{"id":402,"date":"2026-11-04T08:41:19","date_gmt":"2026-11-03T23:41:19","guid":{"rendered":"https:\/\/www.arphile.net\/?p=402"},"modified":"2026-11-04T08:41:22","modified_gmt":"2026-11-03T23:41:22","slug":"261104-%ec%95%84%eb%a6%ac%ec%8a%a4%ed%83%80-%eb%84%a4%ed%8a%b8%ec%9b%8d%ec%8a%a4-q3-%ec%96%b4%eb%8b%9d%ec%bd%9c-%ec%a0%95%eb%a6%ac","status":"publish","type":"post","link":"https:\/\/www.arphile.net\/?p=402","title":{"rendered":"[261104] \uc544\ub9ac\uc2a4\ud0c0 \ub124\ud2b8\uc6cd\uc2a4 Q3 \uc5b4\ub2dd\ucf5c \uc815\ub9ac"},"content":{"rendered":"\n<h3 class=\"wp-block-heading\">1. \ud575\uc2ec \uc774\uc288: \uc0c1\uc7a5 \ud6c4 \ucd5c\uace0 \uc131\uc7a5, \uc62c\ud574 4\ubc88\uc9f8 \uac00\uc774\ub358\uc2a4 \uc0c1\ud5a5, 2027\ub144 +38~40%<\/h3>\n\n\n\n<ul class=\"wp-block-list\">\n<li>\ub9e4\ucd9c <strong>$36.6\uc5b5 (+58.5% YoY, +20.5% QoQ)<\/strong>. \uac00\uc774\ub358\uc2a4 $33\uc5b5\uc744 \ud06c\uac8c \ub118\uc5c8\uace0 \uc0c1\uc7a5 \uc774\ud6c4 \uac00\uc7a5 \ub192\uc740 \uc131\uc7a5\ub960<\/li>\n\n\n\n<li>Non-GAAP \uc601\uc5c5\uc774\uc775 <strong>$18\uc5b5 (\ub9c8\uc9c4 49.1%)<\/strong>, \uc21c\uc774\uc775 $15.3\uc5b5, EPS <strong>$1.20 (+56%)<\/strong><\/li>\n\n\n\n<li><strong>2026\ub144 \uc5f0\uac04 \uac00\uc774\ub358\uc2a4\ub97c $133\uc5b5(+48%)\uc73c\ub85c \uc0c1\ud5a5<\/strong>. \uc62c\ud574 4\ubc88\uc9f8 \uc0c1\ud5a5<\/li>\n\n\n\n<li><strong>2027\ub144 \uccab \uac00\uc774\ub358\uc2a4: +38~40%, \uc57d $185\uc5b5<\/strong><\/li>\n<\/ul>\n\n\n\n<figure class=\"wp-block-table\"><table class=\"has-fixed-layout\"><thead><tr><th>\ud56d\ubaa9<\/th><th>\ub0b4\uc6a9<\/th><\/tr><\/thead><tbody><tr><td>\ub9e4\ucd9c\ucd1d\uc774\uc775\ub960(GM)<\/td><td><strong>64%<\/strong> (\uc804\ub144 65.2%, \uc804\ubd84\uae30 63.4%). \uacf5\uae09\ub9dd \ud6a8\uc728\ud654\uac00 \ubd80\ud488 \uc6d0\uac00 \uc0c1\uc2b9\uc744 \uc77c\ubd80 \uc0c1\uc1c4<\/td><\/tr><tr><td>\uc601\uc5c5\ube44\uc6a9<\/td><td>$5.45\uc5b5 (\uc804\ubd84\uae30 $4.11\uc5b5). R&amp;D\uac00 <strong>$4.09\uc5b5<\/strong>\uc73c\ub85c \ud06c\uac8c \ub298\uc5b4\ub0a8<\/td><\/tr><tr><td>\uad6c\ub9e4 \uc57d\uc815<\/td><td><strong>$114\uc5b5<\/strong> (\uc804\ubd84\uae30 $97\uc5b5)<\/td><\/tr><tr><td>\uc7ac\uace0<\/td><td><strong>$32\uc5b5<\/strong> (\uc804\ubd84\uae30 $25\uc5b5)<\/td><\/tr><tr><td>\uc774\uc5f0\ub9e4\ucd9c<\/td><td>\uc57d $68\uc5b5 (\uc804\ubd84\uae30 $69\uc5b5)<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<h3 class=\"wp-block-heading\">2. CEO \ubc1c\ud45c (Jayshree Ullal)<\/h3>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>AI \ub124\ud2b8\uc6cc\ud06c\uac00 \ucef4\ud4e8\ud305 \uc911\uc2ec\uc5d0\uc11c \ub124\ud2b8\uc6cc\ud06c \uc911\uc2ec\uc73c\ub85c \ubc14\ub00c\uace0 \uc788\ub2e4<\/strong>\uace0 \uac15\uc870\n<ul class=\"wp-block-list\">\n<li>\ud559\uc2b5 \uc911\uc2ec\uc5d0\uc11c \ubd84\uc0b0 \ucd94\ub860\uc73c\ub85c \uc774\ub3d9 \uc911. <\/li>\n\n\n\n<li>\ucd94\ub860\uc740 \uc785\ub825 \ucc98\ub9ac(prefill)\uc640 \ucd9c\ub825 \uc0dd\uc131(decode)\uc774 \ub098\ub258\uace0 KV \uce90\uc2dc\ub97c \ud568\uaed8 \ub2e4\ub904\uc57c \ud574\uc11c \ub354 \uc9c0\ub2a5\uc801\uc778 \ub124\ud2b8\uc6cc\ud06c\uac00 \ud544\uc694\ud568<\/li>\n\n\n\n<li>\ub124\ud2b8\uc6cc\ud06c \uc124\uacc4\uac00 \ud1a0\ud070 \ud6a8\uc728\uc758 \ud575\uc2ec\uc774 \ub41c\ub2e4\ub294 \uc124\uba85<\/li>\n<\/ul>\n<\/li>\n\n\n\n<li><strong>Etherlink \uace0\uac1d 100\uacf3 \ub3cc\ud30c<\/strong>. 3\ub144 \uc804\uc5d0\ub294 AI \uace0\uac1d\uc774 4~5\uacf3\uc5d0 GPU 5\ub9cc~10\ub9cc \uac1c \uc218\uc900\uc774\uc5c8\uace0, \uc2dc\uc7a5\uc774 \uc778\ud53c\ub2c8\ubc34\ub4dc \uc911\uc2ec\uc774\uc5c8\uc74c<\/li>\n\n\n\n<li><strong>2027\ub144 \ub9d0\uae4c\uc9c0 10GW \uc774\uc0c1, 10\uc885 \uc774\uc0c1\uc758 \uac00\uc18d\uae30\uc5d0 \ubc30\uce58<\/strong>\ub420 \uac83\uc73c\ub85c \uc804\ub9dd<\/li>\n\n\n\n<li><strong>3\uac00\uc9c0 AI \ub124\ud2b8\uc6cc\ud06c \uc601\uc5ed<\/strong>\n<ul class=\"wp-block-list\">\n<li>\uc2a4\ucf00\uc77c\uc5c5(\ub799 \ub0b4\ubd80 \uc5f0\uacb0)<\/li>\n\n\n\n<li>\uc2a4\ucf00\uc77c\uc544\uc6c3(\ub799 \uc0ac\uc774 \uc5f0\uacb0)<\/li>\n\n\n\n<li>\uc2a4\ucf00\uc77c\uc5b4\ud06c\ub85c\uc2a4(\ub370\uc774\ud130\uc13c\ud130 \uc0ac\uc774 \uc5f0\uacb0)<\/li>\n<\/ul>\n<\/li>\n\n\n\n<li><strong>\uc2a4\ucf00\uc77c\uc5c5<\/strong>\n<ul class=\"wp-block-list\">\n<li>OCP\uc5d0\uc11c ESUN(\uc2a4\ucf00\uc77c\uc5c5\uc6a9 \uc774\ub354\ub137) \uae30\ubc18 \ub799 \uc124\uacc4\ub97c \uacf5\uac1c\ud568. \n<ul class=\"wp-block-list\">\n<li>Arm, Microsoft Maia, AMD Helios, Qualcomm, Meta MTIA \ub4f1\uacfc \uacf5\ub3d9 \uc124\uacc4<\/li>\n<\/ul>\n<\/li>\n\n\n\n<li><strong>Etherlink SU-144<\/strong>: \ub799\ub2f9 \uac00\uc18d\uae30 144\uac1c\ub97c \ud55c \ubc88\uc5d0 \uc5f0\uacb0\ud558\uace0, \ub799\uc744 \ub118\uc5b4 1,024\uac1c\uae4c\uc9c0 \ud655\uc7a5<\/li>\n\n\n\n<li><strong>2027\ub144 \uc2dc\ubc94 \uc801\uc6a9, 2028\ub144 \uc591\uc0b0<\/strong><\/li>\n<\/ul>\n<\/li>\n\n\n\n<li><strong>AVA<\/strong>(\uc790\uc728 \uac00\uc0c1 \ube44\uc11c): \ub124\ud2b8\uc6cc\ud06c \ub370\uc774\ud130\ub97c \ubc14\ud0d5\uc73c\ub85c \ubb38\uc81c\ub97c \uc9c4\ub2e8\ud558\ub294 AI \uc5d0\uc774\uc804\ud2b8. MCP\ub97c \uc9c0\uc6d0\ud558\uace0, \uc9c0\uae08\uc740 CloudVision\uc5d0\uc11c \uc54c\ud30c \ud14c\uc2a4\ud2b8 \uc911<\/li>\n\n\n\n<li><strong>\ubcf4\uc548 (Ken Duda CTO)<\/strong>\n<ul class=\"wp-block-list\">\n<li>Anthropic, Google, OpenAI\uc640 \ud611\ub825\ud574 AI \uae30\ubc18 \ucde8\uc57d\uc810 \ud0d0\uc0c9\uc744 \ub3c4\uc785. \ucd08\uae30 \uc778\ud504\ub77c \ud30c\ud2b8\ub108\ub85c <strong>Project Glasswing<\/strong>\uc5d0 \ucc38\uc5ec<\/li>\n\n\n\n<li>\ub2e8\uc77c \uc6b4\uc601\uccb4\uc81c(EOS) \uad6c\uc870\ub77c\uc11c \ubcf4\uc548 \ucde8\uc57d\uc810(CVE)\uc774 20\ub144\uac04 100\uac74 \ubbf8\ub9cc. \uacbd\uc7c1\uc0ac\ubcf4\ub2e4 10~50\ubc30 \uc801\ub2e4\uace0 \ud568<\/li>\n\n\n\n<li>\ubb38\uc81c\uac00 \uc0dd\uae34 \ubd80\ubd84\ub9cc \uace0\uccd0\uc11c \uc5c5\ub370\uc774\ud2b8\ud560 \uc218 \uc788\uc5b4 \ub124\ud2b8\uc6cc\ud06c\ub97c \uba48\ucd94\uc9c0 \uc54a\uc544\ub3c4 \ub428<\/li>\n<\/ul>\n<\/li>\n\n\n\n<li><strong>\uc5d4\ud130\ud504\ub77c\uc774\uc988 (Todd Nightingale \uc0ac\uc7a5)<\/strong>\n<ul class=\"wp-block-list\">\n<li>\uc544\uc2dc\uc544 \uc6f9\uc11c\ube44\uc2a4 \uae30\uc5c5\uc758 AI \ud504\ub860\ud2b8\uc5d4\ub4dc \uc218\uc8fc<\/li>\n\n\n\n<li>\ubcd1\uc6d0 \uadf8\ub8f9\uc758 \ub370\uc774\ud130\uc13c\ud130, \ub9ac\uc870\ud2b8\u00b7\uce74\uc9c0\ub178\uc758 \ub370\uc774\ud130\uc13c\ud130\uc640 \ucea0\ud37c\uc2a4 \ub124\ud2b8\uc6cc\ud06c \uc218\uc8fc<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\">3. \uc2e4\uc801 \uc138\ubd80<\/h3>\n\n\n\n<ul class=\"wp-block-list\">\n<li>\ud574\uc678 \ub9e4\ucd9c $6.83\uc5b5, \ube44\uc911 <strong>18.6%<\/strong> (\uc804\ubd84\uae30 23%). \ub300\ud615 \uae00\ub85c\ubc8c \uace0\uac1d\uc758 \uc9c0\uc5ed \uad6c\uc131\uc774 \ubc14\ub010 \uc601\ud5a5<\/li>\n\n\n\n<li>\uc138 \uc9c0\uc5ed \ubaa8\ub450 YoY \ub450 \uc790\ub9bf\uc218 \uc131\uc7a5<\/li>\n\n\n\n<li>R&amp;D \ub9e4\ucd9c \ub300\ube44 11.2%: \uc561\uccb4 \ub0c9\uac01, \ub300\ud615 \uc2a4\uc704\uce58, AI \uc18c\ud504\ud2b8\uc6e8\uc5b4\uc5d0 \ud22c\uc790. \uc2dc\uc81c\ud488 \ube44\uc6a9\uc774 \ub9ce\uc558\ub358 \ubd84\uae30\ub77c\uace0 \ud568<\/li>\n\n\n\n<li>\ud310\ub9e4\uad00\ub9ac\ube44 3.0%, \uc77c\ubc18\uad00\ub9ac\ube44 0.7%<\/li>\n\n\n\n<li>\uc601\uc5c5\ud604\uae08\ud750\ub984 \uc57d <strong>$12\uc5b5<\/strong>. \uc7ac\uace0\ub97c \uc758\ub3c4\uc801\uc73c\ub85c \ub298\ub9bc<\/li>\n\n\n\n<li>\ud604\uae08\u00b7\uc720\uac00\uc99d\uad8c <strong>$144\uc5b5<\/strong>, \ubd80\ucc44 0<\/li>\n\n\n\n<li>\uc790\uc0ac\uc8fc \ub9e4\uc785 \ud55c\ub3c4 $15\uc5b5 \uc911 <strong>$8.18\uc5b5 \ub0a8\uc74c<\/strong><\/li>\n\n\n\n<li>CAPEX $1.01\uc5b5 (\uc0b0\ud0c0\ud074\ub77c\ub77c \uc2e0\uc0ac\uc625 \uacf5\uc0ac \ub9c8\ubb34\ub9ac \ub2e8\uacc4)<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\">4. \uc804\ub9dd<\/h3>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>4\ubd84\uae30<\/strong>\n<ul class=\"wp-block-list\">\n<li>\ub9e4\ucd9c <strong>$39\uc5b5~40\uc5b5<\/strong><\/li>\n\n\n\n<li>GM 63~64%, \uc601\uc5c5\uc774\uc775\ub960 48~49%, EPS <strong>$1.26~1.30<\/strong><\/li>\n<\/ul>\n<\/li>\n\n\n\n<li><strong>2026\ub144<\/strong>: \uc57d $133\uc5b5 (+48%)\n<ul class=\"wp-block-list\">\n<li>AI \ub124\ud2b8\uc6cc\ud06c \ub9e4\ucd9c \ubaa9\ud45c \uc57d $35\uc5b5, \ucea0\ud37c\uc2a4 \uc57d $12.5\uc5b5<\/li>\n<\/ul>\n<\/li>\n\n\n\n<li><strong>2027\ub144<\/strong>: <strong>+38~40%, \uc57d $185\uc5b5<\/strong>\n<ul class=\"wp-block-list\">\n<li><strong>AI \ub124\ud2b8\uc6cc\ud06c 2\ubc30, \uc57d $70\uc5b5<\/strong>: \uac00\uc7a5 \ube60\ub974\uac8c \uc131\uc7a5\ud558\ub294 \ubd80\ubb38<\/li>\n\n\n\n<li><strong>\ucea0\ud37c\uc2a4 +60%, \uc57d $20\uc5b5<\/strong><\/li>\n\n\n\n<li>GM 62~64%, \uc601\uc5c5\uc774\uc775\ub960 \uc57d 49%, \uc138\uc728 \uc57d 21%<\/li>\n<\/ul>\n<\/li>\n\n\n\n<li>2030\ub144 \uc2dc\uc7a5 \uaddc\ubaa8(TAM) <strong>$2,000\uc5b5 \uc774\uc0c1<\/strong><\/li>\n\n\n\n<li>\uc2a4\ucf00\uc77c\uc5c5\uc740 2027\ub144\uc5d0\ub294 \ub9e4\ucd9c\uc774 \ubbf8\ubbf8\ud558\uace0 2028\ub144\ubd80\ud130 \uae30\uc5ec<\/li>\n\n\n\n<li>\uc2a4\ucf00\uc77c\uc5b4\ud06c\ub85c\uc2a4 \ube44\uc911\uc740 2026\ub144 \uc57d 30%. 2027\ub144\uc5d0\ub294 \ub354 \ub192\uc544\uc9c8 \uc804\ub9dd<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\">5. \uacf5\uae09\/\uc218\uc8fc<\/h3>\n\n\n\n<ul class=\"wp-block-list\">\n<li>\uc5c5\uacc4 \uc804\ubc18\uc5d0 \uacf5\uae09 \ubd80\uc871\uc774 \uc788\uc9c0\ub9cc \ud558\ubc18\uae30 \uc2e4\ud589\uc774 \uac1c\uc120\ub428<\/li>\n\n\n\n<li>\uce69, PCB, <strong>\uba54\ubaa8\ub9ac\uae4c\uc9c0 \ub2e4\ub144 \uc7a5\uae30\uacc4\uc57d<\/strong>\uc744 \ub9fa\uc5b4 \uacf5\uae09\uc744 \ud655\ubcf4\ud568<\/li>\n\n\n\n<li>\uad6c\ub9e4 \uc57d\uc815\uc740 4\ubd84\uae30\uc5d0 \ub354 \ub298\uc5b4\ub0a0 \uc804\ub9dd<\/li>\n\n\n\n<li>\uc2e4\uc801 \uac00\uc2dc\uc131\uc740 \ubcf4\ud1b5\ucc98\ub7fc 2\ubd84\uae30 \uc218\uc900\uc774\uc9c0\ub9cc, \uace0\uac1d\uacfc <strong>2\ub144\uac04 \uae30\uc220 \ud611\uc758<\/strong>\ub97c \ud574\uc654\uae30 \ub54c\ubb38\uc5d0 2027\ub144 \uac00\uc774\ub358\uc2a4\uc5d0 \uc790\uc2e0\uac10\uc774 \uc788\ub2e4\uace0 \ud568<\/li>\n\n\n\n<li><strong>10% \uc774\uc0c1 \ub9e4\ucd9c \uace0\uac1d<\/strong>: \uae30\uc874 2\uacf3(Meta, Microsoft)\uc5d0 1~2\uacf3\uc774 \ucd94\uac00\ub420 \uc804\ub9dd. \ucd1d 3~4\uacf3<\/li>\n\n\n\n<li>\uc774\uc5f0\ub9e4\ucd9c\uc740 \ub4e4\uace0 \ub098\ub294 \uaddc\ubaa8\uac00 \ucef8\uc9c0\ub9cc \uc794\uc561\uc740 \ube44\uc2b7\ud558\uac8c \uc720\uc9c0\ub428. \uc5f0\ub9d0 \uc794\uc561\uc740 \uc791\ub144 \ub9d0\ubcf4\ub2e4 \ub192\uc744 \uac83\uc73c\ub85c \uc608\uc0c1<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\">6. \uc8fc\uc8fc\ud658\uc6d0\/\uc7ac\ubb34<\/h3>\n\n\n\n<ul class=\"wp-block-list\">\n<li>\uc774\ubc88 \ubd84\uae30 \uc790\uc0ac\uc8fc \ub9e4\uc785 \uc5b8\uae09\uc740 \uc5c6\uc5c8\uc74c (\ub0a8\uc740 \ud55c\ub3c4 $8.18\uc5b5)<\/li>\n\n\n\n<li>\ud604\uae08 $144\uc5b5, \ubb34\ucc28\uc785<\/li>\n\n\n\n<li>9\uc6d4 <strong>S&amp;P 100 \ud3b8\uc785<\/strong><\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\">7. \uc9c8\uc758\uc751\ub2f5 \ud575\uc2ec<\/h3>\n\n\n\n<figure class=\"wp-block-table\"><table class=\"has-fixed-layout\"><thead><tr><th>\uc9c8\ubb38\uc790<\/th><th>\uc9c8\ubb38<\/th><th>\ub2f5\ubcc0 \uc694\uc57d<\/th><\/tr><\/thead><tbody><tr><td>Michael Ng (\uace8\ub4dc\ub9cc\uc0ad\uc2a4)<\/td><td>10GW\uac00 \uc5c5\uacc4 \uc22b\uc790\uc778\uc9c0 \uc544\ub9ac\uc2a4\ud0c0 \uc22b\uc790\uc778\uc9c0, \uac00\uc18d\uae30 \ub2e4\uc591\ud654\uac00 \uae30\ud68c\uc778\uc9c0<\/td><td>\uc544\ub9ac\uc2a4\ud0c0 \ubc30\uce58 \uae30\uc900.<br>\uc2a4\ucf00\uc77c\uc5b4\ud06c\ub85c\uc2a4\ub294 \uae30\uc874 GW\ub3c4 \uc5f0\uacb0\ud568.<br>\uc9c0\uae08 \uac00\uc18d\uae30 4~5\uc885\uc5d0 \uc5f0\uacb0 \uc911\uc774\uace0, 2027\ub144 \uc2a4\ucf00\uc77c\uc5c5\uc73c\ub85c 5\uc885\uc774 \ucd94\uac00\ub428<\/td><\/tr><tr><td>Meta Marshall (\ubaa8\uac74\uc2a4\ud0e0\ub9ac)<\/td><td>\uc2a4\ucf00\uc77c\uc5c5\u00b7\uc544\uc6c3\u00b7\uc5b4\ud06c\ub85c\uc2a4 \ube44\uc911<\/td><td>2027\ub144 \uc2a4\ucf00\uc77c\uc5c5\uc740 \uc2dc\ubc94 \ub2e8\uacc4\ub77c \ub9e4\ucd9c\uc774 \ubbf8\ubbf8\ud558\uace0 2028\ub144\ubd80\ud130 \uae30\uc5ec.<br>\uc62c\ud574 \uc2a4\ucf00\uc77c\uc544\uc6c3 \ub300 \uc5b4\ud06c\ub85c\uc2a4\ub294 \uc57d 70:30, \ub0b4\ub144\uc5d0\ub294 \uc5b4\ud06c\ub85c\uc2a4 \ube44\uc911\uc774 \ucee4\uc9d0<\/td><\/tr><tr><td>Ben Reitzes (\uba5c\ub9ac\uc6b0\uc2a4)<\/td><td>10% \uc774\uc0c1 \ub9e4\ucd9c \uace0\uac1d \ucd94\uac00 \uc5ec\ubd80<\/td><td>Meta\u00b7Microsoft\ub294 \uacc4\uc18d \uc720\uc9c0.<br>1~2\uacf3\uc774 \ucd94\uac00\ub3fc 3~4\uacf3\uc774 \ub420 \uc804\ub9dd.<br>\uacf5\uae09\uc744 \uc5bc\ub9c8\ub098 \ucd9c\ud558\ud558\ub290\ub0d0\uc5d0 \ub2ec\ub824 \uc788\uc74c<\/td><\/tr><tr><td>George Notter (\uc6b8\ud504)<\/td><td>R&amp;D \uae09\uc99d\uc774 \uc77c\ud68c\uc131\uc778\uc9c0<\/td><td>\ud558\uc774\ud37c\uc2a4\ucf00\uc77c\ub7ec AI \ub9de\ucda4 \uac1c\ubc1c\uacfc \uc561\uccb4 \ub0c9\uac01 \ud22c\uc790 \ub54c\ubb38.<br>\uc2dc\uc81c\ud488 \ube44\uc6a9\uc774 \ucef8\ub358 \ubd84\uae30.<br>\ub9e4\ucd9c \ub300\ube44 9~11% \ud504\ub808\uc784\uc740 \uc720\uc9c0<\/td><\/tr><tr><td>Amit Daryanani (\uc5d0\ubc84\ucf54\uc5b4)<\/td><td>\uc124\uacc4 \ub2e8\uacc4\ubd80\ud130 \ucc38\uc5ec\ud558\ub294\uc9c0, 2027\ub144 \uacf5\uae09 \ud655\uc2e0<\/td><td>Cerebras, Microsoft Maia\uc640 \ucd08\uae30\ubd80\ud130 \ud611\uc5c5\ud574 \ubc84\ud37c\uc640 \uc18c\ud504\ud2b8\uc6e8\uc5b4\ub97c \ud29c\ub2dd\ud568.<br>\uacf5\uae09\uc740 \uc8fc\uc694 \uacf5\uae09\uc0ac\uc640 \uacc4\uc57d\uc774 \uc788\uc5b4 \uc790\uc2e0 \uc788\uc74c. \uadf8\ub798\uc11c \uad6c\ub9e4 \uc57d\uc815\uc774 \ub298\uc5b4\ub0a8<\/td><\/tr><tr><td>Tim Long (\ubc14\ud074\ub808\uc774\uc988)<\/td><td>\ucea0\ud37c\uc2a4 +60% \uc131\uc7a5 \uc774\uc720<\/td><td>\uae30\uc5c5\ub4e4\uc774 \ucea0\ud37c\uc2a4 \ub124\ud2b8\uc6cc\ud06c\ub97c \ud575\uc2ec \uc778\ud504\ub77c\ub85c \ubcf4\uae30 \uc2dc\uc791\ud568.<br>AI \ud574\ud0b9(Glasswing\/Mythos) \uc774\ud6c4 \ub2e4\uc6b4\ud0c0\uc784 \uc5c6\ub294 \ud328\uce58\uac00 \ucc28\ubcc4\uc810.<br>\uad50\uccb4 \uc8fc\uae30\uac00 \uae38\uc5b4 \uc5ec\ub7ec \ud574\uc5d0 \uac78\uce5c \uc131\uc7a5<\/td><\/tr><tr><td>David Vogt (UBS)<\/td><td>\uad6c\ub9e4 \uc57d\uc815\u00b7\uc774\uc5f0\ub9e4\ucd9c\uacfc 2027\ub144 \uac00\uc774\ub358\uc2a4\uc758 \uad00\uacc4<\/td><td>\uad6c\ub9e4 \uc57d\uc815\uc5d0 \ub2e4\ub144 \uba54\ubaa8\ub9ac \uacc4\uc57d\uc744 \ucd94\uac00\ud588\uace0, 4\ubd84\uae30\uc5d0 \ub354 \ub298\uc5b4\ub0a8.<br>\uc774\uc5f0\ub9e4\ucd9c\uc740 \ub4e4\uace0 \ub098\ub294 \uac8c \ub9ce\uc558\ub294\ub370\ub3c4 \uc794\uc561\uc774 \uc720\uc9c0\ub418\uba74\uc11c +58.5% \uc131\uc7a5<\/td><\/tr><tr><td>Simon Leopold (\ub808\uc774\uba3c\ub4dc \uc81c\uc784\uc2a4)<\/td><td>2026\ub144 \ubd80\ubb38\ubcc4 \uae30\uc900\uce58, CPO \uc804\ub9dd<\/td><td>2026\ub144 \ubaa9\ud45c\ub294 AI \uc57d $35\uc5b5, \ucea0\ud37c\uc2a4 \uc57d $12.5\uc5b5.<br>\uad11 \ubaa8\ub4c8\uc740 \ub2f9\ubd84\uac04 \uaf42\uc544 \uc4f0\ub294 \ud50c\ub7ec\uac70\ube14\uc774 \ub300\uc138.<br>\uac1c\ubc29\ud615 CPO\ub294 2028~2030\ub144<\/td><\/tr><tr><td>Joseph Cardoso (JP\ubaa8\uac74)<\/td><td>AI\u00b7\ucea0\ud37c\uc2a4 \uc678 \ud575\uc2ec \uc0ac\uc5c5 \ub454\ud654 \uc774\uc720<\/td><td>\ubaa8\ub4e0 \ubd80\ubb38\uc774 \ub450 \uc790\ub9bf\uc218 \uc131\uc7a5.<br>\ud504\ub860\ud2b8\uc5d4\ub4dc\uc640 \ubc31\uc5d4\ub4dc\ub294 \ubc88\uac08\uc544 \uc131\uc7a5\ud558\ub294 \uc0ac\uc774\ud074.<br>\ubcf4\uc218\uc801\uc73c\ub85c \uc7a1\uc740 \uc22b\uc790\uac00 \uc544\ub2d8<\/td><\/tr><tr><td>James Fish (\ud30c\uc774\ud37c \uc0cc\ub4e4\ub7ec)<\/td><td>\uc774\ub807\uac8c \uc774\ub978 \uc2dc\uc810\uc758 \uac15\ud55c \uac00\uc774\ub358\uc2a4\uc5d0 \ub300\ud55c \ud655\uc2e0, \uc2a4\ucf00\uc77c\uc5c5\uc5d0\uc11c \uc544\ub9ac\uc2a4\ud0c0 \uac15\uc810<\/td><td>\uac00\uc2dc\uc131\uc740 2\ubd84\uae30\uc9c0\ub9cc \uace0\uac1d\uacfc 2\ub144\uac04 \ud611\uc758\ud574 \uc634.<br>\uc778\ud53c\ub2c8\ubc34\ub4dc\uc5d0\uc11c \uc774\ub354\ub137\uc73c\ub85c \ub118\uc5b4\uac14\ub4ef NVLink\u00b7UALink\uc5d0\uc11c ESUN\uc73c\ub85c \ub118\uc5b4\uac08 \uac83.<br>\uc5d4\ube44\ub514\uc544 \uc678 \uac00\uc18d\uae30 \uc5f0\uacb0\uc5d0 \uac00\uc7a5 \uc720\ub9ac\ud568<\/td><\/tr><tr><td>Tal Liani (BofA)<\/td><td>\uc774\uc5f0\ub9e4\ucd9c \uc99d\uac00\uc138 \ub454\ud654\uc640 \ub9e4\ucd9c \uc131\uc7a5\uc758 \uad34\ub9ac<\/td><td>\uc774\uc5f0\ub9e4\ucd9c\uc740 \uc2e0\uc81c\ud488\u00b7\uc2e0\uaddc \uc6a9\ub3c4\uc5d0 \ub530\ub77c \ub4e4\uace0 \ub098\ub294 \uac83\uc774\ub77c \uc608\uce21\ud558\uc9c0 \uc54a\uc74c.<br>\uc218\uc694\ub294 18\ub144 \uc7ac\uc9c1 \uc911 \ucd5c\uace0 \uc218\uc900.<br>\uc5f0\ub9d0 \uc774\uc5f0\ub9e4\ucd9c \uc794\uc561\uc740 \uc791\ub144\ubcf4\ub2e4 \ub192\uc744 \uc804\ub9dd<\/td><\/tr><tr><td>Ryan Koontz (\ub2c8\ub364)<\/td><td>\uc2a4\ucf00\uc77c\uc5c5 \ub799\uc758 \ud310\ub9e4 \ubc29\uc2dd<\/td><td>\ud575\uc2ec \uac00\uce58\ub294 \uc2a4\uc704\uce58.<br>\ub799 \uc804\uccb4\ub97c \ud314\uc9c0, \uc81c\uc870 \ud30c\ud2b8\ub108\ub97c \uac70\uce60\uc9c0\ub294 \uc124\uacc4 3\uc885\ub9c8\ub2e4 \ub2e4\ub984.<br>\ub300\ubd80\ubd84 \uc561\uccb4 \ub0c9\uac01<\/td><\/tr><tr><td>Karl Ackerman (BNP)<\/td><td>2027\ub144 \uac00\uc774\ub358\uc2a4\uac00 \ub370\uc774\ud130\uc13c\ud130 \uc778\ud504\ub77c \ud655\ubcf4\ub098 \uc774\uc5f0\ub9e4\ucd9c \uc18c\uc9c4\uc5d0 \uc758\uc874\ud558\ub294\uc9c0<\/td><td>\uc774\uc5f0\ub9e4\ucd9c\uc740 \uac00\uc774\ub358\uc2a4\ub97c \uc8fc\uc9c0 \uc54a\uc74c.<br>2\ubd84\uae30 \uac00\uc2dc\uc131, \ub300\ud615 \uace0\uac1d\uacfc\uc758 \ud611\uc758, \uc5d4\ud130\ud504\ub77c\uc774\uc988 \ub9e4\ucd9c \ud750\ub984\uc744 \ud569\uccd0\uc11c \uc0b0\ucd9c.<br>2027\ub144\uc5d0\ub3c4 \uc2e0\uc81c\ud488\uc774 \ub9ce\uc74c<\/td><\/tr><tr><td>\ub3c4\uc774\uce58\ubc29\ud06c (\uc774\ub984 \ubd88\uba85\ud655)<\/td><td>SU-144\uc758 \ub9c8\uc9c4<\/td><td>\uc7a5\uae30 GM \ubc94\uc704 62~64%\uc5d0 \ubcc0\ud654 \uc5c6\uc74c<\/td><\/tr><tr><td>\ubc88\uc2a4\ud0c0\uc778 (\uc774\ub984 \ubd88\uba85\ud655)<\/td><td>\uc2a4\ucf00\uc77c\uc5b4\ud06c\ub85c\uc2a4 \uace0\uac1d \uc9d1\uc911\ub3c4<\/td><td>\ub300\ud615 \uace0\uac1d\uc740 7800 AI \uc2a4\ud30c\uc778(576\ud3ec\ud2b8), \uc18c\uaddc\ubaa8\u00b7\ucf54\ub85c\ucf00\uc774\uc158\uc740 7280.<br>\ub9e4\ucd9c\uc740 7800 \ube44\uc911\uc774 \ud07c<\/td><\/tr><tr><td>Sean O\u2019Loughlin (TD Cowen)<\/td><td>\ud504\ub860\ud2b8\uc5d4\ub4dc \uc0ac\uc774\ud074 \uc704\uce58<\/td><td>\ubc31\uc5d4\ub4dc\uc640 \ud504\ub860\ud2b8\uc5d4\ub4dc\ub294 \uc0ac\uc778\ud30c\ucc98\ub7fc \ubc88\uac08\uc544 \uc131\uc7a5.<br>\uc9c0\uae08\uc740 \ubc31\uc5d4\ub4dc\uac00 \uac15\ud558\uace0 \ud504\ub860\ud2b8\uc5d4\ub4dc\ub294 \ub098\uc911\uc5d0 \ub530\ub77c\uc634<\/td><\/tr><tr><td>Antoine Chkaiban (\ub274\uc2a4\ud2b8\ub9ac\ud2b8)<\/td><td>AVA \uc218\uc775\ud654<\/td><td>CloudVision\uc5d0\uc11c \uc54c\ud30c \ud14c\uc2a4\ud2b8 \uc911\uc774\uace0 \uac00\uaca9 \ubaa8\ub378\uc744 \uc815\ud558\ub294 \uc911.<br>EOS \uad6c\uc870\uac00 \ud0c4\ud0c4\ud574\uc11c \uba87 \ub144 \uc548\uc5d0 \uc218\uc775\ud654 \uac00\ub2a5<\/td><\/tr><tr><td>Ben Bollin (\ud074\ub9ac\ube14\ub79c\ub4dc \ub9ac\uc11c\uce58)<\/td><td>\ub9ac\ub4dc\ud0c0\uc784, \uc5d4\ud130\ud504\ub77c\uc774\uc988 \uc601\uc5c5<\/td><td>\uc5d4\ud130\ud504\ub77c\uc774\uc988\ub294 \ub9ac\ub4dc\ud0c0\uc784\uc774 \uc9e7\uace0 \uc7ac\uace0 \ubc84\ud37c\uac00 \uc788\uc74c.<br>AI\u00b7\ud558\uc774\ud37c\uc2a4\ucf00\uc77c\uc740 \ub9ac\ub4dc\ud0c0\uc784\uc774 \uae40.<br>12\uc6d4 \ub300\ud615 \uace0\uac1d \ud589\uc0ac \uc608\uc815, \ud574\uc678\u00b7\uc0b0\uc5c5\ubcc4 \uc601\uc5c5 \ud22c\uc790 \ud655\ub300<\/td><\/tr><tr><td>Mehdi Hosseini (\uc11c\uc2a4\ud018\ud558\ub098)<\/td><td>2027\ub144 $185\uc5b5\uc5d0 \ud544\uc694\ud55c \uce69\u00b7\uba54\ubaa8\ub9ac \ud655\ubcf4 \uc5ec\ubd80<\/td><td>\uce69, PCB, \uba54\ubaa8\ub9ac\uae4c\uc9c0 \uc7a5\uae30\uacc4\uc57d\uc73c\ub85c \ud655\ubcf4\ud574 \uacf5\uae09\uc5d0 \uc790\uc2e0 \uc788\uc74c.<br>\ub2e4\ub9cc \ub0b4\ub144 \uc804\uccb4 \ubb3c\ub7c9\uc744 5\ubd84\uae30 \uc804\uc5d0 \ubaa8\ub450 \ubc1c\uc8fc\ud558\uc9c0\ub294 \uc54a\uc74c<\/td><\/tr><\/tbody><\/table><\/figure>\n","protected":false},"excerpt":{"rendered":"<p>1. \ud575\uc2ec \uc774\uc288: \uc0c1\uc7a5 \ud6c4 \ucd5c\uace0 \uc131\uc7a5, \uc62c\ud574 4\ubc88\uc9f8 \uac00\uc774\ub358\uc2a4 \uc0c1\ud5a5, 2027\ub144 +38~40% \ud56d\ubaa9 \ub0b4\uc6a9 \ub9e4\ucd9c\ucd1d\uc774\uc775\ub960(GM) 64% (\uc804\ub144 65.2%, \uc804\ubd84\uae30 63.4%). \uacf5\uae09\ub9dd \ud6a8\uc728\ud654\uac00 \ubd80\ud488 \uc6d0\uac00 \uc0c1\uc2b9\uc744 \uc77c\ubd80 \uc0c1\uc1c4 \uc601\uc5c5\ube44\uc6a9 $5.45\uc5b5 (\uc804\ubd84\uae30 $4.11\uc5b5). R&amp;D\uac00 $4.09\uc5b5\uc73c\ub85c \ud06c\uac8c \ub298\uc5b4\ub0a8 \uad6c\ub9e4 \uc57d\uc815 $114\uc5b5 (\uc804\ubd84\uae30 $97\uc5b5) \uc7ac\uace0 $32\uc5b5 (\uc804\ubd84\uae30 $25\uc5b5) \uc774\uc5f0\ub9e4\ucd9c \uc57d $68\uc5b5 (\uc804\ubd84\uae30 $69\uc5b5) 2. CEO \ubc1c\ud45c (Jayshree Ullal) [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_uag_custom_page_level_css":"","footnotes":""},"categories":[38],"tags":[94,100,112],"class_list":["post-402","post","type-post","status-publish","format-standard","hentry","category-38","tag-94","tag-100","tag-112"],"uagb_featured_image_src":{"full":false,"thumbnail":false,"medium":false,"medium_large":false,"large":false,"1536x1536":false,"2048x2048":false,"blogsy-small":false,"blogsy-small-tall":false,"blogsy-small-square":false,"blogsy-small-masonry":false,"blogsy-medium":false,"blogsy-medium-masonry":false,"blogsy-large":false,"blogsy-wide":false},"uagb_author_info":{"display_name":"Arphile","author_link":"https:\/\/www.arphile.net\/?author=1"},"uagb_comment_info":0,"uagb_excerpt":"1. \ud575\uc2ec \uc774\uc288: \uc0c1\uc7a5 \ud6c4 \ucd5c\uace0 \uc131\uc7a5, \uc62c\ud574 4\ubc88\uc9f8 \uac00\uc774\ub358\uc2a4 \uc0c1\ud5a5, 2027\ub144 +38~40% \ud56d\ubaa9 \ub0b4\uc6a9 \ub9e4\ucd9c\ucd1d\uc774\uc775\ub960(GM) 64% (\uc804\ub144 65.2%, \uc804\ubd84\uae30 63.4%). \uacf5\uae09\ub9dd \ud6a8\uc728\ud654\uac00 \ubd80\ud488 \uc6d0\uac00 \uc0c1\uc2b9\uc744 \uc77c\ubd80 \uc0c1\uc1c4 \uc601\uc5c5\ube44\uc6a9 $5.45\uc5b5 (\uc804\ubd84\uae30 $4.11\uc5b5). R&amp;D\uac00 $4.09\uc5b5\uc73c\ub85c \ud06c\uac8c \ub298\uc5b4\ub0a8 \uad6c\ub9e4 \uc57d\uc815 $114\uc5b5 (\uc804\ubd84\uae30 $97\uc5b5) \uc7ac\uace0 $32\uc5b5 (\uc804\ubd84\uae30 $25\uc5b5) \uc774\uc5f0\ub9e4\ucd9c \uc57d $68\uc5b5 (\uc804\ubd84\uae30 $69\uc5b5) 2. CEO \ubc1c\ud45c (Jayshree Ullal)&hellip;","_links":{"self":[{"href":"https:\/\/www.arphile.net\/index.php?rest_route=\/wp\/v2\/posts\/402","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.arphile.net\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.arphile.net\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.arphile.net\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.arphile.net\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=402"}],"version-history":[{"count":1,"href":"https:\/\/www.arphile.net\/index.php?rest_route=\/wp\/v2\/posts\/402\/revisions"}],"predecessor-version":[{"id":403,"href":"https:\/\/www.arphile.net\/index.php?rest_route=\/wp\/v2\/posts\/402\/revisions\/403"}],"wp:attachment":[{"href":"https:\/\/www.arphile.net\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=402"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.arphile.net\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=402"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.arphile.net\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=402"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}