The future of Chinese AI chips depends on the United States' crackdown on Chinese chips. If the United States fully lifts restrictions, China's AI chips will be stifled in the cradle.

However, Nvidia's market value of nearly $5 trillion is the result of 20 years of technological accumulation and ecological hegemony. The rise of domestic GPUs requires equally long periods of dormancy and breakthroughs

技术有应用才是好技术而不是只出现在PPT上，圈钱可以，光去理财干不成中国顶尖芯片。

国产芯片企业集体冲刺上市的热闹景象，不过是资本市场炒作下的虚假繁荣，其核心技术与产业竞争力的短板并未得到实质性弥补。这些企业大多营收规模有限且持续亏损，摩尔线程、沐曦股份等即便登陆科创板，也难掩技术上的代际差距——产品性能与英伟达、AMD等国际巨头相比仍相去甚远，生态适配更是处于起步阶段。 所谓“中国的英伟达”只是资本赋予的噱头，企业上市更多是依托政策红利与AI算力需求的风口，而非技术突破带来的价值支撑。更值得警惕的是，资本市场的热钱涌入易引发盲目扩张，不少企业将精力放在市值管理而非核心技术研发上。若不能沉下心补齐架构设计、软件生态等关键短板，国产芯片的上市潮终会沦为昙花一现的资本游戏，难以真正实现半导体产业的自主突围。

The strong policy support from the government for the development of high-tech industrial chains, including AI, the support of China's super large AI computing power market, and the eager expectations of investors for the rapid growth of China's domestic GPU research and development manufacturing "Four Little Dragons" have contributed to the hundreds of times valuation miracle of Moore Thread and Muxi Shares after their listing. The limitations of the GPU development and manufacturing capabilities of the "little dragons" that are overvalued, the "blank slate" of development environments like Nvidia CUDA, and the long timeline required for their growth, among other obvious uncertain factors, have created a huge backlash against this overvaluation. The growth of the 'little dragons' in the future will surely gradually eliminate this huge contrast. The question is whether the capital market can have such patience.

苹果、英伟达、亚马逊这些人个别成功例子，是在创新和没有竞争的情况下产生的。而疯狂炒作中国英伟达不可能实现成功的，行业内人知道股价透支几百年的业绩，他们唯一专心就是套现跑路了，还会用心经营吗？

上市更多的是满足资本变现的需求。真正有内涵的企业，所需的资金场外就足以解决。但解决了企业的问题，不代表能够解决资本的问题。于是上市就成了唯一的方案。

希望圈到钱以后大力研发，早日打破封锁，早日赢利，不要想着早日减持卖公司，

What kind of logic is this? Without a product going public, a company going public is considered a solution to the product problem?

Ren Zhengfei took advantage of the patriotic enthusiasm of the Chinese people to benefit from national policies and subsidies, while also promoting high-quality and high priced Huawei products to the public, making a huge profit between the government and the people.