Sou Hu Cai Jing·2025-08-29 04:39Core Viewpoint - The recent surge in Cambricon's stock price, surpassing that of Moutai, is seen as unsustainable and indicative of capital's unhealthy influence on the industry, which could lead to long-term negative consequences for the sector [1][5]. Company Analysis - Cambricon's revenue was only 1.2 billion RMB last year, with significant growth this year, but such growth rates are not sustainable in the long term [1]. - The Chinese chip industry has opportunities, but no company currently possesses a monopoly or can achieve sustained high-speed growth [1]. - Cambricon's high stock price does not reflect its technological maturity or strategic roadmap, which is still underdeveloped due to its short establishment time [2][3]. Industry Context - Nvidia's stock price is supported by substantial performance and technological leadership, built over decades, unlike Cambricon [1][2]. - Nvidia has successfully integrated technology and established a strong ecosystem, capitalizing on market opportunities such as cryptocurrency mining and AI [2]. - The capital market's excitement around Cambricon could mislead the industry, leading to inflated salaries and a focus on short-term gains rather than long-term technological development [3]. Capital Market Dynamics - The capital market's influence can distort industry direction, leading to a focus on immediate profits rather than sustainable growth [3]. - The current environment in the Chinese chip industry is characterized by an abundance of market demand, technology, talent, and funding, but patience and a focus on technical development are essential [3].