Nvidia’s China-based rival posts 4,300% revenue jump as chipmakers’ earnings reported no H20 chip sales to the country

Cambricon, a China-based semiconductor firm, just posted their greatest profit to date and a roughly 44-fold revenue surge. The company’s rapid growth comes as Nvidia recorded no chip sales to China during its second quarter and signals a push by local players to innovate in the tech giant’s absence, experts tell Fortune .

Cambricon, a China-based semiconductor firm, posted record profit in the first half of the year, along with revenue that surged roughly 4,300%.

The earnings, released late Tuesday, serve as an example of Nvidia’s growing local competition in China, as the government and market seek alternative chipmakers to gain traction in the region. Nvidia’s business in China has been tied up in U.S. export restrictions and geopolitical tensions, and the tech behemoth recorde