AI 基础设施数据追踪
支撑叙事的数字——存储价格、封装、neocloud 融资、电力。随数据更新。
存储合约价（TrendForce）
| 季度 | 服务器/常规 DRAM 环比 | NAND 环比 | 状态 |
| 2Q26 | +58–63% | +70–75% | done |
| 3Q26 | +13–18% | +10–15% | done |
| 4Q26 | forecast ~9/24–25 | forecast ~9/24–25 | pending |
方向仍向上，斜率收敛；Kioxia 主动暂停提价（9/16）。
Neocloud 定价与融资
| 日期 | 事件 | 读数 |
| 9/17 | CoreWeave short-term contracts | ~$40M/MW annualized, contracted power 3.7→4.2GW |
| 9/17 | Nebius rate hike notice | on-demand GPU rates up from 10/1 |
| 9/19 | CoreWeave convertible priced | $3.7B (upsized) at 2.875% due 2033 |
| 9/19 | Nscale files for NYSE IPO | up to $35B valuation; $44.6B Anthropic contract |
收入端定价权确认；资本成本低于市场担忧。
先进封装与代工
| 日期 | 事件 | 读数 |
| 9/10 | TSMC August revenue | NT$514.8B, +53.3% YoY, all-time monthly record |
| 9/18 | TrendForce packaging outlook | CoWoS-L mainstream through 2028; 2026 high-end GPU shipments +30% YoY |
| 9/17 | Google TPU packaging | evaluating CoWoS backup as Intel EMIB-T yields lag (~90% vs 98% gate) |
“AI 资本开支见顶”论持续被数据证伪。
电力与数据中心基础设施
| 日期 | 事件 | 读数 |
| 9/16 | Amazon × Generac | backup-generator deal up to $8B (first phase $2.4B, 2027–28) |
| 9/17 | Ratepayer Protection Act | House passed 417–3; stalled in Senate — data centers ≥150MW to self-fund grid upgrades |
瓶颈迁移：算力 → 存储 → 电力（备电是最新的分支）。
Updated 2026-09-19 · Shanghai. Paid subscribers receive CSV exports of every table.