云加速器研究-Blackwell 业务扩张，价格保持稳定-Cloud Accelerator Study_ Blackwell Broadens Out, Pricing Holds Up

Analyst timothy.arcuri@ubs.com +1-415-352 5676 Natalia Winkler, CFA Analyst natalia.winkler@ubs.com +1-415-352 4626 ab 15 December 2025 Powered by YES UBS Evidence Lab Global Research Cloud Accelerator Study Blackwell Broadens Out, Pricing Holds Up Blackwell broadens out Given ongoing investor concerns about durability of AI demand, we revisit GPU cloud pricing and availability in collaboration with UBS Evidence Lab (>Access Dataset). We think this data illustrates the AI demand environment in general and t ...