Summary of NVIDIA GB200 Conference Call Industry and Company Overview - The conference call focuses on NVIDIA and its advancements in AI chip technology, specifically the GB200 architecture, which significantly enhances computing capabilities and infrastructure for AI applications [1][2][3]. Key Points and Arguments NVIDIA GB200 Architecture - The GB200 architecture achieves an AI computing power of 20P FP4, which is five times that of the previous H100 architecture, with a training speed improvement of approximately 30 times [1][2]. - The GB200 features a dual-chip architecture with 192GB of HBM3e memory and offers four customizable form factors [1][2]. Demand from Major Internet Companies - Major tech companies like Microsoft, Google, Meta, and Amazon are expected to continue increasing capital expenditures for infrastructure, including servers, CPUs, and GPUs, indicating strong ongoing demand for high-performance GPU chips [1][3][10]. Server Series Upgrade - NVIDIA's server series has transitioned from HGX to the MGX series, with the GB200 NVL72 cabinet showing increased value. The MGX model emphasizes modular design and is produced in collaboration with companies like Industrial Fulian and Wistron [1][4]. High-Speed Copper Cable Market - The high-speed copper cable market is projected to grow rapidly, reaching $2.8 billion by 2028, driven by demand from NVIDIA's deployment of DISC (high-speed optical interconnect) [1][5]. HBM Memory Technology - HBM3e is expected to be mass-produced in the second half of the year, with NVIDIA as a key buyer. HBM4 is anticipated to launch in 2026, with HBM TSV capacity projected to reach 250,000 units per month by the end of 2024 [1][6][17]. Liquid Cooling Technology - The GB200 NVL72 will incorporate more liquid cooling solutions, which are becoming increasingly mature. This technology is essential for managing the heat generated by high-performance computing [1][7][18]. Future Product Iteration Plans - NVIDIA plans to maintain an annual product iteration schedule, with new GPUs and CPUs expected to be released in the coming years, including the Blackwell Ultra GPU in 2025 and Rubin architecture in 2026 [1][8]. Market Share and Competitive Landscape - In the AI server market, NVIDIA is projected to hold a 64% share, with AMD at 8% and other categories, including self-developed ASIC servers, making up 25% [1][11]. Investment Directions in the Computer Industry - Key investment areas include AI chips, server systems, components, optical modules, and data centers, with specific companies recommended for each category [1][20]. Risks in the Computer Industry - The industry faces risks such as macroeconomic impacts, demand fluctuations, and intensified market competition, particularly due to geopolitical tensions [1][22]. Positive Outlook for Computing Architecture - There is a strong belief in the continued growth of computing architecture, with related sectors like AI chips, HBM, and liquid cooling systems expected to benefit from the new generation of computing architecture [1][23]. Additional Important Insights - The GB200 architecture's components include power units, chip units, and liquid cooling systems, with various companies specializing in different segments of the supply chain [1][21]. - The cost of copper connections in the new architecture has significantly increased, reflecting the growing complexity and performance requirements of modern computing systems [1][16].

本次电话会议仅供符合国海证券投资者适当性管理要求的客户以及受邀客户使用国海证券不会因接收人收到本次会议相关通知或参加本次会议而释其为客户本次会议内容不构成任何投资建议据此作出的任何投资决策与国海证券国海证券员工或者关联机构无关本次会议只是转发国海证券已发布研究报告的部分观点仅反映国海证券研究人员于发布完整报告当日的判断 相关内容请以研究所已公开发布报告为准 会议严禁录音或转发任何人不得对本次会议的任何内容进行发布复制编辑改编转载播放展示或以其他任何方式非法使用本次会议的部分或者全部内容否则将承担相应的法律责任国海证券就此保留一切法律权利在任何情况下国海证券及其员工对使用本次会议信息或内容所引发的任何直接或间接损失概不负责市场有风险投资需谨慎 各位投资人大家晚上好然后我们这边是那个国海计算机团队然后这次欢迎参加本次的这个AI算力周周谈第17然后我们这次的主题也是跟随着我们这次的一个外发报告英伟达GB200重塑服务器同揽业了HBM价值这是我们AI算力脉水人的这个系列的第三期 对,然后这次也是跟随着我们团队一直以来一直去重述的一个观点,就是我们仍然非常看好在这个AI大模型的迅推带动下的这个AI算力需求的增长,并且随 ...

Investment Rating - The report assigns a **Buy** rating to NVIDIA Corp (NVDA) with a target price of **US$150.00**, implying an expected share price return of **11.3%** [6] Core Viewpoints - **GPUs and ASICs will coexist** in the AI/ML infrastructure buildout, with ASICs used for specialized models and GPUs for training and inference of larger, more complex models [4] - NVIDIA GPUs are expected to dominate the AI accelerator market, with **75% share** of the **$380B AI accelerator TAM** by 2028 [4][22] - NVIDIA holds a **67% share** of the AI accelerator installed base among the top four US hyperscalers, driven by its performance lead, scaling capabilities, and large installed base [5] GPU and ASIC Market Dynamics - NVIDIA GPU compute sales are forecasted to grow **118% YoY in 2024E** and **84% YoY in 2025E**, with hyperscaler GPU sales growing **100% in 2024E** and **67% in 2025E** [4] - Custom ASICs are expected to grow to **8% of US cloud provider capex in 2024E**, with sales ramping by **200%+ in 2024E** before normalizing to **16% YoY growth in 2025E** [4] - By 2028, the AI accelerator market is projected to reach **$500B**, with GPUs accounting for **76%** and ASICs for **25%** of the market [26] Hyperscaler AI Accelerator Landscape - **Google** and **Microsoft** lead in AI accelerator installed base, with **~2M units each**, while **Amazon** has **~1.5M** and **Meta** has **~800K** [26] - Microsoft relies heavily on NVIDIA GPUs (**95%+ of installed base**), while Google leans on its TPU infrastructure (**65% of installed base**) but is increasing investments in NVIDIA GPUs [26] - Amazon balances its own Inferentia and Trainium chips with NVIDIA offerings (**60% of installed base**), while Meta is aggressively investing in NVIDIA products (**90% of installed base**) [26] Financial Projections - NVIDIA's sales revenue is projected to grow from **$26.97B in 2023** to **$262.28B in 2027E**, with a **73.4% gross margin** in 2027E [10] - EBITDA is expected to increase from **$13.34B in 2023** to **$181.33B in 2027E**, with an **EBITDA margin of 69.1%** in 2027E [10] - Core EPS is forecasted to grow from **$0.33 in 2023** to **$5.51 in 2027E**, with a **P/E ratio of 24.5x** in 2027E [10] ASIC Design and Development - **Full-custom ASIC design** offers reduced size and higher capabilities but is more complex and costly, while **semi-custom ASIC design** reduces initial design efforts and limits non-recurring engineering costs [17] - **Programmable ASICs** provide flexibility by allowing hardware-level programming after manufacturing, making them suitable for specialized workloads [18]

Ladies and gentlemen, good day everyone and welcome to VIP Shop Holdings Ltd's second quarter 2024 earnings conference call. At this time I would like to turn the call to Ms Jessie Zhang, VIP Shops Head of Investor Relations. Please proceed. Thank you, operator. Hello everyone, and thank you for joining VIP Shop second quarter 2024 earnings conference call. With us today are Eric Shen, our co-founder, chairman, and CEO, and Mark Wong, our CFO. Before management begins their prepared remarks, I would like to ...

2024 State of the VITA Technology Industry CRITICAL EMBEDDED SYSTEMS TM July 2024 www.VITA.com Disclaimer: The views expressed here are solely those of the author in his private capacity and do not in any way represent the views of VITA. State of the VITA Technology Industry July 2024 by: Ray Alderman, Chairman of the Board, VITA This report provides the reader with updates on the state of the VITA Technology industry in particular and of the board and system industry in general, from the perspective of Ray ...