Core Viewpoint - The capital market is once again enthusiastic about chip dreams, as evidenced by the high valuation and market response to the domestic GPU company, Moore Threads, which has drawn parallels to the earlier experience of Cambricon Technology [1][6]. Group 1: Company Overview - Moore Threads, listed on the STAR Market, opened at 650 yuan with a surge of 468.78%, reaching a market capitalization close to 300 billion yuan [1]. - The company is characterized by continuous losses, high valuations, and strong technological expectations, similar to Cambricon, which was once dubbed the "AI chip first stock" [1][2]. Group 2: Financial Characteristics - Both Moore Threads and Cambricon exhibit significant financial similarities, including sustained large losses prior to their listings. Cambricon reported cumulative losses exceeding 1.6 billion yuan from 2017 to 2019, while Moore Threads is projected to incur losses of 18.94 billion yuan, 17.03 billion yuan, and 16.18 billion yuan from 2022 to 2024 [3][4]. - High R&D expenditure is a common trait, with Cambricon's R&D investment as a percentage of revenue reaching 380.73%, 205.18%, and 122.32% from 2017 to 2019. Moore Threads' R&D spending for the same period is projected to total 38.09 billion yuan, with a staggering 626.03% of its revenue allocated to R&D [4][5]. Group 3: Market Expectations and Challenges - The market's willingness to pay high valuations reflects optimism about domestic GPU breakthroughs and the potential for capturing a significant market share [6][7]. - The path to profitability for Moore Threads may be more challenging than for Cambricon, as it must navigate high ecological barriers and competition from established players like NVIDIA, which have created deep moats in the industry [6][7].