AsianFin -- Cambricon Technologies has become the most expensive stock in mainland China, surpassing liquor giant Kweichow Moutai, highlighting the growing dominance of artificial intelligence (AI) in the country’s capital markets.

Trading on the Shanghai Stock Exchange under the ticker 688256, Cambricon shares surged 11.6% on Monday to a record 1,384.93 yuan, giving the company a market capitalization of 579.38 billion yuan (US$81 billion). The stock has more than doubled in value this year and increased fivefold over the past 12 months.