Dylan Patel, of SemiAnalysis, has highlighted worrying industry trends from an October 2021 published report—the Center for Security and Emerging Technology (CSET) document explored and "(outlined) infrastructure investments and regulatory reforms that could make the United States a more attractive place to build new chipmaking capacity and ensure continued U.S. access to key inputs for semiconductor manufacturing." Citing CSET/World Fab Forecast findings, Patel expressed his dissatisfaction with the apparent lack of progress in the region: "The United States is the slowest relevant country in the world to build a fab thanks to NIMBY assholes and the garbage regulatory/permitting system." The SemiAnalysis staffer likely believes that unsuitable conditions remain in place, and continue to hinder any forward momentum—for greenfield fabrications projects, at least.

The CSET 2021 report posited that the proposed $52 billion CHIPS Act fund would not solve all USA chip industry problems—throwing a large sum of money into the pot is not always a surefire solution: "The United States' ability to expeditiously construct fabs has declined at the same time as the total number of fab projects in the United States has declined. Some of this is due to changes in the global semiconductor value chain, which has concentrated resources in Asia as foundries have risen in prominence, and countries like Taiwan, South Korea, and China have established significant market share in the industry from 1990 to 2020. However, during this same 30-year period, the time required to build a new fab in the United States increased 38 percent, rising from an average of 665 days (1.8 years) during the 1990 to 2000 time period to 918 days (2.5 years) during the 2010-2020 time period (Figure 2). At the same time, the total number of new fab projects in the United States was halved, decreasing from 55 greenfield fab projects in the 1990-2000 time period to 22 greenfield fab projects between 2010 and 2020." Intel's work-in-progress Ohio fabrication site has suffered numerous setbacks (including delayed CHIPS Act payments)—the latest news articles suggest that an opening ceremony could occur in late 2026 or early 2027. Reportedly, TSMC's Arizona facility is a frequently runs into bureaucratic and logistical headaches—putting pressure on company leadership at their Hsinchu (Taiwan) headquarters.

Alibaba's T-Head unit, responsible for the design and development of in-house IC design, has announced the first domestic SSD controller based on the PCIe 5.0 specification standard. Called the Zhenyue 510, the SSD controller is aimed at enterprise SSD offerings. Interestingly, the Zhenyue 510 is powered by T-Head's custom Xuantie C910 cores based on RISC-V instruction set architecture (ISA). Supporting the PCIe 5.0 standard for interfacing, the SSD controller uses DDR5 memory as a cache buffer. Regarding the performance, there are no official figures yet, but the company claims to have 30% lower input/output latencies compared to competing offerings. T-Head claims the SSD has an IO processing capability of "3400 Kilo IOs per second, a data bandwidth of 14 Gbytes/s, and an extremely high energy efficiency of 420 Kilo IO per second for every Watt".

This is an essential step towards Chinese self-sufficiency as T-Head has designed various ICs for processing different tasks. Still, now Alibaba's chip design unit has a domestic design for storage as well. Claiming low latency figures, the Zhenyue 510 is suitable for enterprise workloads like big data analysis, as well as AI inference/training systems workloads. The development of Zhenyue 510 started in 1H 2021, and it took the company more than two years to complete the design and validation of the chip to prepare it for deployment. This is the second Chinese-made SSD controller after Yingren Technology (InnoGrit) announced their chip in September.

Phytium, a Chinese semiconductor company that faced U.S. government sanctions from 2021, has introduced its latest data center processor, the 64-core Feiteng Tengyun S2500. Designed for cloud and high-performance computing applications, this processor features a large-capacity shared L3 cache, enhanced security capabilities for cloud servers, and improved memory subsystem reliability. The Feiteng Tengyun S2500 features 64 FTC661 cores developed by Phytium, which are based on Armv8 ISA. Reportedly, the CPU features 64 MB of L3 cache and 512 KB of L2 per core, bringing the total to 96 MB of processor cache. Compared to the previous generation line, the S2500 brings an L3 cache and TDP of 150 Watts, up from 90 Watts of previous generation.

This is Phytium's first new CPU in several years, raising questions about its production capacity and access to foundries, given its sanctions-related restrictions. It is currently unknown which foundry will manufacture the Feiteng Tengyun S2500, and we expect to hear more about it as (if) units get shipped. So far only display units have made appearance. Nonetheless, the company has continued its hardware development efforts and garnered interest in collaborating with Huawei to unify hardware and software ecosystems, which has yet to come to fruition.

The price of GDDR6 memory has continued to fall sharply - over recent financial quarters - due to an apparent decrease in demand for graphics cards. Supply shortages are also a thing of the past—industry experts think that manufacturers have been having an easier time acquiring components since late 2021, but that also means that the likes of NVIDIA and AMD have been paying less for VRAM packages. Graphics card enthusiasts will be questioning why these savings have not been passed on swiftly to the customer, as technology news outlets (this week) have been picking up on interesting data—it demonstrates that spot prices of GDDR6 have decreased to less than a quarter of their value from a year and a half ago. 3DCenter.org has presented a case example of 8 GB GDDR6 now costing $27 via the spot market (through DRAMeXchange's tracking system), although manufacturers will be paying less than that due to direct contract agreements with their favored memory chip maker/supplier.

A 3DCenter.org staffer had difficulty sourcing the price of 16 Gb GDDR6 VRAM ICs on the spot market, so it is tricky to paint a comparative picture of how much more expensive it is to equip a "budget friendly" graphics card with a larger allocation of video memory, when the bill-of-materials (BoM) and limits presented by narrow bus widths are taken into account. NVIDIA is releasing a GeForce RTX 4060 Ti 16 GB variant in July, but the latest batch of low to mid-range models (GeForce RTX 4060-series and Radeon RX 7600) are still 8 GB affairs. Tom's Hardware points to GPU makers sticking with traditional specification hierarchy for the most part going forward: "(models) with double the VRAM (two 16 Gb chips per channel on both sides of the PCB) are usually reserved for the more lucrative professional GPU market."

TrendForce forecasts a global downturn in AR and VR device shipments for 2023, predicting a shipment total of roughly 7.45 million units—an 18.2% YoY decrease. VR devices are expected to shoulder the majority of this decline, with projected shipments hovering around 6.67 million units. This dip is primarily attributed to weaker-than-expected sales of newly released high-end devices. Consequently, manufacturers are likely to pivot their sales strategies, shifting their focus to more cost-effective offerings. Conversely, shipments of AR devices are expected to remain stable, with projected shipments exceeding 780,000 units. While Apple's latest offerings could stimulate some demand, the high price tags attached to these units continue to pose a significant barrier to broader market growth.

Two key factors emerge when examining the impending decline in shipments in the VR sector. Firstly, brands may have been overly optimistic regarding the sales of their top-tier products. Despite these premium devices offering enhanced features courtesy of advanced hardware and software, consumers are showing reluctance to shoulder the associated higher costs. Instead, they seem to be gravitating towards more budget-friendly models this year. Secondly, the shortage of appealing, new, cost-effective models in the market is exacerbating the downturn. Meta Quest 2 continues to maintain its status as this year's market-leading VR product as the release of Meta Quest 3 has been pushed back to 2024.

Netlist Inc. an enterprise solid state storage drive specialist has been awarded over $303 million in damages by a federal jury in Texas on April 21, over apparent patent infringement on Samsung's part. Netlist has alleged that the South Korean multinational electronics corporation had knowingly infringed on five patents, all relating to improvements in data processing within the design makeup of memory modules intended for high performance computing (HPC) purposes. The Irvine, CA-based computer-memory specialist has sued Samsung in the past - with a legal suit filed at the Federal District Court for the Central District of California.

Netlist was seemingly pleased by the verdict reached at the time (2021) when the court: "granted summary judgements in favor of Netlist and against Samsung for material breach of various obligations under the Joint Development and License Agreement (JDLA), which the parties executed in November 2015. A summary judgment is a final determination rendered by the judge and has the same force and effect as a final ruling after a jury trial in litigation."

or the fifth consecutive month, International Data Corporation (IDC) has lowered its 2023 forecast for worldwide IT spending as technology investments continue to show the impact of a weakening economy. In its new monthly forecast for worldwide IT spending growth, IDC projects overall growth this year in constant currency of 4.4% to $3.25 trillion. This is slightly down from 4.5% in the previous month's forecast and represents a swing from a 6.0% growth forecast in October 2022.

"Since the fourth quarter of last year, we have seen clear and measurable signs of a moderate pullback in some areas of IT spending," said Stephen Minton, vice president in IDC's Data & Analytics research group. "Tech spending remains resilient compared to historical economic downturns and other types of business spending, but rising interest rates are now impacting capital spending."

On the heels of a weaker than expected 2022, International Data Corporation (IDC) has lowered its forecast for augmented and virtual reality (AR/VR) headsets in 2023. Global shipments are now expected to reach 10.1 million units this year, according to the International Data Corporation (IDC) Worldwide Quarterly Augmented and Virtual Reality Headset Tracker. Despite the revised outlook, total AR/VR headset shipments are expected to grow 14% in 2023 and accelerate over the 2023-2027 forecast period with a five-year compound annual growth rate (CAGR) of 32.6%.

According to TrendForce's latest survey of the server market, many cloud service providers (CSPs) have begun large-scale investments in the kinds of equipment that support artificial intelligence (AI) technologies. This development is in response to the emergence of new applications such as self-driving cars, artificial intelligence of things (AIoT), and edge computing since 2018. TrendForce estimates that in 2022, AI servers that are equipped with general-purpose GPUs (GPGPUs) accounted for almost 1% of annual global server shipments. Moving into 2023, shipments of AI servers are projected to grow by 8% YoY thanks to ChatBot and similar applications generating demand across AI-related fields. Furthermore, shipments of AI servers are forecasted to increase at a CAGR of 10.8% from 2022 to 2026.

Once upon a time, the data center market represented a duopoly of x86-64 makers AMD and Intel. However, in recent years companies started developing custom Arm-based processors to handle workloads as complex within smaller power envelopes and doing it more efficiently. According to Counterpoint Research firm, we have the latest data highlighting a significant new player called Ampere Computing in the data center world. With the latest data center revenue share report, we get to see Intel/AMD x86-64 and AWS/Ampere Arm CPU revenue. For the first time, we see that a 3rd party company, Ampere Computing, managed to capture as much as 1.54% market revenue share of the entire data center market in 2022. Thanks to having CPUs in off-the-shelf servers from OEMs, enterprises and cloud providers are able to easily integrate Ampere Altra processors.

Intel, still the most significant player, saw a 70.77% share of the overall revenue; however, that comes as a drop from 2021 data which stated an 80.71% revenue share in the data center market. This represents a 16% year-over-year decline. This reduction is not due to the low demand for server processors, as the global data center CPU market's revenue registered only a 4.4% YoY decline in 2022, but due to the high demand for AMD EPYC solutions, where team red managed to grab 19.84% of the revenue from 2022. This is a 62% YoY growth from last year's 11.74% revenue share. Slowly but surely, AMD is eating Intel's lunch. Another revenue source comes from Amazon Web Services (AWS), which the company filled with its Graviton CPU offerings based on Arm ISA. AWS Graviton CPUs accounted for 3.16% of the market revenue, up 74% from 1.82% in 2021.

Intel Corporation today announced that its board of directors has reset its dividend policy, reducing the quarterly dividend to $0.125 per share (or $0.50 annually) on the company's common stock. The dividend will be payable on June 1, 2023, to stockholders of record on May 7, 2023. Intel also reaffirmed its first-quarter 2023 business outlook provided at its most recent earnings call, including revenue of between $10.5 billion and $11.5 billion; gross margin of 34.1% on a GAAP basis and 39% on a non-GAAP basis; tax rate of (84%) on a GAAP basis and 13% on a non-GAAP basis; and earnings per share of $(0.80) on a GAAP basis and $(0.15) on a non-GAAP basis.

The decision to decrease the quarterly dividend reflects the board's deliberate approach to capital allocation and is designed to best position the company to create long-term value. The improved financial flexibility will support the critical investments needed to execute Intel's transformation during this period of macroeconomic uncertainty. Since first initiated in 1992, Intel's dividend has delivered more than $80 billion in cash returns to the company's stockholders, and the board is committed to maintaining a competitive dividend.

The PC industry has been hit hard by the current market conditions and economic downturns, as the entire industry has seen sales of new PCs drop to new lows. Equally so, the PC motherboard makers have experienced a crash in sales, where collectively, they delivered ten million units less in 2022 compared to 2021. Thanks to the information by DigiTimes, we have information that major motherboard makers, ASUS, Gigabyte, MSI, and ASRock, have seen their sales plummet to new lows and reflect how much of a drop the market experienced in the middle of economic uncertainty that the year 2022 brought.

In 2021, ASUS delivered more than 18 million motherboard units; in 2022, it is down to 13.6 million, representing a 25% difference. GIGABYTE shipped 11 million units in 2021, whereas in 2022, the company delivered around 9.5 million motherboards. GIGABYTE has experienced the smallest drop with "only" 14% lower sales. MSI used to deliver 9.5 million motherboards in 2021, and in 2022 its sales plummeted by 42% to 5.5 million units. The worst drop in sales is the one by ASRock, where the company saw its sales go from around 6 million units in 2021 to just 2.7 million units in 2022. This is the report's most significant recorded drop, equaling 55% lower sales in 2022.

Dell, the global PC conglomerate, is reportedly cutting the number of its employees. The alleged move is a direct response to the economic downturn caused by declining demand for PCs, which is Dell's primary source of revenue. According to Bloomberg Intelligence, Dell is laying off about 5% of its global workforce, representing 6,650 employees from its offices. As the source notes, Dell is going under re-evaluation of its operations, and the employee headcount reduction is the affected area that will benefit the company an estimated 700 million to one billion US Dollars, as analysts predict.

IDC notes that shipments of Dell PCs have experienced the most significant decline of 37% in Q4 of 2022, compared to the same period in 2021. And given a considerable downturn, Dell's 55% of revenue from PCs is poorly affected. The company is now joining others in big tech in performing layoffs to keep profits afloat.

The global Listan group of companies continues its impressive success story and announces today, with great pleasure, the acquisition of the innovative premium peripheral brand MOUNTAIN. The full acquisition makes MOUNTAIN the third wholly owned subsidiary alongside the popular products of be quiet! and Xilence brands. With MOUNTAIN as a brand for peripherals, the Listan Group expands into the category of high-quality input devices.

MOUNTAIN was founded in 2018 and was able to raise the bar in 2020 with its trend-setting Everest Max keyboard. Since then, MOUNTAIN has received hundreds of endorsements and awards from leading tech and gaming media around the world. Not to mention increased attention from influencers on YouTube, TikTok, Instagram and Twitch. The Makalu 67 lightweight gaming mouse was praised for its innovative exceptional design and, like the Everest Max, won the iF Design Award 2021. In October 2022, MOUNTAIN launched the DisplayPad and MacroPad. These are software-enabled controllers for streaming and content creation that further expand MOUNTAIN's ecosystem and customer reach.

Today ASML Holding NV (ASML) has published its 2022 second-quarter results. Q2 net sales of €5.4 billion, gross margin of 49.1%, net income of €1.4 billion. Record quarterly net bookings in Q2 of €8.5 billion. ASML expects Q3 2022 net sales between €5.1 billion and €5.4 billion and a gross margin between 49% and 50%. Expected sales growth for the full year of around 10%.

The value of fast shipments*in 2022 leading to delayed revenue recognition into 2023 is expected to increase from around €1 billion to around €2.8 billion.
"Our second-quarter net sales came in at €5.4 billion with a gross margin of 49.1%. Demand from our customers remains very strong, as reflected by record net bookings in the second quarter of €8.5 billion, including €5.4 billion from 0.33 NA and 0.55 NA EUV systems as well as strong DUV bookings.

According to TrendForce research, North American data centers saw an improvement in components supply after February, driving a recovery in purchase order volume. As Server brands returned to normal in-office work following the pandemic, the increase in capital expenditures on related information equipment has also boosted order growth. The addition of Kioxia's raw material contamination incident led to an increase in the pricing of certain rush orders, pushing up overall Enterprise SSD revenue in 1Q22 to US$5.58 billion, or 14.1% growth QoQ.

According to TrendForce, Samsung and SK hynix (including Solidigm) were the top two players in 1Q22. At the beginning of the year, demand from hyperscale data centers resulted in high inventory levels due to component mismatches, leading Samsung's order growth missing expectations. However, as repercussions from the WDC and Kioxia contamination incident hit NAND Flash production capacity in 1Q22, server customers quickly turned to Samsung for additional orders, driving the company's 1Q22 revenue to US$2.77 billion, up 14.8% QoQ.

AMD's upcoming Radeon RX 7000 series of graphics cards based on the RDNA 3 architecture are supposed to feature next-generation protocols all over the board. Today, according to a patch committed to the Linux kernel, we have information about display output choices AMD will present to consumers in the upcoming products. According to a Twitter user @Kepler_L2, who discovered this patch, we know that AMD will bundle DisplayPort 2.0 technology with UHBR 20 transmission mode. The UHBR 20 standard can provide a maximum of 80 Gbps bi-directional bandwidth, representing the highest bandwidth in a display output connector currently available. With this technology, a sample RDNA 3 GPU could display 16K resolution with Display Stream Compression, 10K without compression, or two 8K HDR screens running at 120 Hz refresh rate. All of this will be handled by Display Controller Next (DCN) engine for media.

The availability of DisplayPort 2.0 capable monitors is a story of its own. VESA noted that they should come at the end of 2021; however, they got delayed due to the lack of devices supporting this output. Having AMD's RDNA 3 cards as the newest product to support these monitors, we would likely see the market adapt to demand and few available products as the transition to the latest standard is in the process.

AMD has been on a roll ever since it launched its first generation Zen core, which brought a much-needed performance and efficiency boost that finally brought a level of competitiveness against Intel's offerings. Years of iterations and design improvements have only increased AMD's value proposition towards consumers and businesses. A testament to that fact is that AMD in Q1 2022 hit its largest market share in history.

According to market analysis firm Mercury Research, AMD's offerings have continued to claw back market share from Intel, despite its strong recovery in performance and efficiency metrics following the debut of the 12th Gen Intel CPU family, Alder Lake. The firm places AMD's overall x86 market share for 1Q 2022 (including IoT and SoCs such as the ones found in the latest gaming consoles) at a record-breaking 27.7%, up 2.1% QoQ and a staggering 7% YoY. The server side of the equation has seen less stellar gains, but still increased by 0.9% QoQ, and 2.7% YoY, achieving a high of 11.6% share against Intel's decades-long market stranglehold.

According to TrendForce, Taiwan is crucial to the global semiconductor supply chain, accounting for a 26% market share of semiconductor revenue in 2021, ranking second in the world. Its IC design and packaging & testing industries also account for a 27% and 20% global market share, ranking second and first in the world, respectively. Firmly in the pole position, Taiwan accounts for 64% of the foundry market. In addition to TSMC possessing the most advanced process technology at this stage, foundries including UMC, Vanguard, and PSMC also have their own process advantages. Under the looming shadow of chip shortages caused by the pandemic and geopolitical turmoil in the past two years, various governments have quickly awakened to the fact that localization of chip manufacturing is necessary to avoid being cut off from chip acquisition due to logistics difficulties or cross-border shipment bans. Taiwanese companies have ridden this wave to become partners that governments around the world are eager to invite to set up factories in various locales.

Our first-quarter net sales came in at €3.5 billion which is at the high end of our guidance. The gross margin of 49.0%, is as guided. Our first-quarter net bookings came in at €7.0 billion, including €2.5 billion from 0.33 NA and 0.55 NA EUV systems as well as very strong DUV bookings, reflecting the continued high demand for advanced and mature nodes.

"We continue to see that the demand for our systems is higher than our current production capacity. We accommodate our customers through offering high-productivity upgrades and reducing cycle time in our factories, and we continue to offer a fast shipment process. In addition, we are actively working to significantly expand capacity together with our supply chain partners. In light of the demand and our plans to increase capacity, we expect to revisit our scenarios for 2025 and growth opportunities beyond. We plan to communicate updates in the second half of the year.

Global shipments of traditional PCs, including desktops, notebooks, and workstations, declined 5.1% in the first quarter of 2022 (1Q22) but exceeded earlier forecasts, according to preliminary results from the International Data Corporation (IDC) Worldwide Quarterly Personal Computing Device Tracker. The PC market is coming off two years of double-digit growth, so while the first quarter decline is a change in this momentum, it doesn't mean the industry is in a downward spiral. Despite ongoing supply chain and logistical challenges, vendors still shipped 80.5 million PCs during the quarter. The 1Q22 volume marks the seventh consecutive quarter where global shipments surpassed 80 million, a feat not seen since 2012.

"The focus shouldn't be on the year-over-year decline in PC volumes because that was to be expected. The focus should be on the PC industry managing to ship more than 80 million PCs at a time when logistics and supply chain are still a mess, accompanied by numerous geopolitical and pandemic-related challenges," said Ryan Reith, group vice president with IDC's Worldwide Mobile Device Trackers. "We have witnessed some slowdown in both the education and consumer markets, but all indicators show demand for commercial PCs remains very strong. We also believe that the consumer market will pick up again in the near future. The result of 1Q22 was PC shipment volumes that were near record levels for a first quarter."

The global smartphone applications processor (AP) market grew 23 percent to $30.8 billion in 2021, according to Strategy Analytics' Handset Component Technologies (HCT) service report. According to this Strategy Analytics' Handset Component Technologies (HCT) research report, " Smartphone Apps Processor Market Share Tracker Q4 2021: Qualcomm Increases Revenue Share Lead", Qualcomm, MediaTek, Apple, Samsung LSI and Unisoc grabbed the top-five revenue share ranking spots in the smartphone applications processor (AP) market in 2021.

Sravan Kundojjala, author of the report and Director of Handset Component Technologies service at Strategy Analytics, commented, "For the first time on an annual basis, MediaTek overtook Qualcomm in units and established over 75 million unit-lead in smartphone APs 2021. MediaTek capitalized on Qualcomm's defocus on mid and low tier 4G LTE APs and gained volume share. Despite the loss of unit share crown, Qualcomm exited 2021 with over 43% higher revenue than MediaTek, thanks to an increased mix of higher-priced premium and high-tier APs. Both companies performed well in the 5G AP segment and posted a 13-year high in their AP average selling prices (ASPs)."

According to TrendForce research, corporate demand for digital transformation including artificial intelligence and high-performance computing has accelerated in recent years, which has led to increasing adoption of cloud computing. In order to improve service flexibility, the world's major cloud service providers have gradually introduced ARM-based servers. The penetration rate of ARM architecture in data center servers is expected to reach 22% by 2025.

In the past few years, ARM architecture processors have matured in the fields of mobile terminals and Internet of Things but progress in the server field has been relatively slow. However, companies have diversified cloud workloads in recent years and the market has begun to pay attention to the benefits ARM architecture processing can provide to data centers. TrendForce believes that ARM-based processors have three major advantages. First, they can support diverse and rapidly changing workloads and are more scalability and cost-effective. Second, ARM-based processors provide higher customization for different niche markets with a more flexible ecosystem. Third, physical footprint is relatively small which meets the needs of today's micro data centers.

At present, the materials with the most development potential are Wide Band Gap (WBG) semiconductors with high power and high frequency characteristics, including silicon carbide (SiC) and gallium nitride (GaN), which are mainly used in electric vehicles (EV) and the fast charging battery market. TrendForce research estimates, the output value of third generation power semiconductors will grow from US$980 million in 2021 to US$4.71 billion in 2025, with a CAGR of 48%.

SiC is suitable for high-power applications, such as energy storage, wind power, solar energy, EVs, new energy vehicles (NEV) and other industries that utilize highly demanding battery systems. Among these industries, EVs have attracted a great deal of attention from the market. However, most of the power semiconductors used in EVs currently on the market are Si base materials, such as Si IGBT and Si MOSFET. However, as EV battery power systems gradually develop to voltage levels greater than 800 V, compared with Si, SiC will produce better performance in high-voltage systems. SiC is expected to gradually replace part of the Si base design, greatly improve vehicle performance, and optimize vehicle architecture. The SiC power semiconductor market is estimated to reach US$3.39 billion by 2025.

In 4Q21, NAND Flash bit shipments grew by only 3.3% QoQ, a significant decrease from the nearly 10% in 3Q21, according to TrendForce's investigations. ASP fell by nearly 5% and the overall industry posted revenue of US$18.5 billion, a QoQ decrease of 2.1%. This was primarily due to a decline in the purchase demand of various products and a market shift to oversupply causing a drop in contract prices. In 4Q21, with the exception of enterprise SSD, the supply of which was limited by insufficient upstream components, the prices of other NAND Flash products such as eMMC, UFS, and client SSD, all fell.

TrendForce's summary of NAND Flash market sales performance in 2021 is as follows: although there have been signs of weakening since 2H21, thanks to remote services and cloud demand driven by the pandemic, revenue performance still grew significantly compared to 2020. Revenue reached US$68.6 billion, up 21.1% YoY, the second-biggest increase since 2018.