Zhaoyin International: NVIDIA Corporation (NVDA.US) transitions to a full-stack AI factory platform. Global AI capital expenditure expansion beneficiaries include INNOSCIENCE (02577).

Guosen Securities International released a research report stating that NVIDIA Corporation (NVDA.US) exceeded expectations in its first fiscal quarter ending in April and raised its guidance for the second fiscal quarter ending in July. However, the more important revelation is that the economic benefits of AI infrastructure are becoming increasingly sustainable. In addition to the $1 trillion Blackwell/Rubin visibility until 2027, new revenue opportunities from Vera CPUs, and a larger capital return plan, the first quarter performance eased market concerns that the fiscal year 2027 would be a peak year of demand and strengthened NVIDIA Corporation's transition from a GPU supplier to a full-stack AI factory platform. The report stated that the new business segmentation shows that NVIDIA Corporation is no longer just a story of capital spending by hyperscale cloud players. Revenue from hyperscale cloud players in the first quarter reached $38 billion, an increase of 12% from the previous quarter, while revenue from ACIE (AI cloud, industrial, and enterprise) reached $37 billion, an increase of 31% from the previous quarter, reflecting faster quarterly growth of AI factories for non-hyperscale cloud players. The market tends to debate NVIDIA Corporation through the intensity of capital spending by hyperscale cloud players, ASIC replacement risks, and customer concentration, but ACIE changes this discussion framework. The bank believes that hyperscale cloud players have proven the feasibility of this architecture, but ACIE may become a broader and higher-quality expansion market. Guosen Securities International stated that Blackwell/Rubin visibility and Vera CPU will extend NVIDIA Corporation's growth story from GPU demand to the control layer of AI factory platforms. The bank views Vera as NVIDIA Corporation's move into the CPU-side control layer of AI smart agents, where the CPU is responsible for managing orchestration, tool usage, memory, etc., while the GPU is responsible for inference and reasoning. Overall, Blackwell/Rubin provides platform visibility for many years, while Vera will extend NVIDIA Corporation's monetization capabilities from GPUs to a broader AI factory infrastructure. The bank also continues to be optimistic about domestic AI beneficiaries under the expansion of global AI infrastructure capital spending, including leading optoelectronic module company Zhongji Innolight (300308.SZ), PCB manufacturer Shengyi Technology (600183.SH), and data center power supplier INNOSCIENCE (02577).