Nomura

Nomura: global data center power usage by application $NVDA $AMD $VRT $GOOGL $MSFT $META $AMZN

$MU $SNDK $SKHY $NBIS Nomura’s memory team just put out a really interesting note on the AI scare, the numbers underneath are some of the strongest I’ve seen in this drawdown. Nomura sees AI going from 10GW of data center power in 2025 to…

Nomura: data center capacity to expand to 74GW in 2028F, up from 26GW in 2025. Of the 74GW, 48.5GW coming from the US big tech. $SPCX $ORCL $CRWV $META $MSFT $AMZN $GOOGL

Nomura: Sumitomo Electric is on track to secure Nvidia's qualification for ultra-high-power CPO lasers in FY27 before scaling in 2H28.

Nomura: supply chain for optical devices $COHR $LITE $AAOI $NVDA $CIEN $GOOGL

Nomura: China WFE TAM by different product category

Nomura: 1.6T transceiver BOM cost breakdown DSP/MCU/CDR lead with 27% of the BOM cost, followed by 200G EML/LD chip at 26%. $LITE $COHR $MRVL $AAOI $AVGO

Nomura: based on our estimates, optical lasers/chips, DSP, TIA/driver chips, and PD chips could make up 66%~72% of BOM costs of 800G EML/SiPh transceivers or 1.6T EML/SiPh transceivers. $LITE $COHR $AAOI

Nomura: We estimate China overall WFE market size will grow 27% to $55.4 billion in 2026F, and to reach $103.5 billion in 2030F. The cumulative WFE spending will total $407.3 billion during 2026-30F, with domestic foundries and IDMs…

Nomura: total CPO OE shipments are estimated at 2.0 million units in 2027F, scaling significantly to 22.5 million units in 2028F. $NVDA $AVGO $TSM $MRVL

Nomura: EML & CW material and equipment value chain $AXTI $COHR $LITE $ASML $AMAT $LRCX

Nomura: According to the "FAU Industry Research Report" released by the C&C Industry Research, the demand for FAUs used in data center optical interconnect is estimated at 160mn units in 2026E, with total demand expected to grow by more…

This is WILD! Nomura thinks memory becomes a $3.7 trillion market by 2030, bigger than the entire semiconductor industry is today. The chart shows that the global memory revenue goes from $185 billion in 2024 to $270 billion in 2025, then…

Nomura has global memory revenue reaching ~$3.7 trillion in 2030 with 83% of it coming from data centers. More than 3.5x in revenue from 2026F. $MU $DRAM $SNDK $SKHY $EWY $DISK https://t.co/aTXN8qFj55

The biggest memory cycle in 45 years is only getting started (Save this). Every prior peak on this chart came from a demand event that ended, whether that was the Iraq war build, the cloud capex boom or COVID. Each one produced a sharp red…