H&T INTELLIGENT(SZ:002402) Feng Huang Wang·2025-09-23 18:51Core Insights - The IPO of domestic GPU company Moore Threads is set for September 26, with an expected fundraising of 8 billion yuan, potentially making it the first domestic GPU stock [1] - The A-share market has seen significant movements in stocks related to Moore Threads, with several stocks hitting the daily limit up due to their previous investments in the company [1] - The rise of domestic GPU companies like Moore Threads is attributed to the increasing demand for high-performance chips, especially after U.S. sanctions on Chinese tech firms [2][3] Group 1: Company Overview - Moore Threads was founded by Zhang Jianzhong, a former key figure at NVIDIA China, and has quickly assembled a world-class team from various tech giants [2] - The company has raised over seven rounds of financing since its inception, with early investors like Heertai participating in seed funding [5] - Moore Threads is currently in the investment phase, with cumulative losses of approximately 5 billion yuan from 2022 to 2024, and is not expected to turn a profit until at least 2027 [8] Group 2: Market Dynamics - The domestic GPU sector has seen a surge in investment, with 20 financing events in the GPGPU field between 2020 and 2021, indicating strong investor confidence [3] - NVIDIA's market value has skyrocketed by 15 times in just 24 months, driven by the global surge in computing power demand, particularly in AI [3] - The stock prices of companies indirectly involved with Moore Threads have also surged, with significant annual increases reported for companies like Changfei Fiber and ST Huatuo [7]