阿里巴巴等巨头的需求推动中国本土存储芯片供应商发展

In the past few months, Alibaba, ByteDanceand Tencent have repeatedly asked two ofthe world’s three leading memory makers,Samsung Electronics and SK Hynix, formore supply, according to two peoplefamiliar with the negotiations. But the twoSouth Korean companies, which, alongwith Micron of the U.S.在过去⼏个⽉⾥，据两位熟悉谈判的⼈⼠称，阿⾥巴巴、字节跳动和腾讯多次向全 球三⼤存储芯⽚制造商中的两家——三星电⼦和SK海⼒⼠——要求增加供应。但这两家韩国公司与美国的Micron⼀, control the vast majority of the world’smemory output, have prioritized allocatingwhatever supplies they have to big U.S. techfirms such as Microsoft, Google and MetaPlatforms, the two people added. (Micron 部分内存产能的这些⼚商，⼀直优先将现有供应分配给微软、⾕歌和MetaPlatforms等⼤型美国科技公司。（由于美中紧张局势升级，Micron⾃2023年以来实际上已被排除在中国市场之外。）A big part of the issue is that all threemakers of memory chips are shifting moreof their production to high-bandwidthmemory, limiting the amount of standardDRAM they can sell. High-bandwidthmemory chips stack multiple layers ofDRAM so AI chips can access a lot of data atonce and very quickly, which is crucial forAI systems.问题的很⼤⼀部分在于，三家内存芯⽚制造商都在将更多产能转向⾼带宽内存，从⽽限制了它们可销售的标准DRAM数量。⾼带宽内存芯⽚将多层DRAM叠加在⼀起，使AI芯⽚能够⼀次性并且极快地访问⼤量数据，这对AI系统⾄关重要。Upgrade to askDeep Research to…升级以向Deep ResearchDeep ResearchDeep ResearchDeep Research询问…………Whydid both OpenAI and Anthropic misstheir recent gross margin forecasts?为什么OpenAI和Anthropic都未能达到近期的⽑利率预测？Whatnew assets are bankers consideringsecuritizing to fund AI data centers?银⾏家们正在考虑将哪些新资产证券化以为AI数据中⼼提供资⾦？ “Micron, SK Hynix and Samsung areprioritizing HBM,” said Lennart Heim, aresearcher at the RAND Corp.“美光、SK海⼒⼠和三星正在优先发展HBM，”RAND公司研究员LennartHeim说道。The result creates an opportunity forChina’s homegrown memory chipmakers,Yangtze Memory Technologies Corp. andChangXin Memory Technologies. Alibaba,ByteDance and Tencent have each reached谁是OpenAI 5,000亿美元“Stargate”计算联盟的合作伙伴？Howmuch debt could Big Tech firms borrowwithout losing their credit ratings?⼤型科技公司在不失去其信⽤评级的情况下最多可以借⼊多少债务？ Central to those agreements is acommitment to future purchase orders,giving the chipmakers the certainty theyneed to invest in expanding manufacturingcapacity, the four people said.这⼏项协议的核⼼是对未来采购订单的承诺，四位知情⼈⼠表示，这为芯⽚⼚商提供了投资扩充制造产能所需的确定性。 YMTC makes NAND flash—the chips thatpermanently store data on servers, holdingthe vast libraries of text, images and videothat AI models consume during trainingand for the outputs generated afterward.CXMT produces DRAM, the chip that holdsdata in active use while an AI processes aquery.⻓江存储制造NAND闪存——⽤于在服务器上永久存储数据的芯⽚，承载着AI模型在训练时以及随后⽣成输出时所使⽤的⼤量⽂本、图像和视频库。⻓鑫⽣产DRAM——在AI处理查询时⽤于保存活跃使⽤数据的芯⽚。Manufacturing of these two memory chipsfollows industrywide specifications. Thismeans a chip from Chinese chipmakers canbe substituted for one in the samegeneration from Samsung or SK Hynix. have a comment. YMTC and CXMT didn’trespond to requests for comments. SKHynix said the company does not commenton any customer-related matters.阿⾥巴巴、腾讯和字节跳动未予置评。⻓江存储（YMTC）和芯海科技（CXMT）未回应置评请求。SK海⼒⼠表示，公司不对任何客户相关事务发表评论。 HBM4” and would “continue increasing theportion of AI-related products” such assome high-density memory products.三星未对该报道置评，⽽是指向其⼀⽉份的财报电话会议，当时该公司表示计划“通过扩⼤HBM4的供应来应对客户需求”，并将“继续增加AI相关产品的⽐重”，例如某些⾼密度内存产品。 Yet both companies are under significantpressure because the U.S., Japan and theNetherlands have restricted the exports ofadvanced chipmaking tools to China inrecent years.YMTC和CXMT都为国有企业，并作为北京推动半导体⾃给⾃⾜的⼀部分，已获得数⼗亿美元的国家⽀持资⾦。然⽽，由于近年来美国、⽇本和荷兰限制向中国出⼝先进芯⽚制造设备，这两家公司均⾯临重⼤压⼒。