Another wealth creation legend has been born—Moore Threads was listed today, and its opening price soared straight to 688 yuan. A company that's only been around for five years, with annual revenue not even reaching 500 million yuan before going public, has been hyped up to a market cap of 300 billion yuan. To put it bluntly, this is how the current tech bull market works: as long as you slap on labels like “domestic chips” or “hardcore tech,” valuations can skyrocket.

Does this scene seem a bit familiar? Back when PetroChina went public, institutions hyped it up as an “energy giant” and “strategic resource,” and the 48-yuan offering price left countless retail investors stuck at the peak. Now Moore Threads is charging ahead at high valuations—who knows how many people will end up holding the bag this time. History keeps repeating itself, only the track has changed.