Moore Threads Technology Co., a Chinese AI chip manufacturer, also touted as China's answer to Nvidia, made its stock market debut on Friday, December 5, with shares surging as much as 500% in early trades.

The stock surged as much as 502% from its IPO price of 114.28 yuan per share. In case these gains hold, it will be the biggest first day pop for a Chinese IPO over $1 billion since the 2019 reforms, according to Bloomberg data.

Moore Threads had come into the spotlight last week after its IPO received bids worth over $4.5 trillion, which was higher than overall market capitalization of Nvidia, currently the most valued company in the world.

The IPO had received subscriptions of over 4,000 times the total number of shares on offer.

Chinese AI companies have been in the spotlight ever

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