Tianfeng Securities·2025-06-03 00:30Investment Rating - The industry investment rating is "Outperform the Market," indicating an expected industry index increase of over 5% in the next six months [48]. Core Insights - Despite macroeconomic and trade policy disruptions, major US tech companies continue to invest in AI, with Nvidia's Q1 earnings exceeding expectations and data center revenue growing by 73% year-on-year [3][6]. - Salesforce's AI Agent platform, Agentforce, has signed over 8,000 contracts, with annual recurring revenue (ARR) surpassing $1 billion, marking significant commercial progress in AI [3][18]. - DeepSeek has upgraded its R1 model, achieving a 87.5% accuracy in complex reasoning tasks, positioning it as the second-largest AI lab globally, reflecting China's advancements in AI model development [7][30]. Summary by Sections Global AI Dynamics - Nvidia's Q1 revenue reached $44.1 billion, a 69% year-on-year increase, with data center revenue at $39.1 billion, growing 73% [6][14]. - Salesforce's overall performance exceeded expectations, with a 8% year-on-year revenue growth to $9.83 billion, and a significant increase in AI-related revenue [3][18]. - DeepSeek's R1 model upgrade has significantly improved its reasoning capabilities, achieving a 87.5% accuracy in AIME 2025 tests, indicating a strong competitive position against top international models [29][35]. Company Performance - Nvidia's data center business is experiencing accelerated deployment of NVL72 cabinets, with major cloud providers deploying nearly 1,000 units weekly [3][10]. - Salesforce's Data Cloud revenue exceeded $1 billion, growing over 120% year-on-year, showcasing the increasing demand for enterprise AI solutions [3][18]. - Kuaishou's Keling AI model generated over 150 million yuan in Q1 2025, capturing a 30% market share in the text-to-video sector [36][40]. AI Model Developments - DeepSeek's R1 model has shown significant improvements in various benchmarks, indicating a narrowing gap between Chinese and US AI capabilities [30][35]. - ByteDance's open-source multimodal model, BAGEL, has outperformed existing models in multiple evaluation benchmarks, demonstrating advanced capabilities in understanding and generating text, images, and videos [41][43].