凭什么？仅仅9年，85后创始人，3年干出1541亿身家

Core Insights - The article highlights the rapid rise of Cambrian, a Chinese AI chip company founded by Chen Tian-shi, whose net worth surged to 154.1 billion yuan as the company's market capitalization exceeded 520 billion yuan [1][3][5] - Cambrian's success is attributed to its strategic decision to build its own ecosystem rather than relying on compatibility with Nvidia's CUDA, which has positioned it favorably in the competitive AI chip market [5][10] - The launch of the DeepSeek R1 inference model and its subsequent V3.1 version has significantly enhanced the performance of domestic chips, marking a shift from "usable" to "highly usable" [5][7] Company Overview - Cambrian was established in 2016 by Chen Tian-shi and his brother, focusing on the intersection of processor architecture and artificial intelligence [3] - The company went public in 2021, becoming the first AI chip stock in A-shares, with an initial market valuation of 25.762 billion yuan [3] - As of August 2024, Cambrian's market capitalization has increased twentyfold, reflecting its growing influence in the AI chip sector [3][5] Market Dynamics - The Chinese accelerated chip market is projected to exceed 2.7 million units in 2024, with domestic chip shipments reaching 820,000 units, representing a 30% market share, up from less than 10% two years ago [7] - Nvidia's market size in China is expected to surpass $10 billion in 2024, with domestic chips potentially capturing a significant portion of this market [7][10] - The demand for AI computing power is rapidly increasing, with a staggering growth in token consumption, indicating a potential gap in computing power that domestic chips could fill [7][8] Strategic Partnerships - Major internet companies in China, including Tencent, are beginning to diversify their chip supply, indicating a shift towards domestic chip manufacturers like Cambrian [10] - The anticipated capital expenditure from major tech firms is projected to exceed 300 billion yuan by 2025, creating a substantial market opportunity for domestic chips [10] Financial Projections - Goldman Sachs has raised Cambrian's 12-month target price by 50% to 1,835 yuan, suggesting a potential market capitalization of nearly 800 billion yuan [12] - Cambrian's inventory and prepaid accounts have seen significant increases, indicating strong future demand and optimism from management regarding order volumes [12] Historical Context - Chen Tian-shi's journey from academia to billionaire status is framed within the context of key historical events, such as the rise of AI and the U.S.-China trade war, which have created opportunities for companies with technological expertise [14] - The article emphasizes that Cambrian's advancements in AI chip technology have begun to convert skepticism into tangible orders, marking a pivotal moment for the company [14]