Group 1 - AMD recently released a new version of its Linux graphics driver, which notably includes support for the new professional graphics card Radeon PRO W7900D [1] - The specific details of the Radeon PRO W7900D are currently unclear, but the "D" suffix suggests a potential similarity to NVIDIA's special models for the Chinese market, such as the RTX 4090D and RTX 5090D [1] - Special edition graphics cards typically have reduced AI computing power, memory, and interconnect bandwidth, with official specifications often not disclosed to maintain a low profile [3] Group 2 - The Radeon PRO W7900 is AMD's previous generation flagship workstation professional graphics card, based on the RDNA 3 architecture and Navi 31 chip, featuring 6144 stream processors, a core frequency of approximately 2.5GHz, and FP32 precision computing power of 61 TFlops [5] - It is equipped with 48GB of GDDR6 ECC memory on a 384-bit bus and has a total power consumption of 295W [5] - The card is available in two versions: a dual-slot version priced at $3499 and a 2.5-slot version priced at $3999 [5]

Core Viewpoint - NVIDIA has launched the new GeForce RTX 5090D v2 in mainland China, replacing the banned RTX 5090D, with a 25% reduction in memory and bandwidth to comply with U.S. export regulations, while maintaining the same price of RMB 16,499 (approximately $2,298) [1][9]. Product Specifications - The RTX 5090D v2 retains the same GB202-240 GPU chip as the RTX 5090D, with a base clock of 2.01 GHz and a boost clock of 2.41 GHz. However, the memory has been reduced from 32GB GDDR7 with a 512-bit interface to 24GB GDDR7 with a 384-bit interface, resulting in a bandwidth decrease from 1792 GB/s to 1344 GB/s, complying with U.S. export regulations limiting bandwidth to below 1.4 GB/s [5][8]. - The CUDA core count remains unchanged at 21,760, but the AI performance has significantly decreased from 3,352 TOPS to 2,375 TOPS, a reduction of approximately 29.15% [7][8]. Market Response - The RTX 5090D v2 is available from various manufacturers such as ASUS, Colorful, and GIGABYTE, with starting prices at RMB 16,499, while some flagship models have prices reaching RMB 17,499 to nearly RMB 19,000 [1][3]. - The previously banned RTX 5090 and 5090D are now in high demand in the second-hand market, leading to price premiums [1].

Core Viewpoint - The RTX 5090 series is experiencing high demand and prices, while facing supply constraints and regulatory challenges in the Chinese market [5] Group 1: Market Demand and Supply - NVIDIA has ceased production of the RTX 4090 and shifted focus to the RTX 5090 series to meet strong market demand [1] - The overall manufacturing capacity is limited, and even a 25% increase in production may not fully satisfy demand, leading to a persistent supply shortage and high premiums in the market [1] - The market price for the RTX 5090 in Hong Kong is approximately 35,000 RMB, while prices in mainland China have seen a slight decline but remain high due to strong demand [1] Group 2: RTX 5090D Model and Pricing - The RTX 5090D model, specifically launched for the Chinese market, targets internet companies, with channel prices around 15,000 RMB and potential further declines to about 14,000 RMB [2] - For large AI clients, the average procurement price is around 15,000 RMB, but strong negotiators may secure prices as low as 10,000 RMB per chip [2] - NVIDIA has set a minimum suggested retail price (SRP) to maintain market order, prohibiting sales below this price [2] Group 3: Regulatory Challenges and Product Adjustments - The RTX 5090D has been classified as a non-compliant product due to exceeding the U.S. export control bandwidth limit, leading NVIDIA to suspend shipments to mainland China [3] - NVIDIA is exploring solutions to modify the 5090D and H20 models to comply with regulations, including reducing memory clock frequency [3] - The suspension of 5090D supply is expected to have a limited short-term impact on the domestic market, as prior procurement volumes were not substantial [3] Group 4: Supply Chain and Manufacturer Impact - Global manufacturers like ASUS, MSI, and Gigabyte benefit from the current high-price environment, while local firms like Colorful face more limited profit margins [4] - Major tech companies in China, such as Alibaba and Tencent, primarily acquire computing power through direct purchases from NVIDIA or by sourcing consumer-grade graphics cards [4] - NVIDIA intentionally limits the supply of the 5090 chip to prevent it from being widely used in data centers, thereby protecting the sales strategy and market share of its higher-margin professional AI computing cards [4]