人工智能基础设施建设正在影响半导体市场，平均销售价格（ASPs）在经历一段低迷期后出现上涨迹象。主要晶圆制造商已收紧资本支出，2026年的预测远低于2023年的峰值。这种由对领先逻辑芯片和高带宽内存（HBM）的需求驱动的供应减少，预计将因现有的长期协议而持续到2027年。 AI
影响 半导体供应紧张和价格上涨可能会增加人工智能硬件的成本，从而影响人工智能的开发和部署速度。
排序理由 分析人工智能基础设施建设对半导体资本支出和市场定价的影响。
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ASPs have been depressed for a few years, and LTAs lock in most pricing through 2027. The market is turning higher as well, you can see it in broader Analog reports like TXN and STM. We think these wafer intensity shifts, driven by leading edge logic and HBM, will drive a new
Supply is capped near-term. CapEx has tightened at the 4 Major Wafer Makers. CY26 CapEx is ~70% below the peak in 2023 and is expected to stay depressed. These silicon suppliers won't budge on CapEx until they have customer commitments to help fund it! Key wafer fab equipment, ht…