Core Viewpoint - The progress of Moer Thread's IPO counseling status to "counseling acceptance" indicates a significant step towards its potential listing, marking a milestone for the domestic GPU chip industry in China [1][3]. Company Overview - Moer Thread, founded in 2020 by former NVIDIA executive Zhang Jianzhong, focuses on developing domestic full-function GPU chips aimed at providing computing power for AI training, graphics rendering, and scientific computing [1][2]. - The company has completed six rounds of financing, raising over 4.5 billion yuan, with investments from over 40 notable institutions including Sequoia China, Tencent, and ByteDance [1]. Product Development - Moer Thread's self-developed GPU chip utilizes the MUSA architecture, integrating four major engines: AI computing acceleration, graphics rendering, video encoding/decoding, and physical simulation, showcasing strong competitiveness [2]. - In December 2023, the company launched the fully domestic thousand-card billion model training platform, Moer Thread KUAE, highlighting its capabilities in large model training [2]. - The MTT S4000 computing card successfully passed evaluation by the China Academy of Information and Communications Technology, enhancing its market recognition [2]. Market Reaction - Following the news of Moer Thread's IPO progress, shares of its affiliated company, Heertai, surged nearly 7%, positively impacting related concept stocks [2]. - Analysts believe that if Moer Thread successfully lists, it could leverage capital market resources to expand production capacity and increase R&D investment, thereby enhancing market share [2]. Competitive Landscape - The domestic GPU market is experiencing rapid growth due to explosive AI computing demand and supportive policies for domestic alternatives, but it also faces intense competition from companies like Cambricon and Birun Technology [3]. - Despite Moer Thread's technological advancements, it still lags behind international giants like NVIDIA in terms of technology maturity and market share, posing a significant challenge for profitability post-IPO [3]. Industry Significance - The completion of Moer Thread's IPO counseling is a crucial milestone for the domestic GPU industry, with implications for both the company and the broader domestic computing chip sector [3].

Core Viewpoint - The article highlights the recent progress of Moer Thread, often referred to as the "Chinese version of Nvidia," in its IPO journey, indicating a significant milestone for the domestic computing chip industry in China, particularly in the AI era [1]. Group 1: IPO Progress - On June 18, the China Securities Regulatory Commission updated the status of Moer Thread's IPO counseling to "counseling acceptance," marking a key step towards its public listing [1]. - If successful, Moer Thread will be recognized as the first GPU stock in China, symbolizing the achievements of the domestic computing chip sector [1]. Group 2: Market Reaction - Following the IPO news, several related concept stocks experienced an increase, with Heertai rising over 8% during trading and closing up 6.75% [1]. Group 3: Company Background - Moer Thread was established in 2020 with a registered capital of approximately 400 million yuan, focusing on integrated circuit chip design and sales [7]. - The company has completed six rounds of financing, raising over 4.5 billion yuan, with notable investors including Sequoia China, Tencent Investment, and ByteDance [7][9]. Group 4: Product and Technology - Moer Thread offers a comprehensive GPU product line aimed at supporting AI computing for various industries, utilizing its MUSA architecture that integrates multiple computing engines [11]. - The company launched a fully domestic model training platform, Moer Thread KUAE, in December 2023, and supports various open-source projects [12]. Group 5: Strategic Partnerships - Moer Thread has established partnerships with several companies, including Heertai, which holds a 1.244% stake in Moer Thread, and plans to invest in a new GPU server production headquarters [3][4].