Latest news with #MooreThreads
Yahoo
a day ago
- Business
- Yahoo
Chinese AI Chipmakers Target $1.66 Billion in Onshore Listings
Two Chinese AI chip companies aim to raise a combined $1.66 billion through initial public offerings, as China steps up efforts to achieve chip independence amid an escalating U.S-China tech competition. Beijing-based Moore Threads plans to raise 8 billion yuan, equivalent to $1.12 billion, while Shanghai-based MetaX is targeting 3.9 billion yuan, according to prospectuses filed Monday with the Shanghai Stock Exchange. Amazon Is on the Cusp of Using More Robots Than Humans in Its Warehouses A Hot New Firm Opened the Private Market to the Little Guy. Now It Is in Big Trouble. Can a Longtime Car Executive Turn Around Gucci's Parent? Why Investors Are Right to Love Dividends Boeing CFO Exit Is Latest Change in Chief Executive Kelly Ortberg's C-Suite Founded in 2020 by former Nvidia executive Zhang Jianzhong, Moore Threads specializes in designing graphics processing units for AI training. The company plans to use the IPO proceeds to fund new AI chip research and development and to bolster working capital. MetaX, also founded in 2020 by former AMD employees including Chairman Chen Weiliang, focuses on full-stack GPU chips and related solutions. It intends to use the funds to support high-performance GPU research and development. Both companies aim to list on Shanghai's STAR Market, the tech-focused board of the Shanghai Stock Exchange. Moore Threads was added to the U.S. entity list in October 2023, which restricts limits its access to American technology and equipment. Despite rapid revenue growth, both companies continue to post steep losses as they expand and invest heavily in research and development. Moore Threads' revenue more than tripled to 438.85 million yuan in 2024, while its net loss narrowed but remained at 1.49 billion yuan. MetaX's revenue surged more than tenfold to 743.1 million in 2024, up from 53 million a year earlier. However, it posted a net loss of 232.5 million yuan, attributing it to the low market penetration of domestically produced chips, limited sales scale of its self-developed GPUs and high research and development costs. Write to Sherry Qin at He Thought an Employee Stole Crypto. The FBI Says It Was a North Korean Scammer. Home Depot Wins Bidding War to Buy GMS for $4.3 Billion From Tariff Pain to Record Highs, a Wild Quarter on Wall Street Mark Zuckerberg Announces New Meta 'Superintelligence Labs' Unit Robinhood Goes All In on Crypto With Major Product Push Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Wall Street Journal
a day ago
- Business
- Wall Street Journal
Chinese AI Chipmakers Target $1.66 Billion in Onshore Listings
Two Chinese AI chip companies aim to raise a combined $1.66 billion through initial public offerings, as China steps up efforts to achieve chip independence amid an escalating U.S-China tech competition. Beijing-based Moore Threads plans to raise 8 billion yuan, equivalent to $1.12 billion, while Shanghai-based MetaX is targeting 3.9 billion yuan, according to prospectuses filed Monday with the Shanghai Stock Exchange.
Time of India
a day ago
- Business
- Time of India
Two Chinese chip firms plan $1.7 billion IPOs, bet US export curbs to spur growth
Two Chinese artificial intelligence chip startups are seeking to raise a combined 12 billion yuan ($1.65 billion) in initial public offerings, hoping US curbs on advanced chip sales to China will boost local demand for their products, their filings Moore Threads plans to raise 8 billion yuan, while Shanghai-based MetaX seeks 3.9 billion yuan, according to their IPO prospectuses filed on Monday. Both companies intend to list on Shanghai's STAR Market, the tech-focused board of the Shanghai Stock fundraising plans underscore growing efforts by Chinese chipmakers to capitalise on Beijing's push to develop domestic champions in graphics processing units (GPU), which are crucial for AI reported last week that Biren Technology, another Chinese AI chipmaker, raised about 1.5 billion yuan in fresh funding and was preparing for a Hong Kong domestic chip champions has become increasingly urgent for Beijing, as the U.S. tightens export restrictions, with the latest rules implemented in April banning Nvidia's H20 chips, one of its most popular chips, from being shipped to U.S. has also imposed restrictions since last year that prevent Chinese AI chip designers from accessing advanced global foundries like Taiwan Semiconductor Manufacturing for producing cutting-edge Threads and MetaX both cited US sanctions as a major risk to their development but also emphasised the restrictions could create significant market opportunities."U.S. restrictions on high-end GPU exports to China are prompting Chinese companies to accelerate domestic substitution processes," Moore Threads said. The company was added to the U.S. Entity List in late 2023 and is barred from partnering with said "geopolitical pressures are forcing relevant domestic clients to use domestically-produced GPU products, which will help domestic GPU manufacturers establish closer ties with local customers and suppliers."The two firms design GPUs to compete with Nvidia products and have reported steep losses over the last three years, which they largely attributed to heavy research and development Threads generated revenue of 438 million yuan in 2024 but posted a loss of 1.49 billion yuan, adding to losses of 1.67 billion yuan in 2023 and 1.84 billion yuan in posted 2024 revenue of 743 million yuan against a 1.4 billion yuan loss, following losses of 871 million yuan in 2023 and 777 million yuan in 2022."Moore Threads and MetaX are both considered leading GPU firms in China, and accessing the capital market in China would be crucial for them to continue their research and development," said He Hui, research director on semiconductors at drive to achieve higher self-sufficiency in chips would help domestic GPU firms achieve economies of scale, crucial to generating higher revenue and profits, He companies were founded in 2020 by executives who previously worked at major U.S. chip was founded by former AMD employees, including Chairman Chen Weiliang, who previously served as the U.S. chipmaker's global head of GPU product line Threads was established by former Nvidia employees, including Chairman Zhang Jianzhong, who previously held the role of general manager for the AI chip giant's China two firms compete with a growing roster of domestic rivals including Huawei, Cambricon, Hygon and other startups.
Business Times
a day ago
- Business
- Business Times
Two Chinese chip firms plan 12 billion yuan IPOs, bet US export curbs to spur growth
[BEIJING] Two Chinese artificial intelligence chip startups are seeking to raise a combined 12 billion yuan (S$2.1 billion) in initial public offerings, hoping US curbs on advanced chip sales to China will boost local demand for their products, their filings show. Beijing-based Moore Threads plans to raise 8 billion yuan, while Shanghai-based MetaX seeks 3.9 billion yuan, according to their IPO prospectuses filed on Monday (Jun 30). Both companies intend to list on Shanghai's STAR Market, the tech-focused board of the Shanghai Stock Exchange. Their fundraising plans underscore growing efforts by Chinese chipmakers to capitalise on Beijing's push to develop domestic champions in graphics processing units (GPU), which are crucial for AI development. Reuters reported last week that Biren Technology, another Chinese AI chipmaker, raised about 1.5 billion yuan in fresh funding and was preparing for a Hong Kong IPO. Developing domestic chip champions has become increasingly urgent for Beijing, as the US tightens export restrictions, with the latest rules implemented in April banning Nvidia's H20 chips, one of its most popular chips, from being shipped to China. The US has also imposed restrictions since last year that prevent Chinese AI chip designers from accessing advanced global foundries like Taiwan Semiconductor Manufacturing for producing cutting-edge semiconductors. BT in your inbox Start and end each day with the latest news stories and analyses delivered straight to your inbox. Sign Up Sign Up Moore Threads and MetaX both cited US sanctions as a major risk to their development but also emphasised the restrictions could create significant market opportunities. 'US restrictions on high-end GPU exports to China are prompting Chinese companies to accelerate domestic substitution processes,' Moore Threads said. The company was added to the US Entity List in late 2023 and is barred from partnering with TSMC. MetaX said 'geopolitical pressures are forcing relevant domestic clients to use domestically-produced GPU products, which will help domestic GPU manufacturers establish closer ties with local customers and suppliers.' The two firms design GPUs to compete with Nvidia products and have reported steep losses over the last three years, which they largely attributed to heavy research and development spending. Moore Threads generated revenue of 438 million yuan in 2024 but posted a loss of 1.49 billion yuan, adding to losses of 1.67 billion yuan in 2023 and 1.84 billion yuan in 2022. MetaX posted 2024 revenue of 743 million yuan against a 1.4 billion yuan loss, following losses of 871 million yuan in 2023 and 777 million yuan in 2022. 'Moore Threads and MetaX are both considered leading GPU firms in China, and accessing the capital market in China would be crucial for them to continue their research and development,' said He Hui, research director on semiconductors at Omdia. China's drive to achieve higher self-sufficiency in chips would help domestic GPU firms achieve economies of scale, crucial to generating higher revenue and profits, He said. Both companies were founded in 2020 by executives who previously worked at major US chip firms. MetaX was founded by former AMD employees, including chairman Chen Weiliang, who previously served as the US chipmaker's global head of GPU product line design. Moore Threads was established by former Nvidia employees, including chairman Zhang Jianzhong, who previously held the role of general manager for the AI chip giant's China operations. The two firms compete with a growing roster of domestic rivals including Huawei, Cambricon, Hygon and other startups. REUTERS
Time of India
2 days ago
- Business
- Time of India
Two Chinese chip firms plan $1.7 billion IPOs, bet US export curbs to spur growth
BEIJING: Two Chinese artificial intelligence chip startups are seeking to raise a combined 12 billion yuan ($1.65 billion) in initial public offerings, hoping U.S. curbs on advanced chip sales to China will boost local demand for their products, their filings show. Beijing-based Moore Threads plans to raise 8 billion yuan, while Shanghai-based MetaX seeks 3.9 billion yuan, according to their IPO prospectuses filed on Monday. Both companies intend to list on Shanghai's STAR Market, the tech-focused board of the Shanghai Stock Exchange. Their fundraising plans underscore growing efforts by Chinese chipmakers to capitalise on Beijing's push to develop domestic champions in graphics processing units (GPU), which are crucial for AI development. Reuters reported last week that Biren Technology, another Chinese AI chipmaker, raised about 1.5 billion yuan in fresh funding and was preparing for a Hong Kong IPO. Developing domestic chip champions has become increasingly urgent for Beijing, as the U.S. tightens export restrictions, with the latest rules implemented in April banning Nvidia's H20 chips, one of its most popular chips, from being shipped to China. The U.S. has also imposed restrictions since last year that prevent Chinese AI chip designers from accessing advanced global foundries like Taiwan Semiconductor Manufacturing for producing cutting-edge semiconductors. Moore Threads and MetaX both cited U.S. sanctions as a major risk to their development but also emphasised the restrictions could create significant market opportunities. "U.S. restrictions on high-end GPU exports to China are prompting Chinese companies to accelerate domestic substitution processes," Moore Threads said. The company was added to the U.S. Entity List in late 2023 and is barred from partnering with TSMC. MetaX said "geopolitical pressures are forcing relevant domestic clients to use domestically-produced GPU products, which will help domestic GPU manufacturers establish closer ties with local customers and suppliers." The two firms design GPUs to compete with Nvidia products and have reported steep losses over the last three years, which they largely attributed to heavy research and development spending. Moore Threads generated revenue of 438 million yuan in 2024 but posted a loss of 1.49 billion yuan, adding to losses of 1.67 billion yuan in 2023 and 1.84 billion yuan in 2022. MetaX posted 2024 revenue of 743 million yuan against a 1.4 billion yuan loss, following losses of 871 million yuan in 2023 and 777 million yuan in 2022. "Moore Threads and MetaX are both considered leading GPU firms in China, and accessing the capital market in China would be crucial for them to continue their research and development," said He Hui, research director on semiconductors at Omdia. China's drive to achieve higher self-sufficiency in chips would help domestic GPU firms achieve economies of scale, crucial to generating higher revenue and profits, He said. Both companies were founded in 2020 by executives who previously worked at major U.S. chip firms. MetaX was founded by former AMD employees, including Chairman Chen Weiliang, who previously served as the U.S. chipmaker's global head of GPU product line design. Moore Threads was established by former Nvidia employees, including Chairman Zhang Jianzhong, who previously held the role of general manager for the AI chip giant's China operations. The two firms compete with a growing roster of domestic rivals including Huawei, Cambricon, Hygon and other startups.
