Chinese semiconductor firm Cambricon has seen record profits in the first half of the year, with revenue surging over 4,000% year-on-year to 2.88 billion Chinese yuan ($402.7 million) and net profit hitting 1.04 billion yuan. This highlights China’s push to develop alternatives to Nvidia in the AI chip market. Cambricon’s success comes as Nvidia faces export controls and competition from Chinese companies. Despite challenges, Cambricon’s shares have doubled this year, adding over $40 billion to its market cap, which now stands at approximately $80 billion.

Read more at CNBC: China Nvidia rival Cambricon posts record profit, 4,000% revenue jump