Nvidia(US:NVDA) Shenwan Hongyuan Securities·2025-11-03 12:12Investment Rating - The report maintains an "Overweight" rating for the AI computing industry, indicating a positive outlook for the sector's performance relative to the overall market [26]. Core Insights - NVIDIA has detailed its AI computing technology roadmap, including the preview of the next-generation Vera Rubin architecture, enhancing confidence in its execution [2]. - The Blackwell platform has shipped approximately 6 million GPUs to date, with an expected combined shipment of 20 million GPUs from Blackwell and Rubin chips in CY25-26, generating over $500 billion in revenue, which is five times the revenue of the Hopper chip lifecycle [2][3]. - The roadmap indicates a differentiation in computing products into Context and Generation GPUs, with Context GPUs optimized for compute-intensive Prefill stages, enhancing system economics [2]. - The Rubin platform will upgrade to 448G SerDes rates, with NVLink6.0 expected to reach 400G SerDes channel rates, addressing the growing demand for interconnect technology in AI clusters [2]. - The hardware design will shift towards cable-free connections, enhancing maintainability and reliability while optimizing space allocation [2]. Summary by Sections AI Computing Technology Roadmap - NVIDIA's roadmap includes advancements in AI computing technologies, emphasizing local manufacturing progress and applications in various verticals such as quantum computing and autonomous driving [2]. Performance Visibility - The report provides visibility into the performance of the Blackwell and Rubin platforms, highlighting significant expected revenue growth and shipment volumes [2][3]. Product Differentiation - The differentiation between Context and Generation GPUs is aimed at optimizing performance for specific computational tasks, with a focus on cost reduction and efficiency [2]. Interconnect Technology - The report discusses the evolution of interconnect technology, with a focus on the need for higher data rates and improved signal integrity as AI cluster scales increase [2]. Hardware Design Innovations - Innovations in hardware design include a move towards cable-free configurations, which are expected to simplify deployment and enhance system reliability [2]. Investment Opportunities - Suggested companies to watch include Shenghong Technology, Shenyang Electronic, and Luxshare Precision for PCB and connector advancements, as well as companies like BYD Electronics for liquid cooling and power solutions [2].