“中国版英伟达”之争升温！沐曦上市首日暴涨700%，市值逼近摩尔线程

Core Viewpoint - The article discusses the remarkable debut of Muxi Technology on the stock market, highlighting its stock price surge and the implications for the domestic GPU industry, particularly in the context of AI and computing power demand. Group 1: Stock Market Performance - On its first trading day, Muxi Technology's stock price soared over 700%, reaching a peak of 895 yuan, resulting in a single contract profit of nearly 400,000 yuan, setting a new record for new stocks under the comprehensive registration system [1] - By the end of trading, Muxi Technology closed at 829.9 yuan, up 693%, with a turnover rate of 84.72% and a total market value of 332 billion yuan, approaching the market value of the recently listed Moer Technology [2] Group 2: Market Valuation and Industry Context - The high valuation of Muxi Technology, despite not yet being profitable and its core products still in the early stages of scaling, raises questions about how the capital market perceives the value of domestic GPU companies [4] - The demand for computing power has been growing steadily over the past two years, with significant investments from government and enterprise sectors in AI training, inference, and intelligent computing centers [5] Group 3: Company Background and Leadership - Muxi Technology was founded in September 2020 in Shanghai, focusing on high-performance general-purpose GPU chips and solutions, primarily targeting AI training and inference, data centers, and high-performance computing [8] - The founding team consists of three senior scientists with extensive backgrounds at AMD, which may influence the company's focus on engineering implementation and commercialization efficiency [9][10] Group 4: Product Development and Revenue Growth - Muxi Technology has disclosed scalable revenue, with significant growth from 426,000 yuan in 2022 to 530.2 million yuan in 2023, and projected revenues of 743 million yuan in 2024 and 1.236 billion yuan in the first three quarters of 2025 [24] - The company has completed multiple generations of GPU tape-out and mass production, with the C500 series already generating revenue in AI training and inference applications [23] Group 5: Competitive Landscape and Future Outlook - Muxi Technology aims to achieve breakeven by 2026, earlier than Moer Technology's projected breakeven in 2027, indicating a potentially faster path to profitability [27] - The article emphasizes that while both Muxi and Moer have received high initial valuations, the true measure of success will depend on who can establish a sustainable business model for domestic GPUs in the next 2-3 years [30][31]