Computex 2026: Autonomous AI Reconstructs Computing Architecture

Technology OVERWEIGHT Huatai Research–Overseas TMT (Maintain) 11 June 2026│US Quick Take Purdy HoSAC No.S0570523020002SFC No. ASI353purdyho@htsc.com+(852) 3658 6000 We identify two primary investment themes based on the Computex keynotes fromArm,Qualcomm,and Marvell.First,the second inning of the AI IndustrialRevolutionexpands beyond GPU-centric training and inference toward aheterogenous upgrade across CPUs, edge SoCs, memory hierarchies, networkinterconnects,and system software.Second,AI compute is shifting from HUANG Leping, PhDAnalystSAC No. S0570521050001SFC No. AUZ066leping.huang@htsc.com+(852) 3658 6000 CHEN XudongAnalystSAC No. S0570521070004SFC No. BPH392chenxudong@htsc.com+(86) 21 2897 2228 YU KeyiSAC No. S0570525030001SFC No. BVF938yukeyi@htsc.com+(86) 21 2897 2228 Arm: Cloud AGI CPUs and AI PCsunlocknewgrowth Arm CEO Rene Haas delivered his Computex keynote on June 2, highlightingthree changes to the company narrative. Management reiterated a five-year CPUTAM exceeding USD120bn and indicated the priorUSD15bn custom AI chiprevenue target may be reached ahead of schedule, eventually surpassing thelegacy IP licensing segment. The Arm AGI CPU is now in volume productionthrough TSMC and ecosystem partners, with rack-level solutions ranging from36kW air-cooled systems supporting 8,160 cores to 200kW liquid-cooled setupswith 45,696 cores. Arm also announced Oracle and ByteDance as new customers. YI ChuyanSAC No. S0570124070123SFC No. BXH065yichuyan@htsc.com+(86) 21 2897 2228 Qualcomm: Agenticre-architecture&DragonflycloudserverQualcomm CEO Cristiano Amon delivered his keynote on June 1, outlininghow agenticworkflows will fundamentally reshape device hardware architecture.Agents require continuous operation, context retention, and proactive cross-devicecoordination, shifting the paradigm toward orchestrated workflows and reinforcingQualcomm’s edge AI competitiveness in power efficiency and system integration.Management noted that agentic tasks drive a 100x increase in token consumption Marvell: Opticalinterconnect and NVLink Fusion support Marvell CEO Matt Murphy highlighted in his June 2 keynotethat infrastructurebottlenecks are extending beyond compute into data transfer and interconnectcapabilities as inference, mixture-of-experts, and agentic workloads scale. Agenticcompute is inherently discrete and distributed, requiring advanced connectivity,compute,memory,and bandwidth across clusters.Marvell showcased itsnext-generation 102.4T Ethernet switch, 1.6T coherent optics, and co-packagedoptics (CPO) switch solutions. The CPO platform has completed key technology Risks:China-UStrade frictions;slower-than-expected AI technology deploymentand advancement;intense competition. Source: Computex official website, Huatai Research Source: Computexofficial website, Huatai Research Source: Computex official website, Huatai Research Source: Computexofficial website, Huatai Research Source: Computex official website, Huatai Research Risks 1.China-US trade frictions:Both China and theUSare globalAI leaders, with numerouslocalcompanies actively developing and deploying AI technologies and products to advance AIGC, largelanguage models, andother cutting-edge applications. Any escalation in trade tensions between the 2.Slower-than-expected AI technology deployment and advancement:Since the successfulcommercializationofChatGPT,tech giantshave accelerated their investments in AIGC. However,AIis a high-tech sector that requires substantial upfront R&D investment and time. Future progress 3.Intensecompetition:The AI sector has yet to establish a stable competitive landscape, andcompetitionremains fierce.If rivalry intensifies further and certain companies fail to launch 4.Content related to uncovered stocks in this report is based on publicly available information and Disclaimers Analyst Certification I/We, Purdy Ho, HUANG Leping, CHEN Xudong, YU Keyi, YI Chuyan, hereby certify that the views expressed in this reportaccurately reflect the personal views of the analyst(s) about the subject securities or issuers; and no part of the compensation of General Disclaimers and Disclosures This research report has been prepared by Huatai Securities Co., Ltd. or its associated company(ies), Huatai Securities Co.,Ltd.and its associated company(ies) are referred to as “Huatai Securities” (Huatai Securities Co., Ltd. is qualified to conductsecurities advisory business as approved by the China Securities Regulatory Commission). The information herein is strictly This report is based on information deemed reliable and publicly available by Huatai Securities, but Huatai Securities makesno The opinions, assessments and projections contained herein only reflect the views and judgments at the issuance date. HuataiSecurities may issue research reports that contain inconsistent views, assessments andprojections with those set out herein atdifferent times. The prices, values and investment returns of the secu