Moore Threads has surged fivefold in its market debut as investors bet the Chinese artificial intelligence chipmaker will benefit from Beijing’s drive to reduce the country’s reliance on Nvidia.
The Beijing-based company raised Rmb8bn ($1.1bn) in its listing on Shanghai’s tech-focused Star Market on Friday, marking the second-largest mainland initial public offering this year.
Shares of mainland Chinese chipmakers and chip designers have soared this year as investors bet on Beijing’s efforts to create a local supply chain for components crucial to the AI boom.
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