New Delhi: You can deny China Nvidia chips, but you can’t keep China from building its own Nvidia. That, in short, is what the government and investors in China are telling the world.

Just look at the jaw-dropping response the IPO from its Nvidia-wannabe, Moore Threads, has evoked within China.

Moore Threads, a Beijing-based GPU designer founded in 2020 by former Nvidia China executive Zhang Jiangzhong, hit China’s Nasdaq-equivalent STAR Market with plans to raise $1.1 billion by offering 44.45 million shares. The company clearly underestimated investor appetite for owning a piece of what many consider China’s answer to Nvidia. For every stock on offer, there was demand for almost 4,500! Retail investors led the rush by bidding nearly 3,000 for every 1 stock on offer.

As a result, the investor interest snowballed to $4.5 trillion against the $1 billion Moore Threads was seeking. For context, $4.5 trillion is just about Nvidia’s current market cap!

Not surprisingly, the stock listed with fireworks. Against the offer price of 114.28 yuan ($16), the stock touched a high of 650 yuan ($92), making Moore’s debut the biggest first-day rise for any Chinese IPO larger than $1 billion since 2019.

No doubt, a lot of it is hype or FOMO (fear of missing out). Having seen Nvidia soar, Chinese investors possibly don’t want to........

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