Name: Nvidia of China readies IPO
Uploaded: 2025-11-26T19:34:44.160Z
Duration: 3 min 8 s
Description: CNBC’s Deirdre Bosa joins ‘Money Movers’ to discuss Moore Threads, dubbed China’s Nvidia, which is set for a blockbuster Shanghai IPO.

CNBC’s Deirdre Bosa joins ‘Money Movers’ to discuss Moore Threads, dubbed China’s Nvidia, which is set for a blockbuster Shanghai IPO.

Shanghai

MoreThreads, China's first homegrown GPU company founded by former NVIDIA employees, is preparing for a public debut in Shanghai. The company's IPO has attracted significant attention, being 4,100 times oversubscribed, and marks a key development in China's push to establish a domestic GPU and AI chip industry.

This move comes as Beijing encourages local tech firms to shift from U.S. chips to domestic alternatives, supported by state and retail investment. While Chinese chips currently lag behind U.S. technology, companies like MoreThreads, Huawei, and Cambricon are working to reduce reliance on American hardware, with the potential to serve markets unable to afford top-tier U.S. systems.

'Nvidia of China' readies IPO

China's first homegrown GPU company, MoreThreads, now readying a public debut in Shanghai, founded by some former NVIDIA employees who are now looking to take on the U.S. chip giant. Our Deirdre Bosa has some details in today's Tech Check. Hey, Dee. Hey, good morning, Carl. So, investors, while they're gaming out the Google TPU threat to NVIDIA, the real blind spot may be on the other side of the world. China, yes, it's building its own GPU stack, and MoreThreads IPO, it's 4,100 times oversubscribed. That's the next data point. Now, of course, this sits inside of a larger trend. Beijing went from hoarding NVIDIA chips to blocking some of its biggest tech companies from using them in new data centers, instead forcing them to shift budget and engineers to domestic chips. Now, for American investors, it's a clean read that China isn't just a lost market for NVIDIA. It is becoming a competing GPU ecosystem with state-backed capital and now retail money building out a parallel AI chip stack. Now, MoreThreads is the headline today, but it sits alongside other names like Huawei and Cambricon and rising startups like Byron and MedEx. They're all building different pieces of a system designed to make the country less dependent on American chips. Now, to be sure, there is still a long way to go. China's industry, it's incredibly fragmented. It is subsidy dependent. And they, as of now, lag American chips by generations. The MoreThreads prospectus, it details how hard this is. Sales are still small and losses have piled into the billions. Yet, NVIDIA itself is warning investors to pay attention, saying that export controls are pushing Chinese companies to adopt domestic accelerators. And even if those aren't as performative today, they're good enough to start replacing some U.S. systems inside China. So put another way, guys, China is building an AI stack that is accessible and good enough, and good enough scales. If most of the world can't afford NVIDIA-level systems, they could turn to Chinese ones. So for NVIDIA, this may be a two-front challenge. Google TPUs at home, China's stack abroad. I was going to say, but do they have TPUs, which I guess is a question that we would only ask this week. Deirdre, what's the latest on whether NVIDIA can sell in China those chips? The last that I heard is that it's under consideration and that they may be able to sell more powerful chips than the H20s. It's kind of remarkable what China was already able to do with the H20s, right? That led to DeepSeek. But since DeepSeek, there's been a bunch of other really good models, like Alibaba's Kuen, like Kimi K2 from Moonshot AI, a Chinese startup. So, you know, what can NVIDIA do? They can keep pushing Washington to allow them to sell their chips. But if it takes too long, it may be too little too late. The Chinese are already being forced in some ways by Beijing to work on domestic accelerators, which I want to get this straight, Sarah and Carl. They are no means, not even close to as powerful as what we're seeing out of NVIDIA or AMD. But they may just be good enough. And the Chinese are finding ways to sort of cluster them all together to create something powerful enough to continue their AI rise.

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Breakdown