Cambricon recorded its largest profit to date and reported first-half revenue that surged roughly 4,300% to 2.88 billion yuan ($402.7 million). The company is partially state-owned, founded by two "genius brothers," and is headquartered in Beijing. Cambricon's stock became China's most expensive, overtaking liquor maker Kweichow Moutai. Nvidia recorded no H20 chip sales to China in the second quarter amid U.S. export restrictions and geopolitical tensions, creating a market gap. Cambricon's rapid expansion reflects a broader push by Chinese firms to develop local alternatives to Nvidia, though Nvidia's global quarterly revenue remains substantially larger.
Cambricon, a China-based semiconductor firm, posted record profit in the first half of the year, along with revenue that surged roughly 4,300%.
Nvidia's business in China has been tied up in U.S. export restrictions and geopolitical tensions, and the tech behemoth recorded no H20 chip sales to China in the second quarter, per its earnings release yesterday.
"Nvidia apparently has a better overall offerings in terms of the hardware in China, but because of the export controls right now they cannot sell basically to China," Ray Wang, research director of semiconductors, supply chain, and emerging tech at The Futurum Group, told Fortune. "They leave a big market void for a Chinese competitor to fulfill."
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