‘China’s Nvidia’ shows that the global chip race is heating up as it basks in post-IPO glow

As Nvidia pushes to sell its artificial-intelligence chips in China again, a homegrown rival’s successful public market debut is signaling that the country is aiming to get to the top on its own.

Shares of Moore Threads Technology, founded by former Nvidia

NVDA executive Zhang Jianzhong, gained 425% after its initial public offering in Shanghai on Friday, according to FactSet. The AI chip maker’s IPO raised $1.13 billion. Moore Threads said it plans to use that money for research-and-development efforts, including in graphics processing units, or GPUs, for training and running AI models, CNBC reported.