Core Viewpoint - The article discusses the recent developments surrounding Moore Threads, particularly its decision to allocate up to 7.5 billion yuan of raised funds for cash management rather than direct R&D, raising concerns among investors about its commitment to innovation and growth [7][9][10]. Group 1: Company Overview - Moore Threads aims to become "China's NVIDIA," with a strong founding team that includes several former NVIDIA executives, establishing a solid technical and commercial foundation [14][31]. - The company has raised over 10 billion yuan since its inception in 2020, with a significant focus on developing full-function GPUs that can support various applications, including AI training and rendering [14][20]. Group 2: Financial Performance - Moore Threads reported a revenue increase from 46 million yuan in 2022 to 785 million yuan in the first three quarters of 2025, although it still faced a loss of 724 million yuan during the same period [24][28]. - The company is projected to achieve profitability by 2027, but this includes government subsidies, indicating a challenging path ahead without such support [37]. Group 3: Market Position and Challenges - The company currently holds less than 1% market share in the domestic AI chip market, while major competitors like NVIDIA and Huawei dominate with shares of 54.4% and 21.4%, respectively [28]. - Moore Threads faces significant challenges in scaling its full-function GPU products due to high technical barriers, reliance on imported GPUs, and recent geopolitical pressures, including being placed on the U.S. entity list [26][27][23]. Group 4: Investor Sentiment and Valuation - The market has high expectations for Moore Threads, reflected in its dynamic price-to-sales ratio nearing 300, which is significantly higher than its peers [30]. - Investors are cautious, drawing parallels to the past performance of similar companies like Cambricon, which faced valuation corrections after initial hype [30].