算力半导体：DRAM供应成核心指标 英伟达与AMD居首 高通垫底

US Semiconductors Compute Semis: DRAM Supply Is the New Ranking Metric; NVDA & AMDon Top; QCOM at the Bottom CITI'S TAKE We update our AI compute semis stock rankings post 1Q earnings.Fundamentally, AI compute demand remains undersupplied as reflectedby recent AWS EC2 GPU instances price hike of 20%. DRAM memoryshortages are the biggest constrain on compute supply as evident bymultiple strategic customer agreements signed through 2030 byMicron (includes MSFT/Dell, in our view). As such, our updated rankingsassign the highest weight to memory supply allocation among otherfactors like accelerator, CPU, and diversified hyperscale sales exposure.Among mega-caps (>$1T) we rank a) NVDA on top due to strong HBMpartnerships followed by AVGO (assume TPUs ~85% memory fulfillment).Among large caps, we rank a) AMD #1 served by both Samsung/Micronand CBRS #2 which employs different on-chip SRAM vs HBM. We rankQCOM at the bottom despite the high bandwidth compute (HBC)announcement which uses a stack of LPDDR memory due to limitedallocation till 2029. Atif MalikAC +1-415-951-1892atif.malik@citi.com James Bowlinjames.bowlin@citi.com Papa Syllapapa.sylla@citi.com Kelsey Chia, CFAkelsey.chia@citi.com Source: Citi Research Companies Mentioned:Advanced Micro Devices (AMD.O; US$521.58; 1; 26 Jun 26; 16:00) | Broadcom Inc (AVGO.O; US$365.02; 1; 26 Jun 26; 16:00) | Cerebras Systems Inc (CBRS.O;US$181.59; 1; 26 Jun 26; 16:00) | Dell Technologies (DELL.N; US$399.49; 1; 26 Jun26; 16:00) | Intel Corp (INTC.O; US$128.32; 1; 26 Jun 26; 16:00) | Marvell TechnologyInc (MRVL.O; US$266.77; 1; 26 Jun 26; 16:00) | Micron Technology Inc (MU.O;US$1132.33; 1; 26 Jun 26; 16:00) | Microsoft Corp. (MSFT.O; US$372.97; 1; 26 Jun 26; 16:00) | NVIDIA Corp (NVDA.O; US$192.53; 1; 26 Jun 26; 16:00) | Qualcomm Inc (QCOM.O; US$189.39; 2; 26 Jun 26;16:00) | Samsung Electronics (005930.KS; W339500.0; 1; 26 Jun 26; 15:45) If you are visually impaired and would like to speak to a Citi representative regarding the detailsof the graphics in this document, please call USA 1-888-500-5008 (TTY: 711), from outside theUS +1-210-677-3788 Appendix A-1 ANALYST CERTIFICATION The research analysts primarily responsible for the preparation and content of this research report are either (i) designatedby “AC” in the author block or (ii) listed in bold alongside content which is attributable to that analyst. If multiple ACanalysts are designated in the author block, each analyst is certifying with respect to the entire research report other than(a) content attributable to another AC certifying analyst listed in bold alongside the content and (b) views expressed solelywith respect to a specific issuer which are attributable to another AC certifying analyst identified in the price charts orrating history tables for that issuer shown below. Each of these analysts certify, with respect to the sections of the reportfor which they are responsible: (1) that the views expressed therein accurately reflect their personal views about eachissuer and security referenced and were prepared in an independent manner, including with respect to Citigroup GlobalMarkets Inc. and its affiliates; and (2) no part of the research analyst's compensation was, is, or will be, directly orindirectly, related to the specific recommendations or views expressed by that research analyst in this report. IMPORTANT DISCLOSURES An employee of Citigroup Global Markets Inc or its affiliates is a Director of Microsoft CorpJames Bowlin, Senior Associate, used to be an officer, director or employee of Intel Corp.Citigroup Global Markets Inc. or its affiliates has a net long position of 0.5% or more of any class of common equity securitiesof Marvell Technology Inc.Within the past 12 months, Citigroup Global Markets Inc. or its affiliates has acted as manager or co-manager of an offering ofsecurities of Broadcom Inc,Cerebras Systems Inc,Intel Corp,Marvell Technology Inc,NVIDIA Corp,Samsung Electronics.Citigroup Global Markets Inc. or its affiliates has received compensation for investment banking services provided within thepast 12 months from Advanced Micro Devices,Broadcom Inc,Cerebras Systems Inc,Dell Technologies,Intel Corp,MarvellTechnology Inc,Micron Technology Inc,Microsoft Corp.,NVIDIA Corp,Qualcomm Inc,Samsung Electronics.Citigroup Global Markets Inc. or its affiliates expects to receive or intends to seek, within the next three months, compensationfor investment banking services from Intel Corp.Citigroup Global Markets Inc. or its affiliates received compensation for products and services other than investment bankingservices from Advanced Micro Devices,Broadcom Inc,Cerebras Systems Inc,Dell Technologies,Intel Corp,Marvell TechnologyInc,Micron Technology Inc,Microsoft Corp.,NVIDIA Corp,Qualcomm Inc,Samsung Electronics in the past 12 months.Citigroup Global Markets Inc. or its affiliates currently has, or had within the past 12 months, the following as investmentbanking client(s): Advanced Mic