Core Viewpoint - The article discusses the recent rumors surrounding Industrial Fulian (富联) and its relationship with NVIDIA, particularly regarding the potential impact of NVIDIA's Level-10 (L10) system on the company's performance and market position [2][3][5]. Group 1: Market Rumors and Clarifications - There has been a surge of rumors about Industrial Fulian, primarily focusing on its role as a core asset in computing power and its advancements with ASIC manufacturers like Google [2]. - An analyst's comments during Wistron’s Q3 earnings call suggested that NVIDIA might supply L10 systems directly to partners, which has led to confusion regarding the company's product strategy [3]. - The article emphasizes that the claims about transitioning from L6 to L12 are incorrect, as NVIDIA has only achieved L6 so far [3]. Group 2: Performance Expectations - The article mentions that despite the rumors, Industrial Fulian's Q4 cabinet deliveries are expected to grow by over 30% quarter-on-quarter, indicating a positive outlook for the company's performance [4]. - The downward revision of Q4 performance guidance is questioned, as it seems unreasonable to adjust forecasts so soon after the Q3 report, especially when other business segments remain stable [5]. - The cloud computing segment is projected to see a continued increase in gross margin due to successful GB200 shipments and improved production efficiency with GB300 [5]. Group 3: Competitive Landscape - The article outlines the various levels of integration in the production process, from component manufacturing to multi-rack cluster integration, highlighting the complexity of the supply chain [6]. - It notes that in the GB200/300 series, CSPs (Cloud Service Providers) can customize their AI server trays significantly, which may be impacted by NVIDIA's push for standardized L10 trays [11]. - JP Morgan's analysis suggests that CSPs may oppose NVIDIA's standardization efforts, which could lead to a more concentrated competitive landscape among ODMs [10][11]. Group 4: Future Prospects - Industrial Fulian's ASIC customization business is expected to enter a substantial deployment phase next year, with projections indicating a revenue contribution ratio of 2:8 for ASIC to GPU [9]. - The article concludes that the current situation remains uncertain, and the market tends to react negatively to any adverse news, necessitating a rational perspective on the developments [11].