Moore thread "Running Speed", the concept stock is hot in the A -share market

With the dynamic of domestic GPU unicorn Moore IPO, the concept of Moore threads is hotly debated in the market.After the opening yesterday, the concept of Moore threaded rose and continued to be active.Among them, Hongxin Electronics, Jiechuang Smart and other daily limits, Hetai, , etc., rose more than 9%.

35OM11C4 "> After the latest domestic GPU company that has been listed on the market, after the launching dynamic, Moore is also the focus of market attention.Public information shows that Moore threads were established in June 2020. It is an integrated circuit company mainly designed by a full-function graphics processor (GPU) chip.President, general manager of China.

Since its establishment, the Moore thread has almost continued to develop at the speed: In terms of business, it released the first GPU product in just 18 months;At the level, the news of the IPO was reported in the fourth year of its establishment. In the first -level market, it has completed five rounds of financing. Almost every round of financing is about billions of RMB.The reporter knows that the current valuation of Moore threads has reached 25 billion yuan.

Many first -level market investors told reporters of "Science and Technology Daily" that at present, domestic GPUs have run out of several heads, and risk capital has been next.It is unlikely that the domestic GPU project is not likely.Strong> Moore thread "Speed ​​Running"

The outside world is curious. How can Moore thread complete product development and capital market expansion at a rocket -like speed?

Zhang Jianzhong, founder and CEO of Moore threads and CEO, previously said in an interview with "Science and Technology Daily" that one was diligent and the other was team experience.Zhang Jianzhong said that in fact, the technical development of the GPU field is still very fast. The success of a company, in addition to the accumulation of past experience, also has the ability to observe technology, predict the future development trend, and industry cognitionEssence

However, According to the reporter of "Science and Technology Daily", the development and commercialization of Moore products can quickly advance in just a few years.Use.

"The Moore thread in the early stage of the development of domestic GPUs, chose a more secure business route." A semiconductor investor went to the reporter of "Science and Technology Innovation Daily" reporterIt is said that if you consider self -research IP, the need for high investment is not realistic for many startups.

The authorized IP used by the industry GPU Company comes from a British chip design company called Imagination Technologies.The company had previously known for providing IP authorization to Apple. Later, with Apples self -developed GPU, the cooperation between the two parties broke down.In 2018, Imagination was acquired by a Chinese -funded private equity fund -Kaiqiao Capital for about 4.9 billion yuan.

Although the use of authorized IP has accelerated the commercialization process, there are still hidden concerns behind it.Some semiconductor investors told the reporter of "Science and Technology Daily" that many of the domestic GPU startups are the underlying architecture IP purchased from the outside. "This is why some domestic GPU companies are considered lack of core technical capabilities."

A senior GPU practitioner is even more blunt. The performance of the authorized IP itself is very low and the structure is older.Competitiveness."No GPU plant is authorized by authorized core IP, and core technology cannot be bought."

Later investment, Chinese shareholders later became a complete financial shareholder. Due to the official restrictions of the UK, there was no management right to the companys IP business.At the same time, "Imaginations business in the past two years is not good, and subsequent IP development may be affected."

In the business field, the Moore thread has accurately found the application landing scenario for GPU products, and also provides opportunities for its rapidly forming a commercial closed -loop. "startup companies just find the landing scenario that can make cash flow back to the ground as soon as possible, no matter what ways are used. No company can only rely on investment institutions to fill the bottomless hole in the research and development of large computing chips." The aforementioned semiconductor investmentPeople call it.

It is understood that the Moore threads are mainly based on application scenarios such as Xinchuang, Games and VDI (virtual desktop infrastructure). They are one of the few domestic GPU companies that have consumer -grade productsCompanies.

Among them, in terms of the implementation of the Xinchuang Market, according to Zhang Jianzhong, since 2022, they have been applied in many industries.There are many users in the industry."I believe that users and industry users in China are more and more demands for domesticization, and they have obviously encouraged the use of domestic products in procurement demand."

According to YiyiInvestors who have recently come into contact with Moore threads say that about 30%of the current self -developed product revenue of Moore threads is a desktop -level graphics product, and the remaining 70%come from the server.

The domestic GPU industry is still in the shuffle stage

The news of the secondary market has set off the enthusiasm for investment, but the first -level market has maintained a consistent calmness.

A number of investors told the reporter of "Science and Technology Daily" that the first -level market no longer looks at the domestic GPU project, "basically the heads of the head,Everyone in the future will not invest. "" Investors of semiconductor CVCs told reporters that when domestic GPUs became a first -class market in 2021, the semiconductor industry investors were very cautious about related projects .

"From the perspective of the industry, the domestic GPU is still very difficult, so most semiconductor CVCs are still cautious about the evaluation of related projects. At that timeIt is still the US dollar fund. On the one hand, the US dollar fund was turning at that time, and investing more in the field of hard technology; on the other hand, the imagination of GPUs is large, which is in line with the investment preferences of the US dollar funds to find the track.Favorite light assets. "

From the financing records of several domestic GPU companies, the early investors of multiple projects have well -known US dollar background institutions.The Moore thread that has attracted much attention this time has received support from Sequoia China, Wuyuan Capital, and Jiyuan Capital in the Angel Wheel and Pre-A round.In another industrys head Mu Xi integrated circuit, Sequoia China, Trust Fund, Troubleshot Fund, Light -speed Photo, and Jingwei Venture Capital also appeared among the early investors.

The above -mentioned semiconductor CVC investor told reporters that the domestic GPU project has developed to the later stage, and investors have gradually shifted from financial investors to state -owned assets. "In additionIn addition to the support in the semiconductor field, this phenomenon is of course in line with the overall trend of the current first -level market funding sources.The investor of the Rotent financing is Zhongguancun Science City, which was established by the Haidian District Party Committee and District Government.Mu Xi integrated circuits that completed the latest round of financing in August this year, the investors include Pudong Venture Capital Group, Xiangjiang State Investment, and Shanghai Science and Technology Innovation Fund and other state -owned investment platforms.Earlier, the IPO dynamics also reported the IPO dynamics, and its recent round of financing was led by Shanghai state -owned assets.

For the future development of the domestic GPU industry, some market investors told reporters "Science and Technology Daily" that the industry is still in the shuffle stage.After not finishing, several heads running now may face changes in the market structure in the future.The GPU industry is still quite far from the real maturity. "Even if it is better, it is difficult to form a large volume in the short term.Zhang Jun, chairman of China -Europe Capital, said that domestic GPUs still have a significant gap in terms of technology, performance and ecosystem construction in terms of technology, performance and ecosystem construction.Relying on the Xinchuang market or AI market, there are rarely consumer products for C -end; at the same time, domestic GPU companies also face many problems such as no ecological pavement and lack of supply links.