Core Viewpoint - Kunlun Core, a subsidiary of Baidu, is seeking to list on the Hong Kong Stock Exchange, with a recent valuation nearing $3 billion following a new funding round [2] Group 1: Company Overview - Kunlun Core was established from Baidu's AI chip and architecture department, with technology development dating back to 2011 [2] - The company launched its first AI chip, "Baidu Kunlun," in July 2018, marking its entry into the AI chip market [2] - The CEO, Ouyang Jian, has a strong background in chip architecture and has previously worked on various significant projects [2] Group 2: Product Development - Kunlun Core has developed two generations of general-purpose AI processors and several AI accelerator cards, with ongoing development of new products [4] - The company has successfully deployed three generations of products across various industries, serving hundreds of clients and reaching millions of end-users [6] Group 3: Financial Performance - The company is projected to generate approximately 2 billion RMB in revenue for 2024, with a net loss of around 200 million RMB [6] - By 2025, over half of the company's revenue is expected to come from external clients, with revenue anticipated to exceed 3.5 billion RMB and achieve breakeven [6] Group 4: Future Plans - Kunlun Core plans to launch the M100 chip in early 2026, optimized for large-scale inference scenarios, and the M300 chip in early 2027 for ultra-large-scale multi-modal model training and inference [7] - The company aims to provide powerful, low-cost, and self-controlled AI computing power for Chinese enterprises, highlighting its strategic position in ensuring domestic AI computing autonomy [7]