Nvidia-英伟达拟投资OpenAI，利好光模块、液冷板块

Core Insights - OpenAI and NVIDIA announced a strategic partnership to deploy at least 10GW of NVIDIA systems for AI data centers, which will be used to train and run the next generation of OpenAI models [1][2] - NVIDIA's CEO stated that 10GW is equivalent to 4-5 million GPUs, which is about double NVIDIA's total shipments for 2024 and equal to its expected shipments for 2025 [1][2] - NVIDIA plans to invest up to $100 billion in OpenAI, with the first 1GW data center expected to be deployed in the second half of 2026 [2] Industry Trends - The demand for AI computing power is driving growth in the optical communication industry, with silicon photonics technology becoming the mainstream solution for 1.6T high-speed optical modules [3] - The competitive advantages of leading optical module companies are expected to strengthen, with increasing demand for CW lasers and passive components [3] - New technologies such as OCS, hollow-core fibers, thin-film lithium niobate, and CPO are gaining attention and maturity, presenting new market investment opportunities [3] Product Developments - NVIDIA's new Rubin CPX GPU is designed for large-scale context processing, enhancing efficiency for software coding and generative video [4] - The Rubin CPX offers up to 30 Pflops NVFP4 precision computing power and integrates with the Vera CPU and Rubin GPU, significantly increasing performance compared to previous models [4] - Each $100 million investment in the Vera NVL144CPX platform is projected to generate $5 billion in token revenue, indicating strong commercial potential [4] Cooling Solutions - The introduction of the Rubin CPX is expected to drive demand for chip-level liquid cooling solutions, as total power consumption in cabinets increases [5] - The liquid cooling sector is anticipated to benefit from the growing need for efficient thermal management in high-performance computing environments [5] Investment Recommendations - The report recommends investing in leading companies in the optical module and liquid cooling sectors, including Zhongji Xuchuang, Xinyi Sheng, Yingweike, Tianfu Communication, and Yuanjie Technology [6]