公众号记得加星标⭐️，第一时间看推送不会错过。 NVIDIA 计划凭借下一代 Feynman 芯片主导推理堆栈，因为该公司可以将 LPU 单元集成到架构 中。 乍看之下，NVIDIA 就 Groq 的 LPU 单元达成的 IP 授权协议似乎只是小打小闹，毕竟收购规模和 涉及的营收数额都相当庞大。但实际上，NVIDIA 的目标是通过 LPU 在推理领域占据领先地位，我 们此前已对此进行了深入报道。至于 NVIDIA 将如何整合 LPU，目前已有多种方案； 不 过 ， 根 据 GPU 专 家 AGF 的 观 点 ， LPU 单 元 或 许 会 通 过 台 积 电 的 混 合 键 合 技 术 堆 叠 在 下 一 代 Feynman GPU 上。 英伟达要堵死ASIC的道路 专家认为，该方案的实现方式可能类似于AMD在X3D CPU上的做法，即利用台积电的SoIC混合键合 技术将3D V-Cache芯片集成到主计算芯片上。AGF指出，考虑到SRAM的扩展性有限，将SRAM集 成到单芯片上可能并非Feynman GPU的正确选择，因为采用先进工艺节点会浪费高端硅片，并大幅 增加每片晶圆的成本。AGF认为，NVIDIA会 ...

Investment Rating - The report assigns a "Buy" rating for NVIDIA (NVDA US) with a target price of $168.00, indicating a potential upside of 45.5% from the current price of $115.43 [1][12]. Core Insights - The report highlights NVIDIA's transition towards generative AI, with CEO Jensen Huang predicting that capital expenditures in the cloud service provider (CSP) sector could exceed $300 billion by 2025 and reach $1 trillion by 2028 [2]. - NVIDIA is actively participating in AI transformations across vertical industries, including mobile communications and smart driving, with a vision of establishing "AI factories" for production planning and intelligent assistance [2]. - The company continues to release new products, with significant upgrades in data center offerings, emphasizing the importance of scale-up architecture over scale-out in server design [6]. Financial Overview - Revenue projections for NVIDIA show substantial growth, with expected revenues of $60,922 million in 2024, increasing to $311,585 million by 2028, reflecting a compound annual growth rate (CAGR) of 15.2% [5][14]. - Net profit is forecasted to rise from $32,312 million in 2024 to $180,404 million in 2028, with a notable increase in earnings per share (EPS) from $1.30 to $7.30 over the same period [5][14]. - The report indicates a significant improvement in profit margins, with gross margins expected to remain around 75% and net margins projected to increase to 57.9% by 2028 [16]. Product Development and Roadmap - NVIDIA's product roadmap includes the launch of the Blackwell Ultra chip in the second half of 2025, followed by the Rubin and Rubin Ultra chips in 2026 and 2027, respectively, showcasing substantial performance upgrades [6][7]. - The introduction of new switch products, Spectrum-X and Quantum-X, is planned for 2025 and 2026, respectively, with advancements in technology such as optical-electrical hybrid packaging [8]. Market Position and Valuation - NVIDIA's current price-to-earnings (P/E) ratio is noted at 24 times the FY26 earnings, which is considered attractive compared to its historical average of 38 times [6]. - The report emphasizes NVIDIA's strong product and technology advantages, particularly in the early stages of AI deployment both domestically and internationally [6].