Chinese AI Chipmaker MetaX Surges 700% in Shanghai Debut Amid US Tech Restrictions
Summary
Chinese AI chipmaker MetaX Integrated Circuits explodes 700% on Shanghai debut, closing at 829 yuan after raising $600 million as Beijing accelerates semiconductor independence amid escalating US tech export restrictions.
Key Points
- MetaX Integrated Circuits shares surge nearly 700% on Shanghai stock exchange debut, closing at 829 yuan after being priced at 104.66 yuan in the IPO
- The Chinese chipmaker raises nearly $600 million through its initial public offering, developing graphics processing units for artificial intelligence applications
- MetaX joins a growing cohort of local AI chip manufacturers as Beijing pushes to reduce dependence on U.S. semiconductors following Washington's export restrictions on advanced technology to China