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0Cambricon Technologies Warns of Trading Risks After Stock Surges
Chinese artificial-intelligence chip maker Cambricon Technologies issued a warning about trading risks after a surge in its stock price over the past month.
The company's stock gains have exceeded that of most of its industry peers and major indexes, the Beijing-based company said in an exchange filing late Thursday.
There is a risk that the stock price may have deviated from current fundamentals, as its current price-to-earnings ratio is over 5000 times, far exceeding the industry level, the company said.
Cambricon's rise comes amid a broader market rally in China, with the benchmark Shanghai Composite Index gaining over 6% over the past month and notching a 10-year high earlier this month.
Chinese demand for AI inferencing has been rising after the launch of local foundation models such as DeepSeek, while domestic clients are diversifying their channels for obtaining chips amid tariff uncertainty and data-security concerns.
DeepSeek said last week that its new model uses a new format designed for next-generation homegrown chips, indicating a potential breakthrough in Chinese AI hardware. Markets have speculated that the latest AI chip could come from Cambricon.
Some analysts are cautious about the frenzy over Cambricon and China's ambition to produce AI chips at home.
Cambricon, as a fabless chip maker, can't turn into TSMC, the world's largest contract chip maker overnight, said Morningstar analyst Phelix Lee. Meanwhile, SMIC, China's largest chip maker, still has very low yields in manufacturing advanced chips, Lee added.
deviate from 偏离（多指偏离标准，计划，常规）(to move away from a standard, plan, or normal way of doing something)
The GPS warned us not to deviate from the recommended route. GPS提醒我们不要偏离推荐路线。
She never deviates from her morning routine.她从不偏离自己的晨间习惯。
fundamental 英 [ˌfʌndəˈmentl] 美 [ˌfʌndəˈmentl] n. 基本面
rally 英 [ˈræli] 美 [ˈræli] n. （资本市场的语境中）股价的上涨（A period of rising prices in the stock market.）；集合，集会
联想记忆法：很多资金在股市里集合、买入，那股市自然就上涨了。
notch 英 [nɒtʃ] 美 [nɑːtʃ] v. 在木头上刻痕标记；表示达到某一水平或纪录
The company notched another sales milestone with the new product. 公司凭借新产品再创销售里程碑。
She notched another achievement by finishing her first marathon. 她完成了人生第一个马拉松，又达成一项成就。
speculate 英 [ˈspekjuleɪt] 美 [ˈspekjuleɪt] v. 推测，猜测（to form an opinion without definite evidence）
It's always hard to speculate about the future. 推测未来总是很难的。
be cautious about something 对……持谨慎态度（强调心里有疑虑，不会盲目乐观）
Be cautious about strangers. 对陌生人要谨慎。
Smart investors are cautious about putting all money into one stock. 明智的投资者对把所有钱投入一只股票持谨慎态度。
frenzy 英 [ˈfrenzi] 美 [ˈfrenzi] n. 一阵疯狂、狂热
frenzy over something 对......的狂热
There's a frenzy over the latest iPhone model every September. 每年9月都会出现抢购最新款iPhone的热潮。
fabless 英 [ˈfæbləs] 美 [ˈfæbləs] adj. 生产外包的，无工厂的（只负责设计芯片，不参与生产）
yield 英 [jiːld] 美 [jiːld] n. （本文） 良品率（表示生产出来的合格产品占总产量的比例）
