HUAXI Securities·2025-09-14 09:46Investment Rating - The industry rating is "Recommended" [5] Core Insights - Oracle has signed an unprecedented cloud computing contract with OpenAI, committing to purchase approximately $300 billion in computing power services over the next five years, significantly boosting Oracle's market value by $243.8 billion to a closing market cap of $922.224 billion [1][14][18] - NVIDIA has launched the Rubin CPX, a dedicated GPU designed to double the efficiency of AI inference operations, particularly for applications requiring long context windows [2][15][26] - Alibaba plans to issue approximately $5 billion in dual-currency bonds to fund general corporate purposes, including debt repayment and share buybacks, while also enhancing its cloud infrastructure [3][16][44] Summary by Sections Oracle and OpenAI Partnership - OpenAI has signed a historic cloud computing contract with Oracle, with an annual average expenditure of about $60 billion starting in 2027, which is more than five times OpenAI's current annual revenue of $10 billion [18][19] - Oracle's remaining performance obligations (RPO) reached $455 billion, a fourfold increase year-over-year, indicating strong future revenue potential from cloud services [22][23] NVIDIA's New Hardware - The Rubin CPX is designed for long context workloads, optimizing AI inference for applications like programming and video generation [2][15] - The next-generation NVIDIA flagship AI server, NVL144 CPX, integrates 36 Vera CPUs and 144 Rubin GPUs, expected to deliver significant performance improvements [26][27] Domestic Computing Power Developments - Alibaba's bond issuance aims to enhance its cloud infrastructure, with 80% of the funds allocated for expanding data centers and upgrading technology [44][47] - The launch of the "Super Mode" AI Agent by Doubao marks a significant advancement in AI capabilities, supporting multi-turn searches and deep reasoning [48][51] Investment Recommendations - Beneficiary stocks include PCB companies such as Shenghong Technology, Huidian Co., and Pengding Technology, as well as server manufacturers like Industrial Fulian and domestic computing firms like Haiguang Information and Cambrian [17][54] Market Performance - The computer industry saw a weekly increase of 3.37%, outperforming the CSI 300 index by 1.99 percentage points, ranking 7th among the primary industries [55][58] - Among the core recommended stocks, 7 out of 8 showed an increase, with the largest gain being 7.41% for Deepin Technology [70]