Soochow: The AI computing power industry chain will face multiple opportunities in 2026, with localization and technological innovation as the core driving forces.

Soochow released a research report stating that the AI computing power industry chain is expected to see a surge in performance in 2026. In terms of cloud computing power, domestic GPUs are entering a period of performance realization, and industry chain collaboration is crucial. On the edge computing side, AI terminal innovation and 3D DRAM will benefit the computing power, accelerating deployment in multiple scenarios. At the same time, the expansion of advanced process wafer foundry, upgrade of HVDC power architecture, and growth in demand for optical copper interconnects will collectively drive technological upgrades and value enhancement across the industry chain. Key points from Soochow are as follows: Cloud computing power: National computing power industry chain to see growth in performance driven by upstream and downstream resonance In 2026, leading domestic computing power chip manufacturers are expected to enter a period of performance realization, with domestic GPUs benefiting from the capacity release brought about by advanced process expansion. Considering that domestic computing power chip participants are competing for market share and production capacity, AI ASIC service providers are seen to play a key role in the supply chain. Additionally, with the entry of domestic computing power into the era of super nodes, both the single-card strength of GPU manufacturers and the localization level of Switch chips will be tested, and governments at home and abroad may have some control over this aspect. Relevant companies include Cambricon Technologies and Shengyi Communication. Edge computing power: Empowering AI scenarios with mixed edge-cloud architecture, AI SoCs continue to benefit from AI innovation wave Edge AI complements cloud AI, with the edge-cloud hybrid architecture laying a solid foundation for various scenarios. Overseas large models are expected to drive the landing of AIoT and benefit the three leading scenarios of smart glasses, cars, and Siasun Robot & Automation. In terms of investment, consumer upstream companies in the first half of 2026 may be generally suppressed by rising prices of storage, but looking ahead to the second half of 2026, considering the consumption cycle and factors such as AI innovation, there is optimism about the industrial chain opportunities brought about by the release of new products such as wearable AIoT. Additionally, with the expectation that 2026 will be the year of NPU deployment, related companies include Rockchip Electronics and Amlogic. 3D DRAM: 2026 expected to be the year of volume deployment for edge AI storage, with industry trends gradually established The rapid increase in storage demand driven by the landing of AI hardware in 2026 means that 3D DRAM, with high bandwidth/low cost, is expected to see volume deployment across multiple domains. The industry believes that fields such as Siasun Robot & Automation/AIOT/cars will rely on local large models for deployment, highlighting the importance of 3D DRAM storage in transforming applications from "usable" to "usable." The release of multiple NPU chips will also provide rich adaptation scenarios for 3D DRAM. Additionally, scenarios such as mobile/cloud-based inference will gradually be introduced, becoming key scenarios in 2026-2027, with the application areas continuing to expand. Related companies include GigaDevice Semiconductor Inc. and Ingenic Semiconductor. Edge AI models: Architecture optimization to break through physical bottlenecks, and profit sharing determines ecological blueprint Looking ahead to 2026, cloud-based models will continue to improve their complex planning capabilities through improved data quality and post-training optimization. At the edge, model capabilities from the cloud will be undertaken through distillation, using attention reduction, MTP, and other structure optimization techniques to improve execution success rates and latency performance. The route for Agents will involve both APIs and GUIs. In terms of the ecosystem: terminal manufacturers will control the OS and take over the system-level entry point, super apps will build application-related Agent closed loops and selectively open interfaces, and third-party model manufacturers will promote cooperation through revenue sharing mechanisms. AI terminals: 2026 marks the year of innovation for AI terminals Meta, Apple, Google, and OpenAI are all launching new AI terminal products. The form of AI terminals will be led by smart glasses, along with new forms such as AI pins, camera headphones, and more. With the iteration of models and the accelerated development of new terminal applications, the next generation of popular terminals may emerge during the innovation cycle of major manufacturers. The emergence of new terminals will depend on the upgrade of key components, with a focus on SoCs, batteries, heat dissipation, communication, optics, and other areas. Related companies include Luxshare Precision Industry. Changxin Chain: Changxin storage is expected to drive sufficient expansion, and the Changxin chain will directly benefit The CBA technology that Changxin is focusing on, which moves towards 3D, is expected to release continuous expansion momentum, helping to close the generation gap with Samsung and Hynix through this alternative route, ensuring the level of expansion. Companies in the industry chain will fully benefit from this. In addition to benefiting from Changxin's ample expansion, some high-quality companies in the equipment sector will also enjoy rapid increase in penetration rates and experience a double click effect; some outsourced and testing companies will take on Changxin's outsourcing demands. Related companies include Shenzhen SEICHI Technologies and Nexchip Semiconductor Corporation. Wafer Foundry: Advanced logic production levels expected to double, wafer foundry prosperity to be maintained Currently, domestic advanced process production capacity, especially for 7nm and below, is severely lacking. The potential pressure from the U.S. and Japan cutting off supply and the foreseeable demand for domestic advanced logic chips will drive lucrative expansions starting in 2026, with Semiconductor Manufacturing International Corporation and Hua Hong Semiconductor expected to continue expanding advanced processes. In addition, more entities will expand production for 14nm, including YMTC and ICRD, among others. Related companies include Semiconductor Manufacturing International Corporation and HUA HONG SEMI. PCB: Rubin ushers in a new era of high-end materials for AIPCB, M9 and Q drive up PCB value The requirements for high-speed signal integrity and low dielectric performance in AI servers continue to improve, driving the comprehensive upgrade of PCB materials. M9 CCL, with its ultra-low Df/Dk performance and outstanding reliability, is becoming a key substrate for AI servers and high-speed communication systems, expected to drive rapid growth in the value of PCBs and upstream high-end materials, becoming the core driving force for the PCB industry chain to enter a new cycle of high prosperity. Related companies include Victory Giant Technology, Hubei Feilihua Quartz Glass, etc. Optical copper interconnection: Scale up & out iterations continue, with copper and optical resonating In 2026, commercial GPU demand continues to grow, with CSPASIC entering a key year for large-scale deployment. Data center Scale Up drives the outbreak of super nodes, and copper cables become the optimal solution for short-distance low-power interconnection within cabinets. Scale out leads to continuous cluster expansion, with optical modules and GPU ratios soaring, and the gap in optical chip availability becomes more pronounced with the introduction of 1.6T volume. Copper and optical maintaining a dual resonance, the demand for interconnection sees a simultaneous increase in quantity and price, with a core focus on optical chips and high-end copper interconnect races. Related companies include Suzhou Everbright Photonics, Sichuan Huafeng Technology, etc. Server power supply: Data center power density surge drives HVDC power supply architecture as a core mainline The surge in AI data center power density is driving the HVDC power supply architecture to become a core mainline, with primary power laying the foundation for 800V high-voltage DC transmission, secondary power handling critical voltage conversion, and tertiary power precisely adapting to chip power demands, opening up incremental space for full-chain upgrades. In addition, the upgrade of server power supply technology leads to a simultaneous increase in PCB value and price, with the continuous increase in AI server power density driving the upgrade of power supply PCBs to high-end technologies such as thick copper, embedded modules, and advanced cooling, significantly increasing the value and quantity of single boards. Related companies include Shenzhen Honor Electronic and Jiangxi Welgao Electronics, etc. Recommended companies to watch: Cloud computing power: Cambricon Technologies, Hygon Information Technology, Verisilicon Microelectronics (Shanghai) Co., Ltd., Brite Semiconductor, Aolet Technology, Shengyi Communication, ZTE Corporation, etc. Edge computing power: Amlogic, Rockchip Electronics, Bestechnic (Shanghai) Co., Ltd., Espressif Systems, SigmaStar Technology, Shenzhen Bluetrum Technology, Actions Technology, Telink Semiconductor(Shanghai)Co.,Ltd., etc. Storage: GigaDevice Semiconductor Inc., Montage Technology, Shenzhen Longsys Electronics, Puya Semiconductor (Shanghai) Co., Ltd., Biwin Storage Technology, Shenzhen Techwinsemi Technology, Shannon Semiconductor Technology, Dosilicon Co., Ltd., etc. AI terminals: Luxshare Precision Industry, Shenzhen Sunway Communication, Zhejiang Lante Optics, Zhejiang Crystal-optech, SUNNY OPTICAL, Zhuhai CosMX Battery, Shenzhen Highpower Technology, etc. Outsourcing: Semiconductor Manufacturing International Corporation, Hua Hong Semiconductor, Nexchip Semiconductor Corporation, etc. Equipment: Shenzhen SEICHI Technologies, Skyverse Technology, Kingsemi Co., Ltd., etc. PCB industry chain: Victory Giant Technology, Wus Printed Circuit, Shennan Circuits, Shenzhen Kinwong Electronic, Shengyi Electronics, Shengyi Technology, Nanya New Material Technology, Hubei Feilihua Quartz Glass, Longyang Electronics, Sichuan Em Technology, etc. Optical copper interconnection: Suzhou Everbright Photonics, Yuanjie Semiconductor Technology, Henan Shijia Photons Technology, Sichuan Huafeng Technology, EverProX Technologies, Shenzhen Woer Heat-shrinkable Material, Zhejiang Zhaolong Interconnect Technology, etc. HVDC: Shenzhen Honor Electronic, Shenzhen Megmeet Electrical, Jiangxi Welgao Electronics, SHENZHEN JOVE ENTERPRISE LIMITED, etc. Risk Warning: Policy risks, intensified industry competition risks, and risks of technological iteration falling short of expectations.