Chinese AI chipmaker MetaX shares jump nearly 600% in market debut
SHANGHAI, Dec 17 (Reuters) – Shares in MetaX Integrated Circuits soared nearly 600% at its debut in Shanghai on Wednesday as China accelerates initial public offerings of homegrown AI chip makers to reduce reliance on leading U.S. companies. Nvidia and Advanced Micro Devices.
MetaX, founded by former AMD executive Chen Weiliang, raised nearly $600 million in an IPO last week. The listing comes on the heels of larger rival Moore Threads’ spectacular debut earlier this month.
MetaX shares opened at 700 yuan against the IPO price of 104.66 yuan and were hovering around that level in early trading.
Chinese producers artificial intelligence Although some investors have expressed concern about the stretched valuation, chipmakers are rushing to sell their shares publicly, taking advantage of the government’s initiative to boost domestic chip production amid competition with the United States.
“Artificial intelligence and semiconductors are key competitive areas in the Sino-US technology rivalry,” Guotai Haitong Securities said in a report.
“Against the backdrop of geopolitical tension, AI chipmaking has huge growth potential as China strives to achieve self-sufficiency.”
Research firm Frost & Sullivan predicts that artificial intelligence chip sales in China will reach $189 billion in 2029, from $54 billion in 2026.
(Reporting by Shanghai Newsroom; Editing by Jacqueline Wong and Christopher Cushing)
