Moore Threads unstoppable: Soaring 723% in 5 days after listing, just 60 yuan away from becoming a thousand-yuan stock!

As the "first domestic GPU stock," Moore Threads is redefining the market's valuation logic and wealth creation effect with astonishing gains within just five trading days after its debut on the Sci-Tech Innovation Board.

As of December 11, Moore Threads' stock price further rose in the afternoon, closing at a peak price of 941.08 yuan, with a daily increase of 28.04%. The company's total market capitalization has now climbed to 442.3 billion yuan, with the stock price just 6.26% away from the 1,000 yuan mark, a difference of about 60 yuan.

Based on the issuance price of 114.28 yuan, the cumulative increase since the stock's listing has reached 723%. For the very few investors who were lucky enough to win the lottery and hold on until now, the profit from a single share has exceeded 410,000 yuan. This performance not only makes it the most dazzling star stock in the capital market recently but also highlights the extreme enthusiasm for scarce technology targets.

Against the backdrop of an explosive demand for AI computing power and an accelerated process of domestic substitution, the high premium of Moore Threads reflects the market's extremely high expectations for the domestic full-function GPU sector. With a huge turnover rate and capital games, market sentiment is high.

"King of Fundraising on the Sci-Tech Innovation Board" Under Capital Games

The listing of Moore Threads can be described as a capital feast in the A-share market this year. The company publicly issued 70 million new shares in this IPO, with no old shares transferred, raising a net amount of 7.576 billion yuan after deducting issuance costs, making it the largest fundraising scale for a new stock on the Sci-Tech Innovation Board this year.

The market performance after listing confirms the enthusiasm of investors. On the first day of listing, December 5, Moore Threads' stock price surged by 468%, reaching 688 yuan within ten minutes of opening, with a daily turnover rate exceeding 85%. This heat was already evident during the issuance subscription phase; on November 24, the day of subscription, the number of valid subscriptions reached 46.217 billion shares, with the final online winning rate only at 0.03635%.

As the stock price soared, although the "lucky ones" made substantial profits, the huge profit margin also means high volatility risk. Nevertheless, on the fifth trading day after listing, bullish forces still pushed the stock price to break through the 940 yuan mark, launching an attack on the 1,000 yuan stock.

Industry Explosion and Valuation Discrepancies

The market's enthusiasm for Moore Threads is based on the industry logic of surging GPU demand driven by AI. According to a research report by Fan Zhiyuan from Guojin Securities on November 28, the global GPU market size is expected to exceed 1 trillion yuan in 2024, with a compound annual growth rate (CAGR) of 24.5% expected from 2025 to 2029. The growth rate in the Chinese market is even faster, with the scale expected to leap from 142.5 billion yuan in 2024 to 1,336.8 billion yuan in 2029, with a CAGR as high as 53.7%.

As a rare full-function GPU manufacturer in China, Moore Threads is regarded as an important force in domestic chips. Data shows that in the first half of 2025, over 95% of the company's revenue will come from AI computing business, with domestic revenue accounting for over 99%. In the first three quarters of 2025, the company achieved revenue of 785 million yuan, a year-on-year increase of 181.99%. However, the company is still in a high investment phase, with R&D expenses reaching 861 million yuan during the same period, and the net profit attributable to shareholders remains in a loss state.

Betting on Full-Function GPUs and the MUSA Architecture Ecosystem

Unlike other domestic manufacturers that focus solely on AI acceleration, Moore Threads' core competitiveness lies in its positioning as a "full-function GPU." The company's founder, Zhang Jianzhong, who previously served as a global vice president at NVIDIA, stated that the company has taken the lead in achieving the capability to support AI computing, graphics rendering, physical simulation, and video processing simultaneously on a single chip based on its self-developed MUSA architecture.

Zhang Jianzhong emphasized that the demand for computing platforms in the era of scientific research and intelligence is breaking boundaries. Moore Threads is committed to building a general-purpose computing acceleration platform compatible with international mainstream ecosystems, enabling developers to utilize their own code resources at a lower cost. This integrated hardware and software layout aims to build a deep moat.

"Computing power is national power," Zhang Jianzhong stressed. Under this grand vision, Moore Threads is attempting to carve out a breakthrough for China's computing power industry in the global market dominated by giants like NVIDIA through continuous technological iteration