China’s AI Chip Leader Cambricon Jumps 20% on Self-Reliance Bets

Cambricon Technologies Corp., China’s best-performing stock in 2024, has more than doubled from a July low as momentum builds around the country’s push for semiconductor self-sufficiency.

Shares of the AI chip maker soared as much as 20% on Friday, fueled by a report that Nvidia Corp. had asked suppliers to halt production related to its H20 chips. That intensified investor bets on Chinese AI chipmakers that would be expected to serve as alternative suppliers. The Shanghai-listed stock has gained about 125% since the July 10 low, making it the top performer on the benchmark CSI 300 index in the period.