China Merchants Strategy: Physical AI is expected to become an important growth direction, providing new incremental demand for computing power.

CMS Strategy research report believes that this NVIDIA GTC conference focused on two major directions: Vera Rubin computing power upgrades and physical AI application expansion, further clarifying the development trends of the AI industry. On the computing power side, Vera Rubin continues to improve computational efficiency and, combined with liquid cooling and modular deployment solutions, drives improvements in the efficiency and overall energy efficiency of AI infrastructure construction. On the application side, NVIDIA is accelerating the layout of physical AI in fields such as robotics, intelligent driving, and industrial manufacturing, promoting the deep integration of AI with the real economy. Overall, the AI industry is showing a trend of continuous upgrades in computing power infrastructure and accelerated expansion of application scenarios. Physical AI is expected to become an important growth direction, providing new incremental demand for computing power.