China AI chipmaker Cambricon tops Hurun 2025 AI ranking with $88 billion valuation · TechNode

China’s AI Chip Revolution: Cambricon Surges to $88 Billion Valuation, Leading the Charge Against US Tech Dominance

In a seismic shift within the global artificial intelligence landscape, Cambricon Technologies has vaulted to the top of China’s AI ecosystem, securing its position as the nation’s most valuable AI company with a staggering valuation of 630 billion yuan ($88 billion). This remarkable ascent, revealed in the Hurun Research Institute’s 2025 China Top 50 Artificial Intelligence Enterprises list, represents a 165% surge from just one year ago—a clear signal that investors are betting big on China’s ability to cultivate homegrown AI hardware innovation.

The ranking, which evaluates companies based on their core focus in AI computing power or algorithms, arrives at a pivotal moment. As Washington tightens its grip on semiconductor exports through increasingly restrictive measures, Chinese tech firms are accelerating efforts to build a self-reliant AI infrastructure. Cambricon’s meteoric rise embodies this national push toward technological sovereignty.

Cambricon’s journey from a promising AI chip startup to China’s AI crown jewel has been nothing short of extraordinary. Founded in 2016, the company has positioned itself at the heart of China’s ambition to reduce dependence on foreign semiconductor technology. Its chips power everything from cloud servers to edge devices, and its latest valuation reflects not just financial performance but strategic importance in an era of great power competition.

Trailing Cambricon but still commanding impressive valuations are two other Chinese AI hardware pioneers. Moore Threads, which has earned the distinction of being China’s first domestically listed GPU company, holds the number two spot with a valuation of 310 billion yuan ($43 billion). The company has been working to develop high-performance GPUs that can rival those from Nvidia and AMD, though it still faces significant technical hurdles in matching the raw performance of leading Western chips.

MetaX Technology occupies the third position with a valuation of 250 billion yuan ($35 billion). The company has achieved a notable milestone by becoming among the first Chinese firms to establish end-to-end domestic production capabilities for high-end GPUs. This achievement carries particular weight given the challenges involved in manufacturing cutting-edge graphics processors, which require advanced lithography and packaging technologies.

The Hurun ranking reveals a broader trend: Chinese investors and policymakers are channeling enormous resources into building a complete AI stack—from specialized AI processors to sophisticated algorithms and applications. This comprehensive approach contrasts with strategies that focus solely on software or rely heavily on imported hardware components.

What makes Cambricon’s achievement particularly noteworthy is the context of US export controls, which have progressively restricted China’s access to advanced AI chips and the equipment needed to manufacture them. These measures, implemented through entities lists, licensing requirements, and technological barriers, were designed to maintain American dominance in the AI race. Instead, they appear to have catalyzed a wave of innovation within China’s tech sector.

Industry analysts note that Cambricon’s success stems from several factors. First, the company has secured design wins with major Chinese tech giants and state-owned enterprises, embedding its chips in data centers and devices across the country. Second, it has benefited from substantial government support, both financial and policy-oriented, as Beijing prioritizes semiconductor independence. Third, the company has focused on optimizing its chip architectures specifically for AI workloads, rather than simply trying to replicate general-purpose processors.

The competitive dynamics within China’s AI chip sector remain intense. While Cambricon leads in valuation, companies like Biren Technology, Enflame, and others are developing their own AI accelerators, creating a vibrant ecosystem of innovation. This competition drives rapid technological advancement and helps prevent any single company from monopolizing the market.

Beyond the top three, the Hurun list includes numerous other Chinese AI companies that have achieved unicorn status—private companies valued at over $1 billion. These firms span various segments of the AI value chain, from computer vision and natural language processing to robotics and autonomous vehicles. Their collective success suggests that China’s AI industry has matured beyond early-stage experimentation into a robust commercial ecosystem.

The implications of this development extend far beyond China’s borders. As Chinese AI companies grow in capability and scale, they inevitably compete with established Western tech giants in global markets. This competition could reshape the AI industry’s center of gravity, particularly in regions like Southeast Asia, Africa, and Latin America, where Chinese technology often has strong appeal due to its combination of advanced features and competitive pricing.

However, challenges remain. Despite impressive progress, China’s AI chip industry still faces technological gaps in areas like extreme ultraviolet (EUV) lithography, advanced packaging, and certain materials science domains. These gaps limit the performance and efficiency of domestically produced chips compared to their Western counterparts. Additionally, the industry must prove it can sustain innovation cycles and maintain profitability as it scales.

Looking ahead, several factors will determine whether Cambricon and its peers can maintain their momentum. Continued government support will be crucial, particularly in funding research and development and protecting the domestic market from foreign competition. International partnerships, though complicated by geopolitical tensions, could accelerate technological progress. Most importantly, these companies must continue to deliver products that meet or exceed customer expectations in terms of performance, reliability, and cost-effectiveness.

The rise of Cambricon and other Chinese AI hardware companies represents more than just a business success story. It signals a fundamental shift in the global technology order, where the balance of power in critical sectors like AI is becoming more distributed. As these companies continue to innovate and expand, they will play an increasingly important role in shaping the future of artificial intelligence—not just in China, but worldwide.

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