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1, Intel response processor major security loopholes, AMD and Nvidia profit? INTEGRATED MICROSYSTEMS INTRODUCTION Intel's chip product has been hit by a huge design flaw that caused two cyber-hacking attacks, Meltdown and Specter, respectively. This fundamental design Defects, forcing Windows, Linux kernel needs a large-scale redesign to address chip-level security vulnerabilities.
'Crash' is an attack that breaks the isolation between the application and the operating system, and software can directly access memory to retrieve additional applications and system resources when the isolation disappears; 'ghost' Isolation between applications attacks.It allows hackers to disguise, fool the system testing, and ultimately achieve the purpose of access to resources.
The trouble is that system updates for Windows and Linux will affect the performance of Intel products, and the impact is under evaluation but it is expected to slow Intel chips by 5% to 30% depending on the task type and processor model. Intel recently introduced features such as Processor Support Process Context Identifier (PCID) to reduce performance impact.
Similarly, Apple's 64-bit macOS and similar systems also need to be updated because of the flaw that exists in Intel's x86 chips, and the microcode update does not seem to solve the problem. It must be repaired in system-level software , Or buy a new processor without design flaws.
As a result of the widespread impact of this story in the market, Intel shares fell as much as 6% in today's regular trading, while AMD shares rose as much as 8%.
In this regard, Intel believes: 'These attacks are not likely to damage, modify or delete data.Recent reports also said that these damage is caused by' loopholes' or 'defects' and is unique to Intel products - this is Incorrect.According to the analysis so far, many types of computing devices (processors and operating systems from many different vendors) are vulnerable to similar attacks. "And quickly made the statement. The original reads as follows:
Intel Response to Security Research Results
Intel and other technology companies have learned about a security study recently reported by the media that the software analysis methods described in this study could improperly collect sensitive data from manipulated computing devices when used for malicious purposes. Intel believes that these attacks will not damage, modify or delete data.
Recent reports also claim that the damage was caused by 'holes' or 'bugs' and is unique to Intel's products - which is not true.According to the analysis so far, many types of computing devices (from many Different vendors' processors and operating systems) are vulnerable to similar attacks.
Intel is committed to safeguarding product and customer security and working closely with many other technology companies, including AMD, ARM Holdings and multiple operating system vendors, to develop industry-wide approaches that can be quickly and constructively addressed This issue, Intel has begun to provide software and firmware updates to counter these disruptions, and as some reports point out, different loads are affected to a lesser extent and not so significant to average computer users as Over time and reduce.
Intel is committed to providing industry best practices and responsible disclosure of potential security issues, which is why Intel and other vendors originally planned to release more software and firmware updates and disclose the issue next week.But due to inaccurate current media Intel today issued a statement.
Contact your operating system vendor or system manufacturer and adopt the available updates as soon as possible Daily routine safeguards against malware also help prevent possible damage to the problem before the update is applied.
Intel believes its products are the safest in the world and with the support of its partners, the current solutions to this problem provide the best possible security for our customers.
AMD and Nvidia fishing profit?
AMD released a statement that the security research team identified three suspicious variables, which threaten each processor maker is not the same, AMD itself is completely unaffected due to the different AMD processor architecture, So the risk faced by its processor is almost zero.
GPU chip giant Nvidia Corp. jumped 6.58% to $ 212.47 on the 3rd, closing the day high since November 27, 2017, ranking the top of the 30 constituent stocks in Philadelphia Semiconductor. Mitch Steves, Capital Markets analyst, said: The incident should be quite beneficial to Nvidia's data center unit and Nvidia is expected to take more chances of gaining more market share if the speed of Intel products really matters.
In addition, Mitch Steves believes Nintendo's 'Switch' console is also expected to drive up Nvidia's operations amid rising fictitious currency mining revenue, increased revenue from its data center and continued steady revenue contribution from Switch, plus virtual reality for the next 12-24 months (VR) business will be more and more weight, Nvidia operations expected to be boosted.
The virtual currency and blockchain market size of up to $ 10 trillion, which Nvidia, AMD are good.At present the best graphics processor (GPU) mining is AMD's products, the public can get if the retail pricing AMD GPU , Will receive the highest mining reward, however, Mitch Steves said that the current price of ultra-micro-GPU is much higher than the retail pricing, which should temporarily boost Nvidia low-end GPU buying, because its supply is more adequate , Pricing is also more attractive.
2, Exynos 9810 performance Samsung open this time to punch punch Qualcomm kick Apple?
In the mobile processor world, Apple's A-series processors are ringing NO.1, followed by Qualcomm, Samsung, Huawei, MediaTek, the second high-pass flagship flagship this year Is a Snapdragon 845, single-core run divided into 2300 +, multi-core run points 8300 +, Qualcomm is proudly looking at Samsung, thought this year's NO.2 or himself, but Samsung is up to a sap.
The reason why Samsung dare to do so is because today it released the new processor - Exynos 9810, which uses 10nm LPP process, 8-core Samsung ARM Cotex-based third-generation self-research architecture, 4 +4 Big.Little, Big nuclear clocked at 2.9GHz.
Light to see the frequency of 2.9GHz, you can imagine how strong its performance, according to Samsung: Single-core performance than 8895, 9810 doubled, multi-core upgrade 40%, the outside world is expected to GB4 single-core at 4000 points, multi-core is expected to break million.
Weibo friends Maxt to us to share his Korean version of the S8 + GB4 running sub-conditions, single-core 2027, multi-core 6767, speculation about the performance of Exynos 9810, about 4054 single-core, multi-core 9473 points.
Compare the results of Qualcomm Snapdragon 845, single-threaded grade of 2393, multi-threaded grade of 8300.
Apple A11 run points, single-core 4061 points, multi-core 9959 points.
We sort in order to see: Apple A11> Exynos 9810> Qualcomm Snapdragon 845, Samsung's Exynos 9810 not only beyond Qualcomm, Apple A11 has almost dominated the position to be taken away, can be described as punching Qualcomm kick apple.
Exynos 9810 in addition to the performance of the hang, the other is also very good, such as baseband support to Cat.18, the highest downlink 1.2Gbps, integrates the world's first 6CA carrier aggregation LTE baseband also optimized 3D hybrid face recognition, enhanced AI, Support 4K 120P recording and playback, 10bit HEVC and VP9.
Exynos 9810 this year, equipped with equipment to think all are looking forward to.
3, Dunhuang IDC or shipments in 2018 challenge 100 million sets;
Set micro-mesh news, according to Taiwanese media reports, the smart phone toward the full screen and the trend of thinning unchanged, the legal person is expected, in 2018 integrated touch and drive IC (IDC) chip shipments will be expected to reach 300 million units overall, driven Dunhuang, IC plant is also expected to benefit from the four kings of smart phones Huawei, OPPO, Vivo and millet adoption rate increases, driving IDC shipments growth.
As high-end smart phones begin to import 18: 9 features, coupled with the requirements of thin and light smart phones, so the use of IDC will become a trend. Supply chain pointed out that although the previous integrated IDC chip touch and screen-driven dual functions, allowing smartphones more Slim but not heavily used due to previous phone brands' inattention to IDC costs.
However, as the second half of 2017, driver IC factory and panel makers joined hands to upgrade their technology to panel hood and interlaced line design, IDC costs began to decline, coupled with more and more drive IC plant to join the IDC battle situation, In order to meet market application and customer demand, panel makers such as BOE, Pegasus, AUO and Quantum also began to provide InCell solutions used by IDCs. In 2018, the use of IDC technology by smartphones will be expected to increase dramatically.
Corporate estimates, IDC shipments will be expected from 1.5 to 200 million units in 2017, growth to 300 million sets by 2018. Among them, Dun Tai shipments in 2017 is expected to reach 6,000 to 65 million units Level, in the overall IDC market share of more than 40% level, also on behalf of 2018 Dunlop shipments will be expected to challenge more than 100 million sets of performance, shipments compared to the expected significant growth.
4, Taiwan IC design industry depression recession cloud, urgent need for new growth point reborn;
According to Taiwan's media coverage, MediaTek reported a nearly double-digit decline in revenue growth for MediaTek in 2017. As MediaTek revenue accounts for almost 70% of Taiwan's IC design industry each year, this also indicates that the Taiwan IC In addition, only the top 5 IC design companies in Taiwan, only Realtek revenue growth in 2017, the rest including the Lian Yong, King King, Dun Tai Taiwan and other LCD driver IC suppliers Operating performance are unsatisfactory.
Taiwanese media believes that Taiwanese IC design firms must effectively grasp emerging emerging applications such as artificial intelligence (AI), cloud business opportunities and automotive electronics, otherwise the output value of the local IC design industry may be in a state of stagnant growth in advance, or even reverse The risk of recession.
Taiwan Media pointed out that until 2018 could recover the shortfall in market share of mobile device chips by 2018, the growth rate of output value of Taiwan's IC design industry will still be staggering in 2018. In fact, the average gross margin in the global chip market continues to plummet, Coupled with the continued marginal profit pressure chip, the chip a million Lee's generation has passed, in 2018 Taiwan IC design company profitability to a higher level of difficulty is very high, in 2017 the top ten IC design companies ranked, May only be creative, design services such as the world's core electronics can take the lead in seizing the opportunities of AI and high-speed computing chips.As a result of huge investment in research and development of AI chips, Taiwan-based IC design firm has been actively involved only MediaTek, which is the pursuit of growth Taiwan IC design industry, it will be a significant internal injury.
In addition, for the global PC and NB markets that have been declining for many years, both domestic and foreign brand manufacturers are not optimistic about their development trend in 2018. However, Taiwan-based IC design companies can only step up their resources to expand other chip product lines in order to win more More PC and NB related chip market share.
Due to the traditional off-season effect in the first quarter of 2018, shipments of PC and NB customers both at home and abroad dropped significantly, including MediaTek, Realtek, Lian Yong, Zhi Xin, Lian Yang, Xun Jie, Elan, Taiwan's IC design companies such as Cheung Shuen, Vinh Phuc, Crystal Yan, Anguo, Fuding, Nixon, Dazhong, and Mauda have all forecasted that revenues for the quarter will decline 10% to 20% from the fourth quarter of 2017.
However, it is noteworthy that, in recent years, as foreign chip makers continue to R & D resources from the PC and NB-related chip market withdrawal, grab more analog IC, Type-C chip, MOSFET chip orders desktop IC design Manufacturers are expected to enhance their operational outlook for 2018.
Of course, there are quite a few notable growth points for the IC design industry in Taiwan in 2018. For example, as more and more biometrics (fingerprinting, iris recognition, 3D recognition, speech recognition, gesture recognition, etc.) are widely used In the field of terminal mobile devices, financial payment, cloud services and automotive electronics, Taiwan-based IC design companies that insist on the cost competitiveness of their chips include MediaTek, Aegis, Li-Wang, Dun Tai, ELAN, , Wonderland Photoelectric, the original phase, Xin Chong, Yu Tai, etc. in 2018 will have a good potential for development.
It is reported that MediaTek has planned to join the face of the 3D facial recognition chip in 2018 battle, won the King was a morning Qualcomm (Qualcomm) selected as a 3D sensing technology partners, Yu Chong has also been among the Oculus chip supply chain.In addition, With the global demand for intelligent voice device market outbreak, Taiwan MEMS microphone manufacturers, such as Xin Chong, Yu too popular international brands favored.
In addition, as the gaming industry is considered to be an official international competitive event, Taiwan-based IC design companies that cut into the supply chain of home console, gaming equipment and other related peripheral devices include Yuanxiang, Songhan, Shengqun, MediaTek Etc., is expected in the field of e-sports in 2018 to obtain dazzling results.
Taiwan media that for PC makers, including brands, systems, motherboards, video card factory, although bitcoin and other virtual currency mining opportunities boiling speculation in the market, but the relatively stable growth of the eSports market is worthy of the traditional PC factory In addition, the 2022 Hangzhou Asian Games decided to include the gaming in the formal competition, the International Olympic Committee is expected to be included in the 2024 Olympic Games competing events, medium and long term trends, the gaming is expected to continue steady development. For gaming motherboards, graphics cards, the increasing demand for high-speed computing, cooling more stringent requirements, including cooling fan motors, fan motor drive IC demand synchronization increase, will also become a Taiwan-based IC design industry in the gaming industry In the opportunity.
5, AMD: 2018 how much space?
Editor's Note: This article by Kwan-Chen Ma, compiled by Linhai Huasheng College, gives you a brief analysis of the recent upsurge in the chip company AMD's business and future valuations.
Chip maker AMD (AMD) has been hit hard lately by the company's partnership with rival Intel (INTC) in the development of the i7-8809G chip, which is equivalent to the integrated processor of the mobile Intel Core processor and AMD VEGA graphics card, and the second is the huge Intel processor System security loopholes in the patch chip slowed down, and AMD chips are not affected due to different structures, the company shares rose sharply for two days, or more than 12%, the following brief analysis of the company's business and future potential.
By business segment
The company has two major business segments: Computing and Graphics segment (C & G) and Enterprise, Embedded and Semi-Custom Business segments (EESC for short), segment revenue and revenue share trends are as follows, revenue are Keep growing in 2017. Currently, the largest PC market still belongs to notebooks. The competitiveness of corresponding companies' APUs (integrated chips) is increasing compared with that of Intel. In addition, the current C & G's revenue proportion drops to EESC, and EESC revenue Growth will be hedging C & G business growth.
Profitability, see the chart below the operating margin comparison, segment profit margins to the EESC, including the newly released data center server chip EPYC higher profit margins helpful, two-quarter profit margin increased upward. Historically, EESC is at least 10% above the C & G segment, approaching 10.19% and 8.55% respectively in the last two quarters and Q3 is C & G the most profitable quarter ever.
From the product attributes are divided into CPU and graphics card, look at the CPU, 17 Q3 desktop CPU and mobile chip shipments market share reached 11.2% and 7.1%, respectively, from the hands of Intel to seize some of the market.Card, the company desktop Machine graphics and mobile graphics shipments accounted for 4.2% and 3.7% respectively, an increase lower than the rival NVIDIA.
Source: IDC
Looking at revenue, CPU revenue in the past was generally 50% higher than graphics revenue, and quarterly growth (36%) was higher than the 16% of graphics cards, but the above figures are available only from the C & G segment, Business segment categories overlap, 14-year reclassification a large part of the CPU and graphics business to join the EESC division, such as semi-custom business server processor EPYC.
Profitability statements are not presented separately, can only make a reasonable estimate.As shown below, the average price of the CPU product is about 50% higher than the graphics card to 70%, according to the truth CPU is higher than the graphics card profit margin.
According to the above segment revenue ratio, C & G operating profit margin and assumed CPU and graphics profit margin differences, the Q3 CPU and graphics operating profit margins were 11.21% and 6.54%, taking into account EESC operating margin of 10.49% Can be introduced Q3 EESC division CPU and graphics revenue ratio were 78% and 22%. According to the above consolidation CPU and graphics revenue ratio as follows:
Looking to the future
With perfect product mix and patent authorization, the company's profit margin is expected to increase in 2018 and its operating profit margin is expected to reach 12%. The new chip growth is expected to increase the profit margin of C & G and EESC by 0.5%. With strong new product EPYC and Intel's cooperation, the company is expected to enhance the PC chip market share, it can be said that 17 to 18 years server chip is a major opportunity, the overall look is expected to CPU long-term growth rate to 13%.
Valuation: 18 years of space
The two methods are based on C & G, EESC, CPU and graphics respectively. The general method is based on the valuation of revenue. The formula is as follows: Pi = P / S * ixSi (Pi is the corresponding segment or product target price, P / S * i is the corresponding fair market sales rate, and Si is the corresponding sales revenue. The other valuation models are based on the Sales Franchise Value Model (SFV) for future earnings growth. The formula is as follows:
The corresponding valuation results in the following table, combined with the two sets of target price corresponding to the valuation, the company's target price in 2018 range of 15 to 18 US dollars, there is plenty of space.
