APAC Technology "Taiwan cloud AI design service and networking/accelerator..."

研报英文原文证据摘录

APAC Technology "Taiwan cloud AI design service and networking/accelerator..."

Global Research

1 July 2026ab

APAC Technology Equities

GlobalTaiwan cloud AI design service and networking/

accelerator module updates Technology

Jerry Su

Analyst

jerry.su@ubs.com

Raise 2026/27E Trainium 3 shipments; GUC wins new MTIA project +886-28-722 7306

We believe Trainium 3 AI accelerator ramp is tracking ahead of consensus with upside to Annie Chen

volume in both 2026-27E. Our supply chain checks indicate wafer output began Associate Analyst

contributing to Alchip's revenue in May with the steep ramp in June driving strong MoM annie.chen@ubs.com

sales growth for both Alchip (design services) and Accton (accelerator cards). We also +886-2-8722 7281

expect improving yields and wafer allocation for Trainium 3 in H226E and 2027E. As a

result, we raise our Trainium 3 shipment estimates to 1.8m/2.8m units in 2026/27 from

1.7m/2.3m (see our update of 2026-27 CoWoS capacity forecasts), while we flag

potential further upside on additional foundry allocation (to be finalised in late H226E).

Separately, our supply chain checks suggest Global Unichip (GUC) has secured Meta's

new MTIA (Meta Training and Inference Accelerator) ASIC project with mass production

expected in 2028E. This would mark its second hyperscaler ASIC project win after

Microsoft's Maia 200, and should begin contributing meaningful revenue from H226E

and extend into 2027E.

Accton: Q226E revenue to grow c30% QoQ

We expect Accton's June revenue to increase c22% MoM, driven by the Trainium 3

ramp and strong 800G switch momentum from a new social media customer. We

estimate Q226 sales to grow c30% QoQ, followed by 21% QoQ growth in Q326E,

supported by the continued ramp of Trainium 3 and as its top customer accelerates