1、 EQUITIES IT HARDWARE SEMICONDUCTORS&NETWORKING HARDWARE AI Infra Summit 2025 Takeaways 15 SEPTEMBER 2025 Sector Research Report Production time:10:59*(London time)Research Analysts&Publishing EntitiesResearch Analysts&Publishing Entities We had the opportunity to attend AI Infra Summit 2025 in Sant

2、a Clara and saw the latest data center technologies and roadmaps.Investment in AI infrastructure appears unabated with innovations across AI compute,networking,and memory all accelerating.Key Takeaways From The Event 1)We believe Ethernet CPO switches will become increasingly adopted in late 26,and

3、Broadcom will support an open ecosystem with merchant CPO switches with integrated optical engines to OEM/ODM switch vendors;2)Meta offered a preview of its next generation GB300 custom rack following the custom GB200 rack“Catalina”,and while not confirmed,we suspect Credos AECs could be used to sup

4、port Metas GB300 racks;3)Our field work indicates that Broadcoms Thor3 UEC-compliant 800G NIC should become available in October,offering an alternative to Nvidias ConnectX-8;4)The debate between SUE vs.UALink could continue throughout 2026,and we believe Broadcom is working on adding Scale-up Ether

5、net(SUE)into UEC standards,and UALink could become more appealing in 2027 when UALink switches are available;5)Celestica demonstrated a 1.6T Tomahawk 6 based switch prototype at Broadcoms booth,which we believe will become available in mid-2026,in line with peers;6)Nvidia announced a prefill-special

6、ized GPU Rubin CPX,which is expected to be available by the end of 2026;we think the demand of AI inferencing is at an inflecting point,and different AI accelerators tailored for different phases in inferencing should increasingly emerge.What To Do From Here We continue to favor the AI compute and E