<Research> CMBI: NVIDIA Corporation (NVDA.US) Shifts Toward Full-Stack AI Factory Platform; Global AI Capex Expansion Beneficiaries Include INNOSCIENCE (02577.HK)

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CMBI published a report stating that NVIDIA Corporation (NVDA.US) delivered another earnings beat for its first fiscal quarter ended late April and raised guidance for the second fiscal quarter ending late July. More importantly, it highlighted that the economic benefits of AI infrastructure are becoming increasingly sustainable. Together with USD1 trillion visibility for Blackwell/Rubin through 2027, new monetization opportunities from the Vera CPU, and a larger-scale capital return program, the first-quarter results have eased market concerns that fiscal 2027 would represent only a one-off demand peak, while reinforcing NVIDIAs transition from a GPU supplier to a full-stack AI factory platform.

The report noted that the new business segmentation shows NVIDIA is no longer merely a story driven by hyperscalers capital expenditure. In the first fiscal quarter, revenue from hyperscalers reached USD38 billion, up 12% QoQ, while ACIE revenue (AI Cloud, Industrial and Enterprise) amounted to USD37 billion, up 31% QoQ, reflecting faster QoQ growth from AI factories outside hyperscalers. The market has tended to debate NVIDIA through the lens of hyperscaler capex intensity, ASIC substitution risks and customer concentration, but ACIE changes this discussion framework. The broker believes hyperscalers have validated the architectures feasibility, while ACIE could become a broader and higher-quality expansion market.

CMBI added that Blackwell/Rubin visibility and the Vera CPU extend NVIDIAs growth narrative from GPU demand to the control layer of AI factory platforms. It views Vera as NVIDIAs move into the CPU-side control layer for AI agents, where CPUs manage orchestration, tool usage and memory, while GPUs handle inference and reasoning. Overall, Blackwell/Rubin provides multi-year platform visibility, and Vera expands NVIDIAs monetization capability from GPUs to broader AI factory infrastructure.

The broker remains positive on domestic AI beneficiaries amid the expansion of global AI infrastructure capex, including optical module leader ZHONGJI INNOLIGHT (300308.SZ) +44.640 (+4.494%) , PCB manufacturer SYTECH (600183.SH) +9.820 (+10.001%) , and data center power supplier INNOSCIENCE (02577.HK) +2.200 (+3.372%) Short selling $22.10M; Ratio 4.387% . (da/u)(HK stocks quote is delayed for at least 15 mins.Short Selling Data as at 2026-05-22 16:25.) (A Shares quote is delayed for at least 15 mins.) (Real-time Streaming US Stocks Quote; Except All OTC quotes are at least 15 minutes delayed.)

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