国联民生证券：英伟达(NVDA.US)发布全新AI架构 AI正重塑存储堆栈

智通财经01-13

智通财经APP获悉，国联民生证券发布研报称，英伟达(NVDA.US)本次发布的全新方案是在架构层面借鉴Intel SCM的分层理念，BF4+DRAM+内存池化是英伟达通过软件定义的SCM，而现有的潜在方案都有各种成本、大规模训练稳定性的问题。从逻辑上看AI 正加速一切存储的重要性。此前市场并未对AI 需求下的DRAM和SSD增长逻辑形成一致的预期，但在本次发布会后该行认为AI正逐步重塑存储堆栈并...

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stack","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"NVD3.UK":0.6,"2NVD.UK":0.6,"SNVD.UK":0.6,"NVIW.SI":0.6,"NVDY":0.6,"NVDX":0.6,"NVDS.UK":0.6,"NVD":0.6,"NVDU":0.6,"NVDD":0.6,"NVDS":0.6,"NVDA":1.98,"NVD2.UK":0.6,"3NVD.UK":0.6},"content_text":"智通财经APP获悉，国联民生证券发布研报称，英伟达(NVDA.US)本次发布的全新方案是在架构层面借鉴Intel SCM的分层理念，BF4+DRAM+内存池化是英伟达通过软件定义的SCM，而现有的潜在方案都有各种成本、大规模训练稳定性的问题。从逻辑上看AI 正加速一切存储的重要性。此前市场并未对AI 需求下的DRAM和SSD增长逻辑形成一致的预期，但在本次发布会后该行认为AI正逐步重塑存储堆栈并量化SSD的需求和空间。国联民生证券主要观点如下：黄仁勋CES2026 最新演讲发布新一代AI 芯片架构NVIDIA Vera Rubin面对阶段AI 计算需求的指数级增长，英伟达正式发布新一代AI 芯片架构：NVIDIA Vera Rubin。Vera Rubin 平台不是单个芯片的迭代，而是从晶体管到系统架构的全栈重新思考。黄仁勋展示了六颗全新的芯片，包括Vera CPU、RubinGPU、NVLink 6 Switch、ConnectX-9 智能网卡、BlueField-4 DPU、Spectrum-X 102.4T CPO。英伟达认为在摩尔定律放缓的时代，单纯依靠制程进步带来的性能提升是有限的。而真正的突破来自于从系统层面重新设计系统协同工作。在传统的计算架构中，数据传输往往成为瓶颈。而在Vera Rubin 中通过重新设计芯片间的高速互连，整个系统的通信带宽达到了“全球互联网总带宽的两倍”。英伟达确认AI 正重塑存储堆栈过去KV Cache 的体积随着大模型浪潮下不断增长的上下文记忆、更长的对话、存储更多的临时知识，传统的 GPU 高带宽内存已无法容纳。因此Vera Rubin 的解决方案是四颗 BlueField-4 DPU 直接管理一个高达 150TB 的共享、持久、高速的上下文内存池。而内存池通过超低延迟的机架内网络与所有 GPU 直连，可以动态地为每个 GPU 分配高达 16TB 的专用且高速的上下文空间。英伟达正成为AI 时代全栈计算基础设施的定义者和提供者目前通过Vera Rubin训练一个 10 万亿参数规模的下一代前沿大模型， 所需集群规模仅为使用 Blackwell 系统的四分之一，极大加速了从研究到产品的迭代周期。在同等功耗和空间下， 一个 Vera Rubin 数据中心的 AI 计算吞吐量预计将达到基于 Hopper 架构数据中心的约 100 倍，大规模 AI 服务的 token 生成成本，预计将降至当前水平的约十分之一。AI 时代下，存储的重要性正提升若按照每颗GPU 增加16TB NAND，每个机柜增加1152TB NAND，若按照14 万机柜计算，NAND 需求增加161 EB，大约占2025 年全球NAND 总需求的16%和企业级SSD 的54%，或持续影响NAND供需平衡。风险提示：AI 发展不及预期;AI 商业化逻辑不及预期;存储需求不及预期。","kind":"news","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"2","news_tag":"productRelease","news_rank":0,"isVideo":false,"video":null,"symbols":[],"gpt_button":0,"need_auth":false,"need_login_tip":false,"code":"91000000","status":"200"},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; 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