Core Viewpoint - The article discusses the current state and future prospects of the domestic GPU market, highlighting procurement trends, competition, and the impact of government policies on domestic chip manufacturers [2]. Group 1: Procurement Trends - A major CSP company (referred to as A) has a procurement budget of 140 billion RMB for the year, with over 90 billion allocated for GPUs, indicating a significant investment in this area [3]. - The procurement is divided into domestic and overseas segments, with over 500 billion RMB planned for overseas purchases, primarily from NVIDIA, but delays in supply have led to a shift towards AMD's MI350 solution [4]. - Domestic procurement is heavily influenced by government policies, with initial plans to purchase over 20 billion RMB worth of NVIDIA products likely reduced to 6-7 billion RMB due to stricter approval processes [4]. Group 2: Domestic Chip Status - Domestic chips are primarily supported by companies like Cambricon and Ascend, with expectations for A to procure 120,000 to 130,000 Cambricon chips by 2025, amounting to a budget of around 8 billion RMB [6]. - Cambricon's performance expectations are tempered, with the company acknowledging that the anticipated orders may not materialize as previously rumored [6]. - Other domestic chip companies, such as Kunlun and Muxi, are in testing phases, with Kunlun showing promising sales and a revenue target of around 5 billion RMB for the year [7]. Group 3: Policy Impact - The GPU market is expected to benefit from new government policies, with the inclusion of GPUs in the "信创" (Xinchuang) initiative, which could lead to increased orders for domestic chips from state-owned enterprises [8]. - The upcoming 2025 list of approved products is anticipated to create significant opportunities for domestic manufacturers like Cambricon and Ascend [8]. Group 4: Competitive Landscape - The competition in the GPU market is shifting, with domestic chips expected to dominate the inference segment, supported by government initiatives [9]. - Major cloud service providers may turn to renting out resources if they cannot fully utilize their GPU purchases, creating a new revenue stream for domestic chip manufacturers [9]. - By 2025, companies like Cambricon and Ascend are expected to offer their resources for external rental, contributing to a circular economy in cloud services [9].