[Sinolink | AI Computing Issue 47] Industrial Expectations at Bottom

English summary

Meeting highlights: Fan Zhiyuan, Chief of Sinolink Electronics Team: Semiconductor equipment lead times are lengthening; continue to favor the CAPEX growth beneficiary chain. Google Cloud Q2 revenue +82%, capex raised to $205 billion; Meta guidance pending; TSMC capex 60-64 billion, Micron additional investment 250 billion, CXMT listed on STAR Market and signed a 7 billion agreement with ByteDance; SEMI forecasts 2026 equipment sales of 165.9 billion (+23.2%). Global top 5 equipment makers' lead times extend to 18-24 months, accelerating domestic substitution. Token explosion drives ASIC ramp in 2026-27; AI PCB/CCL, computing hardware, and semiconductor equipment accelerate QoQ in Q2Q3. Watch: Dongshan, NAURA, Shengyi, WUS, Pengding, AMEC, Piotech, Shenghong, Kinwong, Han's, Lante, Nanya, GigaDevice, Shennan, Guanghe. ...