Chen Tianshi, co-founder of Cambricon Technologies, was nowhere near being among the wealthiest people on Earth in 2019. His AI chip manufacturing company’s largest customer, Huawei Technologies Co., had suddenly stopped nearly all business to build its own semiconductors. Till then, Huawei had accounted for over 95% of the company\u2019s revenue.<\/p>\n
Following a sudden decline in a major source of revenue, Tianshi found a way to boost business due to the US decision to cut off China\u2019s <\/a>access to cutting-edge chips and Beijing\u2019s aim to boost domestic technology, according to a report by Bloomberg News.<\/p>\n This eventually provided government backing and a protected market for the AI chip manufacturer, which enabled him to become one of the world\u2019s wealthiest self-made billionaires.<\/p>\n Cambricon Technologies share price<\/p>\n Over the past 24 months, shares of Cambricon Technologies have surged by more than 765%. His wealth, mainly coming from his 28% stake in the Beijing-based AI accelerator manufacturer, has more than doubled to $22.5 billion since the beginning of this year, according to the Bloomberg Billionaires Index.<\/p>\n Chen’s growth highlights China’s support for its domestic AI industry, creating a new set of state-aligned tech elites shortly after it clamped down on its private-sector giants<\/p>\n As Washington\u2019s <\/a>export restrictions limit China\u2019s access to advanced chips, companies like Chen\u2019s Cambricon have become national leaders, supported by government policies and investor enthusiasm. They represent a new industrial landscape where political backing, rather than market competition, determines success.<\/p>\n Also Read<\/strong> | New nuclear arms race pits US against both Russia and China<\/a>Concerns over Cambricon’s growth<\/p>\n However, questions arose on whether Cambricon\u2019s <\/a>surge is due to government protectionism or the competitiveness of its chips, leading to uncertainty about how long this growth will continue.<\/p>\n \u201cCambricon\u2019s explosive revenue growth is mainly due to a low starting point, and its current valuation may be inflated without sustained policy support,\u201d Shen Meng, director at Beijing-based investment bank Chanson & Co, told Bloomberg News.<\/p>\n Even though Chen has not yet reached Nvidia founder Jensen Huang\u2019s net worth, he is already the third richest person under 40 worldwide, following Lukas Walton and Mark Mateschitz, heirs to Walmart and Red Bull, respectively, according to the index.<\/p>\n