算力
GPUs, AI accelerators, and general-purpose compute silicon for training and inference.
需求为什么传导到这里
整条链最显眼的中心，也是多数人止步的地方。但它恰恰是无法独立工作的一层：加速器周围需要内存带宽、封装、互连、光模块、存储、电力和散热。其中任何一环跟不上，芯片就闲着。
瓶颈在哪
设计能力高度集中在这一层，但短期的天花板通常由别处决定 —— 封装、HBM 供给或电力 —— 而不是加速器设计本身。
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。
本层级的公司
- NVDA受益
NVIDIA
GPU/accelerator platform for AI training and inference.
Data-center GPUsHGXNVL72在本层的角色
提供用于 AI 训练与推理的数据中心 GPU 与机柜级系统。
- AMD受益
Advanced Micro Devices
Data-center GPUs and CPUs for AI training and inference.
Instinct GPUs在本层的角色
提供用于 AI 训练与推理的 Instinct 数据中心 GPU。
- AVGO受益
Broadcom
Custom AI accelerator (XPU) and networking silicon designer.
Custom ASICs在本层的角色
为客户自有系统设计定制的系统级芯片（ASIC），其中包括 AI 加速器。
- CBRS受益
Cerebras Systems
Wafer-scale AI accelerator systems for training and inference.
CS-4WSE-3在本层的角色
制造晶圆级 AI 系统，目前主打高速推理。
- INTC受益
Intel
Data-center CPUs and accelerators; also operates contract fabrication.
Xeon CPUsGaudi accelerators在本层的角色
提供用于 AI、HPC 和通用负载的 Xeon 数据中心 CPU，以及 Gaudi AI 加速器。
- ARM受益
Arm Holdings
CPU architecture and IP licensed into datacenter and edge silicon.
NeoverseCPU architecture licensing在本层的角色
授权 CPU 架构与 Neoverse 设计，合作伙伴据此打造数据中心与云端 AI 芯片。
引用这些标的的公开 13F 申报
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 inAMDForm 13F-HR for the period ending 2026-06-30, filed 2026-08-14 · SEC filing
- Appaloosa Managementreported a position inAMDForm 13F-HR for the period ending 2026-06-30, filed 2026-08-14 · SEC filing
- Bridgewater Associatesreported a position inAMDForm 13F-HR for the period ending 2026-06-30, filed 2026-08-14 · SEC filing
- Coatue Managementreported a position inAMDForm 13F-HR for the period ending 2026-06-30, filed 2026-08-14 · SEC filing
- Duquesne Family Officereported a position inAMDForm 13F-HR for the period ending 2026-06-30, filed 2026-08-14 · SEC filing
- Fundstrat Capitalreported a position inAMDForm 13F-HR for the period ending 2026-06-30, filed 2026-08-13 · SEC filing
- Tiger Global Managementreported a position inAMDForm 13F-HR for the period ending 2026-06-30, filed 2026-08-14 · SEC filing
- 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
- ARK Investment Managementreported a position inCBRSForm 13F-HR for the period ending 2026-06-30, filed 2026-08-14 · SEC filing
- Coatue Managementreported a position inCBRSForm 13F-HR for the period ending 2026-06-30, filed 2026-08-14 · SEC filing
- Tiger Global Managementreported a position inCBRSForm 13F-HR for the period ending 2026-06-30, filed 2026-08-14 · SEC filing
- ARK Investment Managementreported a position inNVDAForm 13F-HR for the period ending 2026-06-30, filed 2026-08-14 · SEC filing
- Appaloosa Managementreported a position inNVDAForm 13F-HR for the period ending 2026-06-30, filed 2026-08-14 · SEC filing
- Bridgewater Associatesreported a position inNVDAForm 13F-HR for the period ending 2026-06-30, filed 2026-08-14 · SEC filing
- Coatue Managementreported a position inNVDAForm 13F-HR for the period ending 2026-06-30, filed 2026-08-14 · SEC filing
- Fundstrat Capitalreported a position inNVDAForm 13F-HR for the period ending 2026-06-30, filed 2026-08-13 · SEC filing
- Tiger Global Managementreported a position inNVDAForm 13F-HR for the period ending 2026-06-30, filed 2026-08-14 · SEC filing
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。
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.