Overview
- Frost & Sullivan estimates for H1 2025 show Baidu at 40.4% and Huawei at 30.1% of the GPU cloud market, counting only providers that own the full chip-to-cloud stack.
- Baidu confirmed a confidential Hong Kong IPO filing for its Kunlunxin chip unit, which shipped nearly 70,000 units in 2024 and recently introduced M100 and M300 accelerators for inference and large-model training.
- Biren began trading in Hong Kong last week after raising about $720 million, while Moore Threads and MetaX listed on Shanghai’s Star Market and Enflame advances toward a debut.
- Analysts attribute Baidu and Huawei’s dominance to vertical integration across chip design, data centers, and cloud services, exemplified by Baidu’s previously disclosed 30,000‑chip Kunlun training cluster.
- Frost & Sullivan flags constraints in hardware performance, software ecosystems, system integration, and commercial operations, as U.S. export controls keep China focused on domestic GPU stacks.