沐曦股份IPO今日上会审议 GPU算力竞速：国产芯片的历史性机遇

Core Viewpoint - The IPO applications of Chinese GPU companies, including MuXi Integrated Circuit and MoEr Thread, are progressing rapidly, marking a significant moment for the domestic GPU industry as they aim to challenge NVIDIA's dominance in the market [1][4][11]. Group 1: Company Developments - MuXi Integrated Circuit, established in 2020, has developed the "XiSi N" series GPUs for intelligent computing inference and the "XiYun C" series for training and general computing, targeting AI training and inference scenarios [1][5]. - MoEr Thread, also founded in 2020, has successfully passed the IPO review process in a record 88 days, potentially becoming the largest IPO on the STAR Market this year [3][4]. - Both companies have seen accelerated IPO processes amid a changing market environment, with significant investments and talent acquisition aimed at capturing the lucrative GPU market [1][5]. Group 2: Market Environment - The market for AI GPUs in China is experiencing rapid growth, with the market size projected to increase from 142.86 billion yuan in 2020 to 996.72 billion yuan by 2024, reflecting a compound annual growth rate of 62.5% [12]. - The exit of NVIDIA from the Chinese market due to U.S. export restrictions has created a unique opportunity for domestic GPU companies to fill the void [11]. - The competitive landscape is shifting, with domestic companies like MoEr Thread and MuXi aiming to establish themselves as viable alternatives to NVIDIA, which has seen its market share in China plummet from 95% to nearly 0% [11]. Group 3: Technological Challenges - Despite advancements, domestic GPU companies still face significant technological gaps compared to NVIDIA, particularly in software ecosystems and manufacturing processes [8][9]. - The transition costs for developers to switch from NVIDIA's CUDA to domestic alternatives remain a major hurdle for the adoption of domestic GPUs [8]. - The manufacturing capabilities of domestic companies are limited to 7nm or 14nm processes, while NVIDIA has moved to 4nm, posing challenges for future competitiveness [9]. Group 4: Future Outlook - The success of domestic GPU companies will depend not only on technological advancements but also on the maturation of the entire industry ecosystem [9]. - The push for domestic AI chip independence is gaining momentum, with increasing support from policies and market dynamics favoring local manufacturers [7][11]. - The rapid adaptation of domestic GPUs to emerging AI applications, such as DeepSeek, indicates a growing recognition of their capabilities in the market [12].