苏姿丰强调，AMD的Helios是世界上最好的AI机架平台，是与主要客户紧密合作的成果。 AMD CEO苏姿丰5日在CES 2026发表演讲，介绍最新Helios机架级平台，将于今年稍晚推出，搭载的 Venice CPU以台积电2nm制程打造，配置最新的Instinct MI455X加速器。 苏姿丰并预告，下一代Instinct MI500加速器已在研发中，同样以2nm制程打造，预计明年发表。新的 MI500系列将较2023年推出的MI300X提升AI性能达1000倍。 苏姿丰指出，从ChatGPT问世以来，全球AI使用者从100万激增至超过10亿人，远超过当初网际网络普 及速度。她预测，未来五年内将有50亿人使用AI，计算基础设施也在短短几年内成长100倍。但目前计 算能力远远不足以完成人们可能会做的事情，现在模型的功能也愈来愈强大，几年内全球计算能力要再 提升100倍，才能让AI无所不在。 AMD指出，计算基础设施是AI的基石，技术快速演进，将推动全球计算能力从目前的100 zettaflops， 在未来五年内扩展到超过10 yottaflops的空前规模。佑等级（yotta-scale，10的24次方） ...

Core Viewpoint - UBS Securities analyst Xiong Wei believes that by 2026, the application cases of AI in China will become more abundant and the monetization pace will accelerate, indicating a low likelihood of an "AI bubble" in the current stage [1]. Group 1: AI Development in China - By 2025, investor interest and recognition of AI development in China are expected to increase due to advancements in large model technology, computing infrastructure, and the widespread adoption by enterprises and consumers [1]. - In 2026, domestic large model capabilities are anticipated to rapidly iterate, catching up with their American counterparts, while both China and the U.S. will follow similar monetization paths in AI applications, particularly in cloud services and advertising [1]. - The localization of computing power is expected to continue, with breakthroughs in chip performance, leading to supernodes taking a larger share of inference and training workloads [1]. Group 2: Factors Mitigating AI Bubble Risks - The limited cycle of financing is a key reason for the low likelihood of an "AI bubble," as leading AI model developers are funded by internal cash flows from parent companies rather than third-party financing [1]. - Major Chinese internet companies are adopting a pragmatic approach to AI investments, focusing on return on investment and operational efficiency rather than excessive initial spending [1]. - The stability of the Internet Data Center (IDC) deployment rate and regulatory control over new supply, including strict management of electricity quotas by the National Development and Reform Commission, help prevent overbuilding [1]. Group 3: AI Disruption in Vertical Industries - The discussion around AI's potential to disrupt vertical industries is increasing among investors, but the pace of disruption in China may remain slow due to a more fragmented landscape of AI chatbots compared to the dominance of ChatGPT and Gemini in the U.S. [2]. - Vertical industry companies are actively integrating AI and intelligent agents into their applications, but the high entry barriers in sectors like online travel agencies (OTA) and online music content and user operations make it difficult for AI to easily replace existing capabilities [2].