Alice Han

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.

It's still not yet profitable.

And as we mentioned previously at the top of this episode, October 2023, Moore's Threads was added to the U.S.

's entity listing.

So there's a ban on what it can import.

And right now, to your point, James, they're trying to offer these GPUs within a full stack of chips, networking and software that is used to run the chips in data centers.

So the goal really is to help in AI training, 3D graphics rendering and physical simulation.

Whether or not they can get there and be competitive in NVIDIA remains to be seen, but it certainly is a compelling story, not just because of the government push, but even the background of the founder.

This is a guy who worked at NVIDIA

at the China desk for 15 years.