(Yicai Global) April 21 -- Cambricon Technologies Corp. is not directly engaged in the development and sales of artificial intelligence end applications such as US AI firm OpenAI’s chatbot ChatGPT, the Chinese semiconductor giant said yesterday.

Cambricon is dedicated to developing core AI processor chips that provide the fundamental computing power for vision, speech and natural language processing, Beijing-based Cambricon said.

Its chips can be used in cloud servers, edge computing devices and terminal devices. Many of these products are still at the testing phase and have not generated any revenue yet, it said.

Last month Cambricon rebutted a report that the chipmaker is working with Baidu on the tech giant's ChatGPT-like Ernie Bot.

Cambricon’s losses widened considerably last year due to increased spending on research and development and greater asset and credit impairment losses, the company said in its latest financial report.

The firm’s losses expanded 41.4 percent year on year to CNY1.2 billion (USD174.3 million), and after deducting non-recurring gains and losses, they widened 34 percent to minus CNY1.5 billion. Revenue gained just 1.1 percent to CNY729 million (USD105.9 million).

Cambricon’s share price [SHA:688256] was trading down 7.4 percent at CNY246.47 (USD35.80) as of 11.30 a.m. China time today. Yesterday it surged 20 percent due to increased market confidence in the AI sector. The firm’s stock has more than quadrupled in value since the start of the year.

Editors: Shi Yi, Kim Taylor