默默看就好了，别张口就来。
29/Sept.
Meta > MTIA-3 推理 ASIC 回炉 5 nm → 3 nm，BOM 增 US$18/芯片，Renasas 退出 PHY 子板
“Meta has retaped MTIA-3 out to TSMC 3 nm, lifting single-die cost to roughly US$78 … Renasas no longer on 200 G SerDes PHY card.”
中国供应链：• 载板：景旺Kinwong Electronic 拿下 3 nm FC-BGA 40 % 份额，单价 US$23；生益科技Shengyi Technology 供应 Coreless 基板材料，单价 US$6.4 /dm²。• 200 G DSP 替代：Meta 改采自研 + Innolight 200 G DR4 硅光引擎；中际旭创Innolight 单价 US$185，份额 100 %（原 Renesas PHY 单价 US$220）。
Microsoft > Azure Maia-3 试产，KeyBanc 测算 8-芯片卡 BOM US$14 600；Olympic Circuit 进 4 层封装载板
正文逐字：“Our Asia supply-chain checks indicate Microsoft’s Maia-3 8-chip card carries an estimated BOM of US$14 600, with the 4-package substrate accounting for US$1 050. Olympic Circuit Technology has been added as a 20 % second source for the 4-layer ABF-based substrate, with Unimicron still holding 50 % and Ibiden 30 %.”
中国供应链：• 世运电路Olympic Circuit 4-layer ABF 载板单价 US$210（每卡 5 套 substrate → 5×210 = US$1 050），份额 20 %；按 Microsoft 指引 1H-26 出货 300 k 卡 → Olympic 收入 300 k×0.2×1 050 = US$63 mn。