MetaX, Iluvatar post gains as Biren trims losses

By the Editorial Team · Tuesday, September 1, 2026

China’s AI chipmakers showed mixed financial results in the first half of 2024, with MetaX and Iluvatar Corex turning profitable while Biren Technology narrowed its losses amid soaring revenues. This divergence highlights the intensifying competition in China’s GPU market as the country pushes for tech self-reliance and prepares for more public listings in the sector.

China’s domestic artificial intelligence chipmakers are showing increasing financial divergence amid Beijing’s ongoing push for technology self-sufficiency, as first-half earnings reports highlight a split between profitable companies and those still navigating losses.

On Monday, shares of several AI chip firms exhibited varied performances as investors assessed their recent results. MetaX Integrated Circuits, listed on Shanghai’s Star Market, rose 2.4 percent to 691.20 yuan following its announcement of a turnaround to profit. In Hong Kong, Biren Technology’s shares surged 18.8 percent to HK$46.62, while Iluvatar Corex fell 2.2 percent to HK$388.20.

MetaX, which debuted publicly in December, reported a net profit of 612 million yuan (approximately HK$713.7 million) for the first half of 2024, reversing a 186 million yuan loss from the same period last year. The company’s revenue climbed 44.7 percent to 1.32 billion yuan, supported by growing customer adoption and a significant rise in GPU shipments, according to its stock exchange filing. Founded in 2020 by former executives of Advanced Micro Devices, MetaX has become a prominent player in China’s GPU development sector as domestic firms attempt to create alternatives to Nvidia’s AI chips. The company is also preparing for a potential Hong Kong listing later this year.

Similarly, Iluvatar Corex reported a net profit of 106 million yuan for the January to June period, reversing a substantial loss of 609 million yuan a year earlier. Its revenue surged over 191 percent to 945.7 million yuan, with general-purpose GPU products accounting for 916.1 million yuan of total sales.

In contrast, Biren Technology remains unprofitable despite narrowing its net loss to 377 million yuan from 1.6 billion yuan the previous year. The company’s revenue, however, soared nearly 2,000 percent to 1.24 billion yuan, exceeding total revenue for all of 2023. Biren attributed this sharp growth to an exponential increase in AI token consumption that has intensified system-level competition within the industry. Biren’s filing noted continued strong demand for general-purpose GPU computing solutions amid this dynamic market environment.

The divergence among these firms reflects the evolving landscape for general-purpose GPUs—an architecture popularized by Nvidia—which continues to expand its market share despite increasing competition from application-specific integrated circuits developed by domestic rivals such as Cambricon Technologies and Huawei’s Ascend division.

Both Biren and Iluvatar went public on the Hong Kong Stock Exchange earlier this year, joining a wave of mainland AI chip companies raising capital as China accelerates efforts to reduce dependence on foreign technology and build a comprehensive national AI infrastructure.

This article was reported by synthesizing coverage from multiple independent news outlets to present a balanced, unbiased account. Read about our editorial standards. Spotted an error? Let us know.