Rebirth 08: Rise from copycat phones

Chapter 559 Financial Statements and Impact

After January, Zhuyun Group officially released its financial report for Q4 and the entire year of last year.

This financial report has attracted widespread attention globally, not only from investors, but also from many high-tech professionals, economists, and even ordinary people, especially in China.

To some extent, Zhuyun Group's financial reports reflect the overall situation of many industries, which is of great reference value for many people studying a particular industry or even studying some economic phenomena.

After all, this is the financial report of a behemoth with annual revenue of over 700 billion US dollars and profits exceeding 200 billion US dollars!
The impact is even more significant in certain industries, such as smart terminals, advanced semiconductors, artificial intelligence, robotics, and the virtual industry.

After Zhiyun Group released its financial report, the sales volume of smart terminals in its smart terminal business remained flat compared to last year. Although revenue and profit both increased slightly, the overall decline in the smart terminal market is still evident. Even a company as strong as Zhiyun Group has not seen significant growth in its smart terminal business under the current market environment, indicating that the current smart terminal market has reached its peak and competition has become more intense.

Interestingly, after Zhiyun Group released its own financial report, not only did it affect Zhiyun Group's stock price, but the stock prices of other smart terminal manufacturers also fell!
It's a very simple logic: if Zhiyun is in this situation, then other smart terminal manufacturers are naturally having an even harder time...

The smart terminal market has lost its potential for high-speed growth, and investors have naturally made their own choices: either make long-term value investments and wait for dividends or share buybacks, or sell their shares and seek new emerging markets... This has naturally affected the stock prices of many smart terminal manufacturers and related smart terminal supply chain companies!

The financial report of Zhiyun Group reveals the downturn in the smart terminal industry, but it also reveals the huge potential of some emerging industries!

In the robotics market, Zhiyun Group revealed in its financial report that its revenue from intelligent robots and related businesses has reached over $70 billion, with a gross profit of over $10 billion.

As a newly developed market, this revenue scale is astonishing. Following this trend, many analysts believe that the global robotics market will continue to grow rapidly and is expected to reach a scale of 200 billion US dollars within three years.

Although the majority of this market will inevitably be taken over by Zhiyun Group, some share of the low-end market, industrial market, and special market will still be left for other startups.

In particular, Zhuyun Group's robotics business is currently focused on home robots. Although it has also invested in traditional industrial robots, the investment is not significant, mainly because the current industrial robot market is too small and the profit margin is low!

In the view of Zhiyun Group, the difference between industrial robots and home robots is similar to the difference between engineering vehicles and family vehicles; the market size gap between the two is too large!
For a behemoth like Zhiyun Group, the focus is more on developing and manufacturing general consumer-grade industrial products with a larger market capacity, such as mobile phones, home robots, and even virtual devices for ordinary people. Alternatively, they might directly set industry standards, open up an entire new market segment, and then monopolize the sale of various core components, such as computing chips.

As for the conventional industrial equipment sector, I'm not particularly interested... because the limited market for industrial equipment can't support the massive size of the Zhiyun Group.

Large-scale production and sales volume, and extremely high gross profit margins—this is what Zhuyun Group pursues in making core products…

However, the industrial robot market that Zhiyun Group currently disregards has created a space for other companies engaged in the robot business to survive.

In the past year, many companies have launched various types of robots to the market, such as various robotic arms and small unmanned transport vehicles. Although their robots cannot be as intelligent as Zhiyun robots, they are still capable of performing simple and repetitive tasks in the industrial field. As long as the price is cheap enough and the cost performance is high, many customers will choose them.

You mentioned Zhiyun's industrial robots... Everyone knows their industrial robots are good, but Zhiyun's industrial robots are also expensive, and ordinary companies can't afford them.

In addition, there are other fields, such as the field of special robots... Because the market is relatively niche and the requirements are quite special and unconventional, Zhiyun Group does not make robots in these fields, which also provides a space for many companies to start up and survive.

Finally, there are robots in the defense field... such as typical multi-legged robot weapon platforms, or robot dogs, whatever you call them, Zhiyun's multi-legged robots are good, everyone knows that...

But you can't expect a bunch of countries to use Zhiyun's multi-legged robots directly. Putting aside the fact that these things are quite expensive, the key point is that these are civilian products. They don't have the various large models needed on the battlefield built-in, and they don't open up data interfaces. You can't use Zhiyun's multi-legged robots to train your own military large models.

The robots used in China's defense sector are developed in cooperation with Zhiyun Group, which provides the technology. The big data models used for these robots are specially trained, and they are completely different from civilian robots.

Besides, Zhiyun's robots are connected to the internet... Zhiyun dares to sell them, but you wouldn't dare to use them, right?

Therefore, the defense robot field is also a huge market. Many developed countries, especially the United States and European countries, are developing their own defense robots... However, in order to make them perform well, they will inevitably have to purchase PX chips from Zhiyun Group in the short term!

As for asking them to develop a general-purpose chip for medium-to-large-sized AI terminals, that would be extremely difficult... Qualcomm, Intel, and AMD haven't managed to do it yet.

The PX chip from Zhiyun Group is not an ordinary GPU, but a general-purpose computing chip for terminals in the field of artificial intelligence. Its technical threshold is very high, and it is no easier to make than APO graphics cards.

The robotics industry is booming, with Zhiyun Group taking the lion's share, but leaving a large market for other companies.

Analysts are very optimistic about the robotics industry, and many robotics startups worldwide have received substantial investments in the past year.

If a startup can come up with a good robot algorithm, it can easily get tens of millions or even hundreds of millions of dollars in venture capital. A large number of investment funds are willing to take a gamble with this startup!
Therefore, the robotics industry is booming right now, becoming one of the hottest investment areas in the past few years, with a large amount of capital flowing into it.

However, they can forget about creating a top-tier robot like Zhiyun Robot in the short term... they simply don't have the core, underlying artificial intelligence technology.

Besides the robotics industry receiving significant attention, Zhiyun's financial report has also garnered renewed focus.

The virtual industry has also become a new focus of attention!
According to the financial report released by Zhiyun Group, the revenue of its virtual equipment business was more than 40 billion US dollars, while the profit was a loss of more than 6 billion US dollars.

However, the enormous market potential it has shown has indeed made countless high-tech companies envious!

It's only been a year, and they've already created a market worth over 40 billion US dollars. Given time, wouldn't it become a market worth hundreds of billions of US dollars?

Moreover, the virtual equipment in this virtual industry is generally less technically difficult than robots, since the technical difficulty lies in the omnidirectional treadmill and the matching robotic arm backrest seat.

However, simply getting a VR headset and a host, plus a keyboard, mouse, or joystick for control, doesn't actually pose a big problem... especially since Zhiyun Group has made its core Zhiyun Virtual Physics Simulation Engine and a whole bunch of development software freely available to anyone.

This means there's no problem in the software field... because any company can actually use the Zhiyun Virtual Physics Simulation Engine to build their virtual world.

A host of companies, including Vcool Electronics, Four Star, Fruit, Google, Facebook, Huawei, and Dami, are developing VR virtual reality devices. It is expected that starting this year, companies will gradually release their VR virtual reality device products.

This means that the virtual device market is entering a more prosperous and widespread era!
In addition to virtual devices, the virtual industry also includes the derivative virtual content industry, which is a new industry that major Internet companies have been striving to enter in the past year.

Whether it's top-tier internet giants, second- or third-tier internet companies, specialized game companies, or even small startups, basically anyone with ambition is getting involved in the virtual content industry.

In the foreseeable future, as the stock of virtual devices continues to increase, the virtual content industry will become a new mobile internet industry.

Furthermore, the core carrier of the virtual content industry is currently virtual games, and virtual games are incredibly lucrative... It's safe to say that these days, people who can afford to play virtual games are not short of money and are not stingy with their spending.

Even people who go to virtual experience centers to play virtual games are willing to spend tens of millions of yuan... They've already paid a couple hundred yuan per hour for internet access at virtual experience centers, so they won't mind spending a few hundred or a few thousand yuan on game top-ups.

The sheer number of ultra-high-net-worth virtual game users in the virtual world has made countless internet companies and game companies drool, all eager to roll up their sleeves and make a fortune in virtual games.

In addition, the virtual content industry has also spawned another very interesting type of virtual content... namely, color content.

Zhiyun Group's virtual devices are geared towards the global market, and in many countries, adult content is legal. Zhiyun Group's virtual software apps are reviewed and managed in accordance with the legal standards of the respective countries. If the local country permits adult content, then it can be listed on the platform.

As a result, virtual color content has emerged in many countries such as the United States and Europe... This has brought a very novel experience to many people, at least the visual experience is very good!

This is much more intuitive than just looking at 3D!

Of course, users in the Chinese virtual world cannot appreciate the extremely high level of realism and the virtual color content that far surpasses reality found on the external network.

Zhiyun Group manages virtual content in regionally, meaning users in the Chinese region cannot access games or browse content in overseas regions.

Of course, if you have the ability to directly connect to the external network using a virtual device, register a user ID on the external network, and then access the external network, that would also work...

If someone is able to circumvent this kind of situation, it means that their knowledge and cognitive level are sufficient, and external factors can no longer affect their understanding. Basically, nobody cares about them!
However, if it's unavoidable, it's best to stay in the virtual world within China. The outside world is full of risks and is not suitable for this person!

Especially for teenagers whose values ​​are not yet formed, it's best to avoid contact with those monsters and demons outside, as they can easily be led astray and have their values ​​distorted!

The virtual content industry was the hottest startup sector in the internet industry over the past year, attracting significant attention from investors, industry professionals, and the general public.

However, when Zhiyun released its financial report this year, it did not list the revenue data of the virtual content industry separately, but included it in the calculation of the software and internet business segments.

Therefore, it is very difficult for people to analyze financial statements!

However, many third-party analysis agencies, after summarizing and analyzing various data, believe that the global virtual content industry market size has reached six billion US dollars in the past year... This is based on only a few hundred thousand virtual devices in existence.

What if the stock of virtual devices reaches two million units in the next year? Three million units? And five million or ten million units in a few years?

Isn't the virtual content industry going to become a market worth hundreds of billions of dollars?

This market is quite large, much larger than the early mobile internet market.

This is also the core reason why many internet companies are striving to enter the virtual content industry, even if they are losing money like crazy... The potential of the virtual content market is too great.

This represents the future, and we must not give up on it easily no matter what!
After all, some people are saying that the virtual internet represents a new direction for the development of the internet, and that the future internet is the virtual internet!

The internet will evolve from the early computer internet to the mobile internet, and then to the virtual internet!
In addition to showcasing smart terminals, robots, and the virtual industry, Zhiyun Group's financial report also highlights computing power chips...

According to Zhiyun Group, in 2019, the company's revenue from the sale of various computing chips, mainly APO graphics cards, PX chips, and EYQ chips, reached US$110 billion. However, this figure excludes the various computing chips used by Zhiyun Group itself.

The APO graphics cards, ZY chips, and EYQ chips used in virtual equipment and robotics businesses are not included in the statistics... This part of the data is included in the revenue of the virtual equipment business and the revenue of the robotics business.

If we include this part, the actual data would be even larger!

Smart terminals, virtual devices, smart robots, computing chips, and various conventional semiconductor chips, including mobile phone SOCs, CPUs, storage cores, flash memory chips, etc., plus other software and internet services, cloud computing business, accessories and spare parts business, financial investment and banking business, cloud satellite business, cloud aviation business, and other assisted driving family solutions and many other miscellaneous businesses.

This together created a huge revenue of over 770 billion US dollars and a massive profit of 200 billion US dollars for the Zhiyun Group!
After the release of Zhuyun Group's financial report, its stock price rose again!
Investors immediately drove up the stock price... After all, a profit of two hundred billion US dollars is too outrageous. Based on a price-to-earnings ratio of 20, the market value of Zhuyun Group should be four trillion US dollars to be considered 'reasonable'.

Of course, the price-to-earnings ratio of Zhuyun Group has rarely reached such a high level as 20. In Hong Kong stocks, which are targeted at global investors, especially global institutional investors, the price-to-earnings ratio of Zhuyun Group has been stable at around 17 or 18 times for a long time. There are fluctuations, but it basically hovers around this figure. Only when there is a major positive news will it briefly break through to 20 times the price-to-earnings ratio.

However, even calculated using a price-to-earnings ratio of 18, Zhuyun Group's total market capitalization would reach $3.6 trillion... This is a relatively median assessment given by many global investment institutions.

Therefore, after Zhiyun Group released its financial report, Zhiyun Group's market value on the Hong Kong Stock Exchange soared from more than US$3.45 trillion to US$3.6 trillion overnight.

In just one day, the market value increased by $150 billion... The market value increase in just one day has exceeded the market value of 99% of listed companies.

Most well-known and famous large companies have a total market value of less than $150 billion.

But Zhuyun Group's market value increased by $150 billion in just one day... which shows how large its size is.

In fact, its market capitalization in the domestic A-share market is even higher... If converted into US dollars, the total market capitalization of Zhuyun Group in the domestic A-share market would reach 3.8 trillion US dollars.

The market capitalization of A-shares is higher than that of Hong Kong-listed companies, which is due to a variety of factors. Besides the prevalence of dual listings, this is also related to the lack of sufficiently substantial and stable heavyweight blue-chip stocks in the domestic stock market. Zhuyun Group is the only company that has gained the trust of almost all investors!

A large number of investment institutions and a large number of conservative individual investors regard Zhiyun Group's stock as a super blue-chip stock and use it as a ballast... They like to buy some Zhiyun stock and hold it whenever they have nothing else to do.

For investment institutions, there is only one such mega-capital that can accommodate their massive funds in the whole country, no, in the world. If you invest hundreds of billions of yuan, it will just be a bubble. If you want to cash out hundreds of billions, it won't be a problem, and it won't even cause a significant fluctuation in the stock price.

At the same time, the investment returns of this mega-cap stock are not low... When it was first listed in China, its market value was around 3.4 to 3.5 trillion yuan. Now, more than half a year later, it has risen to 3.8 trillion yuan, which is about 10%.

A 10% return on investment in less than a year... This is extremely rare for investment institutions with huge amounts of capital.

Turning 10,000 into 100,000 isn't actually that difficult for an investor; you just need to bet right once.

Doubling 100 million to 200 million is a huge challenge, an impossible task for most investment managers. Only top investors can accomplish it.

If it's a 10 billion increase by 10 percentage points... that's already incredibly difficult.

If we double that amount of funding to 50 billion or 100 billion, that would be hellish.

Because the amount of capital is too large, it is very difficult to operate. For example, when buying stocks, let alone 100 billion, it is very easy to drive up the stock price with 10 billion. The daily limit is a piece of cake!

However, it will be very difficult to cash out at the high point and actually get the money in your hands... because with such a huge scale, there are not enough retail investors to take advantage of, so you can only take the flesh of other investment institutions.

However, it's not that easy to fleece investment institutions!
Investment managers at other large investment institutions aren't complete idiots; they can tell what you're up to just by squinting at them!

They're all top industry elites. If you want to cash out and leave at a high price, the moment you make a move, they'll be outrun by you... It's hard to say who will reap the benefits.

Therefore, small-cap stocks are actually very unfriendly to investment institutions with large amounts of capital... Before much capital has even been invested, the stock has already hit several daily price limits. Before even half of the invested capital has been withdrawn, the stock has already hit several daily price limits.

However, a mega-cap stock like Zhuyun Group is a different story!

Based on its current market capitalization, Zhuyun Group has a massive market value of over 26.6 trillion yuan, and the value of its publicly issued shares in the domestic A-share market is over 2.66 trillion yuan!
In a market capitalization of over 2.6 trillion yuan, it's impossible for a mere few hundred billion yuan to significantly boost the stock price on its own. At most, you could achieve a one-point fluctuation. Once your funds are exhausted, that one-point increase might just fall back down.

Apart from a few extremely powerful investment institutions with special backgrounds, no other investment institution in China has the ability to significantly boost or dump the stock price of Zhiyun on its own... There's no special reason; it's simply because they don't have that much money.

Therefore, Zhuyun Group's stock is actually very stable!

Because of the public's trust and the company's stability, many people in China who originally did not buy stocks now prefer to buy some of Zhuyun Group's stock when they have spare money, treating it like a higher-interest fixed deposit.

After all, for an individual, buying shares in Zhuyun Group might not make a fortune, but it can certainly make some small profits...

Moreover, it's not easy to incur losses.

The volatility of Zhiyun Group is small. Even if there are fluctuations and losses, the actual loss is not much!

Just like this time when Zhiyun Group released its financial report, its stock price surged by more than four percent, and financial news media around the world were reporting on it that day... Headlines like "Zhiyun Group's stock price surged by $150 billion overnight" looked quite alarming.

However, while Zhiyun Group's market capitalization increased by $150 billion in one day, the actual increase was only a little over 4%, and it might even fall back down once the market hype dies down...

Except for the first day of its listing in China, Zhuyun Group's stock has never experienced a limit up or limit down.

In normal times, fluctuations of one or two points are considered significant and can attract considerable attention from the financial investment industry.

A fluctuation of three or four points is already considered a very drastic fluctuation, enough to make global financial news headlines... For example, after Zhiyun released its financial report this time, the stock price surged by four points that day, instantly becoming a global financial news headline!
It's impossible for an individual to get rich by buying shares of Zhiyun Group, as the volatility is too low. However, if you make a long-term, stable investment, it's not a problem to outpace inflation. In lucky years, you can even make a small profit while outpacing inflation!
Well, investing in Zhuyun stock long-term carries more risk but also offers greater returns than depositing money in a fixed-term account!
However, in any case, it is much less risky than buying other stocks or funds on your own, making it suitable for individual investors who are not so greedy and just want to outpace inflation.

This stock is not suitable for investors who are highly speculative, want to get rich overnight, or engage in gambling. They are better suited to buying other types of stocks, since there is the possibility of hitting the daily limit up... Of course, there is also the possibility of hitting the daily limit down!
Zhuyun Group released its financial report, and its stock price saw a rare and significant increase.

This also affected the stock prices of many listed companies... some surged while others fell, and the impact extended to listed companies across numerous industries.

The Zhuyun Group doesn't pay much attention to external stock market fluctuations; the financial report has already been released, and investors can make their own decisions.

For Zhiyun Group, the most important task now is to accelerate the construction of more advanced semiconductor production capacity!

At a senior management meeting in late January, Xu Shenxue personally approved the temporary increase in investment in the two core foundational areas of semiconductors and superconductivity for this year and next year.

An additional $30 billion will be invested to start construction on a second 3-nanometer semiconductor factory, aiming to acquire two 3-nanometer factories by the year after next, with a 3-nanometer production capacity of 80,000 wafers.

An additional $5 billion will be invested to expand the capacity of the two existing 3D advanced packaging technology companies.

At the same time, an additional investment of US$12 billion is planned to build a large-scale second-generation 3D packaging process factory in Tongcheng.

The three additional investments alone totaled $47 billion, to be invested over three years. It is estimated that $27 billion will be invested this year, $15 billion next year, and $5 billion the year after.

This number is no small amount; even for Zhuyun Group, it's a huge sum of money.
After all, this doesn't mean that the total capital expenditure in the semiconductor field is fixed, but rather that it's an additional portion... The originally planned annual capital expenditure of four to five hundred billion US dollars in the semiconductor field is still in place.

This year, Zhuyun Group's capital expenditure budget in the semiconductor field has reached a staggering $70 billion... a figure that could frighten many people.

Such massive capital expenditure is not only for building advanced 5-nanometer and 3-nanometer processes, but also includes the expansion of mature 7-nanometer process capacity... The demand for the second-generation 7-nanometer process is very large, and it is still far from enough. Zhuyun Microelectronics is still expanding its production capacity.

The technological upgrade of the mature 10-14 nanometer process involves upgrading and transforming some factories, mainly upgrading many factories that mainly use the 14-nanometer process to the second-generation 12-nanometer process.

The second-generation 12-nanometer process has become the main advanced process of Zhiyun Microelectronics. A large number of its own chips and chips manufactured by external foundries use this process. In addition, Zhiyun Microelectronics is also developing some special processes at the 12-nanometer process node to meet the chip needs of different industries, such as the needs of various automotive-grade chips.

The second-generation 12-nanometer process technology within the 14-nanometer process node is expected to continue to generate many orders for many years to come.

Therefore, in the 10-14 nanometer process nodes, although production capacity is no longer being expanded, technological upgrades have been continuously carried out to meet market demand.

Furthermore, Zhiyun Microelectronics is even developing better mature processes. Last year, it officially launched a new 22-nanometer process node to the market. This is an upgraded version of the traditional 28-nanometer process. In fact, it still uses DUV immersion lithography machine for single exposure. The manufacturing cost has not increased much, but the chip performance has been improved a lot.

Therefore, it is called the equivalent 22-nanometer process.

This process is also very suitable for automotive-grade, smart home, and many other chip applications, and represents an upgrade direction for traditional 28-nanometer process chips.

As for the even more outdated 45-nanometer process, Zhuyun Group also has a newly launched so-called 40-nanometer process.

For processes above 55 nanometers, Zhiyun Microelectronics has already stopped technological research and development; it only makes minor improvements, which are sufficient for its needs.

Besides expanding and upgrading logic chip production, there are two other major costs... memory chips and flash memory chips!
The investment costs for these two businesses are actually quite high!

In the flash memory sector, there is currently a push to expand the production capacity of high-layer NAND flash memory, especially 150-layer 3D NAND flash memory.

In the field of 3D NAND flash memory, Zhiyun Microelectronics' technology is among the world's best, and of course, its price is also the highest!

Currently, Zhiyun Group's 150-layer advanced 3D NAND flash memory is mainly supplied to various smart terminals of the group, such as S-series mobile phones, laptops, tablets, smartwatches and other terminals. It is also used in virtual devices and robots.

At the same time, these top-tier flash memory chips will also be made into enterprise-grade flash memory and supplied to enterprise customers... The market for enterprise-grade flash memory is also very large.

Large internet companies like Yihai Technology purchase large quantities of Zhiyun enterprise-grade flash memory every year to expand their data storage capacity.

The demand for enterprise-grade flash memory from domestic internet companies alone is enormous, and many foreign internet companies also purchase it.

After all, Zhiyun's enterprise-grade flash memory is a world-class technology with excellent cost performance, making it the first choice for enterprises to build high-speed storage arrays.

In fact, when it comes to flash memory, Zhiyun's enterprise-grade flash memory has a bigger reputation than its consumer-grade flash memory. It is the favorite of many server engineers when building storage servers: not only does it have good performance, but it is also stable!

In addition, Zhiyun will also manufacture these top-tier flash memory chips into Zhiyun-branded solid-state drives for retail sale. A few solid-state drive manufacturers will also purchase these advanced flash memory chips to manufacture their high-end flagship solid-state products for retail.

However, whether it's Zhiyun or other SSD manufacturers, these top-of-the-line 3D NAND chip SSDs are very expensive. Ordinary people wouldn't consider using these SSDs when assembling or upgrading their computers... They offer absolutely no cost-effectiveness.

In addition, we also supply these top-of-the-line flash memory chips to some large corporate clients... For example, Apple has purchased a lot of these top-of-the-line 3D NAND chips for use in their mobile phones.

Some PC manufacturers also purchase and use it in their flagship computers.

These advanced 3D NAND chips are also a type of ultra-large-scale integrated circuit chips, which also need to be produced using EUV lithography machines, and the investment in their factories is also very large.

Another major category in the storage chip industry is memory chips... which is also a major consumer of investment funds.

In the field of memory chips, Zhiyun Microelectronics is significantly expanding its production capacity of 10C, that is, the third-generation 10-nanometer process. This top-level memory chip, produced by EUV lithography machine, is already the world's top-level memory chip. It has high cost and high selling price, and is currently one of the more profitable memory chips. It is used in a large number of smart terminals and computers.

At the same time, it is also massively expanding the production capacity of high-bandwidth memory, namely the HBM2/3 memory used in APO graphics cards.

This memory technology involves vertically stacking DRAM chips to achieve greater bandwidth.

This is currently the most advanced memory technology, and it is also the main component that supports the production of a series of computing cards by Zhiyun Group... In an APO graphics card, the highest actual cost is HBM2/3 memory, which accounts for about two-thirds of the actual cost.

Zhiyun Microelectronics is significantly expanding its HBM2/3 memory production capacity to meet the huge demand for computing chips!
Logic chips, flash memory chips, memory chips, plus a 2.5D/3D packaging process... Expanding the production capacity of advanced processes in these four major areas and continuously promoting the development of the next stage of processes are all very expensive, often requiring huge investments of tens of billions or even hundreds of billions of dollars!
If you want to speed up the construction process, then you'll have to spend even more money.

This is also why Zhuyun Group's capital expenditure budget in the semiconductor field reached 70 billion US dollars this year!

There's no other way; if you want to expand production capacity with advanced processes, and you also need to be ahead of your competitors in both technology and production capacity, that's how much money you have to spend!
The semiconductor manufacturing industry has always been a capital-intensive industry; you can't operate without money!

At Zhuyun J Group, while increasing internal investment in the semiconductor field, it is also accelerating the development of superconducting quantum computers, striving to mass-produce the sixth-generation superconducting quantum computer as soon as possible!

And this is also very expensive!
The research and development costs for the various top-tier equipment needed for the industrial mass production of the sixth-generation superconducting quantum computer would be astronomical for other companies!

The field of superconducting quantum computing requires not only heavy capital investment, but also investment with very high technical barriers. Simply having money is not enough; you also need the technology!
After all, there's no equipment available in other places... you have to painstakingly develop and manufacture your own equipment.

And the company that undertook this arduous task was Fairy Mountain Holdings... Apart from Fairy Mountain Holdings, there is actually no other company in the world with this level of technology.

(End of this chapter)