抢下120亿，这届芯片老兵要翻身了

Core Viewpoint - The rise of domestic GPU companies, specifically Moer Technology and Muxi Integrated Circuit, is significantly influenced by the success of the domestic large model company DeepSeek, which is expected to create unprecedented opportunities for the domestic GPU market by the end of 2024 [3][17]. Group 1: Market Dynamics - The semiconductor industry is experiencing a surge, with companies like Cambricon achieving record high market values and revenues [4]. - Moer Technology and Muxi Integrated Circuit have both submitted IPO applications, with Moer aiming to raise 8 billion yuan, potentially becoming the largest IPO on the Sci-Tech Innovation Board this year [4][6]. - The domestic GPU market is seen as having a critical opportunity for breakthrough, as companies seek to find niches in a market dominated by established giants [6][7]. Group 2: Company Profiles - Moer Technology was founded by Zhang Jianzhong, a former Nvidia executive, who quickly attracted talent and investment, achieving unicorn status within 100 days [10]. - Muxi Integrated Circuit was established by Chen Weiliang, also a veteran in the GPU field, focusing on data centers and AI computing from the outset [12][15]. - Both companies have taken different approaches: Moer Technology emphasizes rapid growth and capital attraction, while Muxi focuses on steady technological development and overcoming manufacturing challenges [16]. Group 3: Financial Performance - Moer Technology has raised over 3.5 billion yuan across seven funding rounds and reported a revenue increase from 46 million yuan in 2022 to 438 million yuan in 2024, with a compound annual growth rate of 208.44% [20]. - Muxi Integrated Circuit has completed eight funding rounds, raising over 2 billion yuan, with a projected valuation exceeding 46 billion yuan based on its latest funding round [22]. - Both companies are currently facing significant operational losses due to high R&D costs, with Muxi's losses projected to reach 1.4 billion yuan in 2024 and Moer's cumulative losses nearing 5 billion yuan [24]. Group 4: Future Opportunities - The launch of DeepSeek's large model is expected to ignite the inference market, creating a favorable environment for domestic GPUs to thrive [17][19]. - The domestic GPU market is projected to exceed 100 billion yuan in scale over the next three years, driven by increasing demand for high-performance computing [19]. - Both Moer Technology and Muxi Integrated Circuit are positioning themselves to capitalize on this growth, with Moer focusing on next-generation GPU development and Muxi on high-performance general-purpose GPUs [25][26].