NVIDIA Corp.(NASDAQ:NVDA) may still be the face of the artificial intelligence chip boom, butJPMorgansays the next phase of the semiconductor rally could spread much further across the industry.
輝達公司（納斯達克：NVDA）可能仍是人工智慧晶片熱潮的代表，但摩根大通表示，半導體行業下一階段的漲勢可能會在更廣泛的領域蔓延。
• NVIDIA stock is trading at elevated levels. Where is NVDA stock headed?
• 輝達股價目前處於高位。NVDA股價將走向何方？
The latest World Semiconductor Trade Statistics data show semiconductor fundamentals remain strong, with June industry sales reaching $152 billion and year-over-year growth accelerating to 134%, according to JPMorgan. More importantly, the strength is no longer confined to memory chips.
根據摩根大通的數據，最新世界半導體貿易統計數據顯示，半導體基本面依然強勁，6月行業銷售額達到$1,520億，同比增長加速至134%。更重要的是，這種強勁勢頭已不再侷限於記憶體晶片。
JPMorgan now sees the global semiconductor industry reaching $1.68 trillion in sales in 2026, up 111% year over year, followed by $2.25 trillion in 2027, a 34% increase.
摩根大通目前預計，全球半導體行業2026年銷售額將達到$1.68兆，同比增長111%，隨後在2027年達到$2.25兆，增長34%。
That creates a much bigger opportunity for investors than the familiar Nvidia-led AI trade.
這為投資者創造了比熟悉的輝達主導的人工智慧交易更大的機會。
Semiconductor Growth Is Broadening
半導體增長正在擴大
Memory remains the biggest driver of the industry's growth. JPMorgan said memory accounted for roughly 77% of the year-to-date increase in semiconductor sales, with DRAM and NAND revenue continuing to benefit from higher pricing and shipment volumes.
記憶體晶片仍是行業增長的最大驅動力。摩根大通表示，記憶體晶片約佔年初至今半導體銷售額增長的77%，其中DRAM和NAND的收入繼續受益於價格上漲和出貨量增加。
But the bank is increasingly focused on what is happening outside memory.
但該行越來越關注記憶體晶片以外領域的情況。
Ex-memory semiconductor sales reached $63.5 billion in June, up 38% year over year and marking a third consecutive month of accelerating growth. Microcomponents, including microcontrollers, microprocessors and digital signal processors, were among the biggest sources of improvement.
6月，非記憶體類半導體銷售額達到$635億，同比增長38%，標誌著連續第三個月增速加快。微組件（包括微控製器、微處理器和數字信號處理器）是改善最顯著的領域之一。
The monthly data also show gains spreading across categories including analog chips, sensors and actuators.
月度數據還顯示，模擬晶片、傳感器和執行器等類別也普遍出現增長。
That matters because it suggests AI infrastructure spending is beginning to create a broader semiconductor demand cycle rather than benefiting only the most obvious AI accelerators and memory suppliers.
這一點很重要，因為它表明人工智慧基礎設施支出正開始帶動更廣泛的半導體需求周期，而不僅僅是惠及最顯而易見的人工智慧加速器和記憶體晶片供應商。
JPMorgan's 6 Chip Stocks to Watch
摩根大通看好的6隻晶片股
JPMorgan sees the strongest positioning across three parts of the semiconductor market.
摩根大通認為，在半導體市場的三個細分領域中，相關企業的佈局最為強勁。
- For compute, JPMorgan picks Nvidia, Broadcom Inc.(NASDAQ:AVGO), Advanced Micro Devices, Inc.(NASDAQ:AMD) and Intel Corp. (NASDAQ:INTC). Nvidia remains the industry's dominant AI accelerator supplier, while Broadcom and AMD offer exposure to custom AI infrastructure and competing compute platforms. Intel, meanwhile, gives investors exposure to CPUs and its increasingly important foundry and AI ambitions.
- For memory, JPMorgan favors Micron Technology, Inc.(NASDAQ:MU), as DRAM and NAND pricing continues to strengthen.
- For networking, JPMorgan again highlights Broadcom, alongside Marvell Technology, Inc.(NASDAQ:MRVL), as AI data centers require increasingly sophisticated connectivity to move data between processors and systems.
- 在計算領域，摩根大通看好輝達、博通公司（納斯達克代碼：AVGO）、美國超微公司（納斯達克代碼：AMD）和英特爾公司（納斯達克代碼：INTC）。輝達仍是行業領先的AI加速器供應商，而博通和美國超微公司則為投資者提供了定製化AI基礎設施和競爭性計算平台的敞口。與此同時，英特爾則讓投資者能夠涉足CPU業務，以及其日益重要的晶圓代工和AI佈局。
- 在記憶體領域，摩根大通青睞美光科技公司（納斯達克代碼：MU），因為DRAM和NAND價格持續走強。
- 在網絡領域，摩根大通再次強調博通，並同時看好邁威爾科技公司（納斯達克代碼：MRVL），因為AI數據中心需要日益複雜的連接技術，以在處理器和系統之間傳輸數據。
That gives investors six ways to play the same underlying theme — but with very different exposures.
這為投資者提供了六種參與同一主題的方式，但各自的風險敞口截然不同。
The AI Trade Is Getting Bigger
AI交易正在變得更大
The most important takeaway may be that investors don't necessarily need to pick the next Nvidia.
最重要的啓示或許是：投資者不一定非得選出下一個輝達。
JPMorgan's latest data suggest the AI infrastructure boom is creating demand across compute, memory and networking, while other semiconductor categories are beginning to recover as well.
摩根大通的最新數據顯示，AI基礎設施熱潮正在推動計算、記憶體和網絡領域的需求，而其他半導體品類也開始復甦。
JPMorgan also sees upside risk to its $1.68 trillion and $2.25 trillion industry forecasts because its model assumes largely seasonal growth across most categories.
摩根大通還認為其對$1.68兆和$2.25兆行業的預測存在上行風險，因為其模型假設大多數品類的增長基本呈季節性。
For investors, that creates a broader semiconductor opportunity: Nvidia may have started the AI chip boom, but JPMorgan sees plenty of room for the rest of the industry to catch up.
對投資者而言，這帶來了更廣泛的半導體機遇：輝達或許開啓了AI晶片熱潮，但摩根大通認為行業內其他公司仍有充足空間迎頭趕上。 (Benzinga)