Core Viewpoint - The article discusses the competitive landscape of China's AI chip industry, highlighting the recent stock performance of leading companies like Cambricon and the implications of new IPOs from emerging players like Moore Threads, Muxi, and Biren Technology [1][2][6]. Group 1: Stock Performance and Market Dynamics - Cambricon's stock price surged nearly fourfold last year, reaching a historical high of 818.87 yuan, but has since corrected by about 30% [1]. - The entry of new players into the IPO market is expected to increase competition for Cambricon, potentially leading to a collapse of its stock price bubble [1][2]. - The recent announcement by Siemens and other EDA giants to lift export restrictions to China adds complexity to the domestic chip industry [1][5]. Group 2: IPO Developments - Biren Technology plans to go public in Hong Kong in the third quarter, with the possibility of submitting its application as early as August [1]. - Moore Threads and Muxi's IPO applications were accepted by the Shanghai Stock Exchange, indicating a faster approval process for their listings [2]. - Both Moore Threads and Muxi aim to capitalize on the domestic GPU market, with Moore Threads planning to raise 8 billion yuan for AI training chip development and Muxi seeking 3.9 billion yuan for general-purpose GPU and AI inference chip R&D [2]. Group 3: Industry Challenges and Opportunities - The geopolitical landscape has opened a window for China's chip industry, as NVIDIA's market share in China has dropped from 95% to 50% due to U.S. export controls [2]. - Despite rapid revenue growth, companies like Moore Threads and Biren Technology face challenges such as high R&D costs and ongoing losses, with projected revenues of 438 million yuan and net losses of 1.49 billion yuan for Moore Threads in 2024 [2]. - The lifting of EDA software export restrictions by the U.S. provides temporary relief but highlights the ongoing strategic competition between the U.S. and China in the semiconductor sector [5][6].

Core Insights - The Shanghai Stock Exchange has accepted IPO applications from five companies, including Moore Threads and Muxi Integrated Circuit, for listing on the Sci-Tech Innovation Board, bringing the total number of accepted IPO applications to 30 in the first half of 2025 [1] Company Summaries Moore Threads - Founded in 2020, Moore Threads focuses on developing a full-function GPU to provide computing acceleration platforms for high-performance computing fields such as AI and digital twins [1] - The company has successfully launched four generations of GPU architectures and has a product matrix covering AI computing, cloud computing, and personal computing [1] - From 2022 to 2024, Moore Threads is projected to have a compound annual growth rate (CAGR) of 208.44% in revenue [2] - The company plans to raise up to 8 billion yuan for the development of its next-generation AI training and inference integrated chip [3] Muxi Integrated Circuit - Muxi Integrated Circuit is dedicated to the independent research and development of full-stack high-performance GPU chips and computing platforms, primarily for AI training and inference, general computing, and graphics rendering [6] - The company's revenue from 2022 to 2024 is expected to grow from 426,400 yuan to 743 million yuan, with a CAGR of 4,074.52% [6][7] - Muxi plans to raise up to 3.904 billion yuan for the development and industrialization of new high-performance general-purpose GPUs [7] Fundraising Purposes - Moore Threads intends to use the IPO proceeds for the development of its next-generation AI training and inference integrated chip and other related projects [3][5] - Muxi Integrated Circuit's fundraising will support various GPU development projects, including the second and third generations of high-performance general-purpose GPUs and AI inference GPUs [8]