Chinese semiconductor firm Cambricon Technologies, seen as a potential future challenger to Nvidia, plans to raise nearly 4 billion yuan (US$560 million) for AI chip development, boosting its standing in the country’s tech self-sufficiency drive. In a statement on the weekend, Cambricon said the Shanghai Stock Exchange had given the go-ahead for its 3.98 billion yuan fundraising plan, which is pending approval from the China Securities Regulatory Commission. The move comes after its stock price...