Moore Threads:From Domestic Nvidia Dream to Buying Bank Products with Your Money |Digging into China

Moore Threads, hailed as China's domestic Nvidia, exploded onto the A-share market in December 2025, surging over 700% in its first week to a peak market value exceeding 440 billion yuan—despite low revenue and ongoing losses.

The frenzy turned ironic when the company announced plans to park nearly all its 758 million yuan IPO proceeds in bank wealth management products, claiming idle funds while projects ramp up.

This move sparked outrage among investors, exposing A-share's wild mechanisms: tight float, no short selling, and patriotic AI hype fueling premature valuations.

The episode highlights how national tech ambitions clash with a short-term, emotion-driven market, turning long-term GPU development into a casino spectacle where hype cashes out dreams early, leaving retail holders as the ultimate bagholders.

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