A loss-making Chinese AI chipmaker listed in Shanghai on Friday.
Enflame, one of China's four main Nvidia challengers, began trading in Shanghai on Friday. It raised 6.1 billion yuan, about 860 million dollars, while still not turning a profit. The company expects its sales for the first nine months to beat last year's fourfold.
Why it mattersExport bans pushed China to build its own AI chips, and investors are funding that. A firm with no profit can still raise billions when a state wants the technology.
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