Datacenter silicon contest, a new round
21 October 2020
Bottom line:
Composable disaggregated infrastructure is growing fast and redistributing the cards between chip players and architectures in datacenters. We see Nvidia as best positioned to leverage this trend, with Marvell as a wildcard. AMD acquisition of Xilinx would create a leader in the global and composable infrastructure market. Amazon (AWS) is winning on both sides with proprietary silicon and improved price/performance ratios.
Semiconductors players can dent into Intel’s datacenter server processor monopoly (more than 95% of the server market, operating margin around 50%). Yet, Intel breadth of intellectual property is still unmatched in the industry, so we expect additional mergers and acquisitions to be necessary in reshaping the competitive landscape. We are looking to increase our exposure to the sector across our portfolios.
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