这样一幕令人惊叹。 随着摩尔线程、沐曦相继上市，科创板短短半个月内一举诞生两个3000亿市值IPO，创投圈为之沸腾。在此之前，寒武纪、海光信息市值均一度突破6000 亿元。至此，中国"算力四贵"合计市值已超1.6万亿元。 鲜少有人注意到，梳理寒武纪、海光信息、摩尔线程、沐曦背后，意外浮现着一个共同的身影——联想创投。复盘下来，能做到独中四元的投资机构，似 乎就只有联想创投一家。 这是中国算力崛起叙事当中的一个惊喜片段。感叹于此，我们尝试去还原这段几近被忽略的投资往事。 从寒武纪到沐曦 联想创投，独中四元 回过头看，联想创投这几笔投资在当时都投在了"寂寞无声处"。 时间回到2017年，正值移动互联网的风口，芯片算力赛道几乎无人问津，鲜少有投资人会专注于此。但彼时刚成立不久的联想创投却是一个例外——当时 他们根植于联想集团"端-边-云-网-智"新IT战略，将AI算力视为智能世界的"心脏"，判断应用导向的大计算将会使得未来十年对算力需求仍然有百倍增 长。 出手寒武纪始于一个下午。投资界曾记录这段往事：2017年，联想创投总裁、创始合伙人贺志强在中国科学院第一次见到陈天石，"话不多，典型的技术 天才气质。" 经过几次 ...

一幅算力版图浮现 。 作者/刘博 报道/投资界PEdaily 这样一幕令人惊叹。 随着摩尔线程、沐曦相继上市，科创板短短半个月内一举诞生两个3 0 0 0亿市值I PO，创投圈为之沸腾。在此之前，寒武纪、海光信息 市值均一度突破6 0 0 0亿元。至此，中国"算力四贵"合计市值已超1 . 6万亿元。 鲜少有人注意到，梳理寒武纪、海光信息、摩尔线程、沐曦背后，意外浮现着一个共同的身影——联想创投。复盘下来，能做到独中 四元的投资机构，似乎就只有联想创投一家。 这是中国算力崛起叙事当中的一个惊喜片段。感叹于此，我们尝试去还原这段几近被忽略的投资往事。 出 手 寒 武 纪 始 于 一 个 下 午 。 投 资 界 曾 记 录 这 段 往 事 ： 2 0 1 7 年 ， 联 想 创 投 总 裁 、 创 始 合 伙 人 贺 志 强 在 中 国 科 学 院 第 一 次 见 到 陈 天 石，"话不多，典型的技术天才气质。" 经过几次交流，贺志强发现陈天石很有商业头脑，但内部投资成员还是觉得估值贵，一度犹 豫要不要把项目带到投决会。 寒武纪的价值在于，它是当时中国市场上极少数从底层指令集和芯片架构层面，为人工智能专门设计和优化 ...

Core Viewpoint - The high turnover rate at Dingdao Zhixin, a subsidiary of Lenovo focused on chip development, reflects significant changes within the company, particularly following the departure of its general manager, Shi Gongzheng [2][3][4]. Group 1: Company Changes - Shi Gongzheng, who previously worked at Huawei and served as the chief SoC architect at Zheku, has left Dingdao Zhixin, which was established in January 2022 with a registered capital of 300 million yuan and aimed at developing edge-side chips [2][3]. - The company had nearly 500 employees at its peak, but has seen a significant reduction in staff, with reports indicating that the employee turnover rate has reached double digits [3][4]. - The adjustments within Dingdao Zhixin began in 2024, with personnel optimization starting last year, and many departures attributed to the expiration of three-year contracts rather than layoffs [4][5]. Group 2: Strategic Decisions - Dingdao Zhixin reportedly sought acquisition last year but was unable to finalize a deal, suggesting potential strategic misalignments or challenges within the company [6]. - The leadership changes and ongoing adjustments are believed to be directly related to decisions made by Lenovo's upper management, indicating a possible shift in focus or strategy for the chip development team [6].

Core Viewpoint - The article discusses the emergence of AMD's new Arm-based Sound Wave APU, which is expected to compete in the Windows on Arm market alongside major players like Qualcomm, Intel, and NVIDIA, driven by the success of Apple's M-series chips [1][6]. Summary by Sections AMD's Sound Wave APU - AMD's upcoming Sound Wave APU will be based on Arm architecture, featuring 2 performance cores and 4 efficiency cores, with a total of 6 cores and 4MB of L3 cache [3][4]. - The APU is designed for low power consumption, targeting a TDP of 5-10W, and will include 4 RDNA 3.5 GPU cores optimized for AI workloads [3][5]. - The chip will also feature a 16MB MALL cache, which is uncommon for APU in this power range, indicating a focus on AI performance rather than gaming [4][5]. AMD's Market Position - AMD has shown strong growth in the x86 CPU market, particularly in the consumer and server segments, with a projected increase in revenue share to 24.6% by the end of 2024, up 4.5% year-over-year [8][11]. - In the desktop processor market, AMD's shipment share has risen to 27.1%, reflecting a 7.4% year-over-year increase, driven by the popularity of its Ryzen 9000 series CPUs [9][10]. - AMD's server market share has also reached a historic high of 25.1%, with revenue share increasing to 35.5%, indicating a strong foothold in high-performance server markets [11]. Rise of Arm PCs - The success of Apple's M-series chips has sparked interest in Arm-based PCs, prompting companies like Qualcomm and NVIDIA to develop their own Arm chips [14][16]. - Current market share for x86/Arm in the laptop segment is approximately 82/18, with predictions that Arm's share could reach over 40% by 2029 [14][16]. - The transition to Arm PCs faces challenges, particularly in software compatibility and ecosystem development, which are critical for widespread adoption [17][18]. Challenges Ahead - The article highlights that while Arm architecture has potential benefits, the success of Windows on Arm is contingent on resolving software compatibility issues and building a robust ecosystem [17][18]. - AMD's previous attempts in the Arm space have faced delays and challenges, but the current momentum suggests a more favorable outlook for its entry into the Arm PC market [19][20].