NVIDIA GB200：重塑服务器铜缆液冷 HBM 价值 20241021 摘要 • 英伟达 GB200 在计算能力和架构上取得了显著提升，其 AI 算力达到 20P 的 FP4 算力，是上一代 H100 架构的 5 倍，训练速度提升了约 30 倍。GB200 提供了四种不同尺寸的外形，每种尺寸都可以定制，并采用双芯片架构， 配备 192GB 的 HBM3e 内存。 • 互联网大厂对 AI 芯片和算力的需求依然强劲，微软、谷歌、Meta 和亚马 逊等公司预计将持续增加资本开支，用于基础设施建设，包括服务器、CPU 和 GPU。这些公司对高性能 GPU 芯片供给下的需求持续旺盛。 • 英伟达服务器系列从 HGX 升级到 MGX 系列，其中 GB200 NVL72 整机柜价值 量持续提升。MGX 模式下，工业富联负责生产 240 维持税，而纬创与富联 共同生产 Computer 并交付给英伟达。第三方数据预测，GB200 ML 整机柜 出货量有望带来机柜集成、HBM 铜连接、液冷等市场价值量 2 至 4 倍增长。 • 高速铜缆市场呈现快速增长趋势，预计到 2028 年，高速铜缆规模可望达 到 28 亿美元，其中 ...

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 ...