Chinese artificial intelligence chipmakers Cambricon Technologies and Moore Threads topped the latest Hurun China AI 50 ranking, underscoring the growing dominance of hardware firms as Beijing pushes to strengthen domestic computing capabilities.
The Hurun Research Institute released its 2025 Hurun China Artificial Intelligence Enterprises Top 50 list on Tuesday in Beijing’s Yizhuang district, ranking companies by valuation.
Cambricon, a leading AI chip designer, ranked first with a valuation of 630 billion yuan ($88 billion), up 165% from a year earlier. Domestic GPU developer Moore Threads placed second at 310 billion yuan, followed by high-end GPU maker MetaX in third with a valuation of 250 billion yuan. MetaX is among the first Chinese companies to achieve full domestic production across the GPU development chain.
Overall, computing hardware companies accounted for 14 of the 50 firms on the list, up from five last year. Data analytics and decision-making companies made up 11 spots, an increase of four from 2024, while content generation, computer vision and autonomous driving firms each accounted for eight entries.
The results highlight the accelerating shift of China’s AI industry toward foundational technologies such as chips and computing infrastructure, as companies race to build alternatives to foreign suppliers amid export controls.
More than 60% of the companies on the list are headquartered in Beijing and Shanghai, with over 80% based in China’s first-tier cities. Beijing led with 19 companies, including Cambricon, Moonshot AI and Yunzhisheng, while Shanghai followed with 14 firms, led by MetaX and SenseTime.
The youngest companies on the list were Moonshot AI, Baichuan Intelligence and StepFun, all founded in 2023. All three focus on large-scale generative AI models, reflecting the rapid rise of China’s AIGC sector.
Hurun said the expansion of hardware-focused firms and the emergence of new large-model startups illustrate how China’s AI landscape is evolving from application-driven growth toward competition at the core technology level.
