Cambricon
Cambricon Technologies Corporation Limited, founded in 2016 by brothers Chen Tianshi and Chen Yunji, both of whom previously worked at the Chinese Academy of Sciences' Institute of Computing Technology, is a Chinese AI chip designer headquartered in Beijing.
Profile
Designs and sells AI chips and accelerator cards for cloud training, cloud inference, and edge computing.
Cambricon Technologies Corporation Limited, founded in 2016 by brothers Chen Tianshi and Chen Yunji, both of whom previously worked at the Chinese Academy of Sciences' Institute of Computing Technology, is a Chinese AI chip designer headquartered in Beijing. The company went public on Shanghai's STAR Market in July 2020 under the ticker 688256. In 2025, Cambricon reported its first full-year profit since listing, with revenue surging 453% year-on-year to RMB 6.497 billion (approximately USD 910 million) and net profit reaching RMB 2.059 billion (approximately USD 288 million), reversing a prior-year loss.
The company attributed the turnaround to sustained growth in AI computing demand and expanded deployment of its products in key industries including internet, telecom, and finance. However, quarterly performance showed moderation: Q4 2025 net profit of RMB 455 million was down 19.8% sequentially, marking the second consecutive quarter of quarter-on-quarter net profit decline. As of June 5, 2026, Cambricon's market capitalization stood at approximately RMB 816.2 billion (USD 114 billion), with a P/E ratio of 302.5.
The stock has been volatile since mid-January 2026, with market cap at one point dipping below RMB 460 billion. In early February 2026, market rumors claimed the company privately guided 2026 revenue of RMB 20 billion, well below analyst expectations of RMB 30–50 billion; Cambricon denied the claims. Competitors include Hygon Information Technology, Moore Threads, and Metax. The company's product portfolio spans cloud AI training and inference accelerators (MLU370 series) and edge AI chips (Siyuan 220), built on its proprietary MLUarch architecture and chiplet technology.
Who buys this
- Internet companies deploying AI workloads in data centers
- Telecommunications operators building AI-powered infrastructure
- Financial institutions adopting AI for risk modeling and fraud detection
- Government and state-owned enterprises pursuing domestic AI chip alternatives
Strengths and what to watch
Strengths
- First full-year profit since listing in 2025, with revenue surging 453% year-on-year to RMB 6.5 billion, demonstrating strong market demand for its AI chips.
- Proprietary instruction set architecture (MLUarch) and chiplet technology provide a differentiated technical foundation for cloud and edge AI products.
- Listed on Shanghai STAR Market with a market cap exceeding RMB 800 billion, providing access to capital for R&D and scaling production.
Watch for
- Q4 2025 net profit declined 19.8% sequentially, and the stock has fallen 13.1% year-to-date as of June 2026, suggesting potential growth moderation after a rapid surge.
- In February 2026, unconfirmed market rumors that the company privately guided 2026 revenue of RMB 20 billion (well below analyst expectations of RMB 30–50 billion) caused significant stock volatility; the company denied the claims.
- Intense competition from other domestic GPU startups (Moore Threads, Metax, Hygon) and from Alibaba's Pingtouge and Baidu's Kunlun, with Pingtouge's PPU chip shipments reportedly exceeding Cambricon's.
Recent moves
Key Information
- Industry
- AI Hardware
Frequently Asked Questions
What does Cambricon do?
Cambricon designs and sells AI chips and accelerator cards for cloud training, cloud inference, and edge computing. Founded in 2016 by brothers Chen Tianshi and Chen Yunji, the company is headquartered in Beijing and went public on Shanghai's STAR Market in July 2020.
Did Cambricon turn a profit in 2025?
Yes, Cambricon reported its first full-year profit since listing in 2025. Revenue surged 453% year-on-year to RMB 6.497 billion, and net profit reached RMB 2.059 billion, reversing a prior-year loss. The company attributed the turnaround to sustained growth in AI computing demand.
What are Cambricon's main AI chip products?
Cambricon's product portfolio includes cloud AI training and inference accelerators like the MLU370 series and edge AI chips like the Siyuan 220. These are built on the company's proprietary MLUarch instruction set architecture and chiplet technology for differentiated performance.
Who are Cambricon's main competitors?
Cambricon competes with domestic GPU startups like Hygon Information Technology, Moore Threads, and Metax. It also faces competition from Alibaba's Pingtouge and Baidu's Kunlun, with Pingtouge's PPU chip shipments reportedly exceeding Cambricon's.
Why has Cambricon's stock been volatile in 2026?
Cambricon's stock has been volatile since mid-January 2026, with market cap dipping below RMB 460 billion at one point. In February 2026, unconfirmed rumors that the company privately guided 2026 revenue of RMB 20 billion caused significant swings; Cambricon denied the claims.
Which industries use Cambricon's AI chips?
Cambricon's AI chips are deployed by internet companies for data center workloads, telecommunications operators for AI-powered infrastructure, financial institutions for risk modeling and fraud detection, and government enterprises seeking domestic AI chip alternatives.
Sources
- www.cambricon.com — Product portfolio including MLU370 cloud accelerators and Siyuan 220 edge chip
- pandaily.com — 2025 revenue of RMB 6.497 billion, net profit of RMB 2.059 billion, Q4 sequential profit decline, stock volatility, and competitor data
- www.moomoo.com — 2025 revenue guidance of RMB 60-70 billion, net profit guidance of RMB 18.5-21.5 billion, Q4 performance below analyst consensus
- www.wsj.com — Stock price of ¥1,299.20 as of June 5, 2026, P/E ratio 302.5, market cap data, and financial ratios
- simplywall.st — Market cap of CN¥816.2b, competitor list including Hygon Information Technology