Cambricon Technologies, a leading developer of AI processors from China, achieved its first-ever quarterly profit in late 2024. This financial upturn occurred after years of being in the red, reports the South China Morning Post. The company's products have become significantly more popular in China in recent quarters after the U.S. government banned sales of Nvidia's advanced AI GPUs to the People's Republic.
Cambricon's revenue surged nearly 70% in 2024, reaching approximately ¥1.2 billion ($163.7 million), which is a fraction of the $90 billion earned by Nvidia globally, but represents significant growth. Cambricon's quarterly profit for Q4 2024 ranged between ¥240 million and ¥328 million ($32.74 million to $44.74 million), marking a turnaround after losing ¥724 million ($98.76 million) in the first three quarters. This brought its full-year loss for 2024 down to ¥396 - ¥484 million ($54 million - $66 million), a substantial improvement compared to previous years.
