AMD

TrendForce: Global Power Demand Capacity

> Global data center power demand capacity is expected to expand from 122.9 GW in 2025 to 161 GW in 2026.

> The share of AI servers is likely to exceed 40% by 2027, whereas the share of general servers is expected to decline from around 40% historically to 25.6% by 2027.

> AI servers accounted for approximately 25% of total data center power demand capacity in 2025, and are projected to rise to 33.4% in 2026.

> The share of AI servers is likely to exceed 40% by 2027, whereas the share of general servers is expected to decline from around 40% historically to 25.6% by 2027.

> The global data center power supply-demand gap in 2030 is estimated at 268 GW.

> Based on current grid data, the U.S. data center power supply-demand gap is estimated to exceed 170 GW by 2030.

$NVIDIA(NVDA.US) $GE Vernova(GEV.US) $AMD(AMD.US) $Alphabet(GOOGL.US) $Amazon(AMZN.US) $Microsoft(MSFT.US) $Dell Tech(DELL.US)

$Nebius(NBIS.US) INCREASE ON-DEMAND GPU RATES EFFECTIVE OCTOBER 1.

H100: $3.85 per GPU-hour -> $4.50

H200: $4.50 per GPU-hour -> $5.40

B200: $7.15 per GPU-hour -> $8.50

B300: $7.85 per GPU-hour -> $9.50

AMD EPYC Genoa CPU and memory rates will also increase.

Intel Ice Lake CPU pricing remains unchanged.

📢 𝗝𝗨𝗦𝗧 𝗜𝗡: $Astera Labs(ALAB.US) Astera Labs Launches New Leo Memory Solutions for Agentic AI Infrastructure

👉 𝗞𝗲𝘆 𝗛𝗶𝗴𝗵𝗹𝗶𝗴𝗵𝘁𝘀:

➤ 𝗔𝘀𝘁𝗲𝗿𝗮 𝗟𝗮𝗯𝘀 launches new 𝗟𝗲𝗼 𝗫-𝗦𝗲𝗿𝗶𝗲𝘀 and 𝗟𝗲𝗼 𝟮 memory controllers.

➤ Leo X-Series targets 𝗞𝗩-𝗰𝗮𝗰𝗵𝗲-intensive, long-context agentic AI inference workloads.

➤ Leo X-Series delivers up to 𝟲𝟮% faster time-to-first-token.

➤ Platform delivers up to 𝟮𝟮% more tokens per second.

➤ Leo 2 doubles 𝗺𝗲𝗺𝗼𝗿𝘆 𝗯𝗮𝗻𝗱𝘄𝗶𝗱𝘁𝗵 and capacity versus previous generation.

➤ New controllers support 𝗗𝗗𝗥𝟰, 𝗗𝗗𝗥𝟱, 𝗣𝗖𝗜𝗲 𝟲 and 𝗖𝗫𝗟 𝟯.𝟮.

➤ Leo 2 enables memory expansion, pooling, sharing, and 𝗗𝗗𝗥𝟰 reuse.

➤ Astera reports growing design wins across 𝗔𝗜 𝗹𝗮𝗯𝘀, hyperscalers, and neoclouds.

➤ New Leo products are 𝘀𝗮𝗺𝗽𝗹𝗶𝗻𝗴 𝘁𝗼𝗱𝗮𝘆 with hyperscaler customers.

➤ Development involved 𝗔𝗠𝗗, 𝗔𝗿𝗺, 𝗜𝗻𝘁𝗲𝗹 and major memory suppliers.

👉 𝗪𝗵𝘆 𝗧𝗵𝗶𝘀 𝗠𝗮𝘁𝘁𝗲𝗿𝘀:

➤ Agentic AI is rapidly increasing demand for 𝗺𝗲𝗺𝗼𝗿𝘆 𝗰𝗮𝗽𝗮𝗰𝗶𝘁𝘆 and bandwidth.

➤ Faster KV-cache access can improve 𝗔𝗜 𝗶𝗻𝗳𝗲𝗿𝗲𝗻𝗰𝗲 economics and responsiveness.

➤ Memory pooling and reuse could reduce expensive 𝗗𝗥𝗔𝗠 over-provisioning.

➤ Growing design wins could expand Astera's exposure to 𝗿𝗮𝗰𝗸-𝘀𝗰𝗮𝗹𝗲 𝗔𝗜 infrastructure.

👉 𝗘𝘅𝗽𝗲𝗿𝘁 𝗦𝘁𝗮𝘁𝗲𝗺𝗲𝗻𝘁𝘀:

𝗠𝗮𝘁𝘁 𝗞𝗶𝗺𝗯𝗮𝗹𝗹, Vice President and Principal Analyst at Moor Insights & Strategy:

“Agentic AI adoption is outpacing the industry's ability to provision memory for it, and that gap is widening every quarter," said Matt Kimball, vice president and principal analyst at Moor Insights & Strategy. "That growth is landing at the worst possible time for memory supply, with DDR5 tight and pricing climbing, so every gigabyte already deployed has to work harder. The new Leo X-Series and Leo 2 E and P-Series Smart Memory Controllers immediately address KV-cache-intensive AI workloads, improve memory utilization, and reliably reuse previously deployed memory across both AI and general-purpose cloud infrastructure, instead of simply buying more of it."

𝗧𝗵𝗮𝗱 𝗢𝗺𝘂𝗿𝗮, Senior Vice President, Compute Connectivity Group at Astera Labs:

“Agentic AI is where the economics of AI infrastructure are being decided, and those economics depend on putting every usable gigabyte of memory to work,” said Thad Omura, senior vice president, Compute Connectivity Group at Astera Labs. “The enhanced Leo family gives infrastructure providers purpose-built ways to connect memory to accelerators, CPUs, and hosts across the rack—turning previously deployed and stranded capacity into a resource that new AI and cloud workloads can use. We're seeing that translate into broader customer engagement across AI labs, hyperscalers, and neoclouds.”

𝗥𝗼𝗯𝗲𝗿𝘁 𝗛𝗼𝗿𝗺𝘂𝘁𝗵, Corporate Vice President, Architecture and Strategy at AMD:

“Agentic AI is increasing demand for balanced systems that can move and process more data without sacrificing efficiency. AMD EPYC processors deliver leadership performance, exceptional memory bandwidth and capacity, and high-speed I/O across the broadly deployed x86 platform. Our collaboration with Astera Labs around CXL extends that foundation, giving customers greater flexibility to scale memory-intensive AI and cloud workloads and improve infrastructure utilization.”

𝗘𝗱𝗱𝗶𝗲 𝗥𝗮𝗺𝗶𝗿𝗲𝘇, Vice President of Go-To-Market, Cloud AI, Arm:

“As AI infrastructure evolves, agentic AI, reinforcement learning and database workloads are driving demand for higher-capacity memory. Arm and Astera Labs are working together to pair Arm AGI CPU with Leo CXL Smart Memory Controllers, helping customers meet these growing requirements while maintaining scalable performance.”

𝗦𝗿𝗶𝗻𝗶 𝗞𝗿𝗶𝘀𝗵𝗻𝗮, Fellow at Intel Data Center Group:

"CXL was created to bring greater flexibility and efficiency to memory across the data center. Technologies like Astera Labs' Leo Smart Memory Controllers help turn that vision into reality, demonstrating how ecosystem innovation can help customers get more out of their AI infrastructure and support the next generation of data-intensive workloads."

𝗝𝗮𝗻𝗴𝘀𝗲𝗼𝗸 𝗖𝗵𝗼𝗶, Vice President of Product Planning Team at Samsung Electronics:

"We are contributing to the evolution of AI infrastructure through the development of CXL memory solutions designed to help address the growing memory demands of modern data centers. We are excited to collaborate with Astera Labs to help ensure our DRAM solution offer strong interoperability within the evolving CXL ecosystem, and remain committed to supporting a scalable, high-performance memory architecture for the AI era."

LEOPOLD MIGHT BE BACK.

Situational Awareness is active in the options market again and Leopold has reportedly been buying hundreds of millions of dollars worth of options in $Coreweave(CRWV.US), $AMD(AMD.US), $Bloom Energy(BE.US), $Sandisk(SNDK.US), and others, according to CNBC.

Pretty incredible. Just two months ago, the fund fell 67% because of being over leveraged by 4x.

Two months later, oil is at $100 and bond yields are the highest since 2023 but many of those names that Leopold had to sell are still trading well below their June peak.

So, even if the macro isn't the best (which effects these high beta growth stocks) the lack of movement in their prices with the very, very bullish updates we keep seeing for AI compute buildout might mean that Leo is calling a bottom or at the very least saying that these stocks will not be effected by macro because the AI trade is that strong. Obviously, those stocks did get hit with macro concerns back in July.

If he's not borrowing money on margin to lever up than these options can still create leverage but they may not be as aggressive as actually borrowing against the asset themselves to fund the purchases.

Anyone following him and buying options on most of the beaten up $SMH names?

Source: amit

🚨Leopold/Situational Awareness returns?

Since last Friday, there's been a string of significant Flex calls bought in concentrated AI names: $315M total options premiums / $1.1B of delta / $5.8M of vega.

Positions:

- $Sandisk(SNDK.US): Jan 2040/2200 calls - $57M prem, $198M delta, $1.04M vega.

- $Bloom Energy(BE.US): Jan 250/310 calls - $48M prem, $140M delta, $565k vega.

- $Intel(INTC.US): Jan 105/115 calls - $48M prem, $185M delta, $870k vega.

- $Coreweave(CRWV.US): Jan 105/115 calls - $43M prem, $160M delta, $770k vega.

- $DRAM: Jan 65/70 calls - $43M prem, $173M delta, $855k vega.

- $SK Hynix(SKHY.US): Jan 190/210 calls - $39M prem, $148M delta, $710k vega.

- $AMD(AMD.US): Jan 540/580 calls - $36M prem, $193M delta, $1.08M vega.

It'll be confirmed as Leopold if we start to see some big FLEX calls in $Micron Tech(MU.US) / $Nebius(NBIS.US) / $Taiwan Semiconductor(TSM.US) soon.

Data via CBOE. NMR + GS desks aligned on "single mystery buyer" narrative...

TSMC’s revenue rose 53.3% year-on-year in August to a fresh record high NT$514.81 billion (US$16.09B), the 4th consecutive monthly high amid robust global AI-related demand.

The previous record was NT$467.58 billion in July.

TSMC did not provide a US$ figure. The figure is based on its forex guidance for the 3rd quarter. 1/3 $Taiwan Semiconductor(TSM.US) $Apple(AAPL.US) $NVIDIA(NVDA.US) $AMD(AMD.US) $Broadcom(AVGO.US) $Qualcomm(QCOM.US) #semiconductors #semiconductor

Source: Dan Nystedt