Seek .(US:SKLTY)2025-02-20 05:42Investment Rating - The report does not explicitly state an investment rating for the industry or specific companies involved Core Insights - The market is currently influenced by DeepSeek, which has short-term impacts on the MV chain, while AI agents and applications benefit from high investment in AI infrastructure that has been maintained for nearly two years [3] - The demand for GPU computing power is expected to shift towards more cost-effective AI computing solutions, with domestic options becoming viable alternatives [3][5] - The performance of NVIDIA's supply chain partners is mixed, with high profit margins but challenges in bargaining power [5] - The cancellation of the supercapacitor tray in the GB300 MV link 72 reference design may affect CSP adoption willingness, leading to stock price fluctuations for Musashi and domestic Jianghai [6] Summary by Sections Market Changes and Core Views - The market has been affected by DeepSeek, leading to a temporary setback in the MV chain, while AI applications continue to thrive [3] - High-performance GPUs like NVIDIA's Blackwell and future Grace are still focused on cutting-edge large model fields [3] Supercapacitor Industry Developments - The supercapacitor combines the advantages of traditional capacitors and batteries, offering high power density and energy density, making it suitable for applications in automotive and data centers [3][7] - Musashi Precision Industry, through its subsidiary, is expanding supercapacitor production to meet the demand for peak shaving applications in data centers [3][6] Applications in Data Centers - Supercapacitors are primarily used in data centers for peak shaving and backup power, addressing GPU power fluctuations and enhancing overall system efficiency [10][12] - The integration of supercapacitors in AI supercomputing data centers helps stabilize power supply during training and inference phases, thus improving GPU performance [14] Technological Advantages - Musashi's hybrid supercapacitor (HSC) technology offers superior energy and power density compared to traditional double-layer capacitors, with significant advantages in high-pressure and high-temperature environments [16] Market Outlook - The demand for supercapacitors in data centers is expected to grow, with limited suppliers currently in the market, indicating a concentrated competitive landscape [20] - In optimistic scenarios, each cabinet may require 250 to 300 supercapacitors, translating to a value range of approximately $15,000 to $55,000 [21]