Investment Rating - The report maintains a "Buy" rating for several companies in the AI and computing sectors, including Weike Technology, Nengke Technology, Hehe Information, and Maixinlin [13]. Core Insights - The AI application sector is experiencing significant growth, highlighted by the successful IPO of MiniMax, which raised 5.54 billion HKD and achieved a market capitalization of 898 billion HKD on its first day of trading [6][45]. - Nvidia's new VeraRubin architecture has revolutionized computing power, achieving up to five times the performance in AI inference tasks compared to the previous Blackwell architecture, with a tenfold reduction in inference costs per token [5][34]. - MiroMind's MiroThinker1.5 model has demonstrated superior performance in international benchmarks, achieving significant cost efficiency and redefining the growth path for large models [4][24]. Summary by Sections Computing Power Dynamics - The report notes stable pricing in computing power leasing, with significant advancements from MiroMind's MiroThinker1.5 model, which features 30B and 235B parameter variants that excel in benchmark tests [4][18]. - The token consumption for the week of January 5 to January 11, 2026, reached 6.43 trillion, marking a 15.44% increase from the previous week [18][19]. AI Application Dynamics - NotionAI's weekly traffic increased by 25.06%, indicating strong user engagement in the AI application space [32]. - The report highlights the performance of Nvidia's VeraRubin architecture, which integrates CPU, GPU, and networking components for optimized AI computing, significantly enhancing training and inference capabilities [5][34]. AI Financing Trends - MiniMax's IPO is noted as the largest for an AI model company globally, with a remarkable oversubscription rate of 1837 times for public offerings, reflecting strong investor confidence [6][45]. - The company has successfully completed multiple funding rounds, raising a total of 1.5 billion USD from 30 institutional investors over four years [46][47]. Investment Recommendations - The report suggests focusing on companies like Maixinlin, Weike Technology, Hehe Information, and Nengke Technology, which are positioned to benefit from the expanding AI and computing markets [10][58]. - MiniMax's successful market entry is seen as a significant indicator of the AI application sector's commercial viability and growth potential [57].

Core Insights - NVIDIA's CEO Jensen Huang announced the launch of the Rubin platform, consisting of six new chips, and introduced the autonomous driving AI software "Alpamayo," referring to it as a "ChatGPT moment for robotics" [1][2] - Huang expressed optimism about the data center sales forecast, suggesting that recent developments could increase expectations for $500 billion in sales [1][3] - The company is focusing on the growing trend of open-source models, which now account for 25% of AITokens generated, indicating a significant shift in the AI landscape [1][3] Market Outlook - Huang emphasized a $10 trillion modernization of computing, with the labor market potentially reaching $100 trillion, highlighting the transformative impact of technology on the global economy [1][9] - The demand for NVIDIA's products is expected to increase, particularly with the anticipated return to the Chinese market and the contribution of the H200 chip [4][5] Competition and Strategy - Huang acknowledged the strength of Chinese competitors, stating that Chinese entrepreneurs and engineers are among the best globally, while also expressing confidence in NVIDIA's competitive edge [6][7] - The company plans to invest in its ecosystem, focusing on building technologies that do not currently exist and supporting its supply chain partners [11][14] Technological Innovations - The Rubin platform features innovations such as pluggable NVLink switches and power smoothing technology, which significantly reduce assembly time from two hours to five minutes [1][26] - Huang predicted that NVIDIA could become one of the largest CPU manufacturers and storage companies globally, driven by its extensive innovations across the computing stack [21][19] AI and Robotics - Huang stated that true human-level robots could be expected this year, emphasizing that robots will create job opportunities rather than replace human workers [2][40] - The autonomous driving technology, particularly the AlphaMayo system, is designed to operate safely without human intervention, aiming for Level 4 capabilities [27][29] Investment and Growth - NVIDIA is sitting on a substantial cash reserve and is considering various investment avenues, including acquisitions and partnerships to foster AI development [11][12] - The company is committed to maintaining its leadership in the AI industry by continuously innovating and collaborating with various sectors, including healthcare and manufacturing [9][16]

Core Insights - NVIDIA unveiled its new Vera Rubin architecture at CES 2026, boasting a 5x increase in inference performance and a 3.5x increase in training performance compared to the previous Blackwell architecture, while reducing costs by 90% [1][3][8] - The Rubin platform is designed to address the urgent demand for AI computing power, with large-scale production set to begin in the second half of 2026 [3][10][47] Group 1: Vera Rubin Architecture - The Vera Rubin architecture integrates CPU, GPU, networking, storage, and security into a cohesive system, moving away from merely stacking GPUs to creating a unified AI supercomputer [13] - Key components of the Rubin platform include the Vera CPU, Rubin GPU, NVLink 6, ConnectX-9 SuperNIC, BlueField-4 DPU, and Spectrum-6 Ethernet, all designed to enhance AI performance [14][16] - The Rubin GPU achieves 50 PFLOPS of NVFP4 computing power, significantly outperforming the Blackwell GPU [16][27] Group 2: Performance Enhancements - The Rubin architecture's training speed reaches 35 petaflops, while inference tasks can achieve up to 50 petaflops, marking a substantial improvement over Blackwell [27][28] - The architecture's HBM4 memory bandwidth has increased to 22 TB/s, and the NVLink interconnect bandwidth has doubled to 3.6 TB/s, facilitating efficient multi-GPU training [27][29] - The platform reduces the number of GPUs needed for training MoE models by 75%, leading to significant energy savings [28][32] Group 3: AI Applications and Innovations - NVIDIA introduced AlphaMayo, an end-to-end autonomous driving AI capable of reasoning and decision-making without human intervention [49][55] - The company is also launching a comprehensive open-source suite for physical AI, which includes models and frameworks for various applications, including robotics [62][64] - The new DGX SuperPOD, featuring multiple Rubin NVL72 racks, can handle thousands of AI agents and millions of tokens, providing a robust AI infrastructure [41][39] Group 4: Market Impact and Future Outlook - Major cloud providers like AWS, Microsoft Azure, and Google Cloud are expected to be the first to deploy the Rubin architecture, with widespread commercial use anticipated by late 2026 [47] - The advancements in AI infrastructure are expected to drive a significant increase in investment in AI, with estimates of $3 to $4 trillion over the next five years [8] - NVIDIA's innovations are set to redefine the AI landscape, making high-performance computing more accessible and affordable, akin to electricity [8][71]