1027元！8月20日，寒武纪盘中猛拉10个点，股价轻松破千元大关，再创历史新高，截至收盘，它的股价停留在1013元，涨幅8.46%，市 值4237.9亿元，市盈率3264.84倍。 在人工智能大潮席卷全球，国产替代呼声日益高涨的当下，寒武纪的股价在震荡中不断创新高，投资者在其中不断享受着财富增长的快 乐。 "要不我们集资一起买它吧。"看着寒武纪的赚钱效应爆棚，在微信群中，一位美女如是向群里的几个朋友建议。 当日，和寒武纪一样大涨的芯片股有一堆，盛科通信（688702）大涨20%、芯原股份（688521）上涨15.52%，三安光电（600703）涨 9.98%，剑桥科技（000977）10.01%涨停，艾为电子（688798）上涨15.85%。可谓是科技股的盛宴。 那么，寒武纪的基本面能否支撑起千元的高股价？股价飙升的逻辑能否服众？它的预期是否有可能与实际相距较远？ AI制图 作为投资者，在相信寒武纪的光明前景之时，也需要看到风险，要认识到当前的估值或许透支了未来预期。一旦后续业绩不及预期，或 者国产替代进程遇到波折，股价将很难不遇到较大的回落风险。 目前来看，寒武纪是中国大陆少数几家全面系统掌握了智能芯片及 ...

Core Viewpoint - The article discusses the recent surge in the stock price of Cambrian Technology, which reached a historical high of 1,013 yuan, driven by the AI boom and the demand for domestic chip alternatives in China [1][5]. Group 1: Stock Performance - Cambrian Technology's stock price increased by 8.46%, closing at 1,013 yuan, with a market capitalization of 423.79 billion yuan and a price-to-earnings ratio of 3,264.84 [1]. - Other semiconductor stocks also experienced significant gains, indicating a broader rally in the tech sector [2]. Group 2: Fundamental Analysis - The article questions whether Cambrian's fundamentals can support its high stock price, given its extremely high price-to-earnings ratio, suggesting that investors would need 3,264 years to recoup their investment based on current earnings [3][5]. - Cambrian is one of the few companies in mainland China that has mastered core technologies in intelligent chips and their foundational software, focusing on AI core chip development, design, and sales [6][7]. Group 3: Financial Performance - As of March 31, 2025, Cambrian reported total revenue of 1.111 billion yuan, a year-on-year increase of 4,230.22%, but still reflects a small revenue scale compared to its market valuation [7]. - The company reported a net profit of 355 million yuan, a year-on-year increase of 256.82%, but also had a negative operating cash flow of -3.35 yuan per share, indicating concerns about its operational quality [7]. Group 4: Market Context and Risks - The surge in Cambrian's stock price is attributed to two main factors: the narrative of "domestic substitution" due to U.S. restrictions on high-end chip imports and the immense potential of AI applications highlighted by the success of companies like NVIDIA [5][6]. - Cambrian faces significant risks, including the need for continuous and substantial funding to compete with global giants like NVIDIA, as well as the challenge of converting its competitive advantages into tangible success [7][8].