Summary of the Conference Call on Moer Technology Company Overview - **Company**: Moer Technology - **Industry**: Domestic computing power sector - **Background**: Founded in 2020, led by former NVIDIA executive Zhang Jinzong, with a team primarily composed of ex-NVIDIA members, providing a strong technical foundation and differentiated advantages in the domestic computing power platform [3][4] Key Points and Arguments Market Performance - On its first day of trading, Moer Technology achieved a market capitalization of 300 billion yuan at opening and closed at 282.3 billion yuan, reflecting a remarkable increase of 425%, indicating strong investor confidence in its full-function GPU layout and status as the first domestic GPU stock [2] Product Differentiation - Moer Technology is one of the few manufacturers in China to achieve mass production of full-function GPUs, with a product line that includes desktop graphics cards, professional acceleration cards, AI computing, and smart SoCs. The GPUs support multiple functions such as AI computing, graphics rendering, physical simulation, and video encoding/decoding, showcasing strong computational versatility and broad application scenarios [5] Financial Performance - From 2022 to the first half of 2025, Moer Technology's revenue surged from several million yuan to 720 million yuan, marking explosive growth. In the AI computing sector, revenue is expected to reach 660 million yuan by the first half of 2025, accounting for over 90% of total revenue. The overall gross margin remains high, with 72% in 2024 and 69% in the first half of 2025 [6][7] Future Growth Prospects - The company has existing orders worth approximately 2 billion yuan and is expected to continue rapid growth. The demand for computing power is anticipated to increase due to the ongoing evolution of large models and AI, with both total volume and market share expected to rise. The customer base is diverse, including internet companies, technology innovation platforms, and AI enterprises, with potential expansion into major internet firms [7][8] Industry Trends - By 2026, the continuous evolution of large models and AI is projected to drive an increase in computing power demand, particularly in training and inference stages. The domestic market is expected to replicate overseas experiences and further enhance inference consumption. Major internet companies are anticipated to significantly increase capital expenditures next year, supported by policies and the backdrop of overseas chip restrictions, accelerating the pace of domestic substitution and increasing the market share of domestic AI chips [4][8] Other Notable Companies - In addition to Moer Technology, other key players in the domestic computing power sector include Hangxin Technology and Haiguang Information, which are expected to achieve rapid growth due to product competitiveness, large customer integration, and capacity release. Upcoming listings such as Muxi Co., Ltd. are also highlighted as important investment targets [4][9]

Core Viewpoint - The article highlights the positive impact of Nvidia's strong earnings report and the court's decision to block Trump's tariff policy, leading to a rise in U.S. stock indices and Chinese assets [1][3]. Group 1: Nvidia's Performance - Nvidia's latest earnings report for Q1 FY2026 showed revenue of $44.1 billion, a 69% year-over-year increase, surpassing analyst expectations of $43.29 billion [3]. - Nvidia's CEO Jensen Huang indicated that the AI computing market is expected to experience exponential growth [3]. - Following the earnings report, Nvidia's stock price surged over 6%, making it the highest-valued publicly traded company, surpassing Microsoft [3]. Group 2: U.S. Stock Market Reaction - The U.S. stock market saw all three major indices rise, with the Dow Jones up 0.17%, Nasdaq up 0.91%, and S&P 500 up 0.56% [3]. - Other major tech stocks also experienced gains, with Tesla and Amazon rising over 1%, while Microsoft, Apple, Google, and Meta saw slight increases [5]. Group 3: Chinese Assets Performance - The Nasdaq Golden Dragon China Index rose over 1.6%, with leveraged ETFs for Chinese stocks increasing by more than 2% [5]. - Notable Chinese stocks such as Futu Holdings surged over 7%, while JD.com, Xpeng Motors, and others rose by more than 3% [5]. Group 4: Tariff Policy Developments - The U.S. International Trade Court blocked Trump's tariff policy announced on April 2, ruling that he overstepped his authority [5]. - Trump's administration has indicated plans to appeal the court's decision, suggesting ongoing uncertainty regarding trade policies [7][9]. - Analysts believe that the court's ruling may only be a temporary setback for Trump's trade agenda, with potential alternative taxation routes being considered [8][9].

Core Viewpoint - The U.S. Federal Court has blocked President Trump's tariff policy, leading to a surge in global market optimism and a reversal of the "sell America" trading strategy. Nvidia's strong earnings forecast also boosted investor sentiment [1][11]. Market Reactions - U.S. stock futures rebounded strongly, with S&P 500 futures and Nasdaq 100 futures rising by 1.7% and 2.1% respectively [2]. - Asian stock markets saw significant gains, with Japan's Nikkei 225 index rising by 1.2% [4]. - The U.S. dollar index climbed to its highest point in over a week, while the Japanese yen depreciated by 0.8% against the dollar [4]. Bond Market - The yield on 10-year U.S. Treasury bonds increased by 2 basis points following the tariff news [10]. Currency Market - The U.S. dollar had previously fallen over 7% since its peak in February due to the negative market sentiment caused by the tariff policy. The recent court ruling has led to a more positive outlook for trade, resulting in a rebound of the dollar [6][7]. Company-Specific Developments - Nvidia's CEO provided a robust sales forecast, indicating that the AI computing market is still in a phase of "exponential growth," which led to a nearly 5% jump in Nvidia's stock during after-hours trading [11]. - Conversely, HP's stock fell approximately 8% in after-hours trading due to lower-than-expected profit forecasts and a downward revision of its annual earnings outlook [11]. - Companies like Cadence Design Systems and Synopsys experienced significant stock declines due to news of chip restrictions from the Trump administration [11].