Core Viewpoint - The successful IPO of Moore Threads marks a significant milestone as it becomes the first domestic GPU company listed on the Sci-Tech Innovation Board, reflecting strong market interest and potential in the GPU sector [2][5]. Company Overview - Moore Threads was founded in 2020 and has quickly established itself in the GPU market, aiming to provide high-performance computing solutions for AI, digital twins, and scientific calculations [7][8]. - The company has developed a product matrix that includes multiple generations of GPUs, covering various applications such as AI computing, graphics rendering, and consumer entertainment [13]. IPO Details - Moore Threads was listed on December 5, with an opening price of 650 CNY per share, leading to a market capitalization of 305.5 billion CNY. The stock price later adjusted to 585 CNY, reflecting a 411.9% increase from the issue price [2][3]. - The IPO raised a net amount of 8 billion CNY, marking the largest scale for a Sci-Tech Innovation Board IPO in the past two years [3][4]. Financial Performance - The company reported revenues of 46.08 million CNY in 2022, with projections of 124 million CNY in 2023 and 438 million CNY in 2024, indicating a growth trend. However, net losses were recorded at 1.894 billion CNY in 2022, with expectations of narrowing losses in subsequent years [14][15]. - Moore Threads anticipates achieving profitability by 2027, supported by a commitment from its major shareholders to extend their lock-up period if profitability is not realized [14][16]. Market Position and Strategy - The company is positioned to compete directly with NVIDIA, leveraging its founder's experience in the GPU market to build a robust ecosystem around its products [6][8]. - Moore Threads aims to create a unified development environment through its self-developed MUSA architecture, which allows developers to work across its entire GPU product line [8]. Investment and Valuation - Prior to its IPO, Moore Threads attracted significant investment from various institutions, achieving a valuation exceeding 10 billion USD within 100 days of its establishment [9][10]. - The company has seen substantial returns for early investors, with some institutions reportedly making over 10 billion CNY from their investments [10][12].

Core Insights - The company, Moore Threads, known as the "first domestic GPU stock," was listed on the STAR Market on December 5, attracting significant market attention [2] - The initial offering price was 114.28 CNY per share, with the opening price soaring to 650 CNY, representing an increase of over 460%, leading to a market capitalization exceeding 300 billion CNY [2] - As of the report, the stock price maintained a strong increase of 403%, with a market cap around 270.3 billion CNY, and trading volume surpassing 11 billion CNY within the first hour [2] Company Overview - Founded in June 2020, Moore Threads specializes in the research and sales of full-function GPU chips, targeting data centers, desktop GPUs, and related software systems [2] - The company has launched four generations of GPU architectures, with products supporting AI computing, high-performance computing, and graphics rendering [2] - Notable products include the MTT S4000 intelligent computing acceleration card and the Kuangua intelligent computing cluster, capable of supporting training for large models with hundreds of billions of parameters [2] Market Potential - The demand for GPUs is rising due to the rapid development of cutting-edge technologies such as artificial intelligence, digital twins, and embodied intelligence [2] - According to Frost & Sullivan, the global GPU market is projected to reach 3.62 trillion CNY by 2029, with the Chinese market expected to grow significantly to 1.36 trillion CNY, indicating vast market potential [2] Financial Performance - In the first three quarters of the year, the company achieved revenue of 785 million CNY, surpassing the total revenue of the past three years, with a year-on-year growth rate of approximately 182% [3] - Although the company is still in the investment phase and has not yet achieved profitability, the loss margin is narrowing [3] - The company plans to achieve overall profitability by 2027 at the earliest [3] IPO and Fundraising - The IPO raised a total of 8 billion CNY, with funds primarily allocated to the development of next-generation autonomous AI training and inference chips, next-generation autonomous graphics chips, and next-generation autonomous AISoC chips, as well as to supplement working capital [3]

Core Viewpoint - The first domestic GPU company, Moore Threads, saw its stock price surge by 468.78% on its debut, reaching 650 CNY per share, with a market capitalization exceeding 300 billion CNY, indicating strong investor interest and confidence in its business model and market potential [1][3]. Group 1: IPO Details - Moore Threads issued 70 million shares in its IPO, with 20% allocated to strategic placements, attracting 10 strategic investors including Zhongzheng Investment and Tianyi Capital [3]. - The overall subscription rate was exceptionally high, with a total of 270 investors and 7,721 allocation objects participating, resulting in a subscription multiple of 2,228.11 times and a low online winning rate of only 0.036% [3]. - The company’s listing application was accepted on June 30, 2025, and it achieved approval in just 88 days, setting a record for the fastest review on the Sci-Tech Innovation Board [3]. Group 2: Company Overview - Since its establishment in 2020, Moore Threads has focused on the independent research and design of full-function GPUs, developing the MUSA unified system architecture that supports a complete precision spectrum from FP64 to INT8 [4]. - The latest fourth-generation "Pinghu" architecture utilizes a 7nm process technology, continuously upgrading performance and catering to various scenarios including AI computing and graphics rendering [4]. - The company has established a comprehensive product matrix covering desktop GPUs, server computing cards, and intelligent computing clusters, with the MTTS80 being the first domestically produced consumer-grade GPU to achieve large-scale shipments [4]. Group 3: Market Performance - Moore Threads has captured a leading position in the domestic market, with a market share exceeding 60% in the information technology innovation sector [4]. - The company reported revenue of 702 million CNY in the first half of 2025, surpassing the total revenue of the previous three years, with further growth in the first three quarters leading to a total revenue of 784.6 million CNY [4].

智通财经APP获悉，12月5日，沐曦股份(688802.SH)开启申购，发行价格为104.66元/股，申购上限为0.6万 股，行业市盈率58.25倍，属于上交所，华泰联合证券为其保荐人。 招股书显示，沐曦股份致力于研发全栈高性能GPU芯片及计算平台，主营业务是研发、设计和销售应用于 人工智能训练和推理、通用计算与图形渲染领域的全栈GPU产品，并围绕GPU芯片提供配套的软件栈与计 算平台。 生产模式上，公司是典型的Fabless模式企业，主要负责制定GPU芯片的规格参数与方案、完成芯片的架构 设计、核心GPU IP开发、封装设计、物理设计、设计验证、交付GPU芯片设计版图等，而GPU芯片的晶圆 加工、封装测试通过委外方式完成。公司向晶圆制造厂采购定制加工生产的晶圆，向封装测试厂采购封装 测试服务，向加工厂商采购板卡加工服务，期间公司辅以工艺管理和测试支持。 销售方面，公司采用直销与经销结合的模式进行产品销售，前五大客户占主营业务收入占比较高，2022 年、2023年、2024年及2025年1-3月，占比分别为100%、91.58%、71.09%及88.35%。 财务方面于2022年度、2023年度、2024年度 ...

RT Tesla Owners Silicon Valley (@teslaownersSV)Nvidia CEO Jensen“Elon Musk is the Ultimate GPU” https://t.co/jv4YILaUCU ...

图片来源： Unsplash 云计算服务商 Vultr 正在俄亥俄州数据中心建设一个 50 兆瓦规模的超微半导体公司人工智能处理器集群，此举旨在以更低成本提供 AI 基础设施。 这家获得 AMD 支持的企业周二宣布将投资逾 10 亿美元建设该设施，未来客户可借此训练或运行 AI 模型。该设施计划于 2026 年第一季度投入运营。 Vultr 是试图以更经济的预算从蓬勃发展的 AI 需求中获益的云服务提供商之一。该公司表示，其新建的芯片集群运营规模将远小于微软、 Meta 和谷歌母公 司 Alphabet 运营的大型设施，但将以更低的价格提供计算能力。 Vultr 首席执行官 J.J. Kardwell 在接受采访时表示，其云服务 " 价格通常只有大型数据中心运营商的一半 " 。该公司 50 兆瓦、配备 2.4 万枚芯片的设施，与 以吉瓦级功率衡量的巨型 AI 数据中心形成对比—— 1 吉瓦大致相当于一座核电站的发电量。 总部位于佛罗里达州西棕榈滩的 Vultr 通过采购芯片和计算机设备，在租赁的数据中心空间运营系统。 这个位于俄亥俄州斯普林菲尔德的新集群将采用 AMD 的 Instinct MI355X AI ...

Core Viewpoint - The stock price of Jingjia Micro has experienced a decline of 22.10% this year, with recent trading showing a slight decrease, indicating potential challenges in the market [2]. Company Overview - Jingjia Microelectronics Co., Ltd. was established on April 5, 2006, and went public on March 31, 2016. The company is located in Changsha, Hunan Province, and specializes in the research, production, and sales of high-reliability military electronic products [2]. - The revenue composition of Jingjia Micro includes: 43.61% from graphics display control products, 33.12% from chip products, 15.71% from small specialized radar products, and 7.56% from other sources [2]. Financial Performance - For the period from January to September 2025, Jingjia Micro reported a revenue of 495 million yuan, representing a year-on-year growth of 12.14%. However, the net profit attributable to shareholders was a loss of 72.53 million yuan, a decrease of 403.81% compared to the previous year [2]. - Since its A-share listing, Jingjia Micro has distributed a total of 392 million yuan in dividends, with 141 million yuan distributed over the past three years [3]. Shareholder Information - As of September 30, 2025, the number of shareholders of Jingjia Micro was 98,200, a decrease of 0.90% from the previous period. The average number of circulating shares per person increased by 0.90% to 4,139 shares [2]. - Major institutional shareholders include E Fund's ChiNext ETF, holding 6.75 million shares (a decrease of 1.13 million shares), and Southern CSI 500 ETF, holding 4.56 million shares (a decrease of 96,200 shares) [3].

Welcome everybody. It's great to see a great crowd on this Monday before the show in St. Louis of all places.So this is SC25. We've actually I think been coming to SC for the past 20 years. So we are certainly veterans like Alex was saying in HPC and we're close to getting veterans in AI because I mean we've been involved with Nvidia and AI and other players for the past now 9 10 years already.It's kind of crazy. We started literally 9 years ago in Guilty with Jensen and Nvidia trying to map out what would ...

Group 1 - The company, Muxi Co., Ltd. (沐曦股份), has set its IPO price at 104.66 yuan per share, with a market capitalization of approximately 41.874 billion yuan upon listing [1] - The company is recognized as a leading domestic high-performance general-purpose GPU manufacturer and will be the second domestic GPU company to list on the A-share market after Moer Thread [1][2] - Muxi Co., Ltd. focuses on the research, design, and sales of full-stack GPU products for artificial intelligence training and inference, general computing, and graphics rendering [2][3] Group 2 - The company's main products cover three key areas: artificial intelligence computing, general computing, and graphics rendering, with several GPU series launched, including the Xisi N series and Xiyun C series [3] - Muxi Co., Ltd. has established a robust software ecosystem compatible with international mainstream GPU ecosystems, enhancing usability and scalability [3][4] - The company has achieved significant sales, with over 25,000 GPU units sold, and has deployed its products in more than ten intelligent computing clusters across various regions [4] Group 3 - The company's revenue for the years 2022 to 2024 is projected to be 426,400 yuan, 5.3 million yuan, and 74.3 million yuan, respectively, with net losses of 77.7 million yuan, 87.1 million yuan, and 140.9 million yuan [4]

Core Viewpoint - Dongxin Semiconductor Co., Ltd. has experienced significant stock price fluctuations, with a year-to-date increase of 361.37% and recent declines in the short term, indicating volatility in the semiconductor market [1][2]. Company Overview - Dongxin Semiconductor, established on November 26, 2014, and listed on December 10, 2021, focuses on the research, design, and sales of general-purpose storage chips, primarily NAND (57.08%), MCP (25.88%), DRAM (10.43%), and NOR (6.15%) [1][2]. - As of September 30, 2025, the company reported a revenue of 573 million yuan, a year-on-year increase of 28.09%, but a net profit loss of 146 million yuan, a decrease of 12.16% compared to the previous year [2]. Stock Performance - As of December 3, the stock price was 114.88 yuan per share, with a market capitalization of 50.806 billion yuan. The stock has seen a trading volume of 1.706 billion yuan and a turnover rate of 3.30% [1]. - The stock has appeared on the "Dragon and Tiger List" 10 times this year, with the most recent appearance on November 27 [1]. Shareholder Information - As of September 30, 2025, the number of shareholders increased by 168.45% to 51,300, while the average circulating shares per person decreased by 62.75% to 8,627 shares [2]. - Major shareholders include the Jiashi Shanghai Stock Exchange Science and Technology Innovation Board Chip ETF, which holds 7.0325 million shares, and new entrants like Hong Kong Central Clearing Limited [3].