Huawei and other Chinese chip firms are catching up fast

A wave of optimism has lately swept through China’s chip industry. Share traders in Shanghai joke that Cambricon, a local firm, not only offers a substitute for Nvidia’s processors, but for its stock, too. Although the Chinese semiconductor firm is worth but a fraction of its giant American rival, its share price has rocketed by 350% over the past year, around 15 times as much as Nvidia’s.