to increase production to meet the surge in demand. The report states that Chinese customers are expected to receive only 1% of the ordered RTX chips worth $70 billion.

Samsung Electronics will build a second wafer fabrication plant in Taylor, Texas, to produce high bandwidth memory chips for AMD and NVIDIA. The plant is expected to break ground this month, utilizing 2-nanometer process technology, covering approximately 2.7 million square feet, and being 1.5 times the size of the first plant.Equipment installation is expected in February 2029, with mass production starting in 2030.

According to a report by the Science and Technology Innovation Board Daily on November 3, reporters learned from multiple industry chain insiders that the artificial intelligence company DeepSeek's next-generation large model, DeepSeek V5, plans to be trained based on Huawei's Ascend chips. Previously, the Ascend chips were mainly used for inference tasks of the DeepSeek large model.The report stated that at the end of September this year, DeepSeek open-sourced infrastructure components for the Huawei Ascend computing power platform, covering the TileLang high-level language compilation tool, computing libraries, and distributed communication libraries, which correspond one-to-one with the previously open-sourced components for the NVIDIA platform. The report was written by Huang Xinyi, a reporter for the Science and Technology Innovation Board Daily.

According to reports from People's Financial News, Bao Chengchao, the chief strategist of the research department at CITIC Securities, pointed out in his latest insights that, compared to the global market, the valuation of domestic large-cap blue-chip stocks is at a relatively low level. The A-shares market is the only one among the U.S., Japan, South Korea, and A-shares where the AI relative to non-AI valuation premium is still higher than the historical mean. As of October 22, 2026, the PE ratio of A-shares for AI/non-AI is 4.4 times, which is at the 82nd percentile since 2016, while the same indicator for the U.S., Japan, and South Korea has fallen to the 1%, 17%, and 24% percentiles, respectively.The AI premium in overseas markets has largely been absorbed by the rise in non-AI valuations. The PE ratios for non-AI non-financial leaders in the U.S. and Japan are 33.5 times and 23.0 times, respectively, which are at the 98% and 95% percentiles in history. The overall PE ratio for A-shares related to domestic demand and manufacturing non-AI blue-chip stocks is only 15.6 times, which is at the 21% percentile in history. Bao Chengchao believes that this misalignment indicates that the large-cap blue-chip stocks related to domestic demand and manufacturing in A-shares have relatively ample room for valuation recovery.Bao Chengchao also stated that the realization of this space requires coordination with macro conditions. On the overseas front, if the AI spending cycle gradually approaches a downward turning point, long-term U.S. Treasury rates may also decline, leading to marginal improvements in the demand and valuation environment for global non-AI sectors. Domestically, the clear alignment of fiscal and monetary policies places a focus on expanding domestic demand, with increasing signals of marginal improvement in core indicators of domestic demand. If the decline in overseas interest rates and the recovery of the domestic economy create a phase resonance, the profit expectations and valuation constraints of large-cap blue-chip stocks in A-shares are expected to recover simultaneously.

On October 29, the cryptocurrency research institution Delphi Digital released a report titled "The AI Boom Has a Power Problem," authored by Accelxr. The report states that deployable AI computing power depends on chip supply, as well as sites that are powered, cooled, and connected to the grid. Electricity is harder to supplement in the short term than chips, as chip production capacity can expand quarterly, while new power generation and transmission take years.The report cites data indicating that the PJM capacity auction has cleared at the price cap for three consecutive times, with the last two still falling short of reliability targets by 6.6 to 6.8 GW, marking the first time such a gap has occurred in the history of this auction. The scale of large load queues in Texas ERCOT increased from 63 GW at the end of 2024 to 474 GW in June, with about 90% being data centers; the governor requested an audit of the data centers in the queue in August, and ERCOT subsequently suspended power approval for data centers and cryptocurrency miners of 75 MW and above, including 17 projects that had passed stability studies.The report also states that U.S. data centers are expected to account for about 4.7% of the nation's electricity consumption in 2024, with LBNL predicting an increase to 9.5% to 15.3% by 2030, and EPRI estimating a maximum of 17%. In a 1 GW facility, chip depreciation is about $2.8 billion to $3.3 billion per year, equivalent to about $8 million per day. SemiAnalysis predicts that by 2028, the U.S. will have over 40 GW of data center capacity utilizing behind-the-meter power sources; the delivery cycle for large gas turbines is about five years, with GE Vernova, Siemens Energy, and Mitsubishi Heavy Industries forming an oligopoly. Wood Mackenzie expects gas turbine prices to reach $600 per kilowatt by the end of 2027, nearly three times the level of 2019.

According to The Information, OpenAI plans to purchase Google's artificial intelligence chips.

The Shanghai Municipal Economic and Information Technology Commission issued the "Action Plan for Accelerating the Development of a New Generation of Intelligent Manufacturing in Shanghai." The plan proposes to strengthen the industrial network and computing power infrastructure, support manufacturing enterprises in carrying out new industrial network transformations, promote the integrated evolution of control systems, industrial networks, and computing power facilities, and advance the pilot projects for industrial 5G/EUHT independent private networks.The plan also proposes to support the deployment of high-quality networks such as 5G-A and 10 Gigabit optical networks, accelerate breakthroughs in AI high-performance chips, and expedite the construction of a "hub-region-edge" computing power facility system. At the same time, it aims to strengthen the overall scheduling of intelligent computing resources, accelerate the construction of national computing power interconnection nodes, promote standardized access and on-demand invocation of computing power resources, and advance the inclusive supply actions of computing power services, enhancing the efficiency of the industrial intelligent computing cloud platform.

Recently, there has been discussion in the market about Cambrian's chip shipments exceeding 1 million units next year. At the Cambrian third quarter earnings briefing on the afternoon of October 26, Cambrian's Chairman and General Manager Chen Tian Shi responded that the company has never engaged in any related communication.Chen Tian Shi stated that market information is complex, and he urged investors not to trust information from unknown or unverified sources. The above response was reported by Yicai.

Most Hong Kong chip stocks fell, with Hua Hong Semiconductor (01347.HK) down over 7%, ASMPT (00522.HK) down over 6%, Wallen Technology (06082.HK), Tianshu Zhixin (09903.HK), and Zhaoyi Innovation (03986.HK) down over 5%.Some artificial intelligence stocks strengthened, with Qunhe Technology (00068.HK) up over 15%, Chipone Technology (02166.HK) up over 4%, NetEase-S (09999.HK) up over 3%, and Meitu (01357.HK) up over 2%.