China’s artificial intelligence (AI) industry is rapidly developing, with the Chinese government actively promoting increased procurement of domestically produced AI chips by local data centers. However, there is currently no solution that can fully replace Nvidia. Cambricon Technologies, a potential challenger to Nvidia in China, plans to raise nearly CNY3.98 billion (US$553.9 million) for AI chip development to strengthen its market position amid China’s push for AI chip self-sufficiency.