SemiAnalysis_· @SemiAnalysis_ · X·· 9 小时前AI 评分
SemiAnalysis 看空 D2W 直至 HBM 出清
在逻辑堆叠真正放量、且 HBM 混合键合完全从市场预期中剔除之前，我们对 D2W 仍持看空立场。完整分析见我们的加速器与 HBM 模型及机构报告。(3/3)
We remain bearish on D2W until logic stacking actually ramps and HBM hybrid bonding is fully out of Street numbers. The full breakdown is in our Accelerator & HBM Model and institutional note. (3/3)
semianalysis.com/institution…
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