中国大芯片赛道，又跑出一个赢家

Core Viewpoint - The article highlights the significant role of NVIDIA in the AI boom, attributing its success not only to GPUs but also to its strategic acquisition of Mellanox, which has greatly enhanced its networking capabilities. This has led to a substantial increase in networking revenue, showcasing the growing importance of networking in the AI era [1]. Group 1: NVIDIA's Success and DPU's Role - NVIDIA's networking revenue grew by 162% year-on-year to $8.2 billion in Q3 2025, surpassing the $6.9 billion paid for Mellanox [1]. - The emergence of DPU (Data Processing Unit) has become crucial in modern data centers, as it offloads tasks from CPUs, enhancing overall system performance [2][3]. - DPU is seen as a key component in creating a secure and accelerated data center, integrating CPU, GPU, and DPU into a single programmable unit [2]. Group 2: DeepSeek's Insights on DPU - DeepSeek emphasizes the importance of DPU in AI infrastructure, suggesting that integrated communication co-processors in DPUs could be vital for next-generation AI hardware [4]. - The use of RDMA (Remote Direct Memory Access) in DPU enhances online inference throughput and computational efficiency by minimizing resource contention [5]. Group 3: Cloud Leopard Technology's Breakthrough - Cloud Leopard Technology has successfully produced China's first 400Gbps DPU chip, achieving global top-tier performance with capabilities to process millions of data packets per second and low latency of 5 microseconds [8][10]. - The company has gained recognition from major investors and has been able to produce complex chips without modifying any transistors, demonstrating its technological prowess [7][8]. - Cloud Leopard aims to launch an 800Gbps network card to compete with NVIDIA's CX8 network card, further solidifying its position in the market [13]. Group 4: Industry Trends and Future Outlook - The article notes that various chip sectors, including CPU, GPU, and AI computing chips, have seen significant advancements and IPOs, indicating a fruitful period for the domestic chip industry [15]. - Cloud Leopard is positioned to potentially become the "first DPU stock in China," reflecting its growing influence in the semiconductor landscape [15].