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Kaiyuan Securities: XIAOMI-W Begins Building 10,000-GPUs Cluster, Stepping up Investments in AI Foundation Model
XIAOMI-W (01810.HK) surged this morning. It last printed at $34.4, up 5%, on a turnover of $5.5 billion. Chinese broker Kaiyuan Securities released a report saying that Xiaomi, acc...
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Kaiyuan Securities: XIAOMI-W Begins Building 10,000-GPUs Cluster, Stepping up Investments in AI Foundation Model
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XIAOMI-W (01810.HK)  +2.350 (+6.812%)    Short selling $1.90B; Ratio 18.113%   surged this morning. It last printed at $34.4, up 5%, on a turnover of $5.5 billion. Chinese broker Kaiyuan Securities released a report saying that Xiaomi, according to Jiemian.com, is starting to build a 10,000-GPUs cluster and stepping up investments in AI foundation models.

The Xiaomi foundation model team had 6,500 GPUs when it was founded. According to Xiaomi's 2023 annual speech, the main breakthrough direction for Xiaomi's foundation model technology is lightweight and local deployment.

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The broker also mentioned that Chinese internet companies are heavily investing in computing power with significantly increased capital expenditures as end customers have a strong demand for AI intelligent computing, prompting internet companies to increase their procurement of computing power infrastructure such as AIDC and servers.

The total capital expenditure of BIDU-SW (09888.HK)  +1.750 (+2.193%)    Short selling $103.08M; Ratio 19.824%   , BABA-W (09988.HK)  +1.850 (+2.232%)    Short selling $652.80M; Ratio 13.817%   , and TENCENT (00700.HK)  +9.400 (+2.466%)    Short selling $1.07B; Ratio 11.411%   soared 119.0% YoY to RMB86.721 billion in the first three quarters of 2024, while in 3Q24, the total capital expenditure leaped 117.15% YoY or 57.93% QoQ to RMB36.23 billion.
(HK stocks quote is delayed for at least 15 mins.Short Selling Data as at 2025-01-24 16:25.)

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