In the GPU market, which is under constant innovation pressure and reshuffling, Moore Threads, which bills itself as the "domestic NVIDIA," is facing unprecedented challenges. Although it has initiated the process of listing on the A-share market, the road ahead remains bumpy.

Founded in 2020, Moore Threads, despite its core team having a strong NVIDIA background and its founder Zhang Jianzhong being a key figure in NVIDIA China, has not performed as expected in the market. Although it has established a full-stack AI computing product line ranging from chips, boards, servers, clusters to software, and is regarded by the market as the only domestic GPU chip manufacturer that can functionally benchmark NVIDIA, it still needs to overcome many hurdles to truly become the "domestic NVIDIA".

First, the performance in the desktop graphics card market has been disappointing. Although Moore Threads has launched multiple desktop graphics card products, sales are limited, and the ecosystem construction still needs to be strengthened. Users have reported software compatibility issues and lags, and there is still a significant gap between its performance and that of leading manufacturers like NVIDIA. For example, in the popular game "Black Myth: Wukong," the maximum resolution of Moore Threads' graphics cards is only 20+ frames, making it unsuitable for smooth gameplay. This has directly impacted the sales growth of its desktop graphics cards and exposed its deficiencies in the software ecosystem.

Secondly, Moore Threads is under constant pressure to innovate. The contradiction between the rapid iteration of AI large model technology and the long development cycle of chips places high demands on Moore Threads' continuous innovation and market insight capabilities. However, the challenge currently faced by global GPU vendors is that IP core development is not easy, and independent research and development requires years of time and a large investment of engineers. Although purchasing IP can shorten the development cycle, the design, tape-out, testing, and optimization processes for high-end chips remain complex and time-consuming. This means that although Moore Threads' AI chip design concept may have been novel at the time, if it is produced into a finished product, it may not be able to keep up with market demand and industry technological advancements, ultimately being eliminated by the market.

Furthermore, the intensifying reshuffling of the domestic GPU market poses an even greater challenge to Moore Threads. In the past two years, domestic GPU vendors have been significantly impacted by geopolitical uncertainties and lack of funding for management teams, leading to a sharp downturn in the industry. Many GPU vendors have had to lay off employees or disband due to financing difficulties, and the domestic GPU industry is undergoing a period of reshuffling and consolidation. Although Moore Threads has completed multiple rounds of financing and is in the process of listing on the A-share market, facing fierce market competition and an uncertain market environment, it remains uncertain whether it can continuously replenish the large amount of funds needed for its business and address potential future cash flow issues.

It is worth mentioning that the gap between Moore Threads and NVIDIA is still significant. In terms of chip design, there is a 12-18 month gap compared to NVIDIA. In terms of chip manufacturing processes, NVIDIA has adopted a 3-nanometer process, while domestic production is still stuck at 5-7 nanometers. This not only limits Moore Threads' performance improvement but also puts it at a disadvantage in market competition.

In summary, although Moore Threads has made some achievements on the path of domestic substitution, it still needs to overcome many challenges to truly become the "domestic NVIDIA". How to continuously tackle software and hardware issues, enhance product competitiveness, and cope with market reshuffling and financial pressure will be key issues for Moore Threads to address in the future. On this thorny path of domestic substitution, Moore Threads still needs to continue its efforts and exploration.