Nvidia(US:NVDA) SINOLINK SECURITIES·2025-03-19 12:31Investment Rating - The report does not explicitly state an investment rating for the industry or specific companies Core Insights - NVIDIA has launched the memory-enhanced Blackwell product, Blackwell Ultra, which shows a 50% increase in single-card Dense FP4 computing power compared to the B200 series, with an HBM configuration upgraded to 288GB HBM3e, expected to ship in the second half of 2025 [4][6] - The release of the Rubin and Rubin Ultra products has been delayed by approximately six months compared to previous expectations, with the first Rubin product now expected in the second half of 2026 and Rubin Ultra in the second half of 2027, primarily due to challenges in process, packaging, and cabinet technology [12][19] - NVIDIA introduced the Spectrum-X Photonics and Quantum-X Photonics silicon photonics switch platforms, achieving a single-port rate of 1.6 Tb/s and a total bandwidth of up to 400 Tb/s, significantly enhancing data center transmission performance [16][18] - The DGX Spark and DGX Station were launched to promote AI supercomputing capabilities to personal desktop environments, with DGX Spark offering 1,000 TOPS of computing power and DGX Station providing 20 PFLOPS [21][22] - The open-source inference service framework, NVIDIA Dynamo, was released to optimize large-scale AI model inference deployment, achieving up to a 30-fold increase in request processing capability [23] Summary by Sections Blackwell Ultra Product Launch - NVIDIA officially launched the Blackwell Ultra product, which enhances single-card Dense FP4 computing power by 50% compared to the B200 series, with an HBM configuration of 288GB HBM3e, expected to ship in late 2025 [4][6] Rubin and Rubin Ultra Roadmap - The Rubin and Rubin Ultra products were announced, with a unified GPU die counting standard. The NVL144 contains 144 dies, equating to 72 Rubin chips, while Rubin Ultra integrates 4 dies per chip, leading to a total of 144 chips in NVL576 [8][10] Silicon Photonics Switch Platforms - NVIDIA launched the Spectrum-X and Quantum-X Photonics platforms, achieving a single-port rate of 1.6 Tb/s and a total bandwidth of up to 400 Tb/s, enhancing the scalability of AI clusters for large-scale data centers [16][17] Personal AI Computers - The DGX Spark and DGX Station were introduced, with DGX Spark being the smallest AI supercomputer priced at $3,000, offering 1,000 TOPS, while DGX Station provides 20 PFLOPS for high-intensity AI tasks [21][22] Open-source Inference Service Framework - NVIDIA Dynamo was released to enhance the deployment of large-scale AI models, significantly improving inference performance and cost efficiency, particularly on the Blackwell platform [23]