芯片造富，资本狂欢

Core Viewpoint - The domestic GPU industry has experienced a significant surge in capital interest, with companies like Moore Threads and Muxi Co. achieving remarkable stock performance upon their listings, indicating a strong market belief in the potential of domestic GPU technology in the AI sector [1][3][4]. Group 1: Market Performance and Trends - In August, AI chip company Cambricon briefly surpassed Kweichow Moutai to become the "new king" of A-shares, while Moore Threads debuted on the STAR Market with a first-day increase of 468.78%, closing at 600.50 CNY per share, a rise of 425.46% [1]. - Muxi Co., the "second domestic GPU stock," listed on December 17, closing at 829.90 CNY per share, marking a 692.95% increase and a market capitalization of 332.04 billion CNY [1]. - The capital frenzy is expected to continue, with other companies like Birran Technology and Suiruan Technology also advancing their listing processes, and Kunlun Chip Technology, a subsidiary of Baidu, preparing for a potential Hong Kong listing in the first half of 2026 [3][12][16]. Group 2: Investment Dynamics - The market has seen a rush for shares of Moore Threads and Muxi Co., with Moore Threads attracting 267 institutional investors managing 7,555 allocation objects, and Muxi Co. drawing 269 investors managing 7,719 allocation objects, resulting in a total effective subscription of 57.169 billion shares [5]. - The final subscription rates for both companies were extremely low, with Moore Threads at 0.0364% and Muxi Co. at 0.0335%, highlighting the intense competition for shares [6]. Group 3: Early Investor Returns - Early investors in Moore Threads, such as the "Peixian Qianyao" fund, saw returns exceeding 6200 times their initial investment of 1.9048 million CNY, holding 16.9987 million shares by the time of the IPO [9]. - In Muxi Co., the lead investor, Heli Guoxin Zhixin Fund, invested 500 million CNY in its first round and held 14.3789 million shares, resulting in a market value of nearly 12 billion CNY at the IPO [11]. Group 4: Industry Context and Challenges - The GPU industry has gained attention since the rise of AI applications, with domestic companies benefiting from the exit of NVIDIA from the Chinese market due to U.S. export controls, creating a market vacuum worth hundreds of billions [24][26]. - Despite the growth potential, most domestic GPU companies are currently operating at a loss due to high R&D expenditures, and there are concerns about the sustainability of their valuations amid market speculation [27][29]. - The competitive landscape is evolving, with NVIDIA showing signs of re-entering the Chinese market, which could intensify competition for domestic GPU firms [29].