Group 1 - The 2025 World Artificial Intelligence Conference (WAIC 2025) commenced in Shanghai, attracting over 1,572 global leaders from 73 countries and regions, including 12 top award winners and over 80 leading academicians [1] - The event features a themed street area called "WAIC 2025 Alley," showcasing various robots that captivated a large audience [6] - The exhibition area of this year's conference exceeded 70,000 square meters, with over 800 companies showcasing more than 3,000 cutting-edge exhibits, including over 40 large models and 60 smart robots, marking the largest scale in the event's history [56] Group 2 - The conference's core sub-venue, Xuhui West Bank, focused on the construction of an artificial intelligence innovation ecosystem and hosted a high-level meeting on global AI governance [8] - The event highlighted the rise of domestic chip manufacturers, attracting increasing attention from both domestic and international exhibitors [30] - Huawei showcased its Ascend 384 SuperNode, which utilizes a supernode architecture to achieve high-bandwidth, low-latency interconnection among 384 NPUs, addressing communication bottlenecks within clusters [36]

Core Viewpoint - The article highlights the significant progress of domestic GPU companies, particularly Moore Threads and Muxi, as they both received acceptance for their IPO applications, marking a historic moment for the domestic GPU industry [1][2]. Group 1: Company Profiles - Moore Threads was founded by Zhang Jianzhong, a former NVIDIA executive, who established a complete GPU ecosystem in China during his 15 years at NVIDIA [2][5]. - Muxi's founding team has a strong background in AMD, with key members having extensive experience in GPU design and architecture [5][6]. - Both companies aim to break the monopoly of international giants in the high-performance GPU market, despite their different strategic focuses [9]. Group 2: Product Development and Market Strategy - Moore Threads targets both data center (B-end) and consumer gaming graphics card (C-end) markets, aiming to create a comprehensive ecosystem [3][10]. - Muxi focuses primarily on the data center market, starting with general-purpose computing (GPGPU) and gradually expanding into graphics rendering [7][17]. - Moore Threads has developed the MUSA architecture, which supports AI computing, graphics rendering, and physical simulation on a single chip, making it the only domestic company to fully compete with NVIDIA [10][13]. Group 3: Financial Performance and R&D Investment - Both companies are investing heavily in R&D, with Moore Threads' R&D investment accounting for 626.03% of its revenue over the past three years, totaling 3.8 billion yuan, while Muxi's R&D investment is 282.11% of its revenue, totaling 2.2 billion yuan [25][21]. - Muxi's revenue has shown remarkable growth, with a compound annual growth rate of 4074.52% from 2022 to 2024, while Moore Threads also experienced a significant growth rate of 208.44% during the same period [28][30]. - Both companies are improving their gross margins, with Moore Threads increasing from 18.08% in 2022 to 36.60% in 2024, and Muxi achieving a gross margin of 62.88% in 2023 [32][32]. Group 4: Market Challenges and Future Outlook - The domestic GPU industry faces challenges, particularly in software ecosystems, where NVIDIA has a significant advantage with its CUDA platform [37]. - Both companies are working to build their developer ecosystems, with Moore Threads offering a software stack that allows for easier migration from CUDA, and Muxi supporting major frameworks like PyTorch and PaddlePaddle [37]. - Despite high R&D costs leading to losses, both companies are showing strong revenue growth and potential for future success in the GPU market [21][33].