Investment Rating - The report maintains a "Positive" outlook on the supernode and Scale-up network industry, highlighting its rapid development and potential as a key infrastructure for AI applications [2]. Core Insights - The supernode and Scale-up network are critical infrastructures that break through computing and communication bottlenecks, supporting trillion-level large models and high real-time applications. The report analyzes the progress and advantages of leading AI computing chip manufacturers, including NVIDIA, Google, AMD, and Huawei, in this field [4][24]. Summary by Sections 1. NVIDIA - NVIDIA's leading advantage in supernode technology is based on NVLink and NVLink Switch. The company plans to launch several mature supernode solutions, including GH200 NVL72 and GB200/GB300 NVL72, with an expected shipment of approximately 2,800 units by 2025 [5][6]. - The NVLink technology enables high bandwidth and low latency data transmission, with NVLink 5 Switch supporting a single GPU-to-GPU bandwidth of 1,800 GB/s and a total bandwidth of 130 TB/s for 72 GPUs [6][40]. - Future developments include the introduction of the Vera Rubin NVL144 and Rubin Ultra NVL576, which will increase the number of interconnected GPUs from 72 to 576 [5][6]. 2. Huawei - Huawei has introduced the Lingqu protocol, transitioning to an open standard from version 2.0, although it has not yet gained widespread acceptance in the domestic industry. The company aims to catch up with NVIDIA in supernode performance through a clustered approach [7][8]. - The Atlas 950 supernode, expected to be released in Q4 2026, will have a total computing power of 8 EFLOPS (FP8) and a memory capacity of 1,152 TB, significantly surpassing NVIDIA's offerings [7][8]. 3. Google - Google has established a mature optical interconnect supernode with its TPU series, including TPU v4, TPU v5p, and TPU v7, which have been recognized by external enterprises [9][10]. - The competitive advantage of Google's TPU supernode lies in its unique application of optical circuit switches (OCS), which creates a high barrier to entry in the optical interconnect field [9][10]. 4. AMD - AMD's UALink has become an important open standard, with the 1.0 version released in January 2025 and the 2.0 version expected in 2026. The UALink ecosystem is anticipated to see significant development by 2027, with over 100 member units supporting it [11]. - The Helios rack from AMD is positioned as a strong competitor to NVIDIA's NVL72 series, featuring a dual-width design that balances complexity, reliability, and performance [11]. 5. Investment Strategy - The report suggests a positive outlook for Google, AMD, and domestic supernode manufacturers, as well as for NVIDIA's supply chain, including PCB backplanes, high-speed copper cables, optical modules, and cooling systems [13][14]. - The market is expected to continue reassessing the value of Google, AMD, and domestic supernode sectors as competition intensifies [13].