DeepSeek V4 Ignites Semiconductor Rally as Domestic Computing Power Investment Logic Gets a Major Upgrade

DeepSeek-v4-becomes-the-strongest-catalyst">A Single Announcement Ignites the Semiconductor Sector — DeepSeek V4 Becomes the Strongest Catalyst

On April 27, news of the DeepSeek V4 release continued to reverberate through capital markets, sparking a broad-based rally across A-share semiconductor stocks. Sub-sectors including copper-clad laminates, semiconductor equipment, and GPUs all surged, with multiple stocks hitting daily limit-up. Trading sentiment heated up markedly. This AI large-model-driven semiconductor rally is profoundly reshaping how capital markets price domestic computing power.

According to China Securities Journal, industry insiders believe the biggest highlight of DeepSeek V4 lies not merely in the model's performance improvements, but in its comprehensive adaptation to the domestic computing ecosystem — signaling that the "last mile" between domestic AI large models and domestic chips is being bridged.

V4 Adapts to Ascend Ecosystem: Domestic Chips Reach a 'Commercialization Inflection Point'

One of the core reasons DeepSeek V4 has triggered such a strong market response is its explicit adaptation to Huawei's Ascend ecosystem. Multiple domestic chip manufacturers have reportedly completed integration with V4, marking a transition for domestic AI computing power from merely "usable" to genuinely "effective."

For a long time, the biggest challenge facing domestic AI chips has not been hardware performance itself, but rather the maturity of the software ecosystem and the completeness of model adaptation. Leading large-model developers actively embracing the domestic computing ecosystem signals that the commercialization pathway for domestic chips in AI inference and training scenarios is rapidly crystallizing.

Specifically, Huawei's Ascend series chips have undergone continuous iterative upgrades in computing performance and energy efficiency, and DeepSeek V4's adaptation has undoubtedly injected a powerful shot of confidence into the Ascend ecosystem. Previously, market valuations for domestic computing power were largely anchored in "policy-driven" and "import substitution" narratives. Now, the logic is gradually shifting toward "commercialization-driven" and "ecosystem value reassessment."

Three Key Investment Themes Emerge: Infrastructure, Applications, and Model Developers

In this rally catalyzed by DeepSeek V4, industry insiders have highlighted three directions worthy of close attention:

1. AI Infrastructure Layer

The explosion in computing demand is directly boosting upstream infrastructure prosperity. Semiconductor equipment, advanced packaging, high-speed interconnects, and copper-clad laminates are all poised to benefit from the acceleration of domestic AI computing infrastructure buildout. Especially against the backdrop of U.S.-China technology competition, the imperative for self-reliance in domestic computing infrastructure is more pressing than ever, and related supply chains are expected to see sustained order growth.

2. AI Application Layer

As large-model performance continues to improve and inference costs keep declining, AI application scenarios are expanding rapidly. From intelligent customer service and code generation to enterprise knowledge management and office automation, the launch of high-performance models like DeepSeek V4 will further lower the barriers to AI adoption, driving large-scale commercial deployment across both B2B and B2C scenarios.

3. Model Developers

As a benchmark enterprise in China's large-model landscape, every major version update from DeepSeek triggers a market-wide reassessment of the entire model layer's value. The V4 release not only solidifies DeepSeek's leading position in open-source large models but also prompts a reevaluation of other domestic model developers' competitiveness.

Investment Logic Upgraded: From 'Substitution Narrative' to 'Value Creation'

Notably, this semiconductor rally is fundamentally different from previous "domestic substitution" rallies. In the past, market attention to domestic computing power was largely driven by supply chain security and policy support considerations — investors were buying into the expectation of "no choice but to use it." The core driver of this DeepSeek V4 rally, however, is the market recognizing the possibility that the domestic computing ecosystem is "worth using" and even "better to use."

When leading large-model developers voluntarily choose to adapt and optimize on domestic computing platforms, it demonstrates that domestic chips' performance and ecosystem have crossed a critical usability threshold. This positive feedback loop driven by market demand is far more sustainable and persuasive than policy support alone.

From a supply chain perspective, the release of DeepSeek V4 is also accelerating the construction of a closed-loop ecosystem of "domestic large models + domestic computing power." Once this ecosystem achieves scale effects, it will significantly enhance the voice of China's AI industry in global competition.

Risks and Outlook

Of course, investors need to remain rational. In the short term, news-driven sector euphoria may carry the risk of valuation overextension. Over the medium to long term, the true value of domestic computing power still needs to be validated through actual commercial deployment.

However, it is undeniable that the release of DeepSeek V4 is becoming a critical milestone in the upgrade of domestic computing power investment logic. Moving from "substitution narrative" to "value creation," and from "policy-driven" to "commercially driven," China's AI industry is writing its own growth story.

Looking ahead, as more domestic large models achieve deep synergy with domestic chips and AI application scenarios continue to explode, the domestic computing ecosystem may be poised for a true "Davis Double Play" — a resonance of earnings growth and valuation expansion. This rally ignited by DeepSeek V4 may be just the beginning.