Welcome to Seeking Alpha's Wall Street Breakfast, where we cover the top news for investors every morning.

Good morning. Today is Friday, December 5th, and I'm your host Kim Khan, filling in for Julie Morgan.

Beijing-based AI chipmaker, More Threats Technology, saw shares rocket 500% higher on their first day of trading. The company

raised about $1.13 billion, $8 billion, in its Shanghai Star market IPO. Often called China's

NVIDIA, the startup is benefiting from bets that it will ride Beijing's push for domestic

chip manufacturing and tech self-sufficiency. Founded in 2020 by former Nvidia executive, Jean-Singon,

more threads is shifted from gaming graphics to AI accelerators,

capitalizing on U.S. export curbs on Nvidia.

The stock then trading at a price-to-sales ratio of 123 times,

well above the 111 times peer average,

as the company forecast 2025 sales growth of up to 242 percent, reaching 1.5 billion yuan. The offering is China's second-largest

onshore IPO this year, behind Huadi and New Energy's $2.7 billion raise. The Trump administration

plans to take more equity positions in critical

minerals companies, a White House official said, calling the once rare move necessary to counter China's

dominance in raw materials. Jared Agan, executive director of the National Energy

Dominance Council, said at the American Growth Summit in Washington, we're literally buying equity

because that's the only way we're going

to catch up with China on these things. According to Bloomberg, the administration has spent

more than $1 billion over the past year to take stakes in critical minerals and mining companies,

including MP materials and lithium Americas, moves that have often sent those companies stock prices

soaring. And neocloud company Fluidstack is looking to

raise around $700 million in a funding round that would value the cloud computing startup at $7 billion.

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