China chip startups race to replace Nvidia amid U.S. export bans

DeepSeek said last month that its latest artificial intelligence model is compatible with domestic AI chips that would be released soon, unleashing a surge of interest in a handful of Chinese chipmakers.

Startup chip designer Cambricon became China’s most expensive stock by price-earnings ratio as investors bet that U.S. export controls would force China to fast-track development of its own chip ecosystem to reduce dependence on Nvidia. A group of Chinese chip and AI model companies…