Nvidia(US:NVDA) ZHONGTAI SECURITIES·2025-03-18 12:50Investment Rating - The report does not explicitly provide an investment rating for the industry or specific companies [4][5][6]. Core Insights - The upcoming GTC 2025 is expected to reveal significant advancements in the GB300 architecture, including a 1.5x performance increase in single-card FP4 performance, memory capacity enhancement to 288GB, and upgraded networking capabilities [4]. - The GB300 cooling system is anticipated to shift from a large-area cold plate to individual liquid cooling plates for each chip, improving efficiency in heat dissipation [5]. - The Quantum 3400 X800 CPO version is set to begin mass production in Q3 2025, marking a significant milestone for NVIDIA's CPO product line [6]. - The introduction of 800V HVDC power systems is expected, with a new design integrating BBU and supercapacitors, significantly reducing size and weight while improving charging speed [7]. Summary by Sections Section: GB300 Architecture - The GB300 is projected to enhance performance with a 1.5x increase in FP4 performance and a memory upgrade to 288GB, utilizing 12-layer stacked HBM3E memory [4]. - Power consumption is expected to rise to 1.4kW for GB300, compared to previous models [4]. Section: Cooling Solutions - The cooling structure for GB300 may transition to individual liquid cooling plates for each chip, increasing the number of quick-connect fittings from 126 to 270 per cabinet [5]. Section: CPO Development - The Quantum 3400 X800 CPO will be NVIDIA's first mass-produced CPO product, featuring advanced multi-plane technology and a total switching capacity of 115.2T [6]. Section: Power Supply Innovations - The new power supply design for GB300 is expected to integrate supercapacitors and BBU, reducing the size by 50-70% and weight by 50-60%, while enhancing charging speed by five times [7].