UPDATE: In a surprising twist amid China’s economic downturn, the country’s AI chip sector is creating billionaires at an unprecedented rate. Chen Tianshi, cofounder of Cambricon Technologies, has surged to the top, now valued at a staggering $22.5 billion and ranking as China’s 16th richest individual.
Recent trading activity highlights this explosive growth. On Wednesday, shares of MetaX Integrated Circuits Shanghai skyrocketed, surging as much as 755% on their debut on the Shanghai Stock Exchange’s tech-focused STAR Market, before closing up approximately 700%. This meteoric rise has positioned Chen Weiliang, MetaX’s chairman, among China’s most rapidly ascending tech moguls, with his stake now worth around $6.5 billion.
This wealth surge comes as China’s property crisis continues to erode household wealth, impacting many of the country’s established tycoons. Yet, a new class of AI billionaires is emerging, defying the broader economic challenges. Zhang Jianzhong, CEO of Moore Threads Technology, recently saw his net worth jump to $4.3 billion following a successful IPO, highlighting the robust investor enthusiasm for domestic semiconductor firms.
The AI boom is driven by a significant shift in investor sentiment, catalyzed by the release of the China-made DeepSeek-R1 AI model in January 2023. This innovation has fueled a rally in local tech stocks, pushing the Hang Seng Tech Index up more than 20% this year.
Washington’s tightening export controls on advanced chips, particularly from Nvidia, have further fueled this domestic surge. Such restrictions have limited China’s access to cutting-edge hardware, prompting Beijing to bolster support for homegrown suppliers, effectively supercharging the rise of local AI champions.
Despite these rapid gains, the new AI billionaires still trail behind the established elite in China’s wealth rankings. The richest individual remains Zhong Shanshan, the bottled-water mogul, with a fortune of $68.1 billion. Following closely is Pony Ma, cofounder of Tencent, at $66.5 billion, and Zhang Yiming, cofounder of ByteDance, at $65.2 billion.
As the AI chip boom continues, all eyes will remain on the evolving landscape of China’s tech industry. Investors and observers should watch for further developments as the sector matures and adapts to both domestic and international pressures. This burgeoning billion-dollar industry is not only reshaping individual fortunes but also the future of China’s technological independence.
