Enflame surges 206% in Shanghai debut

Tencent-backed AI-chipmaker Enflame surged 206% in its Shanghai debut as investors bet on domestic alternatives to Nvidia, CNBC reports. Enflame reported 990M yuan in 2025 revenue but remained unprofitable, so the first-day price is a financing signal rather than evidence of shipped software or throughput parity. Arm’s custom-silicon analysis distinguishes a design kit from a server you can buy; teams sourcing China-local AI capacity should wait for independent performance, software, and supply evidence.