A Chinese flag is displayed next to a “Made in China” sign seen on a printed circuit board with semiconductor chips, in this illustration picture taken February 17, 2023.
Florence Lo | Reuters
Revenue from China’s top chip equipment makers surged in the first half of the year, research released Thursday showed, as Beijing continues to aim for self-reliance for its semiconductor industry.
The top 10 domestic equipment manufacturers logged revenue of around 16.2 billion Chinese yuan ($2.2 billion) in the first half of the year, up 39% year-on-year, according to Shanghai-based CINNO Research.
Semiconductors — critical components that go into everything from smartphones to satellites — have been caught up in the broader technology battle between the U.S. and China.
Washington has sought to use export restrictions to cut off Beijing from key semiconductor equipment and technologies.
The chip supply chain is incredibly complex and made up of numerous companies, ranging from sellers for design tools for semiconductors to firms involved in manufacturing and relevant machinery.
China’s domestic semiconductor industry has previously heavily relied on foreign companies for these tools, leaving Beijing’s industry behind the likes of the U.S., South Korea and Taiwan.
Since 2019, U.S. sanctions on Chinese technology firms such as Huawei and China’s biggest chipmaker SMIC, has forced Beijing to boost its domestic industry and seek more self-reliance and wean itself off foreign technology.
That has underpinned the boost in revenues for China’s domestic chip equipment manufacturing firms.
CINNO names Naura Technology Group Co. as the top Chinese semiconductor equipment maker by revenue. The company produces tools required in the chip manufacturing process. Naura operating revenue in the first half of they ear stood at more than 7 billion yuan, up 68% year-on-year and outpacing other companies, CINNO said.
The second-largest Chinese domestic player is Advanced Micro-Fabrication Equipment Inc. China (AMEC), which makes machines required for the semiconductor manufacturing process. Revenue rose 28% year-on-year to 2.53 billion yuan in the first half of the year, CINNO said.
ACM Research is the third-biggest Chinese player. It makes cleaning and packaging equipment for semiconductors, with revenue surging 47% year-on-year in the first half of the year to 1.61 billion yuan.
Still, China lacks access to some of the most advanced chipmaking tools around. For example, Dutch firm ASML makes a chipmaking tool called an extreme ultraviolet lithography machine — one of the costly instruments required to make the most advanced chips around. But ASML has been restricted by the Dutch government from exporting these machines to China.
Those restrictions, in addition to concerns about further tensions with the U.S., are one reason why Beijing has turned to its domestic firms. However, it appears China’s semiconductor industry is making some progress toward more advanced chips, even in the face of U.S. sanctions.
Huawei quietly launched a new smartphone this month, which can connect to next-generation 5G mobile networks, despite U.S. sanctions that aimed to cut the Chinese tech giant off from this technology. That’s thanks to a chip that appears to be manufactured by SMIC — which has surprised because it is a more advanced piece of technology than many had thought the company could produce.
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Google on Friday made the latest a splash in the AI talent wars, announcing an agreement to bring in Varun Mohan, co-founder and CEO of artificial intelligence coding startup Windsurf.
As part of the deal, Google will also hire other senior Windsurf research and development employees. Google is not investing in Windsurf, but the search giant will take a nonexclusive license to certain Windsurf technology, according to a person familiar with the matter. Windsurf remains free to license its technology to others.
“We’re excited to welcome some top AI coding talent from Windsurf’s team to Google DeepMind to advance our work in agentic coding,” a Google spokesperson wrote in an email. “We’re excited to continue bringing the benefits of Gemini to software developers everywhere.”
The deal between Google and Windsurf comes after the AI coding startup had been in talks with OpenAI for a $3 billion acquisition deal, CNBC reported in April. OpenAI did not immediately respond to a request for comment.
The move ratchets up the talent war in AI particularly among prominent companies. Meta has made lucrative job offers to several employees at OpenAI in recent weeks. Most notably, the Facebook parent added Scale AI founder Alexandr Wang to lead its AI strategy as part of a $14.3 billion investment into his startup.
Douglas Chen, another Windsurf co-founder, will be among those joining Google in the deal, Jeff Wang, the startup’s new interim CEO and its head of business for the past two years, wrote in a post on X.
“Most of Windsurf’s world-class team will continue to build the Windsurf product with the goal of maximizing its impact in the enterprise,” Wang wrote.
Windsurf has become more popular this year as an option for so-called vibe coding, which is the process of using new age AI tools to write code. Developers and non-developers have embraced the concept, leading to more revenue for Windsurf and competitors, such as Cursor, which OpenAI also looked at buying. All the interest has led investors to assign higher valuations to the startups.
This isn’t the first time Google has hired select people out of a startup. It did the same with Character.AI last summer. Amazon and Microsoft have also absorbed AI talent in this fashion, with the Adept and Inflection deals, respectively.
Microsoft is pushing an agent mode in its Visual Studio Code editor for vibe coding. In April, Microsoft CEO Satya Nadella said AI is composing as much of 30% of his company’s code.
The Verge reported the Google-Windsurf deal earlier on Friday.
Jensen Huang, CEO of Nvidia, holds a motherboard as he speaks during the Viva Technology conference dedicated to innovation and startups at Porte de Versailles exhibition center in Paris, France, on June 11, 2025.
The sale, which totals 225,000 shares, comes as part of Huang’s previously adopted plan in March to unload up to 6 million shares of Nvidia through the end of the year. He sold his first batch of stock from the agreement in June, equaling about $15 million.
Last year, the tech executive sold about $700 million worth of shares as part of a prearranged plan. Nvidia stock climbed about 1% Friday.
Huang’s net worth has skyrocketed as investors bet on Nvidia’s AI dominance and graphics processing units powering large language models.
The 62-year-old’s wealth has grown by more than a quarter, or about $29 billion, since the start of 2025 alone, based on Bloomberg’s Billionaires Index. His net worth last stood at $143 billion in the index, putting him neck-and-neck with Berkshire Hathaway‘s Warren Buffett at $144 billion.
Shortly after the market opened Friday, Fortune‘s analysis of net worth had Huang ahead of Buffett, with the Nvidia CEO at $143.7 billion and the Oracle of Omaha at $142.1 billion.
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The company has also achieved its own notable milestones this year, as it prospers off the AI boom.
On Wednesday, the Santa Clara, California-based chipmaker became the first company to top a $4 trillion market capitalization, beating out both Microsoft and Apple. The chipmaker closed above that milestone Thursday as CNBC reported that the technology titan met with President Donald Trump.
Brooke Seawell, venture partner at New Enterprise Associates, sold about $24 million worth of Nvidia shares, according to an SEC filing. Seawell has been on the company’s board since 1997, according to the company.
Huang still holds more than 858 million shares of Nvidia, both directly and indirectly, in different partnerships and trusts.
Elon Musk meets with Indian Prime Minister Narendra Modi at Blair House in Washington DC, USA on February 13, 2025.
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Tesla will open a showroom in Mumbai, India next week, marking the U.S. electric carmakers first official foray into the country.
The one and a half hour launch event for the Tesla “Experience Center” will take place on July 15 at the Maker Maxity Mall in Bandra Kurla Complex in Mumbai, according to an event invitation seen by CNBC.
Along with the showroom display, which will feature the company’s cars, Tesla is also likely to officially launch direct sales to Indian customers.
The automaker has had its eye on India for a while and now appears to have stepped up efforts to launch locally.
In April, Tesla boss Elon Musk spoke with Indian Prime Minister Narendra Modi to discuss collaboration in areas including technology and innovation. That same month, the EV-maker’s finance chief said the company has been “very careful” in trying to figure out when to enter the market.
Tesla has no manufacturing operations in India, even though the country’s government is likely keen for the company to establish a factory. Instead the cars sold in India will need to be imported from Tesla’s other manufacturing locations in places like Shanghai, China, and Berlin, Germany.
As Tesla begins sales in India, it will come up against challenges from long-time Chinese rival BYD, as well as local player Tata Motors.
One potential challenge for Tesla comes by way of India’s import duties on electric vehicles, which stand at around 70%. India has tried to entice investment in the country by offering companies a reduced duty of 15% if they commit to invest $500 million and set up manufacturing locally.
HD Kumaraswamy, India’s minister for heavy industries, told reporters in June that Tesla is “not interested” in manufacturing in the country, according to a Reuters report.
Tesla is looking to recruit roles in Mumbai, job listings posted on LinkedIn . These include advisors working in showrooms, security, vehicle operators to collect data for its Autopilot feature and service technicians.
There are also roles being advertised in the Indian capital of New Delhi, including for store managers. It’s unclear if Tesla is planning to launch a showroom in the city.