Cambricon Technologies reported a 14x rise in revenue to 1.7 billion yuan (US$238.5 million) for the September quarter, as Chinese AI companies turn to domestic chips amid US restrictions on Nvidia.

The Beijing-based chipmaker posted a net profit of 567 million yuan (US$79.6 million), reversing a net loss of 194 million yuan (US$27.2 million) a year earlier.

US sanctions have limited Chinese firms’ access to Nvidia accelerators, driving demand for local alternatives like Cambricon’s products.

The company’s shares have nearly doubled since July, though they fell over 20% from an August peak amid concerns about high valuations and an AI bubble.

In August, Cambricon forecast full-year revenue between 5 billion yuan (US$701.6 million) and 7 billion yuan (US$982.2 million), up from 1.2 billion yuan (US$168.4 million) last year.

🔗 Source: Bloomberg

Recent Cambricon developments