Cambricon posts 108% surge in first-half revenue amid China’s massive AI chip drive
The Chinese AI chip giant saw revenue reach 6 billion yuan in the first half of the year, as Beijing pushes to replace foreign hardware
Chinese artificial intelligence (AI) chip giant Cambricon Technologies reported a 108 per cent surge in first-half revenue on Friday, as the firm capitalises on a massive domestic push to replace foreign AI hardware.
The chipmaker’s revenue for the first six months of the year reached 6 billion yuan (US$890 million), while profits also jumped 122.6 per cent year on year to 2.3 billion yuan, according to a stock exchange filing.
In the second quarter, the firm’s revenue was 3.1 billion yuan, in line with the consensus estimate of 3 billion yuan predicted by a Bloomberg poll. Net profit reached 1.3 billion yuan, up from 1 billion yuan during the previous quarter.
The company attributed the revenue surge to a steady increase in demand for AI computing power during the first six months. “Leveraging our core competitiveness in AI chips, we continued to strengthen in-depth cooperation with leading enterprises in the finance and internet sectors,” it said in the filing.