In Depth: Cambricon’s Meteoric Rise Collides With Harsh Reality Check
Listen to the full version
Chinese artificial intelligence (AI) chipmaker Cambricon Technologies Corp. Ltd. briefly claimed the title of the most expensive stock on the Chinese mainland on Aug. 28, capping a stunning rally fueled by investor fervor around Beijing’s push for semiconductor self-sufficiency.
Shares in Cambricon soared 15.73% that day to close at a record 1,587.91 yuan ($222.32) per share, lifting it a market capitalization to as much as 660 billion yuan. The company overtook liquor giant Kweichow Moutai Co. Ltd. as the priciest stock in mainland market before it pulled back. The stock traded down as low as 1,202 yuan in the following week amid a broader market correction but has since rebounded to around 1,400 yuan.
Unlock exclusive discounts with a Caixin group subscription — ideal for teams and organizations.
Subscribe to both Caixin Global and The Wall Street Journal — for the price of one.
- RELATED
- DIGEST HUB
Digest Hub
Back
- 2016：
- Cambricon Technologies founded in the wake of Google's AlphaGo breakthrough.
- 2017：
- Cambricon completes a $100 million Series A funding round.
- Before 2019：
- Huawei accounted for nearly all of Cambricon's revenue.
- First half of 2020：
- Cambricon's income from Huawei fell nearly 80%.
- 2020：
- Cambricon listed on the STAR Market as China's first AI chipmaker IPO.
- October 2022：
- U.S. imposed sweeping export controls on China's chip sector.
- December 2022：
- Cambricon added to the U.S. Commerce Department’s Entity List.
- By 2024：
- Cambricon's financial filings show spike in material purchases, signaling localized production and rising output.
- 2024：
- Huawei shipped 300,000 to 400,000 Ascend AI chips, while Cambricon shipped just over 10,000.
- Late 2024：
- Cambricon’s business accelerated.
- Early July 2025：
- Since this date, Cambricon stock has soared more than 170%.
- April 2025：
- A 5-billion-yuan private placement plan is proposed by Cambricon.
- First half of 2025：
- Cambricon reports a 43-fold surge in revenue to 2.88 billion yuan and its first-ever positive operating cash flow.
- July 2025：
- Cambricon cuts fundraising target to 3.985 billion yuan.
- Second quarter of 2025：
- Alibaba's spending on AI doubles year-over-year, Tencent's grows by 119%.
- August 2025：
- China’s State Council unveils its AI+ action plan.
- August 28, 2025：
- Cambricon becomes the most expensive stock on the Chinese mainland, closing at 1,587.91 yuan per share; market capitalization peaks at 660 billion yuan.
- Following week after August 28, 2025：
- Cambricon stock trades as low as 1,202 yuan amid market correction.
- September 1, 2025：
- Alibaba Cloud denies rumor it had ordered 150,000 Cambricon chips.
- September 9, 2025：
- China Securities Regulatory Commission gives final approval to Cambricon’s fundraising plan.
- 2025 (guidance)：
- Cambricon guides revenue of 5-7 billion yuan; Huawei projected to ship 1 million AI chips, Cambricon potentially 80,000.
- PODCAST
- MOST POPULAR
Sign in with Google
Sign in with Facebook
Sign in with 财新