Moore Threads shares soar as much as 12% after US$4.3m profit amid Beijing chip push
Beijing-based GPU maker turns a corner in the first quarter of 2026 after posting a US$16.5 million loss a year earlier
Shares of Moore Threads, one of China’s Nvidia challengers, jumped as much as 12.5 per cent on Monday morning on the back of a swing to a profit in the first quarter, as domestic graphics processing unit (GPU) champions capitalised on surging computing demand amid Beijing’s push for chip self-sufficiency.
The Beijing-based firm reported a net profit of 29.4 million yuan (US$4.3 million) for the January to March 2026 period, compared with a net loss of 112.5 million yuan a year earlier, according to a filing to the Shanghai Stock Exchange on Sunday.
Quarterly revenue jumped 155 per cent year on year to 737.6 million yuan. Its shares closed 8 per cent higher at 689.50 yuan on Monday.
“In 2026, Moore Threads will continue to align with national strategies by focusing on core technology breakthroughs and accelerating the roll-out of next-gen chips,” said founder and CEO Zhang Jianzhong in the 2025 annual report released on the same day. Zhang is a former China head of Nvidia.
At the end of March, the company disclosed a 660 million yuan order for its KUAE computing cluster, which is based on tens of thousands of interconnected GPUs, without revealing the client.