SHANGHAI, Dec 17 (Reuters) – Shares of MetaX Integrated Circuits rose nearly 600% in their Shanghai debut on Wednesday as China speeds up the pace of listing local AI chipmakers to reduce reliance on U.S. giants Nvidia and Advanced Micro Devices.
MetaX, founded by former AMD executive Weiliang Chen, raised about $600 million in an IPO last week. Its launch follows the debut of larger rival Moore Threads earlier this month.
MetaX shares opened at $700 per share, compared to the IPO price of $104.66, and hovered around that level in early trading.
China’s artificial intelligence chipmakers are rushing to sell shares publicly, taking advantage of government efforts to boost local chip production in competition with the United States, even as some investors express concerns about lofty valuations.
“Artificial intelligence and semiconductors are key areas of technological competition between China and the United States,” Cathay Haitong Securities said in a report.
“Against a backdrop of geopolitical tensions, AI chip manufacturing has huge growth potential as China seeks to achieve self-sufficiency.”
Research firm Frost & Sullivan predicts that China’s AI chip sales will reach $189 billion by 2029, compared with $54 billion in 2026.
(Reporting by Shanghai Newsroom; Editing by Jacqueline Wong, Christopher Cushing)
