# 半导体

AI chips are reenacting the semiconductor supercycle of the 1990s 📡
Nvidia is not the end point, but rather the "Intel moment" in this track—
🔹 Upstream capacity expansion: TSMC's 3nm capacity doubles, CoWoS packaging queues until 2027 🔹 HBM arms race: SK Hynix's HBM4 mass production ahead of schedule, Samsung forced to catch up 🔹 New variables emerging: CPO silicon photonics, AI ASIC custom chips, are carving into Nvidia's cake 🔹 Valuation divergence: SOX index fluctuates over 40% within a year, is it a bubble or a golden pit?
Common mistake among retail investors: chasing GPUs while ign