According to a report by CMB International, NVIDIA’s financial performance in the first fiscal quarter, along with its guidance for the second fiscal quarter, both surpassed market expectations. This indicates a growing sustainability in the economic returns from AI infrastructure. The report also highlights that the Blackwell/Rubin project is anticipated to generate a market value of USD 1 trillion by 2027. This will open up monetization avenues for the Vera CPU and introduce a more expansive capital return strategy. Such developments effectively dispel market anxieties regarding a potential peak in demand during fiscal year 2027 and further cement NVIDIA’s transformation from a mere GPU provider to a holistic AI factory platform.

CMB International posits that Blackwell/Rubin, coupled with the Vera CPU, will broaden NVIDIA’s growth narrative. This expansion will move beyond just GPU demand to encompass the control layer of the AI factory platform. Notably, the Vera CPU marks NVIDIA’s significant foray into the CPU-side control layer for AI agents. In this setup, the CPU undertakes management and orchestration duties, whereas the GPU is dedicated to inference tasks.

Furthermore, CMB International maintains a positive outlook on Chinese AI beneficiaries, including Zhongji Xuchuang, Shengyi Technology, and Innoscience. This optimism is rooted in the ongoing expansion of global AI infrastructure capital expenditures.