China’s Nvidia Rival Cambricon Soars on 4,000% Revenue Surge, Boosting $40 Billion Rally

Chinese semiconductor firm Cambricon reported record revenue and profit in the first half of the year, with revenue surging over 4,000% to 2.88 billion yuan ($402.7 million) and net profit reaching 1.04 billion yuan. The growth underscores China’s push to develop local alternatives to Nvidia amid U.S. export restrictions. Cambricon’s market capitalization has doubled, adding over $40 billion to reach around $80 billion. While improving software and next-gen hardware, Chinese rivals still lag Nvidia technologically. Export controls and restricted access to advanced chipmaking techniques continue to pose challenges for China’s domestic AI chip industry.