SHANGHAI/BEIJING, Dec 5 (Reuters) – Shares of Moore Threads Technology Co, dubbed by analysts as “China’s Nvidia”, soared on debut in Shanghai on Friday, on bets the U.S.-blacklisted startup will benefit from Beijing’s drive to boost domestic chip manufacturing.

The stock opened at 650 yuan ($91.91), more than five times its initial public offering (IPO) price of 114.28 yuan a share.

Beijing has stepped up approval of IPOs by semiconductor firms in a push towards tech self-sufficiency, with Washington restricting advanced chip exports to China in a bid to curb its development of AI and military capabilities.

Moore Threads, which makes graphics processing units (GPUs) for artificial intelligence computing, could become a key force in accelerating China’s efforts to replace foreign chips

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