Alice Han

SMIC opened 64% on its IPO day stock surge.

Cambricorn was 230%.

This is 425%.

Now, we can talk about whether or not it's overvalued, but what is clear is that there's a ton of enthusiasm on the mainland for Chinese chip makers.

This is something that we flagged in the past.

But what's your take very, very quickly on whether or not this is an overvalued stock and why we've seen so much frenzy for this new entrant into the domain that is really trying to be the Nvidia of China?

Yeah, I think it's too early to say.

And just some details about this to your point, James.

They've really expedited the IPO for this company.

They obtained the IPO approval from the Shanghai Stock Exchange in 88 days, and that's a record in SSE history.

And then we've got other listings that are coming down the pipeline as well that's worth watching.

Apparently, the Shanghai Stock Exchange has approved applications from other chip makers like MetaX, Integrated Circuits, SJ Semiconductor,

So there's a whole host, as you're rightly mentioning, James, within an ecosystem that they're really trying to rapidly build in chips.

But the bullish case is that it's going to end up being something like Cambricorn, which is a chip maker for AI accelerators.

And that's seen a 14-fold surge in revenues in Q3.

Now the company's finally profitable.

after running losses.

But, you know, we were doing the maths together.

In the first three quarters of this year, revenues are up 181% year-on-year.

But still, in the last three years, Moore Threads has run $6 billion of losses.