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Moore Threads Technology Co Ltd (SS:688795), a Chinese graphics chipmaker often described as China’s potential rival to NVIDIA Corporation (NASDAQ:NVDA), saw its share price fall sharply on Friday after the company issued a warning about heightened trading risks following its blockbuster market debut. The warning triggered a wave of profit-taking, highlighting investor concerns over valuation and near-term fundamentals despite strong enthusiasm around China’s domestic AI chip ambitions.
Shares of Moore Threads dropped as much as 19% during intraday trading before paring losses to trade down 7.6% at 870.0 yuan by late Friday. Even after the pullback, the stock remains up more than 600% since it began trading on Shanghai’s STAR Market last week, underscoring the intense speculative interest surrounding China’s semiconductor sector.
In a statement released Friday, Moore Threads cautioned investors that its stock price had risen rapidly in a short period, significantly increasing trading volatility and investment risk. The company also disclosed that its newly launched chips have yet to generate any revenue, meaning the firm is still operating at a substantial loss. This admission raised questions about near-term earnings visibility, even as long-term expectations remain high.
Moore Threads is positioning itself as a key player in China’s push to build a fully domestic artificial intelligence chip supply chain. The company plans to unveil its next-generation GPU architecture—critical hardware for AI servers—at a technology conference scheduled for December 19–20 in Beijing. Investors are closely watching the event for signs of technological progress that could justify the company’s lofty valuation.
Market sentiment toward Chinese chipmakers was further pressured after U.S. President Donald Trump indicated that NVIDIA would be allowed to sell a more advanced AI chip in China. While Beijing has reportedly continued to favor domestic alternatives, the news sparked renewed competition concerns. As a result, several Chinese semiconductor stocks fell, including Semiconductor Manufacturing International Corp (HK:0981), which is down 3.6% for the week.
Overall, Moore Threads’ sharp decline reflects a broader recalibration as investors weigh long-term AI growth potential against short-term financial risks and intensifying global competition in the semiconductor industry.
