英伟达GTC重点总结：Blackwell & Rubin今明年超5000亿美金

点评: 黄仁勋指引2025-2026年Blackwell和Rubin的GPU出货量将达2000万颗，总收入贡献至少5000亿美金，包括未出货的部分3500亿美金。此前市场大概预期在1500万颗，增量30%左右，对EPS将有10%以上的提升。 ➢6G无线通信新平台Nvidia Arc：宣布与诺基亚合作入股10亿美元，共同打造基于加速计算和人工智能的6G无线通信平台Nvidia Arc。该平台包括Gray CPU、Blackwell GPU和ConnectX网络组件，支持软件定义可编程无线通信与AI处理。 ➢NVQLink量子GPU互联架构：Nvidia推出NVQLink，实现量子处理器（QPU）与GPU超级计算机的高速互联，支持量子误差纠正和协同仿真。NVQLink可每秒多次处理海量数据，保障量子计算稳定可靠。配合CUDAQ开放量子GPU计算平台，可实现量子计算与AI超级计算机融合，打造加速量子超算平台。DOE（美国能源部）与Nvidia合作建设7台AI超级计算机，推动科学研究的跨时代发展。 ➢Rubin样品首秀：首次公开展示了其下一代Vera Rubin超级晶片。Vera Rubin NVL144平台将采用两颗新晶片组合，其中Rubin GPU由两颗Reticle尺寸的核心组成，具备50 PFLOPS的FP4精度算力，并配备288 GB HBM4高频宽记忆体。性能方面，Vera Rubin NVL144平台可达成3.6 Exaflops的FP4推理与1.2Exaflops的FP8训练算力，相较GB300 NVL72提升约3.3倍。系统总记忆体频宽达13 TB/s，快速储存容量为75 TB，分别比上一代提升60%，并具备双倍NVLINK与CX9通信能力，最高速率分别为260TB/s与28.8 TB/s。Rubin GPU有望在2026年第三或第四季进入量产阶段 ➢AI工厂数字孪生平台Omniverse DSX：推出Omniverse DSX，作为构建及运营千兆规模AI工厂的蓝图。通过数字孪生技术，整合建筑、供电、冷却与AI基础设施设计，优化计算密度和布局。合作伙伴提供预制模块，缩短建设周期，实现快速投产。 ➢企业级AI加速与安全合作：与多家企业合作推动AI加速应用：与ServiceNow合作推动企业工作流自动化，与SAP合作集成AI加速库，与Cadence、Synopsis合作加速EDA设计，与CrowdStrike合作打造高速智能网络安全AI防御系统，与Palantir合作加速大规模数据处理 分析师介绍 分析师赵方舟，香港大学工商管理学学士（会计与金融）毕业，主要覆盖海外硬科技行业，包括AI GPU/ASIC及AI互联。 该分析师2022-2025年曾任职于海通国际研究部，该分析师2025年加入环球富盛理财有限公司，继续覆盖海外硬科技行业。环球富盛理财有限公司是一家香港的持牌券商机构，成立于2014年。 该分析师覆盖的公司包括:英伟达，AMD，博通，Marvell，台积电，Arista Networks，Celestica等。 邮箱:eugene.zhao@gpf.com.hk电话:(852)6082 5609; (86) 178 9848 1530 The Benchmark: Hong Kong Hang Seng IndexTime Horizon: 6 to 18 months SECTOR RATING DEFINITIONThe Benchmark: Hong Kong Hang Seng Index Time Horizon: 6 to 18 months DISCLOSURE OF INTERESTS (1) The Analysts and their associates do not serve as an officer of the issuer mentioned in this Research Report. (2) The Analysts and their associates do not have any financial interests in relation to the issuer mentioned in this Research Report. (3) Global Prosperity Financial Company Limited and/or its subsidiaries do not hold equal to or more than 1% of the market capitalization ofthe issuer mentioned in this Research Report. (4)Global Prosperity Financial Company Limitedand/or its subsidiaries have not had investment banking relationships with the issuermentioned in this Research Report within the preceding 12 months. (5) Global Prosperity Financial Company Limitedand/or its subsidiaries are not making a market in the securities in respect of the issuermentioned in this Research Report. (6) Global Prosperity Financial Company Limitedand/or its subsidiaries have not employed an individual serving as an officerof the issuermentioned in this Research Report. There is no officer of the issuer mentioned in this Research Report associated withGlobal ProsperityFinancial Company Limitedand/or its subsidiaries. DISCLAIMER This Research Report does not constitute an invitation or offer to acquire, purchase or subscribe for securities by Global Prosperity FinancialCompany Limited. Global Prosperity Financial Company Limited and its group companies may do business that relates to companies coveredin research reports, including investment banking, investment services, etc. (for example, the placing agent, lead manager, sponsor,underwriter or invest proprietarily). Any opinions expressed in this report may differ or be contrary to opinions or investment strategies expressed orally or in written form by salespersons, dealers and other professional executives of Global Prosperity Financial Company Limitedgroup of companies. Any opinionsexpressed in this report may differ or be contrary to opinions or investment decisions made by the asset management and investment bankinggroups ofGlobal Prosperity Financial Company Limited. Though best effort has been made to ensure the accuracy of the information and data contained in this Research Report,Global ProsperityFinancial Company Limited does not guarantee the accuracy and completeness of the information and data herein. This ResearchReportmay contain some forward-lookingestimates and forecasts derived from the assumptions of the future political and economic conditions withinherently unpredictable and mutable situation, so uncertainty may contain. Investors should understandand comprehend the investmentobjectives and its related risks, and where necessary consult their own financial advisers prior to any investment decision. This Research Report is not directed at, or intended for distribution to or use by, any person or entity who is a citizen orresident of or locatedin any jurisdiction where such distribution, publication, availability or use would be contrary to applicable law or regulation or which wouldsubjectGlobal Prosperity Financial Company Limitedand its group companies to any registration or licensing requirement within suchjurisdiction.