From Gold Rush to Water Sellers: Is Moore Threads' AI Factory Worth the Bet?

During the California Gold Rush last century, the ones who really made money weren't the gold miners, but the merchants selling shovels and jeans. In today's AI race, GPU computing power is that shovel, and the concept of "AI Factory" is exactly the scaled water-selling business Muxin (Moore Threads) is trying to build. At WAIC 2026, Muxin publicly unveiled multiple training and inference practice results for the first time, focusing on promoting its three major "AI Factories." As an investor who reviews 500 AI projects a year, I've heard this kind of story too many times—from "domestic substitution" to "autonomous controllability," from "training chips" to "inference chips." Every player tells the same story, but only one in ten thousand actually makes it work.