SMIC eyes expansion amid AI boom, Zhu Rongji dies, Shein nears IPO

SMIC, China’s biggest contract chipmaker, is planning to boost capacity after beating earnings expectations amid the artificial intelligence (AI) boom. Demand is “far exceeding our previous expectations”, so the company is adjusting expansion plans and may add more equipment at existing sites, chief executive officer Zhao Haijun said on an earnings call on Friday. He didn’t provide details. The chipmaker’s shares gained 4.8 per cent in Hong Kong trading after it more than tripled second-quarter.