估计他真的没有想到过，有一天他在中国市场的份额会变为0。 但在2025年，这样的事情就发生了，美国不允许他销售先进的AI芯片，而中国发现H20有后门，同时再 加上国产AI芯片崛起。 英伟达作为全球AI芯片巨头，一度垄断全球95%以上的市场份额，在中国也是如此，市场份额最高时超 过95%。 于是黄仁勋又希望特朗普能够放开禁令，销售一点更强大的芯片，比如H200。 而在传了这么久之后，终于确定了，在黄仁勋的不断游说之下，特朗普政府肯定也慌了，因为中国是真 的不买H20，全面国产替代了，这可不是美国愿意看到的。 所以近日，特朗普政府终于放开了H200，只是要求销售额的25%上交政府，这个黄仁勋肯定是没问题 的，利润那么高，交25%而已，只要不丢了市场就行。 于是英伟达真的在中国市场份额降至0了。 这让黄仁勋有点慌了，他不断的游说政府，希望放开禁令。为了让他的游说产生效果，各种说中国AI 芯片市场规模高达500亿美元，如果不卖给中国，中国就会自己制造出先进的AI芯片来，以后就没有美 国公司的事了。 黄仁勋更说，美国要在AI上保持领先的基础，是让中国用美国的AI芯片，这样美国控制着基础算力， 相当于中国的AI是在美国的 ...

公司澄清目前正就拟议分拆及上市进行评估。若进行分拆及上市，将须经相关监管审批程序，而公司并 不保证分拆及上市将会进行。 12月7日，百度集团港股公告，公司注意到于2025年12月5日有媒体报道公司拟分拆非全资附属公司昆仑 芯(北京)科技有限公司进行独立上市。 据悉，12月5日，摩尔线程上市首日，有媒体援引知情人士消息称，百度旗下AI芯片企业昆仑芯(北京) 科技有限公司已正式启动香港上市筹备工作，计划最早于2026年一季度向港交所递交上市申请，目标在 2027年初完成IPO，其最新一轮融资估值已达约210亿元人民币(约合29.7亿美元)。 受该传闻提振，12月5日港股收盘时，百度港股大涨5.01%，最新股价定格在121.60港元。 据悉，昆仑芯是由百度内部孵化的AI芯片公司，于2021年4月完成独立融资，首轮估值约130亿元，百 度为控股股东，持股比例为59.45%。 截至2025年7月，昆仑芯已完成D轮融资，投资方涵盖上河动量资本、山证投资、国新基金下属高层次 人才基金及中移和创等知名机构。 产业层面，昆仑芯的市场竞争力已获得行业认可。2024年昆仑芯营收超过10亿元，超过此前已申报上市 的燧原科技、壁仞科技 ...

在摩尔线程（688795.SH）上市首日被市场"预付"约3000亿元市值之后，沐曦股份（688802.SH）即将登 陆科创板，再度考验资本对国产算力的买单意愿。 12月7日，沐曦股份公告其科创板IPO网上发行最终中签率为0.03348913%，低于此前摩尔线程的 0.03635%，足见投资者申购热情高涨。 作为专注于高性能通用GPU及AI推理芯片的硬科技企业，沐曦股份不仅吸引了国家人工智能产业投资 基金等重量级战略投资者，更在网下询价阶段引发机构抢筹。 根据发行安排，沐曦股份以104.66元/股的价格公开发行4010万股，若发行后总股本为40010万股，对应 发行市值将达418.74亿元。若市场情绪复刻摩尔线程首日约425%的收盘涨幅，沐曦股份股价将冲至约 595元，对应市值一举突破2300亿元——这意味着二级市场愿为其未来技术兑现与盈利前景"预付"近 1900亿元的估值溢价。 与尚无明确盈利时间表的摩尔线程不同，沐曦股份给出"达到盈亏平衡点的预期时间最早为2026年"的预 期，这份"可预期的商业化能力"会否让市场支付更高昂的"预付款"？答案不久将揭晓。 沐曦股份接棒摩尔线程，引爆年末打新热潮 上周五（12月 ...

不过，特朗普仍在帖文中强调，被允许出口的芯片不会包含英伟达更领先的Blackwell和即将面世的 Rubin芯片。而其他芯片大厂，包括AMD、英特尔等也同样适用相关规则。 此外，英伟达需将销售所得收益的25%支付给美国政府。 "这将支持美国就业，增强美国制造业实力，并惠及美国纳税人。"特朗普解释称。 美国时间12月8日下午，美国总统特朗普在自己打造的社媒平台Truth Social上发帖，称在确保美国国家 安全的前提下，将"允许英伟达向中国及其他国家的合格客户交付其H200芯片产品"。 他还表示，已告知中国这一决定并得到了积极回应。 而今年4月特朗普政府对英伟达、AMD等芯片公司的对华出口实施了出口限制令，相关公司产品需获得 出口许可证才能进入中国市场。 今年8月，美国政府曾要求英伟达等芯片制造商缴纳15%的销售所得来作为获取出口许可证的条件。该 规定被认为是"前所未有的"，而彼时的征收对象主要是H20芯片和AMD的MI308芯片。 今年二季度起，英伟达产品即已逐渐从中国市场淡出，用公司CEO黄仁勋的话说，是"从95%跌到了 0"。 此后，随着中美贸易谈判、双方关系的波动和政策的变化，英伟达一直无法正常向中国 ...

Group 1 - Baidu's AI chip subsidiary Kunlun Core is preparing for a Hong Kong IPO with a post-financing valuation of approximately 21 billion RMB (about 3 billion USD) [1] - Baidu has clarified that it is evaluating the proposed spin-off and listing of Kunlun Core, which requires regulatory approval, and there is no guarantee that the spin-off will proceed [1] - Kunlun Core, which was established as an independent entity in April 2021, is currently 59.45% owned by Baidu and has launched two generations of AI chips, with the second generation achieving nearly three times the computing power of the first [1] Group 2 - Successful spin-off of Kunlun Core could enhance its technological iteration and market expansion, boosting the influence of domestic AI chips [2] - Baidu's smart cloud revenue reached 6.4 billion RMB in Q3 2025, a 12% year-on-year increase, indicating the profitability of the segment supported by Kunlun Core's self-developed chips [2] - Kunlun Core has made significant commercial progress, winning a major AI computing device procurement project from China Mobile and serving over a hundred clients, including major companies like China Merchants Bank and Vivo [2] Group 3 - Morgan Stanley predicts Kunlun Core's revenue could increase from approximately 1.3 billion RMB in 2025 to 8.3 billion RMB in 2026, representing a nearly sixfold growth [3] - The potential spin-off may allow Kunlun Core to secure independent financing and accelerate expansion, but it could also weaken Baidu's control over its core computing infrastructure [3] - Future developments will depend on regulatory attitudes and strategic considerations by the company [3]

Group 1: Financing Events - Qingwei Intelligent completed over 2 billion RMB in Series C financing, led by Beijing-based state-owned enterprise Jingneng Group, with funds aimed at enhancing core technology R&D, product mass production, and market promotion for reconfigurable computing chips [1] - Curative raised 150 million USD in Series B financing, led by Upside Vision Fund, to reshape the U.S. healthcare insurance system with innovative plans that have no copay or deductible [2] - Luming Robotics secured several hundred million RMB in Pre-A financing, with funds allocated for continuous investment in embodied intelligence data and hardware [3] - Pollo AI raised 14 million USD in its first round of financing, with plans to use the funds for product refinement, technology development, and talent recruitment [4] - TBL New Energy completed 40 million RMB in B+ round financing to advance the industrialization of semi-solid batteries [5] - Nextie, founded by the creator of Microsoft's Xiaoice, received early investment from Qiji Chuangtan, with plans for a new round of financing in the millions of USD [6][7] - Daimeng Robotics obtained a strategic financing of over 100 million RMB, with cumulative financing reaching several hundred million RMB, aimed at technological breakthroughs and global market expansion [8] - IREN announced a total financing plan exceeding 3.6 billion USD, including 2 billion USD in convertible bonds to support AI cloud business expansion [9] - Brevo raised 583 million USD in a unicorn round, with funds to accelerate growth in the U.S. market and invest in AI R&D [10] - Artera.io received 65 million USD in growth investment, aiming for 100 million USD in annual recurring revenue by the end of 2025 [11] Group 2: Company Profiles - Qingwei Intelligent is a chip design company originating from Tsinghua University, focusing on reconfigurable computing chips for AI and IoT applications [1] - Curative is a U.S. healthcare company known for COVID-19 testing, now transitioning into health insurance [2] - Luming Robotics specializes in embodied intelligence robots and core components, collaborating with leading enterprises [3] - Pollo AI is an AI video generation platform that aggregates various advanced models for video and image creation [4] - TBL New Energy focuses on the development and industrialization of new solid-state lithium batteries [5] - Nextie aims to optimize decision-making through collaborative AI agents [6][7] - Daimeng Robotics, founded by experts from Hong Kong University of Science and Technology, innovates in tactile perception and dexterous manipulation technologies [8] - IREN is transitioning from cryptocurrency mining to AI cloud services, operating significant data center capacities [9] - Brevo, formerly Sendinblue, provides an integrated digital marketing platform for businesses [10] - Artera.io enhances patient communication through a combination of human and AI agents [11]

12月7日晚，百度发布公告澄清"关于2025年12月5日有媒体报道本公司拟分拆非全资附属公司昆仑芯(北京)科技有限公司进行独 立上市"的消息。 称"目前正就拟议分拆及上市进行评估，后续若进行分拆及上市，将须经相关监管审批程序，而本公司并不保证分拆及上市将 会进行。" 12月5日，有媒体报道称，百度旗下半导体子公司昆仑芯有意在香港上市，计划最早于2026年一季度向港交所递交上市申请， 目标是在2027年初完成IPO。目前已完成新一轮2.83亿美元融资，估值达29.7亿美元（折合人民币约210亿元）。消息当日百度 港股午后直线拉涨，一度涨近8%，随后涨幅收窄，截至收盘涨超5%。 天眼查显示，昆仑芯（北京）科技有限公司是由百度内部孵化的AI芯片公司，前身为百度智能芯片及架构部。于2021年4月完 成独立融资，截至2025年7月，昆仑芯已经历了D轮融资，投资方包括上河动量资本、山证投资、国新基金下属的高层次人才基 金、中移和创等。 据百度技术人员透露，百度多模态大模型的训练集群已经扩展到万卡以上，自研XPU万卡集群的模型计算利用率（MFU），可 追平GPU千卡集群的效果，降低了超大规模MoE模型的训练成本与硬件门槛。 ...

作者 |第一财经魏中原 在摩尔线程（688795.SH）上市首日被市场"预付"约3000亿元市值之后，沐曦股份（688802.SH）即将登陆科创板，再度考验资本对国产算力的买单意愿。 2025年12月7日，沐曦股份（688802.SH）公告其科创板IPO网上发行最终中签率为0.03348913%，低于此前摩尔线程的0.03635%，足见投资者申购沐曦股 份的热情高涨。 作为专注高性能通用GPU及AI推理芯片的硬科技企业，沐曦股份不仅吸引了国家人工智能产业投资基金、中国电信天翼资本、京东、美团等重量级战略 投资者，更在网下询价阶段引发机构抢筹。 2025.12.08 本文字数：2099，阅读时长大约4分钟 沐曦股份是国内少数真正实现千卡集群大规模商业化应用的GPU供应商，已成功支持128BMoE大模型等完成全量预训练。截至2025年3月，沐曦股份已累 计交付超过2.5万颗GPU芯片，成功部署于新华三、苏州瑞芯、汇天网络等核心客户，完成10余个智算集群的商业化落地。 更值得关注的是，根据发行安排，沐曦股份以104.66元/股的价格公开发行4010万股，若发行后总股本为40010万股，对应发行市值已达418.74亿 ...

针对近日关于百度旗下AI芯片公司昆仑芯正在筹备分拆赴香港独立IPO上市的传闻，百度于12月7日发 布公告进行了回应。 受此消息影响，12月5日港股收盘时，百度港股大涨5.01%，最新股价定格在121.60港元。 百度表示，本公司注意到，于2025年12月5日有媒体报道本公司拟分拆非全资附属公司昆仑芯（北京） 科技有限公司进行独立上市（「拟议分拆及上市」）。本公司谨此澄清，目前正就拟议分拆及上市进行 评估。倘进行拟议分拆及上市，将须经相关监管审批程序，而本公司并不保证拟议分拆及上市将会进 行。 摩根士丹利此前发布的研究报告称，百度自研的AI芯片收入将从今年的13亿元暴涨到明年的83亿元， 增长6倍之多，带动百度的GPU计算收入在2026年翻倍。 大摩还上调了百度的目标股价到188美元，看好百度的理由就是其转型AI的速度和规模都被低估了，明 年就会有一波爆发。 目前，百度也已经明确转向AI优先的业务模式，其AI云业务已经占到百度核心业务收入的1/4左右，成 为主要的增长引擎。 此前报道： 近日，有接近百度昆仑芯投资人向媒体透露，百度旗下昆仑芯原本曾准备筹备在科创板上市，但在与多 家券商进行沟通后，其上市方向发生转 ...

Core Viewpoint - The recent bipartisan proposal in the U.S. Congress aims to prohibit the export of advanced AI chips to countries like China and Russia, reinforcing the ongoing trend of tightening technology controls against China [1][3]. Group 1: Legislative Actions - A bipartisan bill led by Republican Senator Peter and Democratic Senator Chris requires the U.S. Department of Commerce to ban exports of AI chips that exceed current licensing standards to China and Russia within the next 30 months [1]. - This legislative move is seen as a counterbalance to potential policy relaxations by the Trump administration regarding technology exports to China [3]. - The proposal reflects a continuation of the alternating tightening and loosening of U.S. chip control policies, which can be traced back to early 2025 when Nvidia's H20 chip was added to the control list [3]. Group 2: Impact on U.S. Companies - Companies like Nvidia and AMD, which had received partial export licenses for certain chips, will find their next-generation products, such as the H200, completely barred from export to China [3]. - The U.S. government's tightening of AI chip exports has led to significant losses for American chip manufacturers, as they can no longer sell high-end GPUs to China, resulting in a substantial loss of orders [4]. Group 3: China's Response - Despite the U.S. tightening its grip on AI chip exports, China's AI development has not stalled; instead, it has accelerated due to a shift towards domestic chip production and self-reliance [3][4]. - Reports indicate that the demand for AI chips in China is increasingly being met by domestic manufacturers, with the market share of local AI chips expected to rise to approximately 40% by 2026 [4].