BEIJING – China’s top-performing stock of 2024 is expected to see additional tailwinds into 2025 from the nation’s drive for greater self-sufficiency in artificial intelligence (AI).
Shares of AI chip designer Cambricon Technologies have climbed 383 per cent in 2024, topping the benchmark CSI 300 Index and driving its market value to US$37 billion (S$50 billion). The Shanghai-listed stock has even outpaced global AI chip leaders Nvidia and Taiwan Semiconductor Manufacturing Company (TSMC).
Cambricon has climbed on investor enthusiasm over China’s stepped up support for the local tech industry in the face of US trade restrictions. The stock may also benefit from its addition in December to the Shanghai Stock Exchange 50 Index, as funds tracking the large-cap gauge add shares.
“The localisation of AI chips has become a big trend,” according to Minsheng Securities. Top domestic manufacturers like Huawei Technologies and…
