Chinese AI chipmaker Cambricon posted a record profit in the first half of the year, as it benefits from a surge in demand from companies including ByteDance for domestically made semiconductors to replace Nvidia’s chips.
The Beijing-based company on Tuesday reported a Rmb1bn ($140mn) profit in the first six months, compared with a loss of Rmb533mn the previous year. It recorded revenues of Rmb2.9bn, a 44-fold rise from 2024.
Cambricon’s share price has doubled in the past month, pushing its market capitalisation to Rmb580bn, after Chinese AI company DeepSeek unveiled an updated model compatible with domestically made chips.
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