<section data-mpa-md-root="t" data-mpa-md-template="1"><section data-mpa-md-key="text" style="font-size: 15px;margin-bottom: 16px;color: #333333;margin-left: 8px;margin-right:8px;margin-top: 16px;letter-spacing: 1px;" data-mpa-md-action-id="mem6pdhs22a6" data-mpa-md-template="1"><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="">è¿ä»½æ©æ ¹å¤§éï¼J.P. Morganï¼äºå¤ªææ¯é¨é¨äº2025å¹´8æ19æ¥åå¸ç»æºæ客æ·çå é¨ææ¡£æ ¸å¿å 容æ»ç»å¦ä¸ï¼</span></span></span></span></section><section data-mpa-md-key="text" style="font-size: 15px;margin-bottom: 16px;color: #333333;margin-left: 8px;margin-right:8px;margin-top: 16px;letter-spacing: 1px;" data-mpa-md-action-id="mem6pdht10cl" data-mpa-md-template="1"><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="">æ ¸å¿ä¸»é¢ï¼è±ä¼è¾¾ (NVDA) 计åæ¨åºä¸ä¾ä¸å½å¸åºçéè§çè¯ç B30A åå ¶æ½å¨å½±å</span></span></span></span></section><ol style="list-style-type: decimal;padding-left: 1.2em;color: rgb(37, 37, 37);margin-left: 8px;margin-right: 8px;width: fit-content;" class="list-paddingleft-1"><li><section style="margin-bottom: 8px;font-size: 15px;color:#333333;letter-spacing: 1px;" data-mpa-md-content="t" data-mpa-md-key="ordered-list" data-mpa-md-action-id="$id" data-mpa-md-template="1"><span data-marker="1."></span><span data-slate-node="text"><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="">è±ä¼è¾¾æ°åä¿¡æ¯ (B30A)ï¼</span></span></strong></span></span></section></li></ol><ul style="list-style-type: disc;padding-left: 1.2em;color: rgb(37, 37, 37);margin-left: 8px;margin-right: 8px;width: fit-content;" class="list-paddingleft-1"><li><section style="margin-bottom: 8px;font-size: 15px;color:#333333;letter-spacing: 1px;" data-mpa-md-content="t" data-mpa-md-key="bullet-list" data-mpa-md-action-id="$id" data-mpa-md-template="1"><span data-marker=""></span><span data-slate-node="text"><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="">èæ¯ï¼</span></span></strong></span></span><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-string="true"><span leaf=""> åºäºè·¯é社æ¥éï¼è±ä¼è¾¾æ£å¨åå¤ä¸ä¸ºä¸å½å¸åºè®¾è®¡çæ°è¯ç </span></span></span></span><span data-slate-node="text"><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="">B30A</span></span></strong></span></span><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-string="true"><span leaf=""> çæ ·çã</span></span></span></span></section></li></ul><ul style="list-style-type: disc;padding-left: 1.2em;color: rgb(37, 37, 37);margin-left: 8px;margin-right: 8px;width: fit-content;" class="list-paddingleft-1"><li><section style="margin-bottom: 8px;font-size: 15px;color:#333333;letter-spacing: 1px;" data-mpa-md-content="t" data-mpa-md-key="bullet-list" data-mpa-md-action-id="$id" data-mpa-md-template="1"><span data-marker=""></span><span data-slate-node="text"><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="">æ§è½å®ä½ï¼</span></span></strong></span></span><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-string="true"><span leaf=""> B30A çåå§è®¡ç®è½åå°æ¯å ¶æè°äº§å </span></span></span></span><span data-slate-node="text"><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="">B300 (Blackwell æ¶æçæ¬)</span></span></strong></span></span><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-string="true"><span leaf=""> çä¸åå·¦å³ã</span></span></span></span></section></li></ul><ul style="list-style-type: disc;padding-left: 1.2em;color: rgb(37, 37, 37);margin-left: 8px;margin-right: 8px;width: fit-content;" class="list-paddingleft-1"><li><section style="margin-bottom: 8px;font-size: 15px;color:#333333;letter-spacing: 1px;" data-mpa-md-content="t" data-mpa-md-key="bullet-list" data-mpa-md-action-id="$id" data-mpa-md-template="1"><span data-marker=""></span><span data-slate-node="text"><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="">å ³é®ç¹æ§ï¼åé´äº H20ï¼ï¼</span></span></strong></span></span><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-string="true"></span></span></span></section></li></ul><ul style="list-style-type: disc;padding-left: 1.2em;color: rgb(37, 37, 37);margin-left: 8px;margin-right: 8px;width: fit-content;" class="list-paddingleft-1"><li><section style="margin-bottom: 8px;font-size: 15px;color:#333333;letter-spacing: 1px;" data-mpa-md-content="t" data-mpa-md-key="bullet-list" data-mpa-md-action-id="$id" data-mpa-md-template="1"><span data-marker=""></span><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="">å å« </span></span></span></span><span data-slate-node="text"><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="">é«å¸¦å®½å å (HBM)</span></span></strong></span></span><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="">ã</span></span></span></span></section></li></ul><ul style="list-style-type: disc;padding-left: 1.2em;color: rgb(37, 37, 37);margin-left: 8px;margin-right: 8px;width: fit-content;" class="list-paddingleft-1"><li><section style="margin-bottom: 8px;font-size: 15px;color:#333333;letter-spacing: 1px;" data-mpa-md-content="t" data-mpa-md-key="bullet-list" data-mpa-md-action-id="$id" data-mpa-md-template="1"><span data-marker=""></span><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="">å å« </span></span></span></span><span data-slate-node="text"><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="">NVLink</span></span></strong></span></span><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-string="true"><span leaf=""> äºè¿ææ¯ï¼å ·ä½çæ¬æªææï¼ã</span></span></span></span></section></li></ul><ul style="list-style-type: disc;padding-left: 1.2em;color: rgb(37, 37, 37);margin-left: 8px;margin-right: 8px;width: fit-content;" class="list-paddingleft-1"><li><section style="margin-bottom: 8px;font-size: 15px;color:#333333;letter-spacing: 1px;" data-mpa-md-content="t" data-mpa-md-key="bullet-list" data-mpa-md-action-id="$id" data-mpa-md-template="1"><span data-marker=""></span><span data-slate-node="text"><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="">ç¶æï¼</span></span></strong></span></span><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-string="true"><span leaf=""> è¯ççå ·ä½è§æ ¼ </span></span></span></span><span data-slate-node="text"><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="">å°æªæç»ç¡®å®</span></span></strong></span></span><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="">ã</span></span></span></span></section></li></ul><ul style="list-style-type: disc;padding-left: 1.2em;color: rgb(37, 37, 37);margin-left: 8px;margin-right: 8px;width: fit-content;" class="list-paddingleft-1"><li><section style="margin-bottom: 8px;font-size: 15px;color:#333333;letter-spacing: 1px;" data-mpa-md-content="t" data-mpa-md-key="bullet-list" data-mpa-md-action-id="$id" data-mpa-md-template="1"><span data-marker=""></span><span data-slate-node="text"><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="">æ¶é´è¡¨ï¼</span></span></strong></span></span><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-string="true"><span leaf=""> è±ä¼è¾¾å¸ææå¿«å¨ </span></span></span></span><span data-slate-node="text"><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="">2025å¹´9æ</span></span></strong></span></span><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="">ï¼åå¸å½æï¼åä¸å½å®¢æ·æä¾æ ·åè¿è¡æµè¯ã</span></span></span></span></section></li></ul><ol style="list-style-type: decimal;padding-left: 1.2em;color: rgb(37, 37, 37);margin-left: 8px;margin-right: 8px;width: fit-content;" class="list-paddingleft-1"><li><section style="margin-bottom: 8px;font-size: 15px;color:#333333;letter-spacing: 1px;" data-mpa-md-content="t" data-mpa-md-key="ordered-list" data-mpa-md-action-id="$id" data-mpa-md-template="1"><span data-marker="2."></span><span data-slate-node="text"><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="">é¢æåçæ¹ï¼</span></span></strong></span></span></section></li></ol><ul style="list-style-type: disc;padding-left: 1.2em;color: rgb(37, 37, 37);margin-left: 8px;margin-right: 8px;width: fit-content;" class="list-paddingleft-1"><li><section style="margin-bottom: 8px;font-size: 15px;color:#333333;letter-spacing: 1px;" data-mpa-md-content="t" data-mpa-md-key="bullet-list" data-mpa-md-action-id="$id" data-mpa-md-template="1"><span data-marker=""></span><span data-slate-node="text"><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="">æ ¸å¿åçæ¹ï¼åå¤ (Huaqin)</span></span></strong></span></span><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-string="true"></span></span></span></section></li></ul><ul style="list-style-type: disc;padding-left: 1.2em;color: rgb(37, 37, 37);margin-left: 8px;margin-right: 8px;width: fit-content;" class="list-paddingleft-1"><li><section style="margin-bottom: 8px;font-size: 15px;color:#333333;letter-spacing: 1px;" data-mpa-md-content="t" data-mpa-md-key="bullet-list" data-mpa-md-action-id="$id" data-mpa-md-template="1"><span data-marker=""></span><span data-slate-node="text"><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="">çç±ï¼</span></span></strong></span></span><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-string="true"><span leaf=""> åå¤æ¯è¿äºè¯çç»ï¼å æ¬ä¹åç H20ï¼çç»è£ åã</span></span></span></span></section></li></ul><ul style="list-style-type: disc;padding-left: 1.2em;color: rgb(37, 37, 37);margin-left: 8px;margin-right: 8px;width: fit-content;" class="list-paddingleft-1"><li><section style="margin-bottom: 8px;font-size: 15px;color:#333333;letter-spacing: 1px;" data-mpa-md-content="t" data-mpa-md-key="bullet-list" data-mpa-md-action-id="$id" data-mpa-md-template="1"><span data-marker=""></span><span data-slate-node="text"><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="">客æ·é¾è·¯ï¼</span></span></strong></span></span><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-string="true"><span leaf=""> åå¤ç产åéå®ç»ä¸»è¦ä¸å½äºç«¯/IT客æ·ï¼å æ¬è ¾è®¯ï¼Tencentï¼ãåèè·³å¨ (ByteDance) åé¿éå·´å·´ (A</span></span></span><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="">libaba)ã</span></span></span></span></section></li></ul><ul style="list-style-type: disc;padding-left: 1.2em;color: rgb(37, 37, 37);margin-left: 8px;margin-right: 8px;width: fit-content;" class="list-paddingleft-1"><li><section style="margin-bottom: 8px;font-size: 15px;color:#333333;letter-spacing: 1px;" data-mpa-md-content="t" data-mpa-md-key="bullet-list" data-mpa-md-action-id="$id" data-mpa-md-template="1"><span data-marker=""></span><span data-slate-node="text"><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="">æ½å¨é´æ¥åçæ¹ï¼èæ³ (Lenovo)</span></span></strong></span></span><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-string="true"></span></span></span></section></li></ul><ul style="list-style-type: disc;padding-left: 1.2em;color: rgb(37, 37, 37);margin-left: 8px;margin-right: 8px;width: fit-content;" class="list-paddingleft-1"><li><section style="margin-bottom: 8px;font-size: 15px;color:#333333;letter-spacing: 1px;" data-mpa-md-content="t" data-mpa-md-key="bullet-list" data-mpa-md-action-id="$id" data-mpa-md-template="1"><span data-marker=""></span><span data-slate-node="text"><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="">çç±ï¼</span></span></strong></span></span><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-string="true"><span leaf=""> èæ³å¨å ¶æè¿çè´¢æ¥çµè¯ä¼è®®ä¸æå°äºä¸å½å¸åºçâè¶ é«éå¢é¿âã</span></span></span></span></section></li></ul><ul style="list-style-type: disc;padding-left: 1.2em;color: rgb(37, 37, 37);margin-left: 8px;margin-right: 8px;width: fit-content;" class="list-paddingleft-1"><li><section style="margin-bottom: 8px;font-size: 15px;color:#333333;letter-spacing: 1px;" data-mpa-md-content="t" data-mpa-md-key="bullet-list" data-mpa-md-action-id="$id" data-mpa-md-template="1"><span data-marker=""></span><span data-slate-node="text"><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="">客æ·é¾è·¯ï¼</span></span></strong></span></span><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-string="true"><span leaf=""> èæ³åæ ·åé¿éå·´å·´ååèè·³å¨ä¾åºï¼æå¡å¨ï¼ï¼ã</span></span></span></span></section></li></ul><ul style="list-style-type: disc;padding-left: 1.2em;color: rgb(37, 37, 37);margin-left: 8px;margin-right: 8px;width: fit-content;" class="list-paddingleft-1"><li><section style="margin-bottom: 8px;font-size: 15px;color:#333333;letter-spacing: 1px;" data-mpa-md-content="t" data-mpa-md-key="bullet-list" data-mpa-md-action-id="$id" data-mpa-md-template="1"><span data-marker=""></span><span data-slate-node="text"><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="">注éï¼</span></span></strong></span></span><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-string="true"><span leaf=""> ææ¡£æç¡®æå°åå¤æ¯åçæ¹ï¼as a beneficiaryï¼ï¼èèæ³æ¯åºäºå ¶ä¾åºå ³ç³»åå¸åºå¢é¿æåãæ é¢âHuaqin</span></span></span><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="">âæååå¤ï¼å æ¤åçæ¹æ ¸å¿æ¯åå¤ã</span></span></span></span></section></li></ul><ul style="list-style-type: disc;padding-left: 1.2em;color: rgb(37, 37, 37);margin-left: 8px;margin-right: 8px;width: fit-content;" class="list-paddingleft-1"><li><section style="margin-bottom: 8px;font-size: 15px;color:#333333;letter-spacing: 1px;" data-mpa-md-content="t" data-mpa-md-key="bullet-list" data-mpa-md-action-id="$id" data-mpa-md-template="1"><span data-marker=""></span><span data-slate-node="text"><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="">æ½å¨ä¸æ¸¸åçæ¹ï¼ä¸æçµå (Samsung Electronics)</span></span></strong></span></span><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-string="true"></span></span></span></section></li></ul><ul style="list-style-type: disc;padding-left: 1.2em;color: rgb(37, 37, 37);margin-left: 8px;margin-right: 8px;width: fit-content;" class="list-paddingleft-1"><li><section style="margin-bottom: 8px;font-size: 15px;color:#333333;letter-spacing: 1px;" data-mpa-md-content="t" data-mpa-md-key="bullet-list" data-mpa-md-action-id="$id" data-mpa-md-template="1"><span data-marker=""></span><span data-slate-node="text"><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="">çç±ï¼</span></span></strong></span></span><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-string="true"><span leaf=""> ä¸ææ¯è±ä¼è¾¾åä¸ä»£ä¸å½ç¹ä¾è¯ç </span></span></span></span><span data-slate-node="text"><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="">H20 (Hopper æ¶æçæ¬)</span></span></strong></span></span><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-string="true"><span leaf=""> ç </span></span></span></span><span data-slate-node="text"><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="">ä¸»è¦ HBM3 å åä¾åºå</span></span></strong></span></span><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="">ã</span></span></span></span></section></li></ul><ul style="list-style-type: disc;padding-left: 1.2em;color: rgb(37, 37, 37);margin-left: 8px;margin-right: 8px;width: fit-content;" class="list-paddingleft-1"><li><section style="margin-bottom: 8px;font-size: 15px;color:#333333;letter-spacing: 1px;" data-mpa-md-content="t" data-mpa-md-key="bullet-list" data-mpa-md-action-id="$id" data-mpa-md-template="1"><span data-marker=""></span><span data-slate-node="text"><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="">æ¨æï¼</span></span></strong></span></span><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-string="true"><span leaf=""> é´äº B30A ä¹å°å å«æç§éè§çé«å¸¦å®½å å (HBM) è¯çï¼ä¸æ </span></span></span></span><span data-slate-node="text"><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="">æå¯è½</span></span></strong></span></span><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-string="true"><span leaf=""> å次æ为主è¦ä¾åºåï¼ä»èåçã</span></span></span></span></section></li></ul><section data-mpa-md-key="text" style="font-size: 15px;margin-bottom: 16px;color: #333333;margin-left: 8px;margin-right:8px;margin-top: 16px;letter-spacing: 1px;" data-mpa-md-action-id="mem6pdib7o2" data-mpa-md-template="1"><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="">æ»ç»è¦ç¹</span></span></span></span></section><section data-mpa-md-key="text" style="font-size: 15px;margin-bottom: 16px;color: #333333;margin-left: 8px;margin-right:8px;margin-top: 16px;letter-spacing: 1px;" data-mpa-md-action-id="mem6pdicg3l" data-mpa-md-template="1"><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="">æ©æ ¹å¤§ééç¥å ¶æºæ客æ·ï¼è±ä¼è¾¾æ£å éæ¨å¨é对ä¸å½å¸åºçéè§ç人工æºè½è¯ç B30Aï¼çº¦ä¸º Blackwell B300 </span></span></span><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="">ä¸åæ§è½ï¼ï¼é¢è®¡ 9 æåä¾è´§æ ·çã该è¯ççå ³é®å¨äºä¿çäº HBM å NVLink ææ¯ï¼è§æ ¼æªæç»ç¡®å®ï¼ã</span></span></span></span><span data-slate-node="text"><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="">åå¤</span></span></strong></span></span><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="">ä½ä¸ºä¸»è¦ç»è£ åä¸å®¢æ·æ¶µçè ¾è®¯ãåèè·³å¨ãé¿éç巨头ï¼è¢«è§ä¸ºæç´æ¥åçè ãä¸æçµåä½ä¸ºå代 H20 HBM3 ç主è¦ä¾åºåï¼å¯è½å B30A çéæ±èå次åçãèæ³å å ¶ä¸å½å¸åºå¢é¿ååé¿éãåèçéå®å ³ç³»ä¹è¢«æåï¼ä½åç度ä¸å¦åå¤æç¡®ã</span></span></span></span></section><section><span leaf=""><br /></span></section></section><p style="display: none;"><mp-style-type data-value="3"></mp-style-type></p>