汇正财经：尚未盈利冲刺科创板，沐曦股份IPO的深层意义

Core Viewpoint - The upcoming IPO application of Muxi Integrated Circuit (Shanghai) Co., Ltd. on the Sci-Tech Innovation Board highlights the growing support for unprofitable tech companies with strong technological capabilities and market potential in China [1][2]. Group 1: Company Overview - Muxi Integrated Circuit has focused on the GPU and AI industry since its inception, aiming to promote the self-controllability of China's intelligent computing power industry chain [1]. - The company has developed core technologies in GPU IP, GPU SoC, high-speed interconnects, and GPU software, becoming one of the few domestic firms capable of high-performance GPU chip development and production [1]. Group 2: Market Context - The global GPU market is characterized by an oligopoly, with NVIDIA holding over 80% market share, while AMD also maintains a significant position [2]. - The rapid adoption of AI applications is driving demand for computing chips, with the domestic accelerated computing server market projected to reach approximately $22.1 billion in 2024, with GPUs dominating at 69% market share [2]. Group 3: Industry Trends - The current geopolitical climate and export controls on high-end AI chips from overseas have opened a window for domestic GPU companies to seek controllable alternatives, accelerating the need for localization and diversification [3]. - Continuous high R&D investment is essential for domestic GPU companies to secure market entry and competitive positioning, supported by the growing demand from AI servers and accelerated computing [3]. Group 4: Investment Analysis - The increasing demand for computing power due to the rapid development of artificial intelligence is maintaining a positive outlook for sectors such as data centers, liquid-cooled servers, and domestic GPUs [8]. - The IPO of Muxi Integrated Circuit is a notable case within the industry, drawing attention to the performance of companies in this sector [8].