AI的进击时刻系列13：英伟达GTC大会开幕，走向代理式AI、物理AI时代

Investment Rating - The report provides a "Buy" rating for multiple companies within the AI hardware industry, indicating a positive outlook for investment opportunities [5]. Core Insights - The report highlights the transition of AI from perception-based to generative AI, moving towards Agentic AI and Physical AI, as stated by NVIDIA's CEO Jensen Huang during the GTC conference [15]. - NVIDIA's new distributed inference service library, NVIDIA Dynamo, significantly enhances performance, achieving a 25-fold increase compared to the previous Hopper architecture [27]. - The anticipated demand for NVIDIA's Blackwell architecture is projected to reach 3.6 million units in 2025, reflecting a substantial increase in data center capital expenditures, expected to exceed $1 trillion by 2028 [19]. Summary by Sections 1. NVIDIA: Transition to Agentic AI & Physical AI Era - Jensen Huang announced the evolution of AI technologies at the GTC conference, emphasizing the importance of scaling laws in AI development [15]. - The scaling laws will follow a three-phase evolution: pre-training expansion, post-training expansion, and testing time expansion [15]. 2. AI Models and Applications (1) AI Models - The report discusses the structure and components of AI models, including the scaling laws that dictate performance improvements with increased model size and training data [66]. - It details various parallel training strategies, such as data parallelism and pipeline parallelism, which enhance computational efficiency [70]. (2) AI Applications - NVIDIA's CUDA-X library is highlighted for its application across various fields, including astronomy and automotive industries, showcasing the versatility of AI technologies [21]. 3. Investment Recommendations - The report suggests that the rapid development of AI models and applications will benefit the AI hardware supply chain, with NVIDIA leading the industry upgrades [5][19]. - It encourages investors to focus on companies within the AI hardware ecosystem that are poised to capitalize on these advancements [5].