China’s GPU start-ups are back at the center of a capital-market frenzy. Following Moore Threads, five-year-old MetaX has listed on Shanghai’s STAR Market, with its shares surging more than sevenfold on debut. At its peak, the company’s market capitalization briefly hit CNY330 billion (US$46.9 billion)—a striking number for a business generating just CNY1.5–2 billion in annual revenue, and one that would raise eyebrows even by global semiconductor standards.