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AI ASIC part II: AWS, Marvell, Alchip, Microsoft, and Meta

FUNDA·2024年12月18日

Alchip poised to win AWS Inferentia3 and likely Trainium3, driving outsized upside; MRVL faces 2026 uncertainty.

We will provide a detailed analysis of the ASIC businesses of AWS, Marvell, Alchip, Microsoft, and Meta, as well as the elasticity of their revenue and profit performance.

AWS

Key Insights:

a. Chip Iteration:

  • Released Inferentia1, Inferentia2, and Trainium1 chips. Inferentia2 and Trainium1 share similar architectures, but Trainium1's NeuronLink-v2 interconnect ports for inference are only half those of Trainium1. Additionally, architectural issues causing compute-bound operations lead to slow prefill.

  • Trainium2, featuring high bandwidth and large memory, could be pivotal for AWS’s ASIC.

b. ASIC Chip Business:

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