Investment Rating - The report maintains an "Overweight" rating for the computer sector [6]. Core Insights - Oracle's $455 billion order exceeded expectations, indicating a high level of global computing investment; Microsoft has also reached a five-year $17.4 billion computing agreement with Nebius [2][6]. - NVIDIA's launch of the Rubin CPX targets long-context reasoning and video generation, highlighting the trend towards customized chips [4][6]. - The implementation of "AI+" in energy development is expected to enhance smart grid construction [7]. Summary by Sections Oracle's Performance - Oracle reported a remaining performance obligation of $455 billion, a year-on-year increase of 359%, with IaaS revenue at $3.3 billion, up 55% year-on-year [6]. - The company has signed large-scale cloud contracts with AI firms like OpenAI, positioning itself as a key infrastructure provider for AI training [6]. NVIDIA's Innovations - NVIDIA's Rubin CPX offers up to 30 PFLOPS of computing power at NVFP4 precision, with 128GB GDDR7, achieving approximately three times the acceleration in attention calculations compared to previous models [4]. - The focus on customized chips is expected to enhance the marginal value of high-end GDDR7 and high-speed interconnect solutions [4]. AI in Energy Sector - The National Development and Reform Commission and the National Energy Administration have issued guidelines to promote "AI+" in energy, aiming to improve smart grid management and disaster response capabilities [7]. - Local software service providers with expertise in power industry applications are anticipated to gain orders as AI technologies are integrated into the sector [7]. Recommended Stocks - The report recommends stocks such as Kingdee International, Kingsoft Office, Newland, Longxin Group, Daotong Technology, and Hand Information, with a focus on companies that have long-term contract fulfillment certainty [6][8].
计算机周观点第18期：甲骨文云计算订单超预期，全球算力投资持续高景气-20250916
GUOTAI HAITONG SECURITIES·2025-09-16 13:27