Custom Silicon 定制芯片 커스텀 실리콘
ASICs and custom accelerator designs (in-house or merchant silicon) for specific AI workloads.
Why AI demand reaches this layer · 需求为什么传导到这里 · 수요가 여기까지 오는 이유
Hyperscalers large enough to amortise a tape-out design their own accelerators rather than buying only merchant parts. That shifts value toward the design partners and IP that make an in-house chip possible.
规模大到足以摊薄流片成本的云厂商，会自研加速器而不是只买通用产品。价值因此转向那些让自研芯片成为可能的设计伙伴与 IP。
테이프아웃 비용을 감당할 만큼 큰 하이퍼스케일러는 범용 부품만 사지 않고 자체 가속기를 설계한다. 가치는 사내 칩을 가능하게 하는 설계 파트너와 IP 쪽으로 옮긴다.
Where the chokepoint sits · 瓶颈在哪 · 병목은 어디인가
Custom silicon competes for the same advanced packaging and HBM supply as merchant accelerators. Designing your own chip does not create capacity, it reallocates it.
定制芯片和通用加速器争夺的是同一批先进封装与 HBM 产能。自研芯片不创造产能，只是重新分配产能。
커스텀 실리콘은 범용 가속기와 같은 첨단 패키징·HBM을 놓고 싸운다. 직접 칩을 설계해도 용량이 생기지는 않고, 배분만 바뀐다.
A structural observation about supplier concentration and lead times — not a view on any security. 这是关于供应商集中度与交期的结构性观察，不是对任何标的的看法. 공급사 집중도와 납기에 대한 구조 관찰이지, 어떤 증권에 대한 의견이 아닙니다.
Companies in this layer · 本层级的公司 · 이 레이어의 기업
- AVGOBeneficiary · 受益 · 수혜
Custom ASIC design partner for hyperscaler in-house accelerators.
- MRVLBeneficiary · 受益 · 수혜
Custom silicon and ASIC design for cloud/AI infrastructure customers.
Public 13F filings citing these securities · 引用这些标的的公开 13F 申报 · 이들 증권을 인용한 공개 13F
Research context, not a recommendation. These are facts on file with the SEC; the classification that puts a security in this layer is ours, and the filer made no such claim.
供研究参考，不构成任何推荐。以下是已向 SEC 存档的事实；把某个标的归入本层级是我们的分类， 申报人并未作出这样的表述。
- ARK Investment Managementreported a position inAVGOForm 13F-HR for the period ending 2026-06-30, filed 2026-08-14 · SEC filing
- Appaloosa Managementreported a position inAVGOForm 13F-HR for the period ending 2026-06-30, filed 2026-08-14 · SEC filing
- Bridgewater Associatesreported a position inAVGOForm 13F-HR for the period ending 2026-06-30, filed 2026-08-14 · SEC filing
- Coatue Managementreported a position inAVGOForm 13F-HR for the period ending 2026-06-30, filed 2026-08-14 · SEC filing
- Fundstrat Capitalreported a position inAVGOForm 13F-HR for the period ending 2026-06-30, filed 2026-08-13 · SEC filing
- Tiger Global Managementreported a position inAVGOForm 13F-HR for the period ending 2026-06-30, filed 2026-08-14 · SEC filing
Rows below are public SEC Form 13F-HR filings, reported by the filing entity for the period shown and filed later — they are never current holdings. Form 13F covers long US equity positions only: it excludes short positions, cash, non-US holdings and most derivatives, and a reported position may have been sold since. Assigning a ticker to a layer is XingAI's classification, not the filer's. Nothing here is a recommendation, and an institution reporting a position is not a reason to take one.
下列条目来自 SEC 公开的 Form 13F-HR 申报，由申报主体就所示期间申报、并在其后提交 —— 它们不是当前持仓。Form 13F 仅覆盖美股多头头寸：不含空头、现金、非美资产和大多数衍生品，且申报的头寸可能已被卖出。把某个标的归入某一层级是 XingAI 的分类，不是申报人的。此处没有任何推荐，机构申报持有某标的也不构成你持有它的理由。
Same track · 同一赛道
Descriptive positioning only. `stance` says whether a company's business is exposed to a layer, never whether to buy it. Layers with no exposure are not recommendations to add any.