Core Insights - The core viewpoint of the article emphasizes that Moore Threads is gradually establishing a significant position in the AI computing sector through its comprehensive GPU capabilities and expanding customer ecosystem, driven by technological advancements and industry demand [1][3]. Group 1: Company Strengths - Moore Threads has developed a general-purpose GPU that integrates multiple functionalities, including AI computation acceleration, 3D graphics rendering, and ultra-high-definition video encoding, addressing the high computing power demands of multimodal AI models [1]. - The company has created a comprehensive end-to-end product system that includes chips, Open Accelerator Modules (OAM), and computing clusters, successfully enabling multimodal applications such as generative AI, digital twins, and scientific computing [2]. - The customer base of Moore Threads is continuously expanding, with products covering AI data centers, AI edge devices, and gaming graphics cards, while new platform-level products are being launched to enhance market penetration [2]. Group 2: Market Outlook - Goldman Sachs views the positive statements from Moore Threads' management regarding the performance improvements of domestic GPUs and the growth in customer demand as consistent with their optimistic outlook on the expansion of advanced processes in China's semiconductor industry [3]. - The company has recently launched the Huashan/Lushan series GPUs based on a new architecture, which feature integrated multi-engine capabilities and proprietary 3D graphics acceleration engines, establishing a differentiated competitive barrier [3]. - The increasing demand for computing power due to the evolution of AI models towards multimodality is seen as a critical factor for market capture, with Moore Threads positioned to leverage its technological innovations [3].
高盛调研摩尔线程：公司展现出三大核心竞争力