Core Viewpoint - Starting from 2025, supernodes will become a significant technological innovation direction in the AI computing network, with increasing competition among AI chip manufacturers in both chip performance and Scale up network [1][5]. Group 1: Supernode Development - Nvidia has launched mature supernode solutions, with plans to release GH200 NVL72, GB200/GB300 NVL72, and VR200 NVL72 from 2024 to 2026 [1][3]. - The Blackwell architecture standardizes Scale up with GB200 NVL72 stabilizing the scale at 72 GPUs per cabinet, consisting of 18 Compute Trays and 9 Switch Trays [2]. - The Rubin architecture will enhance bandwidth, with the NVLink 6 Switch increasing single GPU interconnect bandwidth to 3.6 TB/s, up from 1.8 TB/s [2]. Group 2: Nvidia's Competitive Advantage - Nvidia maintains a leading position in the supernode market, with a projected shipment of approximately 2,800 units of GB200/300 NVL72 by 2025 [3]. - Future plans include the introduction of Vera Rubin NVL144 and Rubin Ultra NVL576, expanding interconnected GPUs from 72 to 576 [3]. - Innovations such as NVLink and NVLink Switch are crucial for achieving high bandwidth and low latency in AI training clusters, with NVLink 5 Switch supporting a total bandwidth of 130 TB/s for 72 GPUs [4]. Group 3: Industry Landscape and Investment Strategy - The global supernode competition landscape is still being established, with Nvidia currently in a leading position [6]. - The report suggests monitoring Nvidia's supernode supply chain, including components like PCB backplanes, high-speed copper cables, optical modules, and cooling systems [6]. - Chinese manufacturers are actively participating in the supernode and Scale up network sectors, with potential for domestic firms to gain a competitive edge [6].

超节点与 Scale up 网络专题之英伟达： 行业标杆，领先优势建立在 NVLink 和 NVLink Switch 2026 年 2 月 5 日 看好/维持 通信 行业报告 | | | 投资摘要： 大语言模型（LLM）参数规模从千亿级向万亿级乃至十万亿级演进，跨服务器张量并行（TP）成为必然选 择；此外混合专家（MoE）模型在 Transformer 架构 LLM 中的规模化应用，更使跨服务器专家并行（EP） 成为分布式训练和推理的关键技术需求。为应对 TP 和 EP 对网络带宽与延迟的极为严苛的要求，构建超高 带宽、超低延迟的 Scale up 网络（纵向扩张网络）成为业界主流技术路径。 目前英伟达超节点已经推出成熟方案。2024-2026 年，英伟达陆续推出 GH200 NVL72、GB200/ GB300 NVL72、VR200 NVL72 三代超节点。 在超节点方案上，英伟达处于领先优势。2024-2025 年，英伟达陆续推出 GH200 NVL72、GB200/ GB300 NVL72 等成熟超节点解决方案。根据大摩预测，2025 年英伟达 GB200/300 NVL72 出货量约 2800 台 ...

Investment Rating - The investment rating for NVIDIA is "Buy" with a 6-month outlook [6]. Core Insights - NVIDIA reported record revenue of $39.3 billion for Q4 FY2024, a 78% year-over-year increase and a 12% quarter-over-quarter increase, surpassing Bloomberg consensus estimates of $38.2 billion [1]. - The company's data center business achieved a record revenue of $35.6 billion in Q4, exceeding Bloomberg consensus estimates of $34.1 billion, driven by strong sales of the Blackwell architecture [2]. - NVIDIA anticipates continued growth in computing power demand, supported by advancements in multi-modal models and inference optimization, with Blackwell architecture showing a 25-fold improvement in inference throughput compared to Hopper [4]. Revenue and Profit Dynamics - GAAP gross margin was reported at 73%, in line with Bloomberg consensus, while net profit reached $22.1 billion, exceeding expectations of $19.8 billion, resulting in a GAAP net profit margin of 56.2% [1]. - The company expects gross margins to recover to 75% by the end of FY2026 as production capacity ramps up [3]. Business Segment Performance - The networking segment is expected to see growth in the next quarter, with significant revenue increases from Spectrum X and NVLink Switch, as major cloud service providers build large AI infrastructures [5]. - Enterprise AI revenue nearly doubled year-over-year, driven by demand for model fine-tuning and GPU-accelerated data processing [5]. Future Projections - Revenue forecasts for FY2026-2028 have been raised to $228 billion, $335 billion, and $374.2 billion respectively, with GAAP net profit projections also increased to $124.9 billion, $175 billion, and $200 billion [6].

Investment Rating - The investment rating for NVIDIA is "Buy" with a target of over 20% relative return within the next six months [6]. Core Insights - NVIDIA reported record revenue of $39.3 billion for Q4 FY2024, a year-over-year increase of 78% and a quarter-over-quarter increase of 12%, surpassing Bloomberg consensus estimates of $38.2 billion [1]. - The data center business achieved a record revenue of $35.6 billion, exceeding Bloomberg consensus estimates of $34.1 billion, driven by strong sales of the Blackwell architecture [2]. - The company anticipates continued growth in computing power demand, supported by advancements in multi-modal models and inference optimization with the Blackwell architecture [4]. Revenue and Profit Performance - For Q4 FY2024, NVIDIA's GAAP gross margin was 73%, aligning with Bloomberg consensus expectations, while net profit reached $22.1 billion, exceeding expectations of $19.8 billion [1]. - GAAP earnings per share (EPS) for the quarter was $0.89, reflecting an 82% year-over-year increase and a 14% quarter-over-quarter increase [1]. Product and Capacity Dynamics - The initial production of Blackwell has led to a Non-GAAP gross margin of 73.5%, with expectations to recover to 75% by the end of FY2026 as production capacity ramps up [3]. - Blackwell's quarterly production capacity reached 15,000 GPUs, deployed across 350 manufacturing nodes, with major cloud service providers already utilizing Blackwell clusters [3]. Future Projections - Revenue forecasts for FY2026-2028 have been raised to $228 billion, $335 billion, and $374.2 billion respectively, with GAAP net profit projections adjusted to $124.9 billion, $175 billion, and $200 billion [6]. - The company expects the demand for computing power to continue to rise, driven by advancements in AI and cloud computing [4]. Business Segment Growth - The networking segment is expected to recover growth in the next quarter, with significant revenue increases from Spectrum X and NVLink Switch, which are being adopted by major cloud service providers [5]. - Enterprise AI revenue has nearly doubled year-over-year, driven by increasing demand for model fine-tuning and GPU-accelerated data processing [5].

Investment Rating - The investment rating for NVIDIA is "Buy" with a target of over 20% relative return within the next six months [6]. Core Insights - NVIDIA reported record revenue of $39.3 billion for Q4 FY2024, a 78% year-over-year increase and a 12% quarter-over-quarter increase, surpassing Bloomberg consensus estimates of $38.2 billion [1]. - The data center business achieved a record revenue of $35.6 billion, exceeding Bloomberg consensus estimates of $34.1 billion, driven by strong sales of the Blackwell architecture [2]. - The company anticipates continued growth in computing power demand, supported by advancements in multi-modal models and inference optimization, with Blackwell architecture showing a 25-fold improvement in inference throughput compared to the previous generation [4]. Revenue and Profit Performance - NVIDIA's GAAP gross margin was 73%, in line with Bloomberg consensus, while net profit reached $22.1 billion, exceeding expectations of $19.8 billion, resulting in a GAAP net profit margin of 56.2% [1]. - The GAAP earnings per share (EPS) was $0.89, reflecting an 82% year-over-year increase and a 14% quarter-over-quarter increase [1]. Business Segment Highlights - The Blackwell architecture's initial production capacity reached 15,000 GPUs, with deployments across major cloud service providers like Azure, AWS, and GCP [3]. - The networking segment is expected to recover growth in the next quarter, with significant revenue increases from Spectrum X and NVLink Switch, as cloud service providers build large AI infrastructures [5]. - Enterprise AI revenue nearly doubled year-over-year, driven by demand for model fine-tuning and GPU-accelerated data processing [5]. Future Projections - Revenue forecasts for FY2026-2028 have been raised to $228 billion, $335 billion, and $374.2 billion respectively, with GAAP net profit projections of $124.9 billion, $175 billion, and $200 billion [6].