Nvidia(US:NVDA) Xinda Securities·2026-01-11 15:04Investment Rating - The industry investment rating is "Positive" [2] Core Viewpoints - The release of the Nvidia Rubin platform marks a new era in AI computing power, with a complete transformation of global computing facilities towards the "AI factory" paradigm [3][39] - The Rubin platform features six new chips designed for AI supercomputers, significantly enhancing inference performance and reducing training costs [3][7] - The introduction of open-source models expands Nvidia's ecosystem, covering various fields including biomedical AI, physical AI, and autonomous driving [3][29] Summary by Sections Chip Performance - The Rubin GPU introduces a Transformer engine, achieving inference performance of 50 PFLOPS, which is five times that of the Blackwell GPU, while training performance reaches 35 PFLOPS, 3.5 times that of Blackwell [3][13] - The Vera CPU is designed for data movement and intelligent processing, featuring 88 custom Nvidia cores and a system memory of 1.5 TB, which is three times that of the Grace CPU [3][12] Storage Solutions - The Rubin platform addresses KV Cache issues with a new inference context memory storage platform, significantly enhancing memory performance and efficiency [3][18] - Each Rubin GPU can be equipped with up to 288 GB of HBM4, with total memory bandwidth increased to 22 TB/s, 2.8 times that of Blackwell [3][14] PCB and Rack Innovations - The transition to a cableless interconnect architecture in the Rubin NVL72 PCB significantly reduces assembly time by 18 times and lowers operational costs [3][22] - The system's collaborative design enhances efficiency, allowing for a reduction in the number of GPUs needed for training large models by 75% compared to the previous generation [3][25] Open Source Models - The expansion of Nvidia's open-source model ecosystem includes updates across six major areas, with a focus on the Nemotron series for various applications [3][32] - The Nemotron series includes models for inference, retrieval-augmented generation, safety, and speech processing [3][32] Physical AI Developments - The Cosmos model is designed for understanding and generating physical world videos, while Alpamayo serves as an open-source toolchain for autonomous driving, introducing reasoning capabilities [3][33][34]