As technology giants such as Nvidia continue to increase their code, 2024 will usher in the first year of AIPC. Combined with demand for PC switching, AIPC is expected to accelerate penetration.
The Zhitong Finance App learned that Galaxy Securities released a research report saying that the three chips launched by Nvidia have strong gaming and generative AI performance, and have the three characteristics of embedded hybrid AI computing power, innovation/enhanced AI experience, and device experience upgrades, which are expected to further drive the industry to accelerate development, and AIPC is expected to become the optimal carrier for terminal AI implementation. The bank believes that as technology giants such as Nvidia continue to step up, 2024 will usher in the first year of AIPC. Combined with PC switching demand, AIPC is expected to accelerate penetration. Related target areas include chip manufacturers, ODM manufacturers, and PC peripheral manufacturers.
It is recommended to focus on listed companies in the industrial chain: Lenovo Group (00992), Longxin Zhongke (688047.SH), Haiguang Information (688041.SH), Zhiwei Intelligence (001339.SZ), Leber Technology (002577.SZ), Great Wall of China (000066.SZ), Zhidi Technology (301503.SZ), etc.
Incident: In the early morning of January 9, Beijing time, Nvidia announced at CES (ConsumerElectronicsShow, Consumer Electronics Show) that it will launch three new desktop graphics chips with additional components, which allow users to make better use of artificial intelligence on personal computers without relying on remote services accessed via the Internet; the company also claims to be in a leading position in the AIPC competition. Affected by this, Nvidia's stock price surged 6.34% to a new high.
Galaxy Securities's views are as follows:
The AI performance of the GeforcerTX40Super series has been greatly improved, and the AIPC era has accelerated.
The RTX40SUPER series chips are RTX4080SUPER, RTX4070TiSuper, and RTX4070SUPER graphics cards, respectively. They all use 4nm technology, use the new ADALoveRace architecture, and will be sold one after another in mid-late January. This series is a new GPU chip specially launched by Nvidia for AIPC devices. Compared with the new Intel and AMD chip products, it will show an “order of magnitude” improvement. The graphics card is the best engine to drive new laptop and desktop computers, and the AI performance is improved by more than 170%. The bank believes that the three chips launched by Nvidia this time have strong gaming and generative AI performance, and have the three characteristics of embedded hybrid AI computing power, innovation/enhanced AI experience, and device experience upgrades, which are expected to further drive the industry to accelerate development, and AIPC is expected to become the optimal carrier for terminal AI implementation.
2024 will usher in the first year of AIPC, and ODM manufacturers are expected to take the lead in benefiting.
Nvidia said that currently OEM terminal manufacturers such as Asus, MSI, Lenovo, HP, and Samsung will supply AIPC devices based on the RTX4080SUPER. Canalys pointed out that AIPC will account for nearly 20% of PCs shipped in 2024, and by 2027, 60% of AIPC shipments will be applied to the commercial sector. The bank believes that with the release of Nvidia's three consumer-grade chips and the release of the Intel Core Ultra processor, 2024 will officially enter the first year of AIPC. The Nvidia GeForcerTX40Super series has stronger end-side AI capabilities and will support relevant ecological cooperative terminal manufacturers. Demand for downstream terminals will increase in the future, and related ODM manufacturers are expected to take the lead in benefiting.
Driven by generative AI to enhance the PC experience, PC peripherals ushered in a new upward cycle.
Nvidia said the GeForCertX40super graphics card supports more than 500 RTX games and applications and will prepare users for a wave of generative AI applications on PCs. The bank believes that with the introduction of generative AI into computer applications, it has the following advantages: 1) it can run large personal models that have been compressed and have excellent performance; 2) it supports heterogeneous computing power to form a personal knowledge base to provide the corpus for large personal models; 3) it has lower latency and smoother interaction; 4) more reliable security and privacy. In the future, AIPC will gradually become the main mobile terminal for edge computing power, spawning an explosion in demand for AIPC terminals and driving a new upward cycle for PC peripherals.
Risk warning: Technology research and development progress falls short of expected risk; supply chain risk; risk of policy advancement falling short of expectations; risk of consumer demand falling short of expectations; industry competition exacerbates risks.