Nvidia(US:NVDA) Shanghai Aijian Securities·2025-11-25 04:24Investment Rating - The report rates the electronic industry as "Outperform the Market" [1] Core Viewpoints - The report highlights the significant advancements in NVIDIA's GPU architecture, particularly with the introduction of the Vera Rubin superchip, which represents a leap in computational power through heterogeneous collaboration between CPU and GPU [2][12] - NVIDIA's upcoming platforms, Vera Rubin NVL144 and Rubin Ultra NVL576, are expected to deliver substantial performance improvements, with the latter achieving up to 15 Exaflops for FP4 inference and 5 Exaflops for FP8 training, marking a 14-fold increase compared to previous generations [20][22] Summary by Sections Industry Overview - The electronic industry is experiencing growth driven by advancements in AI and high-performance computing, with NVIDIA leading the charge in GPU technology evolution [4][8] NVIDIA's Technological Evolution - NVIDIA has transitioned from specialized graphics hardware to general-purpose parallel computing engines through various architectures, including Tesla, Fermi, Kepler, and Maxwell, culminating in the current Vera Rubin architecture [5][9] Vera Rubin Superchip - The Vera Rubin superchip features a combination of Rubin GPU and Vera CPU, with performance metrics such as 50 PFLOPS and 100 PFLOPS for FP4 precision, and memory bandwidth reaching up to 32TB/s, significantly surpassing previous architectures [18][21] Future Platforms - The Vera Rubin NVL144 platform is set to launch in H2 2026, featuring enhanced specifications and performance metrics, while the Rubin Ultra NVL576 platform will follow in H2 2027, further pushing the boundaries of computational capabilities [20][22]