[分析师： Table_Author] 金荣 全球科技（计算机） [Table_IndNameRptType] 行业周报 英伟达 Vera Rubin 平台量产，驱动 AI 应用规模化普及 [Table_IndRank] 行业评级：增持 报告日期： 2026-1-12 [Table_Chart] 行业指数与沪深 300 走势比较 -10% 0% 10% 20% 30% 40% 沪深300 计算机（申万） 执业证书号： S0010521080002 邮箱：jinrong@hazq.com 分析师：来祚豪 执业证书号： S0010524100001 邮箱：laizh@hazq.com 联系人：刘政 执业证书号： S0010125070006 邮箱：liuzheng@hazq.com 相关报告 1.计算机：商业航天、6G 成产业布 局重点，政策技术驱动。2025-12-27 2.计算机：智谱、MiniMax 通过港交 所聆讯，冲刺大模型第一股。2025- 12-22 主要观点： ⚫[Table_Summary] T_Summary] 2026 年 1 月 6 日，英伟达 CEO 黄仁勋在 CES 2026 展会正式 ...

Core Viewpoint - The recent announcement by NVIDIA to invest up to $100 billion in AI data centers for OpenAI has reignited enthusiasm in the capital markets, leading to record highs in major U.S. stock indices [1][3]. Investment Details - NVIDIA plans to build at least 10 gigawatts (GW) of AI data centers, deploying millions of GPUs for training and running next-generation AI models [1]. - The first 1GW capacity system is expected to be operational in the second half of 2026, utilizing NVIDIA's Vera Rubin platform [3]. - OpenAI will purchase NVIDIA's hardware with cash, while NVIDIA will acquire equity in OpenAI as part of the investment [3]. Market Reactions - As of September 22, the S&P 500 index rose by 0.44% to 6693.75 points, the Dow Jones Industrial Average increased by 0.14% to 46381.54 points, and the Nasdaq Composite rose by 0.70% to 22788.976 points, all reaching new closing highs [3]. Strategic Implications - This investment is seen as a strategic move to secure future hardware orders and solidify NVIDIA's dominance in AI computing and networking systems [6]. - Analysts from Bank of America estimate that the collaboration between NVIDIA and OpenAI could generate cumulative revenues of approximately $300 billion to $500 billion for NVIDIA [5]. Competitive Landscape - The partnership is expected to enhance NVIDIA's competitive barriers against rivals like Broadcom and AMD [5]. - The investment also alleviates market concerns regarding NVIDIA's revenue volatility due to geopolitical factors, reinforcing its market position [6]. Macro-Economic Context - Despite the positive sentiment surrounding AI investments, concerns were raised by Federal Reserve Chairman Jerome Powell regarding the long-term economic impact of AI and the current high valuations in the stock market [7]. - Powell's comments led to a market reaction, with major indices experiencing declines, highlighting the delicate balance in the current market environment [7]. Resource Considerations - The collaboration between NVIDIA and OpenAI emphasizes the importance of securing resources such as power, space, chips, and capital for future AI competition [8]. - A data center cluster of 10GW will require significant energy, comparable to that of a medium-sized country, indicating potential bottlenecks in power and infrastructure [7][8].

Core Insights - Nvidia and OpenAI have announced a strategic partnership to deploy at least 10GW of Nvidia systems, which includes millions of GPUs, with Nvidia investing up to $100 billion to support this initiative [1][2][3] Group 1: Strategic Partnership - The partnership aims to advance AI technology and drive the development of the AI industry, with both companies' CEOs expressing optimism about breakthroughs in cutting-edge AI technology [3][4] - OpenAI plans to build a factory capable of producing 1GW of AI infrastructure weekly to meet the growing demand for AI model training and inference [6][7] Group 2: Market Positioning - Nvidia is positioned as OpenAI's preferred strategic computing and networking partner, which will help solidify its market position in the AI computing sector [4][5] - The collaboration is expected to enhance the integration of OpenAI's models and foundational software with Nvidia's hardware and software, reinforcing Nvidia's competitive edge in AI computing [4][7] Group 3: Future Outlook - The partnership is anticipated to boost Nvidia's AI GPU revenue starting in the second half of 2026, as the deployment of the 10GW data center will create significant demand for GPUs [7] - Continuous breakthroughs in AI technology and product expansion are expected to be key areas of focus for Nvidia, making it a company to watch in the evolving AI landscape [7]

Core Insights - Nvidia plans to invest $100 billion in OpenAI as part of a strategic partnership, which will enable OpenAI to deploy at least 10GW of AI computing power using millions of Nvidia GPUs [1][2] - The first GW of computing power is expected to be deployed in the second half of 2026, utilizing Nvidia's next-generation Vera Rubin platform [1] - This partnership indicates that OpenAI is moving away from its reliance on Microsoft, which has been its primary provider of computing power since 2019 [2] Group 1 - Nvidia and OpenAI have announced a strategic partnership to enhance AI computing capabilities [1] - OpenAI will utilize millions of Nvidia GPUs to establish a significant AI computing power infrastructure [1] - Nvidia's investment will be phased with each GW of computing power deployed, starting with a total commitment of $100 billion [1] Group 2 - The partnership allows OpenAI to reduce its dependency on Microsoft, which has historically provided the majority of its computing resources [2] - Microsoft has a profit-sharing agreement with OpenAI, allowing it to receive 49% of profits until it recoups its $13 billion investment [2] - OpenAI is diversifying its sources of computing power and capital by partnering with companies like SoftBank, Oracle, and Nvidia [2]

Core Insights - Dell has launched a new generation of enterprise AI solutions in collaboration with NVIDIA, aimed at simplifying the implementation of enterprise AI [1] - 75% of organizations view AI as a core strategy, with 65% successfully advancing AI projects to production, although challenges like data quality and costs persist [1][5] - Dell's AI factory solution offers a 62% cost advantage over public cloud for local deployment of large language models (LLM), appealing to budget-sensitive enterprises [1][5] Product Innovations - Dell introduced new PowerEdge servers, including air-cooled and liquid-cooled models, capable of supporting up to 192 NVIDIA Blackwell Ultra GPUs, enhancing LLM training speed by up to four times [4][5] - The upcoming PowerEdge XE7745 server will support NVIDIA RTX Pro™ 6000 Blackwell Server Edition GPU by July 2025, catering to various AI applications [5] - Over 3,000 customers are currently utilizing Dell's AI factory to accelerate their AI initiatives, indicating a growing ecosystem from enterprise AI PCs to data centers [5] Market Outlook - Dell is expanding its AI product line to meet deployment needs from edge to data center, signaling a commitment to comprehensive AI infrastructure [3] - The collaboration with NVIDIA may indicate sustained growth in the enterprise AI infrastructure market, particularly as local deployment proves more cost-effective than cloud solutions [5]