According to Guo Mingchi, an analyst at Tianfeng International Securities, the latest industry chain order information for the Nvidia Blackwell GB200 chip shows that Microsoft is currently the world's largest GB200 customer. The order volume surged 3-4 times in the fourth quarter of this year, exceeding the total order volume of all other cloud service providers. Guo Mingchi stated in the report that the expansion of production capacity for Blackwell chips is expected to start in the early fourth quarter of this year. By then, the shipment volume in the fourth quarter will be between 150000 and 200000 pieces, and it is expected that the shipment volume in the first quarter of 2025 will significantly increase by 200% to 250%, reaching 500000 to 550000 pieces.