Nvidia(US:NVDA) Hua Er Jie Jian Wen·2025-12-22 03:41Core Viewpoint - The demand for NVIDIA's next-generation AI servers, specifically the GB300 series, is expected to surge, with small-scale shipments starting by the end of this year and large-scale production anticipated in the first half of next year, leading to a projected annual shipment of 55,000 units in 2024, representing a 129% year-on-year growth [1][2]. Group 1: Demand and Market Dynamics - Major cloud service providers such as Microsoft, Meta, Oracle, and Dell are showing strong demand for the GB300 servers, while Google and Amazon AWS are expected to order between 3,000 to 4,000 units [1]. - The GB300 series is anticipated to have a higher unit price and overall value compared to its predecessor due to improvements in key components like cooling systems and connectors, which will positively impact the performance of supply chain vendors [2]. Group 2: Supply Chain and Manufacturing Insights - Foxconn and Quanta are the primary contract manufacturers for the GB300 orders, with Foxconn being a major supplier for Microsoft and Oracle, while Quanta has secured some orders from Oracle and Microsoft despite losing some Meta orders [3]. - Other key component suppliers, including TSMC, Delta Electronics, and others, are expected to benefit from the increased demand for AI servers [3]. Group 3: Future Outlook and Production Capacity - Major contract manufacturers are optimistic about future orders, with Quanta indicating that order visibility extends to 2027 due to increasing demand from cloud service providers [4]. - Foxconn is expanding its production capacity in various states to meet the urgent needs of clients, with significant improvements in production yield and expectations for high double-digit growth in quarterly shipments [4].