09903 HK Iluvatar CoreX → Nvidia's CEO says its China market share has effectively fallen to zero. That vacuum is now being filled — and Iluvatar CoreX is stepping into it. ByteDance is reportedly in talks to buy at least 50,000 of its chips this year, mostly for inference to power Doubao. If it lands, Iluvatar becomes ByteDance's third domestic GPU supplier, though neither side has confirmed it. Shares jumped 12% on the report. The case underneath the headline: — One of the few Chinese designers shipping both training and inference lines at volume — 2025 revenue ¥1.03B, +92% YoY; Huatai sees ¥3.04B this year on 100K+ units shipped The counterweight: still lossmaking, with a TTM P/S near 116x — above Cambricon and well above the HK semis average. A post-IPO lockup unlocks in early July, adding supply into a sentiment-driven rally. For informational purposes only. Not investment advice.