定制芯片
ASICs and custom accelerator designs (in-house or merchant silicon) for specific AI workloads.
需求为什么传导到这里
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。
瓶颈在哪
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。
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
- AVGO受益
Custom ASIC design partner for hyperscaler in-house accelerators.
- MRVL受益
Custom silicon and ASIC design for cloud/AI infrastructure customers.
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 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
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.