· 个股论点
我持有市场忽视的$MU相关头寸： 欣兴电子(Unimicron)。 这家市值160亿美元的公司是极佳的长线标的，因为它是以下领域的基础供应商： - $MU和三星的存储基板 - $NVDA的Rubin/Blackwell架构 - 台积电(TSMC)的CoWoS工艺 - 苹果（iPhone和M系列芯片） - 谷歌TPU - AMZN/超大规模云厂商的ASIC - 英特尔的ABF基板 - 购买欣兴基板的Amkor - 以及全球所有半导体。 欣兴电子是全球AI供应链中最显著的“瓶颈”之一，因为它提供面向2026-2028年的未来核心部件： - 用于HBM4/存储（DRAM/NAND）+ GPU/CPU的IC基板 - 台积电CoWoS中的“S”（基板） - 用于CoPoS的玻璃核心基板 以及当前iPhone等设备所需的所有基础部件。 它处于存储瓶颈、CoWoS瓶颈以及超大规模云厂商ASIC互连瓶颈的中心。 同时也涵盖未来周期的玻璃核心基板等。 AI围绕另一家Micron（欣兴）展开，你可以借此暴露于当今及未来最热门的瓶颈环节。
I've hold positions in the $MU that markets sleep on: Unimicron. This one is an incredible long at $16B as they're foundational for: - $MU and Samsung memory substrates - $NVDA Rubin/Blackwell - TSMC for CoWoS process - Apple (iPhones and M-series) - Google TPUs - AMZN/Hyperscaler ASICs - Intel for ABF substrates - Amkor that buys Unimicron substrates - and all the world's semis. Unimicron is one of the most significant "choke points" in the global AI supply chain as they provide the future: - IC Substrates for HBM4 / Memory (DRAM/NAND) + GPUs/CPUs - The "S" (substrate) in TSM CoWoS - Glass Core Substrates for CoPoS for 2026-2028 and all the foundational parts for customer devices like IPhones and semiconductors used today. They're in the center of the memory bottleneck, CoWoS bottleneck, and interconnects bottleneck for Hyperscaler ASiCs. As well as the future cycles with Glass Core substrates and more. AI revolves around the other Micron and you get exposure to most popular bottlenecks like HBM today and tomorrow.