Core Viewpoint - The capital market is currently favoring the narrative of domestic GPUs, with a focus on the recent listing of Muxi Co., which has achieved significant market attention and high initial returns for investors [2][30]. Group 1: Muxi Co. Listing and Market Performance - Muxi Co. debuted on the A-share market with an opening increase of 568.83%, reaching a price of 700 yuan, allowing investors to earn approximately 297,700 yuan per share [2]. - As of December 17, Muxi's market capitalization was 329.9 billion yuan, closely trailing behind other domestic GPU companies like Moer Thread and Cambrian [2]. - Muxi's first-day performance is notable as it has no price limit, making its market value susceptible to fluctuations driven by market sentiment [2]. Group 2: Competitive Landscape and CUDA Compatibility - The compatibility with NVIDIA's CUDA ecosystem is a critical issue for domestic chip manufacturers, as CUDA has become an industry standard [4][10]. - Muxi Co. has chosen a strategy of high compatibility with CUDA through its self-developed software stack, MXMACA, which aims to minimize user migration costs [20][21]. - The company has registered over 15,000 users for its MXMACA software stack since its open-source community launch on February 14, 2025, indicating a positive reception [20]. Group 3: Financial Performance and Profitability Outlook - Muxi's revenue surged from 430,000 yuan in 2022 to 1.236 billion yuan in the first three quarters of 2025, reflecting a significant compound annual growth rate [26]. - Despite not being profitable yet, Muxi anticipates achieving profitability by 2026, which is earlier than competitors like Moer Thread [26][35]. - The company’s core product, the Xiyun C500, has successfully completed its first batch of chips, with the next generation, the Xiyun C600, expected to enter mass production in early 2026 [29]. Group 4: Market Valuation and Future Potential - The capital market's valuation of Muxi is influenced by the narrative of becoming "China's NVIDIA," with potential market capitalization estimated at around 250 billion yuan based on comparisons with Moer Thread [33][36]. - If Muxi can demonstrate the commercial viability of its C600 product in 2026, its market value could significantly increase, potentially surpassing that of Moer Thread and Cambrian [36].