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Shares of Chinese memory chipmaker CXMT have soared as the company began trading in Shanghai in mainland China鈥檚 biggest IPO in recent years. CXMT raised at least $8.6 billion with the IPO. Founded in 2016, the company is China鈥檚 leading memory chip manufacturer, making chips that are used in areas including AI servers to consumer electronics like smartphones. This comes as China is increasingly pushing for self-sufficiency in its tech race with the U.S., despite American-led export controls having blocked the country from accessing the world's most cutting-edge chipmaking machineries. Though the company still trails behind giants like SK Hynix and Micron, it is now playing a critical role in China鈥檚 artificial intelligence push.
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Visitors at the booth for Chinese AI Startup Moonshot's Kimi K3 during the World AI Conference in Shanghai, China on July 17, 2026. (AP Photo/Ng Han Guan)
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A worker stands at the booth for Chinese AI Startup Moonshot's Kimi K3 during the World AI Conference in Shanghai, China on July 17, 2026. (AP Photo/Ng Han Guan)
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Chiense President Xi Jinping speaks during a meeting on global AI governance held on the sidelines of the World AI Conference in Shanghai, China on July 17, 2026. (AP Photo/Ng Han Guan)
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A visitor stands near a poster for the World AI Conference in Shanghai, China on July 17, 2026. (AP Photo/Ng Han Guan)
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Chinese AI models are gaining popularity in the U.S. for their affordability and efficiency. More American executives and companies are switching to Chinese models by startups such as DeepSeek, Moonshot AI and Z.ai for daily tasks. These models are way cheaper and nearly as advanced as those of their U.S. rivals, technology analysts say. The rapid rise of Chinese AI this year, with stronger players beyond last year's DeepSeek moment, highlights the increasingly competitive AI race between the U.S. and China. Despite blocks on their access to some advanced technologies, Chinese models have become serious global competitors to their U.S. counterparts. Analysts say U.S. models are still superior overall, but Chinese open-source models are closing the gap.
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FILE - Sam Altman, center, and OpenAI President Greg Brockman, right, arrive at the U.S. District Court in Oakland, Calif., April 30, 2026. (AP Photo/Godofredo A. V谩squez, File)
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FILE - Cars drive past data centers on July 16, 2023, in Ashburn, Va. (AP Photo/Ted Shaffrey, File)
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President Donald Trump is having governors and electricity companies join a pledge aimed at shielding U.S. consumers from higher utility bills because data centers. This move highlights the controversy surrounding AI development before the November midterm elections. Trump initially announced the pledge with tech companies in March, but voters remain concerned about affordability and competition for resources. A recent analysis shows increased electricity demand could raise utility bills by 15% to 40% by 2030. Opposition to data centers has become bipartisan. Some governors have taken steps to address these concerns.
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It is the kind of development once seen only in science fiction: An artificial intelligence system, trained to probe for digital vulnerabilities, breaks free of human control and acts on its own to hack another company. The attack announced this week by OpenAI, which blamed rogue AI models, underscored the blistering growth in the technology鈥檚 capabilities. For many, it also added urgency to questions about whether and how it can be prevented from causing mayhem on a bigger scale, with more serious consequences.