摩根士丹利：全球科技_ Computex 2025 Takeaways

Investment Rating - The industry investment rating is "In-Line" [7]. Core Insights - The Computex 2025 event showcased evolutionary advancements rather than revolutionary changes, with a focus on the Blackwell Ultra platform and new products like RTX PRO 6000 and DGX Spark, leading to a slightly more bullish outlook on full-year rack shipments [1][6]. Summary by Sections Rack Shipments - GB300 NVL72 and B300 HGX servers were prominently featured, representing a modest upgrade from previous models. The transition from Cordelia to Bianca design is expected to expedite time to market for GB300 racks, with mass production anticipated in Q4 2025 [2][3]. - OEMs/ODMs expect GB300 racks to be ready for shipping by Q3, with volume production commencing in Q4. This is a positive shift compared to earlier expectations of a late Q4 ramp-up [3][9]. Power and Cooling Solutions - The introduction of 800V HVDC power solutions was highlighted, with Delta and Vertiv showcasing their high-efficiency power racks designed for upcoming AI factories. These solutions are expected to alleviate investor concerns regarding competition among Nvidia suppliers [4][10][12]. - Liquid cooling designs for GB300 racks are ongoing, with mass production expected in Q3 2025. The focus remains on enhancing cooling performance and system reliability [13][15]. New Product Launches - The RTX PRO 6000 enterprise AI servers are set to begin shipments in Q4 2025, supporting up to 8x NVIDIA Blackwell GPUs. The DGX Spark is expected to ship in late Q3, while the DGX Station's delivery timing remains uncertain, likely in Q4 [23][28]. - Accton introduced its first turnkey open infrastructure solution for enterprise AI, targeting small to midsize data centers with reduced delivery lead times and lower total cost of ownership [78][79]. Market Trends - There was a noticeable decrease in focus on AI PCs compared to the previous year, with less investor interest and fewer incremental innovations presented at Computex 2025 [29][30].