ZhaoYin International: NVIDIA is transforming into a full-stack AI factory platform, with beneficiaries of global AI capital expenditure expansion including Innolux

Zhitong
2026.05.24 07:43

Zhao Yin International released a research report indicating that NVIDIA has performed excellently in its transition to a full-stack AI factory platform, with first-quarter results exceeding expectations and guidance being raised. The report emphasizes that the economic benefits of AI infrastructure are becoming increasingly sustainable, and it is expected that the global expansion of AI capital expenditure will benefit several domestic companies, including Zhongji Xuchuang and InnoLight Technology. NVIDIA's ACIE revenue growth is significant, demonstrating the market potential of AI factories among non-hyperscale cloud operators

According to the Zhitong Finance APP, CMB International released a research report stating that NVIDIA (NVDA.US) exceeded expectations in its first fiscal quarter ending in April and raised guidance for the second fiscal quarter ending in July. However, the more important insight is that the economic benefits of AI infrastructure are becoming increasingly sustainable. Coupled with the $1 trillion visibility from Blackwell/Rubin until 2027, new monetization opportunities from the Vera CPU, and a larger capital return plan, the first fiscal quarter results alleviated market concerns about a one-time demand peak in the fiscal year 2027 and reinforced NVIDIA's transformation from a GPU supplier to a full-stack AI factory platform.

The report indicates that the new business segmentation shows that NVIDIA is no longer just a story of capital expenditures from hyperscale cloud operators. In the first fiscal quarter, revenue from hyperscale cloud operators reached $38 billion, a 12% quarter-on-quarter increase, while ACIE revenue (AI cloud, industrial, and enterprise) reached $37 billion, a 31% quarter-on-quarter increase, reflecting that AI factories from non-hyperscale cloud operators are growing faster quarter-on-quarter. The market tends to debate NVIDIA through the intensity of capital expenditures from hyperscale cloud operators, ASIC substitution risks, and customer concentration, but ACIE has changed this discussion framework. The firm believes that hyperscale cloud operators have proven the feasibility of this architecture, but ACIE may become a broader and higher-quality expansion market.

CMB International stated that the visibility from Blackwell/Rubin and the Vera CPU extend NVIDIA's growth story from GPU demand to the control layer of the AI factory platform. The firm views Vera as NVIDIA's move into the CPU side control layer of AI agents, where the CPU is responsible for managing orchestration, tool usage, memory, etc., while the GPU is responsible for inference and reasoning. Overall, Blackwell/Rubin provides years of platform visibility, while Vera expands NVIDIA's monetization capabilities from GPUs to a broader AI factory infrastructure.

The firm also remains optimistic about domestic AI beneficiaries under the global expansion of AI infrastructure capital expenditures, including leading optical module manufacturer Zhongji Xuchuang (300308.SZ), PCB manufacturer Shengyi Technology (600183.SH), and data center power supplier InnoTek (02577)

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