Core Viewpoint - The stock price of Moore Threads has surged significantly since its IPO, raising concerns about potential short-term volatility and risks for investors, despite no major changes in the company's fundamentals [1][3]. Group 1: Stock Performance - As of December 11, Moore Threads' stock price reached 941.08 CNY per share, with a total market capitalization of 442.3 billion CNY, reflecting a cumulative increase of 723.49% from its initial offering price of 114.28 CNY per share within five trading days [1][3]. - On its first trading day, the stock opened with a remarkable increase of 468.78%, peaking at 688 CNY per share, and closing at 600.50 CNY, marking a single-day rise of 425.46% [2]. - The stock's trading volume was exceptionally high, with a turnover rate of 85.49% on the first day, indicating strong market interest in the stock [2]. Group 2: Market Sentiment and Demand - The overwhelming demand for Moore Threads is attributed to the surge in AI computing power needs and the acceleration of domestic alternatives, reflecting a broader market interest in China's self-sufficiency in computing power [2]. - The company experienced a low subscription rate during its IPO, with only 0.0364% of applicants successfully obtaining shares, highlighting the intense competition among investors [2]. Group 3: Upcoming Events - Moore Threads is set to hold its first MUSA Developer Conference on December 19-20, where the CEO will outline the company's full-stack development strategy and unveil a new GPU architecture [3]. - The company anticipates that this event will not have a significant short-term impact on its operational performance [3]. Group 4: Financial Performance and Risks - For the first nine months of 2025, Moore Threads reported revenues of 785 million CNY and a net loss of 724 million CNY, with projections indicating a continued loss for the year [5]. - The company has emphasized the risks associated with ongoing losses due to high R&D expenditures necessary for maintaining technological advancement, which may delay profitability [5][6]. - Moore Threads has set a long-term goal to achieve profitability by 2027, with projected revenues of 5.983 billion CNY and a gross margin of 61%, although it currently faces significant challenges compared to industry peers [6].