CES 2026后英伟达Rubin架构及供应链（存储/互联/液冷）变化解读

点评: ➢概览：英伟达CEO黄仁勋在CES 2026演讲主要聚焦3大块：Agent AI，Physical AI（机器人/智驾）和下一代Rubin平台。公布了Rubin平台6款芯片的参数，包括Vera CPU，Rubin GPU，Connect-X9 NIC，BF4 DPU，NVLink 6 Switch，以及Spectrum-X CPO Switch。其中Rubin GPU的FP4推理和训练性能分别达到50PF和35PF，分别是Blackwell的5倍和3.5倍。Rubin机柜集群首次亮相，开创性加入SSD存储机柜直连GPU，并且使用了CPOscale-out互联方案，使用100%的45°C常温液冷方案无需冷水机。 ➢存储机柜带动SSD需求暴增：因上下文产生的KV cache所需存储空间激增导致目前的HBM已经难以满足，英伟达在Rubin推出BlueField-4与Context Memory平台，用BlueField-4来管理机架内的“KV缓存上下文内存存储”。每个576颗GPU集群对应16层Context Memory平台（SSD tray），每层SSD tray有4颗BlueField-4 DPU芯片，每颗DPU对应150TB SSD，每层SSD tray共600TB SSD。576颗GPU集群共16层SSD tray对应一共9,600TB SSD，即单颗GPU对应额外16.6TB SSD。 ➢CPO互联减少光模块配比：英伟达在CES演讲中展示了典型的Rubin集群，包含16个Vera Rubin rack共1152颗Rubin GPU，通过中间的8个以太网Spectrum-XCPO switch rack用于scale-out互联16个机架。传统可插拔光模块和交换机方案下，2层组网的Rubin GPU/1.6T光模块配比1:4，3层组网配比为1:6。每个Rubin compute tray 4颗GPU对应8颗800G CX9因此每颗GPU的scale out带宽为1.6T。CPO方案下，每个Rubin GPU在CX9网卡端同样对应1.6T带宽。相比传统TOR/Leaf交换机都需要光模块，CPO方案下，通过8个CPO Switch机柜直接互联16个GPU机柜中每个Compute tray的CX9网口1.6T端口，从而大幅减少光模块用量，1.6T光模块配比从1:4降低到1:1。另外在机柜内scale-up互联仍然使用铜缆（非AEC）连接NVLink switch tray达到3.6TB/s的GPU all to all互联双向带宽。 ➢常温液冷无需冷水机：Rubin从GB300的80%液冷转变为100%液冷方案，使用常温45°C液冷水因此机柜无需水冷机，使用L2A风冷机将水降温至30°C。Rubin水冷板采用镀金/镀锌微通道冷板因此单价有较大提升，单板价格可能达到$500以上，每个Rubin机柜的冷板价值量或超过3万美金。 来源:NVIDIA 分析师介绍 分析师赵方舟，香港大学学士学位，主要覆盖海外硬科技行业，包括AI GPU/ASIC及AI互联架构等。 该分析师2022-2025年曾任职于海通国际研究部，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。 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.