Cambricon Posts 2.89B Yuan Q1 Revenue, Up 160% YoY, Plans 500K Accelerator Shipments in 2026寒武纪Q1营收28.9亿元、同比增长约160%，2026年加速器出货目标50万片

Cambricon Technologies (688256.SH) reported Q1 2026 revenue of 2.89 billion yuan, up approximately 160 percent year on year, with the company targeting 500,000 accelerator unit shipments across full-year 2026 — more than four times the 116,000 units shipped in all of 2025. The Beijing-based chipmaker is China's leading domestic AI accelerator designer and has seen its government procurement share expand as regulators certified nine domestic AI chips for the official 'secure and reliable' procurement list, excluding Nvidia.

The revenue jump is structural as well as cyclical. SMIC is running above 93 percent fab utilization and spending $8.1 billion in capex, with three new fabrication plants aligned with AI chip production coming online in 2025–2026. Chinese chip vendors including Huawei, Cambricon, Hygon, and Moore Threads all completed Day-0 adaptation of DeepSeek V4 on launch day — a milestone previously associated only with Nvidia.

The binding constraint remains HBM supply: Chinese vendors currently depend on SK Hynix, Samsung, and Micron for high-bandwidth memory, with CXMT's domestic HBM ramp still ahead. TrendForce projects China's high-end AI chip market to grow over 60 percent in 2026, with domestic chips potentially reaching 50 percent market share in that segment by year end.