Chinese Chipmaker MetaX Soars 755% on Debut Amid AI Frenzy, Outperforms Peers

• MetaX Integrated Circuits Shanghai Co. surged 755% on its trading debut, continuing a trend of massive listing day pops for Chinese tech firms driven by AI demand.
• The chipmaker, which develops GPUs for AI, raised $585.8 million in its IPO, marking the best debut for a Chinese IPO of its size in a decade.
• Retail investor demand for MetaX's IPO was exceptionally high, subscribed nearly 3,000 times, surpassing even Moore Threads Technology Co.'s earlier surge.
• Investors are betting on local chipmakers like MetaX to fill the void left by Nvidia Corp.'s restricted sales in China, pushing MetaX's market cap past 300 billion Yuan.
• MetaX's AI-focused Xiyun C500 series accounted for 98% of its 2024 revenue, with the newer C588 generation narrowing the performance gap with Nvidia’s H100.

Why It Matters: Chinese chipmaker MetaX's 755% debut surge highlights intense investor confidence in local AI alternatives.