Summary of Conference Call on CPU Industry and CPO Investment Opportunities Industry Overview - The conference call focuses on the CPU (Central Processing Unit) industry, particularly the development and investment opportunities related to CPO (Co-Packaged Optics) technology, which integrates optical transceivers with ASIC chips to enhance data transmission efficiency and reduce power consumption [1][4][5]. Key Points and Arguments - **CPO Technology Development**: CPO is expected to drive the transition from traditional pluggable optical modules to integrated solutions, offering advantages such as high bandwidth, low latency, low power consumption, and compact size [1][6]. - **Market Launch Timeline**: The CPU switch market is anticipated to see significant developments in 2025, with major companies like NVIDIA and Broadcom launching new CPU switches, marking 2025 as a pivotal year for the industry [3][4]. - **AI Influence**: The demand for high-speed switches is being propelled by advancements in AI technology, which necessitates higher data rates, moving from 1.6T to 3.2T and beyond [3][8]. - **Investment Opportunities**: Key areas for investment include optical engines, optical devices, packaging, and switch chips, with specific companies identified in each category [4][5]. - **Challenges to Commercialization**: The CPU industry faces hurdles such as technological challenges, market acceptance, standardization, and manufacturing capabilities, requiring collaboration across the supply chain [9][10]. Additional Important Content - **Technological Integration**: The integration of DSP and TIA Driver chips into CPUs is a potential future trend, which could enhance performance and reduce power consumption [7]. - **Industry Chain Segmentation**: The CPU technology supply chain is divided into design, optical engines, laser source suppliers, high-end foundry equipment manufacturers, and assembly stages [10]. - **Focus Areas for Future Growth**: Attention should be given to silicon-based processes, packaging technologies, and the supply chain for switches and switch chips, as these areas are expected to benefit from the growing demand for AI computing power [11]. - **Impact on Traditional Communication Industry**: The advancements in CPU technology and the integration of optical solutions are likely to disrupt the traditional communication landscape, increasing the demand for advanced semiconductor processes and fostering new industry evolution [12].

各位投资者大家下午好我是广发通信的手机分析师韩东那今天呢这个凌晨呢英伟达也是召开了2025年的GTC大会 那黄仁勋也是做了一个主旨的演讲那在演讲过程中也发布了非常多的新的产品那我们今天刚好我们也在这个发布会在这个演讲的现场包括在演讲结束之后我们也参加了英伟达的一个展览在展览中我们也看到了这次发布的很多的新产品那我们就结合今天早上的这个发布会的情况另外结合我们看了展览的情况我们对 因为RTC发布的一些硬件产品包括一些应用做一个简要的汇报 首先呢,我觉得这次英伟达的会呢,我觉得有几个亮点。第一个呢,就是华文勋在讲,就是因为模型的架构发生了变化,因为现在的大模型大部分都引入了强化学习。那这样的话,我在推理过程中我是有一个思考过程,这个思考过程会产生, 非常多的token啊所以说这就是从训练往规理端去转换的过程中token的数量会有一个大幅的增长啊这一块呢是这个对于善业的需求也在增长啊所以说呢进而引导出了华人训练的一个结论就是呃买的越多啊其对企业来说的盈利能力也就越强啊这是我觉得第一个呃这次会上的这个比较重要的内容第二个呢就是讲的 酸淋密度的提升这个我们在等会儿的这个硬件这块也会做一个这个汇报啊另外呢因为他还推送了几 ...

从400G的一个速率的这个CX27的网卡升级为800G速率的这个CX8的网卡那服务器这块专属配套的这个光棍块呢也将去同步升级第二个是QDB那在机柜的这个计算托盘上GP300会回归到这个UBB加上OAM的方案具体来看的话这个GP200这个服务器里面计算托盘包括两块这个发源卡的板子每块板子上的集成一颗这个CPU和这个两颗比200的一个GPU 在GP300当中呢这个计算托盘呢是回归到这个UBB加上OAM的设计那UBB呢是高多层的一个通孔板CPU呢是直接SMT的工艺贴装在这个UBB上那B300的GPU呢是通过这个插座去接到这个OAM板上再通过这个铜线的方式去走线连接到这个UBB那OAM方面呢这个是两颗的这个CPU加上这个4颗的GPU的计算托盘的方案这个OAM呢是去使用的高多层的一个贯通板有一颗CPU加上4颗GPU的计算托盘方案 里面的这种OEM将去使用这个HDI第三块是这个GB300的引入这个储能的拓盘带来这个BPU以及超级电容这两个新的零部件这块主要是由这个因为GB200客户在这个测试之后发现这个电源供电在实际的应用过程当中会出现这个电压不稳的这种情况为了在电源突然加载或减负载的时候对于电源的这个电压波动进行伪压那 ...