N Moore-U (688795.SH) Hot List Analysis: Driving Factors and Outlook

N Moore-U (688795.SH) is a Chinese AI chipmaker focused on GPU R&D, often called “China’s NVIDIA” [1]. The stock listed on the Shanghai Stock Exchange STAR Market on December 4, 2025, with an issue price of 114.28 yuan. It closed up 425% to ~599 yuan on its first day, with an intraday gain exceeding 502% [2][3]—becoming the highest first-day gain record for large IPOs (financing over $1 billion) since China’s 2019 IPO reform, far surpassing SMIC’s 202% first-day performance in 2020 [2].

:

1. Record-breaking First-day IPO Performance
   : Short-term speculative funds fueled new stock hype, combined with sustained market enthusiasm for the AI chip sector [2].
2. Extreme Market Subscription
   : The retail portion of the IPO was oversubscribed 2750x, reflecting strong investor interest [2].
3. Industry & Policy Tailwinds
   : The global AI market boom drives high GPU demand as core computing power [1]; amid escalating Sino-US chip competition, China’s government vigorously promotes semiconductor localization—N Moore-U’s listing aligns with this strategic window, seen as a key local AI chip player [1][3].

: N Moore-U’s IPO raised $1.13 billion (8 billion yuan), one of China’s largest 2025 chip IPOs [2]. First-day volume was exceptionally high (due to oversubscription and hype); as of Dec 5, the stock price remained ~584.98 yuan, up ~400% from the issue price [1].

: Extremely optimistic, driven by AI chip sector heat, “China’s NVIDIA” label, and policy expectations [1][3].

1. AI Chip Sector’s Strategic Importance
   : N Moore-U’s surge reflects global/Chinese demand for AI computing power—AI chips are a core tech competition track, and localization substitution expectations amplify investment enthusiasm [1].
2. Policy Amplification Effect
   : China’s semiconductor localization policies create opportunities for local firms; investors expect policy support to drive long-term growth [3].
3. “Analogy Effect” Hype
   : Comparison with NVIDIA boosted attention, but需警惕 gaps between actual tech strength and market position may cause valuation bubbles [1].

:

• AI chip market scale grows; global/Chinese computing power demand remains strong [1].
• China’s semiconductor support policies provide a favorable external environment [3].

:

• High Valuation
  : Short-term 4-5x surge may lead to overvaluation vs fundamentals, with correction pressure [2].
• Tech Competition
  : Gaps vs NVIDIA/AMD (international giants) and Suyuan Technology/Biren Technology (domestic peers) need continuous monitoring [1].
• External Uncertainty
  : Sino-US tech disputes may impact supply chain/tech access [3].
• New Stock Hype
  : First-day gains may come from short-term speculation, leading to volatile后续 prices [2].

N Moore-U’s popularity stems from explosive IPO performance, AI chip sector boom, and semiconductor localization policy support. While market sentiment is optimistic, high valuation, tech competition, and external risks require attention. Investors should track fundamentals, policy changes, and valuation to理性 assess investment value.