Nvidia(US:NVDA) Minsheng Securities·2025-05-29 12:23Investment Rating - The report recommends a positive investment outlook for key companies in the AI infrastructure sector, highlighting specific stocks such as 瑞可达, 博创科技, 禾望电气, 江海股份, 申菱环境, and 芯原股份 as worthy of attention [4][46][47]. Core Insights - The ComputeX 2025 showcased NVIDIA's strategic shift from a hardware supplier to a global AI ecosystem builder, introducing groundbreaking technologies like the Grace Blackwell supercomputer and NVLink Fusion [1][10]. - HVDC technology is identified as a critical solution to the energy bottleneck in AI, with strategic partnerships formed to develop 800V HVDC power solutions [2][17]. - The introduction of NVLink Fusion redefines the collaboration between ASIC and GPU, enhancing the ecosystem for AI computing [3][31]. - The expansion of NVIDIA's supply chain to 123 partners indicates a robust ecosystem development, with new suppliers contributing to various segments of AI infrastructure [3][37]. Summary by Sections 1. NVIDIA ComputeX Next-Gen AI Solutions - NVIDIA's GB300 AI computing platform is set to deliver 40 petaflops of performance by Q3 2025, significantly enhancing inference capabilities [10]. - The NVLink Fusion technology allows for flexible AI infrastructure, enabling seamless communication between NVIDIA processors and third-party ASICs [11][32]. 2. HVDC: Energy Foundation for AI Computing - A strategic partnership with Vertiv aims to launch an 800V HVDC power solution by late 2026, addressing energy efficiency challenges in AI [2][17]. - The collaboration with Navitas Semiconductor focuses on developing third-generation semiconductor technologies to enhance HVDC systems [26][29]. 3. NVLink Fusion: Embracing the ASIC Ecosystem - NVLink Fusion supports the integration of custom chips with NVIDIA's AI chips, facilitating high-performance AI computing environments [31][34]. - The technology has been licensed to eight companies, indicating a growing ecosystem around NVLink Fusion [34]. 4. New Suppliers Joining NVIDIA's Ecosystem - The expansion of NVIDIA's supply chain includes partnerships with various sectors, enhancing capabilities in education, healthcare, and finance [38][41]. - New suppliers like 瑞可达 are providing critical components for AI data centers, including high-speed data transmission and power solutions [43][44]. 5. Investment Recommendations - The report emphasizes the importance of focusing on companies that enhance speed and power in AI infrastructure, recommending specific stocks for investment [4][46].