We hosted the founder and CEO of Sunrise in Shanghai on April 21 during our Private-Tech Tour (April 20 - 28). Sunrise provides GPGPU for AI inferencing, targeting a wide client group across CSPs, enterprises, and telecom operators etc. Key discussions focused on (1) competition advantages; (2) local AI training/inferencing demand; and (3) future GPU product roadmap. Overall, management is positive on the order growth momentum ahead, supported by the company's client penetration, enhanced performance, and continuous new product ramp up towards high-end chipsets.

Read-across to China AI chips: Management’s comment echoes our positive view on China’s GPU industry growth. With the continuous roll-out of local AI foundation models and applications, we expect strong client demand to drive AI spending. We are positive on the strong commitment from the growing local AI ecosystem, leveraging network-scaling to build large computing clusters for AI training. Buy: Biren, Cambricon, MetaX.

Company profile: Sunrise is a local GPU supplier focusing on AI inferencing chips, targeting CSPs and enterprise clients, etc. The company has started mass production of S1/ S2, and has recently launched the new generation of S3 platform with enhanced performance and software solutions.

Goldman Sachs (Asia) L.L.C.

Goldman Sachs (Asia) L.L.C.

Goldman Sachs (Asia) L.L.C.

• New product launch of S3 solution: Post S1 and S2 platforms, Sunrise launched the new generation S3 platform for AI inferencing. Management highlights the S3 platform is aimed to adopt new generation of memory and interface IP solutions, meanwhile offering a higher price-to-performance ratio than S2 platform. The company has also entered into a cooperation agreement with Sensetime/ 4 Paradigm to co-develop scenarios for AI inferencing. Looking ahead, the company also has a long-term road map for developing AI inferencing chips.

• AI inferencing as focus: Management highlights the company focuses on AI inferencing solutions, offering platforms with high efficiency, lower unit cost of token, and power consumption. Management remains positive on AI inferencing demand in China, riding on the emergence of AI applications. For large-scale AI deployment, the company released SC3-256 SuperPod solution (Link), which is mainly used for complex scenarios, for example, AI inferencing for MoE (Mixture of Experts) model with 100bn+ parameters.

We, Allen Chang, Verena Jeng and Ting Song, hereby certify that all of the views expressed in this report accurately reflect our personal views about the subject company or companies and its or their securities. We also certify that no part of our compensation was, is or will be, directly or indirectly, related to the specific recommendations or views expressed in this report.

Unless otherwise stated, the individuals listed in the cover page of this report are analysts in Goldman Sachs' Global Investment Research division.

Contributing Authors: Allen Chang Goldman Sachs (Asia) L.L.C., Verena Jeng Goldman Sachs (Asia) L.L.C., Ting Song Goldman Sachs (Asia) L.L.C..

Unless otherwise stated, the individuals listed in the Contributing Authors disclosure of this report are analysts in Goldman Sachs' Global Investment Research division.

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Biren (Buy, HK$47.78), Cambricon (Buy, Rmb1,330.00) and MetaX (Buy, Rmb697.73)

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