{"id":738365,"date":"2026-03-06T15:48:09","date_gmt":"2026-03-06T07:48:09","guid":{"rendered":"https:\/\/www.alphaseek.cn\/?p=738365"},"modified":"2026-03-06T15:48:09","modified_gmt":"2026-03-06T07:48:09","slug":"%e8%bf%88%e5%a8%81%e5%b0%94%e7%a7%91%e6%8a%80-marvell%ef%bc%9aasic-%e5%8d%95%e5%8d%a1%e6%89%91%e7%a9%ba%ef%bc%8c%e9%9d%a0%e4%ba%92%e8%81%94%e6%9d%80%e5%9b%9e-ai%ef%bc%81","status":"publish","type":"post","link":"https:\/\/www.alphaseek.cn\/?p=738365","title":{"rendered":"\u8fc8\u5a01\u5c14\u79d1\u6280 Marvell\uff1aASIC \u5355\u5361\u6251\u7a7a\uff0c\u9760\u4e92\u8054\u6740\u56de AI\uff01"},"content":{"rendered":"
\n

\u6587 | \u6d77\u8c5a\u7814\u7a76<\/p>\n<\/blockquote>\n

\u8fc8\u5a01\u5c14\u79d1\u6280 Marvell(MRVL.O) \u5317\u4eac\u65f6\u95f4 3 \u6708 6 \u65e5\u51cc\u6668\uff0c\u7f8e\u80a1\u76d8\u540e\u53d1\u5e03 2026 \u8d22\u5e74\u7b2c\u56db\u5b63\u5ea6\u8d22\u62a5\uff08\u622a\u81f3 2026 \u5e74 1 \u6708\uff09\uff1a<\/p>\n

1.\u6536\u5165\u7aef\uff1a\u672c\u5b63\u5ea6 22.2 \u4ebf\u7f8e\u5143\uff0c\u73af\u6bd4\u589e\u957f 7%<\/strong>\uff0c\u7b26\u5408\u5e02\u573a\u9884\u671f\uff0822.1 \u4ebf\u7f8e\u5143\uff09\u3002\u672c\u5b63\u5ea6\u73af\u6bd4\u589e\u91cf\u7684 1.5 \u4ebf\u7f8e\u5143\uff0c\u589e\u957f\u4e3b\u8981\u6765\u81ea\u4e8e\u6570\u636e\u4e2d\u5fc3\u4e1a\u52a1\u7684\u5e26\u52a8\u3002<\/p>\n

2.\u6bdb\u5229\u7387<\/strong>\uff1a\u672c\u5b63\u5ea6\u6bdb\u5229\u7387\u4e3a 51.7%\uff0c\u73af\u6bd4\u63d0\u5347 0.1%\u3002\u7531\u4e8e\u516c\u53f8\u6bdb\u5229\u7387\u53d7\u6536\u8d2d<\/a>\u8d44\u4ea7\u644a\u9500\u7b49\u65b9\u9762\u7684\u5f71\u54cd\uff0c\u56e0\u800c\u8d22\u62a5\u4e2d\u7684\u6bdb\u5229\u7387\u5e76\u4e0d\u80fd\u76f4\u63a5\u4f53\u73b0\u51fa\u7ecf\u8425\u60c5\u51b5\u3002\u5728\u5254\u9664\u8be5\u5f71\u54cd\u540e\uff0c\u6d77\u8c5a\u541b\u53c2\u8003\u8c03\u6574\u540e\u7684\u6bdb\u5229\u7387\uff0c\u516c\u53f8\u672c\u5b63\u5ea6\u8c03\u6574\u540e\u7684\u6bdb\u5229\u7387\u4e3a 58.5%\uff0c\u73af\u6bd4\u4e0b\u6ed1 0.5%<\/strong>\uff0c\u53d7\u6bdb\u5229\u7387\u8f83\u4f4e\u7684\u5b9a\u5236 ASIC \u7b49\u4e1a\u52a1\u5360\u6bd4\u63d0\u5347\u5e26\u6765\u7684\u7ed3\u6784\u6027\u5f71\u54cd\u3002<\/p>\n

3.\u6570\u636e\u4e2d\u5fc3\u4e1a\u52a1\uff1a\u662f\u5e02\u573a\u5173\u6ce8\u7684\u91cd\u70b9<\/strong>\u3002\u672c\u5b63\u5ea6\u6536\u5165 16.5 \u4ebf\u7f8e\u5143\uff0c\u73af\u6bd4\u589e\u957f 8.8%<\/strong>\uff0c\u589e\u957f\u4e3b\u8981\u6765\u81ea\u4e8e\u5b9a\u5236 ASIC \u53ca\u5149\u4e92\u8fde\u4ea7\u54c1\u7684\u5e26\u52a8<\/strong>\uff0c\u672c\u5b63\u5ea6\u6570\u636e\u4e2d\u5fc3\u4e1a\u52a1\u5360\u6bd4\u4e3a 74.4%\u3002\u6d77\u8c5a\u541b\u9884\u4f30<\/strong>Marvell\u672c\u5b63\u5ea6 AI \u4e1a\u52a1\u6536\u5165\u7ea6\u4e3a 9.6 \u4ebf\u7f8e\u5143\uff0c\u73af\u6bd4\u589e\u957f 1.1 \u4ebf\u7f8e\u5143<\/strong>\u3002<\/p>\n

\u4e9a\u9a6c\u900a<\/a>\u53d1\u5e03\u4e86 Trainium 3\uff0c\u4f46\u7ed3\u5408\u5e02\u573a\u60c5\u51b5\u770b\uff0cTrainium 3 \u4e3b\u8981\u662f\u7531 Alchip \u6765\u63d0\u4f9b\u3002Marvell \u4f9d\u7136\u662f\u4e9a\u9a6c\u900a\u7684\u4f9b\u5e94\u5546\u4e4b\u4e00\uff0c\u5c06\u4e3b\u8981\u63d0\u4f9b Trainium 2.5 \u4ea7\u54c1\uff08Trainium 2 \u4e2d\u671f\u6539\u6b3e\uff09\uff0c\u8fd8\u662f\u7b26\u5408\u516c\u53f8\u6b64\u524d “\u65e0\u6536\u5165\u7f3a\u53e3” \u7684\u8868\u6001\u3002<\/strong><\/p>\n

4.\u4e0b\u5b63\u5ea6\u6307\u5f15\uff1a\u6536\u5165 24 \u4ebf\u7f8e\u5143\uff0c\u597d\u4e8e\u5e02\u573a\u9884\u671f\uff0822.7 \u4ebf\u7f8e\u5143\uff09\uff0c<\/strong>\u73af\u6bd4\u589e\u957f\u4e3b\u8981\u6765\u81ea\u4e8e\u5b9a\u5236 ASIC \u53ca\u6570\u636e\u4e2d\u5fc3\u4e1a\u52a1\u7684\u5e26\u52a8\uff1b\u6bdb\u5229\u7387\uff08GAAP\uff0951.4%- 52.4%\uff0c<\/strong>\u4fdd\u6301\u76f8\u5bf9\u5e73\u7a33\u3002<\/strong><\/p>\n

5.\u5168\u5e74\u5c55\u671b\uff1a\u4e0a\u8c03 2027 \u8d22\u5e74\u6536\u5165\u5c55\u671b 110 \u4ebf\u7f8e\u5143\uff08\u6b64\u524d\u4e3a 100 \u4ebf\u7f8e\u5143\uff09\uff0c\u540c\u6bd4\u589e\u957f 34%\u3002\u5176\u4e2d ASIC \u589e\u901f 20% \u4ee5\u4e0a\uff0c\u5149\u4e92\u8fde\u4ea7\u54c1\u7684\u589e\u901f\u8d85 50%\uff1b\u4e0a\u8c03 2028 \u8d22\u5e74\u6536\u5165\u5c55\u671b 150 \u4ebf\u7f8e\u5143\uff08\u6b64\u524d\u4e3a 130 \u4ebf\u7f8e\u5143\uff09\uff0c\u540c\u6bd4\u589e\u957f 40% \u5de6\u53f3\u3002<\/strong><\/p>\n

\n

\"\u8fc8\u5a01\u5c14\u79d1\u6280<\/p>\n<\/figure>\n

\u6d77\u8c5a\u541b\u6574\u4f53\u89c2\u70b9\uff1a\u518d\u5ea6\u4e0a\u8c03\u6307\u5f15\u5c55\u671b\uff0c\u660e\u786e\u6253\u9020 “\u89c4\u6a21\u5316\u96c6\u7fa4” \u80fd\u529b<\/strong><\/p>\n

\u8fc8\u5a01\u5c14\u79d1\u6280 Marvell \u672c\u6b21\u8d22\u62a5\u57fa\u672c\u7b26\u5408\u5e02\u573a\u9884\u671f<\/strong>\uff0c\u5176\u4e2d\u6536\u5165\u7aef\u7684\u589e\u957f\u57fa\u672c\u90fd\u6765\u81ea\u4e8e\u6570\u636e\u4e2d\u5fc3\u4e1a\u52a1\u7684\u5e26\u52a8\u3002\u5728\u5254\u9664\u644a\u9500\u7b49\u5f71\u54cd\u540e\uff0c\u516c\u53f8\u8c03\u6574\u540e\u7684\u6bdb\u5229\u7387\u4e3a 58.5%\uff0c\u73af\u6bd4\u4e0b\u964d 0.5%\uff0c<\/strong>\u53d7\u6bdb\u5229\u7387\u8f83\u4f4e\u7684\u5b9a\u5236 ASIC \u7b49\u4e1a\u52a1\u5360\u6bd4\u63d0\u5347\u5e26\u6765\u7684\u7ed3\u6784\u6027\u5f71\u54cd\u3002<\/p>\n

\u516c\u53f8\u672c\u5b63\u5ea6\u8c03\u6574\u4e86\u4e1a\u52a1\u62ab\u9732\u53e3\u5f84\uff0c\u5c06\u4e1a\u52a1\u4ece\u539f\u6765\u7684 5 \u9879\u8c03\u6574\u4e3a 2 \u9879\uff08\u6570\u636e\u4e2d\u5fc3\u3001\u901a\u4fe1\u53ca\u5176\u4ed6\uff09\uff0c\u8fdb\u4e00\u6b65\u51f8\u663e\u6570\u636e\u4e2d\u5fc3\u7684\u91cd\u8981\u6027\u3002\u6570\u636e\u4e2d\u5fc3\u4e1a\u52a1\u662f\u672c\u5b63\u5ea6\u589e\u957f\u7684\u4e3b\u8981\u6765\u6e90\uff0c\u672c\u5b63\u5ea6\u73af\u589e 8.8%\uff0c\u5176\u4e2d\u6d77\u8c5a\u541b\u9884\u4f30\u516c\u53f8\u672c\u5b63\u5ea6 AI \u6536\u5165\u4e3a 9.6 \u4ebf\u7f8e\u5143\u5de6\u53f3<\/strong>\u3002<\/p>\n

\u5728\u8d22\u62a5\u6570\u636e\u4e4b\u5916\uff0c\u516c\u53f8\u7ed9\u51fa\u7684\u6307\u5f15\u662f “\u76f8\u5f53\u4e0d\u9519” \u7684\u3002\u8fc8\u5a01\u5c14\u79d1\u6280 Marvell \u9884\u8ba1\u4e0b\u5b63\u5ea6\u6536\u5165\u5c06\u8fbe\u5230 24 \u4ebf\u7f8e\u5143\uff0c\u73af\u6bd4\u589e\u957f 8%\uff0c\u597d\u4e8e\u5e02\u573a\u9884\u671f\uff0822.7 \u4ebf\u7f8e\u5143\uff09<\/strong>\uff0c\u589e\u957f\u5c06\u4e3b\u8981\u6765\u81ea\u4e8e\u5149\u6a21\u5757\u82af\u7247<\/a>\u548c\u5b9a\u5236 ASIC \u7684\u5e26\u52a8\u3002<\/p>\n

\u516c\u53f8\u7ba1\u7406\u5c42\u518d\u6b21\u4e0a\u8c03\u4e86\u672a\u6765\u7684\u7ecf\u8425\u9762\u5c55\u671b\uff0c\u516c\u53f8\u9884\u8ba1 2027 \u8d22\u5e74\u7684\u8425\u6536\u5c06\u8fbe\u5230 110 \u4ebf\u7f8e\u5143\uff08\u6b64\u524d\u6307\u5f15 100 \u4ebf\u7f8e\u5143\uff09\uff0c\u540c\u6bd4\u589e\u957f 34%\uff0c\u5176\u4e2d\u6570\u636e\u4e2d\u5fc3\u7684 AI \u4e1a\u52a1\u5c06\u8d21\u732e\u4e3b\u8981\u589e\u91cf\u3002<\/strong><\/p>\n

\u5bf9\u4e8e\u8fc8\u5a01\u5c14\u79d1\u6280 Marvell \u7684 AI \u4e1a\u52a1\uff0c\u4e3b\u8981\u5173\u6ce8\u70b9\u6709\u4ee5\u4e0b\u51e0\u65b9\u9762\uff1a<\/p>\n

a\uff09\u5927\u5ba2\u6237\u7684\u8d44\u672c\u5f00\u652f<\/strong>\uff1a\u4e9a\u9a6c\u900a\u662f Marvell \u516c\u53f8 AI \u4e1a\u52a1\u4e2d\u6700\u4e3b\u8981\u7684\u5927\u5ba2\u6237\uff0c\u5927\u5ba2\u6237\u7684\u8d44\u672c\u5f00\u652f\u662f AI \u4e1a\u52a1\u589e\u957f\u7684\u57fa\u7840\u3002<\/p>\n

\u5982\u679c\u5c06\u8fc8\u5a01\u5c14\u79d1\u6280 Marvell \u6570\u636e\u4e2d\u5fc3\u7684\u8868\u73b0\u4e0e\u4e9a\u9a6c\u900a\u8d44\u672c\u5f00\u652f\u7ed3\u5408\u8d77\u6765\u770b\uff0c\u53ef\u4ee5\u6e05\u695a\u5730\u770b\u5230\uff0c\u516c\u53f8\u6570\u636e\u4e2d\u5fc3\u7684\u589e\u901f\u662f\u660e\u663e\u4f4e\u4e8e\u4e9a\u9a6c\u900a\u7684\u8d44\u672c\u5f00\u652f\u3002<\/strong><\/p>\n

\n

\"\u8fc8\u5a01\u5c14\u79d1\u6280<\/p>\n<\/figure>\n

\u5373\u4f7f\u4e9a\u9a6c\u900a\u5c06 2026 \u5e74\u8d44\u672c\u5f00\u652f\u63d0\u5347\u81f3 2000 \u4ebf\u7f8e\u5143\uff0c\u540c\u6bd4\u589e\u957f 50% \u5de6\u53f3\u3002\u800c Marvell \u53ea\u80fd\u4eab\u53d7\u5176\u4e2d\u4e00\u90e8\u5206\u7684\u589e\u91cf\uff0c\u516c\u53f8\u7ba1\u7406\u5c42\u4e0a\u8c03\u540e\u7684\u6570\u636e\u4e2d\u5fc3\u4e1a\u52a1\u589e\u901f\u9884\u671f\u4e3a 40% \u4ee5\u4e0a\uff0c\u4f9d\u7136\u4f4e\u4e8e\u4e9a\u9a6c\u900a\u8d44\u672c\u5f00\u652f\u7684\u589e\u901f\u3002<\/strong><\/p>\n

\u6d77\u8c5a\u541b\u8ba4\u4e3a\uff0c\u8fd9\u4e3b\u8981\u662f\u53d7\u5b9a\u5236 ASIC \u589e\u901f\u8f83\u4f4e\u7684\u62d6\u7d2f\uff08\u516c\u53f8\u9884\u671f\u589e\u901f 20% \u4ee5\u4e0a\uff09\uff0c\u8868\u660e\u516c\u53f8\u7684 ASIC \u4ea7\u54c1\u5e76\u672a\u8ba9\u4e9a\u9a6c\u900a\u611f\u5230\u6ee1\u610f<\/strong>\u3002\u6b64\u524d\u516c\u53f8\u4e3a\u4e9a\u9a6c\u900a\u63d0\u4f9b\u4e86 Trainium2\/ Inferentia3\uff0c\u7136\u800c\u4e9a\u9a6c\u900a\u5c06\u6700\u65b0\u4e00\u4ee3 Trainium3 \u4ea7\u54c1\u57fa\u672c\u90fd\u4ea4\u7ed9\u4e86\u53f0\u5382 Alchip \u6765\u5b8c\u6210\uff0cMarvell \u662f\u505a Trainium2.5\uff08\u76f8\u5f53\u4e8e Trainium2 \u7684\u4e2d\u671f\u6539\u6b3e\uff09\u3002<\/strong><\/p>\n

b\uff09AI \u82af\u7247\u5e02\u573a\u4efd\u989d\uff1a<\/strong>\u76f8\u6bd4\u4e8e\u82f1\u4f1f\u8fbe\u3001\u535a\u901a\u7b49\u516c\u53f8\uff0c\u8fc8\u5a01\u5c14\u79d1\u6280 Marvell \u7684\u5e02\u573a\u4efd\u989d\u975e\u5e38\u5c0f\uff0c\u5927\u7ea6\u53ea\u6709 1% \u5de6\u53f3\u3002<\/p>\n

\u6b63\u56e0\u5982\u6b64\uff0c\u5e02\u573a\u6b64\u524d\u5bf9\u516c\u53f8\u4e89\u53d6\u4efd\u989d\u7684\u6210\u957f\u6027\u662f\u975e\u5e38\u671f\u5f85\u7684\u3002\u7136\u800c\u5f53\u524d\u516c\u53f8\u8868\u73b0\u4f9d\u7136 “\u5e73\u6de1”\uff0c\u6838\u5fc3\u5ba2\u6237\u8fd8\u662f\u53ea\u6709\u4e9a\u9a6c\u900a\uff0c\u5e76\u4e14\u516c\u53f8\u5728\u4e9a\u9a6c\u900a Trainium \u4ea7\u54c1\u7684\u4efd\u989d\u8fd8\u5728\u4e0b\u6ed1\uff0c\u4ea7\u54c1\u7ade\u4e89\u529b\u4f9d\u7136\u662f\u4e0d\u591f\u7684\u3002<\/strong><\/p>\n

\n

\"\u8fc8\u5a01\u5c14\u79d1\u6280<\/p>\n<\/figure>\n

c\uff09\u6536\u8d2d Celestial AI & XConn\uff1a\u62d3\u5c55\u6210\u4e3a “scale out+scale up” \u5168\u573a\u666f\u7684\u5382\u5546<\/strong><\/p>\n

\u2460Celestial AI\uff1a<\/strong>\u8865\u5f3a\u7845\u5149\u7535\u5b50\u548c CPO \u6280\u672f\uff0c\u4e3a\u89c4\u6a21\u5316\u4e92\u8fde\u6838\u5fc3<\/p>\n

\u6838\u5fc3\u6280\u672f\u4e3a\u5149\u5b50\u7ec7\u7269\uff08PF\uff09\uff0c\u53ef\u5b9e\u73b0 CPO \u7684\u5927\u89c4\u6a21\u5546\u4e1a\u90e8\u7f72\uff0c2028 \u5e74\u5f00\u59cb\u8d21\u732e\u8425\u6536\uff1b<\/p>\n

\u516c\u53f8\u6b63\u63a8\u52a8\u5176\u7b2c\u4e00\u4ee3\u82af\u7c92\u91cf\u4ea7\uff0c2028 \u8d22\u5e74\u56db\u5b63\u5ea6 CPO \u5e74\u5316\u8425\u6536\u8fbe 5 \u4ebf\u7f8e\u5143\uff08\u5373\u5355\u5b63\u5ea6 1.25 \u4ebf\u7f8e\u5143\uff09\uff0c2029 \u8d22\u5e74\u56db\u5b63\u5ea6\u8fbe 10 \u4ebf\uff08\u5373\u5355\u5b63\u5ea6 2.5 \u4ebf\u7f8e\u5143\uff09<\/strong>\u3002<\/p>\n

\u2461XConn<\/strong>\uff1a\u8865\u5f3a PCIe\/CXL \u4ea4\u6362\u80fd\u529b\uff0c\u62d3\u5c55 AI \u57fa\u7840\u8bbe\u65bd\u63a5\u53e3<\/p>\n

\u6536\u8d2d\u524d\u5df2\u6709 20+ \u5ba2\u6237\uff0c\u5e76\u5165\u540e\u4f9d\u6258 Marvell \u7684\u5168\u7403\u9500\u552e\u7f51\u7edc\u5feb\u901f\u62d3\u5c55\uff0c\u6709\u671b\u6210\u4e3a PCIe\/CXL \u4ea4\u6362\u5e02\u573a\u7684\u6838\u5fc3\u73a9\u5bb6\uff0c\u540c\u65f6\u8865\u5f3a UA-LINK \u6280\u672f\uff0c\u52a0\u901f\u89c4\u6a21\u5316\u4ea4\u6362\u8def\u7ebf\u56fe\u3002<\/p>\n

\n

\"\u8fc8\u5a01\u5c14\u79d1\u6280<\/p>\n<\/figure>\n

\u7efc\u5408\uff08a+b+c\uff09\u6765\u770b\uff0c\u867d\u7136\u516c\u53f8\u4e0e\u4e9a\u9a6c\u900a\u5728\u5b9a\u5236 ASIC \u9886\u57df\u5408\u4f5c\u4e0d\u592a\u987a\u5229\uff0c\u4f46\u516c\u53f8\u4f9d\u7136\u5728\u6301\u7eed\u62d3\u5c55\u81ea\u8eab\u7684\u6570\u636e\u4e2d\u5fc3\u7b49\u76f8\u5173\u7684\u4e92\u8fde\u80fd\u529b\u3002\u76f8\u6bd4\u4e8e\u5355\u7eaf “\u5356\u5361”\uff0c\u516c\u53f8\u66f4\u5e0c\u671b\u80fd\u6253\u9020\u6210\u5177\u5907 “\u89c4\u6a21\u5316\u96c6\u7fa4\u80fd\u529b” \u7684\u670d\u52a1\u63d0\u4f9b\u5546\u3002<\/strong><\/p>\n

\u7ed3\u5408\u8fc8\u5a01\u5c14\u79d1\u6280 Marvell \u516c\u53f8\u5f53\u524d\u5e02\u503c\uff08642 \u4ebf\u7f8e\u5143\uff09\uff0c\u5927\u7ea6\u5bf9\u5e94\u516c\u53f8 2027 \u8d22\u5e74\u8c03\u6574\u540e\u51c0\u5229\u6da6\u7ea6\u4e3a 23 \u500d PE \u5de6\u53f3<\/strong>\uff08\u5047\u5b9a\u8425\u6536\u540c\u6bd4 +34%\uff0c\u8c03\u6574\u540e\u6bdb\u5229\u7387 57.6%\uff0c\u8c03\u6574\u540e\u7a0e\u7387 10.6%\uff09\uff0c\u4f30\u503c\u4ecb\u4e8e\u82f1\u4f1f\u8fbe\uff0820xPE\uff09\u548c\u535a\u901a\uff0827xPE\uff09\u4e4b\u95f4\u3002<\/p>\n

\u8fd1\u671f\u53d7\u5e02\u573a\u5bf9\u5927\u5382\u540e\u7eed\u8d44\u672c\u5f00\u652f\u4e0d\u786e\u5b9a\u6027\u7684\u62c5\u5fc3\uff082028 \u5e74\u589e\u901f\u5927\u5e45\u56de\u843d\uff09\u3001Trainium3 \u4e3b\u8981\u7531\u53f0\u5382 Alchip \u6765\u8d1f\u8d23\u7b49\u56e0\u7d20\u5f71\u54cd\uff0c\u516c\u53f8\u80a1\u4ef7\u8868\u73b0\u76f8\u5bf9 “\u4f4e\u8ff7”\u3002<\/strong><\/p>\n

\u516c\u53f8\u7ba1\u7406\u5c42\u672c\u6b21\u518d\u5ea6\u4e0a\u8c03\u4e86\u7ecf\u8425\u9762\u5c55\u671b\uff0c\u80fd\u76f4\u63a5\u5e26\u6765\u4fe1\u5fc3\u7684\u6ce8\u5165\u3002<\/strong>2027 \u8d22\u5e74\u8425\u6536\u5c06\u8fbe\u5230 110 \u4ebf\u7f8e\u5143\uff0c\u540c\u6bd4\u589e\u957f\u8fbe\u5230 34%\u3002\u5373\u4fbf\u5e02\u573a “\u5931\u671b” \u7684 ASIC \u4e1a\u52a1\u7684\u589e\u901f\u4ec5\u6709 20% \u4ee5\u4e0a\uff0c\u4f46\u5149\u7535\u4e92\u8fde\u4ea7\u54c1\u7684\u9ad8\u589e\u957f\uff0c\u4f9d\u7136\u80fd\u7ed9\u516c\u53f8\u5e26\u6765\u6210\u957f\u6027\u770b\u70b9\u3002<\/p>\n

\u5bf9\u6bd4 AMD \u548c\u535a\u901a AVGO \u4e24\u4e2a\u516c\u53f8\u7684\u8868\u73b0\u6765\u770b\uff0c\u5728 AI \u6570\u636e\u4e2d\u5fc3\u5e02\u573a\u4e2d\uff0c\u5927\u578b\u4e91\u5382\u5546\u66f4\u770b\u91cd\u7684\u662f “\u89c4\u6a21\u5316\u96c6\u7fa4” \u7684\u80fd\u529b\uff0c\u800c\u4e0d\u662f\u5355\u7eaf “\u5356\u5361”\u3002<\/strong><\/p>\n

\u6536\u8d2d Celestial AI & XConn\uff0c\u867d\u7136\u77ed\u671f\u5185\u4e0d\u80fd\u5e26\u6765\u6536\u5165\u589e\u91cf\uff0c\u4f46\u53ef\u4ee5\u770b\u5230\uff0c\u516c\u53f8\u627e\u5230\u4e86\u81ea\u8eab\u7684\u53d1\u5c55\u91cd\u5fc3\u3002\u62d3\u5c55\u548c\u4e30\u5bcc\u5728\u4e92\u8fde\u9886\u57df\u7684\u80fd\u529b\uff0c\u6253\u9020\u6210\u4e3a “\u89c4\u6a21\u5316\u96c6\u7fa4” \u7684\u670d\u52a1\u63d0\u4f9b\u5546\uff0c\u624d\u80fd\u83b7\u5f97\u66f4\u591a\u5ba2\u6237\u53ca\u5e02\u573a\u7ade\u4e89\u529b\u3002<\/strong><\/p>\n

\u6d77\u8c5a\u541b\u5bf9\u8fc8\u5a01\u5c14\u79d1\u6280 Marvell(MRVL.O) \u8d22\u62a5\u7684\u5177\u4f53\u5206\u6790\uff0c\u8be6\u89c1\u4e0b\u6587\uff1a<\/p>\n

\u4e00\u3001\u8fc8\u5a01\u5c14\u79d1\u6280 Marvell \u4e1a\u52a1<\/strong><\/p>\n

\u8fc8\u5a01\u5c14\u79d1\u6280 Marvell \u516c\u53f8\u51ed\u501f\u5b58\u50a8\u6280\u672f\u8d77\u5bb6\uff0c\u540e\u7eed\u901a\u8fc7\u4e00\u7cfb\u5217\u7684 “\u5916\u5ef6\u5e76\u8d2d<\/a>” \u5b9e\u73b0\u4e1a\u52a1\u62d3\u5c55\uff0c\u6570\u636e\u4e2d\u5fc3\u4e1a\u52a1\u5df2\u7ecf\u6210\u4e3a\u516c\u53f8\u6700\u5927\u7684\u6536\u5165\u6765\u6e90\u3002<\/p>\n

\u5177\u4f53\u4e1a\u52a1\u60c5\u51b5\uff1a<\/p>\n

1\uff09\u6570\u636e\u4e2d\u5fc3\u4e1a\u52a1\uff0875% \u5de6\u53f3\uff09<\/strong>\uff1a\u9ad8\u6210\u957f\u4e1a\u52a1\uff0c\u53d7\u76ca\u4e8e\u6570\u636e\u4e2d\u5fc3\u53ca ASIC \u9700\u6c42\u7684\u63a8\u52a8\uff0c\u662f\u5f53\u524d\u5e02\u573a\u6700\u4e3b\u8981\u7684\u5173\u6ce8\u70b9\u3002<\/strong>\u4e1a\u52a1\u4e2d\u5305\u62ec\u5149\u7535\u4e92\u8fde\u4ea7\u54c1\u3001SSD \u63a7\u5236\u5668\u3001\u5b9a\u5236 ASIC \u4e1a\u52a1\uff08\u4e9a\u9a6c\u900a AWS\u3001\u8c37\u6b4c Axion CPU \u7b49\u5b9a\u5236\u5316\u82af\u7247\uff09\u7b49\uff0c\u4e3b\u8981\u5e94\u7528\u4e8e\u4e91\u670d\u52a1<\/a>\u5668\u3001\u8fb9\u7f18\u8ba1\u7b97\u7b49\u573a\u666f\uff1b<\/p>\n

2\uff09\u5176\u4ed6\u4e1a\u52a1\uff0825% \u5de6\u53f3\uff09<\/strong>\uff1a\u516c\u53f8\u5df2\u7ecf\u5c06 “\u4f01\u4e1a\u7f51\u7edc\u3001\u8fd0\u8425\u5546\u57fa\u7840\u8bbe\u65bd\u3001\u6d88\u8d39\u3001\u6c7d\u8f66<\/a> + \u5de5\u4e1a” \u6574\u5408\u4e3a “\u901a\u4fe1\u53ca\u5176\u4ed6” \u677f\u5757\u3002<\/p>\n

\n

\"\u8fc8\u5a01\u5c14\u79d1\u6280<\/p>\n<\/figure>\n

\u4e8c\u3001\u6838\u5fc3\u6570\u636e\uff1aEBITDA \u7a33\u6b65\u5411\u4e0a<\/strong><\/p>\n

2.1 \u6536\u5165\u7aef<\/strong><\/p>\n

\u8fc8\u5a01\u5c14\u79d1\u6280 Marvell \u5728 2026 \u8d22\u5e74\u7b2c\u56db\u5b63\u5ea6\u5b9e\u73b0\u8425\u6536 22.2 \u4ebf\u7f8e\u5143\uff0c\u73af\u6bd4\u589e\u957f 7%\uff0c\u7b26\u5408\u5e02\u573a\u9884\u671f\uff0822.1 \u4ebf\u7f8e\u5143\uff09\u3002<\/strong>\u516c\u53f8\u672c\u5b63\u5ea6\u8425\u6536\u7aef\u7684\u589e\u957f\uff0c\u4e3b\u8981\u6765\u81ea\u4e8e\u6570\u636e\u4e2d\u5fc3\u7684\u5e26\u52a8\uff0c\u5176\u4e2d\u5b9a\u5236 ASIC \u4e1a\u52a1\u548c\u5149\u7535\u4e92\u8fde\u4ea7\u54c1\u662f\u4e3b\u8981\u9a71\u52a8\u529b\u3002<\/p>\n

\n

\"\u8fc8\u5a01\u5c14\u79d1\u6280<\/p>\n<\/figure>\n

2.2 \u6bdb\u5229\u7aef<\/strong><\/p>\n

\u8fc8\u5a01\u5c14\u79d1\u6280 Marvell \u5728 2026 \u8d22\u5e74\u7b2c\u56db\u5b63\u5ea6\u5b9e\u73b0\u6bdb\u5229 11.5 \u4ebf\u7f8e\u5143\uff0c\u73af\u6bd4\u589e\u52a0 0.8 \u4ebf\u7f8e\u5143\u3002<\/strong>\u5176\u4e2d Marvell \u5728\u672c\u5b63\u5ea6\u7684\u6bdb\u5229\u7387\u4e3a 51.7%\u3002<\/p>\n

\u7531\u4e8e\u516c\u53f8\u6bdb\u5229\u7387\u53d7\u6536\u8d2d\u8d44\u4ea7\u644a\u9500\u7b49\u65b9\u9762\u7684\u5f71\u54cd\uff0c\u56e0\u800c\u8d22\u62a5\u4e2d\u7684\u6bdb\u5229\u7387\u5e76\u4e0d\u80fd\u76f4\u63a5\u4f53\u73b0\u51fa\u7ecf\u8425\u60c5\u51b5\u3002\u5728\u5254\u9664\u8be5\u5f71\u54cd\u540e\uff0c\u6d77\u8c5a\u541b\u53c2\u8003\u8c03\u6574\u540e\u7684\u6bdb\u5229\u7387\u3002<\/strong><\/p>\n

\u516c\u53f8\u672c\u5b63\u5ea6\u8c03\u6574\u540e\u7684\u6bdb\u5229\u7387\u4e3a 58.5%\uff0c\u73af\u6bd4\u4e0b\u6ed1 0.5pct\u3002\u4e3b\u8981\u662f\u7531\u4e8e\u6bdb\u5229\u7387\u8f83\u4f4e\u7684\u5b9a\u5236 ASIC \u4e1a\u52a1\u5360\u6bd4\u63d0\u5347\uff0c\u5bf9\u6574\u4f53\u6bdb\u5229\u7387\u4ea7\u751f\u7ed3\u6784\u6027\u5f71\u54cd\u3002<\/strong><\/p>\n

\n

\"\u8fc8\u5a01\u5c14\u79d1\u6280<\/p>\n<\/figure>\n

2.3 \u7ecf\u8425\u8d39\u7528\u53ca\u5229\u6da6<\/strong><\/p>\n

\u8fc8\u5a01\u5c14\u79d1\u6280 Marvell \u5728 2026 \u8d22\u5e74\u7b2c\u56db\u5b63\u5ea6\u5b9e\u73b0\u51c0\u5229\u6da6 4 \u4ebf\u7f8e\u5143\u3002<\/p>\n

\u82e5\u5254\u9664\u975e\u7ecf\u5e38\u6027\u56e0\u7d20\u5f71\u54cd\uff0c\u4ece EBITDA \u89d2\u5ea6\u6765\u770b\uff0c\u516c\u53f8\u672c\u5b63\u5ea6 EBITDA \u4e3a 7.4 \u4ebf\u7f8e\u5143\uff0c\u672c\u5b63\u5ea6 EBITDA% \u7ee7\u7eed\u63d0\u5347\u81f3 33.5%\u3002<\/strong>\u516c\u53f8\u672c\u5b63\u5ea6\u7ecf\u8425\u8d39\u7528\u7aef\u7a33\u4e2d\u6709\u964d\uff0c\u6574\u4f53\u7ecf\u8425\u72b6\u51b5\u7684\u73af\u6bd4\u56de\u5347\u4e3b\u8981\u6765\u81ea\u4e8e\u6536\u5165\u589e\u52a0\u7684\u5e26\u52a8\u3002<\/p>\n

\n

\"\u8fc8\u5a01\u5c14\u79d1\u6280<\/p>\n<\/figure>\n

\u4e09\u3001\u5404\u4e1a\u52a1\u60c5\u51b5\uff1a\u518d\u5ea6\u4e0a\u8c03\u6307\u5f15\uff0c\u6253\u9020 “\u89c4\u6a21\u5316\u96c6\u7fa4” \u80fd\u529b<\/strong><\/p>\n

\u8fc8\u5a01\u5c14\u79d1\u6280 Marvell \u4ece 2018 \u5e74\u8d77\u9646\u7eed\u6536\u8d2d\u4e86 Cavium\u3001Innovium \u7b49\u516c\u53f8\uff0c\u4ece\u800c\u589e\u5f3a\u4e86\u516c\u53f8 ASIC \u53ca\u6570\u636e\u4e2d\u5fc3\u7684\u76f8\u5173\u80fd\u529b\u3002\u800c\u968f\u7740\u4e9a\u9a6c\u900a\u3001\u8c37\u6b4c\u7b49\u516c\u53f8\u5bf9\u5b9a\u5236 ASIC \u548c\u5149\u7535\u4e92\u8fde\u4ea7\u54c1\u9700\u6c42\u7684\u589e\u957f\uff0c\u516c\u53f8\u7684\u6570\u636e\u4e2d\u5fc3\u4e1a\u52a1\u5448\u73b0\u4e0a\u5347\u7684\u8d8b\u52bf\uff0c\u662f\u516c\u53f8\u4e1a\u7ee9<\/a>\u7684\u6700\u5927\u5f71\u54cd\u9879\u3002<\/strong><\/p>\n

\u516c\u53f8\u672c\u5b63\u5ea6\u5f00\u59cb\u4f20\u7edf\u4e1a\u52a1\u7edf\u4e00\u5f52\u7eb3\u4e3a\u901a\u4fe1\u53ca\u5176\u4ed6\uff0c<\/strong>\u5176\u4e2d\u4f01\u4e1a\u7f51\u7edc\u3001\u8fd0\u8425\u5546\u57fa\u5efa<\/a>\u3001\u6d88\u8d39\u7535\u5b50\u548c\u6c7d\u8f66\u53ca\u5de5\u4e1a\u7684\u6536\u5165\u5360\u6bd4\u90fd\u4e0b\u6ed1\u81f3 1 \u6210\u9644\u8fd1\u53ca\u4ee5\u4e0b\u3002<\/p>\n

\n

\"\u8fc8\u5a01\u5c14\u79d1\u6280<\/p>\n<\/figure>\n

3.1 \u6570\u636e\u4e2d\u5fc3\u4e1a\u52a1<\/strong><\/p>\n

\u8fc8\u5a01\u5c14\u79d1\u6280 Marvell \u5728 2026 \u8d22\u5e74\u7b2c\u56db\u5b63\u5ea6\u7684\u6570\u636e\u4e2d\u5fc3\u4e1a\u52a1\u5b9e\u73b0\u8425\u6536 16.5 \u4ebf\u7f8e\u5143\uff0c\u73af\u6bd4\u589e\u957f 8.8%\uff0c\u7b26\u5408\u5e02\u573a\u9884\u671f\uff0816.4 \u4ebf\u7f8e\u5143\uff09\u3002<\/strong>\u516c\u53f8\u6570\u636e\u4e2d\u5fc3\u4e1a\u52a1\u672c\u5b63\u5ea6\u7684\u589e\u957f\u4e3b\u8981\u6765\u81ea\u4e8e\u5b9a\u5236 ASIC \u53ca\u5149\u7535\u4e92\u8fde\u4ea7\u54c1\u7684\u5e26\u52a8\u3002<\/p>\n

\n

\"\u8fc8\u5a01\u5c14\u79d1\u6280<\/p>\n<\/figure>\n

\u5f53\u524d AI \u4e1a\u52a1\u5df2\u7ecf\u5360\u636e\u6570\u636e\u4e2d\u5fc3\u4e1a\u52a1\u4e2d\u7684\u5927\u90e8\u5206\uff0c\u6d77\u8c5a\u541b\u9884\u671f\u516c\u53f8\u672c\u5b63\u5ea6 AI \u6536\u5165\u7ea6\u4e3a 9.6 \u4ebf\u7f8e\u5143\uff0c\u73af\u6bd4\u589e\u52a0 1.1 \u4ebf\uff1b<\/strong>\u800c\u975e AI \u4e1a\u52a1\u7684\u5b58\u50a8\u7b49\u4ea7\u54c1\u672c\u5b63\u5ea6\u5b9e\u73b0\u73af\u6bd4\u5fae\u589e\u3002AI \u4e1a\u52a1\u5360\u603b\u6536\u5165\u7684\u5360\u6bd4\u7ef4\u6301\u5728 40% \u4ee5\u4e0a\uff0c\u516c\u53f8\u7ba1\u7406\u5c42\u6b64\u524d\u7684\u76ee\u6807\u5c31\u662f\u5c06 AI \u6536\u5165\u5360\u6bd4\u63d0\u5347\u81f3 50% \u4ee5\u4e0a\u3002<\/strong><\/p>\n

\u516c\u53f8\u7ba1\u7406\u5c42\u518d\u6b21\u4e0a\u8c03\u4e86\u672a\u6765\u7684\u5c55\u671b\uff0c\u516c\u53f8\u9884\u8ba1 2027 \u8d22\u5e74\u6570\u636e\u4e2d\u5fc3\u4e1a\u52a1\u589e\u957f 40% \u4ee5\u4e0a\uff0c<\/strong>\u5176\u4e2d\u5149\u7535\u4e92\u8fde\u4e1a\u52a1\u589e\u957f 50% \u4ee5\u4e0a\uff0c\u5b9a\u5236 ASIC \u4e1a\u52a1\u589e\u957f 20% \u4ee5\u4e0a\uff1b2028 \u8d22\u5e74\u6570\u636e\u4e2d\u5fc3\u4e1a\u52a1\u589e\u901f\u7ee7\u7eed\u63d0\u5347\u81f3 50% \u5de6\u53f3\u3002<\/strong><\/p>\n

\n

\"\u8fc8\u5a01\u5c14\u79d1\u6280<\/p>\n<\/figure>\n

\u81f3\u4e8e ASIC \u4e1a\u52a1\u65b9\u9762\uff0c\u5f53\u524d\u516c\u53f8\u7684\u5927\u5ba2\u6237\u662f\u4e9a\u9a6c\u900a\uff0c\u800c\u4e9a\u9a6c\u900a\u8fd1\u671f\u5927\u5e45\u63d0\u9ad8\u4e86 2026 \u5e74\u7684\u8d44\u672c\u5f00\u652f\uff08\u540c\u6bd4\u589e\u957f 50% \u5de6\u53f3\uff09\uff0c<\/strong>Marvell \u7684\u5b9a\u5236 ASIC \u4e1a\u52a1\u5168\u5e74\u589e\u957f 20% \u4ee5\u4e0a\uff0c\u8fd8\u662f\u660e\u663e\u504f\u4f4e\u7684\u3002<\/strong><\/p>\n

\u7ed3\u5408\u5e02\u573a\u60c5\u51b5\u770b\uff0c\u4e9a\u9a6c\u900a\u6700\u65b0\u4e00\u4ee3\u7684 Trainium3 \u662f\u7531 Alchip \u6765\u5b8c\u6210\u7684\uff0c\u800c Marvell \u4e3b\u8981\u63d0\u4f9b\u4e8e Trainium2.5\uff08Trainium2 \u4e2d\u671f\u6539\u6b3e\uff09\uff0c\u5728\u4e9a\u9a6c\u900a\u4f9b\u5e94\u94fe\u4e2d\u7684\u4efd\u989d\u4e5f\u6709\u6240\u4e0b\u6ed1\uff0c\u8fd9\u5c31\u5bfc\u81f4 Marvell \u7684 ASIC \u589e\u901f\u5c06\u4f4e\u4e8e\u4e9a\u9a6c\u900a\u7684\u8d44\u672c\u5f00\u652f\u3002<\/strong><\/p>\n

\u76f8\u6bd4\u4e8e\u5b9a\u5236 ASIC\uff0c\u6d77\u8c5a\u541b\u8ba4\u4e3a\u516c\u53f8\u5f53\u524d\u7684\u91cd\u5fc3\u66f4\u591a\u5730\u4fa7\u91cd\u5728\u6253\u9020 “\u89c4\u6a21\u5316\u96c6\u7fa4” \u80fd\u529b\uff0c\u5c24\u5176\u662f\u5728\u8fd1\u671f\u5206\u522b\u6536\u8d2d\u4e86 Celestial AI & XConn\u3002<\/strong><\/p>\n

\u2460Celestial AI\uff1a\u8865\u5f3a\u7845\u5149\u7535\u5b50\u548c CPO \u6280\u672f\uff0c\u4e3a\u89c4\u6a21\u5316\u4e92\u8fde\u6838\u5fc3<\/strong><\/p>\n

\u6838\u5fc3\u6280\u672f\u4e3a\u5149\u5b50\u7ec7\u7269\uff08PF\uff09\uff0c\u53ef\u5b9e\u73b0 CPO \u7684\u5927\u89c4\u6a21\u5546\u4e1a\u90e8\u7f72\uff0c2028 \u5e74\u5f00\u59cb\u8d21\u732e\u8425\u6536\uff1b<\/p>\n

\u516c\u53f8\u6b63\u63a8\u52a8\u5176\u7b2c\u4e00\u4ee3\u82af\u7c92\u91cf\u4ea7\uff0c2028 \u8d22\u5e74\u56db\u5b63\u5ea6 CPO \u5e74\u5316\u8425\u6536\u8fbe 5 \u4ebf\u7f8e\u5143\uff08\u5373\u5355\u5b63\u5ea6 1.25 \u4ebf\u7f8e\u5143\uff09\uff0c2029 \u8d22\u5e74\u56db\u5b63\u5ea6\u8fbe 10 \u4ebf\uff08\u5373\u5355\u5b63\u5ea6 2.5 \u4ebf\u7f8e\u5143\uff09<\/strong>\u3002<\/p>\n

\u2461XConn<\/strong>\uff1a\u8865\u5f3a PCIe\/CXL \u4ea4\u6362\u80fd\u529b\uff0c\u62d3\u5c55 AI \u57fa\u7840\u8bbe\u65bd\u63a5\u53e3<\/strong><\/p>\n

\u6536\u8d2d\u524d\u5df2\u6709 20+ \u5ba2\u6237\uff0c\u5e76\u5165\u540e\u4f9d\u6258 Marvell \u7684\u5168\u7403\u9500\u552e\u7f51\u7edc\u5feb\u901f\u62d3\u5c55\uff0c\u6709\u671b\u6210\u4e3a PCIe\/CXL \u4ea4\u6362\u5e02\u573a\u7684\u6838\u5fc3\u73a9\u5bb6\uff0c\u540c\u65f6\u8865\u5f3a UA-LINK \u6280\u672f\uff0c\u52a0\u901f\u89c4\u6a21\u5316\u4ea4\u6362\u8def\u7ebf\u56fe\u3002<\/p>\n

\u5bf9\u6bd4 AMD \u548c\u535a\u901a AVGO \u4e24\u4e2a\u516c\u53f8\u7684\u80a1\u4ef7\u8868\u73b0\u6765\u770b\uff0c\u5728 AI \u6570\u636e\u4e2d\u5fc3\u5e02\u573a\u4e2d\uff0c\u5927\u578b\u4e91\u5382\u5546\uff08\u4e0b\u6e38\u5ba2\u6237\uff09\u66f4\u770b\u91cd\u7684\u662f “\u89c4\u6a21\u5316\u96c6\u7fa4” \u7684\u80fd\u529b\uff0c\u800c\u4e0d\u662f\u5355\u7eaf “\u5356\u5361”\u3002<\/strong><\/p>\n

\u6536\u8d2d Celestial AI & XConn\uff0c\u867d\u7136\u77ed\u671f\u5185\u4e0d\u80fd\u5e26\u6765\u6536\u5165\u589e\u91cf\uff0c\u4f46\u53ef\u4ee5\u770b\u5230\uff0c\u516c\u53f8\u627e\u5230\u4e86\u81ea\u8eab\u7684\u53d1\u5c55\u91cd\u5fc3\u3002\u62d3\u5c55\u548c\u4e30\u5bcc\u5728\u4e92\u8fde\u9886\u57df\u7684\u80fd\u529b\uff0c\u6253\u9020\u6210\u4e3a “\u89c4\u6a21\u5316\u96c6\u7fa4” \u7684\u670d\u52a1\u63d0\u4f9b\u5546\uff0c\u624d\u80fd\u83b7\u5f97\u66f4\u591a\u5ba2\u6237\u53ca\u5e02\u573a\u7ade\u4e89\u529b\u3002<\/strong><\/p>\n

3.2 \u901a\u4fe1\u53ca\u5176\u4ed6\u4e1a\u52a1<\/strong><\/p>\n

\u516c\u53f8\u672c\u5b63\u5ea6\u8c03\u6574\u4e86\u4e1a\u52a1\u62ab\u9732\u53e3\u5f84\uff0c\u4ec5\u62ab\u9732\u901a\u4fe1\u53ca\u5176\u4ed6\u4e1a\u52a1\u9879\uff0c\u800c\u4e0d\u518d\u7ec6\u5206\u4f01\u4e1a\u7f51\u7edc\u3001\u8fd0\u8425\u5546\u57fa\u5efa\u3001\u6d88\u8d39\u7535\u5b50\u3001\u5de5\u4e1a\u7b49\u4e1a\u52a1\u3002<\/p>\n

\u8fc8\u5a01\u5c14\u79d1\u6280 Marvell \u5728 2026 \u8d22\u5e74\u7b2c\u56db\u5b63\u5ea6\u7684\u901a\u4fe1\u53ca\u5176\u4ed6\u4e1a\u52a1\u5b9e\u73b0\u8425\u6536 5.7 \u4ebf\u7f8e\u5143\uff0c\u540c\u6bd4\u589e\u957f 25%<\/strong>\uff0c\u4e3b\u8981\u5f97\u76ca\u4e8e\u4f01\u4e1a\u7f51\u7edc\u53ca\u8fd0\u8425\u5546\u57fa\u5efa\u4e1a\u52a1\u7684\u56de\u6696\u3002<\/p>\n

\u5bf9\u4e8e\u901a\u4fe1\u53ca\u5176\u4ed6\u4e1a\u52a1\uff0c\u516c\u53f8\u7684\u5c55\u671b\u5c06\u7ef4\u6301\u7a33\u6b65\u589e\u957f\u7684\u8868\u73b0\u3002\u5176\u4e2d 2027 \u8d22\u5e74\u4e5f\u4fdd\u6301 10% \u5de6\u53f3\u7684\u589e\u957f\uff0c2028 \u8d22\u5e74\u4e5f\u80fd\u7ef4\u6301\u4e2a\u4f4d\u6570\u589e\u957f\u3002<\/strong><\/p>\n

<\/figure>\n<\/p>\n

(\u6765\u6e90\uff1a\u949b\u5a92\u4f53)<\/p>\n","protected":false},"excerpt":{"rendered":"

\u6587 | \u6d77\u8c5a\u7814\u7a76 \u8fc8\u5a01\u5c14\u79d1\u6280 Marvell(MRVL.O) \u5317\u4eac\u65f6\u95f4 3 \u6708 6 \u65e5\u51cc\u6668\uff0c\u7f8e\u80a1\u76d8\u540e\u53d1\u5e03 20 […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[6],"tags":[266,62,162,82,104,103,113,339],"views":38,"_links":{"self":[{"href":"https:\/\/www.alphaseek.cn\/index.php?rest_route=\/wp\/v2\/posts\/738365"}],"collection":[{"href":"https:\/\/www.alphaseek.cn\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.alphaseek.cn\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.alphaseek.cn\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.alphaseek.cn\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=738365"}],"version-history":[{"count":0,"href":"https:\/\/www.alphaseek.cn\/index.php?rest_route=\/wp\/v2\/posts\/738365\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.alphaseek.cn\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=738365"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.alphaseek.cn\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=738365"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.alphaseek.cn\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=738365"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}