Today's A-shares came to a ruthless battle - Moore Thread took off directly on the first day of listing on the Science and Technology Innovation Board, and the 407% increase made people's eyes fall almost down. The issue price was more than 114 yuan, and the closing price went straight to 580, and the person who bought a lot of 500 shares had an extra 230,000 yuan on the same day, which was more refreshing than the airdrop of many projects.

What is the concept of a turnover of more than 10 billion? Looking at the data of the past 15 years, only 9 A-share new stocks can do this size on the first day. The turnover rate of 56% is even more outrageous, which is equivalent to more than half of the chips in the market changing hands, and the intensity of this game and the familiar taste come to the face.

Why can this force explode like this? To put it bluntly, the signboard of "domestic GPU" is too hard. After a leading graphics card manufacturer withdrew from the domestic high-end market, the computing power gap was there, and AI training, graphics rendering, and various computing scenarios were all waiting to be fed. The MUSA architecture of Moore Threads is not only independent and controllable, but also compatible with the mainstream CUDA ecosystem, which is equivalent to solving the "bottleneck" problem without overturning the existing technology stack and starting over.

Looking at the revenue data: with a compound annual growth rate of more than 200%, the revenue in the first half of 2025 will exceed the sum of the past three years. The demand for computing power is there, and the window period for domestic substitution is only in the past few years, and the market votes with real money, and the logic is very clear. It is difficult to say how long this wave of popularity will last, but it is estimated that no one will be able to grab the label of "the first domestic GPU stock" in the short term.