Moore Threads, the domestic GPU leader, experienced its most severe single-day selloff since listing on September 7. Approximately 25.77 million restricted shares became tradable that day, nearly doubling the float, which triggered an immediate selloff at the open. The stock swiftly hit the 20% downside limit, dragging total market value below 200 billion yuan.

On the day, Moore Threads opened 4.11% lower at 498 yuan per share, then was rapidly pushed to the limit-down price of 415.48 yuan during continuous trading, reducing its market cap to 195.3 billion yuan. A company securities official told media that the volatility largely stems from the expanded share float, urging investors to "respond rationally and take a measured view" of the price movement caused by this unlock, while reaffirming that the company's fundamentals remain sound.

The shockwaves spread to peer stocks. Moxin (沐曦) at one point tumbled more than 11%, and Cambricon briefly slid nearly 2%. Meanwhile, positive signals for the AI sector have been building, with the domestic computing-power supply gap still significant. Market participants are sharply divided on whether this decline is merely technical selling pressure or signals a fundamental inflection.

Float Nearly Doubles, With Bigger Test Ahead in December

According to earlier announcements, this unlock covers Moore Threads' IPO online placement restricted shares, totaling 25.77451 million shares, or 5.48% of total share capital, with a lock-up period of nine months from listing. Because September 5 fell on a non-trading day, the unlock date was postponed to September 7.

The impact of this unlock on the float structure should not be underestimated. Before the release, Moore Threads had only 30.2255 million shares in circulation; after, that figure rose to roughly 56 million shares, an expansion of nearly 85%. Based on the closing price before the unlock, the value of this release exceeds 10 billion yuan.

Worth noting is that a far larger unlock window lies ahead. According to the prospectus schedule, on December 7, Moore Threads will face its next post-IPO unlock, with approximately 185.9064 million shares becoming tradable, representing 39.55% of total equity—a scale several times larger than this release.

Revenue Surging, Profitability Within Reach

Moore Threads' 2026 interim report shows first-half total revenue of 1.736 billion yuan, up 147.42% year-on-year, with the high growth deeply tied to domestic computing-power infrastructure demand. Net loss attributable to shareholders narrowed sharply by 95.73% to approximately -11.56 million yuan, bringing the company within striking distance of breakeven.

Excluding share-based payment effects, adjusted net profit for the first half was 83.53 million yuan—the first time the company has achieved profitability on a semi-annual basis since inception. However, on a recurring (deducted non-recurring) basis, the company still posted a loss of around 150 million yuan. Government subsidies of 88.23 million yuan and fair-value changes and disposal gains of 59.52 million yuan on financial assets together form the primary non-recurring sources, leaving the sustainability of core business profitability yet to be proven.

In industry context, Moore Threads, Biren Technology, Tianshu Zhixin, and Moxin are collectively known as the "Big Four" domestic GPU makers. According to their latest half-year reports, while all four achieved rapid revenue growth, their overall scale remains modest. Combined with hefty R&D spending, meaningful large-scale profitability in core operations will still take time.

Domestic Computing-Power Adoption Accelerates, Industry Cycle Intact

The backdrop to this sharp share-price shock does not align with fundamental deterioration signals.

On the product front, Moore Threads' flagship MTT S5000 has entered key customers including leading internet firms and telecom operators, and has completed adaptation for major large models such as DeepSeek-V4 and Zhipu GLM-5.3-Flash. With NVIDIA's China AI accelerator market share having fallen to zero, the domestic computing-power supply gap is estimated at the million-chip level, positioning Moore Threads as one of the scarce listed plays in this segment.

Market adoption data also confirms sector strength. IDC data indicates China's AI accelerator card market shipped approximately 4 million units in 2025, of which domestic chips totaled about 1.65 million units, pushing domestic market share above 40% for the first time (41%). Goldman Sachs and Bernstein Research project that domestic AI chip market share will exceed 50% for the first time in 2026.

On the macro catalyst front, NVIDIA CEO Jensen Huang stated publicly over the weekend that Artificial General Intelligence (AGI) has arrived, citing OpenAI's newly launched GPT-6 Astra model as a key milestone in AI system evolution. Industry participants broadly believe that AI computing-power demand will continue expanding under the new model cycle, and the long-term growth logic for domestic GPUs remains unbroken.

Market Verdict: Technical Pressure or Valuation Reset?

On balance, Moore Threads' limit-down today points more toward technical selling pressure from the share unlock rather than a substantive fundamental deterioration. With the float nearly doubling, short-term supply-demand imbalance is the core driver.

However, the far larger unlock window arriving in December—roughly seven times the size of this release—means supply-side pressure will be difficult to fully dissipate in the near term. For existing holders, while focusing on the company's revenue growth and narrowing losses, the pace of unlocks and the evolving float structure remain risk variables that cannot be ignored.