Nvidia(US:NVDA) Tai Mei Ti A P P·2025-11-14 00:57Core Insights - November 13 marks a significant day for domestic chip companies, with two firms dubbed "Chinese versions of Nvidia" making progress in their IPOs despite Nvidia's stock pressure [1] Group 1: Company Developments - Muxi Co., a leading domestic high-performance general-purpose GPU company, has received approval for its IPO registration on the Sci-Tech Innovation Board, aiming to raise 3.904 billion yuan for GPU research and industrialization [2] - Muxi's core products include the "Xisi N series" for AI inference and the "Xiyun C series" for AI training and general computing, competing directly with Nvidia's chips [2] - Muxi reported a projected loss of over 1.4 billion yuan for 2024, with a first-quarter loss of over 200 million yuan and an estimated loss of 300 to 380 million yuan for the first three quarters of the year, although its revenue growth is accelerating [2] - Moore Threads, another high-end chip company, has initiated its IPO process, aiming to provide comprehensive GPU solutions and has a projected loss of over 1.6 billion yuan for 2024 [3] - Moore Threads has a compound annual growth rate of 208.44% in revenue from 2022 to 2024, with a projected revenue increase of 177.79% to 241.65% for the year [3] Group 2: Industry Trends - The IPO processes for both Muxi and Moore Threads have been notably swift, with Muxi taking 116 days and Moore Threads only 88 days from application to approval [4] - Major internet companies are also intensifying their chip strategies, with Baidu announcing the launch of its self-developed Kunlun chip series, targeting AI applications [4] - Tencent reported a record high in R&D spending of 22.82 billion yuan, primarily to support AI initiatives [4] - Alibaba has secretly initiated the "Qianwen" project to develop an app based on the Qwen model, aiming to compete with ChatGPT [4] - The Chinese AI industry is rapidly advancing, with new models like Kimi K2 Thinking gaining attention [5]