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

• Base Hardware（基础原件）环节

  • multilayer ceramic capacitors（多层陶瓷电容）环节Booming — MLCCs (multilayer ceramic capacitors) sit in the upstream basic electronic components segment of the AI value chain. More precisely, they are part of the passive components supply chain beneath the "compute hardware" layer, providing power stabilisation and filtering for servers, networking equipment, and end devices.🔒8

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