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<Research>UBS: CN Acceleration in Computing Localization to Fuel AI Development w/ Positive View on BABA-W/ BIDU-SW
Recommend 35 Positive 65 Negative 19 |
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UBS released a research report believing the continuous evolution of computing power in China is supported by national policies and ongoing R&D investments by major tech companies and local manufacturers, despite uncertainties in China's import of AI chips. This may further drive the development of China's AI and LLM. Recent technological tailwinds include a performance gap remaining at the chip level, albeit with rapid improvement, thanks to continuous investment in self-developed technologies by Chinese internet companies and R&D investments by local GPU vendors. At the system level, the gap is being bridged through supernode scale expansion, such as BABA-W (09988.HK)'s recent launch of the Panjiu 128-card supernode AI server and Huawei's previously released CloudMatrix 384, significantly increasing the number of GPUs per rack, partially offsetting the performance gap of individual domestic GPUs and achieving higher rack-level computing power. BIDU-SW (09888.HK) has developed three generations of Kunlun chips, with the latest Kunlun P800 powering its model operations and recently achieving a cluster scale of 30,000 cards. BABA-W has also begun deploying its self-developed chips for AI training workloads. UBS had a positive view on BABA-W and BIDU-SW due to their continuous advancement in self-developed chip progress, which is expected to strengthen their position in the AI value chain and support long-term AI investment. The broker also favored IFLYTEK (002230.SZ)'s unique positioning due to its leadership in integrating domestic hardware and its own LLM development. In terms of techs, UBS preferred HORIZONROBOT-W (09660.HK), NAURA (002371.SZ) and AMEC (688012.SH). AASTOCKS Financial News Website: www.aastocks.com |
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