China’s Cambricon Records 4300% Revenue Surge as Nvidia Struggles With U.S. Export Curbs
The surge comes as U.S. chip giant Nvidia recorded no H20 chip sales to China in its latest quarter due to U.S. export restrictions.
Chinese semiconductor firm Cambricon has reported its strongest financial results to date, with first-half revenue soaring 4,300% year-over-year to 2.88 billion yuan ($402.7 million) and record profits.
The surge comes as U.S. chip giant Nvidia recorded no H20 chip sales to China in its latest quarter due to U.S. export restrictions.
Cambricon, a Beijing-based firm founded by two brothers and partly state-owned, has quickly become a symbol of China’s push for semiconductor self-sufficiency. Its market capitalisation has soared, making it the country’s most expensive stock, surpassing liquor maker Kweichow Moutai.
Analysts say Nvidia’s absence has created a “market void” now being filled by domestic players. “Large Chinese tech companies like Huawei and SMIC are catching up rapidly in both product quality and capacity,” said Ray Wang of Futurum Group.
U.S. curbs on advanced chip exports, including temporary bans on Nvidia’s H20, have accelerated Chinese innovation. Nvidia CEO Jensen Huang said talks with the White House on allowing sales of a downgraded version of its next-gen Blackwell GPU to China have begun, noting discussions will take time but align with U.S. AI leadership goals.
