China’s GPU hopefuls hit the public markets with big multiples, while Nvidia hangs on

MetaX pops ~700% on debut, as China’s GPU trade builds, but Nvidia remains the buyer’s choice.

December 18, 2025

David Harold

MetaX’s explosive Shanghai debut—following Moore Threads’ own blockbuster listing—shows just how much domestic capital is chasing China’s Nvidia. Both firms remain behind Nvidia in software maturity and high-end performance, and they’re operating under export-control uncertainty. The domestic replacement story is unfolding alongside continued demand for Nvidia itself now that US policy has reopened a channel for H200 exports to China (with a fee). The result is a market funding local GPU stacks for the long haul, while still trying to buy Nvidia for now. China’s MetaX Integrated Circuits, an AI/GPU chip designer founded by former AMD employees, made a strong

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China’s GPU hopefuls hit the public markets with big multiples, while Nvidia hangs on

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