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Editor | Yu Erhu

Produced by | Yu Jian Column of Chaoqi.com

On July 16, Cambrian, known as the "first AI chip stock", saw its share price rise by 20%, and its market value returned to 100 billion. However, such a valuable company has never made money, and its revenue scale is even less than 1 billion, which is far from its market value of 100 billion.

What worries investors is that Cambrian has been in a loss-making state in recent years. Moreover, before it has turned losses into profits, Cambrian has also fallen into a deadlock of declining revenue. According to Cambrian's financial report data, the company's total revenue fell by 2.7% in 2023, and in the first quarter of 2024, its total revenue fell sharply by 65.91%.

Under such a development trend, Cambrian's performance in the capital market is also full of controversy. One voice believes that Cambrian's revenue scale of less than 1 billion cannot support its market value of 100 billion, and its stock price is a bit inflated. Another voice believes that there are very few chip companies in China with certain technological strength, and Cambrian is one of the few real technology companies, and the valuation of 100 billion is just right.

It is an undeniable fact that Cambrian went public and caught up with the dividend of the era of AI big models. Public information shows that Cambrian is committed to building core processor chips in the field of artificial intelligence, which is an important domestic alternative to the explosion of the AI ​​market. However, how can a company that may be valuable in the future but is not profitable now achieve sustainable development in the future? Various signs indicate that Cambrian's future development may still face many difficulties.