中信建投:算力需求無需擔憂,積極把握擾動因素下的佈局機會
中信建投證券8月4日研報表示,北美雲廠商2024Q2季報披露完畢,整體看資本開支仍保持快速增長,且對未來指引樂觀。2024Q2,北美四家雲廠商的資本開支總計分別為528.52億美元,同比增長57.76%,環比增長19.33%。對於算力板塊我們後續展望仍保持積極。根據The Information報道,英偉達即將推出的人工智能芯片將因設計缺陷而推遲三個月或更長時間,Blackwell大量生產或延遲至明年Q1。我們認為,B卡延遲對於總需求來講並沒有影響,目前1.6T光模塊也沒有出現延遲的情況,同時800G光模塊訂單需求將為明年相關公司業績增長提供堅實基礎。美股科技股和A股算力股近期波動較大,更多是受到複雜的宏觀經濟、資金交易、國際環境變化等因素影響,非基本面引起的股價調整隻是短期內的波動,長期看AI發展趨勢性強,具備較好的投資價值。
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