Nvidia(US:NVDA) HTSC·2026-03-12 03:05Investment Rating - The industry investment rating is "Overweight" [5]. Core Insights - The GTC 2026 conference is expected to focus on AI inference evolving into system-level infrastructure, with key components including Rubin Ultra and Feynman architectures [2][3]. - The year 2026 is anticipated to be a pivotal year for Agentic AI, with significant developments in CPO and LPU technologies [2]. - The integration of Groq into NVIDIA's ecosystem is expected to enhance LPU capabilities, transitioning from a standalone LPX rack to a more integrated approach within NVIDIA's GPU roadmap [3][4]. Summary by Sections GTC 2026 Conference Highlights - NVIDIA's GTC 2026 will feature a keynote by CEO Jensen Huang, focusing on AI infrastructure advancements [2]. - Key technologies discussed will include Rubin Ultra, Feynman, CPX, and LPU, with expectations for significant updates on these platforms [2]. Rubin Ultra and Feynman Architecture - Rubin Ultra is expected to integrate 144 GPUs in a Kyber rack design, with a total power consumption of approximately 600 kW [2]. - Feynman may adopt TSMC's A16 process technology and is projected for a 2028 launch, with potential outsourcing of I/O die to Intel [2][3]. LPU and LPX Developments - The LPX rack is seen as a transitional solution, with LPU capabilities expected to be integrated into NVIDIA's GPU roadmap starting from the Feynman architecture [3]. - The LPU version of the LPX rack is being evaluated for a 256 LPU configuration, indicating a significant increase from the initial 64 LPU version [3]. CPO and Optical Interconnects - CPO and optical interconnects are anticipated to be central themes at GTC 2026, with a focus on the evolution from Scale-Out to Scale-Up architectures [4]. - The introduction of Scale-Up CPO switches is expected to complement the Rubin Ultra architecture, with significant bandwidth capabilities [4][10].