According to Zheshang, a Research Report states that NVIDIA (NVDA.US) may reveal the GB300 product line at the GTC conference in March 2025. Semianalysis predicts that the GB300 will be released six months after the GB200. The GB200 will ship in small quantities in Q4 2024 and gradually increase in volume in Q1 2025, with the GB300 chip expected to ship in mid-2025, and the speed of chip version updates is accelerating. At the same time, the GB300 may become the main product of the Blackwell series.

Upgrade 1: Computing performance increased by 50%, power consumption increased by 17%, Bullish for liquid cooling and power supply.

The GB300 Flops computing performance has been improved by 50%, and the memory has been upgraded from 8 HBM3E to 12. The increase in computing performance and memory drives up power consumption, with the GB300 single card power consumption at 1.4kW, compared to 1.2kW for the GB200, an increase of approximately 17%. Meanwhile, the Rubin version is expected to reach a power consumption of 1.8kW, which is a 50% increase compared to the GB200 and a 157% increase compared to the H100.

Cooling, power supply, and other aspects are closely related to server power consumption. Products are expected to be upgraded, and usage may significantly increase. In terms of cooling, the design of the GB300 may significantly increase the use of water cooling plates, liquid cooling systems, and UQD quick interfaces. In terms of power supply, the GB300 may upgrade Supercapacitors and BBU technology to ensure that the system can shut down safely during power outages and avoid data loss.

Upgrade 2: Network card upgraded from CX7 to CX8, 1.6T optical module becomes standard.

The network card of the GB300 will be upgraded from CX7 to CX8, significantly enhancing network scale and performance. The network card upgrade brings two impacts on optical modules: first, the specifications of optical modules will be upgraded, with the 1.6T optical module becoming standard for the GB300; second, the scale of networking will expand, possibly increasing the proportion of investment in AI. Currently, leading overseas manufacturers are working to create clusters of 100,000 cards, or even a million cards, increasing the layers and complexity of networks, leading to exponential growth in network investment. According to Broadcom, the current investment proportion in AI is between 5% and 10%; when the cluster scale expands to 0.5 million to 1 million, the network investment proportion will rise to 15% to 20%.

Upgrade 3: Strengthen the modular design concept, which is expected to introduce more suppliers.

The GB300 has added memory modules and GPU sockets, making assembly and replacement more flexible. This modular design not only improves the maintainability of the system but also offers more possibilities for future customization. At the same time, as the cabinet design matures, the GB300 is expected to bring in more suppliers for liquid cooling, PCBs, connectors, and other components.

Investment Suggestions

Focus on investment opportunities brought by the GB300 upgrade, mainly reflected in optical modules, cooling, power supply, copper connections, testing, PCBs, and more. Optical modules: Eoptolink Technology Inc. (300502.SZ), Zhongji Innolight (300308.SZ), Suzhou TFC Optical Communication (300394.SZ), T&S Communications (300590.SZ); Liquid cooling: Shenzhen Envicool Technology (002837.SZ); Power supply: Shenzhen Megmeet Electrical (002341.SZ); Copper connections: Shenzhen Woer Heat-shrinkable Material (002130.SZ); Testing: Beijing Tricolor Technology (603516.SH).

Risk Warning

AI capital expenditures are below expectations; the GPU iteration speed is slower than expected; the development of AI applications is not meeting expectations, etc.