「寻芯记」“国产GPU四小龙”即将齐聚二级市场，不同路线下谁的“稀缺性”更有含金量

Core Viewpoint - The AI chip market is becoming increasingly competitive, with companies like Suiruan Technology facing challenges due to diminishing "scarcity premium" as they enter the market later than their peers [2][4]. Revenue and Market Share - In 2024, Suiruan Technology is projected to have a revenue of 722 million yuan, ranking second among the "four little dragons" of domestic GPUs, while Muxi shares lead with 743 million yuan [3]. - Nvidia holds approximately 70% market share in the Chinese AI accelerator market, with Suiruan Technology and Cambricon each at about 1.4%, while other competitors are below 1% [3]. Valuation Trends - Suiruan Technology's later entry into the market means it faces greater uncertainty regarding its post-listing valuation compared to its peers, which saw significant stock price increases upon listing [4]. - The initial stock price increases for Muxi shares, Moer Thread, and Biran Technology have begun to stabilize, indicating a potential cooling of market enthusiasm [4][5]. Technical Route - Suiruan Technology has chosen a non-GPGPU technology route, differentiating itself from its competitors who follow the GPGPU path, which is currently more mainstream [5]. - GPGPU is expected to remain dominant in AI training scenarios, while non-GPGPU may gain traction in inference scenarios due to its efficiency and lower latency requirements [6][7]. Market Dynamics - The market is expected to see a shift where non-GPGPU chip shipments will increase from 36% in 2024 to 45% by 2027, while GPGPU shipments will decrease from 64% to 55% in the same period [6]. - The future landscape may involve a blend of GPGPU and non-GPGPU technologies, with a focus on building robust software ecosystems around core customers to enhance competitive advantages [7].