China GPU race, Part 2: Moore Threads, MetaX, Biren and Enflame pursue four formulas for breaking Nvidia's grip

The planned U.S. listing by Innolight signals a strategic push by Chinese AI chip firms to secure capital amid Nvidia's global dominance. Technologically, this move accelerates upstream investment in EDA tools and advanced process nodes, intensifying competition among midstream designers and prompting downstream cloud providers to accelerate in-house development. From a compliance standpoint, tightening U.S. export controls increase operational risks, especially for sourcing components from Taiwan, China and Hong Kong, China. In market dynamics, competitors like Moore Threads, MetaX, Biren, and Enflame may adopt niche strategies or ecosystem alliances to challenge Nvidia’s supremacy. Over the next 12–24 months, if domestic AI chips gain traction, they could reshape global compute markets, though short-term hurdles remain in technology maturity and capital efficiency.