The
launch
of
Intel
‘s
latest
artificial
intelligence
chip
is
expected
to
benefit
three
global
semiconductor
companies,
according
to
Morgan
Stanley.
Intel
unveiled
its
third-generation
AI
accelerator,
Gaudi
3
,
earlier
this
month.
The
semiconductor
giant
said
the
latest
chip
is
twice
as
power-efficient
and
can
run
AI models
one-and-a-half
times
faster
than
Nvidia’s
H100
GPU
–
the
flagship
product
from
the
current
AI
chip
market
leader.
Intel
says
the
high
demand
for
AI
chips
means
that
major
original
equipment
manufacturers
like
Dell
,
Hewlett
Packard
Enterprise
,
Lenovo
,
and
Supermicro
have
already
announced
the
adoption
of
Gaudi
3.
Supply
constraints
in
the
past
have
meant
Intel
has
struggled
to
turn
its
order
backlog
into
confirmed
sales,
but
Morgan
Stanley
believes
these
issues
will
be
resolved
from
the
second
half
of
2024
onwards.
In
a
research
note
Monday,
the
Wall
Street
bank
said
Taiwanese
companies
TSMC
,
Alchip
,
and
Wistron
are
likely
to
be
the
biggest
beneficiaries
of
the
demand
for
Intel’s
Gaudi
chips.
Shares
of
all
three
companies
are
also
traded
in
the
United
States.
The
fabrication
of
Gaudi
3
chips
will
be
handled
by
TSMC
using
its
latest-generation
5-nanometer
process,
while
Alchip
is
expected
to
be
the
key
beneficiary
in
the
semiconductor
supply
chain
by
providing
design
services
for
both
Gaudi
2
and
Gaudi
3.
Wistron
is
expected
to
be
the
main
baseboard
supplier.
“According
to
our
supply
chain
checks,
the
total
Gaudi
shipment
volume
(including
2
and
3)
could
be
as
high
as
300-400k
units
in
2025
(implying
US
$2-3bn
revenue
to
Intel)
if
TSMC
can
provide
sufficient
CoWoS
capacity,”
said
Morgan
Stanley’s
analysts
led
by
Charlie
Chan
in
a
note
to
clients
on
Apr.
22.
The
investment
bank’s
forecast
is
based
on
its
survey
of
the
semiconductor
supply
chain,
and
suggests
that
other
major
cloud
companies
like
Amazon
,
Microsoft
and
Google
are
also
interested
in
adopting
Gaudi
chips.
In
its
note,
Morgan
Stanley
reiterated
its
overweight
rating
on
Alchip
and
TSMC,
considering
them
long-term
winners
of
AI
semiconductor
demand.
The
analysts
are
overweight
on
Wistron
too,
noting
that
Nvidia’s
new
Blackwell
GB200
AI
chip
will
also
drive
immediate
growth
for
the
Taiwanese
electronics
manufacturer.
—
CNBC’s
Michael
Bloom
contributed
reporting.