M Asia Pacific Insight
March 11, 2026 10:21 PM GMT
Greater China Semiconductors
China AI GPUs – Closing the Gap with the US
High AI capex and sustained policy support have catalyzed China’s AI GPU ecosystem. In this deep dive, we introduce a framework to assess the sector’s commercial value, competitiveness, and consolidation path.
Rapid expansion of AI technologies is driving
China’s transition toward a higher quality growth
model. Last year, we examined the state of AI
development in China and its trajectory toward
2030 and beyond in our Bluepaper report China –
AI: The Sleeping Giant Awakens. In this report, we
focus on the core of China's AI infrastructure – the
AI chips that underpin this technology – and assess the evolving demand outlook,
foundry supply constraints, and competitive landscape shaping the sector.
Morgan Stanley Taiwan Limited+
Charlie Chan Equity Analyst
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Morgan Stanley Asia Limited+
Gary Yu Equity Analyst
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Morgan Stanley Taiwan Limited+
Daniel Yen, CFA Equity Analyst
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+886 2 2730-2863
Morgan Stanley Asia Limited+
Eva Hou Equity Analyst
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+852 2848-6964
Daisy Dai, CFA Equity Analyst
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Henry Zhao Research Associate
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Joanne Lau Research Associate
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+852 3963-1592
Evan Chen Research Associate
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+852 2848-7317
Significant progress in domestic AI GPU supply: For an extended period, the
diffusion of AI in China was constrained not by power, data or engineering talent,
Tom Tang Equity Analyst
but by restricted access to advanced AI chips under US export controls. China
started developing local AI GPUs from 2020, with limited access to overseas
leading-edge process technology. This window effectively closed in 2022 as controls
[email protected]
+852 3963-1860
Morgan Stanley Taiwan Limited+
Tiffany Yeh Equity Analyst
ti
... (총 80,000자, 전문은 첨부파일 참조)
![[MS_-China_AI_GPUs_Closing_the_Gap_with_the_US---e628dcc6-f40d-4ccc-b034-337a37fccfe7.pdf]] 📄 PDF 전문: [[20260326_MS-_China_AI_GPUs_Closing_the_Gap_with_the_US---e628dcc6-f4]]
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