On September 7, Macquarie issued a research report, reaffirming its “Outperform” rating for Iluvatar CoreX (09903.HK) and setting the target price at HK$1,060. The report highlighted that Iluvatar CoreX has successfully made inroads into the Chinese cloud service provider (CSP) customer market. It is anticipated that the contribution from its new-generation general-purpose graphics processing unit (GP GPU) chips will steadily rise. In Macquarie's view, the Tiangai-300, a newly launched training GP GPU chip by Iluvatar CoreX in July, is likely to commence mass production as early as the fourth quarter of this year. Given its robust computing power, die-to-die interconnection technology, and relatively higher average product prices, this chip is expected to significantly enhance the company's performance in the coming year. Moreover, the company's management intends to roll out a new-generation super-node solution in the fourth quarter, which is projected to yield substantial profit margins. Macquarie holds a positive outlook on Iluvatar CoreX's medium-term prospects in the CSP and large language model customer markets.