Artificial Intelligence Industry Chain

Hardware Infrastructure（硬件基础设施（上游））Sector — Hardware foundation for AI training and inference: computing, memory, networking and data centers.

• Computing Hardware（算力硬件）Sector — Chips, servers and manufacturing for AI computing.

  • AI Chips（AI芯片）Chip — Core AI processors across GPU, ASIC and FPGA architectures.🔒3

    • GPUChip — General-purpose parallel processors, the mainstream engine of AI training.🔒5

    • Custom ASIC（ASIC / 自研加速芯片）Chip — Custom accelerators for specific AI workloads, increasingly self-developed by cloud providers.🔒4

    • FPGAChip — Programmable logic chips for low-latency inference and prototyping.🔒4

  • AI Servers（AI服务器）System — Integrated systems combining AI chips, memory and networking.🔒5

  • Advanced Packaging（先进封装）Manufacturing — CoWoS and 2.5D/3D packaging integrating GPU with HBM; a key capacity bottleneck.🔒4

  • Printed Circuit Board（PCB / 载板）Component — High-layer-count boards, HDI and IC substrates for AI servers.🔒4

    • Copper Clad Laminate（覆铜板（CCL））Material — Core PCB base material; high-speed grades are key to AI server boards.🔒3

      • Copper Foil（电子铜箔）Material — Conductive layer of CCL; HVLP foil for high-frequency use.🔒3

      • Specialty Resins（特种树脂）Material — Low-loss dielectric resins that determine high-speed board performance.🔒2

      • Electronic Glass Fabric（电子玻纤布）Material — Low-Dk glass fabric reinforcing high-speed CCL.🔒3

      • Silica Filler（硅微粉填料）Material — Spherical silica fillers for CCL and advanced substrates.🔒2

  • Wafer Fabrication（晶圆制造）Manufacturing — Advanced-node foundry; AI chips use 5nm and below.🔒3

    • Semiconductor Equipment（半导体设备）Equipment — Lithography, etching and deposition equipment for wafer fabs.🔒4

    • Semiconductor Materials（半导体材料）Material — Key consumable materials of wafer fabrication.

      • Silicon Wafers（硅片）Material — Substrate material; 12-inch wafers are mainstream.🔒4

      • Photoresist（光刻胶）Material — Core lithography consumable; high-end KrF/ArF/EUV grades.🔒4

      • Electronic Specialty Gases（电子特气）Material — High-purity specialty gases for etching, deposition and cleaning.🔒3

      • CMP Materials（CMP抛光材料）Material — Slurries and pads for chemical-mechanical polishing.🔒3

• Memory & Storage（存储）Sector — High-bandwidth memory and mass storage for AI.

  • High Bandwidth Memory（HBM 高带宽存储）Chip — 3D-stacked DRAM co-packaged with GPUs; the core AI memory.🔒3

    • Precursor Materials（前驱体材料）Material — Precursor chemicals for HBM thin-film deposition.🔒3

    • TSV & Bonding Equipment（TSV与键合设备/材料）Equipment — TSV and bonding equipment and materials for HBM stacking.🔒4

  • DRAMChip — Server main memory; AI servers carry several times more.🔒4

  • NAND Flash（NAND闪存 / SSD）Chip — Mass storage for training data; enterprise SSD demand surging.🔒4

  • Memory Modules（存储模组）Component — Memory modules and storage solutions.🔒3

• Optical Networking（光通信与网络）Sector — High-speed interconnects within and between AI clusters.

  • Optical Transceivers（光模块）Component — Electro-optical conversion; 800G/1.6T ramping with AI clusters.🔒4

    • Optical Chips（光芯片）Chip — Laser and detector chips (EML/VCSEL/DFB) inside transceivers.🔒4

    • Electrical ICs（电芯片（DSP/TIA/Driver））Chip — DSP, TIA and driver ICs inside transceivers.🔒3

    • Optical Components（光器件与组件）Component — Passive and active parts: ferrules, sleeves, lenses, isolators.🔒3

  • Co-Packaged Optics（CPO / 硅光）Technology — Co-packaged optics with switch silicon; the next-gen interconnect.🔒4

  • Ethernet Switches（交换机）System — Data center network core; AI drives 51.2T switches.🔒4

    • Switch Chips（交换芯片）Chip — Core switching silicon, dominated by Broadcom at the high end.🔒3

  • Optical Fiber & Cable（光纤光缆）Component — Optical transmission media; multi-fiber and MPO growth.🔒3

  • Copper Interconnects（高速铜缆（DAC/AEC））Component — Low-cost in-rack interconnect, heavily used in rack-scale systems.🔒4

• Data Center Facilities（数据中心配套）Sector — Data centers with their power and cooling infrastructure.

  • Internet Data Center（IDC数据中心）Service — Data center construction and operations; AI DCs lead growth.🔒4

  • Power Systems（电源与供配电）Sector — Power systems upgraded for soaring rack density.

    • Server Power Supplies（服务器电源）Component — High-wattage server power supplies with rising value per unit.🔒3

    • UPS / HVDCEquipment — Uninterruptible power and high-voltage DC systems.🔒3

    • Diesel Generators（柴油发电机组）Equipment — Backup generators; tight supply lifts the cycle.🔒3

  • Thermal Management（散热与液冷）Sector — Thermal management; liquid cooling penetration rising fast.🔒3

    • Liquid Cooling Components（液冷部件（冷板/CDU/快接头））Component — Cold plates, CDUs, quick connectors and manifolds.🔒4

      • Coolant Fluids（冷却液）Material — Working fluids; fluorinated liquids for immersion cooling.🔒3

Models & Platforms（模型与平台（中游））Sector — Foundation models, cloud computing and data services.

• Foundation Models（基础大模型）SoftwareBooming — Development and training of general LLMs and multimodal models.🔒6

• Cloud Computing（云计算与算力服务）ServiceImproving — AI compute delivered as cloud services or GPU rental.🔒5

• Data Services（数据服务）Service — Training data collection, labeling and synthetic data.🔒3

• Frameworks & Tooling（开发框架与工具链）Software — Frameworks and tooling for model development and deployment.🔒4

Applications（应用层（下游））Sector — Consumer and enterprise AI applications and devices.

• AI Software（AI应用软件）SoftwareStable — AI-native apps and copilots for office, coding and creation.🔒4

• AI Devices（AI终端（手机/PC/穿戴））Hardware — On-device AI driving phone and PC upgrade cycles.🔒4

• Embodied AI & Robotics（具身智能与机器人）Hardware — Humanoid and general-purpose robots powered by large models.🔒4

• Autonomous Driving（智能驾驶）Hardware — End-to-end models advancing high-level autonomous driving.🔒4

• Industry AI Solutions（行业应用（医疗/金融/教育等））Service — LLM applications in healthcare, finance, education and beyond.🔒3