Core Viewpoint - The market performance of companies like Moer Thread and Muxi Co. signals a significant shift in the valuation system for high-end GPUs, distinguishing them from traditional computing chip companies [2]. Group 1: High-End GPU Market Dynamics - The high-end GPU sector is forming an independent valuation track, as evidenced by the dramatic price increase of Cambrian Technology, which rose nearly 30 times from its low of 54 yuan to a peak of 1596 yuan [4]. - The listings of Moer Thread and Muxi have provided the market with a clear understanding of the pricing mechanism for general-purpose GPUs, validating the notion that the asset imagination space for general-purpose GPUs is larger than that for AI-specific ASICs [4][6]. - Moer Thread's stock surged 468.78% on its first day of trading, reaching a market cap of over 300 billion yuan, while Muxi's first-day performance was even more impressive, with a rise of 682% [4]. Group 2: Valuation Logic of High-End GPUs - The essence of this market trend transcends the concept of "domestic substitution," as traditional chip pricing logic focused on performance, shipment volume, and profit margins is no longer applicable [6]. - High-end GPUs are characterized by five unique conditions: indispensable for large model training, limited supply due to geopolitical factors, high switching costs for users, and their role as strategic national assets [7]. - This creates a positive feedback loop where increasing demand for computing power drives up asset prices, attracting more investment and policy focus, leading to a stronger market position for leading companies [7]. Group 3: Wall Street's Perspective on Wall Street's IPO - Wall Street's upcoming IPO is set against a backdrop of a favorable market for tech assets, with the Hang Seng Index rising approximately 23% and the Hang Seng Tech Index up about 37% since the beginning of 2025 [14]. - The scarcity of high-quality tech assets in the Hong Kong market enhances the appeal of Wall Street as the "first domestic GPU stock," especially given the historical low valuations of tech stocks [16]. - The IPO has attracted significant institutional interest, with 23 cornerstone investors participating and a high subscription rate of approximately 64% [16][17]. Group 4: Wall Street's Technological and Commercial Strength - Wall Street has established a competitive edge through its GPGPU architecture, successfully developing and mass-producing BR106 and BR110 chips, and launching the higher-performance BR166 chip [11]. - The company has shown rapid revenue growth, increasing from 499,000 yuan in 2022 to 337 million yuan in 2024, while also narrowing its adjusted net loss from 1.051 billion yuan in 2023 to 767 million yuan in 2024 [12]. - Wall Street's R&D spending has been substantial, with total expenditures of 1.018 billion yuan, 886 million yuan, and 827 million yuan from 2022 to 2024, representing 79.8%, 76.4%, and 73.7% of total operating expenses, respectively [13].
港股GPU第一股来了，壁仞科技能否给港股带来造富盛筵？