Investment Rating - The report maintains an investment rating of "Outperform the Market - A" [6] Core Insights - The report highlights significant developments in the AI industry, including a multi-billion dollar chip deal between OpenAI and AMD, which aims to enhance AI data center capabilities [11][22] - The introduction of the DeepSeek-V3.2-Exp model marks a step towards next-generation architecture, optimizing long text training and inference efficiency [12][22] - OpenAI's release of the Sora2 video generation model and various platform-level tools further strengthens its ecosystem, allowing developers to create interactive applications within ChatGPT [13][22] Summary by Sections 1. Industry Insights - OpenAI and AMD have signed a chip deal worth hundreds of billions, with OpenAI committing to purchase AI chips valued at 6 gigawatts based on AMD's technology [11] - The partnership aims to deepen collaboration on multiple generations of hardware and software, starting with the AMD Instinct MI450 series [11] 2. Model Developments - The DeepSeek-V3.2-Exp model introduces a sparse attention mechanism, enhancing training and inference for long texts [12] - The model's development utilized TileLang, an open-source AI programming language, to optimize code generation [12] 3. Application Advancements - OpenAI's Sora2 model improves video realism and adds audio generation capabilities, allowing users to create personalized video content [13] - The launch of the Apps SDK and Agent Kit during OpenAI's Dev Day enhances the development of interactive applications and AI agents [13] 4. Investment Opportunities - The report suggests focusing on investment opportunities in AI computing, applications, physical AI, AIGC, and anti-generative AI sectors [14] - Specific areas of interest include chips, servers, data centers, and various B-end applications [14]