Moore Threads Technology, often dubbed China ’ s "first domestic GPU stock," saw its share price surge further on Wednesday, breaching the $114 mark for the first time ( 870 yuan ) and setting a new record high since its market debut last Friday. At one point during intraday trading, the stock rose more than 19%.

As of Wednesday morning, Moore Threads shares peaked above $124 ( 870 yuan ) , representing a gain of over 600% from its IPO price. The company ’ s intraday market capitalization surpassed $57 billion ( 400 billion yuan ) . Investors who were allocated shares in Moore Threads ’ IPO and held them until today ’ s session could realize paper gains of more than $38,000 per lot at the intraday high.

The Beijing-based artificial intelligence chip designer is set to unveil its latest GPU architecture next week. Founder, chairman, and CEO Zhang Jianzhong will present the company ’ s fifth-generation GPU at the inaugural MUSA Developer Conference on December 19 and 20 in Beijing, according to a post on Moore Threads ’ official WeChat account.

MUSA, or Meta-computing Unified System Architecture, is the firm ’ s proprietary platform, designed as a Chinese-developed alternative to Nvidia ’ s CUDA platform, which enables developers to harness GPU computing power for AI and other high-performance applications. During his keynote, Zhang will outline the MUSA roadmap, highlighting full-stack development capabilities for enterprise users.

The conference reflects Moore Threads ’ strategy to expand both its hardware and software capabilities while growing its developer community amid rising competition from domestic GPU makers and Nvidia ’ s renewed push into the Chinese market with its H200 chips following U.S. approval.

Moore Threads ’ confidence follows a successful IPO in Shanghai, which raised approximately $1.1 billion ( 8 billion yuan ) , ranking as the mainland ’ s second-largest public offering this year. Its stock soared 468% on debut, closing Wednesday at $105 ( 735 yuan ) , demonstrating strong investor appetite for a firm seen as China ’ s leading competitor to Nvidia.

The company ’ s previous GPU architectures include Sudi, Chunxiao, Quyuan, and Pinghu, the latter introduced last year to support training and inference of AI models with trillions of parameters. Pinghu-based GPUs have been employed in pre-training advanced large language models, including those from China ’ s DeepSeek, the firm previously said. Moore Threads is also a founding member of the Model-Chips Ecosystem Innovation Alliance, established in July to promote the adoption of locally developed AI processors.

Founded in 2020, Moore Threads has pledged to release a new-generation GPU annually to support China ’ s push for technological self-sufficiency and AI development.

"Our goal is to become a leading GPU player with international competitiveness," Zhang, formerly Nvidia ’ s China chief, told the Shanghai Securities Journal last week.