以下文章来源于More Than Semi ，作者Nico More Than Semi . More Than SEMI 半导体行业研究 这篇文章，结合业内的一个专家纪要，聊一下超节点。 超节点领域的合作与方案 在超节点领域，下游CSP大厂主要找服务器供应商定制整机柜产品。服务器厂商，包括国产GPU厂商， 也在规划自己的超节点机柜，但以NV方案为主。在国内，主流超节点方案包括腾讯的ETH-X、NV的 NVL72或其变形、华为昇腾的CM384、阿里的磐久，这些已在市场推广或者有客户购买。字节在规划 大模型的以太网创新方案，以博通Tomahawk为主，还未推广。海光的方案多为传统刀片式服务器，与 NV和华为的以太网或NVLink互联不同，目前海光无类似创新方案。 互联网大厂自研方案与华为384、海光96卡、摩尔跨柜方案本质不同在于应用偏向：CM384偏训练和大 模型计算；腾讯ETH-X偏推理；字节大模型整机柜偏训练和高性能计算。服务器厂商在合作中需具备交 换机和服务器开发能力，与博通、NV、国产GPU厂商有关系。在AI服务器8卡、16卡、32卡方案有市场 占有度，才能进入CSP选型。目前入选供应商有华勤、华三、 ...

昨天赶在阿里云栖大会的最后一天，特意从上海赶去杭州看了阿里的超节点，在现场拍了一个视频，但现场环境比较杂乱，人非常多。 | 42 | | | --- | --- | | ব J | | | 40 | | | 30 | | | 38 | | | 37 | ipmi0002 | | 36 | ipmi0001 | | 35 | | | 34 | 1U Power Shelf 33kW | | 33 | 1U Power Shelf 33kW | | 32 | 1U Compute Tray | | 31 | 1U Compute Tray | | 30 | 1U Compute Tray | | 29 | 1U Compute Tray | | 28 | 1U Compute Tray | | 27 | 1U Compute Tray | | 26 | 1U Compute Tray | | 25 | 1U Compute Tray | | 24 | 1U Compute Tray | | 23 | 1U Compute Tray | | 22 | 1U Non - Scalable NvSwitch5 Tray ...

黄仁勋还透露："目前 x86 架构的生态系统还无法使用 NVL72 级别的产品，我们这次合作就是希望将 x86 CPU 直接整合进 NVLink 生态，打造机架级 AI 超 算"。 英特尔昨天宣布向英伟达投资 50 亿美元（IT之家注：现汇率约合 355.31 亿元人民币），两家公司的 CEO 表示，将汇集双方优势并共同开发多代定制数据 中心和 PC 相关产品。 直播中，黄仁勋表示目前英伟达能在 Arm 架构 CPU 的机架级产品中做到 NVL72 配置，而 x86 架构 CPU 的产品由于使用 PCIe 结构，规模被框限在 NVL8，此次双方达成合作的重点就是将 NVLink 引入英特尔的数据中心 CPU，让英伟达能同时提供 Arm 和 x86 架构的相关产品。 IT之家 9 月 19 日消息，英伟达创始人兼 CEO 黄仁勋今天凌晨与英特尔 CEO 陈立武开启联合直播，对谈两家公司的合作事宜。 在问及为何不将新芯片交给英特尔代工时，黄仁勋回应道，英伟达确实和英特尔有过合作，但台积电的重要程度不可忽视，且目前英特尔 IFS 的集成空间 相对有限。 而黄仁勋对此评价道："我和陈立武都承认，台积电是一家世界级的代 ...

Nvidia CEO Jensen Huang said that the company's $5 billion investment and technology collaboration with Intel comes after the two companies held discussions for nearly a year.Huang said that he communicated personally with Intel CEO Lip-Bu Tan about the partnership. He called Tan a "longtime friend" on a Thursday call with reporters after the companies announced that Nvidia would co-develop data center and PC chips with Intel as part of the investment deal. On the call, Tan said he and Huang have known each ...

Core Viewpoints - The company has signed expansion contracts with two hyperscale cloud customers in the past eight weeks, with one reflected in Q2 results. The remaining revenue backlog has doubled since the beginning of the year to $30.1 billion, driven by a $4 billion expansion agreement with OpenAI and new orders from large enterprises and AI startups [5][12][46]. Financial Performance - The company achieved record financial performance with Q2 revenue growing 207% year-over-year to $1.2 billion, marking the first time revenue exceeded $1 billion in a single quarter, alongside an adjusted operating profit of $200 million [6][40][41]. Capacity Expansion - Active power delivery capacity reached approximately 470 megawatts at the end of the quarter, with total contracted power capacity increasing by about 600 megawatts to 2.2 gigawatts. The company plans to increase active power delivery capacity to over 900 megawatts by the end of the year [7][10][44]. Revenue Backlog Growth - The revenue backlog at the end of Q2 was $30.1 billion, an increase of $4 billion from Q1 and has doubled year-to-date. This growth is attributed to expansion contracts with hyperscale customers [7][12][76]. Acquisition Strategy - The company is pursuing a vertical integration strategy through the acquisition of Weights & Biases to enhance upper stack capabilities and plans to acquire CoreScientific to improve infrastructure control [16][18][61]. Cost Savings Expectations - The acquisition of CoreScientific is expected to eliminate over $10 billion in future lease liabilities and achieve an annual cost saving of $500 million by the end of 2027 [18][69]. Enhanced Financing Capabilities - The company has raised over $25 billion in debt and equity financing since the beginning of 2024, which supports the construction and expansion of its AI cloud platform [8][79]. Strong Customer Demand - The customer pipeline remains robust and increasingly diverse, spanning various sectors including media, healthcare, finance, and industry. The company is experiencing structural supply constraints, with demand significantly exceeding supply [9][46][80]. Upward Revenue Guidance - The company has raised its full-year revenue guidance for 2025 to a range of $5.15 billion to $5.35 billion, up from the previous guidance of $4.9 billion to $5.1 billion, driven by strong customer demand [9][85].

Summary of Nvidia's Optical Boogeyman Conference Call Company and Industry - **Company**: Nvidia [3][9] - **Industry**: Optical networking and GPU technology [4][32] Core Points and Arguments 1. **New Product Announcement**: Nvidia introduced the DGX GB200 NVL72, featuring 72 GPUs, 36 CPUs, and advanced networking capabilities [1][2] 2. **NVLink Technology**: The NVLink technology allows for 900GB/s connections per GPU, utilizing 5,184 direct drive copper cables, which has raised concerns in the optical market [4][7] 3. **Power Efficiency**: The use of NVLink instead of optics saves significant power, with transceivers alone potentially consuming 20 kilowatts [5][12] 4. **Misunderstanding of Optical Needs**: Observers incorrectly assumed that the number of optical transceivers required would decrease due to the NVLink network; however, the actual requirement remains unchanged [8][12] 5. **Scalability of Networks**: Nvidia's architecture supports scalability, allowing for efficient connections as the number of GPUs increases [15][29] 6. **Clos Non-blocking Fat Tree Network**: This network design allows for high bandwidth and scalability without added complexity [15][17] 7. **New Quantum-X800 Switch**: The introduction of the 144 port Quantum-X800 switch significantly enhances capacity and efficiency, allowing for up to 10,368 GPU nodes on a two-layer network [32][33] 8. **Transceiver Reduction**: The new switch design can reduce the total number of transceivers required by 27% for large networks, improving the transceiver-to-GPU ratio [36][40] Important but Overlooked Content 1. **Market Reaction**: The announcement caused panic among optical market players, indicating a potential disruption in the optical supply chain [4][7] 2. **Deployment Flexibility**: The architecture allows for flexible deployment, accommodating changing needs over time [13][40] 3. **Cost Implications**: Transitioning to higher capacity switches may lead to increased average selling prices (ASP) for certain components, although it may not offset unit declines [40] 4. **Future Projections**: Nvidia plans to launch an optical model that includes shipment estimates and market share projections through 2027 [31][40] This summary encapsulates the key points discussed in the conference call, highlighting Nvidia's advancements in GPU technology and the implications for the optical networking industry.

Summary of Key Points from the Conference Call Industry Overview - The conference focused on the rapid development of China's AI and semiconductor localization efforts, particularly highlighted at the World AI Conference (WAIC) in Shanghai [1][5] - There is a strong demand for AI inference in China, with consumer-facing applications evolving beyond traditional chatbots [2] Core Company Insights - **Huawei**: - Unveiled the CloudMatrix 384 (CM384) server rack prototype, which is designed for AI large language model (LLM) training and competes with NVIDIA's offerings [3] - The CM384 integrates 384 Ascend 910C AI accelerators, delivering 215-307 PFLOPS of FP16 performance, surpassing NVIDIA's NVL72 [8][11] - Future plans include the next-generation CM384 A5, powered by Ascend 910D processors [8] - **Other Domestic AI Processors**: - Companies like MetaX, Moore Threads, and Alibaba T-Head are also making strides in AI processor development [4] - MetaX launched the C600 accelerator, fabricated using SMIC's 7nm process, supporting FP8 precision [8] - Moore Threads' AI processor enables LLM training at FP8 precision [8] Market Dynamics - The demand for AI inference is expected to grow, especially after the lifting of compute capacity restrictions [2] - Despite local advancements, Chinese AI developers still prefer NVIDIA's GPUs for training due to better software support [10] Semiconductor Equipment Trends - China's semiconductor equipment import value was $3.0 billion in June 2025, reflecting a 14% year-over-year increase [24] - The self-sufficiency ratio of China's semiconductor industry is projected to rise from 24% in 2024 to 30% by 2027, driven by advancements in local production capabilities [42][44] Stock Implications - Morgan Stanley maintains an Equal-weight rating on SMIC, noting that the launch of CM384 could enhance demand for SMIC's advanced nodes [10] - The performance of key Chinese semiconductor stocks has been strong, with SMIC and Hua Hong Semiconductor both seeing significant gains [29] Additional Insights - The CM384's architecture allows for pooled memory capacity, addressing constraints in LLM training [8] - The networking capabilities of CM384, while impressive, still lag behind NVIDIA's NVL72 in terms of speed [11] - The overall sentiment in the semiconductor market is positive, with expectations of stronger spending in the second half of the year [24] Conclusion - The conference highlighted significant advancements in China's AI and semiconductor sectors, with key players like Huawei leading the charge. The demand for AI inference is robust, and while local companies are making progress, they still face challenges in competing with established players like NVIDIA. The outlook for the semiconductor industry remains optimistic, with increasing self-sufficiency and investment opportunities.

Core Viewpoint - Nvidia has been authorized to resume exports of its H20 GPU to China, but Huawei's CloudMatrix 384 system, showcased at the World Artificial Intelligence Conference, presents a formidable alternative with superior specifications [3][4]. Summary by Sections Nvidia H20 GPU and Huawei's CloudMatrix 384 - Nvidia's H20 GPU may have sufficient supply, but operators in China now have stronger alternatives, particularly Huawei's CloudMatrix 384 system, which features the Ascend P910C NPU [3]. - The Ascend P910C promises over twice the floating-point performance of the H20 and has a larger memory capacity, despite being slower [3][6]. Technical Specifications of Ascend P910C - Each Ascend P910C accelerator is equipped with two computing chips, achieving a combined performance of 752 teraFLOPS for dense FP16/BF16 tasks, supported by 128GB of high-bandwidth memory [4]. - The CloudMatrix 384 system is significantly larger than Nvidia's systems, with the ability to scale up to 384 NPUs, compared to Nvidia's maximum of 72 GPUs [11][9]. Performance Comparison - In terms of memory bandwidth and floating-point performance, the Ascend P910C outperforms Nvidia's H20, with 128GB of HBM compared to H20's 96GB [6]. - Huawei's CloudMatrix system can support up to 165,000 NPUs in a training cluster, showcasing its scalability [11]. Inference Performance - Huawei's CloudMatrix-Infer platform enhances inference throughput, allowing each NPU to process 6,688 input tokens per second, outperforming Nvidia's H800 in terms of efficiency [14]. - The architecture allows for high-bandwidth, unified access to cached data, improving task scheduling and cache efficiency [13]. Power, Density, and Cost - The estimated total power consumption of the CloudMatrix 384 system is around 600 kW, significantly higher than Nvidia's NVL72 at approximately 120 kW [15]. - The cost of Huawei's CloudMatrix 384 is around $8.2 million, while Nvidia's NVL72 is estimated at $3.5 million, raising questions about deployment and operational costs [16]. Market Dynamics - Nvidia has reportedly ordered an additional 300,000 H20 chips from TSMC to meet strong demand from Chinese customers, indicating ongoing competition in the AI accelerator market [17].

Core Viewpoint - Nvidia has transformed from a leading chip manufacturer to a full-stack AI infrastructure leader, with a 50% stock price increase in three months, driven by strong product offerings and robust financial performance [1][2][9]. Financial Performance - Nvidia maintains a gross margin of over 75% and expects Q2 revenue to reach $45 billion, exceeding market expectations [1][9]. - The company has a free cash flow margin exceeding 60%, indicating strong operational efficiency [1][14]. Product Roadmap - The upcoming GB300 series (Blackwell Ultra) is expected to enhance inference throughput and memory utilization by 50% [4]. - By Q4 2025, the NVL72 will achieve scale in large data centers, becoming a cornerstone for Nvidia's high-margin data center inference workloads, which currently account for over 70% of its data center business [4][9]. - The Vera Rubin architecture, set to launch in H2 2026, will offer over three times the inference computing capability compared to GB300, while maintaining backward compatibility [4][5]. - The Rubin Ultra design, expected by 2027, aims to deliver up to 15 exaFLOPS of FP4 throughput, significantly enhancing Nvidia's position in AI inference cloud [5][9]. Market Position and Competitive Landscape - Nvidia's structural advantages, including dominant platform economics and a deep ecosystem, position it as a core holding in AI infrastructure [2][10]. - The long-term potential market for AI is projected to reach $1 trillion, with infrastructure needs estimated at $300 billion to $400 billion [10][12]. - Despite competitive pressures from AMD and other custom chip developers, Nvidia's established software stack (CUDA, NeMo) and supply chain integration provide a buffer against market share erosion [12][17]. Valuation Metrics - Nvidia's current P/E ratio stands at 54, with a forward P/E of 40, indicating a premium valuation compared to industry averages [12][14]. - The company's PEG ratio is 0.68 (GAAP) and 1.37 (non-GAAP), suggesting that its valuation is at least partially supported by growth [14]. - Nvidia's expected EV/Sales ratio is 21, and EV/EBIT ratio is 34, reflecting a significant premium over industry standards, which reinforces its growth assumptions [14]. Strategic Outlook - Nvidia's roadmap for the next three years includes the launch of Blackwell GB300 in 2025, Vera Rubin in 2026, and Rubin Ultra in 2027, ensuring continued product leadership and predictable profitability [9][17]. - The company plans to invest over $10 billion in next-generation AI research and development, indicating a commitment to maintaining its competitive edge [12][15].

Summary of Key Points from Nvidia's Conference Call Industry and Company Overview - The conference call primarily discusses Nvidia's advancements in AI infrastructure, particularly focusing on the Blackwell architecture and its interconnect technologies, including NVLink5 and copper cabling systems [5][6][17]. Core Insights and Arguments 1. **Demand for Compute Performance**: The explosive growth of generative AI and large language models (LLMs) is driving unprecedented demands on compute performance and interconnect bandwidth in data centers [5][6]. 2. **Blackwell Architecture**: Nvidia's Blackwell architecture features ultra-large GPU clusters and state-of-the-art interconnect systems designed to meet the challenges posed by increasing compute demands [5][6]. 3. **High-Frequency Copper Cabling**: The high-frequency copper cabling system is critical for efficient, low-latency GPU-to-GPU communication, enabling the performance of the Blackwell architecture [5][6][17]. 4. **NVLink5 Protocol**: NVLink5 is introduced as a key enabler for scale-out GPU architectures, providing massive inter-GPU bandwidth while managing power and latency constraints [7][38]. 5. **Shift from Generative to Agentic AI**: Nvidia is transitioning its AI infrastructure focus from generative models to a more agentic AI future, emphasizing the importance of network topology and data movement efficiency [6][15]. 6. **Optical Interconnects**: While copper remains essential, there is a growing interest in optical interconnects for future architectures, particularly as data rates approach 400Gbps [10][11][15]. 7. **Signal Integrity and Cable Management**: Maintaining signal integrity and efficient cable management is crucial as Nvidia pushes the boundaries of intra-rack GPU communication with NVLink5 [41][49]. Additional Important Insights 1. **Performance Metrics**: The NVLink5 protocol increases per-lane signaling rates from 100Gbps to 200Gbps PAM4, with future architectures expected to scale to 400Gbps [38][69]. 2. **Market Growth**: The DAC copper cable connection market is projected to exceed 1.2 billion USD by 2027, with a compound growth rate of 25% from 2023 to 2027 [31]. 3. **Kyber Rack Architecture**: The Kyber rack architecture, announced at GTC 2025, allows for extreme compute stacking and is designed to support Nvidia's future compute platforms [72][75]. 4. **Modular Design**: The modular design of the NVL72 system emphasizes high-density compute integration and prepares for future optical upgrades [80][81]. 5. **Future of Interconnects**: A hybrid interconnect architecture combining copper and optical modules is anticipated for future data center connectivity, optimizing performance based on node proximity and bandwidth needs [88][93]. This summary encapsulates the critical developments and strategic directions discussed in Nvidia's conference call, highlighting the company's focus on enhancing AI infrastructure through innovative interconnect technologies.