TECH

Moore Threads Projects 2025 Revenue to More Than Triple on AI Chip Demand

Published: Jan. 22, 2026 11:56 p.m. GMT+8

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Moore Threads projected 2025 revenue of 1.45 billion to 1.52 billion yuan in its first earnings guidance since listing on Shanghai’s STAR Market

Moore Threads Technology Co. Ltd. expects its full-year 2025 revenue to more than triple, as the Chinese GPU maker benefits from a surge in domestic demand for artificial intelligence computing power.

The upbeat projection highlights the accelerating rise of local semiconductor companies that are stepping in to fill the gap left by U.S. export restrictions. These curbs have hampered Nvidia Corp.'s access to the Chinese market and prompted Chinese tech giants to fast-track the adoption of homegrown chip solutions.

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Moore Threads forecasts 2025 revenue of 1.45–1.52 billion yuan, up over 230%, citing strong AI and GPU demand amid U.S. export curbs on Nvidia.
Domestic AI chip stocks surged: Moore Threads rose 446%, Cambricon 500%, and Metax 468%; Cambricon reported a 43-fold H1 2025 revenue increase and first-ever profit.
Chinese firms lead government AI infrastructure, but commercial market entry remains key, with hardware stability and scale as ongoing challenges.

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Who’s Who

Moore Threads Technology Co. Ltd.: Moore Threads Technology Co. Ltd. anticipates its 2025 revenue to more than triple, reaching CNY 1.45-1.52 billion, propelled by surging domestic AI computing demand. The company expects a narrower net loss between CNY 1.04-1.15 billion. Its S5000 GPU, mass-produced in 2025, boasts lower inference costs and superior training performance compared to international alternatives. Since its December listing, Moore Threads' stock has soared 446%.

Nvidia Corp.: US export restrictions have hampered Nvidia's access to the Chinese market. This has prompted Chinese tech giants to fast-track the adoption of homegrown chip solutions. Cloud vendors in the commercial internet sector have historically preferred Nvidia's ecosystem and superior performance, though signs of change emerged in 2024.

Cambricon Technologies Corp. Ltd.: Cambricon Technologies Corp. Ltd. is a leading Chinese AI chip company. Its shares have surged over 500% in the past year, reflecting investor enthusiasm for domestic AI chip providers. In the first half of 2025, Cambricon reported a 43-fold revenue increase and its first-ever profitable half-year. The company's chips have received positive feedback, with a major tech firm praising their stability and developer-friendly software.

Metax Integrated Circuits (Shanghai) Co. Ltd.: Metax Integrated Circuits (Shanghai) Co. Ltd. is a rising player in the Chinese AI chip market. Since its listing on December 17, its shares have soared by 468%. This surge reflects investor confidence and high growth expectations over the next 5-10 years, driven by China's increasing demand for AI chips.

Soul Capital: Soul Capital is a venture capital firm, and Han Yan, a founding partner, is an early investor in Metax Integrated Circuits. Han Yan commented that the high valuations of domestic AI chip companies reflect five-to-ten-year growth expectations and are not excessive given China's burgeoning demand for AI chips.

Huawei Technologies Co. Ltd.: Huawei Technologies Co. Ltd. is a significant player in China's semiconductor industry. Its Ascend chips hold a dominant position, accounting for over 95% of AI localization in telecom clusters. While excelling in government infrastructure, Huawei, like other domestic chipmakers, has faced challenges in penetrating the commercial internet sector, which has historically favored Nvidia's ecosystem.

ByteDance Ltd.: ByteDance Ltd., a major tech firm, evaluated domestic chip options in October 2024. Its engineers were impressed by Cambricon's chips, noting their stability and user-friendly software. ByteDance has since successfully used these chips for search advertising recommendations and inference for its Doubao model.

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