Asia stocks rise: Japan surges on Takaichi bets, China buoyed by positive GDP
Investing.com-- Shares of Chinese chip designer Cambricon Technologies Corp Ltd (SS:688256) and artificial intelligence firm SenseTime Group (HK:0020) rose on Thursday after the two announced a partnership aimed at furthering the country’s efforts for self reliance in AI infrastructure.
Cambricon rose 4.6% in Shanghai trade, while Sensetime advanced 1.2%. Both stocks had risen sharply in late trade on Wednesday.
Cambricon and Sensetime on Wednesday announced a partnership aimed at developing a “new indigenous AI development paradigm,” in line with Beijing’s “AI plus” strategy unveiled in August.
The two will leverage their respective hardware and software technologies to further China’s domestic AI efforts. This comes as Beijing made self-reliance in AI– ranging from locally made processors to local data center buildouts– a national priority, as it sought to wean local companies off reliance on U.S. technology.
Cambricon is viewed as one of the leaders in developing Chinese AI processors, which it will likely deploy towards running Sense Time’s many AI models, under their agreement.
The company is one of China’s hottest stocks this year, having doubled in value amid growing optimism over more homegrown AI efforts in China.