Core Viewpoint - The recent market performance of companies like Moore Threads and Muxi Co. signals a significant shift in the valuation system for high-end GPU companies, distinguishing them from traditional computing chip firms [1] Group 1: High-End GPU Valuation Logic - A completely independent valuation track for high-end GPUs is forming in the A-share market, 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 [3] - The market's perception of general-purpose GPUs has evolved, with the listings of Moore Threads and Muxi providing a clearer understanding of their valuation, further validating the premium associated with computing power [3][4] - The top four high-priced stocks in A-shares now include Kweichow Moutai, Cambrian Technology, Moore Threads, and Muxi, indicating a significant shift in market sentiment towards high-end GPU assets [3] Group 2: Unique Characteristics of High-End GPUs - High-end GPUs meet five unique conditions that contribute to their distinct pricing logic, including the essential role of GPUs in large model training, limited supply, high migration costs, and their strategic importance in national policies [5][6] - The demand for computing power continues to rise, reinforcing the narrative of scarcity in the GPU market, which in turn drives up asset premiums and attracts more investment [6] Group 3: Wall Street's Perspective on Wall Street Technology - Wall Street's pricing logic for Wall Street technology becomes clearer with the upcoming IPO of Birun Technology, which, like Moore Threads and Muxi, focuses on the general-purpose GPU sector [8] - Birun Technology has established a competitive advantage through its GPGPU architecture, successfully developing and mass-producing chips like BR106 and BR110, and has a robust software ecosystem to support its products [10][11] Group 4: Commercialization and Financial Performance - Birun Technology's revenue has rapidly increased from 499,000 yuan in 2022 to 337 million yuan in 2024, indicating a strong growth trajectory in high-demand sectors [11] - The company has a clear growth path with approximately 822 million yuan in hand orders and a product roadmap that includes the commercial launch of the BR20X series in 2026 [13] Group 5: Market Conditions and Investor Sentiment - The Hong Kong stock market has seen a resurgence, with the Hang Seng Index rising about 23% and the Hang Seng Tech Index increasing approximately 37% since 2025, creating a favorable environment for tech IPOs [15] - Birun Technology's IPO is expected to attract significant interest, as evidenced by the participation of 23 major cornerstone investors and a high subscription rate of about 64% [17][18]

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].