Moore Threads was listed on the A-share market today, and the opening price shot straight up to 650 yuan, while the issue price was only 114. That’s some explosive growth. But what’s really interesting are the details on the trading floor—within the first hour after opening, the turnover rate soared above 60%, showing an intense battle between bulls and bears.

To be honest, it’s pretty surprising that such a high opening price could hold steady without crashing. Except for a slight pullback seven minutes after the open, the intraday chart basically moved sideways and oscillated, without any uncontrolled plunges. For a newly listed stock, this kind of stability is rare.

But here’s the issue—what everyone really cares about isn’t today’s performance, but where it goes from here. Those who got allotted shares are debating whether to sell, while those on the sidelines are hesitating about whether to jump in.

Objectively speaking, Moore Threads has caught the hottest wave of domestic GPU and AI chip concepts, so it’s normal for the market’s sentiment to drive up its premium. But looking at it another way, with the opening so high, how much room is left for it to climb further?

There are actually plenty of historical lessons with stocks that list at such high levels. Some companies that went public during industry boom cycles later performed quite poorly. When the market is driven by emotion, rationality often gets diluted.

So, at the current level, calmly observing might be wiser than impulsively chasing highs. If the capital stays a bit more restrained, it could actually be a good thing for the stock’s long-term performance.