Chinese GPU-Maker Moore Threads Unveils AI Chip to Rival Nvidia
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Chinese graphics processing unit (GPU) designer Moore Threads Technology Co. Ltd. (688795.SH) on Saturday unveiled a new AI chip claiming performance metrics comparable to Nvidia Corp.’s advanced processors.
At its inaugural developer conference in Beijing on Saturday, the newly Shanghai-listed company introduced its next-generation Huashan chip designed for AI training and inference. Moore Threads said the chip’s key performance metrics — including its floating-point computing power, memory bandwidth, and high-speed interconnect bandwidth — fall between Nvidia’s current Blackwell architecture and its predecessor, Hopper. It claimed the chip’s memory capacity is superior to both.
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- Moore Threads unveiled its new Huashan AI chip, claiming performance between Nvidia's Blackwell and Hopper, with superior memory, but gave no production timeline or specifications.
- Since its December 2024 IPO, Moore Threads’ stock surged 481% (market cap: 312.1 billion yuan; P/S: 722), and other domestic chipmakers like MetaX also saw dramatic rises.
- Despite high investor optimism, Moore Threads remains unprofitable, reporting a net loss of up to 1.17 billion yuan for 2025.
- Moore Threads Technology Co. Ltd.
- Moore Threads Technology Co. Ltd. (摩尔线程) is a Chinese GPU designer that recently unveiled a new AI chip claiming performance metrics comparable to Nvidia's advanced processors. The company, founded in October 2020, listed on Shanghai's STAR Market, seeing its stock surge 481% since its debut. Despite a strong market cap of 312.1 billion yuan, Moore Threads remains unprofitable, reporting a net loss of 724 million yuan for the first nine months of 2025. Its leadership has strong ties to Nvidia.
- Nvidia Corp.
- Nvidia Corp. is mentioned as a leading designer of graphics processing units (GPUs). Moore Threads, a Chinese GPU designer, explicitly targets Nvidia's technical route for general-purpose GPUs, with its leadership team having previous ties to the American chipmaker. Moore Threads claims its new AI chip's performance metrics are comparable to Nvidia's advanced processors, specifically falling between its Blackwell and Hopper architectures.
- Cambricon Technologies Corp. Ltd.
- Cambricon Technologies Corp. Ltd. (寒武纪) is a Chinese chipmaker. Its earlier success is used as a comparison for the high valuations of newly listed domestic chipmakers like Moore Threads. Cambricon reached a peak static price-to-sales (P/S) ratio of around 300 shortly after its 2020 listing. Its stock has risen over 500% since September 2024.
- MetaX Integrated Circuits Shanghai Co. Ltd.
- **MetaX Integrated Circuits Shanghai Co. Ltd.** is a Chinese chip designer that has experienced significant stock growth. Since its December 17 listing on Shanghai's STAR Market, its shares have jumped 583%, resulting in a market capitalization of 286.3 billion yuan and a price-to-sales (P/S) ratio of 385. An early investor, Herry Han, believes this high valuation is justified by future growth expectations due to explosive demand for computing power in China.
- Soul Capital
- Soul Capital is a company whose founding partner, Herry Han, is an early investor in MetaX, a domestic chip designer. Han believes the high valuations of Chinese AI chip companies like MetaX and Moore Threads are justified due to explosive demand and underinvestment in the sector globally, suggesting current valuations incorporate growth expectations for the next 5-10 years.
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