$NVIDIA(NVDA)$
The core issue is that inference chips have much lower requirements than training chips. Domestic production is estimated to reach about 60% of Nvidia's level, lagging behind by one generation. DS has reduced the cost of training. Coupled with the US and China pushing Chinese enterprises to choose domestic products, inference will become much more competitive in the coming years than it is today. Nvidia will need to rely on a much larger volume of inference demand to offset the decline in profit margins.
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