With improving GPU supply to the China market (Link), new GPU platforms in 2H25 driving a new product cycle, and growing local chipset platforms to capture the generative AI demand in China, we reiterate our positive view on the China AI servers supply chain and upgrade Inspur to Buy from Neutral. Inspur is the local leader in AI servers, expanding from providing servers powered by global-tier GPUs to servers powered by local chipset platforms, benefiting from the better GPU supply, new product cycle, and e ...