2026將是AI科技硬件之年？

芯師爺

2025/11/27

硬·AI作者| 董靜編輯| 硬 AI摩根⼠丹利預測，2026年將成為AI科技硬件迎來爆發式增⻓的關鍵之年，主要受AI服務器硬件需求強勁增⻓驅動。11⽉3⽇，據硬AI消息，摩根⼠丹利在最研報中稱，AI服務器硬件正在經歷⼀場由GPU和ASIC驅動的重⼤設計升級。英偉達即將推出的GB300、Vera Rubin平台和Kyber架構，以及AMD的Helios服務器機架項⽬，都將帶來更⾼的計算能⼒和機櫃...

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18:07","share_image_url":"https://static.laohu8.com/9a95c1376e76363c1401fee7d3717173","id":"2586229503","market":"us","top_or_hot":-1,"title":"2026將是AI科技硬件之年？","media":"芯師爺","content":"<div>\n<p>硬·AI作者| 董 靜編輯| 硬 AI摩根⼠丹利預測，2026年將成為AI科技硬件迎來爆發式增⻓的關鍵之年，主要受AI服務器硬件需求強勁增⻓驅動。11⽉3⽇，據硬AI消息，摩根⼠丹利在最研報中稱，AI服務器硬件正在經歷⼀場由GPU和ASIC驅動的重⼤設計升級。英偉達即將推出的GB300、Vera Rubin平台和Kyber架構，以及AMD的Helios服務器機架項⽬，都將帶來更⾼的計算能⼒和機櫃...</p>\n\n<a href=\"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20251127231552a4be6b18&s=b\">網頁鏈接</a>\n\n</div>\n","source":"tencent","html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>2026將是AI科技硬件之年？</title>\n<style 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GROWTH \"AMI\" (SGDHDG) INC","LU1551013342.USD":"Allianz Income and Growth Cl AMg2 DIS USD","LU1066051811.HKD":"HSBC GIF GLOBAL EQUITY VOLATILITY FOCUSED \"AM2\" (HKD) INC","LU0056508442.USD":"贝莱德世界科技基金A2"},"translate_title":"Will 2026 be the year of AI technology hardware?","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"SNVD.UK":0.6,"PCB":1,"NVD":0.6,"NVDD":0.6,"NVDY":0.6,"3NVD.UK":0.6,"NVDU":0.6,"NVDS":0.6,"2NVD.UK":0.6,"NVDS.UK":0.6,"NVD2.UK":0.6,"AMD":0.9,"NVD3.UK":0.6,"NVIW.SI":0.6,"NVDA":0.9,"AI":0.9},"content_text":"硬·AI作者| 董 靜編輯| 硬 AI摩根⼠丹利預測，2026年將成為AI科技硬件迎來爆發式增⻓的關鍵之年，主要受AI服務器硬件需求強勁增⻓驅動。11⽉3⽇，據硬AI消息，摩根⼠丹利在最研報中稱，AI服務器硬件正在經歷⼀場由GPU和ASIC驅動的重⼤設計升級。英偉達即將推出的GB300、Vera Rubin平台和Kyber架構，以及AMD的Helios服務器機架項⽬，都將帶來更⾼的計算能⼒和機櫃密度。⼤摩在報告中強調，隨着英偉達的Vera Rubin平台在2026年下半年推出，機櫃需求預計將從2025年的約2.8萬台激增⾄2026年的⾄少6萬台。更重要的是，為了⽀持更⾼功耗的GPU，電源解決⽅案的價值到2027年可能增⻓超過10倍，⽽液冷散熱⽅案因成為標配，其單機櫃價值也將持續攀升。此外，PCB/基板、⾼速互聯等部件亦將迎來重⼤規格升級。這意味着，整個AI服務器硬件供應鏈的價值正在被重估。該⾏對多家AI硬件供應鏈公司維持積極評級，認為新⼀代AI服務器設計升級將為相關⼚商帶來豐厚收益。01AI服務器機架需求爆發式增長⼤摩在報告明確指出，AI硬件的增⻓動⼒正從H100/H200時代，轉向由NVIDIA的GB200/300（Blackwell平台）及後續的Vera Rubin（VR系列）平台所驅動的新周期。根據英偉達的產品路線圖，其GPU的功耗和性能正在經歷跳躍式升級。從H100的700W TDP，到B200的1,000W，再到GB200的1,200W，直⾄2026年下半年登場的Vera Rubin（VR200）平台，其GPU最⼤TDP將飆升⾄2,300W，⽽2027年的VR300（Kyber架構）更是⾼達3,600W。（英偉達產品路線圖）⼤摩認為，這種算⼒密度的提升，直接推動了服務器機櫃從設計到組件的全⾯⾰新。⼤摩預測，僅英偉達平台，AI服務器機櫃的需求就將從2025年的約2.8萬台，在2026年躍升⾄⾄少6萬台，實現超過⼀倍的增⻓。與此同時，AMD的Helios服務器機架項⽬（基於MI400系列）也獲得了良好進展，進⼀步加劇了市場對先進AI硬件的需求。報告強調，隨着機櫃設計從單個GPU升級轉向整個機架系統（Rack）的集成設計，擁有強⼤整合能⼒和穩定交付記錄的ODM⼚商，如⼴達（Quanta）、富⼠康（Foxconn）、緯創（Wistron）和緯穎（Wiwynn），將在GB200/300機櫃供應中佔據主導地位。02功耗與散熱瓶頸引爆電源與液冷方案價值報告最引⼈注⽬的觀點之⼀，是AI硬件升級帶來的功耗和散熱挑戰，正轉化為電源和冷卻供應商的巨⼤商機。這被視為本輪升級中價值增⻓最快的環節之⼀。在電源⽅⾯， 隨着單機櫃總功耗的急劇增加，傳統的電源架構已難以為繼。報告預測，電源架構將向800V⾼壓直流（HVDC） ⽅案過渡。這⼀轉變將極⼤提升電源解決⽅案的價值含量。⼤摩預計，到2027年，為Rubin Ultra機櫃（採⽤Kyber架構）設計的電源解決⽅案，其單機櫃價值將是當前GB200服務器機櫃的10倍以上。同時，到2027年，AI服務器機櫃中每瓦功耗對應的電源⽅案價值，也將⽐現階段翻倍。在散熱⽅⾯， 液冷已從備選⽅案變為必需品。報告指出，隨着GB300平台TDP突破1,400W，液冷成為標準配置。這直接推⾼了散熱組件的價值。具體數據顯示：⼀個GB300（NVL72）機櫃的散熱組件總價值約為49,860美元。⽽到了下⼀代Vera Rubin（NVL144）平台，由於計算托盤和交換機托盤的散熱需求進⼀步提升，單機櫃的散熱組件總價值將增⻓17%，達到55,710美元。其中，為交換機托盤設計的散熱模組價值增幅⾼達67%。⼤摩稱，這清晰地表明，液冷產業鏈中的冷板模組、冷卻⻛扇、快速連接器（NVQD）等關鍵部件供應商將直接受益。03價值鏈全面升級PCB/基板與高速互連水漲船高除了電源和散熱，報告同樣強調了AI平台升級對印刷電路板（PCB）和各類互聯組件的深遠影響。每⼀次GPU迭代，都伴隨着對PCB層數、材料等級和尺⼨的更⾼要求。根據⼤摩整理的英偉達GPU演進路線圖：ABF載板： 層數從H100的12層（12L）增加到Blackwell（B200）的14層，再到Vera Rubin（VR200）的18層，尺⼨也相應增⼤。OAM（OCP加速器模塊）主板：PCB規格從H100的18層HDI（⾼密度互連），升級⾄GB200/300的22層HDI，並可能在VR200上達到26層HDI。CCL（覆銅板）材料： 正在從超低損耗（Ultra low-loss, M7）向極低損耗（Extreme low-loss, M8）等級遷移，以滿⾜更⾼的數據傳輸速率要求。⼤摩認為，這些技術細節的升級，意味着PCB板的製造⼯藝更復雜、價值更⾼。對⾼層數HDI板和⾼等級CCL材料的需求增加，將為具備相應技術實⼒的PCB和上游材料供應商帶來結構性增⻓機遇。報告明確指出，AI GPU和ASIC服務器的設計升級將有⼒⽀撐PCB/載板⾏業的產能擴張浪潮。同時，⼤摩稱，數據和電源互連⽅案也在升級，以匹配更⾼的數據傳輸速度和容量需求。","kind":"news","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"isVideo":false,"video":null,"symbols":[],"gpt_button":0,"need_auth":false,"code":"91000000","status":"200"}}}