Chinese artificial intelligence chip giant Cambricon Technologies reported a 147.7 per cent surge in third-quarter profit on Friday, as the country’s aggressive push to replace Nvidia chips continues to fuel high growth among local chipmakers.
The Shanghai-listed chipmaker generated 1.4 billion yuan (US$210 million) in net profit for the three months ended September 30, up from 566.6 million yuan during the same period last year.
Revenue reached 3.5 billion yuan, an increase of 104.5 per cent from a year ago, according to its stock exchange filing. That was faster than the company’s 75.8 per cent revenue increase seen in the second quarter.
Cambricon attributed the revenue surge to its continuous market expansion and efforts to “facilitate the implementation of AI applications”. This top-line increase directly drove the year-on-year surge in total profit and net profit, the company said in the filing.