摩根士丹利：追踪中国半导体国产化进程-评估国内人工智能 GPU 的自给自足程度

May 5, 2025 10:16 PM GMT M Idea Tracking China's Semi Localization | Asia Pacific Gauging domestic AI GPU self- sufficiency We summarize recent news flow and our industry checks regarding China's progress in semi localization. We estimate China AI GPU self-sufficiency ratio at 34% in 2024 and expect it to be 82% in 2027. We estimate the TAM of cloud AI to grow at 28% CAGR (2024- 27e) to US$239bn in 2027 (link), and China to account for 20% of the total, around US$48bn in 2027, given strong demand of inferen ...