Wedbush Morning Call - Jun 25 2026 7:10AM

研报英文原文证据摘录

Wedbush Morning Call - Jun 25 2026 7:10AM

transformation conviction, while a failed or withdrawn bid risks a sharp reversal back toward cash-backing (~$8.40/share).

The imminent release of GME's detailed strategic rationale deck is the next near-term catalyst to watch.

TECHNOLOGY, INTERNET AND MEDIA

Hardware

Top 500 Supercomputers List #67: China's LineShine Ends HPE's 4-Year Reign

The newest TOP500 list capturing the largest 500 (self reported) supercomputing systems was released earlier this week. With

shifts in supercomputing often foreshadowing changes in the broader IT landscape, we see technology trends highlighted by

this list as meaningful even though the HPC space represents a relatively modest portion of total IT spend:

Key Takeaways

A New Leader, but on CPUs Alone: In a more eventful list at the top than the past several, a previously unlisted Chinese system,

LineShine, debuted at No. 1 at 2.198 Exaflop/s on HPL, one of two new Top 10 entries this list (alongside Eni's HPC7 at No. 6)

versus none last list. LineShine ends a run of US based HPE built systems atop the list that dated to Frontier's 2022 exascale

debut and marks the first China based leader since 2017.

We would highlight LineShine's lack of accelerator use; the platform rather relies solely on a custom Chinese CPU platform.

And this architecture in turn appears less useful for AI workloads (its HPL-MxP mixed precision speedup of just ~3.6x (versus

~8x to 11x for the GPU accelerated US systems).

If indeed Supercomputing efforts provide some insight into future tech trends (and we believe they do), the lack of an AI

accelerator seemingly suggests China is still struggling to replicate NVDA/AMD/Western efforts in AI processing, an implication