计算机行业AI2025算力系列（六）：美国加大限制AI芯片+英伟达中东签大单、国产替代进程加快

Core Insights - The report highlights the increasing restrictions imposed by the U.S. on AI chips, particularly targeting China's AI industry, while also noting significant contracts signed by NVIDIA in the Middle East and the acceleration of domestic alternatives in China [2][6][11]. Section Summaries U.S. AI Computing Power Export Policy Adjustment - On May 13, 2025, the U.S. Department of Commerce announced the repeal of the Biden administration's "AI diffusion rules," which previously limited the sale of U.S. AI chips to 18 allied countries, significantly impacting companies like NVIDIA and AMD [9][10]. - The new measures focus on restricting the development of China's AI industry, particularly targeting Huawei's Ascend chips and Chinese AI models, while easing restrictions on non-competitive countries [11][12]. Domestic AI Chip Development - The report indicates that the U.S. policy changes will accelerate the domestic replacement of AI chips in China, as companies will be motivated to adopt local alternatives due to uncertainties surrounding U.S. chip exports [12][16]. - Companies like Cambricon are positioned to benefit from the restrictions on Huawei, as the competitive landscape for domestic AI chips is expected to shift favorably towards them [16][17]. AI Demand in the Middle East - NVIDIA's recent agreement with HUMAIN in Saudi Arabia to supply a large number of AI chips for a super-scale computing center reflects the growing demand for AI computing power globally [12][14]. - The construction of AI computing centers in the Middle East indicates a trend of increasing investment in AI infrastructure by various countries [12]. Performance Comparison of AI Chips - A performance comparison shows that Huawei's CloudMatrix 384, with 384 Ascend chips, offers 300 PFLOPS, surpassing NVIDIA's GB200 NVL72, which provides 180 PFLOPS with only 72 chips [15]. - Despite the performance gap in individual chip capabilities, the collective power of domestic AI computing clusters is closing the gap with international competitors [14][15]. Financial Analysis of Key Companies - Cambricon's inventory as of Q1 2025 was reported at 2.76 billion CNY, reflecting a 9.8% increase from the end of 2024, indicating a recovery in its supply chain and readiness for product delivery [16][20]. - The report emphasizes the importance of maintaining a competitive edge in the AI chip market, particularly in light of the evolving regulatory landscape and market demands [16][17].