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Two Chinese AI Chip Firms Target $1.7 Billion IPOs Amid U.S. Export Curbs

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Two Chinese artificial intelligence chipmakers, Moore Threads and MetaX, are seeking to raise a combined 12 billion yuan ($1.65 billion) through initial public offerings (IPOs) on Shanghai’s STAR Market, according to filings released Monday. The companies are betting that U.S. export restrictions on advanced semiconductors will drive demand for homegrown alternatives.

Beijing-based Moore Threads aims to raise 8 billion yuan, while Shanghai-based MetaX targets 3.9 billion yuan. Both firms design graphics processing units (GPUs)—vital components for AI applications—and are attempting to position themselves as domestic challengers to Nvidia, whose chips are now largely restricted from sale in China.

Their listing bids come as China accelerates its push for semiconductor self-sufficiency amid tightening U.S. sanctions. In April, Washington imposed additional curbs that banned Nvidia’s popular H20 chips from export to China. Earlier restrictions have also blocked Chinese chipmakers from using top-tier global foundries such as Taiwan Semiconductor Manufacturing Company (TSMC).

Although both Moore Threads and MetaX acknowledged in their IPO filings that U.S. sanctions present operational challenges, they also highlighted the market opportunity those restrictions have created. “U.S. restrictions… are prompting Chinese companies to accelerate domestic substitution,” Moore Threads stated. Similarly, MetaX noted that geopolitical pressures are “forcing domestic clients to use domestically-produced GPU products.”

Financially, both firms remain deep in the red.

  • Moore Threads reported 2024 revenue of 438 million yuan but posted a loss of 1.49 billion yuan, adding to losses of 1.67 billion yuan in 2023 and 1.84 billion yuan in 2022.

  • MetaX had 2024 revenue of 743 million yuan with a 1.4 billion yuan loss, following losses of 871 million yuan in 2023 and 777 million yuan in 2022.

Despite these losses, analysts say that access to China’s capital markets is critical for these startups to scale R&D and reach economies of scale. “Moore Threads and MetaX are both considered leading GPU firms in China,” said He Hui, semiconductor research director at Omdia. “IPO funding is essential to sustain innovation and growth.”

Founded in 2020, both companies were launched by veterans of major U.S. chipmakers.

  • MetaX’s leadership includes former AMD executives, notably Chairman Chen Weiliang, AMD’s former global head of GPU product line design.

  • Moore Threads was founded by ex-Nvidia personnel, including Chairman Zhang Jianzhong, previously Nvidia’s general manager in China.

These two firms join a rapidly expanding field of Chinese AI chipmakers such as Huawei, Cambricon, and Hygon, all seeking to fill the void left by restricted foreign chip supply and capitalize on Beijing’s semiconductor independence ambitions.

OpenAI Denies Plans to Use Google’s In-House AI Chips Despite Cloud Collaboration

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OpenAI has clarified that it has no current plans to adopt Google’s in-house AI chips (TPUs) to power its products, pushing back against recent reports that suggested the ChatGPT maker was turning to its rival’s hardware to meet increasing computing demands.

A spokesperson for OpenAI stated on Sunday that while the company is testing Google’s TPUs in early stages, there are no plans to deploy them at scale for production use. Google, for its part, declined to comment on the matter.

Testing multiple AI chip platforms is standard industry practice, but shifting large-scale workloads to a new hardware platform would require significant architectural and software adjustments. Currently, OpenAI continues to rely heavily on Nvidia’s GPUs and is also utilizing AMD’s AI chips to fuel its operations. Additionally, OpenAI is actively developing its own custom AI chip, expected to reach the “tape-out” milestone later this year — marking the point where chip design is finalized for manufacturing.

Earlier this month, Reuters reported that OpenAI had signed on to use Google Cloud services, a move seen as a notable collaboration between two competitors in the generative AI space. However, the bulk of OpenAI’s computing needs are still being handled by CoreWeave, a cloud provider specializing in GPU-based infrastructure.

Google has recently begun expanding external access to its TPUs, previously used mostly for internal projects. This shift has attracted a number of high-profile customers, including Apple, as well as AI startups Anthropic and Safe Superintelligence (SSI) — both of which were founded by former OpenAI executives and are direct rivals in the AI field.

Intel Hires Chip Industry Veterans to Drive CEO Tan’s Turnaround Strategy

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Intel has announced the hiring of three prominent chip industry veterans on Wednesday, as part of CEO Lip-Bu Tan’s broader plan to restructure leadership and revive the company’s competitiveness. The move aligns with Tan’s push to streamline operations, elevate engineering focus, and boost customer satisfaction in a difficult market environment.

The newly appointed executives — Srinivasan Iyengar, Jean-Didier Allegrucci, and Shailendra Desai — will take on major engineering and technical roles within the company. These hires reflect Tan’s determination to prioritize technical leadership and innovation as Intel seeks to rebuild market confidence and strengthen its foundry ambitions.

  • Iyengar, formerly of Cadence Design Systems, will lead a newly created customer engineering center and report directly to Tan.

  • Allegrucci, previously with Rain AI, will oversee the development of AI System-on-Chip (SoC) engineering.

  • Desai, who joins from Google, will spearhead new AI chip architecture initiatives. Both Allegrucci and Desai will report to Sachin Katti, Intel’s Chief Technology and AI Officer.

Tan, who took the helm in March 2025, has been making bold changes to Intel’s organizational structure, including reducing bureaucracy by flattening leadership layers. He has also restructured the sales team by promoting Greg Ernst, a longtime Intel executive, to Chief Revenue Officer, placing him in charge of global revenue operations.

“Greg, Srini, J-D and Shailendra are highly accomplished leaders… and they will each play important roles as we position our business for the future,” Tan stated.

In addition to executive hires, Intel also reshuffled its board, aiming to bring in more semiconductor-specific expertise. Three existing board members stepped down at the company’s 2025 annual meeting, clearing space for more industry-aligned oversight.

These changes come amid ongoing financial and competitive pressures for Intel, which has struggled to regain its edge against rivals like AMD, NVIDIA, and TSMC. With a renewed emphasis on AI innovation and foundry success, Tan’s leadership marks a decisive shift toward engineering-led transformation.