高盛：寒武纪：2025 年人工智能芯片与软件平台定向增发，研发投入助力长期增长，推荐买入

6 May 2025 | 1:27AM HKT Cambricon (688256.SS): 2025 private placement on AI chips and Software platform; R&D commitment to support long term growth; Buy Cambricon announced a 2025 private placement on May 1 (link), aiming to issue within 21m shares, or no more than 5% of current shares in exchange of no more than Rmb4,980m (US$685m) cash, to develop: (1) AI chips for generative AI, 58% of the funding, (2) Software for generative AI, 32% of the funding, and (3) supplement working capital, 10% of the funding. ...