China’s Biren seeks US$900m to fund GPU push and challenge Nvidia amid AI boom

AI Summary

Shanghai Biren Technology, a Chinese artificial intelligence chipmaker, is raising approximately US$893 million to expand production of its GPUs amid a global AI boom. The company, which recently went public in Hong Kong, aims to challenge Nvidia's market dominance domestically.

Chinese artificial intelligence chipmaking champion Shanghai Biren Technology is raising HK$7 billion (US$892.5 million) to boost production of its graphics processing units (GPUs), joining a fierce domestic battle to capture Nvidia’s market share in the country amid a global AI boom. The company, which went public in Hong Kong in January, announced that it would issue 153 million new shares at HK$46.2 each, representing a 9.9 per cent discount to the stock’s closing price of HK$51.3 last...