Nvidia(US:NVDA) GUOTAI HAITONG SECURITIES·2025-09-14 10:11Investment Rating - The report maintains an "Overweight" rating for the overseas technology sector [1][4]. Core Insights - Oracle's RPO surged significantly, leading to a substantial upward revision of cloud revenue guidance, with visibility extending to 2030. The RPO reached $455 billion as of FY26Q1, including a $300 billion contract with OpenAI, reflecting a quarter-over-quarter increase of $317 billion. The AI infrastructure remains in high demand, with expectations of signing more multi-billion dollar contracts, potentially increasing RPO to over $500 billion [3][8]. - NVIDIA introduced the Rubin CPX inference chip, which significantly enhances inference efficiency, particularly for applications requiring long context windows. The chip is expected to be available by the end of 2026, with performance improvements of up to 6.5 times compared to current flagship systems [9][10]. - The iPhone 17 series was launched with notable upgrades, including a new A19 chip and enhanced camera systems, maintaining competitive pricing [10]. Summary by Sections Weekly Overview - Oracle's RPO increase and AI industry trends indicate a sustained high growth outlook through 2030, with significant investments from major players like Meta and Microsoft in AI infrastructure [8]. Investment Recommendations - Recommended sectors include AI computing (NVIDIA, TSMC), cloud providers (Microsoft, Amazon, Google, Meta), AI applications (Apple, Qualcomm), AI social networks (Tencent, Meta), and Chinese companies benefiting from AI cycles (Pinduoduo, Meituan, JD.com, NetEase) [27][28].