Chinese Chip Designer Moore Threads Jumps as New Products Help Fuel Rally
Source: Zhejiang Daily Press Group/VCG/Getty Images
Moore Threads Technology Co. shares jumped as much as 27% in Shanghai on Wednesday after the recent market debutant said it would release new artificial intelligence chip products next week.
The stock has gained more than 500% since its heavily oversubscribed initial public offering closed last week, riding optimism over China’s drive for technology self-sufficiency. Its total market value has already climbed near $50 billion.