ILUVATAR COREX's stock surged 5.01% intraday, rebounding after a technical pullback last week. The significant upward movement reflects strong investor sentiment following the release of key corporate developments.

The company's first annual report since its listing revealed robust financial performance, with full-year revenue reaching RMB 1.034 billion, representing a year-over-year increase of 91.6%. Particularly noteworthy is the performance of its core general-purpose GPU business, which generated RMB 923 million in revenue, surging 149.6% with reported high-speed breakthroughs across both training and inference segments.

Adding to the positive catalyst, JPMorgan Chase initiated coverage on the stock with an "Overweight" rating and set a target price of HK$620. Furthermore, the company recently completed the Day-0 native adaptation of Baidu's open-source ERNIE-Image model across its full GPU product lineup, strengthening its strategic position within China's AI hardware-software ecosystem and capitalizing on the sector's tailwinds from surging AI compute demand and domestic substitution.