# KeyBanc分析師John Vinh更新多項半導體評級與預測。

*semiconductor, genai · news · 2026-01-13 · Benzinga*

## Key points

- 超大規模數據中心正提前鎖定DRAM與NAND產能，因預計2026年數據中心將成長50%。
- KeyBanc的John Vinh將英特爾與AMD評級調升至增持，理由是2026年伺服器CPU產能已售罄。
- 博通2026年CoWoS供應預測上調30%，較2025年成長250%。
- OpenAI的ASIC時程延至2027年第一季，博通可能獲得80億至100億美元訂單。
- 由於供應更緊張，PC與智慧型手機原廠僅能滿足20%至45%的預期記憶體需求。

A fresh look at global semiconductor supply chains is reshaping analyst views as hyperscaler demand accelerates and memory constraints tighten across the industry. • Advanced Micro Devices shares are climbing with conviction. What’s driving AMD stock higher? Hyperscalers Tighten Memory Supply, Prices Rise After a recent Asia trip, KeyBanc analyst John Vinh updated several semiconductor ratings and forecasts, pointing to hyperscaler-driven demand that is tightening memory supply and reshaping winners and losers across the space. The analyst said hyperscalers are locking in Dynamic Random-Access Memory (DRAM) and NAND capacity ahead of expected 50% data center bit growth in 2026, pushing contract pricing higher. He cited DRAM contract price increases of about 25% in the first quarter of 2026 and 10%–12% in the second quarter of 2026, while NAND pricing rises about 20% in the first quarter of 2026 and 10%–15% in the second quarter of 2026. Outside data centers, Vinh said personal computer (PC) and smartphone Original Equipment Manufacturers (OEMs) are struggling to secure supply, with fulfillment rates running roughly 20%–45% versus forecasted demand. Intel, AMD and AI Infrastructure Names Lead The analyst said this dynamic supports his most bullish calls on Intel Corp (NASDAQ:INTC) and Advanced Micro Devices, Inc (NASDAQ:AMD), upgrading both to Overweight and raising estimates as he sees them largely sold out of 2026 server central processing unit (CPU) capacity, with potential 10%–15% price increases in first quarter of 2026. He also raised his Micron Technology Inc (NASDAQ:MU) price forecast to $450 from $325, while keeping positive views and higher estimates for names tied to AI compute and infrastructure demand including NVIDIA Corp (NASDAQ:NVDA), Broadcom Inc (NASDAQ:AVGO), Monolithic Power Systems, Inc (NASDAQ:MPWR), Marvell Technology Inc (NASDAQ:MRVL), Cirrus Logic Inc (NASDAQ:CRUS), Lattice Semiconductor Corp (NASDAQ:LSCC), Analog Devices Inc (NASDAQ:ADI), and others. Broadcom, Marvell And Custom Silicon In Focus Vinh pointed to custom silicon as another major hyperscaler battleground. For Broadcom, the analyst said Chip on Wafer on Substrate (CoWoS) supply for 2026 increased to 250K from 190K, a roughly 30% upward revision and about a 250% jump versus 2025, as Tensor Processing Unit (TPU) programs scale. Vinh added that OpenAI's custom Application-Specific Integrated Circuit (ASIC) timeline moved to the first quarter of 2027, but he still expects a large lifetime unit opportunity (1.5 million–2 million) that he believes will likely be announced as Broadcom's sixth customer, adding $8 billion–$10 billion to the $73 billion AI backlog. For Marvell, Vinh said outsized data center demand remains a tailwind. He noted the MTIA V3.5 design win looks less certain than what he heard last quarter, but he still sees Marvell in contention alongside MediaTek and said the update does not represent a fundamental change in Marvell's positioning. On the negative side, Vinh said higher memory pricing and shortages pressure handset demand and margins, leading him to cut estimates on Qualcomm Inc (NASDAQ:QCOM) and flag Arm Holdings Plc (NASDAQ:ARM) as a headwind given his expectation for a 2026 smartphone market contraction. The analyst also warned that memory constraints and sharp price increases could ripple through PCs, smartphones and autos, even as AI and data center workloads remain the strongest end markets. AMD Price Action: Advanced Micro Devices stock was up 6.09% at $220.34 at publication on Tuesday. Photo: Shutterstock

**Companies:** Intel Corp, Advanced Micro Devices, NVIDIA Corp, Broadcom Inc, Micron Technology Inc, Marvell Technology Inc, Qualcomm Inc, Monolithic Power Systems Inc, Cirrus Logic Inc, Lattice Semiconductor Corp, Analog Devices Inc
**Countries:** United States

[Read the full story on Benzinga](https://www.benzinga.com/analyst-stock-ratings/analyst-color/26/01/49887383/broadcom-marvell-in-focus-as-semicondcutor-analyst-flags-ai-driven-supply-crunch-custom-silicon-upside)

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