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.
StorageThe USB Implementers Forum (USB-IF) introduced USB4 version 2.0 in fall 2022, and it expects systems and devices with the tech to emerge later this year and into next year. These upcoming products will largely rely on Intel's Barlow Ridge controller, a full-featured Thunderbolt 5 controller that goes above and beond the baseline USB4 v2 spec. And though extremely capable, Intel's Thunderbolt controllers are also quite expensive, and Barlow Ridge isn't expected to be any different. Fortunately, for system and device vendors that just need a basic USB4 v2 solution, ASMedia is also working on its own USB4 v2 controller.
At Computex 2024, ASMedia demonstrated a prototype of its upcoming USB4 v2 physical interface (PHY), which will support USB4 v2's new Gen 4 (160Gbps) data rates and the associated PAM-3 signal encoding. The prototype was implemented using an FPGA, as the company yet has to tape out the completed controller.
Ultimately, the purpose of showing off a FPGA-based PHY at Computex was to allow ASMedia to demonstrate their current PHY design. With the shift to PAM-3 encoding for USB4 v2, ASMedia (and the rest of the USB ecosystem) must develop significantly more complex controllers – and there's no part of that more critical than a solid and reliable PHY design.
As part of their demonstration, ASMedia had a classic eye diagram display. The eye diagram demoed has a clear opening in the center, which is indicative of good signal integrity, as the larger the eye opening, the less distortion and noise in the signal. The horizontal width of the eye opening represents the time window in which the signal can be sampled correctly, so the relatively narrow horizontal spread of the eye opening suggests that there is minimal jitter, meaning the signal transitions are consistent and predictable. Finally, the vertical height of the eye opening indicates the signal amplitude and the rather tall eye opening suggests a higher signal-to-noise ratio (SNR), meaning that the signal is strong compared to any noise present.
ASMedia itself is one of the major suppliers for discrete USB controllers, so the availability of ASMedia's USB4 v2 chip is crucial for adoption of the standard in general. While Intel will spearhead the industry with their Barlow Ridge Thunderbolt 5/USB4 v2 controller, ASMedia's controller is poised to end up in a far larger range of devices. So the importance of the company's USB4 v2 PHY demo is hard to overstate.
Demos aside, ASMedia is hoping to tape the chip out soon. If all goes well, the company expects their first USB4 v2 controllers to hit the market some time in the second half of 2025.
PeripheralsThe USB Implementers Forum (USB-IF) introduced USB4 version 2.0 in fall 2022, and it expects systems and devices with the tech to emerge later this year and into next year. These upcoming products will largely rely on Intel's Barlow Ridge controller, a full-featured Thunderbolt 5 controller that goes above and beond the baseline USB4 v2 spec. And though extremely capable, Intel's Thunderbolt controllers are also quite expensive, and Barlow Ridge isn't expected to be any different. Fortunately, for system and device vendors that just need a basic USB4 v2 solution, ASMedia is also working on its own USB4 v2 controller.
At Computex 2024, ASMedia demonstrated a prototype of its upcoming USB4 v2 physical interface (PHY), which will support USB4 v2's new Gen 4 (160Gbps) data rates and the associated PAM-3 signal encoding. The prototype was implemented using an FPGA, as the company yet has to tape out the completed controller.
Ultimately, the purpose of showing off a FPGA-based PHY at Computex was to allow ASMedia to demonstrate their current PHY design. With the shift to PAM-3 encoding for USB4 v2, ASMedia (and the rest of the USB ecosystem) must develop significantly more complex controllers – and there's no part of that more critical than a solid and reliable PHY design.
As part of their demonstration, ASMedia had a classic eye diagram display. The eye diagram demoed has a clear opening in the center, which is indicative of good signal integrity, as the larger the eye opening, the less distortion and noise in the signal. The horizontal width of the eye opening represents the time window in which the signal can be sampled correctly, so the relatively narrow horizontal spread of the eye opening suggests that there is minimal jitter, meaning the signal transitions are consistent and predictable. Finally, the vertical height of the eye opening indicates the signal amplitude and the rather tall eye opening suggests a higher signal-to-noise ratio (SNR), meaning that the signal is strong compared to any noise present.
ASMedia itself is one of the major suppliers for discrete USB controllers, so the availability of ASMedia's USB4 v2 chip is crucial for adoption of the standard in general. While Intel will spearhead the industry with their Barlow Ridge Thunderbolt 5/USB4 v2 controller, ASMedia's controller is poised to end up in a far larger range of devices. So the importance of the company's USB4 v2 PHY demo is hard to overstate.
Demos aside, ASMedia is hoping to tape the chip out soon. If all goes well, the company expects their first USB4 v2 controllers to hit the market some time in the second half of 2025.
PeripheralsAs LPCAMM2 adoption begins, the first retail memory modules are finally starting to hit the retail market, courtesy of Micron. The memory manufacturer has begun selling their LPDDR5X-based LPCAMM2 memory modules under their in-house Crucial brand, making them available on the latter's storefront. Timed to coincide with the release of Lenovo's ThinkPad P1 Gen 7 laptop – the first retail laptop designed to use the memory modules – this marks the de facto start of the eagerly-awaited modular LPDDR5X memory era.
Micron's Low Power Compression Attached Memory Module 2 (LPCAMM2) modules are available in capacities of 32 GB and 64 GB. These are dual-channel modules that feature a 128-bit wide interface, and are based around LPDDR5X memory running at data rates up to 7500 MT/s. This gives a single LPCAMM2 a peak bandwidth of 120 GB/s. Micron is not disclosing the latencies of its LPCAMM2 memory modules, but it says that high data transfer rates of LPDDR5X compensate for the extended timings.
Micron says that LPDDR5X memory offers significantly lower power consumption, with active power per 64-bit bus being 43-58% lower than DDR5 at the same speed, and standby power up to 80% lower. Meanwhile, similar to DDR5 modules, LPCAMM2 modules include a power management IC and voltage regulating circuitry, which provides module manufacturers additional opportunities to reduce power consumption of their products.

Source: Micron LPDDR5X LPCAMM2 Technical Brief
It's worth noting, however, that at least for the first generation of LPCAMM2 modules, system vendors will need to pick between modularity and performance. While soldered-down LPDDR5X memory is available at speeds up to 8533 MT/sec – and with 9600 MT/sec on the horizon – the fastest LPCAMM2 modules planned for this year by both Micron and rival Samsung will be running at 7500 MT/sec. So vendors will have to choose between the flexibility of offering modular LPDDR5X, or the higher bandwidth (and space savings) offered by soldering down their memory.
Micron, for its part, is projecting that 9600 MT/sec LPCAMM2 modules will be available by 2026. Though it's all but certain that faster memory will also be avaialble in the same timeframe.
Micron's Crucial LPDDR5X 32 GB module costs $174.99, whereas a 64 GB module costs $329.99.
MemoryThanks 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)
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