Muxi: XiYun C700 GPU in normal development

The C700's progress through performance tuning suggests Muxi is de-risking its next-gen domestic GPU, but the real signal is the C600's certification milestone, which could open procurement doors in state-driven markets. The gap between C600 mass production and C700 tape-out highlights the lengthy software and customer validation cycle ahead. Watch whether the C700 tape-out timeline slips, as that will determine if Muxi can sustain momentum against peers also chasing domestic process nodes.