China‘s “Little Nvidia” Cambricon Warns of Risks Amid 521% Stock Surge
中国 “小英伟达” 寒武纪股价一年涨 521%，却向投资者提示风险
Beijing-based AI chipmaker Cambricon, viewed as a potential Nvidia alternative in China, warned investors of supply chain risks and over-speculation. Its Shanghai-listed stock soared 521% in a year (nearly doubling last month) due to China’s AI chip policy support and DeepSeek’s new AI model. It noted stock prices may deviate from fundamentals, and highlighted US export restrictions—being on the US Entity List threatens supply chain stability and operating performance. Its shares recently surpassed Kweichow Maotai as China’s priciest stock.
总部位于北京的人工智能芯片制造商寒武纪，被视为中国市场上潜在的英伟达替代企业，该公司向投资者提示了供应链风险及过度投机问题。受中国对本土人工智能芯片的政策支持，以及深度求索（DeepSeek）针对国产芯片推出新人工智能模型的推动，寒武纪在上海上市的股票一年内飙升 521%（上月近乎翻倍）。寒武纪表示，公司股价可能偏离当前基本面，并强调其受美国出口限制影响 —— 被列入美国实体清单会威胁供应链稳定性，或对经营业绩产生不利影响。此前，该公司股价已超越贵州茅台，成为中国股价最高的股票。
