Chinese AI chip manufacturers now occupy the majority of the Hurun Top 50 AI enterprise list, with seven of the ten highest‑valued spots held by domestic chip firms. This surge signals that hardware has become the primary value driver in China’s AI market, reshaping investment focus and strengthening supply‑chain resilience. Analysts expect the trend to accelerate as policy support intensifies.
Key Findings from the 2025 Hurun AI Rankings
Valuation Thresholds Rise Sharply
The entry threshold climbed to 9.5 billion yuan, up 3.5 billion yuan from the previous year. The average company value reached 54 billion yuan, more than double the 2024 average, while the top‑10 threshold tripled to 73 billion yuan.
Top Chip Companies by Market Value
Leading the list, Cambricon is valued at 630 billion yuan, a 165 % increase year‑over‑year. Close behind, Moore Threads stands at 310 billion yuan. MetaX and Enflame Technology each hold valuations around 250 billion yuan, underscoring the dominance of domestic GPU and AI‑accelerator producers.
Strategic Drivers Behind Chip Growth
Self‑Reliance Policy Push
China’s strategic emphasis on technological independence has directed substantial public and private capital toward AI silicon. Incentives such as tax breaks for R&D and subsidies for fab capacity have created a fertile environment for chip innovators.
Export Controls Accelerate Domestic Development
U.S. export restrictions on advanced semiconductors have spurred Chinese firms to fast‑track indigenous design and manufacturing, narrowing the performance gap for many AI workloads that do not require the most advanced process nodes.
Market Implications
- Supply‑Chain Resilience: Greater reliance on domestically produced chips reduces exposure to external disruptions, stabilizing AI services across cloud, autonomous vehicles, and industrial automation.
- Capital Allocation: Investors are channeling funds toward end‑to‑end AI hardware solutions, increasing venture and state‑backed financing for chip design and fabrication.
- Competitive Landscape: The surge of Chinese chipmakers reshapes the global AI hierarchy, offering competitive alternatives in application domains where ultra‑advanced nodes are not essential.
- Policy Reinforcement: Demonstrated market success reinforces Beijing’s push for core‑technology self‑sufficiency, likely prompting further regulatory incentives.
Future Outlook for Chinese AI Chipmakers
If current momentum continues, AI chip firms could claim an even larger share of the Top 50 in the next ranking cycle. The expanding ecosystem of startups and established players suggests sustained capital inflows, intensified competition, and a more self‑sufficient AI landscape in China.
