Core Viewpoint - The article discusses the recent IPO of Moer Thread, a domestic GPU company, highlighting its significant initial market performance and drawing parallels with the earlier IPO of Cambricon, emphasizing the challenges and expectations in the high-end chip industry [2][6]. Financial Performance Comparison - Both Moer Thread and Cambricon exhibit similar financial characteristics, including substantial net losses prior to their IPOs, with Moer Thread projected to incur losses of 18.94 billion, 17.03 billion, and 16.18 billion yuan from 2022 to 2024 [4][5]. - Cambricon reported cumulative losses exceeding 16 billion yuan from 2017 to 2019, while Moer Thread's losses are expected to reach 20.57 billion yuan by September 2025 [4][6]. R&D Investment - High R&D expenditure is a common trait for both companies, with Cambricon's R&D investment as a percentage of revenue reaching 380.73%, 205.18%, and 122.32% from 2017 to 2019 [5]. - Moer Thread's R&D investments from 2022 to 2024 are projected at 11.16 billion, 13.34 billion, and 13.58 billion yuan, totaling 38.09 billion yuan, which represents 626.03% of its revenue over the same period [5]. Market Expectations and Valuation - The market has shown a strong appetite for Moer Thread, with its stock price surging 468.78% on the first day of trading, reflecting high expectations for its future performance [2][3]. - Despite the high initial valuation, the article cautions that the path to profitability for Moer Thread may be more challenging than for Cambricon, given the high barriers in the GPU industry [6][7]. Industry Challenges - The article emphasizes the long and difficult journey from technological breakthroughs to profitability in the chip design sector, with both companies needing to navigate high costs associated with ecosystem development and market expansion [6][7]. - Moer Thread faces additional challenges in establishing a complete ecosystem and competing against established players like NVIDIA, which may prolong its path to profitability [6][8].