“GPU双雄”会师科创板 AI芯片攻坚国产替代

Core Viewpoint - The recent IPOs of domestic GPU companies, including Moer Technology and Muxi Co., highlight the growing interest and investment in the AI chip sector in China, indicating a need for domestic firms to enhance their technological capabilities and market presence to compete effectively against international giants [1][2][3]. Group 1: IPO Developments - Muxi Co. officially listed on the STAR Market on December 17, shortly after Moer Technology's IPO, reflecting a trend of domestic GPU companies seeking public funding to support their growth [1]. - Moer Technology's IPO raised approximately 8 billion yuan, while Muxi Co. raised around 4 billion yuan, both aimed at advancing their AI chip development projects [2]. Group 2: Market Performance and Expectations - Moer Technology's stock surged by 468% shortly after its listing, reaching a market capitalization of over 300 billion yuan, indicating high market expectations for domestic GPU companies [2]. - The domestic AI chip market is projected to grow significantly, with forecasts suggesting an increase from 142.54 billion yuan in 2024 to 1,336.79 billion yuan by 2029, driven by a compound annual growth rate of 53.7% [4]. Group 3: Competitive Landscape - The global GPU market is dominated by NVIDIA, holding over 80% market share, while AMD accounts for nearly 20%. In China, NVIDIA and AMD are expected to capture 66% and 5% of the AI chip market, respectively, with domestic players like Huawei HiSilicon at 23% and both Muxi Co. and Moer Technology at around 1% [4]. - Domestic AI chip manufacturers face challenges in performance and technology, with most currently operating at levels comparable to NVIDIA's A100 products [6]. Group 4: Technological Advancements - Muxi Co. plans to launch its next-generation products, the Xiyun C600 series, which will have performance metrics between NVIDIA's A100 and H100, with mass production expected by mid-2026 [6]. - Moer Technology is also focused on enhancing its GPU capabilities, including improvements in chip performance, memory bandwidth, and communication bandwidth [6]. Group 5: Ecosystem Development - Both Muxi Co. and Moer Technology are investing in building a robust software ecosystem to support their hardware, with Muxi Co. developing a software stack compatible with mainstream CUDA ecosystems [8]. - The establishment of a strong software ecosystem is seen as crucial for domestic AI chip companies to transition from being merely "usable" to "self-sufficient and effective" [8].