China’s top stock of 2024 is expected to see more growth next year from the nation’s drive for greater self-sufficiency in AI.

Shares of Cambricon Technologies Corp., an AI chip designer based in Beijing, surged 383% this year, making it the leading stock performer in China for 2024.

The company’s valuation has reached US$37 billion, surpassing both the CSI 300 Index and global chip manufacturers such as Nvidia Corporation and Taiwan Semiconductor Manufacturing Company.

The stock rise is linked to China’s efforts to enhance self-reliance in technology due to United States trade restrictions.

Other companies, such as optical module manufacturer Eoptolink Technology Inc. and data provider Range Intelligent Computing Technology Group Co., have also experienced significant stock increases this year.