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撤销《AI扩散规则》：中东AI基建加速，围堵中国AI软硬件发展
Haitong Securities International·2025-05-21 09:57

Investment Rating - The report does not explicitly provide an investment rating for the industry or specific companies involved. Core Insights - The U.S. Department of Commerce's Bureau of Industry and Security (BIS) has repealed the AI Export Control Rule, which is expected to benefit companies like NVIDIA and AMD as they expand into emerging markets such as the Middle East, particularly Saudi Arabia, where a joint technology investment of $80 billion has been pledged [6][7] - The repeal of the AI Export Control Rule removes barriers for AMD and NVIDIA to export advanced AI chips to countries investing in AI infrastructure, thus capturing the fast-growing demand in the Middle East [6][7] - A new "replacement rule" will restrict the proliferation of Huawei's AI chips globally, aiming to block Huawei's supply chain and market access, which could pressure China to develop its own training cards for large models [7][8] - The new regulations will limit the use of U.S. AI chips for training Chinese AI models, potentially slowing China's progress in advanced AI model development [8] Summary by Sections Section 1: Repeal of AI Export Control Rule - The repeal is expected to facilitate the export of advanced AI chips to the Middle East, particularly benefiting NVIDIA and AMD [6][7] - Companies like Google, Oracle, and AMD have committed to significant investments in Saudi Arabia's AI infrastructure [6] Section 2: Replacement Rule Targeting Huawei - The BIS has announced a replacement rule that specifically targets Huawei's Ascend chips, stating their use violates U.S. export controls [7] - This move aims to globally restrict Huawei's AI chip supply chain and market access [7] Section 3: Impact on China's AI Development - The new regulations will restrict U.S. AI chips from being used in training Chinese AI models, which may hinder China's advancements in this area [8] - The U.S. will enhance supply chain scrutiny to prevent AI chips from reaching China, tightening technology exports further [8]