Huatai Securities Research Report Interpretation of CES 2025: Nvidia released a new generation of RTX 50 series graphics cards based on the Blackwell architecture. Among them, the high-end model RTX 5090 has 92 billion transistors, can provide 3400 TOPS computing power, and is priced at $1999. In addition, Blackwell is in full production and the GPU will be available for sale later in January. Looking forward, Huang Renxun said that he will build a giant chip called Grace Blackwell NVLink72, which will use 72 Blackwell GPUs. AMD released the Ryzen AI series AI PC processors and the Ryzen 9900X3D and Ryzen 9950X3D gaming processors. The company said it is optimistic about the AI PC replacement cycle of enterprise PC users. Intel said that Intel 18A process chip Panther Lake processor will be mass-produced in the second half of 2025. It is recommended to pay attention to Nvidia's subsequent progress in the fields of giant chips, world basic model Cosmos, and physical AI.