Скачать или смотреть The Dark Horse of China’s AI Silicon: Cambricon After the Nvidia Ban

NVIDIA dominates the global AI chip market. Meanwhile, China is building a parallel chip ecosystem, one largely forged by geopolitics. Since early last year, NVIDIA shares have risen about 270%, while Cambricon has jumped roughly tenfold. In 1H 2025, Cambricon said revenue was up 44 times.
Cambricon’s share price performance caused a brief flurry of attention on Wall Street. Many investors realized for the first time that there was a Chinese AI chip company worth several hundred billion RMB, and they knew little about it.
In the latest episode of the VOC podcast, our two hosts, Diane and Aaron, who track U.S. and China tech closely, highlight a turning point most people missed. It was not the stock surge of 2025. It was the U.S. sanctions in 2022.