China’s chip champions channelled a larger proportion of revenue into research and development (R&D) than their US peers, first-quarter earnings show, as Beijing presses ahead with its tech self-reliance drive amid an artificial intelligence boom.
Beijing-based Moore Threads spent half of its revenue on R&D in the quarter ended March 2026, while Shanghai-based MetaX spent 45 per cent over the same period, according to exchange filings.
By contrast, US chipmakers such as AMD and Intel have typically spent between 20 and 30 per cent of their revenue on R&D in recent years.
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Nvidia’s R&D ratio fell sharply to 8.6 per cent in 2025 from 27.2 per cent in 2022, according to exchange filings, as revenue surged to US$215.9 billion for the year ended January 25, 2026, fuelled by surging demand for advanced AI chips.
Despite higher ratios, Chinese chip designers continue to lag behind US giants on absolute R&D spending.
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Nvidia spent US$18.5 billion for the year ended January 25, 2026, according to exchange filings, while AMD spent US$8 billion and Intel spent US$13.8 billion for the year ended December 27, 2025.