显卡商转行炒内存，“套牌车”混进服务器

Core Insights - The current state of the computing power market in China is characterized by extreme supply-demand imbalance, with high-end GPU chips like the Nvidia B200 being nearly invisible in the domestic market, leading to significant price increases for both high-end and mid-range GPUs [1][2][7] - The surge in demand for computing power coincides with the listing of several domestic AI chip companies, indicating a hot market environment at the beginning of 2026 [1][11] - Speculative investments have exacerbated market volatility, with some suppliers shifting from graphics cards to memory products due to higher profit margins and lower risks [4][6] Supply and Demand Dynamics - The demand for computing power is currently high, but resources are scarce, leading to increased prices for GPUs and memory components [2][3] - Prices for DDR5 memory have surged over 300% since September 2025, with specific models now costing significantly more than they did just months prior [2][3] - The overall cost of building high-performance computing systems has escalated, with complete setups now reaching prices between 600,000 to 700,000 yuan [3][7] Market Trends - The influx of speculative capital has led to a chaotic market environment, with some channel suppliers engaging in practices that inflate prices artificially [4][5] - The emergence of counterfeit memory products has raised concerns about quality and reliability in the market [6] - Major cloud service providers are increasingly turning to domestic chip manufacturers as a response to supply shortages and rising costs of imported components [8][9] Future Outlook - The market is expected to evolve into a multi-layered structure, where domestic chips will gain traction in specific applications, particularly in sectors requiring data security and autonomy [8][9] - The ongoing development of AI computing architectures aims to unify various hardware standards, potentially reducing dependency on imported GPUs [12][13] - The next two years are critical for domestic chip manufacturers to address technical challenges and improve product usability in order to capitalize on the growing market demand [11][14]