Ge Long Hui·2025-09-11 23:15Core Insights - The report highlights the launch of AI high-end chips by suppliers and the memory upgrades that are driving both volume and price increases in DRAM [1][3]. Industry Perspective and Investment Recommendations - The next-generation NVIDIA Rubin CPX has offloaded AI inference computational loads at the hardware level, with memory upgrades providing faster data transmission [2]. - The NVIDIA Vera Rubin NVL144 CPX server integrates 36 Vera CPUs, 144 Rubin GPUs, and 144 Rubin CPX GPUs, offering 100 TB of high-speed memory and 1.7 PB/s memory bandwidth per rack [2]. - The performance of the Rubin CPX in handling large context windows is up to 6.5 times higher than the current flagship GB300 NVL72 [2]. - The Rubin CPX is optimized for long context performance at the "millions of tokens" level, featuring 30 peta FLOPs of NVFP4 computing power and 128 GB of GDDR7 memory [2]. - The acquisition of Shenzhen Jintaike's storage line by Kaipu Cloud aims to enhance enterprise-level DDR capabilities [3]. - The average capacity of DRAM and NAND Flash in various AI applications, particularly in servers, is expected to grow, with a projected 17.3% annual increase in average capacity for Server DRAM in 2024 [3]. - The demand for AI servers continues to rise, with high-end chips like NVIDIA's next-generation Rubin and self-developed ASICs from cloud service providers (CSPs) being launched or entering mass production, contributing to the increase in both volume and price of high-speed DRAM products [3].