Shares of Moore Threads, the Beijing-based GPU manufacturer often referred to as "China’s Nvidia", stunned investors after soaring more than 400% during its debut session on the Shanghai Stock Exchange. The company, which entered the market with a valuation of approximately $1.1 billion, delivered one of the strongest first day performances seen in China’s semiconductor sector in recent years.
The stock closed at 600.500 yuan, more than five times its IPO price of 114.28 yuan, according to reports from CNBC. The extraordinary surge reflects rising enthusiasm for China’s domestic chipmakers, especially amid tightening U.S. export restrictions targeting advanced GPU technologies.
Strong Backing and Ambitious R&D Vision
The listing was led by CITIC Securities as the primary underwriter, with participation from BOC International Securities, China Merchants Securities, and GF Securities as joint bookrunners. Despite not yet turning a profit, Moore Threads outlined a bold roadmap in its prospectus, stating that IPO proceeds will fuel several core research and development projects.
A large portion of the funds will be invested in developing the next generation of AI training and inference chips, while additional capital will strengthen the company’s working capital. This investment push underscores China’s determination to accelerate its self-sufficiency in semiconductor technologies.
Growth Despite U.S. Sanctions
The success of the IPO is particularly noteworthy considering the company’s inclusion on the U.S. sanctions list in 2023 a move that limited its access to advanced chip manufacturing technologies and global semiconductor fabs Nevertheless, the overwhelming investor interest suggests confidence in China’s domestic ecosystem and its long-term potential to rival foreign competitors.
China’s Rapid Drive Toward Chip Independence
Moore Threads is part of a rapidly expanding cluster of Chinese companies racing to develop AI processors and GPU alternatives as Beijing intensifies its efforts to reduce reliance on Nvidia and other U.S. suppliers.
Major domestic players such as Huawei and Cambricon have also seen a surge in market momentum. Cambricon’s stock, for instance, has climbed more than 100% year-to-date on the Shanghai exchange, reflecting strong investor appetite for local semiconductor solutions.
Meanwhile, Washington continues to tighten export controls on Nvidia’s most advanced chips, while China has recently responded with restrictions on importing certain U.S.-made semiconductor technologies. These policy shifts are pushing demand sharply toward homegrown options like Moore Threads.
New Startups Join the Battle for GPU Dominance
China’s AI hardware market is expanding quickly, with emerging companies such as InFlame Technology and Biren Technology entering the competitive field. These startups aim to capture their share of the multi billion dollar GPU market an industry dominated for years by Nvidia but now increasingly disrupted by supply barriers and geopolitical tensions.
At the same time, Chinese regulators are fast-tracking approvals for more semiconductor IPOs to support the nation’s broader goal of achieving technological independence in artificial intelligence and advanced computing.
A Milestone Moment for China’s Semiconductor Ambitions
Moore Threads’ spectacular stock performance marks a significant milestone in China’s quest to build a robust domestic semiconductor ecosystem. While challenges remain—from sanctions to limited access to cutting edge chip fabrication the overwhelming investor confidence highlights a growing belief that China is capable of developing competitive AI hardware solutions on its own terms.
With the global GPU market facing unprecedented demand, and geopolitical tensions reshaping technology supply chains, the rise of Moore Threads signals a new chapter in the semiconductor race one where China’s homegrown innovators are increasingly taking center stage.