Key Points
- Moore Threads surged more than 400% on its first trading day in Shanghai after a $1.1 billion IPO.
- The listing comes as Beijing accelerates its push for homegrown GPU makers amid strict U.S. chip sanctions.
- China’s broader semiconductor race is heating up, with Huawei, Cambricon, and several new entrants vying for massive AI-driven demand.
Shares of Moore Threads, widely dubbed “China’s Nvidia,” delivered a blockbuster market debut in Shanghai, skyrocketing more than 400% after the company raised $1.1 billion in its highly anticipated IPO.
The stock closed at 600.500 yuan, more than five times its IPO price of 114.28 yuan, marking one of the strongest tech debuts China has seen in years.
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Moore Threads’ offering was led by CITIC Securities, with BOC International Securities, China Merchants Securities, and GF Securities acting as joint book runners.
Despite not yet turning a profit, the company said the fresh capital will fast-track development of its next-generation, self-developed AI training and inference GPUs. Part of the proceeds will also be used to boost working capital as the firm scales up.
A Big Win Despite U.S. Sanctions
The breakout debut is especially striking given that Moore Threads landed on the U.S. sanctions list in 2023, restricting its access to advanced chipmaking tools and overseas manufacturing partners.
Yet the company has become a symbol of China’s determination to reduce its reliance on U.S. chip giants—especially Nvidia—as the two countries continue to clash over AI dominance.
Moore Threads joins a fast-growing field of Chinese firms pushing ahead on AI processor development, buoyed by Beijing’s push for semiconductor self-sufficiency.
China’s GPU Race Is Getting Crowded
Heavyweights like Huawei are expanding their chip ambitions, while players such as Cambricon have seen their stock more than double this year on the Shanghai exchange.
The U.S. has long restricted Nvidia from selling its most advanced AI chips to China, and more recently, Beijing has doubled down by blocking Nvidia imports in a bid to boost homegrown alternatives like Moore Threads.
Newer startups—including Enflame Technology and Biren Technology—are also moving quickly to claim a share of the booming GPU market as AI demand surges across China.
Chinese regulators have been greenlighting more semiconductor IPOs as part of an aggressive national strategy to build a self-reliant AI ecosystem.
