Chinese AI chipmaker Moore Threads Technology Co. said its first-half revenue climbed 147% from a year earlier to roughly $258 million, according to Bloomberg, as reported via Techmeme.
The company also narrowed its books to a net loss of about $1.72 million — a striking figure for a chip designer at this stage, given how capital-hungry the business of building graphics and AI processors typically is.
Alongside the results, Moore Threads said it plans to list in Hong Kong at an "appropriate time," per Bloomberg. China Daily Asia likewise reported that the mainland AI chip designer is planning a Hong Kong listing, though neither report indicates a fixed date or a target size for the offering.
The listing plan follows a remarkable run in the company's shares. Bloomberg reports the stock has surged more than 420% since its initial public offering in Shanghai — a gain that says as much about investor appetite for domestic Chinese chip stories as it does about any single company's fundamentals.
A Hong Kong listing would give Moore Threads access to a deeper pool of international capital than a Shanghai listing alone provides, and would put its numbers in front of a broader set of global investors.
Why it matters: Moore Threads is one of the Chinese companies attempting to build homegrown alternatives to the AI chips that power modern machine learning, and a triple-digit revenue jump paired with a near-breakeven bottom line and a second stock listing is a signal that at least some of that effort is starting to find real customers and real money.