SMIC Surges on AI Chip Demand | Business and Finance News

SMIC just shattered records with $3 billion in Q2 revenue — up 20% quarter-over-quarter and 36% year-over-year — as AI demand surges, especially from Chinese customers. Profits nearly tripled year-over-year, driven by higher wafer prices and increased shipments, with a one-time boost from a subsidiary adding to the gains. Over 90% of revenue still comes from China, with a small U.S. slice. The company expects continued growth in Q3, fueled by strong AI orders through 2026, and is speeding up production to meet demand. SMIC’s stock jumped 5% after earnings — the chip race is heating up, and SMIC is leading the charge. Listen in comfort:Get a discount on a Soli Pillow: http://solipillow.com/discount/dnn. Advertise on DNN:[email protected] This is an automated, high-level news summary based on public reporting.Report issues to [email protected]. View sources & latest updates:https://sources.thednn.ai/688b90159a284239