Thanks to the success of the burgeoning market for AI accelerators, NVIDIA has been on a tear this year. And the only place that’s even more apparent than the company’s rapidly growing revenues is in the company’s stock price and market capitalization. After breaking into the top 5 most valuable companies only earlier this year, NVIDIA has reached the apex of Wall Street, closing out today as the world’s most valuable company.
With a closing price of $135.58 on a day that saw NVIDIA’s stock pop up another 3.5%, NVIDIA has topped both Microsoft and Apple in valuation, reaching a market capitalization of $3.335 trillion. This follows a rapid rise in the company’s stock price, which has increased by 47% in the last month alone – particularly on the back of NVIDIA’s most recent estimates-beating earnings report – as well as a recent 10-for-1 stock split. And looking at the company’s performance over a longer time period, NVIDIA’s stock jumped a staggering 218% over the last year, or a mere 3,474% over the last 5 years.
NVIDIA’s ascension continues a trend over the last several years of tech companies all holding the top spots in the market capitalization rankings. Though this is the first time in quite a while that the traditional tech leaders of Apple and Microsoft have been pushed aside.
Market Capitalization Rankings | ||
Market Cap | Stock Price | |
NVIDIA | $3.335T | $135.58 |
Microsoft | $3.317T | $446.34 |
Apple | $3.285T | $214.29 |
Alphabet | $2.170T | $176.45 |
Amazon | $1.902T | $182.81 |
Driving the rapid growth of NVIDIA and its market capitalization has been demand for AI accelerators from NVIDIA, particularly the company’s server-grade H100, H200, and GH200 accelerators for AI training. As the demand for these products has spiked, NVIDIA has been scaling up accordingly, repeatedly beating market expectations for how many of the accelerators they can ship – and what price they can charge. And despite all that growth, orders for NVIDIA’s high-end accelerators are still backlogged, underscoring how NVIDIA still isn’t meeting the full demands of hyperscalers and other enterprises.
Consequently, NVIDIA’s stock price and market capitalization have been on a tear on the basis of these future expectations. With a price-to-earnings (P/E) ratio of 76.7 – more than twice that of Microsoft or Apple – NVIDIA is priced more like a start-up than a 30-year-old tech company. But then it goes without saying that most 30-year-old tech companies aren’t tripling their revenue in a single year, placing NVIDIA in a rather unique situation at this time.
Like the stock market itself, market capitalizations are highly volatile. And historically speaking, it’s far from guaranteed that NVIDIA will be able to hold the top spot for long, never mind day-to-day fluctuations. NVIDIA, Apple, and Microsoft’s valuations are all within $50 billion (1.%) of each other, so for the moment at least, it’s still a tight race between all three companies. But no matter what happens from here, NVIDIA gets the exceptionally rare claim of having been the most valuable company in the world at some point.
(Carousel image courtesy MSN Money)
GPUsThe Cooler Master V850 SFX Gold ATX 3.0 PSU Review: Small Scale In response to the increasing popularity of compact and portable gaming PCs in the past couple of years, we've seen several PC peripheral manufacturers release larger collections of SFX form factor cases and power supplies. Chief among these has been Cooler Master, where the prolific PC part vendor recently expanded their SFX series to include ATX 3.0-compliant PSUs. This has finally given the company a modern, miniature platform that can drive the latest NVIDIA video cards. Today we're looking at Cooler Master's V850 SFX Gold, which represents a more budget-friendly option in the SFX power supply market compared to their previously reviewed V1100 SFX Platinum. The SFX Gold series includes four models, ranging from 550W to 850W, with the 850W unit that we are reviewing today being the most potent. This 850-Watt power supply carries an 80 Plus Gold certification and is designed for high-performance gaming and workstation builds. As the top-tier model in the SFX Gold series, it offers substantial power output for an SFX unit and maintains ATX 3.0 compliance, including a 12VHPWR connector in a compact SFX format. Cases/Cooling/PSUs
Qualcomm: Some Snapdragon X Elite Laptops Will Come with 5G Modems One of Qualcomm's indisputable strengths are its 5G modems – something which even Apple has yet to successfully ween itself from. And while Qualcomm is not integrating a modem into its first-generation Oryon-based Snapdragon X chips, the company is still looking to leverage that technology advantage via discrete modems that can be installed in Snapdragon X laptops. To date, Qualcomm has won 23 laptop designs with its Snapdragon X Elite SoCs, and all of the leading PC vendors have introduced systems based on Qualcomm's Snapdragon X Elite processors. However, only some of them will be equipped with modems, the company detailed at Computex 2024. While the technical rationale for this is very straightforward (not every vendor wants to buy and dedicate the space to modems), it's still a bit of a surprise in as much as Qualcomm has traditionally heavily pushed laptop vendors to include their modems. But as the Snapdragon X has entered the picture, the joint Qualcomm/Microsoft always connected PC (ACPC) initiative is taking a back seat – meaning modems are no longer being pushed nearly as hard. In its place, the two companies have pivoted hard to equipping mainstream systems with the hardware needed for local AI processing (i.e. NPUs), and with it, Microsoft's Copilot+ PC branding. Laptop manufacturers, in the meantime, are breathing a sigh of relief, as this switch to emphasizing AI comes at a much lower hardware cost, since vendors don't need to buy additional discrete hardware. Qualcomm for its part has never fully disclosed the full cost of including a Snapdragon modem with a laptop, but the total cost adds up quickly. Besides buying a discrete modem, device manufacturers also need to buy and integrate a 5G-capable radio frequency front end module (RF FEM), as well as the all-important antenna. And mmWave support of any kind can add another wrinkle, as multiple antennas at different orientations are needed to get the best results. And while not said out-loud, Qualcomm's premium positioning strategy for 8cx-based laptops has not paid significant dividends. Snapdragon X laptops are being priced much more competitively, as Qualcomm is aiming to capture a meaningful share of the PC market – and high-cost features like modems would drive up the final price tag. Still, virtually all Qualcomm representatives I talked to at Computex were happy to argue that an integrated modem is a huge benefit for their PCs, as they can get fast connectivity almost everywhere in the world instantly and not depend on Wi-Fi or even their smartphones. So the dream of widespread 5G-capable laptops is not dead at Qualcomm; it may just be delayed. In the meantime, for laptop buyers that do need or want a 5G modem, there will still be at least a few premium laptop models on store shelves with the necessary hardware. Notebooks
As the deployment of PCIe 5.0 picks up steam in both datacenter and consumer markets, PCI-SIG is not sitting idle, and is already working on getting the ecosystem ready for the updats to the PCIe specifications. At FMS 2024, some vendors were even talking about PCIe 7.0 with its 128 GT/s capabilities despite PCIe 6.0 not even starting to ship yet. We caught up with PCI-SIG to get some updates on its activities and have a discussion on the current state of the PCIe ecosystem.
PCI-SIG has already made the PCIe 7.0 specifications (v 0.5) available to its members, and expects full specifications to be officially released sometime in 2025. The goal is to deliver a 128 GT/s data rate with up to 512 GBps of bidirectional traffic using x16 links. Similar to PCIe 6.0, this specification will also utilize PAM4 signaling and maintain backwards compatibility. Power efficiency as well as silicon die area are also being kept in mind as part of the drafting process.
The move to PAM4 signaling brings higher bit-error rates compared to the previous NRZ scheme. This made it necessary to adopt a different error correction scheme in PCIe 6.0 - instead of operating on variable length packets, PCIe 6.0's Flow Control Unit (FLIT) encoding operates on fixed size packets to aid in forward error correction. PCIe 7.0 retains these aspects.
The integrators list for the PCIe 6.0 compliance program is also expected to come out in 2025, though initial testing is already in progress. This was evident by the FMS 2024 demo involving Cadence's 3nm test chip for its PCIe 6.0 IP offering along with Teledyne Lecroy's PCIe 6.0 analyzer. These timelines track well with the specification completion dates and compliance program availability for previous PCIe generations.
We also received an update on the optical workgroup - while being optical-technology agnostic, the WG also intends to develop technology-specific form-factors including pluggable optical transceivers, on-board optics, co-packaged optics, and optical I/O. The logical and electrical layers of the PCIe 6.0 specifications are being enhanced to accommodate the new optical PCIe standardization and this process will also be done with PCIe 7.0 to coincide with that standard's release next year.
The PCI-SIG also has ongoing cabling initiatives. On the consumer side, we have seen significant traction for Thunderbolt and external GPU enclosures. However, even datacenters and enterprise systems are moving towards cabling solutions as it becomes evident that disaggregation of components such as storage from the CPU and GPU are better for thermal design. Additionally maintaining signal integrity over longer distances becomes difficult for on-board signal traces. Cabling internal to the computing systems can help here.
OCuLink emerged as a good candidate and was adopted fairly widely as an internal link in server systems. It has even made an appearance in mini-PCs from some Chinese manufacturers in its external avatar for the consumer market, albeit with limited traction. As speeds increase, a widely-adopted standard for external PCIe peripherals (or even connecting components within a system) will become imperative.
StorageIntel has divested its entire stake in Arm Holdings during the second quarter, raising approximately $147 million. Alongside this, Intel sold its stake in cybersecurity firm ZeroFox and reduced its holdings in Astera Labs, all as part of a broader effort to manage costs and recover cash amid significant financial challenges.
The sale of Intel's 1.18 million shares in Arm Holdings, as reported in a recent SEC filing, comes at a time when the company is struggling with substantial financial losses. Despite the $147 million generated from the sale, Intel reported a $120 million net loss on its equity investments for the quarter, which is a part of a larger $1.6 billion loss that Intel faced during this period.
In addition to selling its stake in Arm, Intel also exited its investment in ZeroFox and reduced its involvement with Astera Labs, a company known for developing connectivity platforms for enterprise hardware. These moves are in line with Intel's strategy to reduce costs and stabilize its financial position as it faces ongoing market challenges.
Despite the divestment, Intel's past investment in Arm was likely driven by strategic considerations. Arm Holdings is a significant force in the semiconductor industry, with its designs powering most mobile devices, and, for obvious reasons, Intel would like to address these. Intel and Arm are also collaborating on datacenter platforms tailored for Intel's 18A process technology. Additionally, Arm might view Intel as a potential licensee for its technologies and a valuable partner for other companies that license Arm's designs.
Intel's investment in Astera Labs was also a strategic one as the company probably wanted to secure steady supply of smart retimers, smart cable modems, and CXL memory controller, which are used in volumes in datacenters and Intel is certainly interested in selling as many datacenter CPUs as possible.
Intel's financial struggles were highlighted earlier this month when the company released a disappointing earnings report, which led to a 33% drop in its stock value, erasing billions of dollars of capitalization. To counter these difficulties, Intel announced plans to cut 15,000 jobs and implement other expense reductions. The company has also suspended its dividend, signaling the depth of its efforts to conserve cash and focus on recovery. When it comes to divestment of Arm stock, the need for immediate financial stabilization has presumably taken precedence, leading to the decision.
CPUsWestern Digital's BiCS8 218-layer 3D NAND is being put to good use in a wide range of client and enterprise platforms, including WD's upcoming Gen 5 client SSDs and 128 TB-class datacenter SSD. On the external storage front, the company demonstrated four different products: for card-based media, 4 TB microSDUC and 8 TB SDUC cards with UHS-I speeds, and on the portable SSD front we had two 16 TB drives. One will be a SanDisk Desk Drive with external power, and the other in the SanDisk Extreme Pro housing with a lanyard opening in the case.
All of these are using BiCS8 QLC NAND, though I did hear booth talk (as I was taking leave) that they were not supposed to divulge the use of QLC in these products. The 4 TB microSDUC and 8 TB SDUC cards are rated for UHS-I speeds. They are being marketed under the SanDisk Ultra branding.
The SanDisk Desk Drive is an external SSD with a 18W power adapter, and it has been in the market for a few months now. Initially launched in capacities up to 8 TB, Western Digital had promised a 16 TB version before the end of the year. It appears that the product is coming to retail quite soon. One aspect to note is that this drive has been using TLC for the SKUs that are currently in the market, so it appears unlikely that the 16 TB version would be QLC. The units (at least up to the 8 TB capacity point) come with two SN850XE drives. Given the recent introduction of the 8 TB SN850X, an 'E' version with tweaked firmware is likely to be present in the 16 TB Desk Drive.
The 16 TB portable SSD in the SanDisk Extreme housing was a technology demonstration. It is definitely the highest capacity bus-powered portable SSD demonstrated by any vendor at any trade show thus far. Given the 16 TB Desk Drive's imminent market introduction, it is just a matter of time before the technology demonstration of the bus-powered version becomes a retail reality.
StorageAs the deployment of PCIe 5.0 picks up steam in both datacenter and consumer markets, PCI-SIG is not sitting idle, and is already working on getting the ecosystem ready for the updats to the PCIe specifications. At FMS 2024, some vendors were even talking about PCIe 7.0 with its 128 GT/s capabilities despite PCIe 6.0 not even starting to ship yet. We caught up with PCI-SIG to get some updates on its activities and have a discussion on the current state of the PCIe ecosystem.
PCI-SIG has already made the PCIe 7.0 specifications (v 0.5) available to its members, and expects full specifications to be officially released sometime in 2025. The goal is to deliver a 128 GT/s data rate with up to 512 GBps of bidirectional traffic using x16 links. Similar to PCIe 6.0, this specification will also utilize PAM4 signaling and maintain backwards compatibility. Power efficiency as well as silicon die area are also being kept in mind as part of the drafting process.
The move to PAM4 signaling brings higher bit-error rates compared to the previous NRZ scheme. This made it necessary to adopt a different error correction scheme in PCIe 6.0 - instead of operating on variable length packets, PCIe 6.0's Flow Control Unit (FLIT) encoding operates on fixed size packets to aid in forward error correction. PCIe 7.0 retains these aspects.
The integrators list for the PCIe 6.0 compliance program is also expected to come out in 2025, though initial testing is already in progress. This was evident by the FMS 2024 demo involving Cadence's 3nm test chip for its PCIe 6.0 IP offering along with Teledyne Lecroy's PCIe 6.0 analyzer. These timelines track well with the specification completion dates and compliance program availability for previous PCIe generations.
We also received an update on the optical workgroup - while being optical-technology agnostic, the WG also intends to develop technology-specific form-factors including pluggable optical transceivers, on-board optics, co-packaged optics, and optical I/O. The logical and electrical layers of the PCIe 6.0 specifications are being enhanced to accommodate the new optical PCIe standardization and this process will also be done with PCIe 7.0 to coincide with that standard's release next year.
The PCI-SIG also has ongoing cabling initiatives. On the consumer side, we have seen significant traction for Thunderbolt and external GPU enclosures. However, even datacenters and enterprise systems are moving towards cabling solutions as it becomes evident that disaggregation of components such as storage from the CPU and GPU are better for thermal design. Additionally maintaining signal integrity over longer distances becomes difficult for on-board signal traces. Cabling internal to the computing systems can help here.
OCuLink emerged as a good candidate and was adopted fairly widely as an internal link in server systems. It has even made an appearance in mini-PCs from some Chinese manufacturers in its external avatar for the consumer market, albeit with limited traction. As speeds increase, a widely-adopted standard for external PCIe peripherals (or even connecting components within a system) will become imperative.
StorageIntel has divested its entire stake in Arm Holdings during the second quarter, raising approximately $147 million. Alongside this, Intel sold its stake in cybersecurity firm ZeroFox and reduced its holdings in Astera Labs, all as part of a broader effort to manage costs and recover cash amid significant financial challenges.
The sale of Intel's 1.18 million shares in Arm Holdings, as reported in a recent SEC filing, comes at a time when the company is struggling with substantial financial losses. Despite the $147 million generated from the sale, Intel reported a $120 million net loss on its equity investments for the quarter, which is a part of a larger $1.6 billion loss that Intel faced during this period.
In addition to selling its stake in Arm, Intel also exited its investment in ZeroFox and reduced its involvement with Astera Labs, a company known for developing connectivity platforms for enterprise hardware. These moves are in line with Intel's strategy to reduce costs and stabilize its financial position as it faces ongoing market challenges.
Despite the divestment, Intel's past investment in Arm was likely driven by strategic considerations. Arm Holdings is a significant force in the semiconductor industry, with its designs powering most mobile devices, and, for obvious reasons, Intel would like to address these. Intel and Arm are also collaborating on datacenter platforms tailored for Intel's 18A process technology. Additionally, Arm might view Intel as a potential licensee for its technologies and a valuable partner for other companies that license Arm's designs.
Intel's investment in Astera Labs was also a strategic one as the company probably wanted to secure steady supply of smart retimers, smart cable modems, and CXL memory controller, which are used in volumes in datacenters and Intel is certainly interested in selling as many datacenter CPUs as possible.
Intel's financial struggles were highlighted earlier this month when the company released a disappointing earnings report, which led to a 33% drop in its stock value, erasing billions of dollars of capitalization. To counter these difficulties, Intel announced plans to cut 15,000 jobs and implement other expense reductions. The company has also suspended its dividend, signaling the depth of its efforts to conserve cash and focus on recovery. When it comes to divestment of Arm stock, the need for immediate financial stabilization has presumably taken precedence, leading to the decision.
CPUsWestern Digital's BiCS8 218-layer 3D NAND is being put to good use in a wide range of client and enterprise platforms, including WD's upcoming Gen 5 client SSDs and 128 TB-class datacenter SSD. On the external storage front, the company demonstrated four different products: for card-based media, 4 TB microSDUC and 8 TB SDUC cards with UHS-I speeds, and on the portable SSD front we had two 16 TB drives. One will be a SanDisk Desk Drive with external power, and the other in the SanDisk Extreme Pro housing with a lanyard opening in the case.
All of these are using BiCS8 QLC NAND, though I did hear booth talk (as I was taking leave) that they were not supposed to divulge the use of QLC in these products. The 4 TB microSDUC and 8 TB SDUC cards are rated for UHS-I speeds. They are being marketed under the SanDisk Ultra branding.
The SanDisk Desk Drive is an external SSD with a 18W power adapter, and it has been in the market for a few months now. Initially launched in capacities up to 8 TB, Western Digital had promised a 16 TB version before the end of the year. It appears that the product is coming to retail quite soon. One aspect to note is that this drive has been using TLC for the SKUs that are currently in the market, so it appears unlikely that the 16 TB version would be QLC. The units (at least up to the 8 TB capacity point) come with two SN850XE drives. Given the recent introduction of the 8 TB SN850X, an 'E' version with tweaked firmware is likely to be present in the 16 TB Desk Drive.
The 16 TB portable SSD in the SanDisk Extreme housing was a technology demonstration. It is definitely the highest capacity bus-powered portable SSD demonstrated by any vendor at any trade show thus far. Given the 16 TB Desk Drive's imminent market introduction, it is just a matter of time before the technology demonstration of the bus-powered version becomes a retail reality.
StorageIt is with great sadness that I find myself penning the hardest news post I’ve ever needed to write here at AnandTech. After over 27 years of covering the wide – and wild – world of computing hardware, today is AnandTech’s final day of publication.
For better or worse, we’ve reached the end of a long journey – one that started with a review of an AMD processor, and has ended with the review of an AMD processor. It’s fittingly poetic, but it is also a testament to the fact that we’ve spent the last 27 years doing what we love, covering the chips that are the lifeblood of the computing industry.
A lot of things have changed in the last quarter-century – in 1997 NVIDIA had yet to even coin the term “GPU” – and we’ve been fortunate to watch the world of hardware continue to evolve over the time period. We’ve gone from boxy desktop computers and laptops that today we’d charitably classify as portable desktops, to pocket computers where even the cheapest budget device puts the fastest PC of 1997 to shame.
The years have also brought some monumental changes to the world of publishing. AnandTech was hardly the first hardware enthusiast website, nor will we be the last. But we were fortunate to thrive in the past couple of decades, when so many of our peers did not, thanks to a combination of hard work, strategic investments in people and products, even more hard work, and the support of our many friends, colleagues, and readers.
Still, few things last forever, and the market for written tech journalism is not what it once was – nor will it ever be again. So, the time has come for AnandTech to wrap up its work, and let the next generation of tech journalists take their place within the zeitgeist.
It has been my immense privilege to write for AnandTech for the past 19 years – and to manage it as its editor-in-chief for the past decade. And while I carry more than a bit of remorse in being AnandTech’s final boss, I can at least take pride in everything we’ve accomplished over the years, whether it’s lauding some legendary products, writing technology primers that still remain relevant today, or watching new stars rise in expected places. There is still more that I had wanted AnandTech to do, but after 21,500 articles, this was a good start.
And while the AnandTech staff is riding off into the sunset, I am happy to report that the site itself won’t be going anywhere for a while. Our publisher, Future PLC, will be keeping the AnandTech website and its many articles live indefinitely. So that all of the content we’ve created over the years remains accessible and citable. Even without new articles to add to the collection, I expect that many of the things we’ve written over the past couple of decades will remain relevant for years to come – and remain accessible just as long.
The AnandTech Forums will also continue to be operated by Future’s community team and our dedicated troop of moderators. With forum threads going back to 1999 (and some active members just as long), the forums have a history almost as long and as storied as AnandTech itself (wounded monitor children, anyone?). So even when AnandTech is no longer publishing articles, we’ll still have a place for everyone to talk about the latest in technology – and have those discussions last longer than 48 hours.
Finally, for everyone who still needs their technical writing fix, our formidable opposition of the last 27 years and fellow Future brand, Tom’s Hardware, is continuing to cover the world of technology. There are a couple of familiar AnandTech faces already over there providing their accumulated expertise, and the site will continue doing its best to provide a written take on technology news.
As I look back on everything AnandTech has accomplished over the past 27 years, there are more than a few people, groups, and companies that I would like to thank on behalf of both myself and AnandTech as a whole.
First and foremost, I cannot thank enough all the editors who have worked for AnandTech over the years. T... Site Updates
Microchip recently announced the availability of their second PCIe Gen 5 enterprise SSD controller - the Flashtec 5016. Like the 4016, this is also a 16-channel controller, but there are some key updates:
Microchip's enterprise SSD controllers provide a high level of flexibility to SSD vendors by providing them with significant horsepower and accelerators. The 5016 includes Cortex-A53 cores for SSD vendors to run custom applications relevant to SSD management. However, compared to the Gen4 controllers, there are two additional cores in the CPU cluster. The DRAM subsystem includes ECC support (both out-of-band and inline, as desired by the SSD vendor).
At FMS 2024, the company demonstrated an application of the neural network engines embedded in the Gen5 controllers. Controllers usually employ a 'read-retry' operation with altered read-out voltages for flash reads that do not complete successfully. Microchip implemented a machine learning approach to determine the read-out voltage based on the health history of the NAND block using the NN engines in the controller. This approach delivers tangible benefits for read latency and power consumption (thanks to a smaller number of errors on the first read).
The 4016 and 5016 come with a single-chip root of trust implementation for hardware security. A secure boot process with dual-signature authentication ensures that the controller firmware is not maliciously altered in the field. The company also brought out the advantages of their controller's implementation of SR-IOV, flexible data placement, and zoned namespaces along with their 'credit engine' scheme for multi-tenant cloud workloads. These aspects were also brought out in other demonstrations.
Microchip's press release included quotes from the usual NAND vendors - Solidigm, Kioxia, and Micron. On the customer front, Longsys has been using Flashtec controllers in their enterprise offerings along with YMTC NAND. It is likely that this collaboration will continue further using the new 5016 controller.
StorageKioxia's booth at FMS 2024 was a busy one with multiple technology demonstrations keeping visitors occupied. A walk-through of the BiCS 8 manufacturing process was the first to grab my attention. Kioxia and Western Digital announced the sampling of BiCS 8 in March 2023. We had touched briefly upon its CMOS Bonded Array (CBA) scheme in our coverage of Kioxial's 2Tb QLC NAND device and coverage of Western Digital's 128 TB QLC enterprise SSD proof-of-concept demonstration. At Kioxia's booth, we got more insights.
Traditionally, fabrication of flash chips involved placement of the associate logic circuitry (CMOS process) around the periphery of the flash array. The process then moved on to putting the CMOS under the cell array, but the wafer development process was serialized with the CMOS logic getting fabricated first followed by the cell array on top. However, this has some challenges because the cell array requires a high-temperature processing step to ensure higher reliability that can be detrimental to the health of the CMOS logic. Thanks to recent advancements in wafer bonding techniques, the new CBA process allows the CMOS wafer and cell array wafer to be processed independently in parallel and then pieced together, as shown in the models above.
The BiCS 8 3D NAND incorporates 218 layers, compared to 112 layers in BiCS 5 and 162 layers in BiCS 6. The company decided to skip over BiCS 7 (or, rather, it was probably a short-lived generation meant as an internal test vehicle). The generation retains the four-plane charge trap structure of BiCS 6. In its TLC avatar, it is available as a 1 Tbit device. The QLC version is available in two capacities - 1 Tbit and 2 Tbit.
Kioxia also noted that while the number of layers (218) doesn't compare favorably with the latest layer counts from the competition, its lateral scaling / cell shrinkage has enabled it to be competitive in terms of bit density as well as operating speeds (3200 MT/s). For reference, the latest shipping NAND from Micron - the G9 - has 276 layers with a bit density in TLC mode of 21 Gbit/mm2, and operates at up to 3600 MT/s. However, its 232L NAND operates only up to 2400 MT/s and has a bit density of 14.6 Gbit/mm2.
It must be noted that the CBA hybrid bonding process has advantages over the current processes used by other vendors - including Micron's CMOS under array (CuA) and SK hynix's 4D PUC (periphery-under-chip) developed in the late 2010s. It is expected that other NAND vendors will also move eventually to some variant of the hybrid bonding scheme used by Kioxia.
StorageWhen Western Digital introduced its Ultrastar DC SN861 SSDs earlier this year, the company did not disclose which controller it used for these drives, which made many observers presume that WD was using an in-house controller. But a recent teardown of the drive shows that is not the case; instead, the company is using a controller from Fadu, a South Korean company founded in 2015 that specializes on enterprise-grade turnkey SSD solutions.
The Western Digital Ultrastar DC SN861 SSD is aimed at performance-hungry hyperscale datacenters and enterprise customers which are adopting PCIe Gen5 storage devices these days. And, as uncovered in photos from a recent Storage Review article, the drive is based on Fadu's FC5161 NVMe 2.0-compliant controller. The FC5161 utilizes 16 NAND channels supporting an ONFi 5.0 2400 MT/s interface, and features a combination of enterprise-grade capabilities (OCP Cloud Spec 2.0, SR-IOV, up to 512 name spaces for ZNS support, flexible data placement, NVMe-MI 1.2, advanced security, telemetry, power loss protection) not available on other off-the-shelf controllers – or on any previous Western Digital controllers.
The Ultrastar DC SN861 SSD offers sequential read speeds up to 13.7 GB/s as well as sequential write speeds up to 7.5 GB/s. As for random performance, it boasts with an up to 3.3 million random 4K read IOPS and up to 0.8 million random 4K write IOPS. The drives are available in capacities between 1.6 TB and 7.68 TB with one or three drive writes per day (DWPD) over five years rating as well as in U.2 and E1.S form-factors.
While the two form factors of the SN861 share a similar technical design, Western Digital has tailored each version for distinct workloads: the E1.S supports FDP and performance enhancements specifically for cloud environments. By contrast, the U.2 model is geared towards high-performance enterprise tasks and emerging applications like AI.
Without any doubts, Western Digital's Ultrastar DC SN861 is a feature-rich high-performance enterprise-grade SSD. It has another distinctive feature: a 5W idle power consumption, which is rather low by the standards of enterprise-grade drives (e.g., it is 1W lower compared to the SN840). While the difference with predecessors may be just 1W, hyperscalers deploy thousands of drives and for their TCO every watt counts.
Western Digital's Ultrastar DC SN861 SSDs are now available for purchase to select customers (such as Meta) and to interested parties. Prices are unknown, but they will depend on such factors as volumes.
Sources: Fadu, Storage Review
StorageOne of the core challenges that Rapidus will face when it kicks off volume production of chips on its 2nm-class process technology in 2027 is lining up customers. With Intel, Samsung, and TSMC all slated to offer their own 2nm-class nodes by that time, Rapidus will need some kind of advantage to attract customers away from its more established rivals. To that end, the company thinks they've found their edge: fully automated packaging that will allow for shorter chip lead times than manned packaging operations.
In an interview with Nikkei, Rapidus' president, Atsuyoshi Koike, outlined the company's vision to use advanced packaging as a competitive edge for the new fab. The Hokkaido facility, which is currently under construction and is expecting to begin equipment installation this December, is already slated to both produce chips and offer advanced packaging services within the same facility, an industry first. But ultimately, Rapidus biggest plan to differentiate itself is by automating the back-end fab processes (chip packaging) to provide significantly faster turnaround times.
Rapidus is targetting back-end production in particular as, compared to front-end (lithography) production, back-end production still heavily relies on human labor. No other advanced packaging fab has fully automated the process thus far, which provides for a degree of flexibility, but slows throughput. But with automation in place to handle this aspect of chip production, Rapidus would be able to increase chip packaging efficiency and speed, which is crucial as chip assembly tasks become more complex. Rapidus is also collaborating with multiple Japanese suppliers to source materials for back-end production.
"In the past, Japanese chipmakers tried to keep their technology development exclusively in-house, which pushed up development costs and made them less competitive," Koike told Nikkei. "[Rapidus plans to] open up technology that should be standardized, bringing down costs, while handling important technology in-house."
Financially, Rapidus faces a significant challenge, needing a total of ¥5 trillion ($35 billion) by the time mass production starts in 2027. The company estimates that ¥2 trillion will be required by 2025 for prototype production. While the Japanese government has provided ¥920 billion in aid, Rapidus still needs to secure substantial funding from private investors.
Due to its lack of track record and experience of chip production as. well as limited visibility for success, Rapidus is finding it difficult to attract private financing. The company is in discussions with the government to make it easier to raise capital, including potential loan guarantees, and is hopeful that new legislation will assist in this effort.
SemiconductorsAs the deployment of PCIe 5.0 picks up steam in both datacenter and consumer markets, PCI-SIG is not sitting idle, and is already working on getting the ecosystem ready for the updats to the PCIe specifications. At FMS 2024, some vendors were even talking about PCIe 7.0 with its 128 GT/s capabilities despite PCIe 6.0 not even starting to ship yet. We caught up with PCI-SIG to get some updates on its activities and have a discussion on the current state of the PCIe ecosystem.
PCI-SIG has already made the PCIe 7.0 specifications (v 0.5) available to its members, and expects full specifications to be officially released sometime in 2025. The goal is to deliver a 128 GT/s data rate with up to 512 GBps of bidirectional traffic using x16 links. Similar to PCIe 6.0, this specification will also utilize PAM4 signaling and maintain backwards compatibility. Power efficiency as well as silicon die area are also being kept in mind as part of the drafting process.
The move to PAM4 signaling brings higher bit-error rates compared to the previous NRZ scheme. This made it necessary to adopt a different error correction scheme in PCIe 6.0 - instead of operating on variable length packets, PCIe 6.0's Flow Control Unit (FLIT) encoding operates on fixed size packets to aid in forward error correction. PCIe 7.0 retains these aspects.
The integrators list for the PCIe 6.0 compliance program is also expected to come out in 2025, though initial testing is already in progress. This was evident by the FMS 2024 demo involving Cadence's 3nm test chip for its PCIe 6.0 IP offering along with Teledyne Lecroy's PCIe 6.0 analyzer. These timelines track well with the specification completion dates and compliance program availability for previous PCIe generations.
We also received an update on the optical workgroup - while being optical-technology agnostic, the WG also intends to develop technology-specific form-factors including pluggable optical transceivers, on-board optics, co-packaged optics, and optical I/O. The logical and electrical layers of the PCIe 6.0 specifications are being enhanced to accommodate the new optical PCIe standardization and this process will also be done with PCIe 7.0 to coincide with that standard's release next year.
The PCI-SIG also has ongoing cabling initiatives. On the consumer side, we have seen significant traction for Thunderbolt and external GPU enclosures. However, even datacenters and enterprise systems are moving towards cabling solutions as it becomes evident that disaggregation of components such as storage from the CPU and GPU are better for thermal design. Additionally maintaining signal integrity over longer distances becomes difficult for on-board signal traces. Cabling internal to the computing systems can help here.
OCuLink emerged as a good candidate and was adopted fairly widely as an internal link in server systems. It has even made an appearance in mini-PCs from some Chinese manufacturers in its external avatar for the consumer market, albeit with limited traction. As speeds increase, a widely-adopted standard for external PCIe peripherals (or even connecting components within a system) will become imperative.
StorageIntel has divested its entire stake in Arm Holdings during the second quarter, raising approximately $147 million. Alongside this, Intel sold its stake in cybersecurity firm ZeroFox and reduced its holdings in Astera Labs, all as part of a broader effort to manage costs and recover cash amid significant financial challenges.
The sale of Intel's 1.18 million shares in Arm Holdings, as reported in a recent SEC filing, comes at a time when the company is struggling with substantial financial losses. Despite the $147 million generated from the sale, Intel reported a $120 million net loss on its equity investments for the quarter, which is a part of a larger $1.6 billion loss that Intel faced during this period.
In addition to selling its stake in Arm, Intel also exited its investment in ZeroFox and reduced its involvement with Astera Labs, a company known for developing connectivity platforms for enterprise hardware. These moves are in line with Intel's strategy to reduce costs and stabilize its financial position as it faces ongoing market challenges.
Despite the divestment, Intel's past investment in Arm was likely driven by strategic considerations. Arm Holdings is a significant force in the semiconductor industry, with its designs powering most mobile devices, and, for obvious reasons, Intel would like to address these. Intel and Arm are also collaborating on datacenter platforms tailored for Intel's 18A process technology. Additionally, Arm might view Intel as a potential licensee for its technologies and a valuable partner for other companies that license Arm's designs.
Intel's investment in Astera Labs was also a strategic one as the company probably wanted to secure steady supply of smart retimers, smart cable modems, and CXL memory controller, which are used in volumes in datacenters and Intel is certainly interested in selling as many datacenter CPUs as possible.
Intel's financial struggles were highlighted earlier this month when the company released a disappointing earnings report, which led to a 33% drop in its stock value, erasing billions of dollars of capitalization. To counter these difficulties, Intel announced plans to cut 15,000 jobs and implement other expense reductions. The company has also suspended its dividend, signaling the depth of its efforts to conserve cash and focus on recovery. When it comes to divestment of Arm stock, the need for immediate financial stabilization has presumably taken precedence, leading to the decision.
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