#数字资产生态回暖 Moore Threads, as a domestic GPU chip manufacturer, has just gone public, and media outlets immediately hailed it as the next NVIDIA. Raised 7.5 billion? Sounds impressive, but looking at the financial report—how is this money earning interest in the bank?

The data is even more heartbreaking. A cumulative loss of 5 billion over three years, with an estimated further burn of 700 million to 1 billion this year. While benchmarking against global chip giants, the financial statements are filled with red figures. This pace feels a bit off.

Rather than chasing NVIDIA, it seems like they are taking a different path. The burn rate in the hardware industry is indeed outrageous, but such losses combined with the hype around going public resemble the stories of some new energy vehicle companies—large financing scales, but their actual revenue-generating ability still needs observation. The market has provided opportunities; whether they can turn this investment into results is the real key.