"On Wednesday, shares of MetaX Integrated Circuits Shanghai - a GPU startup founded by former AMD executives - skyrocketed as much as 755% on their first day of trading on the Shanghai Stock Exchange's tech-focused STAR Market, before closing up about 700%. The surge catapulted its chairman and cofounder, Chen Weiliang, into one of China's fastest-rising tech moguls. Chen's stake in MetaX is worth about $6.5 billion, according to the Bloomberg Billionaires Index."
"Earlier this month, Zhang's net worth jumped to $4.3 billion after his company's successful IPO, continuing a wave of investor enthusiasm for homegrown semiconductor players. The richest figure in China's AI chip scene is Chen Tianshi, a cofounder and CEO of Cambricon Technologies - a company retail traders have dubbed "China's Nvidia." Cambricon's Chen is now worth $22.5 billion, making him the country's 16th-richest individual on Bloomberg's list. He is the 115th richest person in the world."
China's AI chip sector is producing rapid billionaire wealth even as the broader economy sputters and a deepening property crisis compresses household assets. Domestic AI and semiconductor stocks have attracted surging investor interest, lifting valuations and awarding large paper gains to founders and early insiders. MetaX Integrated Circuits Shanghai shares surged as much as 755% on their first trading day and closed about 700% higher, giving chairman Chen Weiliang a stake worth about $6.5 billion. Moore Threads founder Zhang Jianzhong saw his net worth rise to $4.3 billion after an IPO. Cambricon cofounder Chen Tianshi is worth $22.5 billion.
Read at Business Insider
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