Physix Frontier · News Briefing Card (TMTPost · Sep 8, 2026)

Moore Threads Slumps on Lockup Expiry; GPU Sector Pulls Back

KEY FACTS

Moore Threads hit its daily limit down on Sept. 7 due to a lockup expiration, wiping out nearly 50 billion yuan in market cap in a single day.
Enflame Technology announced its issuance results, signaling that its upcoming listing will dilute Moore Threads' scarcity value in the A-share market.
Peers like MetaX and Tianshu Zhixin fell simultaneously, with several domestic GPU stocks dropping over 40% within two months.
Moore Threads reported first-half revenue of 1.736 billion yuan, but its core business has yet to achieve true profitability.
Morgan Stanley recommended reducing exposure to semiconductors as the global AI computing supply chain undergoes a deep correction.

KEY DATA

Nearly 50 billion yuanMoore Threads Single-Day Market Cap Loss

415.49 yuan/shareMoore Threads Latest Share Price

1.736 billion yuanMoore Threads H1 Revenue

18.86Nvidia P/S Ratio (July)

PHYSIX OBSERVATION

The resonance between the wave of lockup expirations and the bursting of valuation bubbles signals the end of the speculative frenzy surrounding domestic GPUs. Although leading firms show high revenue growth, they generally rely on non-recurring gains or remain loss-making, meaning fundamentals cannot support their inflated market caps. The industry is shifting from capital mania back to rationality, with future competition pivoting from fundraising ability to genuine commercialization and sustained profitability.

Source: TMTPost report