Iluvatar (9903.HK): AI chips in specification migration as Supernodes roll out; Buy

We recently visited Iluvatar's management in Shenzhen. Key discussions focused on GPU specification migration and the company's expansion into high-density Supernode solutions. We remain positive on Iluvatar and expect the company to benefit from (1) rising AI capex by China CSPs, (2) the continued development of the domestic AI ecosystem and supply chain, and (3) product upgrades and customer diversification. Maintain Buy. On products, management expects TianGai 150 to continue addressing cost-sensitive inference applications, while TianGai 300 targets higher-end AI training and inference workloads. TianGai 300 is progressing through product testing and customer validation, with software and operator optimization ongoing;