8月22日，A股再度单边逼空，沪指轻松拿下3800点，科创50暴涨8%，寒武纪、海光信息两大巨头双双 20%涨停，带动GPU、服务器、AIPC概念强势领涨。 6 月以来，寒武纪股价最高涨幅逾 300%，大幅抬升科创板 AI 芯片估值天花板。沐曦股份与摩尔线程则 于 6 月 30 日同日递交科创板招股书，拟分别募资 39.04 亿元和 80 亿元。 市场一度期待寒武纪的"情绪外溢"能让两家后来者坐享高估值，但7月19日的首轮问询显示：监管并未 因板块热度降低盈利及持续经营门槛。 作为国产GPU"四小龙"之一，沐曦股份自称实现千卡集群大规模商用，GPU产品累计销量超2.5万颗， 然而，巨额亏损、关联方交易、单一产品依赖和紧绷的现金流，正成为悬在"国产GPU第一股"头顶的利 剑。 能否顺利 IPO，关键不是寒武纪的市值神话，而是曦云 C500 的迭代节奏和 2024 年下半年能否拿出可 验证的盈利拐点。 持续亏损，资金链紧绷 招股书显示，2022年至2025年一季度，沐曦股份归母净利润分别为-7.77亿元、-8.71亿元、-14.09亿元 和-2.33亿元，累计亏损达32.9亿元，亏损幅度呈现逐年扩大趋势。 巨额亏 ...

7月26日，世界人工智能大会（WAIC）在上海正式拉开帷幕。 在展会现场，具身智能无疑是最备受瞩目的行业。从灵活完成格斗动作的人形机器人，到能精准 执行家务、康复辅助的服务型机器人，这些具备物理交互能力的智能体凭借流畅的动作、自然的 交互赚足了观众眼球。 然而，在这场科技盛宴中，当人们沉浸在具身智能带来的震撼体验时，人工智能产业的核心底座 ——以芯片、板卡、服务器、计算集群等为核心构成的算力基础设施，依然是整个行业绕不开的 关键话题。 出品 | 虎嗅科技组 作者 | 丸都山 编辑 | 苗正卿 头图 | 虎嗅拍摄 与往届大会相比，今年算力基础设施展区呈现出截然不同的风貌。 往年展台上随处可见的"参数竞赛"已悄然淡去，各厂商送展的芯片和服务器展品中，很少再有将 某项极致性能参数用醒目字体刻意标记出来的情况。 曾经被重点标注的技术指标，如今更多地融入到具体的产业解决方案中，或是隐藏在真实的应用 场景演示里。 现场的讨论也多是基于"碎片化算力资源统筹"、"低功耗与低成本"与"垂类产品软硬件整合"这些非 常务实的话题。 01 全链路国产化进行时 在算力基础设施的务实转型浪潮中，"全链路国产化"的推进节奏尤为引人关注。 ...

Core Insights - The World Artificial Intelligence Conference (WAIC) in Shanghai highlighted the growing importance of embodied intelligence, showcasing robots capable of physical interaction and complex tasks [1] - The focus has shifted from performance parameters to practical applications and solutions in the computing infrastructure sector, indicating a more mature industry approach [3][4] Group 1: Computing Infrastructure Trends - The computing infrastructure exhibition at WAIC displayed a significant change, moving away from the "parameter competition" seen in previous years [3] - Technical specifications are now integrated into industry solutions rather than being prominently displayed, reflecting a more application-oriented mindset [4] Group 2: Domestic Production and Self-Sufficiency - The push for "full-link domestic production" in computing infrastructure is gaining momentum, driven by global supply chain disruptions and technology challenges [5] - Domestic manufacturers are expanding their focus from individual chips to a comprehensive self-sufficient ecosystem, including architecture design and software integration [5] Group 3: Notable Companies and Innovations - Muxi, a representative company, showcased its latest GPU, the Xiyun C600, which features a self-developed architecture aimed at AI training and inference tasks [6] - The Xiyun C600 is equipped with HBM3e memory, enhancing bandwidth for large model training, although it was not yet available in server form at the exhibition [10] - Zhonghao Xinying presented its "Shan" TPU series, which boasts a fully controllable IP core and a design that reduces energy consumption by 30% for AI tasks [12] Group 4: Industry Applications and Collaborations - Huawei's "384 Super Node" technology was unveiled, showcasing its capability to support over 80 large models across various sectors, including finance and healthcare [18][19] - The collaboration between Huawei and partners aims to create solutions across multiple industries, enhancing the adaptability of their computing infrastructure [19] - Moore Threads demonstrated its video super-resolution technology, which significantly improves video quality and can be integrated into various applications, stimulating industry collaboration [20][23]