On September 14, CITIC Construction Investment's latest research report indicated that the stock prices and fundamentals of overseas AIDC power companies have changed since the 23 years since the review. It can be found that the core catalyst for fundamentals is Nvidia's chip replacement and power supply architecture upgrade. The last AIDC power cycle benefited from the fact that Blackwell chips were mainly shipped in the form of complete cabinets such as NVL72, which greatly increased the value of power supplies, which led to the centralized release of power supply companies' performance in 25 years and continued until 26 years. Nvidia's next-generation Rubin chips have entered mass production. Judging from Nvidia and power companies' capex, inventory, orders and other indicators, the industry chain is ready to accept it, and the boom is even stronger. Vera Rubin will drive the release of new products such as high-power PSUs and HVDC Sidecars, and the value of power supplies will further increase. '27 is expected to be the starting point for a new round of AIDC power supply cycles, and mainland Chinese companies are expected to increase their share and deliver on performance.

On September 14, CITIC Construction Investment's latest research report indicated that the stock prices and fundamentals of overseas AIDC power companies have changed since the 23 years since the review. It can be found that the core catalyst for fundamentals is Nvidia's chip replacement and power supply architecture upgrade. The last AIDC power cycle benefited from the fact that Blackwell chips were mainly shipped in the form of complete cabinets such as NVL72, which greatly increased the value of power supplies, which led to the centralized release of power supply companies' performance in 25 years and continued until 26 years. Nvidia's next-generation Rubin chips have entered mass production. Judging from Nvidia and power companies' capex, inventory, orders and other indicators, the industry chain is ready to accept it, and the boom is even stronger. Vera Rubin will drive the release of new products such as high-power PSUs and HVDC Sidecars, and the value of power supplies will further increase. '27 is expected to be the starting point for a new round of AIDC power supply cycles, and mainland Chinese companies are expected to increase their share and deliver on performance.