计算机行业投资策略周报：生成式AI开启新篇章，算力需求景气加速

Investment Rating - The report suggests focusing on companies within the AI foundational industry chain, such as NVIDIA, ORACLE, AWS, MICROSOFT, AMD, and others [4][33]. Core Insights - OpenAI's new model iteration, the o1 series, marks a significant advancement in generative AI, shifting the Scaling Law focus from pre-training to post-training and inference stages [3][6]. - There is a high demand for computing power, with breakthroughs in application areas, as evidenced by NVIDIA's expansion plans and Oracle's substantial growth in cloud infrastructure revenue [3][22][23]. - The o1 model demonstrates superior performance in complex reasoning tasks, surpassing human experts in specific fields, indicating a new level of AI capability [12][19]. Summary by Sections OpenAI Model Iteration - The o1 series was released on September 13, enhancing capabilities in coding, mathematics, and data analysis through a new internal reasoning chain [6][7]. - The new model's inference costs are significantly higher than those of GPT-4o, with input and output token prices being three and four times higher, respectively [6][7]. Computing Power Demand - NVIDIA's CEO highlighted the immense demand for their Blackwell GPUs, with plans to expand production to meet this demand [22]. - Oracle reported a 21% year-over-year increase in cloud revenue, with IaaS revenue growing by 45%, reflecting strong market demand for computing and storage services [23]. Application Breakthroughs - Microsoft introduced new AI workflows powered by the o1 model, enhancing collaboration across its Office suite [24][26]. - Adobe has integrated AI capabilities into its products, with a 70% increase in the usage of its AI Assistant, showcasing the growing importance of AI in document and creative cloud applications [31][32].