机构与游资“围猎”，寒武纪股价狂飙

Core Viewpoint - The recent surge in the stock price of Cambrian (688256) reflects a heated capital game surrounding domestic AI chip leaders, driven by the rapid growth of AI technology and the increasing demand for AI chips globally [4][5]. Group 1: Stock Performance - Cambrian's stock price fluctuated around 920 yuan, with a market capitalization of approximately 390 billion yuan, peaking at 985 yuan and surpassing 400 billion yuan the previous day [2]. - The stock price rose dramatically from below 700 yuan to nearly 1,000 yuan within three days, showcasing significant market enthusiasm [2]. Group 2: Market Dynamics - The competition in AI chips has intensified globally, particularly due to the rise of large models like ChatGPT, making AI training and inference chips essential [4]. - Cambrian is one of the few domestic manufacturers capable of mass-producing cloud training chips, which has made it a favored target for capital investment [4]. Group 3: Investment Sentiment - The urgency for domestic alternatives has heightened market expectations for Cambrian and similar chip companies, with notable institutional investors and prominent traders actively participating in the market [4][5]. - The strategic focus on domestic replacement and the ability to capture market sentiment have created a capital feast for both institutions and retail investors [5]. Group 4: Company Fundamentals - Cambrian is recognized as a leader in domestic AI chips, possessing proprietary technology in chip architecture, instruction sets, and foundational software, which creates high technical barriers [5]. - The company has established a comprehensive product matrix that meets various AI application needs, with significant clients including major players like Alibaba Cloud and Baidu [5]. Group 5: Challenges and Risks - Despite its promising position, Cambrian's current price-to-earnings ratio exceeds 2,700, indicating a high valuation compared to international giants like Nvidia, which poses challenges for commercial success [5]. - The rapid evolution of AI chip technology means that any delay in innovation could lead to significant pressures on Cambrian's research and cash flow [5].