Strictly speaking, since 2022, with the launch of ChatGPT by OpenAI, the global AI industry has been booming.
Then, in 2023 and 2024, it continued to thrive, with a true “battle of hundreds, even thousands of models” worldwide, as everyone wanted to get a piece of the AI industry.
Of course, the ones making the most money are not necessarily the AI companies themselves, but more often the companies behind the AI chips.
The first big winner is NVIDIA, because almost every AI globally relies on NVIDIA’s AI chips. In the entire AI chip market, NVIDIA alone holds over 90% of the market share.
As a result, NVIDIA’s revenue and profits have been skyrocketing, and the performance in the capital markets is even more dramatic. At one point, NVIDIA surpassed Apple and Microsoft to become the world’s most valuable company, with a market cap currently reaching $3.37 trillion.
In just 2024 alone, NVIDIA’s stock rose by 180%, making it a true big winner.
The second big winner is TSMC. TSMC is NVIDIA’s foundry partner, as NVIDIA’s AI chips all use TSMC’s CoWos packaging technology, which is currently only available at TSMC.
Thus, TSMC has also made a fortune from AI chips, and in the capital markets, TSMC’s market value has surpassed $1 trillion, making it the first Asian chip company to achieve a market cap over $1 trillion. In 2024, TSMC’s stock rose by around 80%.
However, compared to Chinese AI chip companies, both NVIDIA and TSMC must bow down, because the market value of Chinese AI chip companies has increased by nearly 400% within a year.
This company is Cambricon, known as China’s leading AI chip stock.
At the beginning of the year, Cambricon’s market value was around 56 billion yuan, but now it has soared to 277 billion yuan, a 395% increase—far outperforming NVIDIA and TSMC.
If we extend the timeframe a bit, from a market value of 22 billion yuan at the start of last year to 277 billion yuan today, the increase is nearly 1200%, a truly impressive growth rate, leaving NVIDIA and TSMC far behind.
However, while Cambricon’s market value performance can be called a miracle, its actual performance still requires effort.
Data shows that Cambricon’s revenue for the first three quarters of 2024 was 185 million yuan, but the net profit attributable to the parent company was a loss of 724 million yuan, and for many years, Cambricon has been in the red.
So, while Cambricon’s capital market performance is outstanding, far outpacing NVIDIA and TSMC, its actual business performance is still lagging behind and needs significant improvement; otherwise, it won’t be able to support its market value.
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