UPDATE: China’s economic challenges are being overshadowed by an explosive surge in AI chip wealth, with new billionaires emerging at an unprecedented rate. Just this week, the shares of MetaX Integrated Circuits Shanghai soared by an astonishing 755% on their debut, propelling its cofounders into the billionaire ranks overnight.
On Wednesday, MetaX, a startup founded by former AMD executives, closed trading up about 700%, catapulting chairman Chen Weiliang’s net worth to approximately $6.5 billion, marking him as one of China’s fastest-rising tech moguls. His co-founders, Peng Li and Yang Jian, also enjoyed significant wealth gains, with stakes worth millions following this blockbuster IPO.
Despite a deepening property crisis that has decimated household wealth across the nation, the AI chip sector is witnessing a meteoric rise. Notably, Chen Tianshi, cofounder and CEO of Cambricon Technologies, now stands as the richest figure in this burgeoning field with a fortune of $22.5 billion. This surge has positioned him as China’s 16th-richest individual, and 115th globally, according to the Bloomberg Billionaires Index.
The AI chip boom is being fueled by a wave of investor enthusiasm for domestic semiconductor stocks. Following the release of the China-made DeepSeek-R1 AI model in January, the Hang Seng Tech Index has risen by more than 20% this year. Moreover, stringent U.S. export controls on advanced Nvidia chips have further pushed Beijing to support its homegrown tech champions.
Zhang Jianzhong, founder and CEO of Moore Threads Technology, also reaped significant rewards this month. His net worth soared to $4.3 billion after a successful IPO, reflecting a broader trend of rising fortunes within China’s semiconductor landscape.
These developments underscore a significant shift in investor sentiment, as local AI and semiconductor companies attract increasing attention, despite ongoing financial difficulties for many established tycoons. Currently, the wealth rankings in China are still dominated by long-standing figures, with Zhong Shanshan, the bottled-water magnate, leading with a fortune of $68.1 billion. Tencent’s Pony Ma follows closely with $66.5 billion, while ByteDance cofounder Zhang Yiming rounds out the top three with $65.2 billion.
As the AI chip market continues to draw both domestic and international investment, the emergence of these new billionaires signals a profound transformation in China’s economic landscape. Investors and tech enthusiasts alike will be watching closely as this trend unfolds, marking a pivotal moment in the country’s technological ascent.
Stay tuned for more updates on this developing story as the AI chip sector reshapes the economic landscape and creates new opportunities amid challenges.