MetaX Soars 700% in Shanghai Debut Amid China AI Chip Boom
MetaX Integrated Circuits' shares surged 700% in their debut on the Shanghai stock exchange, driven by China's push to develop domestic AI chip technology and reduce reliance on U.S. firms like Nvidia and AMD. The IPO raised approximately $600 million amid high investor interest, reflecting China's strategic focus on self-sufficiency in AI and semiconductor industries. The surge highlights the growing competition in the global AI chip market and China's ambitions to become a major player.