1、Equity ResearchIndustry Update July 25,2025IT Hardware&Communications NetworkingSemiconductorsSemiconductor Capital EquipmentHDDsFinal Thoughts into C2Q25 Prints(Positive),Significant AI Buildouts,Google Purchase Commits Expansion,&MoreWells Fargo Technology WeeklySemiconductors,Semi Cap Equipment,&

2、IT HardwareOur CallIn our weekly report,we discuss/analyze the most notable topics/news from the week.Click on the links below to read further/see charts.HDDs-Final Thoughts/Notes Into Prints(STX-7/29;WDC-7/30)-Reiterate Positive Demand Data PointsAnnouncements Highlighting the Competitiveness in Pa

3、ce of AI Infrastructure Build-Outs ContinueGoogle Capex Inflecting Higher-Wed Also Highlight Significant Purchase Commitment ExpansionInteresting Chart(Re:Meta):Hardware Failures in AI ClustersSamsung Reportedly Pushing Mass Production of 12-High HBM4 to 2026(vs.Prior 2H25 Expectation)DDR6 Expected

4、to Enter Large-Scale Adoption by 2027;LPDDR6 Products to Launch Before End of 2025?DigiTimes Discusses CXMTs DDR5+LPDDR5 ProgressKioxia Intros 246TB Enterprise SSDs-Highest eSSD Capacity in the MarketNVIDIA Supporting RISC-V with CUDA PlatformApple Introduces AppleCare One Warranty SubscriptionTakin

5、g a Deeper Look at Americas AI Action PlanAddressing Power Consumption in AI DatacentersMemory Pricing Update-DRAM&NAND FlashHuawei Expected to Unveil CloudMatrix 384 Rack-Scale AI System Featuring 384 Ascend 910C AI Processors In a Single DomainONs EliteSiC Design Win at Schaeffler;PHEV PlatformQui

6、ck Thoughts on ECARX Strategic Partnership W/MPWR(MPS)STM 2Q25/3Q25 Guide Quick Thoughts/RecapASML Share Repo Activity Update;25M purchased 7/14-7/18;148M 3Q25 QTDWells Fargo Semiconductors&IT Hardware TeamEquity Analyst|Wells Fargo Securities,LLCWellsFargoSemiconductorsandITHardwareTAaron Rakers,CF