Cambricon posts 108% surge in first-half revenue amid China’s massive AI chip drive

Chinese Artificial Intelligence (AI) chip giant Cambricon Technologies reported a 108 per cent surge in first-half revenue on Friday, as the firm capitalises on a massive domestic push to replace foreign AI hardware.The chipmaker’s revenue for the first six months of the year reached 6 billion yuan (US$890 million), while profits also jumped 122.6 per cent year on year to 2.3 billion yuan, according to a stock exchange filing.In the second quarter, the firm’s revenue was 3.1 billion yuan, in line with the consensus estimate of 3 billion yuan predicted by a Bloomberg poll. Net profit reached 1.3 billion yuan, up from 1 billion yuan during the previous quarter.