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AI 加速器协同 高速通信技术，加速 AI 创新发展 相关研究：1.AI 2023.12.24%1 3 12-1.67-16.3-14.8-0.2-11.0-27.8 300 S0500523010001 Tel(8621)50293694 Email 88 10 AI AI(Training)(Inference)AI AI GPU AI AI AMD 2023 2027 AI 72.7%Infiniband RoCE GPU GPU 50%GPU GPU InifiniBand RoCE RoCE DPU 2020 2025 DPU 170%RoCE 400GbE/800GbE IDC 2023 200/400 GbE 68.9%DellOro 2024 800GbE 2027 400 Gbps/800 Gbps 40%NVMe-oF+NVMe SSD Markets And Markets 2022 2025 NVMe 29.7%AI AI AI GPU FPGA ASIC Infiniband RoCE IB IB DPU NVMe SSD 证 券研 究报告 2024 年 03 月 28 日 湘 财证 券研究 所 行 业研 究 半导体 行业深 度 正文目录 1 AI AI.3 2 AI.4 2.1 AI.5 2.2 Infiniband RoCE.8 2.2.1 RoCE DPU.12 2.2.2.14 2.2.3 NVMe.18 3.19 4.20 ZXFUuNnQnOnMtNnOrMtMqR6McMaQsQrRnPrNiNpPpMeRmOvMaQrRyQMYoNrPuOsPnQ 2 图表目录 1-.4 2-.4 3.5 4.6 5.7 6.8 7 AI Atlas 800.9 8.9 9 Meta-Roce.11 10 Meta-Nvidia InfiniBand.11 11 InfiniBand.12 12 InfiniBand.12 13 DPU.13 14 DPU.13 15 DPU.13 16.14 17.15 18 AI.15 19.16 20 2023.16 21 2023YQ1.16 22.17 23 VS.17 24.18 25.18 26.18 27 NVME.19 28 NVME PCIE.19 1 AI.4 2.8 3 AI.10 4 RDMA.11 5.14 6 400GE.15 7.17 3 1 AI AI 2024 3+2024 2023 ChatGPT AI AI ChatGPT AI AI AI AI AI AI 30Bttnbx01NGyzJRBl8bdbzkDSe1RnSOm2svFrHBRVkSNbwwVapnSydaL+eO6F15 4 1 AI 2 AI AI/(Training)(Inference)1-2-NEURAL SERVERS NEURAL SERVERS 5 AI AI AI AI AI 3 2.1 AI AI AI 6 OpenAI Meta AI GPU 4 iResearch Nvidia GPU GPU GPU GPT3 1750 3000 GPU 312T GPU 50%GPU 1038 Nvidia GTC ChatGPT-4.0 1.8 8000 Hopper GPU 3 Gemini 1.5 Pro Gemini 1.5pro 4096 TPUv4 2023 AI 450 AMD 2027 AI 4000 72.7%7 5=8 GP U GP U&GPU AI AI FPGA ASIC NPU GPU ASIC GPU GPU GPU AI GPU 80%IDC 2025 726 2 GPU 18 GPU ASIC FPGA GPU 90%IDC 2021 2023H1 GPU GPU IDC 2023 91 82.5 2027 134 21.8 2023 GPU 90%2023 GPU 37.3%GPU 23.5%8 2 2021 2022 2023H1 2023E 2027E(53.9 67 31 91 134 GPU 88.40%89%92%90%-GPU 72.54%25%-37.3%-GPU 11.60%11%8%10%-GPU 43.80%17.9%8%23.5%-IDC 2.2 Infiniband RoCE GPU GPU 6=f&AI 1 9 2 GPU GPU GPU GPU 3 GPU GPU 4 AI AI GPT-3 PaLM GPU GPU 50%GPU CPU GPU GPU PCIE5.0/6.0 NVLINK HCCS RDMA RDMA 3 RDMA Infiniband Nvidia RoCE(RDMA over Converged Ethernet)iW ARP 7 AI Atlas 800 8 OFEEK 10 3 AI QPI/UPI Intel,CPU CPU PCIE CPU GPU CPU NVLINK NVLink PCIe GPU GPU CPU DMA(Direct Memory Access)CPU MPI API HCCS Cache HCCS CPU CPU 30GT CPU 2 TCP/IP TCP/IP RDMA RDMA CPU RDMA-InfiniBand(HPC)(HPC)-iWARP TCP RDMA TCP/IP RDMA InfiniBand-Roce RDMA RDMA RDMA Infiniband TCP/IP RoCE CDSN GPU InifiniBand RoCE Meta GPU Arista Arista 7800 RoCE Nvidia Quantum2 InfiniBand Infiniband InfiniBand InfiniBand InfiniBand InfiniBand to Ethernet Dell Infiniband NVIDIA Quantum-2 QM9700-4 11 RoCE RoCE IDC 2022 AI InfiniBand 75%IB 9 Meta-Roce 10 Meta-Nvidia InfiniBand Meta Meta 4 RDMA InfiniBand iWARP RoCE TCP InfiniBand IB Nvidia infiniband 70%InfiniBand InfiniBand Infiniband 2024 Quantum InfiniBand 5 Maximize Market Research 2021 InfiniBand 66.6 2029 983.7 40%12 11 InfiniBand 12 InfiniBand Nvidia InfiniBand InfiniBand Intel InfiniBand InfiniBand Hewlett Packard Enterprise IT InfiniBand MAXIMIZ Market Research 2.2.1 RoCE DPU RoCE RDMA RoCE RoCEv1 RoCEv2 RoCE v2 IP RoCEv1 RoCE v2 IB RoCE v2 RoCE v2 RoCE v2 InfiniBand Nvidia Intel Broadcom PHY 400Gbps 25Gbps 100Gbps DPU RDMA DPU DPU CPU DPU CPU DPU-DPU 10 020040060080010002021Y 2029E40%13 13 DPU DPU SmartNIC CPU GPU Dell Oro 2024 SmartNIC 6 23%2026 16 38.67%DPU 2020 DPU 3.9 2025 565.9 170%14 DPU 15 DPU DPU ASIC FPGA SoC Allied Market research FPGA SOC DPU Intel AMD Marvell 01002003002020Y 2021E 2022E 2023E 2024E 2025E 01002003004005006002020Y 2021E 2022E 2023E 2024E 2025E 14 Broadcom Amazon Microsoft DPU 2.2.2 RoCE v2 RDMA RoCE RDMA 16 5 25G 40G 100G 5G 10G 1 2 3 10G/40G 25G/100G 25G/100G 100T 400GE 5K 100GE 75%15 100GE 20K 25GE 75%100GE 25GE 75%6 400GE TOR Tor 10G 200K 10G 200K 40G 50K 25G 80K 25G 80K 100G 20K 100G 20K 100G 20K 400G 5K IDC 2023 20.1%442 3175 200/400 GbE 2023 68.9%100GbE 46.3%6.4%AI DellOro 2024 800GbE 400GbE 2027 400 Gbps/800 Gbps 40%AI 2025 AI 800 Gbps 2027 1600 Gbps 17 18 AI IDC DellOro 2022 449.3 12.97%2025 574.2 2020-2025 10.8%16 19 IDC 2023 77.8%2023 43.7%22.2%Arista Networks2023 11.1%2023 35.2%91.4%9.4%10.6%HPE 9.4%2023 67.6%H3C 4.2%6.3%80%2023 41.5%20 2023 21 2023YQ1 IDC IDC 4%0%5%10%15%20%0100200300400500600700 H3C,34.50%,30.90%,14.90%,7%,3.50%,9.20%17 7/2020Y 763.54 12485.54 6.12%2021Y 354.2 10436.07 3.39%2022Y 386.63 9873.54 3.92%2016 318.5 2020 368.0 3.6%2025 434.0 3.4%22 23 VS AI 5G WiFi 6 2016 54.1 2020 90.0 13.6%2025 171.4 5 13.8%2020 2025 18%9.8%0%20%40%60%80%100%18 24 25 62%20%16%1.6%80%26 2.2.3 NVMe NVMe SSD NVMe NVMe SATA NVMe SSD 2016 NVMe NVMe over Fabric NVMe over PCIe Fabrics RDMA PCIe NVMe SSD NVMe-oF 19 NVMe NVMe over Fabric NVME SSD 1 NVMe over Fabric 2 NVMe over Fabric CPU 3 NVMe over Fabric Nvidia GPU Direct Storage GPU NVMe SSD AI Markets And Markets NVMe 2020 446 2025 1635 29.7%NVME PCIE 27 NVME 28 NVME PCIE Markets And Markets IDC 3 AI AI AI GPU FPGA ASIC Infiniband RoCE IB IB DPU NVMe SSD 05001000150020002020Y 2025ECAGR 29.7%20 4 湘财证券投资评级体 系（市场比较基准为沪深 300 指数）6-12 15%6-12 5%15%6-12-5%5%6-12 5%6-12 15%重要声明 分析师声明
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