Cambrian AI chip financing approved

Cambricon, a leading AI chip company, announced that it has received approval from the Shanghai Stock Exchange to issue shares to specific investors and will submit registration documents to the China Securities Regulatory Commission. The company plans to raise up to 4.98 billion yuan to fund the development of large-scale chip and software platforms, as well as to supplement working capital. This move aims to capitalize on the growth opportunities of large-scale AI models.