Summary of Mu Xi Co. Conference Call Company Overview - Mu Xi Co. offers a product line that spans from low-end to high-end GPUs, including the C7,000, intelligent computing series, and the G100 series, primarily shipping in module and board card forms, with a small number of servers [2][3] Core Business and Product Features - The main focus is on the GPU industry, with three product series: 1. Training and inference integrated GPUs (C series) 2. Intelligent computing series for inference and video transcoding 3. Graphics rendering GPUs (G100 series) for low-end applications [3] - The C series GPUs are designed for AI inference and small to medium model training, featuring self-developed Link protocol and domestic supply chain [2][5] Financial Performance - As of June 2025, Mu Xi has sold a total of 25,000 GPU chips, with 2024 revenue reaching 700 million RMB, primarily from training and inference integrated cards, and an additional 200 million RMB from servers [2][6] - The gross margin for 2024 was 53.4%, with Q1 2025 showing a slight increase to 55.3%, which is close to competitors but lower than others in the industry [9][10] Research and Development - R&D investment for 2024 was approximately 900 million RMB, with a high R&D expense ratio of 121.2% [4][11] - The company is focused on high-performance general-purpose GPU development, with significant ongoing investments [11] Inventory and Prepayments - As of Q1 2025, prepayments reached 1.17 billion RMB, and inventory was 802 million RMB, reflecting increased material orders [12] Customer Concentration and Supplier Structure - The top five customers accounted for 88.35% of sales, indicating high customer risk [4][13] - Major suppliers include companies related to wafers and HBM, which have been consistent over the past three years [14] Industry Trends - The AI chip demand is shifting from pre-training to post-training and inference, with domestic cards gaining opportunities in the inference phase [15] - Domestic internet giants are expected to increase capital expenditures, although short-term impacts from supply chain issues may affect this [17] Global and Domestic Market Dynamics - The global GPU market is dominated by NVIDIA (80% market share) and AMD (20%), with significant growth in shipments [20] - Domestic policies are encouraging the use of local chips, with plans for 100% self-sufficiency in computing centers by 2027 [20] Future Outlook - The Chinese AI chip market is projected to reach 50 billion USD by 2027, indicating strong growth potential [21] - Domestic AI chip companies are transitioning to selling complete systems and clusters, supported by government policies [22] Emerging Trends - The computing power leasing market is expected to grow significantly, benefiting from improvements in the domestic supply chain [23]

Core Viewpoint - Moer Technology has initiated its IPO process on the Sci-Tech Innovation Board, aiming to raise 8 billion yuan for various AI and chip development projects, despite currently operating at a loss [1][2] Group 1: IPO Details - Moer Technology's IPO has been accepted by the Shanghai Stock Exchange, with plans to raise 8 billion yuan through the issuance of at least 44.45 million shares, representing no less than 10% of the post-issue total share capital [1] - The funds raised will be allocated to the development of next-generation AI training and inference chips, graphics chips, and AI SoC chips, as well as to supplement working capital [1] Group 2: Company Background - Founded in October 2020, Moer Technology focuses on its self-developed MUSA architecture, which supports AI computing acceleration, graphics rendering, physical simulation, scientific computing, and ultra-high-definition video encoding and decoding [1] - The founder, Zhang Jianzhong, has a significant background in the chip industry, having served as a global vice president and general manager for NVIDIA in Greater China from April 2006 to September 2020 [1] Group 3: Financial Performance - Moer Technology has attracted investments from notable firms such as Sequoia China, Tencent, and ByteDance, achieving a pre-IPO valuation of 24.62 billion yuan in 2024 [2] - Despite a pre-IPO valuation nearing 25 billion yuan, the company is currently in a loss-making phase, with projected revenues of 46 million yuan, 124 million yuan, and 438 million yuan for 2022, 2023, and 2024 respectively [2] - The net losses for the same years are projected at 1.839 billion yuan, 1.674 billion yuan, and 1.492 billion yuan, with significant R&D expenditures totaling 3.81 billion yuan over three years, accounting for approximately 626.03% of total revenue during that period [2]

Core Viewpoint - Moer Technology plans to raise 8 billion yuan through its IPO on the Sci-Tech Innovation Board, focusing on self-developed GPUs for high-performance computing applications in AI, digital twins, and scientific calculations [2][6]. Company Overview - Founded in 2020, Moer Technology specializes in developing full-function GPUs and has launched four generations of GPU architectures, covering various applications such as AI computing, high-performance computing, graphics rendering, and smart media [2]. - The company has established R&D and technical support centers in major cities like Beijing, Shanghai, Chengdu, and Shenzhen to quickly respond to customer needs [4]. Technology and Product Development - Moer Technology's MUSA architecture allows a single chip to support AI computing acceleration, graphics rendering, physical simulation, and scientific computing, marking a significant technological breakthrough in the domestic GPU industry [2][3]. - Compared to other AI acceleration products, the MUSA architecture offers stronger computing versatility, better technological evolution capability, and broader market adaptability [3]. Market Applications - In the intelligent computing market, Moer Technology's products support various high-end applications, including large language models and medical imaging, with solutions like the MTT S4000 and S5000 series [5]. - The company's products are also widely used in high-performance graphics workstations for industrial design and simulation, contributing to the optimization of the domestic high-performance graphics market [5]. Financial Performance - Moer Technology's revenue from 2022 to 2024 is projected to grow from 46 million yuan to 438 million yuan, with a compound annual growth rate exceeding 200% [5]. - The company has maintained high R&D investment, with over 3.8 billion yuan allocated from 2022 to 2024, and employs a workforce where 78.69% are R&D personnel [6]. Future Plans - The funds raised from the IPO will be used for the development of new self-controlled AI training and inference chips, graphics chips, and AI SoC chips, as well as to supplement working capital [6].

Core Viewpoint - The article highlights the emergence of a domestic GPU company, Sunrise, which was spun off from SenseTime at the end of 2024, focusing on high-performance GPU development tailored for AI applications [3][4]. Company Overview - Sunrise has recently completed a new financing round of nearly 1 billion yuan, with investors including SANY Group's Huaxu Fund, Fourth Paradigm, Youzu Network, Beijing Lier, Songhe Capital, and Haitong Kaiyuan [5]. - The company aims to create self-developed high-performance GPUs that are both affordable and practical for real-world applications [6]. Product Details - Sunrise's products are named S1, S2, and S3, with S1 already in mass production, having shipped over 20,000 units. S2 is also in mass production, matching the performance of NVIDIA's A100 [7][8]. - S1 is designed for cloud-edge visual inference, specifically for video analysis models, while S2 is a GPGPU for large model inference, compatible with the CUDA ecosystem [8]. - S3 is currently under development and is expected to be mass-produced by 2026, aiming to reduce inference computing costs to one-tenth of the original, potentially lowering the cost of domestic large model inference to 0.01 yuan [11]. Leadership and Team - The company is led by two co-CEOs: Wang Zhan, a former Baidu executive, and Wang Yong, a veteran from AMD who previously led chip development at SenseTime [10]. - The core technology team consists of only 150 members, significantly smaller than competitors, yet they have successfully developed two generations of chips in five years [11].

Core Viewpoint - Nvidia's stock price has been rising steadily, leading to a market capitalization of $384.91 billion, reclaiming the title of the world's most valuable company, while CEO Jensen Huang and several executives have been selling their shares [1][3][4]. Group 1: Stock Performance - Nvidia's stock closed up 1.76% on June 27, with a weekly increase of 9.66% and a monthly rise of 16.75% [3]. - The company's market capitalization reached $384.91 billion, surpassing Microsoft to become the most valuable company globally [3][10]. Group 2: Insider Selling - CEO Jensen Huang has sold a total of 300,000 shares since June 20, amounting to approximately $44.9 million (around 322 million RMB) [5]. - Huang's sales included multiple transactions, with individual sales ranging from 50,000 to 75,000 shares, with values between $7.21 million and $11.67 million [5][6]. - Other executives, including board member Brooke Seawell, have also been selling shares, with a total of 14 significant shareholders reducing their holdings by 10.2 million shares over the past three months [7]. Group 3: Market Concerns and Valuation - Despite the rising stock price, concerns remain regarding Nvidia's high valuation, with a current P/E ratio of 50.1, significantly higher than Microsoft's 38.1 and Apple's 30.9 [12]. - The company faces potential threats from U.S. export controls on chips, antitrust investigations in the EU, and advancements in quantum computing [12]. - However, the upcoming production of the new Blackwell architecture chips, which promise a performance increase of up to 30 times, could bolster Nvidia's growth [12][15]. Group 4: Future Outlook - Analysts, including those from Loop Capital, have raised Nvidia's target stock price to $250, suggesting a potential market cap of $6 trillion, driven by increasing demand for AI and cloud services [14]. - The expected production of the Blackwell chips in October, along with rising demand for AI applications, is anticipated to support Nvidia's continued growth [15].

A股复盘 | 稳住，回撤牛 / 2025.06.26 现在全民李大霄了吗？动不动就**牛！ A股刚让人刮目相看三天，忽然又回到了跳水的常规操作上。 下午大家又开始找原因，我看有人发了伊朗梅哈內伊之子被暗杀的消息。 我第一时间想到是"豺狼"干的，然后我又想，他儿子死了跟我们大A什么关系？ 这也要我们买单？ 后来证明这消息是假的 总之，这波牛市可以叫"亏钱牛"，无论你买什么板块，总能亏钱，但是指数涨挺 好！ 不过这次稳稳站住3400点，后续需要一些资金再承托以下。 这一轮谁在买呢？很明显是咱们老乡自己！ 据华创证券统计，自媒体快手、抖音平台在6/19号以伊冲突前后，对A股讨论热 度显著增加，借鉴去年9/24和今年4/7关税战中自媒体热度飙升的经验，随着近 两日地缘冲突缓和，散户风险偏好出现明显改善，对应最近一周小单净流入额出 现明显抬升。同时主动管理基金的发行情况近期也有所好转，主动权益基金近一 个月发行量从年初40亿元扩张至96亿元。 自媒体热度+公募发行回暖的大背景还 是居民160万亿超额储蓄搬家的故事，特别是今年5月存款利率大幅降至1%以 下，在实物通胀回归前，股市作为剩余流动性承载器，赚钱效应吸纳增量资金 ...

Core Viewpoint - The article discusses the advancements in semiconductor technology and the release of new products, particularly focusing on the Nintendo Switch 2, which features significant upgrades in processing power and memory capacity compared to its predecessor [1]. Group 1: Semiconductor Advancements - In 2025, various products utilizing new semiconductor technologies are being launched, with a notable shift towards 3nm technology in high-end smartphones, including Xiaomi's "Xiaomi 15S Pro" [1]. - Major GPU manufacturers, including Intel, AMD, and NVIDIA, have released new GPU series, showcasing advancements in graphics technology [1]. Group 2: Nintendo Switch 2 Disassembly - The disassembly of the Nintendo Switch 2 is relatively easy, utilizing only two types of screws and minimal adhesive, making it more manufacturable compared to other devices [2][3]. - The mainboard of the Switch 2 contains 21 functional semiconductors, with a significant portion sourced from Japan, the USA, and Taiwan, indicating a diverse supply chain [6]. - The Switch 2 features a substantial increase in memory, with 12GB of LPDDR5X compared to the previous generation's 4GB, enhancing its performance capabilities [6][12]. Group 3: Structural Comparison - The Switch 2 is designed more like a portable PC rather than an upgraded smartphone, sharing structural similarities with ASUS's portable gaming PC "ROG Ally" [10]. - The internal architecture of the Switch 2 has evolved, with a focus on utilizing common PC chips, indicating a shift in design philosophy [11]. Group 4: Processor Details - The Switch 2 is powered by NVIDIA's GMLX30-A1 processor, which is a streamlined version of the AGX Orin TE990M-A1, allowing for a smaller package size while maintaining performance [18]. - The processor architecture includes 8 CPU cores and a reduced number of GPU cores compared to the Orin, reflecting a balance between performance and cost [22].

Core Company Insights - CoreWeave is an AI-focused cloud computing start-up that is experiencing significant growth due to increased spending in generative AI [1] - The company is benefiting from strong demand for GPUs, which are essential for training and running large language models [1] Market Trends - There is a massive upsurge in generative AI spending, which is driving the demand for CoreWeave's services [1]

Core Viewpoint - The article highlights the successful completion of the IPO counseling for Muxi Integrated Circuit (Shanghai) Co., Ltd., marking a significant step for a domestic GPU company aiming for listing on the STAR Market in China [1][4]. Company Overview - Muxi Integrated Circuit was established in September 2020 in Shanghai and has set up wholly-owned subsidiaries and R&D centers in multiple cities including Beijing, Nanjing, Chengdu, Hangzhou, Shenzhen, Wuhan, and Changsha [5]. - The company boasts a team with extensive experience in high-performance GPU product development, with core members averaging nearly 20 years in the field [5]. Product Development - Muxi has developed a full-stack GPU chip product line, including the Xisi® N series for intelligent computing inference, Xiyun® C series for general computing, and Xicai® G series for graphics rendering, all designed to meet high efficiency and versatility in computing power [6]. - The products utilize fully self-developed core GPU IP and possess independent intellectual property rights, ensuring compatibility with mainstream GPU ecosystems [6]. Financial and Investment Aspects - Muxi has undergone significant financing rounds since its inception, with the latest round completed in August 2024, involving state-owned and market enterprise investors [6]. - The company is valued at approximately 10 billion yuan, positioning it among other notable AI chip companies in the market [10]. Market Context - Several listed companies are actively exploring opportunities in the domestic GPU sector, with firms like Tailin Micro and Chaoxun Communication expressing interest in collaborating with Muxi and other emerging AI computing companies [7]. - The competitive landscape includes other AI chip companies like Suiruan Technology and Biran Technology, which have also initiated their IPO processes [10].

继海光和龙芯之后，又一家国产CPU厂商冲刺上市。 6月17日，上海兆芯集成电路股份有限公司（以下简称"兆芯集成"）科创板IPO申请正式获上海证券交易所受理。据上交所官网信息，兆芯集成此次IPO拟募 资41.69亿元资金，公司本次募集资金将投资于新一代服务器处理器项目、新一代桌面处理器项目、先进工艺处理器研发项目和研发中心项目。 | | | | 首页 党建 发行上市 披露 监管 数据 产品 服务 规则 关于 | | | 4 一网通办 "三开门"专栏 | | --- | --- | --- | --- | --- | --- | --- | | 上海兆芯集成电路股份有限公司 ■●■■□ | 发行上市 > 审核项目动态 > | | | | | | | 已问询 | 日登理 2025-06-17 | | 上市委会议 | | 提交注册 | 注册结果 | | 项目基本信息 | | | | | | | | 上海兆芯复成电路股份有限公司 | 公司全称 | | 受理日期 | 2025-06-17 | | | | 兆芯侧成 | 公司简称 | | 融资金额(亿元) 41.69 | | | | | 市核状态 | 已受理 | | 更新日 ...