国产GPU双雄上市受捧背后“耐心资本”缘何坚定下注？

Core Insights - The domestic GPU sector is experiencing significant investor enthusiasm, highlighted by the successful IPOs of two major players, Moore Threads and Muxi Co., which have both shown remarkable market performance despite ongoing financial losses [1][2] Group 1: Company Performance - Muxi Co. achieved a market valuation exceeding 330 billion yuan on its first trading day, with stock prices soaring close to 900 yuan per share, while Moore Threads reached a peak of 941.08 yuan per share shortly after its IPO [1][2] - Both companies are currently facing substantial financial challenges, with Muxi Co.'s revenue projected to rise from 426,400 yuan in 2022 to 743 million yuan in 2024, yet net losses are expected to increase from 776 million yuan to 1.403 billion yuan during the same period [1] - Moore Threads anticipates a cumulative net loss exceeding 5.2 billion yuan from 2022 to 2024, with R&D expenses amounting to 3.809 billion yuan, which is 6.25 times its projected revenue [1] Group 2: Market Expectations - The high valuations of both companies stem from a consensus on the vast potential of the domestic GPU market, with IDC predicting that China's accelerated server market will exceed 100 billion USD by 2029 [2] - Research from Jiangyin International suggests that the domestic computing chip industry will flourish, benefiting from advancements across the entire supply chain, including wafer foundry, memory, and semiconductor equipment [2] Group 3: Investment Landscape - Both companies have attracted a diverse range of "patient capital," with Muxi Co. having over 120 shareholders, including top-tier venture capital firms and state-owned funds, while Moore Threads has a similarly impressive shareholder base [3][4] - Notable investors include major insurance funds, which are well-suited to the long-term nature of technology investments, and various financial institutions that participated in the strategic placements of shares [4][5] Group 4: Technological Development and Commercialization - The transition from research and development to commercial application in the GPU sector typically requires extensive investment over many years, underscoring the importance of "patient capital" in supporting this process [6] - Moore Threads has launched several GPU architectures since its first chip in 2021, while Muxi Co. has begun mass production of its main product, the Xiyun C500, which is expected to contribute significantly to its revenue [6] - Both companies are positioned to accelerate the localization of computing chips in China, supported by strong policy guidance, although they face challenges in meeting the rigorous technical validation required for entry into key industry sectors [6]