作者 | Vinod Goje 译者 | 平川 Meta发布 了有关其生成式广告模型（GEM）的详细信息，这是一个旨在改善其平台广告推荐能力的基础模型。该模型处理每 天数十亿的用户 - 广告交互数据，解决了推荐系统（RecSys）中的核心挑战——有意义的信号（如点击和转化）非常稀疏。 GEM 致力于解决从多样化广告数据中学习的复杂性，包括广告商目标、创意格式、测量信号以及跨多个投放渠道的用户行 为。 该公司使用三种方法构建了这个系统：基于先进架构的模型缩放技术、用于知识迁移的后训练技术，以及增强型训练基础设施 ——该基础设施利用数千块 GPU 实现高级并行计算，以满足大规模基础模型训练的计算需求。 图片来源： GEM 架构 Meta 对训练架构进行了重新设计，使其能够以媲美现代大型语言模型的规模支持 GEM。该公司针对不同模型组件采用了定制 化的多维并行策略：密集型模型组件采用混合分片分布式并行（HSDP）技术，在数千块 GPU 间优化内存使用并降低通信开 销；稀疏型组件（主要为用户和物品特征的大型嵌入表）则采用 结合数据并行与模型并行的二维并行方案。 为了减少训练瓶颈，Meta 实施了几项 GPU 级别的优 ...

Core Insights - Nvidia's stock has increased by approximately 28% since December 6, 2024, while Intel's stock has surged by 95%, indicating a successful contrarian investment strategy [3] - The current market environment suggests that Nvidia, with a market cap of $4.4 trillion, is priced for perfection, while Intel, valued at $200 billion, is seen as undervalued [13][14] Nvidia's Performance - Nvidia remains a strong company, but it is now entering a "grind" phase after a period of rapid growth, with its market cap reflecting high expectations [5] - The transition from training AI models to inference workloads may lead to increased cost sensitivity, impacting Nvidia's pricing power [9] Intel's Positioning - Intel is positioned as a key player in the geopolitical landscape, capable of establishing a resilient supply chain outside of TSMC, which is critical as chip supply becomes intertwined with national security [12][17] - Intel's 18A node technology, while not expected to outperform TSMC's N2 immediately, could still provide value if it demonstrates stability and feasibility [11][17] Market Dynamics - The increasing use of Google's Tensor Processing Units (TPUs) poses a competitive threat to Nvidia, as these chips offer significant price-performance advantages for inference tasks [10] - Major tech firms like Amazon, Microsoft, and Meta are under pressure to optimize their AI hardware expenditures, which could lead to a shift away from Nvidia's high-cost GPUs [10] Strategic Considerations - Intel's investments in new manufacturing facilities and innovative technologies like Backside Power Delivery (PowerVia) could enhance its competitive position and appeal to high-performance applications [17] - The geopolitical context, including tariffs and U.S. government support for local manufacturing, may further benefit Intel's market position [17]