Core Insights - VeriSilicon's quarterly revenue more than doubled to a record high of 1.28 billion yuan (US$179.7 million), driven by strong demand for AI computing and China's semiconductor self-sufficiency initiatives [1][2] - The company reported a nearly 120% increase in revenue from the previous quarter and a 78.77% increase year-on-year [1] - AI computing orders accounted for 65% of new orders in the third quarter, with new order volume rising 145.8% year-on-year to nearly 1.6 billion yuan [2] Company Performance - VeriSilicon expects its quarterly losses to "significantly narrow" [3] - The company's Shanghai-listed shares closed down 2.66% prior to the announcement of preliminary results [3] Industry Context - China's semiconductor companies are experiencing substantial growth, driven by increasing demand for AI-driven computing power [6] - AI capital spending in China is projected to reach up to US$98 billion by 2025, representing a 48% growth from the previous year [6] - Cambricon Technologies reported a staggering 4,348% year-on-year revenue increase for the first half of the year, marking a record high since its public listing in 2020 [7]