GPU并行计算能力适用于AI训推需求，大模型发展催化GPU需求 智通财经APP获悉，华创证券发布研报称，目前AI投入产出已实现闭环，有望进一步致使海外大厂加码 AI相关投资。近年美国多次修订出口规则扩大管制范围，GPU是国内人工智能发展的基础，国产算力 芯片自主可控迫在眉睫。当前，国内多家GPU厂商陆续推出AI智算芯片产品，并逐步追赶国际领先标 准。 华创证券主要观点如下： 2023-2025年，美国多次修订出口规则扩大管制范围。由于GPU是国内人工智能发展的基础，相关政策 持续加码支持国产算力行业发展。当前，寒武纪、海光信息、摩尔线程、沐曦股份等国内厂商推出多款 AI智算芯片产品，并逐步追赶国际领先标准。从各公司创始团队及核心成员来源来看，寒武纪核心创 始成员均来自中科院计算所，海光信息核心高管大部分来自中科曙光，摩尔线程创始成员来自英伟达， 沐曦股份创始成员多数来自超威半导体，决定了其技术底蕴及技术基础。从产品路线及收入规模来看， 海光信息CPU产品贡献主要营收，信创CPU产品带动整体收入实现较快起量;寒武纪深耕AI智能芯片， 收入放量强依赖于互联网客户验证及部署进程，因此收入在25年实现爆发式成长。摩尔 ...

Group 1 - BlackRock has doubled its exposure to U.S. stocks and artificial intelligence in its investment outlook report, increasing its stock allocation to 2% in its $185 billion model portfolio, favoring U.S. equities over international developed markets [5] - The model team at BlackRock is shifting from a broad-based U.S. tech ETF to an AI-focused fund, with nearly $1.4 billion flowing into the iShares AI Innovation and Tech Active ETF [5] Group 2 - Reddit is in discussions with Google for a new AI content agreement, with Reddit's stock price decline narrowing from 6.5% to less than 2% [6] - Meta has announced a new generation of Ray-Ban smart glasses starting at $379, showcasing AI features that assist in cooking [6] - NVIDIA is incubating a Robotaxi project, expected to be announced soon, with a focus on a new single-stage technology route using an "end-to-end" neural network, similar to Tesla's FSD approach, with an anticipated investment of $3 billion [7] Group 3 - OpenAI's model has outperformed Google's Gemini 2.5 in the "Programming Olympics," achieving a first-place finish in the ICPC World Finals by solving 12 algorithm problems, with GPT-5 solving 11 of them correctly [9][10] - The ICPC competition promotes excellence in algorithmic thinking, programming, and teamwork, fostering collaboration between academia and industry [11]