Under this arrangement. The technology flows both ways, but it's basically about wireless tech for use at the edge. You know, it was a huge surprise just going on the reaction of Nokia shares, but it's it's Nvidia moving into yet another new segment.What's your reaction to it, please. And so it is I think we have seen the transition towards a virtualized radio access network be a little bit slower than what we would like with this partnership. Nokia is basically promising to rewrite its stack, update its ha ...

Summary of Key Points from Conference Call Records Industry Overview - The conference call focuses on the **domestic AI chip industry** and its development, particularly in the context of **AIDC (Artificial Intelligence Data Center)** [1][2][3]. Core Insights and Arguments - **Rising Position of Domestic AI Chips**: Domestic AI chips are gaining traction in state-owned enterprises and government procurement, with improved yield rates meeting current demands. There is a growing preference for domestic chips over foreign alternatives [1][2]. - **Significant Demand for Computing Power**: By Q4 2025, domestic cloud service providers, particularly ByteDance, are expected to face a substantial computing power shortage, with ByteDance alone potentially requiring 500,000 units of HH20-level computing support [3][12]. - **Investment Potential in AI Chip Supply Chain**: Companies that secure large internet orders, those with improved yield rates, and businesses related to Alibaba's T-head chip division are highlighted as having significant investment potential. Additionally, companies involved in cooling and power supply systems are also noted for their growth prospects [4][5]. - **NVIDIA's Record Network Business Growth**: NVIDIA reported a record revenue of $7.3 billion in its network business, marking a 98% year-over-year increase and a 46% quarter-over-quarter increase, driven by strong demand for Spectrum, Ethereum, Infiniband, and Nvlink [6][7]. - **Increased Demand for Switching Chips**: The rise in GPU communication bandwidth has led to a significant increase in demand for switching chips and switches, with the bidirectional communication bandwidth per card reaching 900GB [8]. Additional Important Insights - **HVDC Power Supply Trends**: The shift towards high-voltage direct current (HVDC) power supply systems is noted for its efficiency, with potential savings in copper materials and the ability to support higher power levels [15][19]. - **Capital Expenditure Growth**: Alibaba's capital expenditure exceeded expectations, reaching over 30 billion yuan, a year-on-year increase of over 200%. This investment is expected to benefit the domestic computing power supply chain, including suppliers like Zhongheng Electric and Beijing Keda [21]. - **Emerging Data Center Companies**: Companies such as Jinpan Technology, Samsung Medical, and Yigeer are highlighted for their strong performance in SST or AIDC switchgear and distribution orders, indicating a positive outlook for these firms [22]. Recommendations - **Focus on Key Players**: Continuous recommendations are made for the entire IDC industry, particularly for companies like Runze Technology, which has shown strong capabilities in resource reserves and AIDC delivery [14].

Summary of Conference Call on Scale Up Network Growth from NVIDIA's Perspective Industry Overview - The discussion revolves around the **Scale Up network** in the context of **NVIDIA** and its implications for the broader **computing power** industry, particularly in AI and parallel computing applications [1][5][9]. Core Insights and Arguments - **Scaling Law**: The concept of a "Scaling Law" in networks is proposed, emphasizing the need for larger cross-cabinet connections rather than just existing ASIC and cabinet solutions [1][5]. - **NVIDIA's Strategy**: NVIDIA aims to address hardware memory wall issues and parallel computing demands by increasing **Nvlink bandwidth** and expanding the **Up scale** from H100 to GH200, although initial adoption was low due to high costs and insufficient inference demand [6][8]. - **Memory Wall**: The memory wall refers to the disparity between the rapid growth of model parameters and computing power compared to memory speed, necessitating more HBM interconnect support for model inference and GPU operations [1][10]. - **Performance Metrics**: The GB200 card shows significant performance differences compared to B200, with a threefold performance gap at 10 TPS, which increases to sevenfold at 20 TPS, highlighting the advantages of Scale Up networks under increased communication pressure [4][14][15]. - **Future Demand**: As Scale Up demand becomes more apparent, segments such as **fiber optics**, **AEC**, and **switches** are expected to benefit significantly, driving market growth [9][28]. Additional Important Points - **Parallel Computing**: The evolution of computing paradigms is shifting towards GPU-based parallel computing, which includes various forms such as data parallelism and tensor parallelism, each with different communication frequency and data size requirements [11][12]. - **Network Expansion Needs**: The need for a second-layer network connection between cabinets is emphasized, with recommendations for using fiber optics and AEC to facilitate this expansion [4][23][24]. - **Market Trends**: The overall network connection growth rate is anticipated to outpace chip demand growth, benefiting the optical module and switch industries significantly [28][30]. - **Misconceptions in Market Understanding**: There is a prevalent misconception that Scale Up networks are limited to cabinet-level solutions, whereas they actually require larger networks composed of multiple cabinets to meet user TPS demands effectively [29][30]. This summary encapsulates the key points discussed in the conference call, providing insights into the growth potential and strategic direction of the Scale Up network within the computing power industry.

Core Viewpoint - The article discusses the significant shift in the large chip market, particularly in the context of high-performance computing (HPC) and data centers, following Qualcomm's acquisition of Alphawave, a SerDes chip supplier, which alters the competitive landscape dominated by Intel, AMD, and Nvidia [1][15]. Summary by Sections SerDes Importance - SerDes technology is increasingly vital in data centers, enabling efficient communication over fewer cables, thus maximizing throughput [3]. - The evolution of SerDes has transitioned from long-distance communication to critical components in system-on-chip (SoC) designs [3]. Market Dynamics - The demand for high-bandwidth connections has surged due to data-intensive applications like machine learning, necessitating advanced SerDes solutions [4]. - The shift to FinFET technology has made managing analog mixed-signal architectures challenging, leading to a preference for digital signal processing (DSP)-based SerDes designs [5]. Chip Industry Competition - Major chip manufacturers, including Nvidia, Intel, AMD, and MediaTek, are heavily invested in SerDes technology, indicating its strategic importance in the data center market [8]. - Alphawave's rapid growth, achieving over $270 million in revenue within seven years, highlights the increasing demand for SerDes IP [8]. Nvidia's Innovations - Nvidia's proprietary NvLink technology, a custom SerDes solution, significantly enhances data transfer rates between GPUs, showcasing its competitive edge in the AI era [9][10]. Intel and AMD Developments - Intel has developed a 224-Gb/s PAM-4 SerDes, enhancing high-speed serial connections, while AMD's Infinity Fabric relies on high-performance SerDes for low-latency, high-bandwidth communication [11][12]. Qualcomm's Strategic Move - Qualcomm's acquisition of Alphawave is aimed at strengthening its position in the data center market, addressing its previous gaps in connectivity solutions [12][13]. - The acquisition also positions Qualcomm to leverage Alphawave's expertise in chiplet and custom ASIC technologies, further enhancing its competitive capabilities [13]. Future Outlook - With Qualcomm's aggressive entry into the CPU and AI markets, it is poised to become a significant player in the data center sector, intensifying competition among established giants like Nvidia, Intel, and AMD [15].

Core Viewpoint - The article discusses the significant shift in the large chip market, particularly in the context of high-performance computing (HPC) and data centers, following Qualcomm's acquisition of Alphawave, a SerDes chip supplier. This acquisition positions Qualcomm as a formidable player in a market previously dominated by Intel, AMD, and Nvidia [1][8]. Summary by Sections SerDes Importance - SerDes technology is increasingly vital in data centers, facilitating high-speed communication over fewer cables, thus maximizing throughput [3][4]. - The evolution of SerDes has transitioned from long-distance communication to a critical component in system-on-chip (SoC) designs, driven by the demand for high bandwidth in data-intensive applications [4][5]. Market Dynamics - The demand for high-bandwidth connections has surged due to the rise of data-intensive computing applications like machine learning [4]. - The integration of advanced technologies, such as FinFET, has made it challenging to manage analog mixed-signal architectures, leading to a shift towards digital signal processing (DSP)-based SerDes solutions [5][6]. Competitive Landscape - Major chip manufacturers, including Nvidia, Intel, AMD, and MediaTek, are heavily invested in SerDes technology, indicating its critical role in the data center market [8][9]. - Nvidia's proprietary NvLink technology exemplifies the competitive edge that advanced SerDes solutions can provide, enhancing data transfer rates significantly [9][10]. Qualcomm's Strategic Move - Qualcomm's acquisition of Alphawave is a strategic step to bolster its capabilities in the data center market, providing essential assets for high-performance computing [13][14]. - Alphawave's rapid growth and expertise in SerDes IP position it as a key player, with revenues increasing from zero to over $270 million in seven years [8][12]. Future Outlook - The article suggests that Qualcomm's entry into the data center market will intensify competition among traditional giants like Nvidia, Intel, and AMD, as well as other players like Broadcom and Marvell [16]. - The ongoing evolution in chip technology and the increasing importance of SerDes will continue to shape the competitive landscape in the semiconductor industry [16].