Sou Hu Cai Jing·2025-12-05 11:41Core Viewpoint - The investment in Moer Thread has yielded significant returns for early investors, with some seeing their investments increase over eightfold within a year, driven by the growing demand for GPUs in the AI industry and the company's unique positioning in the market [3][4][11]. Industry Overview - The global AI industry is experiencing rapid growth, leading to an explosive demand for computing power, particularly for GPUs, which is expected to exceed $100 billion this year and grow to over a trillion dollars by 2030, with a compound annual growth rate of around 30% [5][6]. - The Chinese GPU market is projected to grow from 163.8 billion yuan last year to 1.36 trillion yuan by 2029, supported by national policies favoring domestic chip development [8]. Company Insights - Moer Thread's appeal to investors is partly due to its scarcity and the strong background of its core team, many of whom have experience at NVIDIA, including the CEO who worked there for 14 years [10][11]. - The company focuses on developing domestic full-function GPUs and related products, which is a niche area with limited competition in China [10]. Financial Performance - Despite the high market enthusiasm, Moer Thread is currently operating at a loss, with a projected net loss of 1.618 billion yuan in 2024, and its price-to-sales ratio is significantly higher than that of established competitors like NVIDIA [12]. Competitive Landscape - Moer Thread faces substantial challenges in overcoming the technological barriers established by NVIDIA over the past two decades, particularly in chip architecture and software ecosystem development [13][14]. - The company is still in the early stages of building its software ecosystem and developer support, which are critical for competing effectively in the GPU market [13].