Open Source Securities: GB200 released a new report focusing on opportunities in optical communication, liquid cooling, and communication interconnection

According to the information from the Intelligent Finance and Economics APP, Open Source Securities released a research report stating that on March 18th, NVIDIA unveiled multiple new computing products at the GTC conference, including HGX B100, DGX B200, GB200 servers, as well as accompanying NVLINK, Quantum X800, and Spectrum X800 switches. Currently, with the increasing application scenarios of AI, the demand for model inference may continue to rise. The vigorous demand for computing power is expected to continue to drive the construction of computing network infrastructure. It is recommended to continue to pay attention to investment opportunities in areas such as AIDC, optical modules, AI servers, switches, liquid cooling temperature control, optical chips, optical devices, and edge computing power. Key points from Open Source Securities are as follows: GTC releases multiple new computing products centered around GB200 On March 18th, NVIDIA unveiled multiple new computing products at the GTC conference, including HGX B100, DGX B200, GB200 servers, and accompanying NVLINK, Quantum X800, and Spectrum X800 switches. The new Blackwell architecture GPU contains 2.08 billion transistors, manufactured using TSMC's 4NP process. The Blackwell GPU is composed of 2 Dies interconnected by a 10TB/s chip-to-chip link, and the NVIDIA GraceCPU is connected to the GPU via the NVLink-Chip-to-Chip (C2C) interface, achieving a bidirectional bandwidth of 900GB/s. The overall computing network architecture is further moving towards integration and accelerated computing iteration. It is recommended to continue to focus on the development of the computing communication industry chain and investment opportunities. NVLink upgraded again, emphasizing the development of communication interconnection technology GB200 supports configuring 36 or 72 GPUs in the NVLink domain. Based on the MGX and NVLink Switch system, each rack is equipped with 18 computing nodes. In GB200 NVL72, a single rack can accommodate 72 GPUs and 18 dual GB200 computing nodes, or 72 GPUs and 18 single GB200 computing nodes can be installed through two racks. GB200NVL72 introduces the fifth-generation NVLink technology, which can connect up to 576 GPUs, providing over 1PB/s total bandwidth and 240TB of fast memory in a single NVLink domain. Each NVLink switch tray can provide 144 100GB speed NVLink ports, so in NVL72, all 72 Blackwell GPUs can be fully connected through nine switches to each NVLink port (18 NVLink ports per GPU), interconnected by copper cables. The bandwidth from NVLink GPU to GPU is 1.8TB/s, which is 14 times that of PCIe bandwidth Open Source Securities believes that with the continuous growth in computing power demand, the communication bandwidth demand in the computing network is also constantly increasing, which is expected to further promote the iterative upgrade of communication interconnection technology. They emphasize the development of related industry sectors and investment opportunities. GB200 NVL72 Single Machine Guineng Consumes Over 100KW, Emphasizing the Development of Liquid Cooling Solutions The energy consumption of a single GB200 NVL72 cabinet reaches 120KW, using copper cable interconnection and cold plate liquid cooling system design, which can reduce system costs and energy consumption by 25 times. It is believed that with the continuous increase in chip power consumption and cabinet power consumption, the importance of liquid cooling solutions is gradually being realized, and the penetration rate of liquid cooling is expected to accelerate. It is recommended to continue to focus on sectors such as optical modules, liquid cooling, and robotics. Beneficiaries: Inspur Software (600845.SH), Zhongjixuchuang (300308.SZ), Inovance (002837.SZ), Tianfu Communication (300394.SZ), New Easywin (300502.SZ), ZTE (000063.SZ), Tsinghua Unigroup (000938.SZ), Ruijie Networks (301165.SZ), Guanghuanxinwang (300383.SZ), Runze Technology (300442.SZ), Gaolan Shares (300499.SZ), Shenling Environment (301018.SZ), Wangsu Technology (300017.SZ), Inspur Information (002335.SZ), Yuanjie Technology (688498.SH), Huaxi Shares (000936.SZ), Light Library Technology (300620.SZ), Tengjing Technology (688195.SH), Mingpu Optoelectronics (002902.SZ), Yongding Shares (600105.SH), Tongding Interconnection (002491.SZ), Hengtong Optoelectronics (600487.SH), Zhongtian Technology (600522.SH), Guanghe Tong (300638.SZ), Megmeet Intelligent (002881.SZ), Yonyou Communication (603236.SH), etc. Risk Warning: Artificial intelligence development falls short of expectations, liquid cooling development falls short of expectations, optical communication development falls short of expectations