Deutsche Bank Expert Call: Latest Developments in China's AI Chip Market
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Key Views
The competitive landscape is tiered: Huawei leads alone in the first tier; Alibaba's Pingtouge, Cambricon, and Baidu's Kunlunxin form the second; Hygon, MetaX, Moore Threads, and Tianshu Zhixin constitute the third. Hardware capabilities among major domestic players are broadly comparable, making supply chain assurance and high-volume delivery the critical differentiators. Huawei Ascend 950's memory capacity is comparable to NVIDIA's H100/H200, but gaps remain in compute power, software ecosystem, and system-level integration.
Installed domestic chips skew heavily toward inference, with an inference-to-training workload ratio of approximately 10:1. Large model pre-training remains challenging.
Outlook
Foundry capacity is concentrated at SMIC and Hua Hong, both expected to incrementally raise output. Only Huawei and Pingtouge have begun partially covering full AI factory architectures. No individual stock ratings, target prices, or specific investment recommendations were provided.