广发证券：AI推理效率革新与Agent共振打开万亿市场空间

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智通财经APP获悉，广发证券发布研报称，2026年GTC大会上，黄仁勋预计2027年AI推理芯片潜在市场规模可达1万亿美元。AI产业叙事从训练驱动转向推理驱动，全栈式AI布局、软硬协同带来的推理性价比和稳定性优势。Agent as a Service业态将在企业端逐渐成熟，英伟达与传统SaaS公司达成广泛合作，代表AI对传统软件并非完全的颠覆，而是赋能和共创。Agent的普及对算力、推理模型与安全...

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href=http://www.zhitongcaijing.com/content/detail/1416509.html><strong>智通财经</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>智通财经APP获悉，广发证券发布研报称，2026年GTC大会上，黄仁勋预计2027年AI推理芯片潜在市场规模可达1万亿美元。AI产业叙事从训练驱动转向推理驱动，全栈式AI布局、软硬协同带来的推理性价比和稳定性优势。Agent as a Service业态将在企业端逐渐成熟，英伟达与传统SaaS公司达成广泛合作，代表AI对传统软件并非完全的颠覆，而是赋能和共创。Agent的普及对算力、推理模型与安全...</p>\n\n<a 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AI Reasoning Efficiency Innovation and Agent Resonance Open Trillion Market Space","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"81024":0.6,"89988":0.6,"HTCD.SI":0.6,"KSTmain":0.6,"00772":0.9,"000776":1.5,"01860":0.9,"01357":0.9,"TCHmain":0.6,"01776":1.5,"HBBD.SI":0.6,"ALBmain":0.6},"content_text":"智通财经APP获悉，广发证券发布研报称，2026年GTC大会上，黄仁勋预计2027年AI推理芯片潜在市场规模可达1万亿美元。AI产业叙事从训练驱动转向推理驱动，全栈式AI布局、软硬协同带来的推理性价比和稳定性优势。Agent as a Service业态将在企业端逐渐成熟，英伟达与传统SaaS公司达成广泛合作，代表AI对传统软件并非完全的颠覆，而是赋能和共创。Agent的普及对算力、推理模型与安全基础设施提出新的需求，机器人与自动驾驶等物理AI应用加速落地，世界模型、仿真训练正在形成新的技术范式。广发证券主要观点如下：推理成为AI算力增长核心驱动力，英伟达以AI工厂体系重构算力基础设施，并推动Agent与物理AI加速落地AI产业叙事正从“训练性能突破”转向“推理效率优化”。2026年GTC大会上，黄仁勋预计2027年AI推理芯片潜在市场规模可达1万亿美元。推理算力需求呈结构性增长：(1)高质量训练数据逐渐稀缺，模型训练更多依赖合成数据与后训练阶段推理；(2)Agent应用相比传统聊天机器人token消耗量提升1–2个数量级。德勤预计全球推理负载占AI算力比例将从2023年的约1/3提升至2026年的约2/3，长期有望超过80%。模型API价格持续下降，主流模型推理成本较2023年下降超过一个数量级，成本效率与响应速度正成为AI应用落地的关键竞争要素。英伟达通过软硬件垂直整合提供完整AI基础设施Vera Rubin计算平台集成Vera CPU、Rubin GPU与NVLink-72互联等7款芯片，通过系统级协同设计显著提升推理效率，推理性能较上一代提升约35倍，token生成速率实现350倍增长。针对Agent等低延迟场景，英伟达引入Groq LPU架构，通过片上SRAM替代HBM以降低延迟，并推出LPX机架，带来最高约10倍的潜在商业化收益空间。应用层面，AI Agent与物理AI成为新的增长方向Agent将成为企业刚需，SaaS模式将转变为Agentic AI as a Service模式。英伟达推出NemoClaw以完善OpenClaw生态，通过OpenShell提供安全沙箱环境，实现权限管理与安全控制。Nemotron-3 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广发证券：AI推理效率革新与Agent共振 打开万亿市场空间

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广发证券：AI推理效率革新与Agent共振打开万亿市场空间