BERNSTEIN：2025年中国人工智能：评估中国人工智能芯片的供需情况报告（中英版）

A keycontroversy for the China Al chip sec lor ishow uS. egport controls will affect thedynarics of Al chipsupply and demand, especially given the recent change in Nhidia H20exporte antrals with potenfialsales, resumpian, in this call, our objec five is to quantify thesupply and dermand dynamic sof Al chips in China andevaluate their broader imphestionsOverall, we believe demand for Al chips in China remains strang,whike both ghobal anddosmveslic vendors are Ekelyto face supply constrsints th