Core Viewpoint - The emergence of Huawei's Ascend CLoudMatrix 384 supernode, which surpasses NVIDIA's flagship NVL72 system by 70% in computing power, signifies a shift in the AI computing landscape from single-point breakthroughs to system-level innovations, driven by the need to overcome traditional computing limitations under U.S. sanctions [1][6][29]. Group 1: AI Computing Landscape - The AI computing race is transitioning from hardware-centric approaches to architecture redefinition, with Huawei's innovations highlighting a unique path for China's system-level advancements [1][6]. - Huang Renxun, CEO of NVIDIA, has expressed increasing anxiety regarding China's rapid advancements in AI technology, emphasizing the impossibility of halting China's progress in this field [2][5][9]. Group 2: Huawei's Technological Advancements - Huawei's Ascend CLoudMatrix 384 supernode utilizes domestic Ascend chips and achieves a total computing power of 300 PFlops, significantly exceeding NVIDIA's NVL72 system [1][6][14]. - The architecture of the Ascend CLoudMatrix 384 supernode is based on a "fully equal architecture," which enhances communication efficiency and overcomes traditional bottlenecks such as the "memory wall" and "communication wall" [1][18][20]. Group 3: Competitive Dynamics - The U.S. government's sanctions have prompted NVIDIA to incur a $5.5 billion inventory loss, while simultaneously highlighting the importance of the Chinese market for NVIDIA's future [5][6]. - Huang Renxun acknowledges that China's advancements in AI technology could lead to a significant reduction in NVIDIA's market share in China, which has dropped from 95% to 50% in recent years [9][22]. Group 4: System-Level Innovations - The Ascend CLoudMatrix 384 supernode's design allows for the integration of thousands of cards, enabling it to support larger models and enhance training efficiency [1][6][14]. - The use of optical communication technology in the Ascend CLoudMatrix 384 supernode allows for high bandwidth and low latency, which is crucial for large-scale AI model training [20][21]. Group 5: Future Implications - The successful deployment of the Ascend CLoudMatrix 384 supernode and its ability to train large models like the Pangu Ultra MoE model demonstrates the potential for domestic AI infrastructure to achieve self-sufficiency [26][29]. - The emergence of Huawei's technology provides a viable alternative to NVIDIA's offerings, potentially reshaping the competitive landscape in the AI industry [22][29].

CloudMatrix384超节点， 重构全球算力竞争格局。 5月13日，美国商务部工业与安全局（BIS）针对华为昇腾AI芯片发布全球禁令，宣称"在世界任何地方使用华为昇腾芯片均违反美国出口管制"，紧接着 又将禁令封锁对象扩大到所有中国其他先进芯片（advanced computing ICs）。 巧合的是，禁令宣布期间，英伟达CEO黄仁勋正与其他美国科技高管随总统一同访问沙特。而在禁令出台同日，英伟达迅速宣布拿下"土豪"沙特阿拉伯国 的1.8万块AI GPU超大订单。 但管制归管制，这么大的中国AI市场，美国似乎又割舍不下。 就在几天前的5月9日，新加坡《联合早报》曝出，虽然中国特供的H20"阉割版"GPU又被禁售，英伟达将很快对H20进行"二次阉割"，其INT8精度算力将 从296TFLOPs降低至不足100TFLOPs，整体性能下降超过60%，以再度卖给中国。 GPU性能下降超过60%，意味着大模型训练成本将成倍飙升。中国，真的还买吗？ 与此同时，面对一再加码的美国半导体出口管制，华为也没闲着。早在今年4月，华为便推出了最新升级的CloudMatrix 384超节点技术。 这项最新技术能够将384张华为 ...

智通财经APP获悉，山西证券发布研报称，云巨头资本开支展望确定，光模块、铜连接等核心公司一季 度显示较高增速。目前压制海外链的因素主要在估值层面，后续GPT5、DeepSeekR2的发布被认为将 有"质的突破"，2026年算力投资展望难有根本性调整；同时特朗普政府关税政策难有边际恶化的预期， 因此投资海外AI链当前具有较好的安全边际。 对于AIDC赛道，由于新增产能投放转化为收入需要时间，因此当前行情主要由预期驱动作为产能投放 的前置指标，由于H20销售管制政策的变化，国产算力在下半年将迎来更加快速的导入窗口，看好以昇 腾、海光、寒武纪、沐曦为代表的国产算力产业链。 卫星互联网星网与垣信两大星座"航班化"发射节奏已经展开，下半年有望带动新一批卫星配套载荷、天 线产业链补库和地面终端的首轮集采，同时手机直联卫星实验星已经发射，有望带动数字相控阵、星间 激光组网、手机新型射频模组等新技术主题投资。 由于H20销售管制政策的变化，国产算力在下半年将迎来更加快速的导入窗口，看好以昇腾、海光、寒 武纪、沐曦为代表的国产算力产业链。同时，超节点技术是华为910C集群最突出的竞争优势，移动牵 头的OISA和腾讯牵头的ETH ...