Moore Threads took quite a hit today. Nearly a 4% pullback—at the end of the day, it’s still about being overpriced.

Just compare it to Cambricon—you’ll see the issue. They’re both in the AI chip sector, so why does the market give Moore Threads such a premium? Some analysts believe the valuation only becomes reasonable if it drops below 200 billion. This adjustment is basically the market voting with its feet.

There’s an old rule in A-shares: the more hyped and well-known a new stock is, the more cautious the capital inside the market becomes. Institutions don’t want to be left holding the bag, and speculators aren’t willing to chase high prices. Star companies about to go public, like Unitree Robotics, Changjiang Storage, and CXMT, will probably face similar problems—overstretched valuations make it more likely for their stocks to fall below the IPO price after listing. For these types of stocks, you really need to be careful.

But the commercial space sector is getting interesting lately.

Rumors about a SpaceX IPO are everywhere, with its valuation possibly heading straight for a trillion dollars. If this really happens, the global commercial space sector will definitely see a rally. Domestically, LandSpace is considered the player most likely to go public first, and a 100 billion valuation seems inevitable.

The key is the timing gap. Before these leading companies officially go public, capital is likely to dig up and hype those pre-IPO concept stocks in the supply chain. This kind of expectation-driven rally tends to come fast and strong—it’s worth keeping an eye on.