Biren (6082.HK): GPU specification migration with shipment ramp up on growing AI demand in China; Buy

We visited Biren's management in Hong Kong, with discussions focused on the GPU product roadmap, supply-chain readiness and Supernodes (i.e. large-scale computing). We remain positive on Biren and expect the company to benefit from (1) China cloud capex growth, (2) the shipment ramp-up of its next-generation AI chips, and (3) further CSP customer penetration. Maintain Buy. Management remains positive on market demand and the company's ongoing product mix upgrade toward stronger computing power, larger memory capacity and stronger interconnect capabilities. The tight supply of raw materials (e.g. foundry capacity, HBM) remains a moving part;