Stock Track | SMIC Soars 5.07% as China Pushes to Triple AI Chip Output

Stock Track

Aug 28

Shares of Semiconductor Manufacturing International Corporation (SMIC) surged 5.07% in Thursday's trading session, outpacing the broader market and its semiconductor peers. The stock's robust performance comes amid reports of China's ambitious plans to significantly boost its artificial intelligence (AI) chip production.

According to recent news, Chinese chipmakers are aiming to triple the country's output of AI chips by 2026, in a concerted effort to reduce dependence on U.S. tech giant Nvidia. SMIC, as China's top chipmaker, is poised to play a crucial role in this initiative. The company reportedly plans to double its manufacturing capacity for 7-nanometer chips next year, with Huawei expected to be its largest customer for these advanced chips.

The surge in SMIC's stock price reflects growing investor confidence in the company's growth prospects, as China accelerates its push for technological self-reliance. This move aligns with the broader trend observed in Hong Kong's semiconductor sector, where stocks have been defying overall market trends. As China continues to invest heavily in its domestic chip industry, SMIC's strategic position in the market could potentially lead to sustained growth and increased market share in the coming years.

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