Company Background - OneStream was founded by individuals with extensive experience in corporate finance and software development, particularly in the Corporate Performance Management (CPM) space [2] - The company was influenced by the legacy of Hyperion, a dominant product in financial close, planning, and consolidation, which was previously owned by Oracle [2] Industry Context - Hyperion was recognized as a leading solution for large corporations in managing financial processes, indicating a strong market presence and demand for CPM solutions [2]

Investment Rating - The industry rating is "Outperform the Market" [7][14] Core Insights - The report highlights that the improvement in chip supply is expected to positively influence capital expenditure (Capex) recovery and tender rhythm, with a focus on the domestic computing power market in the second half of the year [2][4] - Key events include NVIDIA's announcement to resume sales of H20 in China and the introduction of the B30 GPU, which has already received orders worth $1 billion [3][4] - The report indicates that the overall Capex from major manufacturers is anticipated to significantly increase starting Q3, with Alibaba's proposed investment of 380 billion yuan over three years, suggesting a recovery in the power equipment supply chain [4] Supply Side Summary - The chip supply is set to recover, leading to a substantial increase in capital expenditure from major manufacturers, which will accelerate the release of orders for electromechanical equipment [4] - Factors contributing to this improvement include geopolitical stability, the imminent resumption of H20 sales, and strong demand for B30 testing [4] Demand Side Summary - The exponential growth in inference/training tokens is expected to drive demand for computing power, which will, in turn, boost chip shipments and cloud manufacturers' Capex [5] - Notable developments include META's plan to expand Hyperion to 5GW and Tesla's integration of Grok into its AI systems, enhancing vehicle interaction and autonomous driving capabilities [5] Investment Recommendations - For power generation: The supply-demand balance may remain neutral to tight, with short-term urgent orders likely to catalyze price increases. Companies to watch include Yuchai International, Chongqing Machinery, Weichai Heavy Machinery, and Keta Power [6] - For power distribution: Orders and deliveries from leading manufacturers are expected to maintain high growth alongside Capex releases, with potential price reduction risks from large-scale procurement. Recommended companies include Zhongheng Electric, Oulu Tong, Kehua Data, and others [6] - For liquid cooling: The demand for cooling in data centers is high, benefiting from increased orders in North America. Companies to focus on include Ice Wheel Environment, Inveck, and others [6] - For HVLP copper foil: The rise in AI server power consumption is expected to drive demand for high-end PCB copper foil. Companies to monitor include Defu Technology and Tongguan Copper Foil [6] - Other segments include switchgear and computing power leasing, with companies like Liangxin Stock and Hongjing Technology being highlighted [6]

Meta is currently building out a data center, called Hyperion, which the company expects to supply its new AI lab with five gigawatts (GW) of computational power, CEO Mark Zuckerberg said in a Monday post on Threads.The announcement marks Meta’s latest move to get ahead of OpenAI and Google in the AI race. After previously poaching top talent to run Meta Superintelligence Lab, including former Scale AI CEO Alexandr Wang and former Safe Superintelligence CEO Daniel Gross, Meta now seems to be turning its att ...

Meta CEO Mark Zuckerberg on Monday said he plans to invest "hundreds of billions of dollars" into artificial intelligence compute infrastructure, and that Meta plans to bring its first supercluster online next year.A supercluster is a large, complex computing network that's designed to train advanced AI models and handle their workloads. "Meta Superintelligence Labs will have industry-leading levels of compute and by far the greatest compute per researcher," Zuckerberg wrote in a Facebook post on Monday. "I ...