On December 4, heavy news came from China’s GPU industry: Moore Thread announced that it will be listed on the Science and Technology Innovation Board on December 5 with an issue price of 114.28 yuan per share; Muxi Semiconductor has determined its issue price at 104.66 yuan per share, and is expected to raise a net fund of 3.899 billion yuan. The intensive advancement of the IPO process by these two leading domestic GPU enterprises indicates that China’s high-end chip industry has entered a stage of accelerated capitalization. Moore Thread will focus on the research and development of AI inference GPUs with the funds raised this time, while Muxi Semiconductor will focus on high-performance general-purpose GPUs, both targeting the core track with explosive demand for computing power.

Behind the market’s expectations for domestic GPUs is the urgent demand for the construction of computing power infrastructure. However, the risk of high valuation also needs to be vigilant. The static price-to-sales ratio of Moore Thread corresponding to the 2024 issue price reaches 122.51 times, which is significantly higher than the industry average. At the same time, the allocation logic of capital markets for technology stocks is being adjusted. In the latest index adjustment by FTSE Russell, new energy technology stocks such as Sungrow Power have been included in the FTSE China A50 Index, reflecting the long-term optimism of funds towards the hard technology track. Industry insiders believe that with the growth of demand for AI, data centers, etc., domestic GPU enterprises are expected to break through technical bottlenecks with the help of capital market forces, but in the short term, attention should be paid to the conversion efficiency of R&D investment and commercialization progress.