1、Equity ResearchIndustry Update August 22,2025IT Hardware&Communications NetworkingSemiconductorsSemiconductor Capital Equipment2Q25 Server Ship-Implied Arm-Based Ramp Driven by NVDA Blackwell(Dell Ship+8x Q/Q)?,DRAM&Flash Updates,&MoreWells Fargo Technology WeeklySemiconductors,Semi Cap Equipment,&I

2、T 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.Gartner Preliminary 2Q25 Server Ship Data Highlight Notable Mix Shift from x86 Servers(Arm/NVIDIA Blackwell Rack-Scale Ramp?)DRAM&NAND Industry Mon

3、thly Update(TrendForce)Memory Pricing Update-DDR5 Spot Pricing Implied at+6%Q/Q for 3Q25 QTD;NAND Flash Spot+8%for 3Q25 QTDAn Interesting Read-Google Outlines the Evolution(Epochs)of Distributed ComputingSamsung Passes Initial Prototype and Quality Testing for HBM4 with NVIDIAChina Internal Smartpho

4、ne Ship-9%y/y in June(2Q25-13%y/y);Non-China Branded(iPhone Proxy)-31%y/y(2Q25-12%y/y)China Pushing Companies to Eliminate use of NVIDIA H20;Targeting 70%Sell-Sufficiency by 2027Intel Jaguar Shores AI Accelerator Details Beginning to Surface;Focus on Rack-Scale Competitive PositioningGoogle Highligh

5、ts Improvement in AI Energy EfficiencyNVIDIA Driving Broader Immersion Cooling in 2027/2028S&P Global Automotive Production Update:2025E 90.4M units+1%y/y(vs.prior forecast 89.9M)Avnet Increases Dividend 6%;6th Dividend Increase in 5 yearsWells Fargo Semiconductors&IT Hardware TeamEquity Analyst|Wel

6、ls Fargo Securities,LLCWellsFargoSemiconductorsandITHardwareTAaron Rakers,CFAEquity Analyst|Wells Fargo Securities,LLCAaron.R|314-875-2508Joe Quatrochi,CFAEquity Analyst|Wells Fargo Securities,LLCJoe.Q|314-875-2055Jake Wilhelm,CFA,CPAAssociate Equity Analyst|Wells Fargo Securities,LLCJake.W|314-875-